Stock Price and Management Changes: The Case of REITs
研究了房地产投资信托（REIT）的股票回报与高层管理人员变更之间的关系，发现近期股价表现越差，管理层变更概率越高，这支持了董事会、其他高管或大股东对管理层的内部监督。
This paper examines the relationship between a Real Estate Investment Trust's (REIT's) stock returns and top management changes. The results indicate an inverse relationship between the probability of a management change and a REIT's recent stock price performance. This is consistent with internal monitoring of management activities by the board of directors, other top managers, or large block shareholders.