Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223491
Title: AN ANALYSIS OF THE IMPACT OF SINGAPORE REIT �S COMPENSATION STRUCTURE ON IPO STOCK VALUATION AND POST-IPO PERFORMANCE
Authors: PHAAN YI LIN
Keywords: Real Estate
RE
Ooi Thian Leong Joseph
2017/2018 RE
Compensation structure
IPO Stock valuation
Reits
Singapore REITs
Issue Date: 8-May-2018
Citation: PHAAN YI LIN (2018-05-08). AN ANALYSIS OF THE IMPACT OF SINGAPORE REIT �S COMPENSATION STRUCTURE ON IPO STOCK VALUATION AND POST-IPO PERFORMANCE. ScholarBank@NUS Repository.
Abstract: This study seeks to investigate the effects of manager's compensation structure on initial public offering (IPO) as well as its post-IPO performance. The research focuses on 35 Singapore Real Estate Investment Trusts (S-REITs) that are currently listed on the Singapore Stock Exchange. The compensation structure of each REIT is split into four different components: base fee, performance fee, total fee, and a predetermined performance benchmark. The results as a whole suggest that a low base fee, together with a high performance fee pegged to a predetermined benchmark is highly favoured by the investment market during the IPO stage and will continue to bring superior performance to the REIT. Specifically, a high base fee results in significant underpricing of the REIT, proving that investors do not favour a high base fee. Despite a weak significance of the predetermined performance fee, a slight positive impact on post-IPO performance was observed in addition to the statistically significant positive relationship between a high performance fee and post-IPO performance.
URI: https://scholarbank.nus.edu.sg/handle/10635/223491
Appears in Collections:Bachelor's Theses

Show full item record
Files in This Item:
File Description SizeFormatAccess SettingsVersion 
Phaan Yi Lin 2017-2018.pdf1.65 MBAdobe PDF

RESTRICTED

NoneLog In

Page view(s)

22
checked on Sep 29, 2022

Download(s)

8
checked on Sep 29, 2022

Google ScholarTM

Check


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.