CEO overconfidence, reit investment activity and performance

Name: CEO overconfidence, reit investment activity and performance
Author: Eichholtz, P., Yönder, Erkan

İsim	CEO overconfidence, reit investment activity and performance
Yazar	Eichholtz, P., Yönder, Erkan
Basım Tarihi:	2015
Basım Yeri	- Wiley
Konu	Common-stock investment, Corporate-investment, Investors, Markets, Traders, Gender, Volume, Impact, Too
Tür	Süreli Yayın
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	1540-6229
Kayıt Numarası	cda6c87c-a935-400c-9469-a30ad2950a30
Lokasyon	International Finance
Tarih	2015
Notlar	Due to copyright restrictions, the access to the full text of this article is only available via subscription.
Örnek Metin	This is the first article to study the effects of overconfidence on trading activity and performance in real estate. The article looks at Real Estate Investment Trusts (REITs), as their investments and divestments can be identified with precision. We look at the effect of CEO overconfidence on investment activity and separately investigate property acquisitions and dispositions. We find that REITs with overconfident CEOs tend to invest more; these REITs acquire more assets and are less likely to sell assets than their counterparts if they have enough discretionary cash. Valuable private information is not the main driver for CEOs to be net buyers of company shares: the shares of their companies perform relatively weakly. In addition, we find that overconfident managers have lower property investment performance measured by net operating income and gain on sale of real estate.
DOI	10.1111/1540-6229.12054
Cilt	43

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CEO overconfidence, reit investment activity and performance

Yazar Eichholtz, P., Yönder, Erkan

Basım Tarihi 2015

Basım Yeri - Wiley

Konu Common-stock investment, Corporate-investment, Investors, Markets, Traders, Gender, Volume, Impact, Too

Tür Süreli Yayın

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 1540-6229

Kayıt Numarası cda6c87c-a935-400c-9469-a30ad2950a30

Lokasyon International Finance

Tarih 2015

Notlar Due to copyright restrictions, the access to the full text of this article is only available via subscription.

Örnek Metin This is the first article to study the effects of overconfidence on trading activity and performance in real estate. The article looks at Real Estate Investment Trusts (REITs), as their investments and divestments can be identified with precision. We look at the effect of CEO overconfidence on investment activity and separately investigate property acquisitions and dispositions. We find that REITs with overconfident CEOs tend to invest more; these REITs acquire more assets and are less likely to sell assets than their counterparts if they have enough discretionary cash. Valuable private information is not the main driver for CEOs to be net buyers of company shares: the shares of their companies perform relatively weakly. In addition, we find that overconfident managers have lower property investment performance measured by net operating income and gain on sale of real estate.

DOI 10.1111/1540-6229.12054

Cilt 43