Download or read book The Performance of Property Companies in Hong Kong written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: (Uncorrected OCR) Abstract of thesis entitled The Performance of Property Companies in Hong Kong: A Style Analysis Approach Submitted by Wong Sill Kei for the degree of Doctor of Philosophy at The University of Hong Kong in January 2003 Style analysis has become a popular tool for evaluating the performance of investment funds as a result of increasingly specialized investment styles. This study applies the returns-based approach to identifying the investment styles and assessing the performance of property companies in Hong Kong from 1984 through 2001. The original style model has been modified to take into account the differences between mutual funds and listed property companies. The modifications include the addition of direct property asset classes and the relaxation of no-leverage constraint. The former is achieved by developing an age-adjusted repeat-sales model to construct monthly transaction-based property price indices. Two style models were built: a non-property model (without direct property asset classes) and a property model (with direct property asset classes). The results from the non-property model showed that although the implied non-property asset mix was able to explain an important part (75%) of the variation in the property companies' returns, a small pure property component was found in the company returns. This component can be realized through hedging the indirect property index by its implied non-property asset mix. The results from the property model indicate that property company returns reflect residential and industrial performance better than retail and office performance. Moreover, the proportion of direct property has increased over time, indicating that property companies are becoming a closer substitute for direct property investment. The implication is that investors can avoid the high transaction costs of direct property investment, but at the same time enjoy the liquidity and diversification benefits through investing in the sh.

Download or read book The Performance of Property Companies in Hong Kong written by Siu-Kei Wong and published by . This book was released on 2017-01-28 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Performance of Property Companies in Hong Kong: a Style Analysis Approach" by Siu-kei, Wong, 黃紹基, 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: Abstract of thesis entitled The Performance of Property Companies in Hong Kong: A Style Analysis Approach Submitted by Wong Siu Kei for the degree of Doctor of Philosophy at The University of Hong Kong in January 2003 Style analysis has become a popular tool for evaluating the performance of investment funds as a result of increasingly specialized investment styles. This study applies the returns-based approach to identifying the investment styles and assessing the performance of property companies in Hong Kong from 1984 through 2001. The original style model has been modified to take into account the differences between mutual funds and listed property companies. The modifications include the addition of direct property asset classes and the relaxation of no-leverage constraint. The former is achieved by developing an age-adjusted repeat-sales model to construct monthly transaction-based property price indices. Two style models were built: a non-property model (without direct property asset classes) and a property model (with direct property asset classes). The results from the non-property model showed that although the implied non-property asset mix was able to explain an important part (75%) of the variation in the property companies' returns, a small pure property component was found in the company returns. This component can be realized through hedging the indirect property index by its implied non-property asset mix. The results from the property model indicate that property company returns reflect residential and industrial performance better than retail and office performance. Moreover, the proportion of direct property has increased over time, indicating that property companies are becoming a closer substitute for direct property investment. The implication is that investors can avoid the high transaction costs of direct property investment, but at the same time enjoy the liquidity and diversification benefits through investing in the shares of property companies. There are, however, some inconsistencies between implied and actual property asset mixes which may be due to high correlation between some asset classes. The results of the style analysis of the major listed property companies in Hong Kong do not support the presence of active management skill over time, and thus the market is efficient. This implies that the overall performance of a property company is mainly attributable to investment style characterized by the implied portfolio rather than management skill. The variation in the selection returns of a larger sample of property companies is much more significant and can be partially explained by a number of company characteristics including company size, gearing ratio, liquidity, dividends issued, directors' stakes, and directors' fees. DOI: 10.5353/th_b2672040 Subjects: Real estate business - Finance - China - Hong Kong Real estate investment - China - Hong Kong - Econometric models

Download or read book Performance of Property Companies in Hong Kong A Style Analysis Approach written by K.W Chau and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Return-based style analysis is applied to identify the style benchmarks of 12 property companies in Hong Kong from 1984 through 2001, and their performance is then assessed. Unlike style analysis of mutual funds, the cash component is not constrained to be non-negative so as to reflect their debt-financed capital structures. The other feature of style analysis of property companies is the inclusion of direct property returns in the implied portfolio. This is achieved by transaction-based monthly property price indices over the period of observation. Our results suggest that the implied portfolio is able to explain an important part of the variation in the property companies' returns. Although non-property investment has been the major component of the implied portfolio, the proportion of direct properties has increased over time. Therefore, property companies are becoming a closer substitute for direct property investment. One of the implications of the results is that investors can avoid the high transaction costs of direct property investment, but at the same time enjoy the liquidity and diversification benefits through investing in the shares of property companies. Our results also suggest that the performance of most property companies is not significantly different from the performance of the underlying implied portfolio before transaction cost is taken into account. This implies that the overall performance of a property company is mainly attributable to investment style characterized by the implied portfolio rather than management skills.

Download or read book International Bibliography Of Economics 2003 written by Compiled by the British Library of Political and Economic Science and published by Psychology Press. This book was released on 2004-12 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1952, the International Bibliography of the Social Sciences (anthropology, economics, political science, and sociology) is well established as a major bibliographic reference for students, researchers and librarians in the social sciences worldwide. Key features * Authority: Rigorous standards are applied to make the IBSS the most authoritative selective bibliography ever produced. Articles and books are selected on merit by some of the world's most expert librarians and academics. * Breadth: today the IBSS covers over 2000 journals - more than any other comparable resource. The latest monograph publications are also included. * International Coverage: the IBSS reviews scholarship published in over 30 languages, including publications from Eastern Europe and the developing world. * User friendly organization: all non-English titles are word sections. Extensive author, subject and place name indexes are provided in both English and French.

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-05 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dissertation Writing in Practice written by Linda Cooley and published by Hong Kong University Press. This book was released on 2003-10-01 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is designed to raise students' awareness of the linguistic features of a postgraduate dissertation/thesis written in English. It deals primarily with the linguistic aspects of extended pieces of writing, placing great emphasis on the writer's responsibility for the readability of the text. Each of the features introduced is illustrated through examples taken from authentic writing at the appropriate level. In addition, each chapter has a number of tasks to help students put into practice the skills that have been introduced. This book is mainly designed to help research students whose first language is not English, but it should also prove useful to native speakers of English, many of whom lack extensive experience of writing at this level. It can be used as a textbook for postgraduate students on a dissertation/thesis writing course, and may also be used as a self-study guide since an annotated answer key is provided for all the tasks. This book takes a realistic approach to helping students who may find the extended writing required at postgraduate level a daunting task; although it provides ample opportunities for practice, it does not expect students to produce extensive writing beyond that required for their degree.

Download or read book The Performance of Direct and Indirect Property Investment in Hong Kong written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: (Uncorrected OCR) ii Abstract: Modern portfolio theory (MPT) advocates a process where investor| capital will be allocated among various asset classes based on quantitative and analytical approach taking into consideration of their possible rate of returns vis-|vis objectives and/or risk tolerances. Using Mean Variance Optimisation concept, this dissertation examines the performance and diversification potential of Direct and indirect property in a mixed asset portfolio in Hong Kong for the period from1984 to 2003. Unlike most studies which have concentrated on how much to include of real estate by measuring the risk effect of increase of real estate in portfolio composition at isolated points, this dissertation completely takes another angle by constructing full efficient frontiers and assessing the diversification effects of real estate inclusion at different risk return levels. The results for the study period indicate that, though the property market had some ups and downs, both direct property and indirect property offer diversification benefits depending on one| risk preference. Indirect property offered higher returns than the direct property but were also more risky, and therefore capable to offer a diversification benefits to people of high risk preference while direct property in spite of their relatively low returns could offer diversification benefits to low and moderate risk preference people in a mixed asset portfolio. On a more positive note, the findings do suggest that almost all investors benefit to some extent by holding some direct and indirect property.

Download or read book Performance Analysis of Hong Kong Property written by Jones, Lang, Wootton Research (Hong Kong) and published by . This book was released on 1994 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Analysis of Hong Kong Real Estate Investment Trusts on Asset Portfolio Performance written by Weiya Zhang and published by . This book was released on 2011 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Finance India written by and published by . This book was released on 2003-07 with total page 896 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book PERFORMANCE INFLATION HEDGIN written by 吳美玲 and published by Open Dissertation Press. This book was released on 2017-01-27 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Performance and Inflation-hedging Characteristics of Hotel Investment in Hong Kong" by 吳美玲, Mei-ling, Ng, 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: Abstract of the thesis entitled The Performance and Inflation-Hedging Characteristics of Hotel Investment in Hong Kong Submitted by Ng Mei Ling for the degree of Doctor of Philosophy at the University of Hong Kong in March 2003 Hotels are income-producing, investment properties that are rarely traded on the market. With the limited transaction data available in the hotel sector, appraisers generally find it difficult to produce a reliable hotel asset price index, which is essential for assessing the performance of direct hotel investment. The most common valuation techniques used by appraisers for hotel valuation is the income capitalization approach. Recently, there have been various valuation-based hotel asset price indices available in the U.S. However, the time series of these indices are too short to reveal the performance of hotel investments. The reliability of these indices is also questionable due to the lack of hotel transaction data. Neither is this type of index available in Hong Kong. One of the objectives of this dissertation is to construct a hotel asset price index which is reliable and sufficiently long for the assessment of the performance of hotel investments in Hong Kong. Previous studies suggest that there are linkages between direct and indirect property investment. This provides the basis for the method of hotel asset price index construction adopted in this study. This method involves extracting information from indirect hotel investment and other publicly available financial data to construct a hotel asset price index. In very simple terms, the hotel asset price is constructed by stripping off the stock market effect from the de-geared indirect hotel investment returns. The reliability of this index is tested by examining whether it reflects changes in hotel market fundamentals. The results of this study suggest that the hotel market demand and supply variables are found to have a significant impact on the Hotel Asset Price Index, which provides evidence for the reliability of the index in reflecting the performance of hotel investments. Analysis based on the Hotel Asset Price Index constructed in this study suggests that during the period of observation (1980-2000), direct hotel investment had the lowest average return, but a relatively high volatility amongst all property types. The risk-adjusted return is the lowest among direct property and stock. However, returns on direct hotel investment show very little correlation with other property returns and returns on the stock market. This means that there is a potential diversification benefit by including direct hotel investment in the portfolio. Hotels are often considered an effective inflation-hedging investment among all property assets as room rates can be adjusted on a daily basis. Since hotel leases are very short (typically a few days) compared with other property types, a hotel investment is considered to be especially good for hedging against unexpected inflation. On the other hand, hotel assets are illiquid, which makes it difficult for hotel asset prices to respond to changes in inflation expectations. Fama and Schwert's framework is employed, together with co-integration tests and error correction models, to investigate the ability of direct hotel investment, as well as other property investments, to hedge against expected and unexpected inflation in both short and long

Download or read book The Investment Performance of Hong Kong Real Estate and Property Stocks written by Chun-Mo Lam and published by . This book was released on 2006 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Strategic Management written by Okechukwu Lawrence Emeagwali and published by BoD – Books on Demand. This book was released on 2019-11-13 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through select contributions, this edited volume presents a current discourse on strategic management specifically through the lens of industry dynamism. It re-examines the enduring call for dynamic strategies and capabilities at the firm and industry level, drawing case studies from a diverse array of geographic locations. Its findings are presented in two succinct sections: “On Dynamic Strategies” and “On Dynamic Capabilities,” which collectively read as a unit.

Download or read book Ownership Structure and Company Performance written by JIAYIN. ZHENG 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, "Ownership Structure and Company Performance: the Case of Listed Real Estate Companies in Mainland China" by Jiayin, Zheng, 郑嘉吟, 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: Although Chinese economy has been growing remarkably, the development of the institutional, legal infrastructure and financial system remains a numbers of distinctive characteristics (Allen et al., 2004). One of the unique features is the dominance role of the government as shareholder of corporations, even for those listed on the stock exchange. This paper investigates empirically the impact of this significant characteristic on company performance. In particular, this dissertation presents an empirical study of the relationship between ownership structure and the company performance of listed property companies in China. Previous theoretical and empirical studies suggest government ownership is detrimental to company performance. Estrin and Perotin (1991) propose that corporations with the government as ultimate owner and/or with a large stake of government shareholding may not pursue profit maximization objective since the government tends to focus on its political objectives rather than the economic ones. Consequently, the firm performance in such government-related publicly listed firms will be inferior. Moreover, Shleifer and Vishny (1998) show that private ownership is preferable to state ownership because the government has a 'grabbing hand' that expropriates firm assets for the benefit of politicians and bureaucrats. However, the impact of state ownership on property company performance in China is more complicated and may not be always be negative due to (1) state owned company usually have better access to cheaper credit offered by major state banks; (2) state owned companies may be able to acquire development rights and can go through the development approval process more smoothly; (3) weaker institutions for protecting small investors in Mainland China's as it is still a less developed equity market; (4) the government may have motive to demonstrate the efficiency of companies that the government has a major stake. By separating property companies into two groups according to the place of listing, namely Mainland listed group and Hong Kong listed group, based on a more recent panel data including 170 real estate firms between 2006 and 2011, this dissertation generates several distinctive results. Firstly, tradable ownership concentration has a significant positive effect on firm performance. Secondly, by separating the property companies into two groups, I found an initial positive but non-linear impact of state ownership on firm performance in Mainland listed property companies; whereas an initial negative but non-linear impact is found in those listed in Hong Kong. However, when the state's stake of shares is relative large, the positive impact outweighs the negative impact in Mainland China. This is because the investor protection rules and regulations and their enforcement are relatively weak in Mainland China, the government shareholder can act as private block-holder and provide effective monitor on management in solving the traditional agency problems. This is not the case in Hong Kong where the market is more transparent and the interests of small investors are better protected. When the state owns a sufficiently large percentage of the shares, the relationship between state ownership and firm performance becomes positive for both groups. This empirical result suggests that the positive impact of

Download or read book Proceedings of the XV International Scientific Conference on Industrial Systems IS 11 written by and published by FON. This book was released on with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Research Methods for Construction written by Richard F. Fellows and published by John Wiley & Sons. This book was released on 2015-05-05 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Methods for Construction will help you instil rigour into your problem-solving, and into your reports and publications. It will be of value to construction, surveying, architecture and civil engineering students undertaking research, whether for bachelors and masters degree dissertations, or for masters and doctoral research degree theses. Now in its Fourth Edition, this remains one of the few books to provide guidance on research formulation, methodologies, and methods specifically for construction students. Three main sections – Producing a Proposal, Executing the Research and Reporting the Results discuss the key issues in research and examine the primary approaches, both qualitative and quantitative. The methods adopted for scientific and engineering experiments, model building and simulations are discussed, as well as those employed for research into management, social and economic issues. The authors examine the requirements for data and analysis, including the important statistical considerations and a range of qualitative techniques that enable construction researchers to appreciate what needs to be evaluated in devising how research may be carried out effectively and efficiently. This new edition has been updated to reflect current debates and concerns, including ethical issues, legislation and codes of practice concerning the collection, processing, storage, use and disposal of data. Pressures of time and funding to carry out the empirical work all too often lead to a lack of attention to how the study should be done and why. The authors address the importance of explaining the philosophical approach adopted (ontology, epistemology) and the consequent methodology. They advocate close scrutiny of the methods available for appropriateness, both academically and practically. The fundamental theme of the book remains to facilitate a researcher’s informed and justified selection of a philosophical paradigm and of appropriate methods to execute the research.

Download or read book Revaluation of Investment Properties and Firm Performance written by Tin-sek Tang and published by . This book was released on 2004 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: