Boom and Gloom
利用美国酒店的大数据集，研究发现酒店建设繁荣期建造的酒店长期表现逊于同行，证据支持信息驱动的从众行为解释。
ABSTRACT We study the performance of investments made at different points of an investment cycle. We use a large data set covering hotels in the United States, 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.