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|Title:||Event study of successful land tenders: Singapore's evidence from 2003 to 2010|
|Authors:||Chin, L. |
Government land sales
|Source:||Chin, L.,Soon, Y.K. (2011). Event study of successful land tenders: Singapore's evidence from 2003 to 2010. Pacific Rim Property Research Journal 17 (4) : 584-597. ScholarBank@NUS Repository.|
|Abstract:||This paper adopts the event study methodology in examining the market reaction of the stock price of the winning tenderer from the announcement of the tender win. The companies studied are those listed in the Singapore Stock Exchange (SGX) during the period between 2003 and 2010. The findings from the study show that land tender win announcements resulted in positive abnormal return for the winning companies' stock prices. The underlying factors which are responsible for the positive abnormal return are the level of experience of the winning tenderer, level of uncertainty of the development, number of participating bidders and the type of land zoning for the site. On the other hand, a negative relationship is observed between the bid margin and the abnormal return. The higher the margin, the lower the return will be.|
|Source Title:||Pacific Rim Property Research Journal|
|Appears in Collections:||Staff Publications|
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