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BibTex format

@article{Povel:2016:10.1111/jofi.12391,
author = {Povel, P and Sertsios, G and Kosova, R and Kumar, P},
doi = {10.1111/jofi.12391},
journal = {Journal of Finance},
pages = {2287--2332},
title = {Boom and gloom},
url = {http://dx.doi.org/10.1111/jofi.12391},
volume = {71},
year = {2016}
}

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TY  - JOUR
AB  - We study the performance of investments made at different points of an investment cycle. We use a large data set covering hotels in the U.S., with rich details on their location, characteristics and performance. We find that hotels built during hotel construction booms underperform their peers. For hotels built during local hotel construction booms, this underperformance persists for several decades. We examine possible explanations for this long-lasting underperformance. The evidence is consistent with information-based herding explanations.
AU  - Povel,P
AU  - Sertsios,G
AU  - Kosova,R
AU  - Kumar,P
DO  - 10.1111/jofi.12391
EP  - 2332
PY  - 2016///
SN  - 1540-6261
SP  - 2287
TI  - Boom and gloom
T2  - Journal of Finance
UR  - http://dx.doi.org/10.1111/jofi.12391
UR  - https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12391
UR  - http://hdl.handle.net/10044/1/23879
VL  - 71
ER  -

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Dr. Renáta Kosová

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