COMMON RISK FACTORS IN PROPERTY AND NON-PROPERTY STOCKS LISTED ON SGX
ONG GEOK SUAN JERLINE
ONG GEOK SUAN JERLINE
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Abstract
This study tests the hypothesis of common risks variables in real estate and
non-real estate companies listed on the Stock Exchange of Singapore (SGX).
The methodology involved the analysis of the real estate effects on listed
companies’ performance over a time frame of ten years, from 1999 to 2008.
Using multiple regression models, the significance of the relationships was
tested. The empirical results showed evidence of two main common risk
factors which include property stock and the direct industrial property market.
Results also showed no statistical significance in relationship between
property stocks and general stock markets when further test was conducted to
remove stock market effects. Hence, this implies that real estate holdings and
common stocks may bring about diversification benefits for investors when
included in the same portfolio. The office property market was also another
significant risk factor found in the study to have influenced the returns of
telecommunication industry. This study has made an attempt to find
significance in the performance of listed property and non-property companies
as well as observed the common factors present between the property
investment markets.
Keywords
Real Estate
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Date
2009-12-04T09:31:26Z
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Type
Dissertation