Download or read book Corporate Governance and Market Valuation of Publicly Traded Real Estate Companies written by Nicolas Kohl and published by . This book was released on 2009 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance and Market Valuation of Publicly Traded Real Estate Companies written by Nicolas Kohl and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: With respect to the increasing significance of transparency and corporate governance, the study at hand investigates the impact of a broad set of principal corporate governance mechanisms on the market valuation of publicly traded real estate companies from the UK, France, the Netherlands and Germany, while addressing major econometric shortcomings of previous corporate governance studies, including omitted variable bias, endogeneity and reverse causality. The results of the analysis have important practical implications for strategic decision-making of both top-executives of publicly traded real estate companies as well as investors.

Download or read book The Impact of Corporate Governance and Strategies on the Performance of Indirect Real Estate written by Sin-Wing Chan and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Impact of Corporate Governance and Strategies on the Performance of Indirect Real Estate: Investors'' Perception and the Reality" by Sin-wing, Chan, 陳善榮, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Indirect real estate (IRE) refers to listed property companies and IRE performance in this empirical research refers to long term share price performance against a portfolio of assets attributable by long term observations of the respective property companies'' corporate governance and strategies. This study investigates three related issue regarding IRE: First, how corporate governance and strategies of IRE affect its share price performance. Second, whether the impact, if any, is consistent with investor''s perceptions. Third whether investors can earn excess return based on public information about the corporate governance and strategies of IRE. The results of this empirical research are of academic and practical importance. First, it tests the validity of prevailing belief amongst academicians and investors that better corporate governance and strategies can enhance market value of IRE thus leading to better share price performance. In particular this study tests the impact of different attributes of corporate governance and strategies of an IRE on its share price performance. The results of this study suggest that property type and geographical diversification has no impact on performance of the IRE. It is found that the impact of the stock of immediately developable land on share price performance is positive but the stock of land that is not readily developable land had no impact. We also find that the percentage of shares held by the board of directors had negative impact on IRE share price performance. These results align with those in many previous studies. Consistent with previous studies, it is found that the consistent dividend policy, separation of Board Chairman from CEO, current asset to current liability ratio, interest coverage ratio, WACC, ROA, ROE, market value to book ratio have significant impact on share price performance. The results show that proportion of income from property has a positive impact on IRE share price performance, which does not support the strategy of diversification to non-real estate business. Second, even though most investors believe that corporate governance and strategies are important determinants of share price performance, there has been very little empirical research on how investors perceive relative importance of different attributes of corporate governance and strategies in terms of their impact on share price performance. Even more importantly, whether investor''s perceptions are consistent with real life facts is unknown. The results of this study suggest that there is no correlation between investors'' perception of the relative importance of different attributes of corporate governance and strategies and their actual impact on share price performance. Finally, the Efficient Market Hypothesis (EMH) predicts that public information cannot be used to earn excess returns. Empirical evidence from this study suggests that public information of corporate governance and strategies has small but significant predictive power on future share price performance even though investors'' perception of the importance of these attributes are not consistent with the reality. This finding casts doubts on the EMH. The empirical findings on the impact of individual attribute of corporate governance and strategies can be used to rectify investors'' subjective bias and assi

Download or read book Understanding German Real Estate Markets written by Tobias Just and published by Springer Science & Business Media. This book was released on 2012-01-05 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate is the biggest real asset class in an economy, and Germany is the biggest economy in Europe. This implies opportunities as well as specific risks for investors and policy makers. As the German real estate markets have by and large been spared severe disruptions in the course of the economic crisis, many questions arise for investors and academics alike. What are the key institutional characteristics of the German real estate markets that make it different? What are the short and long-term drivers of demand and supply? Which regional and functional market segments are most likely to outperform in the next few years? What are the most important pitfalls for investors in Germany? This book gives answers to these and many more questions. The editors have invited a broad range of extensively knowledgeable practitioners and academics from across the relevant real estate spectrum, i.e. economic, legal, tax, planning and financing issues, to express their views. There is no better English publication that gives such a profound and simultaneously entertaining overview of Germany’s real estate markets.

Download or read book The Role of Corporate Governance in Initial Public Offerings written by Jay C. Hartzell and published by . This book was released on 2008 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the impact of corporate governance structures at the initial public offering date. We test hypotheses that firms with more shareholder-oriented governance structures receive higher valuations at the IPO stage, attract more institutional ownership, and have better long-term performance. Our IPO sample is restricted to a set of 107 real estate investment trusts (REITs) over the 1991 to 1998 time period. Using a single industry and REITs in particular reduces potentially confounding effects due to differences in risk, transparency, and growth potential. We believe this - combined with our use of IPOs - mitigates the endogeneity problem present in studies of the impact of governance on seasoned firms' valuation. Our analysis indicates that firms with stronger governance structures not only have higher initial IPO valuations, but also have better long-term operating performance than their peers.

Download or read book Global Trends in Real Estate Finance written by Graeme Newell and published by John Wiley & Sons. This book was released on 2009-10-08 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: To operate effectively in today’s dynamic global real estatemarkets, it is essential to understand the complex processes thatunderpin them. This up-to-date work, which brings togethercontributions from industry and academic experts from around theworld, is a valuable corollary to effective investmentdecision-making within the property sector and will be of interestto post-graduate property students, researchers and practising realestate investors. Recent years have seen some rapid developments in the globalscale and structure of real estate markets. Such transformationshave been paralleled by significant changes in the financialstructures, and processes that serve these markets, includingsophisticated new investment and finance structures and products.Examples of these include the real estate investment trusts (REIT)products that have been developed in USA, Europe and Asia, therange of unlisted products emerging in UK and Europe, and theinnovative financing structures being developed in manycountries. Global Trends in Real Estate Finance addresses thisemerging complexity and sophistication in contemporary real estatemarkets by discussing the history, merits and implications of arange of products and processes. Also examined are the changes inthe practices and environment needed to ensure the success of theseproperty products, including increased disclosure, corporategovernance, market transparency and improved skills base. Chapters are written by leading international contributors, bothacademic and practitioner. The context is explicitly international,with a focus on UK, Europe, Asia, Australia and the USA. The aim isto identify specific market areas to describe the key innovations,rather than simply providing a description of various geographicalmarkets.

Download or read book Routledge Companion to Real Estate Investment written by Bryan D. MacGregor and published by Routledge. This book was released on 2018-12-07 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate represents an increasingly significant global asset class and its distinctive characteristics must be understood by investors and researchers. The Routledge Companion to Real Estate Investment provides an authoritative overview of the real estate asset class. The Companion focuses on the current academic research and its relevance for practical applications. The book is divided into four parts, each containing specially written chapters by international experts in the relevant field. The contributors cover the institutional context for real estate investment, the main players in real estate investment, real estate appraisal and performance measurement, and real estate portfolios and risk management. This Companion provides a comprehensive reference for students, academics and professionals studying, researching and working in real estate investment, finance and economics.

Download or read book Global Real Estate Capital Markets written by Alex Moss and published by Taylor & Francis. This book was released on 2024-07-16 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book unravels the complex mechanisms involved in global real estate capital markets, enabling the reader to understand how they have grown and evolved, how they function, what determines market pricing, and how the public and private debt and equity markets are linked to each other. Using their extensive professional experience, the authors combine a structured, rigorous understanding of the theory and academic evidence behind the main concepts with practical examples, applications, case studies, quizzes and online resources. The book will enable readers to understand for example: · Why share prices of real estate companies can differ dramatically from the underlying value of the assets · The differing investment objectives of different categories of investor and how this influences share prices and corporate funding decisions · How sell-side analysts make their recommendations · How buy-side analysts decide which sectors, funds and stocks to allocate capital to · And how ESG considerations are relevant to capital market pricing. The book is designed not just for advanced real estate students, but also for global finance courses, Executive Education short courses and as a primer for new entrants to the sector. It is key reading for the following groups: · Property professionals working for a listed company wanting to understand the relationship between their underlying business and the stock market valuation · Real Estate Private Equity teams looking to understand the valuation disconnect between public and private markets and arbitrage the Parallel Asset Pricing model · Equity/Multi asset/Property analysts/fund managers who need to understand the specific characteristics of real estate vs the other ten equity sectors and understand when to increase and decrease sector weightings. Online materials for this book can be found on the Routledge Resource website at https://resourcecentre.routledge.com/books/9781032288017.

Download or read book Corporate Governance and Investment Management written by Roger M. Barker and published by Edward Elgar Publishing. This book was released on 2017-12-29 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder engagement with publicly listed companies is often seen as a key means to monitor corporate malpractices. In this book, the authors examine the corporate governance roles of key institutional investors in UK corporate equity, including pension funds, insurance companies, collective investment funds, hedge and private equity funds and sovereign wealth funds. They argue that institutions’ corporate governance roles are an instrument ultimately shaped by private interests and market forces, as well as law and regulatory obligations, and that policy-makers should not readily make assumptions regarding their effectiveness, or their alignment with public interest or social good.

Download or read book Global Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2017-04-05 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics Vol 19 is peer reviewed and focusses on International Corporate Governance.

Download or read book Investor Protection and Corporate Governance written by Alberto Chong and published by A copublication of Stanford Economics and Finance. This book was released on 2007 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investor Protection in Latin America represents the largest data-gathering effort of firm-level corporate governance practices, ownership structures, and dividend policies. The results presented show that on top of country-wide legal protection of investors, there is a positive effect on valuation and performance of higher firm-level protections and better corporate governance practices. This evidence matches previous research in the area for other regions of the world.

Download or read book Corporate Governance OECD Review of the Corporate Governance of State Owned Enterprises in Romania written by OECD and published by OECD Publishing. This book was released on 2023-01-27 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Romanian government has undertaken important legal and institutional changes over the past decade to improve the governance and performance of its state-owned enterprises (SOEs), yet significant implementation shortcomings persist. This review describes and assesses the corporate governance framework of the Romanian SOE sector against the OECD Guidelines on Corporate Governance of State-Owned Enterprises.

Download or read book Corporate Governance and Firms Valuations written by Natalia Kravchenko and published by . This book was released on 2008 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paper deals with the analysis of relationship between corporate governance level and market valuation of Russian firms. Our basic assumption is that these characteristics are related. This relationship is especially important in developing countries where even small improvements of corporate governance could influence greatly on financial indicators. Thus we try to examine the links between the level of the corporate governance, measured in terms of national rating and market valuation of the firms listed in the main national stock exchanges. P/E and P/S ratios were used as indicators for investors preferences.Research of international markets shows that investors are ready to pay more for stocks of companies with good corporate governance system. This is not fully confirmed on Russian markets. It is necessary to take into account that information available for analysis is rather limited. Russian case is very specific one; the aims of companies and managers in Russia are not similar to western companies. We consider that in Russian P/S ratio indicates investors' positions better. Our results show that P/S ratio demonstrates more clear tendencies than P/E. P/S ratio slowly decreases with the decrease of corporate governance level. The variation of P/S is much less than P/E. Our analysis shows that investors tend to pay less for companies with lower level of corporate governance. In other words investors are ready to pay high price for good governed companies on western markets. While in Russia they are ready to pay lower price for companies with low level of governance. Sometimes the price could be rather high under speculative demand.

Download or read book Valuation and Variability written by Katherine Marie Armstrong and published by . This book was released on 1989 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Conflict of Interest in Global Public and Corporate Governance written by Anne Peters and published by Cambridge University Press. This book was released on 2012-11-29 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conflict of interest occurs at all levels of governance, ranging from local to global, both in the public and the corporate and financial spheres. There is increasing awareness that conflicts of interest may distort decision-making processes and generate inappropriate outcomes, thereby undermining the functioning of public institutions and markets. However, the current worldwide trend towards regulation, which seeks to forestall, prevent and manage conflicts of interest, has its price. Drawbacks may include the stifling of decision-making processes, the loss of expertise among decision-makers and a vicious circle of distrust. This interdisciplinary and international book addresses specific situations of conflict of interest in different spheres of governance, particularly in global, public and corporate governance.

Download or read book Complex Ownership Structures and Corporate Valuations written by Luc Laeven and published by International Monetary Fund. This book was released on 2007-06 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.

Download or read book Corporate Governance Matters written by David Larcker and published by Pearson Education. This book was released on 2015-07-06 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the most comprehensive and up-to-date reference for implementing and sustaining superior corporate governance. Stanford corporate governance experts David Larcker and Bryan Tayan carefully synthesize current academic and professional research, summarizing what is known and unknown, and where the evidence remains inconclusive. Corporate Governance Matters, Second Edition reviews the field's newest research on issues including compensation, CEO labor markets, board structure, succession, risk, international governance, reporting, audit, institutional and activist investors, governance ratings, and much more. Larcker and Tayan offer models and frameworks demonstrating how the components of governance fit together, with updated examples and scenarios illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to "get the story straight," and to provide useful tools for making better, more informed decisions. This edition presents new or expanded coverage of key issues ranging from risk management and shareholder activism to alternative corporate governance structures. It also adds new examples, scenarios, and classroom elements, making this text even more useful in academic settings. For all directors, business leaders, public policymakers, investors, stakeholders, and MBA faculty and students concerned with effective corporate governance.