publication . Preprint . 2008

The Relationship between Stock Returns and Past Performance of Hotel Real Estate Industry in the US: Is Hotel Real Estate prone to overinvestment

Minye Zhang; Yongheng Deng;
Open Access
  • Published: 01 Jan 2008
Abstract
Hotel real estate industry is an important economy in the U.S. This study examines the return patterns of hotel real estate stocks in the U.S. from 1990 to 2007. This study utilizes an integrated framework which includes the most critical explanatory variables to investigate the determinants of the contrarian or momentum profits of the hotel real estate industry. The study finds that the magnitude and persistence of future returns of hotel real estate stocks can be predicted based on past returns, past earning surprises, trading volume, firm size, and holding period. The evidence of this paper strongly confirms that short-horizon contrarian profits are partially...
Subjects
free text keywords: Hotel Real Estate, Investment, Markets
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