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Real estate investment trust (REIT) stocks are well known for limited management discretion in investment, financing, and payout policies, implying little information asymmetry between informed and uninformed investors. Besides, due to the renowned illiquidity and complexity of physical real estate markets, investors may be heterogeneously informed. The authors aim to investigate these arguments using REIT panel data from 1993 to 2010.

The authors simultaneously investigate the effects of heterogeneous information (PSOS) and information asymmetry (ADJPIN) on REIT excess returns by estimating panel data regressions controlling for both firm- and time-fixed effects.

The results confirm that heterogeneous information (PSOS) is significantly and positively associated with REIT excess returns while information asymmetry (ADJPIN) is insignificant when controlling for other variables well known for affecting REIT excess returns.

The effects of information asymmetry (ADJPIN) and heterogeneous information (PSOS) on REITs excess returns are rarely simultaneously discussed in the related literature, especially from the perspectives of limited managerial discretions, regulated dividend policy, and underlying asset liquidity (physical real estate markets). The results confirm the heterogeneous information arguments. Besides, the heterogeneous information (PSOS) effects become stronger when leverage and dividend yield are higher. Finally, the above effects of PSOS and ADJPIN on REIT excess returns are also robust during the real estate market growth period (2001-2008).

The purpose of this paper is to explore the role of supervisor gossip in the workplace. This paper proposes a hypothetical model in which supervisor gossip has an effect on leader-member exchange (LMX), in turn resulting in perceived supervisor ostracism among subordinates.

A dyadic research design was applied to collect data from Taiwanese employees. Supervisors participated in a survey containing measures of supervisor gossip and control variables, whereas subordinates responded to a questionnaire on LMX, perceived supervisor ostracism, and control variables.

The results indicated that positive supervisor gossip significantly affected LMX. Furthermore, healthy LMX reduced subordinates’ perceptions of supervisor ostracism.

All participants were recruited in Taiwan, which is a limitation for generalising the research findings. Future studies should investigate multiple societies of various cultural profiles.

To improve the quality of the supervisor-subordinate relationship, supervisors should adopt a positive informal communication style, and organisations should provide supervisors with information regarding the implications of workplace gossip, illustrating the substantial benefits of positive gossip and the potential drawbacks of negative gossip.

The present study highlighted the role of supervisor workplace gossip in the field of leadership and empirically investigated the impact of supervisor gossip on subordinates’ reactions.