Journal articles on the topic 'Property stocks'
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Sun, Bing, Hongyu Liu, and Siqi Zheng. "A COMPARATIVE STUDY ON THE INVESTMENT VALUE OF RESIDENTIAL PROPERTY AND STOCKS." International Journal of Strategic Property Management 8, no. 2 (June 30, 2004): 63–72. http://dx.doi.org/10.3846/1648715x.2004.9637508.
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As real estate, residential property comprises not only the value of utilization, but also the value of investment, which is somewhat different from that of securities such as stocks and bonds. In this paper, the investment value of newly‐built residences and stocks are compared and analyzed theoretically and empirically. Firstly, the paper summarizes the diversity of costs, risks, and benefits of these two investments. Secondly, by quoting the quarterly price/rent indices on the housing market and that at the stock exchange in Shanghai, the paper explores the variances of these two investments with respect to their risk‐return characteristics from 1993 to 2003. Thirdly, the paper discusses the correlations between residential property price/rent index, property/general stock price index, and Consumer Price Index (CPI). Finally, by utilizing the Capital Asset Pricing Model (CAPM), the systematic and the unsystematic risks of these investments are segregated and compared with each other, based on a series of assumptions. The result suggests, on a quarterly basis, that residential property investment produces a higher risk‐adjusted return than that of general stock and property stock investment. Because of a weak/negative correlation between residential property and stock returns, residential property is an ideal candidate to be included into the stock investment portfolio. Moreover, residential property and property stock can be used as effective hedges against inflation.
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Samsuar, Alfan, and Pardomuan Sihombing. "DETERMINANT ANALYSIS IN PROPERTY STOCKS INDEX AT INDONESIA STOCK EXCHANGE." Dinasti International Journal of Management Science 2, no. 2 (November 17, 2020): 255–67. http://dx.doi.org/10.31933/dijms.v2i2.453.
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This research aims to determine those influence of inflation, interest rates, exchange rates, world oil prices and world gold prices against the property sector stock index which registered In Indonesia Stock Exchange. These population of research were all activities from monthly movement of property sector stock index, inflation, exchange rates, BI interest rates, world oil prices and world gold prices. The sample chosen method by purposive sampling where the researcher gathered its data based on proficiency strategies or personal considerations, selecting data based on these following criteria: 1) Availability of macro economic data that affects shares from property sector during January 2016 to December 2019; and 2) Availability of property stock index data from January 2016 till December 2019. The model used in this research was the Vector Error Correction Model (VECM). With The results showed that: 1) ISP responsiveness to inflation movements where stumbled or shocks that occur on inflation had positive influence towards ISP movements; 2) Responsiveness of ISP to instability or shocks that occur in exchange rates will negatively affect ISP movements; 3) Those responsiveness of ISP to the BI rate movement was responded positively; 4) Based on these results from research conducted, the ISP responded negatively on stumbled or shocks towards oil price movements; and 5) ISP responsiveness to movements or shocks to gold price had been responded positively by the ISP.
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Heliyani, Heliyani, and Helmi Hery Julianto. "ANALISIS KEPUTUSAN INVESTASI SAHAM BERDASARKAN PENILAIAN HARGA SAHAM PADA PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA." jurnal ekonomi 22, no. 2 (September 30, 2019): 128–44. http://dx.doi.org/10.47896/je.v22i2.106.
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This study aims to analyze whether or not property and real estate stocks are worth buying as investments. The type of data is secondary data, which originates from the Indonesia Stock Exchange, Bank Indonesia and shares of Indonesian companies in the period 2016-2018. the population in this study are all property and real estate stocks listed on the Indonesia Stock Exchange. using the perpose sampling technique obtained 32 companies that were sampled. The analysis technique uses the Capital Asset Pricing Model (CAPM) method. worthy shares are stocks that have an individual return expected return (Ri ERi). The results of this study indicate that: (1) There are 7 shares of property and real estate companies that deserve to be used for, namely ASRI, BEST, BKSL, BSDE, CTRA, OMRE, SMRA. These shares have a Ri value greater than E (Ri) or [Ri E (Ri)]. The investment decision that must be taken by investors is to buy the shares. (2) There are 25 company shares that are not feasible. Inappropriate stocks have a Ri value smaller than E (Ri) or [Ri E (Ri)]. The investment decision that must be taken by the investor is to sell the stock before the price drops. Penelitian ini bertujuan untuk menganalisis layak atau tidak layaknya saham property dan real estat untuk dibeli sebagai sarana investasi. Jenis data adalah data sekunder, yang berasal dari Bursa Efek Indonesia, Bank Indonesia dan saham perusahaan Indonesia tahun periode 2016-2018. populasi dalam penelitian ini adalah seluruh saham properti dan real estate yang tedaftar pada Bursa Efek Indonesia. menggunakan teknik perpose sampling diperoleh 32 perusahaan yang dijadikan sampel. Teknik analisis menggunakan metode Capital Asset Pricing Model (CAPM). saham layak adalah saham yang memiliki return individu expected return (RiERi). Hasil penelitian ini menunjukkan bahwa: (1) Terdapat 7 saham-saham perusahaan property dan real estate yang layak dijadikan untuk yaitu ASRI, BEST, BKSL, BSDE, CTRA, OMRE, SMRA. Saham-saham tersebut memiliki nilai Ri lebih besar daripada E(Ri) atau [Ri E(Ri)]. Keputusan investasi yang harus diambil oleh investor adalah membeli saham tersebut. (2) Terdapat 25 saham-saham perusahaan yang tidak layak. Saham-saham tidak layak tersebut memiliki nilai Ri lebih kecil daripada E(Ri) atau [Ri E(Ri)]. Keputusan investasi yang harus diambil oleh investor adalah menjual saham tersebut sebelum harga turun.
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Ekemode, Benjamin Gbolahan, and Abel Olaleye. "Convergence between direct and indirect real estate investments." Journal of Financial Management of Property and Construction 21, no. 3 (November 7, 2016): 212–30. http://dx.doi.org/10.1108/jfmpc-12-2015-0040.
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Purpose This paper aimed to examine the return/risk performance of direct and indirect real estate (listed property stock) in the Nigerian real estate market and analyzed the short-term integration between the two classes of real estate assets. It also established whether investors could achieve diversification benefits by combining both assets in a portfolio. Design/methodology/approach The data utilized comprised annual returns on direct real estate calculated from the rental and capital values of 226 direct commercial properties obtained from property valuers in Lagos, Nigeria, for a period of January 1999-December 2014. The appraisal-based direct real estate returns were de-smoothed using the Geltner (1993) procedure. The annual returns of indirect real estate were also computed from the transactions of listed property stock on the Nigerian Stock Exchange for the study period. The return-risk profiles were also broken down into short- and medium-term sub-periods, comprising 3, 5, 8 and 12 years to reflect the level of volatility in the market, whereas the nature of the short-term relationship between the two real estate assets classes was tested using Granger causality technique. Findings The results revealed that listed property stock performed better than unsmoothed direct real estate on a risk-adjusted performance basis. The performance profile, however, varies over the different sub-periods considered. Short-term integration analysis showed that there was no bidirectional relationship between direct and listed property stock, implying diversification and risk reduction possibilities in combining both assets with other asset classes in a domestic asset portfolio. Overall, the results confirm the findings of previous study that listed property stocks return is segmented from the direct real estate market upon which its pricing and trading in the stock market are based. Practical implications The conclusion of the study suggests that investors could achieve improved performance by investing in listed property stocks than direct real estate in the Nigerian real estate market. The inclusion of both assets in a domestic mixed-asset portfolio could also be expected to offer diversification and risk reduction benefits. Originality/value This is one of the few studies that examine the short-run integration between direct real estate and listed property stocks with a focus on an emerging African market.
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Peng, Qiyuan. "Research on the Relationship between Trade Volatility, Property Rights and New Energy Stock Returns under the Background of New Energy Industry Development." E3S Web of Conferences 292 (2021): 02017. http://dx.doi.org/10.1051/e3sconf/202129202017.
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The research on the relationship between risk and return of new energy stocks is the focus of financial research. Related research focuses more on the relationship between idiosyncratic fluctuation risk and stock returns. In the Chinese stock market, some Chinese investors clearly prefer stocks with high risk characteristics, which leads to overvalued stocks. However, the short-selling restrictions in the Chinese stock market and the heterogeneity of investors have also led to a significant negative correlation between idiosyncratic volatility and cross-sectional yield. There are many studies on the relationship between idiosyncratic volatility and stock returns, but no consistent conclusions have been drawn, and there is a lack of relevant research on new energy stocks. Therefore. This paper collates the data of 70 listed companies in the new energy and new energy automobile industry from 2017 to 2019, tracks the stock returns of sample companies for 3 years (36 months), and conducts in-depth research on the relationship between idiosyncratic fluctuation risks and new energy stock returns. To further verify and supplement the risk-return relationship of China's new energy stock market and provide a certain basis for the company's decision-making behaviour.
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Wilson, Patrick J., Simon Stevenson, and Ralf Zurbruegg. "Measuring Spillover Effects Across Asian Property Stocks." Journal of Property Research 24, no. 2 (June 2007): 123–38. http://dx.doi.org/10.1080/09599910701440081.
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Hiang Liow, Kim. "The historical performance of Singapore property stocks." Journal of Property Finance 8, no. 2 (June 1997): 111–25. http://dx.doi.org/10.1108/09588689710167816.
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Lueck, Dean, and Gustavo Torrens. "Property rights and domestication." Journal of Institutional Economics 16, no. 2 (September 12, 2019): 199–215. http://dx.doi.org/10.1017/s1744137419000390.
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AbstractThis paper combines the property rights approach of Barzel with models from renewable resource and evolutionary economics to examine the domestication of wild animals. Wild animals are governed by weak property rights to stocks and individuals while domesticated animals are governed by private ownership of stocks and individuals. The complex evolutionary process of domestication can be viewed as a conversion of wild populations into private property, as well as a transition from natural selection to economic selection controlled by owners of populations and individuals. In our framework domestication is not the explicit goal of any economic agent, but it emerges as a long-run outcome of an innovation in hunting strategies in a hunter–gatherer society. Our formal model also suggests that the domestication process moves slowly at first but then proceeds rapidly, and is aligned with the archeological evidence on domestication events.
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Nguyen, Thi Kim, and Muhammad Najib Razali. "The dynamics of listed property companies in Indonesia." Journal of Property Investment & Finance 38, no. 2 (December 20, 2020): 91–106. http://dx.doi.org/10.1108/jpif-06-2019-0073.
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Purpose As an asset class, listed property companies (PCs) in the emerging Asian markets have taken on increased significance in recent years. Investors have seen Indonesian real estate investment trusts (REITs) being regulated to become a property investment vehicle in 2007. This sees macro-environment investment in the Indonesian property market taking off to a higher level regionally. In the background, Indonesian listed PCs maintain as one of the major investment vehicles for local and international investors. It has also been the subject of investment for REITs and property investment funds in Indonesia. The purpose of this paper is to assess the dynamics of risk-adjusted performances and portfolio diversification benefits of listed PCs in a mixed-asset portfolio context in Indonesia, from July 2006 to December 2018. The sub-periods of pre-global financial crisis (GFC), GFC and post-GFC of listed PCs is also assessed. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of listed PCs from July 2006 to December 2018 are assessed, with extended efficient frontiers and asset allocation diagrams used to assess the role of listed PCs in a mixed-asset portfolio. Sub-period analyses are conducted to assess the post-GFC recovery of listed PCs. Findings Listed PCs delivered higher returns but carried higher risks compared to stocks before the GFC, with bonds having both the lowest returns and risks. The impact of the GFC was highest for Indonesian PCs compared to stocks, where properties did not deliver strong risk-adjusted returns. Notwithstanding the poor risk-adjusted performance, Indonesian PCs had low correlations with stocks and bonds, suggesting some level of diversification potential for stock and bond investors. Stocks outperformed listed PCs across the sub-periods and the full period. Over the post-GFC period, both stocks and listed PCs recovered from the crisis, with stocks turning around stronger. This analysis shows a prolonged recovering and slow bouncing adjustment of listed PCs from the economic changes. This research suggests selected listed PCs may be the outperformers, and, a future contract as a hedge form for listed PC to be implemented. Research limitations/implications The use of the indices of Standard & Poor’s Indonesian property total return (for listed PCs) are as follows: MSCI Indonesia total return (for stocks), Indonesia’s ten-year bond’s total return (for bonds) and Indonesia’s three-month bill total return (for cash). This is used to study the Indonesian listed PCs and may have aggregation effects in its underperformance and therefore drawing a negative outcome. The results may reflect the common fact that the majority of listed PCs in Indonesia are property developers, which also sees underperformances in other emerging country markets. Practical implications Listed PCs have been under increasingly adjusted and positively adapted regulations from the Indonesian Government over the post-GFC period. Therefore, in order to attract interest from international investors in property investment in Indonesia, listed PCs need stronger and more efficiently adapted regulations to a competitive level of respective regulations in the region and globally. Notwithstanding the poor performance in the transitional stage, Indonesian listed PCs bring some diversification benefits to local investors who are able to pick the outperformed invested PCs at the right time. Of the on-going concerns, international investors have no restrictions on holding listed PCs in the Indonesian stock market. This provides room for improvement in business performance in listed PCs as a result of regional/global competition and international management being involved. The present study delivers awareness to investors, researchers as well as policymakers on the Indonesian property market. Originality/value This paper is the first published to present a country profile of significant property vehicles (commercial property, listed PCs and REITs). It also presents empirical research analysis of the risk-adjusted performance of listed PCs and its dynamic role in a local investors’ perspective across the pre-GFC, GFC, post-GFC periods. Given the significance of listed PCs in Asia, this research highlights more information for opportunities and on-going property investment issues in Indonesia.
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Tingyu Zhou, Rhea, and Rose Neng Lai. "Herding and positive feedback trading on property stocks." Journal of Property Investment & Finance 26, no. 2 (March 7, 2008): 110–31. http://dx.doi.org/10.1108/14635780810857872.
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Liow, Kim Hiang, Joseph Ooi, and Loke Kiat Wang. "Interest rate sensitivity and risk premium of property stocks." Journal of Property Research 20, no. 2 (January 2003): 117–32. http://dx.doi.org/10.1080/0959991032000109508.
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Lin Lee, Chyi, and Ting Kien Hwa. "Linkages Between Malaysian Housing Prices, Property Companies and Stocks." Pacific Rim Property Research Journal 17, no. 2 (January 2011): 287–312. http://dx.doi.org/10.1080/14445921.2011.11104329.
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Khan, H. U., M. Anwar, S. P. Nautiyal, and K. M. Agrawal. "Composition—property correlations in some lubricating oil base stocks." Lubrication Science 15, no. 2 (February 2003): 185–96. http://dx.doi.org/10.1002/ls.3010150208.
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Klimenko, D. A., I. V. Munerman, and V. E. Fedotov. "STRUCTURAL MEASURES OF COMPANIES IN RUSSIA’S STATE PROPERTY." Strategic decisions and risk management, no. 5 (December 30, 2016): 58–65. http://dx.doi.org/10.17747/2078-8886-2016-5-58-65.
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XIONG, DEWEN, and MICHAEL KOHLMANN. "THE COMPATIBLE BOND-STOCK MARKET WITH JUMPS." International Journal of Theoretical and Applied Finance 14, no. 05 (August 2011): 723–55. http://dx.doi.org/10.1142/s0219024911006449.
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We construct a bond-stock market composed of d stocks and many bonds with jumps driven by general marked point process as well as by an ℝn-valued Wiener process. By composing these tools we introduce the concept of a compatible bond-stock market and give a necessary and sufficient condition for this property. We study no-arbitrage properties of the composed market where a compatible bond-stock market is arbitrage-free both for the bonds market and for the stocks market. We then turn to an incomplete compatible bond-stock market and give a necessary and sufficient condition for a compatible bond-stock market to be incomplete. In this market we consider the mean-variance hedging in the special situation where both B(u, T) and eG(u, y, T)-1 are quadratic functions of T - u. So, we need to extend the notion of a variance-optimal martingale (VOM) as in Xiong and Kohlmann (2009) to the more general market. By introducing two virtual stocks [Formula: see text], we prove that the VOM for the bond-stock market is the same as the VOM for the new stock market [Formula: see text]. The mean-variance hedging problem in this incomplete bond-stock market for a contingent claim [Formula: see text] is solved by deriving an explicit solution of the optimal measure-valued strategy and the optimal cost induced by the optimal strategy of MHV for the stocks [Formula: see text] is computed.
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Sukardi, Hadi Ahmad. "ANALISIS INVESTASI SAHAM PADA PERUSAHAAN PERAIH PENGHARGAAN PROPERTY AWARD 2018 YANG LISTED DI BEI DENGAN MENGGUNAKAN CAPITAL ASSET PRICING MODEL." Ekono Insentif 14, no. 1 (April 6, 2020): 54–64. http://dx.doi.org/10.36787/jei.v14i1.211.
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Abstrak - Pertumbuhan sektor properti di Indonesia semakin berkembang pesat, dimana hal ini bisa dilihat dengan banyaknya perusahaan yang berdiri dan menjalankan operasionalnya dalam bentuk proyek-proyek. Hal ini peneliti lakukan untuk membantu menganalisa perusahaan-perusahaan induk yang anak-anak perusahaannya mendapatkan penghargaan dari warta ekonomi berupa beberapa kategori dalam memperoleh property award pada tahun 2018 dan bertujuan membandingkan perusahaan-perusahaan tersebut dan dikatakan layak berinvestasi di perusahaan-perusahaan tersebut. Dalam penelitian ini, peneliti hanya memperoleh sebanyak 23 saham perusahaan yang terpilih sebagai sampel penelitian dengan menggunakan purposive sampling. Hasil yang didapat oleh peneliti dalam analisis ini terdapat 5 saham efisien dan 18 saham tidak efisien berdasarkan perhitungan CAPM. Saham efisien adalah saham undervalued dengan nilai > nilai . Saham-saham efisien tersebut yakni : PPRO, EMDE, JSPT, DMAS dan PWON. Sedangkan saham yang tidak efisien adalah saham yang memiliki nilai < nilai dan dikatakan sebagai saham overvalued. Saham-saham tidak efisien tersebut yakni : APLN, DILD, ELTY, KIJA, SMDM, LPKR, BSDE, SMRA, CTRA, MDLN, COWL, ASRI, MTLA, GPRA, RODA, GWSA, LPCK dan BEST. Dilain sisi peneliti memperoleh penjelasan bahwa tingkat risiko tidak selalu berhubungan linier dengan tingkat pengembalian, dimana hal ini terlihat ketika peneliti menganalisa hasil risiko sistematis β (beta) yang hubungannya terbalik dengan ekspektasi pengembalian , dengan adanya perubahan posisi perusahaan yang memiliki risiko paling tinggi ternyata ekspektasi pengembaliannya rendah dan perusahaan yang memiliki risiko paling rendah justru ternyata ekspektasi pengembaliannya menjadi tinggi, hal ini terjadi pada perusahaan BEST dan ELTY. Hasil pengambilan hipotesis yaitu tidak semuanya perusahaan yang dapat peraih property award yang bisa dibeli sahamnya tetapi hanya sebagian saja.
Abstract - The growth of the property sector in Indonesia is growing rapidly, where this can be seen with the number of companies that stand up and run operations in the form of projects. This is done by researchers to help analyze the parent companies whose subsidiaries received awards from the journalists in the form of several categories in obtaining property awards in 2018 and aimed at comparing these companies and said to be worth investing in those companies. In this study, researchers only obtained as many as 23 company shares that were selected as research samples by using purposive sampling. The results obtained by researchers in this analysis there are 5 efficient shares and 18 inefficient stocks based on the CAPM calculation. An efficient stock is an undervalued stock with a value of R_i> value E (R_i). These efficient stocks are: PPRO, EMDE, JSPT, DMAS and PWON. While inefficient stocks are stocks that have a value of R_i <value of E (R_i) and are said to be overvalued shares. The inefficient stocks are: APLN, DILD, ELTY, KIJA, SMDM, LPKR, BSDE, SMRA, CTRA, MDLN, COWL, ASRI, MTLA, GPRA, WHEEL, GWSA, LPCK and BEST. On the other hand the researcher gets the explanation that the level of risk is not always linearly related to the rate of return, where this is seen when the researcher analyzes the results of systematic risk β (beta) whose relationship is inversely related to the expected return of E (R_i), with a change in the position of the company that has the most risk high turns out to have low return expectations and the company with the lowest risk actually turns out to have high return expectations, this happens to BEST and ELTY companies. The results of making a hypothesis that not all companies that can win property awards can be bought but only partial shares.
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Shehu, Blerim. "RESERVES AND THE COST OF GOODS SOLD." KNOWLEDGE INTERNATIONAL JOURNAL 30, no. 1 (March 20, 2019): 147–51. http://dx.doi.org/10.35120/kij3001147s.
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This topic is about the role of stocks of commodities located in the warehouse, these goods are in the form of finished products, auxiliary materials semi-products. Control of material goods by enterprise executives, information provided to auditors. With internal control we can find the exact cost of the reserves, the exact cost of the goods sold and we can accurately determine the amount they are in the warehouse. Through accurate records, the true amount of material goods is determined, eliminating doubt about the valuation of the material goods that are in stock. Reports accepted the auditors for the status of material goods at the warehouse, analyzed the handling method, the form of records, the accuracy of the data, the stocks are the property of the enterprise or remain or are mortgaged or mixed or damaged, measuring accuracy and material assets, the stock part of the balance sheet. The auditor should ensure that all necessary actions for the stocks held by the enterprise are recorded until the closing of the books, stocks are the most important balance sheet items, the role of reserve control is very important.
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Szentesi, Szabolcs, Béla Illés, and Peter Tamas. "MATHEMATICAL DESCRIPTION OF THE DISTRIBUTION LOGISTICS PROCESSES OF CONSIGNMENT SELLER DIETARY SUPPLEMENT MANUFACTURING COMPANIES." Journal of Production Engineering 24, no. 1 (June 30, 2021): 39–42. http://dx.doi.org/10.24867/jpe-2021-01-039.
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Consignment sales are a special case of supply chains, as the products are never the property of the seller, so the distribution logistics network and the logic of the structure of the products are radically different from those of normal supply chains. Another problem is that the products have a shelf life. The inventory mechanism (qmin; qmax) is most often used for the commissioned stocks of companies producing food supplements and when checking the central inventory, i.e. replenishment to the maximum stock level when a certain stock level is reached. There are several factors to consider when filling up commission stocks and reviewing them by period. With the mathematical correlations of these factors, it is possible to distribute the commissioned finished products optimally. The paper deals with this problem.
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Zhang, Guoyi. "Optimal Geometric Mean Returns of Stocks and Their Options." International Journal of Stochastic Analysis 2012 (December 24, 2012): 1–8. http://dx.doi.org/10.1155/2012/498050.
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The optimal geometric mean return is an important property of an asset. As a derivative of the underlying asset, the option also has this property. In this paper, we show that the optimal geometric mean returns of a stock and its option are the same from Kelly criterion. It is proved by using binomial option pricing model and continuous stochastic models with self-financing assumption. A simulation study reveals the same result for the continuous option pricing model.
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Geitner, David M. "Real Estate Risk Measurement: Comparing Commercial Property with Common Stocks." AIMR Conference Proceedings 1995, no. 3 (May 1995): 43–49. http://dx.doi.org/10.2469/cp.v1995.n3.9.
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Eng, Ong Seow. "Singapore real estate and property stocks — a co‐integration test." Journal of Property Research 12, no. 1 (March 1995): 29–39. http://dx.doi.org/10.1080/09599919508724127.
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Leukhina, T. L. "Modern aspects of stock accounting in budgetary organizations." Vestnik Universiteta, no. 5 (July 6, 2021): 169–75. http://dx.doi.org/10.26425/1816-4277-2021-5-169-175.
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The article considers the problem of current accounting of stocks in public sector organizations through the prism of new standards. As a result, the unity of the system of requirements for accounting of tangible assets was confirmed. The paper reveals the positions of modern scientists and practitioners on the novelty of requirements in the accounting of short-term assets. The author presents the logical scheme of application of norms of accounting of material stocks in the budgetary sphere from the point of view of their subordination. The study generally discloses the criteria for fulfilling the utility of the potential contained in the asset. The article presents and discloses the logical scheme for achieving the utility criterion reflected in the material stock. The author describes the necessity to use inventory as a way to identify signs of attributing assets to stocks or property in storage.
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Wihananto, Adri. "PENGARUH FREKUENSI PERDAGANGAN PADA SEKTOR PROPERTY DAN REAL ESTATE TERHADAP HARGA SAHAM." Jurnal Ilmiah Binaniaga 7, no. 02 (May 23, 2019): 51. http://dx.doi.org/10.33062/jib.v7i02.311.
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Trading frequency can be said as the implementation from trader of commerce. This case based on positive or negative trader reaction given by trader information. Stock trading in BEI always fluctuate with price of volume value and frequency particularly. Frequency itself shows the company involved or not. In trading frequency, if the indicator frequency it self shown the higher point, it means better. In spite of the most important thing is how the fluctuation or value conversion itself. On the frequencies we also could see which stocks is interested by the investor. When trading frequency high, it may be create sense of interest from investors.The aim of this research, in order to know how far the effect of trading frequency (X) with stock value (Y) using cover stock value. The information used is begin 2008 with sample from twelve property and real estate companies. According to the research can be conclude from twelve companies in Indonesia Stock Exchange in 2008, 75 % of trading frequency samples doesn’t have signification degree between trading frequency and stock value. This case can be explained count on smaller than t tableEvaluation of this research is the trading measuring frequency at property sector and real estate not influence to stock priceKeywords : Trading Frequency, Stock Price
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Bray, S. G., D. E. Allen, B. P. Harms, D. J. Reid, G. W. Fraser, R. C. Dalal, D. Walsh, D. G. Phelps, and R. Gunther. "Is land condition a useful indicator of soil organic carbon stock in Australia’s northern grazing land?" Rangeland Journal 38, no. 3 (2016): 229. http://dx.doi.org/10.1071/rj15097.
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The grazing lands of northern Australia contain a substantial soil organic carbon (SOC) stock due to the large land area. Manipulating SOC stocks through grazing management has been presented as an option to offset national greenhouse gas emissions from agriculture and other industries. However, research into the response of SOC stocks to a range of management activities has variously shown positive, negative or negligible change. This uncertainty in predicting change in SOC stocks represents high project risk for government and industry in relation to SOC sequestration programs. In this paper, we seek to address the uncertainty in SOC stock prediction by assessing relationships between SOC stocks and grazing land condition indicators. We reviewed the literature to identify land condition indicators for analysis and tested relationships between identified land condition indicators and SOC stock using data from a paired-site sampling experiment (10 sites). We subsequently collated SOC stock datasets at two scales (quadrat and paddock) from across northern Australia (329 sites) to compare with the findings of the paired-site sampling experiment with the aim of identifying the land condition indicators that had the strongest relationship with SOC stock. The land condition indicators most closely correlated with SOC stocks across datasets and analysis scales were tree basal area, tree canopy cover, ground cover, pasture biomass and the density of perennial grass tussocks. In combination with soil type, these indicators accounted for up to 42% of the variation in the residuals after climate effects were removed. However, we found that responses often interacted with soil type, adding complexity and increasing the uncertainty associated with predicting SOC stock change at any particular location. We recommend that caution be exercised when considering SOC offset projects in northern Australian grazing lands due to the risk of incorrectly predicting changes in SOC stocks with change in land condition indicators and management activities for a particular paddock or property. Despite the uncertainty for generating SOC sequestration income, undertaking management activities to improve land condition is likely to have desirable complementary benefits such as improving productivity and profitability as well as reducing adverse environmental impact.
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Sullivan, Kathleen. "Rights of Passage: Property Rights in North American Pacific Salmon Stocks." PoLAR: Political html_ent glyph="@amp;" ascii=""/ Legal Anthropology Review 21, no. 1 (May 1998): 53–64. http://dx.doi.org/10.1525/pol.1998.21.1.53.
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Nordin, M. S. A., N. Ab Rahim, and H. Adnan. "Fundamental Valuation of Construction Stocks: A Content Analysis from Property Developers." IOP Conference Series: Earth and Environmental Science 385 (November 25, 2019): 012072. http://dx.doi.org/10.1088/1755-1315/385/1/012072.
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Anderson, Hamish D., and Yuan Peng. "From cents to half-cents and its liquidity impact." Pacific Accounting Review 26, no. 3 (November 10, 2014): 160–76. http://dx.doi.org/10.1108/par-03-2013-0014.
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Purpose – The purpose of this paper is to examine the impact on stock liquidity following the reduction of minimum tick size from $0.01 to $0.005 for a selection of dual-listed and property stocks on the New Zealand Exchange (NZX) during 2011. Design/methodology/approach – Various liquidity measures were examined six months either side of the change in minimum tick size for the eligible stocks and these were compared to a sample of stocks matched on similar liquidity characteristics. Liquidity measures examined in the paper include quoted and effective spread, volume, depth and binding-constraint probability. Findings – After controlling for firms matched on similar pre-period liquidity characteristics both spread and depth decline significantly. Evidence that small firms experience significant declines in trading activity was also found, and while firms with higher binding-constraints probability have greater declines in spread, their decline in depth is greater still. Research limitations/implications – The small sample of 17 stocks eligible for the $0.005 minimum tick size potentially impacts on the strength of the statistical analysis. As such, it is harder to detect statistically significant changes in liquidity. Practical implications – These findings have important implications for policymakers as the hoped for benefits of smaller tick increments may only be fully realized by larger more active stocks. Originality/value – The paper examines the impact of a change in minimum tick size on eligible New Zealand Exchange (NZX) stocks to determine whether it meet the stated NZX goal of boosting liquidity.
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Yuan, Yuan. "Property-Liability Insurers Recapitalization: An Event Study." Journal of Business & Economics Research (JBER) 9, no. 11 (October 28, 2011): 1. http://dx.doi.org/10.19030/jber.v9i11.6495.
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This paper utilizes an event study methodology and presents an empirical investigation of property-liability (P&L) insurers recapitalization behavior after the industry-wide capital shock, September 11 attacks. The Probit regression results provide the evidence that external capital markets are more likely to be accessed by property-liability insurers which are larger in size, have greater need to replenish capital stocks, have greater growth opportunities, higher cash flow volatilities, greater coverage, or those who already used financial debt. Poor financial quality insurers appear to be constrained.
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Hartley, Tilman. "Who owns the flows? Distinguishing ownership of resource flows from ownership of resource stocks clarifies debates about property bundles, commons tragedies, and degrowth." Journal of Political Ecology 25, no. 1 (November 29, 2018): 601. http://dx.doi.org/10.2458/v25i1.22961.
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Theories of ownership have long focussed on the institutions governing resource stocks such as land, and largely neglected the ownership of resource flows such as the crops that flow from that land. Originating among early modern legal scholars, the assumption that the paradigm form of ownership was of land has been inherited by later theorists. The 'tragedy of the commons' thesis, for example, conflates the absence of stock ownership with the absence of flow ownership, and several commons scholars have now started to move away from a stock-centric conception of ownership. The same assumption has also been inherited by theorists applying Heinsohn and Steiger's 'property economics' to theories of degrowth. Here, I recast their theory to include ownership of flows as well as stocks, answering critics who point out that their theory cannot account for unsecured debts. This recasting places greater focus on the different ways in which ownership institutions not only assign an owner to a resource, but also motivate the transfer of resources between individuals. This prompts a new way to frame a key question for theorists of degrowth: in a nongrowing economy where fewer transfers can be motivated by the likelihood of receiving returns on loans, will this result in more possessive behaviours, in more communal ownership norms of reciprocity, or in more command ownership through coercion and status? Existing theory, focussed on stocks, groups these different institutions together as 'private' or 'nonproperty' ownership. This article suggests that disambiguation of the different 'nonproperty' institutions that govern the ownership and transfer of resource flows is key to better understanding the political and institutional implications of degrowth.
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Sullivan, William, and Sergio Pimpinelli. "THE GENETIC FACTORS ALTERED IN HOMOZYGOUS abo STOCKS OF DROSOPHILA MELANOGASTER." Genetics 114, no. 3 (November 1, 1986): 885–95. http://dx.doi.org/10.1093/genetics/114.3.885.
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ABSTRACT Females homozygous for the maternal-effect mutation abo (2-44.0) produce a large fraction of eggs which arrest during embryogenesis. Increasing doses of defined heterochromatic regions inherited by offspring of abo mothers from their fathers function zygotically to bring about a partial rescue of the abo-induced embryonic lethality. Another property of the abo mutation is that the severity of the maternal effect decreases when an abo stock is maintained in homozygous condition for a number of generations. Here, we show that the factors which change in homozygous abo stocks to result in the decrease in maternally induced embryonic lethality, act zygotically, dominantly and additively. More importantly, we show that the X and second chromosomes, but not the Y and third chromosomes, derived from homozygous abo stocks are, when inherited from males, more effective in promoting zygotic rescue of the abo-induced lethality than are the equivalent chromosomes derived from an abo stock maintained in heterozygous condition. The chromosomal locations of the factors altered in the homozygous stock, as well as their behavior, strongly suggest that the same heterochromatic elements that are responsible for rescuing embryos from the abo-induced maternal effect are altered in homozygous abo flies in such a way that the maternal effect itself is less severe.
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Hasanudin, Hasanudin, and Anugrah Kumaruza. "Effect of Interest Rates, Rupiah Currency Exchange Rates, World Gold Prices, and Dow Jones Index on Stock Prices of Property and Real Estate Companies with Inflation as Moderating Variables." FOCUS 1, no. 1 (February 15, 2020): 43–54. http://dx.doi.org/10.37010/fcs.v1i1.276.
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The purpose of this research is to study the effect of interest rates, rupiah currency exchange rates, world gold prices, and the Dow Jones Index on stock prices of property and real estate companies with inflation as a moderating variable. This study uses a case study of 4 stocks, namely BSDE, CTRA, PWON, and SMRA with the research data period January 2014-December 2019. The analysis was carried out using the ARCH / GARCH model using the Eviews 10 application. The results showed that there were quite varied results regarding patterns of the relationship between the independent variables on the four stock prices studied. The most notable difference is in the PWON stock
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Newell, Graeme, and Muhammad Jufri Marzuki. "The emergence and performance of German REITs." Journal of Property Investment & Finance 36, no. 1 (February 5, 2018): 91–103. http://dx.doi.org/10.1108/jpif-01-2017-0001.
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Purpose German real estate investment trusts (REITs) are a small but important property investment vehicle in the European REIT landscape, offering German commercial property investment exposure in a liquid format, compared to the more property development-focused German listed property companies and the popular German open-ended property funds. The purpose of this paper is to assess the emergence of the German REIT market and the risk-adjusted performance and portfolio diversification benefits of German REITs in a mixed-asset portfolio over 2007-2015. The post-global financial crisis (GFC) recovery of German REITs is highlighted. Enabling strategies for the ongoing development of the German REIT market are also identified. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of German REITs over 2007-2015 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of German REITs (and German property companies) in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of German REITs. Findings German REITs delivered lesser risk-adjusted returns compared to German stocks over 2007-2015, with limited portfolio diversification benefits. However, since the GFC, German REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with German stocks. German REITs also out-performed German property companies. Importantly, this sees German REITs as strongly contributing to the German mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications German REITs are a small but important market at a local, European and global REIT level. The results highlight the major role of German REITs in a German mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of German REITs compared to German stocks sees German REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds) use German REITs (and German listed property companies) to obtain their German property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of German REITs, and the role of German REITs as a listed property vehicle in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of German REITs in a portfolio.
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Mulazzani, Luca, and Giulio Malorgio. "Regional management of multi-species fisheries on the basis of shared stocks and property rights: a Mediterranean case." Scientia Marina 77, no. 3 (September 13, 2013): 439–48. http://dx.doi.org/10.3989/scimar.03693.05b.
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Cummins, J. David, and Scott E. Harrington. "The Relationship between Risk and Return: Evidence for Property-Liability Insurance Stocks." Journal of Risk and Insurance 55, no. 1 (March 1988): 15. http://dx.doi.org/10.2307/253279.
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Hiang Liow, Kim, and Qiong Huang. "Interest rate risk and time‐varying excess returns for Asian property stocks." Journal of Property Investment & Finance 24, no. 3 (May 2006): 188–210. http://dx.doi.org/10.1108/14635780610659919.
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MUNRO, GORDON R. "Internationally Shared Fish Stocks, the High Seas, and Property Rights in Fisheries." Marine Resource Economics 22, no. 4 (January 2007): 425–43. http://dx.doi.org/10.1086/mre.22.4.42629571.
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Hiang Liow, Kim. "The long‐term investment performance of Singapore real estate and property stocks." Journal of Property Investment & Finance 19, no. 2 (April 2001): 156–74. http://dx.doi.org/10.1108/14635780110383703.
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Newell, Graeme, and Muhammad Jufri Marzuki. "The increasing importance of UK healthcare property as an alternate property sector." Journal of Property Investment & Finance 36, no. 5 (August 6, 2018): 466–78. http://dx.doi.org/10.1108/jpif-03-2018-0019.
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Purpose Amongst the alternate property sectors, healthcare property has recently become an important property sector for major investors such as pension funds in the global property landscape; particularly in the UK, and being driven by the ageing population demographics. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK healthcare property in a UK property and mixed-asset portfolio over 2007–2016. Both healthcare property and listed healthcare property channels are assessed. Drivers and risk factors for the on-going development of the healthcare property sector are also identified. Design/methodology/approach Using annual total returns, the risk-adjusted performance and portfolio diversification benefits of UK healthcare property over 2007–2016 is assessed. An asset allocation diagram is used to assess the role of both healthcare property channels in a UK property portfolio and in a UK mixed-asset portfolio. Findings Both UK healthcare property and listed healthcare property delivered superior risk-adjusted returns compared to UK property, stocks and listed property over 2007–2016, with portfolio diversification benefits in the fuller mixed-asset portfolio context, but not in a narrower property portfolio context. Importantly, this sees both UK healthcare property channels as strongly contributing to the UK property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was not to the loss or substitution of traditional direct property exposure. Practical implications Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of both healthcare property channels in a UK property portfolio and in a UK mixed-asset portfolio. The strong risk-adjusted performance of both UK healthcare property compared to UK property, stocks and listed property sees both UK healthcare property channels contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. This is particularly important, as many investors (e.g. pension funds) now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries. The importance of both healthcare property channels sees healthcare property exposure accessible to both small investors and large investors. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of UK healthcare property, and the role of healthcare property in a UK property portfolio and in a UK mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of both healthcare property and listed healthcare property in a portfolio.
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Newell, Graeme, and Muhammad Jufri Bin Marzuki. "The significance and performance of UK-REITs in a mixed-asset portfolio." Journal of European Real Estate Research 9, no. 2 (August 1, 2016): 171–82. http://dx.doi.org/10.1108/jerer-08-2015-0032.
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Purpose UK-Real Estate Investment Trusts (REITs) are an important property investment vehicle, being the fourth largest REIT market globally. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK-REITs in a mixed-asset portfolio over 2007−2014. The post-global financial crisis (GFC) recovery of UK-REITs is highlighted. Design/methodology/approach Using total monthly returns, the risk-adjusted performance and portfolio diversification benefits of UK-REITs over 2007–2014 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of UK-REITs in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of UK-REITs. Findings UK-REITs delivered poor risk-adjusted returns compared to UK stocks over 2007–2014 with limited portfolio diversification benefits. However, since the GFC, UK-REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with UK stocks. Importantly, this sees UK-REITs as strongly contributing to the UK mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications UK-REITs are a significant market at a European and global REIT level. The results highlight the major role of UK-REITs in a UK mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of UK-REITs compared to UK stocks sees UK-REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds, defined contribution [DC] funds) use UK-REITs to obtain their property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of UK-REITs and the role of UK-REITs in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of UK-REITs in a portfolio.
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Taylor, S. M., C. B. Smallwood, C. J. Desfosses, K. L. Ryan, and G. Jackson. "Corroborating catch estimates to inform monitoring of a small-scale marine recreational fishery in a World Heritage property." ICES Journal of Marine Science 78, no. 5 (June 1, 2021): 1887–99. http://dx.doi.org/10.1093/icesjms/fsab095.
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Abstract Obtaining accurate estimates of catch can be challenging for small-scale recreational fisheries. Using inner Shark Bay as a case-study, we investigated whether a state-wide phone-diary (PD) survey could provide robust estimates of boat-based fishing effort and catch (kept and total) of pink snapper (Chrysophrys auratus) and grass emperor (Lethrinus laticaudis). Estimates were compared with those from concurrent surveys for two spatial scales corresponding to the fishery and the three pink snapper stocks within the fishery. A supplementary access point (SAP) survey incorporated remote camera data and interviews with fishers at boat ramps. An aerial survey was used to adjust the SAP estimates, accounting for catches from boat fishers launching from remote beaches (SAP_Aerial). The SAP survey provided the most precise estimates but underestimated catches for one of the stocks. Estimated fishing effort from the SAP_Aerial survey was comparable to the PD survey (3% lower) for inner Shark Bay, as was the estimated kept catch of pink snapper (7% lower) and these estimates were considered robust (Relative Standard Error < 40% and sample size ≥ 30). In contrast, estimates of the total catch of pink snapper and the catch (kept and total) of grass emperor from the PD survey were consistently lower. While the on-site surveys generally provided robust estimates of catch for each stock, most PD estimates were not robust at this scale. The SAP_Aerial survey is considered to be the most appropriate for ongoing monitoring because it provides robust estimates for the spatial scales examined. However, estimates of catch from periodic PD surveys for the entire fishery could be adjusted using the on-site data to provide the stock-specific information required for ongoing assessments of sustainability. Our study demonstrates that corroborative studies assist in monitoring recreational fisheries.
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Lueck, Dean. "The Comparative Institutions Approach to Wildlife Governance." Texas A&M Law Review 6, no. 1 (October 2018): 147–78. http://dx.doi.org/10.37419/lr.v6.i1.6.
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This Article develops a comparative institutions approach to wildlife governance by examining the property rights to the habitat and the stocks of wild populations. The approach is based on the transaction cost and property rights approach and lies primarily in the traditions of Coase, Barzel, Ostrom, and Williamson. The approach recognizes the often-extreme costs of delineation and enforcement of property rights to wild populations and their habitats; thus, all systems are notably imperfect compared to the typical neoclassical economics approach. These costs arise because wildlife habitat and wildlife populations are part of the land which has many attributes and uses—most notably, residential and agricultural uses. In turn, the optimal ownership sizes (and shapes) vary across land uses (e.g., farming, urban, ranching, wildlife, parks). The organizations that govern wildlife tend to be ridden with transaction costs and imperfect property rights, and the most efficient system is one that maximizes the total value of the package less the enforcement and administrative costs. This Article develops a framework for considering different governance regimes for both the wild stocks and the habitats they require. A series of cases—focused especially on bison and caribou—show the range of governance regimes that have been used and how those governance regimes depend on history and on law.
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Assaf, Ata. "Canadian REITs and Stock Prices: Fractional Cointegration and Long Memory." Review of Pacific Basin Financial Markets and Policies 09, no. 03 (September 2006): 441–62. http://dx.doi.org/10.1142/s0219091506000793.
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The literature is not clear on whether there are co-dependencies domestically across real estate and stock markets, despite the importance of this question for portfolio diversification strategies. In this article, we use fractional cointegration and long memory techniques to search for co-dependence in the Canadian markets. The measures of long-term persistence employed are the modified rescaled range statistic (R/S) proposed by Lo (1991), and the rescaled variance (V/S) statistic proposed by Giraitis et al. (2003). We find evidence to suggest long co-memories between stock and securitized property markets in the long term, but some evidence is also found in some sub-samples. The implication of our results is that securitized property and stocks are not considered to be substitutable assets over the short run and these assets may be held together in a portfolio for diversification purposes. However, over the long run, there is less benefit of holding both assets in a portfolio, since a fractional cointegration is found in the residual series.
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Tajudeen, Aluko Bioye, and Olaleye Abel. "UNITIZATION AND SECURITIZATION OF PROPERTY INVESTMENT: IMPLICATIONS FOR FUTURE VALUATION." Journal of Business Economics and Management 6, no. 3 (September 30, 2005): 125–34. http://dx.doi.org/10.3846/16111699.2005.9636101.
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Property investments are now mobile, being tradable securities or listed units (vehicles) comparable to stocks/ shares in the financial market. Hence, the need for valuation to be a counterpart to investment and security analysis. But, current valuation practice in the country has not placed property in a wider economy and the analytical techniques of other markets. The paper therefore demonstrates how current valuation techniques in the property market can meet the needs of investors for listed or tradeable property assets in the country. It also examines the implications on the valuation profession as well as the attendant consequences that are likely to be associated with the quest for change. The study utilizes data from both the Nigerian property and capital markets using simple descriptive, non‐statistical, techniques.
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Latifah, Nadia Amalia, and Nisful Laila. "Pengaruh Return On Equity, Earning Per Share, dan Debt to Equity Ratio Terhadap Return Saham (Studi Pada Emiten Saham Syariah Sektor Properti dan Real Estate Yang Terdaftar di ISSI Tahun (2013-2015)." Jurnal Ekonomi Syariah Teori dan Terapan 4, no. 12 (December 15, 2017): 1009. http://dx.doi.org/10.20473/vol4iss201712pp1009-1023.
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Islamic stocks is one of the most preffered investment type by Muslim investors. In the decision making process, the investors have to consider the financial reports and stock analysis. This research aim to investigate the effect of fundamental performance toward stock return property and real estate registered in ISSI in 2013 - 2015. Dependent variable is stock return and the independent variable are Return on Equity, Earning per Share, and Debt to Equity Ratio.The research used quantitative approach using secondary data. This research used panel data regression method.This research collecting data from the annual report from 2013 to 2015. This research used a significance level of 5%.Based on the regression analysis result, it indicate that ROE does not have significant effect to the stock returns. EPS and DER have significant effect to the stock returns. Simultaneously, ROE, EPS and DER have significant effect to the stock returns.
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Maulana, M. I., T. Irawan, and T. N. A. Maulana. "THE SYSTEMATIC RISK OF STOCKS: ANALYSIS OF PROPERTY AND AGRICULTURE SECTOR IN INDONESIA." Russian Journal of Agricultural and Socio-Economic Sciences 85, no. 1 (December 30, 2018): 3–11. http://dx.doi.org/10.18551/rjoas.2018-12.01.
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Newell, Graeme, and Muhammad Jufri Marzuki. "The emergence of student accommodation as an institutionalised property sector." Journal of Property Investment & Finance 36, no. 6 (September 3, 2018): 523–38. http://dx.doi.org/10.1108/jpif-01-2018-0007.
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Purpose Amongst the alternative property sectors, student accommodation has recently become an important institutionalised property sector for pension funds and sovereign wealth funds in the global property landscape, particularly in the UK. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of student accommodation in a UK property and mixed-asset portfolio over 2011–2017. Drivers and risk factors for the ongoing development of the student accommodation sector are also identified. The question of student accommodation being a proxy for residential property exposure by institutional investors is also assessed. Design/methodology/approach Using annual total returns, the risk-adjusted performance and portfolio diversification benefits of UK student accommodation over 2011–2017 is assessed. Asset allocation diagrams are used to assess the role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio for a range of property investor types. Findings UK student accommodation delivered superior risk-adjusted returns compared to UK property, stocks and REITs over 2011–2017, with portfolio diversification benefits. Importantly, this sees UK student accommodation as strongly contributing to the UK property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of student accommodation being low risk and providing diversification benefits. Student accommodation is also not seen to be a proxy for residential exposure by institutional investors. Practical implications Student accommodation is an alternative property sector that has become increasingly institutionalised in recent years. The results highlight the important role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio. The strong risk-adjusted performance of UK student accommodation compared to UK property, stocks and REITs over this timeframe sees UK student accommodation contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. This is particularly important, as many investors (e.g. pension funds, sovereign wealth funds) now see student accommodation as an important property sector in their overall portfolio. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of UK student accommodation, and the role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of student accommodation as an alternative property sector in a portfolio.
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Barbier, Edward B. "The challenges for environment and development economics." Environment and Development Economics 19, no. 3 (June 2014): 287–90. http://dx.doi.org/10.1017/s1355770x14000175.
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I consider that the field of environment and development economics (EDE) began with the publication of The Control of Resources by Partha Dasgupta (1982). Although he did not confine his focus to developing countries, Dasgupta (1982: 10) suggested that managing environmental resources was much broader than conventional resource stock depletion or pollution control: To sum up: environmental discussions need to be conducted in the face of a clear recognition that, (a) these resource are often common property, (b) resolutions of environmental problems usually involve changes in the allocation of property rights, (c) resource use may well be irreversible (e.g. it may lead to their exhaustion when in fact this could have been avoided), (d) resource stocks often affect welfare directly, (e) the environmental impact of certain types of activity are cumulative and only become noticeable at some time in the future, and (f) the environmental impact of certain types of activity are uncertain. It is no wonder that environmental problems are formidable to analyse, let alone solve.
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Mamedova, Svitlana. "Property status of the parties as a basis for reducing the amount of penalties." Law Review of Kyiv University of Law, no. 2 (August 10, 2020): 277–80. http://dx.doi.org/10.36695/2219-5521.2.2020.52.
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The article analyses the current legislation, scientific standpoints and court practice on the property status of the parties as a basisfor reducing the amount of penalties, as well as distinguishes the features that characterize the property status of the parties and offersthe explanation of what kind of property status of the parties should be taking into account by the court when reducing fines.Based on the analysis of scientific standpoints, legislation, and materials of court practice, it is substantiated that in assessing theproperty status of the parties the most important ones are two points: heavy property status of the debtor and satisfactory property statusof the creditor at the time of the debtor’s delay in performance of the obligation. The latter is important in assessing the evidence of thecreditor’s damages and their amount because the failure to provide the evidence of the creditor’s damages or the absence of such damagesdue to the debtor’s delay in performance of the obligation is one of the grounds on which the courts satisfy the claim for reducingthe amount of penalties.The features characterizing the satisfactory property status of the creditor and the heavy property status of the debtor are determined,in particular, the satisfactory property status of the creditor is characterized by: a) the ability to fully provide stocks and costsat its own expense; b) the ability to fully and timely perform its obligations; c) stable liquidity; d) efficient use of enterprise resources;e) adequacy of own funds to avoid high risk; f) guaranteed prospects for profit. In its turn, the heavy property status of the debtor ischaracterized by the following features, namely: a) inefficient allocation of resources; b) inefficient use of resources; c) unsatisfactorypaying capacity of the enterprise; d) failure to provide stocks and costs with sources of their formation; e) the presence of overdue debtto the budget; f) insufficient financial stability; g) the enterprise is on the verge of bankruptcy;It is also proposed to consolidate at the legislative level the limits of permissible limits for reducing the amount of penalties inpercentage terms.
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Erol, Isil, and Tanja Tyvimaa. "Explaining the premium to NAV in publicly traded Australian REITs, 2008–2018." Journal of Property Investment & Finance 38, no. 1 (September 17, 2019): 4–30. http://dx.doi.org/10.1108/jpif-06-2019-0078.
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Purpose The purpose of this paper is to explore the levels and determinants of net asset value (NAV) premiums/discounts for publicly traded Australian Real Estate Investment Trust (A-REIT) market during the last decade. A-REITs were severely affected by the global financial crisis as S&P/ASX 200 A-REIT index-listed property stocks experienced 47 per cent discount to NAV, on average, in 2008–2009 crisis. Since 2013, A-REIT sector has exhibited a strong recovery from the financial crisis and traded at high premiums to date. Understanding the relationship between pricing in the public and private real estate markets has taken on great importance as A-REITs continue to trade at significant premium to NAV unlike their counterparts in the USA and Europe. Design/methodology/approach This paper follows a rational approach to explain variations in NAV premiums and explores the company-specific factors such as liquidity, financial leverage, size, stock price volatility and portfolio diversification behind the A-REIT NAV premiums/discounts. The study specifies and estimates a model of cross-sectional and time variation in premiums/discounts to NAV using semi-annual data for a sample of 40 A-REITs over the 2008–2018 period. Findings The results reveal that A-REIT premiums to NAV can be explained not only by the liquidity benefit of listed property stocks but also positive financial leverage effect. During the past decade, A-REITs have followed an aggressive approach in financing their growth by using borrowed funds to purchase assets as the income from the property offsets the cost of borrowing and the risk that accompanies it. Debt-to-equity ratio has to be considered as an important source of NAV premiums as highly geared A-REITs that favoured debt financing over equity financing traded at significant premiums to NAV of their underlying real estate assets. Practical implications The paper includes implications for the REIT market investors. The regression analysis shows that specialty A-REITs with a focus on creative market niches traded at higher premiums compared with other property stocks, especially in the post-GFC recovery period. Specialty REITs are more highly valued by the market than their traditional specialised counterparts (e.g. office and retail REITs), and those pursuing a diversified strategy. Originality/value This paper presents an Australian case study as the A-REIT market provides a suitable environment for testing the effect of financial gearing on the REIT premium to NAV. The study provides empirical evidence supporting the importance of debt-to-equity ratio in explaining the variation in A-REIT NAV premiums.
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YANG, YINAN, and QIAN WANG. "INSURANCE INCLUSION, TIME PREFERENCE AND STOCK INVESTMENT OF THE CHINESE HOUSEHOLDS." Singapore Economic Review 63, no. 01 (February 8, 2018): 27–44. http://dx.doi.org/10.1142/s0217590817440039.
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Using the China Household Finance Survey data in 2011, the estimation results of structural equation modeling demonstrate that the respondents with higher time preference rate have a significant higher probability of investing in stocks, which implies that the short-term households will prefer stock investment. The social insurance programs and insurance policies held by the family will have a significantly direct positive effect in promoting stock investment and also a significantly direct positive effect on the respondent’s time preference, which could further indirectly increase the family’s stock investment. These results show that the safety-net built by the Chinese government, including the social security and commercial insurance, is very likely to attract more short-term investors into the stock market. These empirical results provide new evidences to explain the extreme volatility of Chinese stock market and also testify the policy effect of building an environment for people to possess property income in China.