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Title: | WHICH REIT SECTORS ARE MOST AFFECTED BY THE GLOBAL FINANCIAL CRISIS AND EUROPEAN DEBT CRISIS? | Authors: | LEE PAI SHUANG YVETTE | Keywords: | Real Estate RE Liow Kim Hiang 2019/2020 RE |
Issue Date: | 14-May-2020 | Citation: | LEE PAI SHUANG YVETTE (2020-05-14). WHICH REIT SECTORS ARE MOST AFFECTED BY THE GLOBAL FINANCIAL CRISIS AND EUROPEAN DEBT CRISIS?. ScholarBank@NUS Repository. | Abstract: | This paper investigates the extent of impact of Global Financial Crisis (GFC) and European Debt Crisis (EDC) on stock and financial performance of 78 Real Estate Investment Trusts (REITs) in the United States (U.S.). While stock performance was analysed using returns, risk and risk-adjusted returns (sharpe index, treynor index, jensen’s index), financial performance was analysed from 4 financial dimensions; (1) survivability (working capital ratio, interest coverage ratio), (2) profitability (funds from operations, return on assets, return on equity, earnings retention ratio, dividend yield), (3) growth (actual growth rate, sustainable growth rate) and (4) leverage (debt-to-equity, debt-to-total assets). Furthermore, the correlation of stock and financial performance is tested. Results from significance tests (Paired-sample T-test and Wilcoxon Signed-rank Test) on financial and stock performance indicators show significant declines in REITs’ performance during GFC which improved during EDC, with Hospitality and Retail observing more significant changes while healthcare remains relatively stable. Fixed-effect panel data regression used to examine the relation between stock and financial performance shows that every sector’s stock performance has different explanatory financial indicators. Generally, most sectors have dividend yield as their stock performance determinant. Financial performance of healthcare and others (Specialty and Industrial) REITs was found to have little relation to stock market performance. | URI: | https://scholarbank.nus.edu.sg/handle/10635/223581 |
Appears in Collections: | Bachelor's Theses |
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