Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222910
Title: FACTORS INFLUENCING SINGAPORE PROPERTY COMPANIES
Authors: LE MINH TIEN
Keywords: Real Estate
Issue Date: 1-Oct-2009
Citation: LE MINH TIEN (2009-10-01T12:26:02Z). FACTORS INFLUENCING SINGAPORE PROPERTY COMPANIES. ScholarBank@NUS Repository.
Abstract: This study attempts to identify factors influencing Singapore property companies through the variance contributions of stock, bond and direct real estate factor to variability of returns of Singapore property stocks. A total of 17 real estate companies listed on Singapore Exchange are used in the sample for this study over the 20 year period from 1988 to 2008. It aims to provide the investors with a better understanding of Singapore property stock behaviors and its performances. The investigation is broken down to 2 sub periods 1988Q1 to 1997Q1 and 1997Q2 to 2008Q3 to understand the impacts of 1997 Asian economic crisis on the performance of the Singapore property stocks and their companies. Nominal returns and real returns adjusted for inflation are two set of data to be used in the study to assess the impact of inflation on the performance of property companies and to arrive at the more accurate results. While, Singapore property stocks are found to be highly correlated with common stock throughout the periods whether inflation is or is not accounted for; its correlations with real estate remain low and decrease after Asian economic crisis. Using variance decomposition approach, this study finds that Singapore property stock is more of common stock than real estate. Throughout the periods, stock factor accounts for most of volatility of returns of property stocks. Although idiosyncratic factor is already dominant in the returns of most of property stocks and Singapore property stock sector, its role also becomes even more pronounced in the post-crisis period showing the increasing importance of company-specific features on the performance of Singapore property companies.
URI: https://scholarbank.nus.edu.sg/handle/10635/222910
Appears in Collections:Bachelor's Theses

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