Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/224325
Title: EFFECTS OF PANDEMIC RESCUE PACKAGES AND REGULATIONS ON HOSPITALITY REITS IN SINGAPORE AND THE UNITED STATES
Authors: HUANG YINING
Issue Date: 20-Apr-2022
Citation: HUANG YINING (2022-04-20). EFFECTS OF PANDEMIC RESCUE PACKAGES AND REGULATIONS ON HOSPITALITY REITS IN SINGAPORE AND THE UNITED STATES. ScholarBank@NUS Repository.
Abstract: This study examines the effects of macroeconomic policies and other interventions announced by the government on hospitality REITs in Singapore and United States during the COVID-19 global pandemic. The study employs a cumulative abnormal return methodology to quantify abnormal returns observed during the 21-days surrounding the day of announcement. The alpha and beta of the hospitality REIT stocks were first determined using a 100-day estimation window regressed using the ordinary least squares (OLS) regression model prior to the start of the pandemic. A capital asset pricing model (CAPM) using market indices establishes systematic risks of the REIT sector and expected returns of assets. Abnormal returns in the 21-day period were categorised into anticipation, event day and adjustment periods to determine possibilities of insider trading as well as market efficiency in incorporating new information into stock prices. The results of the study contain implications for government bodies, REIT managers and shareholders as it may provide some certainty amid the instability and volatility of the global economy. Government interventions are crucial in helping those in the hospitality and related industry tide through the pandemic and there needs to be close working relationships between hotel owners and REIT managers in order for the industry to bounce back after the pandemic.
URI: https://scholarbank.nus.edu.sg/handle/10635/224325
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