Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223774
Title: A STUDY OF THE STOCK MARKET PERFORMANCE EFFECTS OF SINGAPORE NON-REAL ESTATE FIRMS
Authors: NGO YOUNG CHIANG
Keywords: Real Estate
Liow Kim Hiang
2011/2012 RE
Corporate real estate
Issue Date: 25-May-2012
Citation: NGO YOUNG CHIANG (2012-05-25). A STUDY OF THE STOCK MARKET PERFORMANCE EFFECTS OF SINGAPORE NON-REAL ESTATE FIRMS. ScholarBank@NUS Repository.
Abstract: Corporate Real Estate (CRE) has attracted much attention in the academic research in particular the effects of CRE in creating value and wealth for shareholders. Increasingly, CRE is receiving greater attention from corporate management as much research into CRE has proposed its effects on firms’ performances and the benefits it provides. One area that is still actively researched is the impact of property asset holdings on the firms’ stock market valuation. This study aims to extend research into the return impact of real estate on stock returns by providing new set of information and analysis of CRE in Singapore market. The study employs the Fama and MacBeth (1973) two-stage regression based on the Capital Asset Pricing Model (CAPM) over a six years period from 2005 to 2010, covering the global financial crisis in 2008. Beta estimated from the first stage of time series regression is applied in the second stage cross-sectional regression to determine the effects of CRE holdings on stock returns. A total of eight property proxies are used in the regressions. The study provides some indication that real estate indeed affects the market stock returns of non-real estate listed firms. Specifically, the influence of real estate on stock returns differs in the stratified periods of the global financial crisis in 2008. This indicates that firms are likely to adjust their real estate management strategy according to the macroeconomic conditions.
URI: https://scholarbank.nus.edu.sg/handle/10635/223774
Appears in Collections:Bachelor's Theses

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