Shareholder Wealth Effects Associated with Firm Specific Human Capital: Evidence from Real Estate Management Turnover

Posted: 7 Apr 1997

See all articles by Mauricio Rodriguez

Mauricio Rodriguez

Texas Christian University

C. F. Sirmans

Florida State University - Department of Risk Management, Insurance, Real Estate & Business Law

Date Written: Undated

Abstract

Previous literature has shown that management turnover can enhance or reduce shareholder wealth. This study uses top real estate management turnover to examine how changes in firm specific human capital affect firm value. Real estate managers possess firm specific human capital through knowledge of their firms' real estate holdings. The evidence supports the notion that losses of firm specific human capital elicit a significantly negative market reaction. However, consistent with general management turnover, the market reaction for real estate firms varies according to the type of management change being examined.

JEL Classification: R52

Suggested Citation

Rodriguez, Mauricio and Sirmans, C. F., Shareholder Wealth Effects Associated with Firm Specific Human Capital: Evidence from Real Estate Management Turnover (Undated). Available at SSRN: https://ssrn.com/abstract=8251

Mauricio Rodriguez (Contact Author)

Texas Christian University ( email )

P.O. Box 298530
Fort Worth, TX 76129
United States
817-921-7514 (Phone)
817-921-7227 (Fax)

C. F. Sirmans

Florida State University - Department of Risk Management, Insurance, Real Estate & Business Law ( email )

Tallahasse, FL 32306
United States
850 644-4076 (Phone)

HOME PAGE: http://www.cob.fsu.edu/rmi

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