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 The Impact of Corporate Governance and Strategies on the Performance of Indirect Real Estate written by 陳善榮 and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance of Real Estate Investment Trusts written by Nicolai C. Striewe and published by Springer. This book was released on 2015-11-10 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market.

Download or read book Strategy and Place written by Martha A. O'Mara and published by Simon and Schuster. This book was released on 1999 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Organisational boundaries are being transformed by downsizing, outsourcing, and networked links with customers and suppliers. Unprecedented advances in telecommunications and 'virtuality' are changing how companies occupy real space. To survive, managers must radically rethink the physical aspects of their companies. Based on cutting-edge research at such companies as Pacific Bell, Lever Brothers and Merrill Lynch, STRATEGY AND PLACE presents a framework for making key business decisions about one of the organisation's most valuable assets: its physical facilities and properties. O'Mara outlines three main approaches to real estate and facility management decision making: Incrementalism, where only short-term commitments to space are made and capital expenditures minimised; Standardisation, in which control over both design and management procedures is strictly maintained with centralised decision making; and Value-based, where organisational values factor into all design-related decisions, and procedures are flexible to meet the needs of individual parts of the organisation. O'Mara explains the advantages and disadvantages of each strategy, and shows how to apply them appropriately, based on an understanding of the profound impact of competitive uncertainty in today's new business environment.

Download or read book The Effect of Corporate Governance on the Performance of Reits written by Xiangliang Bai 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 Effect of Corporate Governance on the Performance of REITs: the Evidence From Hong Kong and Singapore" by Xiangliang, Bai, 白相良, 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: The Asian REIT market has been developing quickly in recent years and gradually attracted attention of international investors. However, compared with other developed markets such as the US and Australia, very little is known about the Asian REIT market. This research examines the impact of the quality of corporate governance on the performance of two major and similar REIT markets - Hong Kong and Singapore. In this research, the quality of corporate governance is measured by a scoring system that is based on the APREA Corporate Governance Scoring Framework (APREA CGSF) developed by Lecomte and Ooi (2012) for Singapore REITs but modified to suit the characteristics and regulatory requirements of both Hong Kong and Singapore REIT markets. Firm performance is measured by Tobin's Q. The empirical analysis is based on panel data during 2007-2011 from Hong Kong and Singapore REIT markets. The empirical results show that the quality of corporate governance (as measured by the Integrated Corporate Governance Index or ICGI) has a significant and positive impact on firm performance, holding other factors constant. However, closer examination shows that only about 20% of all the governance provisions included in the ICGI have significant impact on firm performance. This research also finds that REITs with corporate governance that takes into consideration of the interests of other stakeholders in addition to those of the shareholders (such as provision for corporate social responsibility) do not perform better. Incidentally, the empirical results strongly suggest that Singapore REITs perform better than Hong Kong REITs after controlling for all known factors including the quality of corporate governance. This result calls for a deeper explanation. A more detailed study from a new institutional economics perspective may shed light on this issue. DOI: 10.5353/th_b5194755 Subjects: Real estate investment trusts - China - Hong Kong Corporate governance - China - Hong Kong Real estate investment trusts - Singapore Corporate governance - Singapore

Download or read book Essays on Real Estate Investment Trusts written by Lisa Anne Cottrell Frank and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance Failures written by James P. Hawley and published by University of Pennsylvania Press. This book was released on 2011-04-15 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance, the internal policies and leadership that guide the actions of corporations, played a major part in the recent global financial crisis. While much blame has been targeted at compensation arrangements that rewarded extreme risk-taking but did not punish failure, the performance of large, supposedly sophisticated institutional investors in this crisis has gone for the most part unexamined. Shareholding organizations, such as pension funds and mutual funds, hold considerable sway over the financial industry from Wall Street to the City of London. Corporate Governance Failures: The Role of Institutional Investors in the Global Financial Crisis exposes the misdeeds and lapses of these institutional investors leading up to the recent economic meltdown. In this collection of original essays, edited by pioneers in the field of fiduciary capitalism, top legal and financial practitioners and researchers discuss detrimental actions and inaction of institutional investors. Corporate Governance Failures reveals how these organizations exposed themselves and their clientele to extremely complex financial instruments, such as credit default swaps, through investments in hedge and private equity funds as well as more traditional equity investments in large financial institutions. The book's contributors critique fund executives for tolerating the "pursuit of alpha" culture that led managers to pursue risky financial strategies in hopes of outperforming the market. The volume also points out how and why institutional investors failed to effectively monitor such volatile investments, ignoring relatively well-established corporate governance principles and best practices. Along with detailed investigations of institutional investor missteps, Corporate Governance Failures offers nuanced and realistic proposals to mitigate future financial pitfalls. This volume provides fresh perspectives on ways institutional investors can best act as gatekeepers and promote responsible investment.

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 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 Beyond Governance written by Martin Fahy and published by John Wiley & Sons. This book was released on 2005-04-08 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a series of corporate scandals, legislators have company executives in their sights, and are arming themselves with ever-greater regulatory firepower. All agree that good governance is essential - but must not be allowed to stifle business performance. Beyond Governance develops the concept of Enterprise Governance, an emerging framework which unites Performance, Conformance and Corporate Responsibility and shows how addressing all of these areas in a concerted, coordinated fashion will deliver value to the organisation and its stakeholders. In particular, it focuses on the skills, processes and systems that are required to deliver excellence in each of these areas, giving readers a practical insight into the issues and an understanding of best practice in each area. Many firms are rethinking their finance activities in the light of e-commerce, shared service centres, business intelligence technology and cost pressures. Beyond Governance explores the challenge of building a modern, flexible finance function, describing the emerging role of the new CFO and how finance professionals should respond to this new business environment.

Download or read book The Impact of Institutional Investors on Corporate Governance Takeovers and the Capital Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1990 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance and Real Estate Collateral Effect written by Daxuan Zhao and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The collateral channel literature predicts that firms owning more real estate use more debt when real estate prices increase. We show that the positive collateral-investment relationship is enhanced with the corporate governance of firms. Firms' choice of debt over equity in their capital structure decisions is dependent on anti-takeover threats facing managers. During the real estate booms from 1993 to 2006, firms with strong corporate governance are more likely to increase debt capacity via the collateral channel. Entrenched managers use less debt to finance their investments when their real estate collateral values increase. Our results hold after controlling for non-collateral debts and credit rating of sample firms.

Download or read book Performance Implications of Corporate Real Estate Strategic Orientation written by Steven Lee Duckworth and published by . This book was released on 1992 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central concept in strategic management is that congruence between organizational resources and environmental conditions is critical to performance. There are three basic types of organizational resources: human, monetary, and physical. How well a fIrm allocates these resources in pursuit of its product-market opportunities determines the level of congruence with its environment. Rapid technological change and shifting patterns of competition have put an intense strain on the ability of organizations to maintain such congruence. In spite of these pressures, limited attention has been given in both management theory and practice to the resource that is perhaps most apt to impair the adaptability of organizations, namely real estate. The objective of this study is to determine how the strategic orientation or profIle of a corporate real estate unit (i.e., its approach to problem solving, its risk propensity, its level of proactiveness, etc.) relates to performance. A six dimensional model of corporate real estate strategic orientation (labeled CRESO) is developed from various literatures and practitioner experiences. This model is validated based on key measurement criteria (e.g., theoretical and observational meaningfulness of concepts, internal consistency of operationalizations, convergent and discriminant validity, nomological validity) and then used to explore important relationships with two dimensions of corporate real estate performance, service and internal operations, and two dimensions of business performance, profItability and growth. This study contributes to the fIeld of corporate real estate by developing "valid" measures of corporate real estate strategic orientation along multiple theoretical dimensions, and by providing insight into the performance implications of different strategic orientations. Directions for future research in corporate real estate are also proposed.

Download or read book Real Estate Finance written by C. F. Sirmans and published by McGraw-Hill Companies. This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Institutional Investors and Corporate Governance written by Theodor Baums and published by Walter de Gruyter. This book was released on 1994 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.

Download or read book Corporate Real Estate Asset Management written by Barry Haynes and published by Taylor & Francis. This book was released on 2017-04-28 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of Corporate Real Estate Asset Management is fully up to date with the latest thought and practice on successful and efficient use of corporate office space. Written from an occupier’s perspective, the book presents a ten-point CREAM model that offers advice on issues such as sustainability, workplace productivity, real estate performance measurement, change management and customer focus. In addition, new case studies provide real-life examples of how corporations in the UK, USA, Hong Kong and Abu Dhabi actively manage their corporate real estate. The book is aimed at advanced undergraduate and graduate students on corporate real estate, facilities management and real estate courses and international MBA programmes.

Download or read book The Rise of Fiduciary Capitalism written by James P. Hawley and published by University of Pennsylvania Press. This book was released on 2000-10-06 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traces the rise of public and private pension funds, which now control as much as 50 percent of the equity in American corporations, and argues that shareholders in those funds could use their power to make corporations more responsive to social needs.