CEO's age and acquisition behaviors of REITs
研究1974-2017年间150位REITs CEO的年龄如何影响其房地产收购行为，发现年轻CEO更频繁、更大量地收购，但偏好本地资产和跟风；年长CEO收购较少但更自信地开拓新市场。
Abstract This paper examines how the investment activities of REITs are affected by the age of their CEOs. Tracking the property acquisition activities of 150 REIT CEOs between 1974 and 2017, we find robust evidence of younger CEOs engaging more frequently and spending more monies on property acquisitions. Our results are consistent with younger CEOs being motivated to acquire aggressively to signal their ability to the market. However, due to reputation and career concerns, younger CEOs tend to hedge their acquisition decisions by preferring local assets and following the herd mentality. Older CEOs may engage less frequently in property acquisitions, but this is not attributed to them slowing down. On the contrary, older CEOs appear to be more confident to venture into new and out‐of‐state markets and to engage in out‐of‐wave acquisitions.