Literatura académica sobre el tema "Listed property trusts Australia"

The purpose of this dissertation is to determine whether size and book value to market value (BV/MV) effects dominate the property effects in the return generating process for Listed Property Trusts (LPTs) in Australia.The study endeavours to answer a critical question regarding listed property investment vehicles. That is, are they stocks or property? The approach, however, differs from previous studies in that it avoids utilising direct property data because of the inherent valuation-smoothing problems.Instead, it develops unique specialised indices for LPTs by size and BV/MV ratios. The analyses are conducted in four different ways. Amongst other findings, it is suggested that the two well known stock market effects, namely size and BV/MV effects, are significant in LPT returns. As such, by way of inference, it is suggested that property effects in LPT returns are subsumed under the effects of these two factors. The findings support the hybrid-asset hypothesis for LPTs; that is, LPTs are an asset class of its own, sharing to an extent, the characteristics of both shares and property direct.<br>Doctor of Philosophy (PhD)

In the context of Listed Property Trusts (LPTs), three strategic investment issues have received considerable prominence in recent years. This thesis focuses on both the quantitative and qualitative aspects of these three strategic investment issues. 1/ the role of international property in LPTs 2/ the effect of stapled-securities management structure 3/ the performance of property securities funds. The three investment issues are assessed in some detail. The findings of the research suggest that the addition of international LPTs in the Australian LPT portfolio has resulted in significant diversification gains. The findings of the mixed-asset portfolio analysis suggest adding international LPTs to the Australian mixed-asset portfolio.Portfolio performance improved considerably. Mixed-asset portfolio performance is further enhanced when direct property is included. It is evident from the study that the property research discussed has led to the development of new LPT methodologies and a fuller understanding of the investment dynamics of the LPT sector in Australia.

The purpose of this dissertation is to determine whether size and book value to market value (BV/MV) effects dominate the property effects in the return generating process for Listed Property Trusts (LPTs) in Australia.The study endeavours to answer a critical question regarding listed property investment vehicles. That is, are they stocks or property? The approach, however, differs from previous studies in that it avoids utilising direct property data because of the inherent valuation-smoothing problems.Instead, it develops unique specialised indices for LPTs by size and BV/MV ratios. The analyses are conducted in four different ways. Amongst other findings, it is suggested that the two well known stock market effects, namely size and BV/MV effects, are significant in LPT returns. As such, by way of inference, it is suggested that property effects in LPT returns are subsumed under the effects of these two factors. The findings support the hybrid-asset hypothesis for LPTs; that is, LPTs are an asset class of its own, sharing to an extent, the characteristics of both shares and property direct.

Investors seek to maximize the overall returns of diversified investment portfolios. That is, ideally investors would like to receive increasing risk-adjusted returns over a given period. In order to achieve this they allocate different percentages in different asset classes to form diversified investment portfolios. One of the asset classes that is considered for asset allocation is property. When allocating the property component, an investor has a choice of investing in either direct-held properties or listed properties. This research report focuses on listed properties, and property unit trusts (PUTs) will be the main focus not property loan stocks (PLSs). The literature (national and international) consensus is that listed property can be equity security, fixed-income security or hybrid security in a diversified investment. However, the dominant school of thought is that listed property funds has similar characteristics supported by empirical studies by Myer and Terris (1995), and Friday and Higgins (2000) and the less dominant school of thought is that listed property has gilts characteristics supported by empirical study by Kuhle (1987). Most of those empirical studies were undertaken in United States of America. At the moment, in South Africa (SA), there hardly any empirical studies comparing listed property funds and other asset classes expect a few real estate analyses by real estate analysts such as Leon Allison from First South Securities (South Africa) which show high positive relationship between listed property funds and bonds. Directly held property is a complex asset due to its physical structure, types of property, and natural forces and factors that affect land. Proper and efficient maintenance contribute to the value appreciation of property. When you diversify through usage of directly held property, it is better to have a limited the number of properties included in a diversified investment portfolio in ii order for them (physical property) to be manageable. The more physical properties you have in an investment portfolio, the more people needed to manage those physical properties. More importantly, physically help property has direct impact on the listed property fund. Tax changes can either persuade or dissuade people to invest in property market. In attempting to establish whether or not PUTs increase the overall returns of diversified investment portfolio conclusions were drawn from literature survey, research findings and hypothesis testing. There was no conclusive evidence suggesting whether PUTs enhances overall absolute returns; however, listed property funds reduce risk of the diversified investment portfolios. In certain case, as shown by Kuhle (1987), the more assets investors include their investment portfolios, the more risk reduction is prevalent in diversified investment portfolios. Other studies such as Friedman (1971) showed the inclusion of listed property trusts in a diversified investment portfolio minimizes maximum losses and earns reasonable returns. Therefore, listed property is a hybrid security and diversification does not necessarily increase after risk-adjusted returns but does reduce risk. From available data, the hypothesis test confirmed that introduction of PUTs in a diversified investment portfolio does not necessarily increases returns. The research report further confirmed that listed property funds have both characteristics of equities and fixed-income securities. Going forward, having a diversified investment portfolio is an advisable strategy especially in case of unforeseen market conditions. Diversified investment portfolios works more like defensive stocks because investors make minimum losses while making reasonable returns during unforeseen circumstances. Historically the property market has outperformed other markets. Finally, diversification seems not to increase the overall returns of diversified investment despite decreasing the risk of diversified investment portfolio.

The performance and significance of property securities in Malaysia has not been analysed due to a lack of awareness and expertise in Malaysia, particularly on property investment from the academic point of view. In order to determine whether property has performed well, it requires measuring performance so that investment management related decisions can be determined on a regular basis. Thus, it also is important to analyse the portfolio diversification benefits of the Malaysian listed property securities market. To strengthen the output of this research, the comparison with other pan-Asian countries will be assessed to determine the international contribution of the Malaysian listed property securities market in pan-Asian portfolios. Furthermore, some advanced statistical modelling will be conducted to give a better perspective of the performance of the Malaysian listed property securities market from the empirical analysis point of view. The objectives of this thesis are as follows: i. To assess the significance of the Malaysian listed property securities market. ii. To analyse the performance of the Malaysian listed property securities market as well as the contribution to diversification benefits by Malaysian listed property in mixed-asset portfolios. iii. To compare the performance of the Malaysian listed property securities market with other markets in Asia. iv. To assess the role of the Malaysian listed property securities market in a pan- Asian property portfolio context. v. To assess the impact of the Global Financial Crisis on property securities investment in Malaysia and Asia. This thesis will analyse the performance of property securities markets, for listed property companies in Malaysia, from 1998 to 2012. Risk-adjusted performance analysis will be used to assess the added value of Malaysian listed property companies in pan-Asian portfolios. Portfolio diversification benefits of Malaysian listed property companies will also be assessed. For the various indirect properties and associated financial series for Malaysia, risk-adjusted returns will be assessed from 1998 to 2012. This period has been chosen because of the two financial crises which occurred during this period. It is interesting to study the impact of these financial crises (the AFC and the Global financial crisis) to Malaysian listed property companies, as well as other pan-Asian countries. Performance analysis will use local currencies, as international investors typically implement their own currency hedging strategies to control currency risk. Regional and mixed-asset portfolio diversification benefits will be assessed using correlation analysis.

Listed property entities on the Johannesburg Stock Exchange fall under the category of ‘Financials - Real Estate’. There are four types of property entities that a prospective investor can consider namely: Property Unit Trusts, Property Loan Stock Companies, Real Estate Holding and Development Companies and Real Estate Investment Trusts. The listed property sector allows investors to enter the property investment market in a uniquely affordable and secure way without the added risk, expense and administration that comes with direct property investment. This study evaluates the investment performance of the various property fund types through the implementation of Jensen’s alpha, the Sharpe ratio and Treynor ratio in an effort to establish whether there is a significant difference in the returns that can be obtained from the diverse funds given the associated risks. An analysis of the total returns and standard deviation of the property industry shows that the real estate market is affected by changes that take place in the macro economy. It is also investigated whether there is a differential risk associated with investing in these funds. We find that there is no significant difference between the performances of the various funds and there is no differential level of risk associated with investing in the property funds. An analysis of the fluctuation of total returns and standard deviation of the property funds over the eleven year period shows that the property sector is affected by changes in economic conditions however the changes are not enough to cause colossal volatility. For instance, the global recession of 2008 had an impact on the property industry returns but the sector has since made a steady recovery.

The superannuation sector in Australia accounts for close to AUD 2.5 trillion, representing major institutional investors in both a local and global context, of assets under management (AUM) in Australia's managed fund industry. This level of AUM makes up the majority of AUM in the industry. Over the past few decades, superannuation schemes have come to regard property as a key asset class to include in their multi-asset portfolios. This thesis explores the decision-making made by superannuation schemes when investing in property. lt does this by identifying the main criteria used in this decision-making through a survey process and rigorous analysis. To establish a background for the research in the thesis, an overview of the superannuation industry and descriptive case studies are undertaken to provide an understanding of the property exposure and allocation strategies of Australian superannuation schemes and overseas pension funds. The level of investment in direct property and indirect property, that is unlisted property funds and separate accounts, and listed property, is analysed. This background and the literature review on previous decision-making surveys allow seven independent factors and twentytwo independent sub-factors to be identified as the main criteria influencing the property investment decision-making process by institutional investors. The questionnaire models used in previous surveys did not allow respondents to indicate their level of preference for each of the factors and sub-factors. Consequently, a multi-criteria decision-making model was adopted to construct questions where respondents used pair-wise comparisons to indicate the importance of each factor or sub-factor relative to another factor or sub-factor. This allowed degrees of importance for each factor or sub-factor to be established. Two sample groups, superannuation schemes and wholesale property funds, are surveyed by way of face-to-face interviews. A broad range of non-profit superannuation schemes of different sizes were surveyed, with the respondents being a chief investment officer or investment manager. As property is such an expensive asset to invest in, superannuation schemes often invest in wholesale property funds to obtain property exposure. Consequently, managers of wholesale property funds that invest on behalf of superannuation schemes in direct property were also surveyed. While time and travel restrictions limited the number of superannuation schemes and wholesale property funds that could be surveyed, the AHP methodology allows reliable and consistent findings to be generated from the survey responses. Strategic decision-making is found to be the main factor influencing property investment by the superannuation schemes and wholesale property funds. The degree of importance placed on strategic decision-making by the survey respondents is considerably higher than the degree of importance they place on the other factors. This is in contrast to previous surveys undertaken over the past fifty years, which identified property type and location as the main factors influencing decisionmaking. Core, risk-adjusted return and return are found to be the main sub-factors. Previous surveys had ranked return analysis above risk-adjusted analysis. The responses by sub-groups of the superannuation schemes and the wholesale property funds were also analysed. Four significant differences were found to exist between the responses made by the superannuation scheme sub-groups, which are small, medium and large superannuation schemes. The differences are for two factors, property type and investment style, and two sub-factors, return analysis and local experience. Restrictive mandates and the lower level of funds held by the smaller superannuation schemes relative to the larger superannuation schemes could be reasons for these differences. Only one significant difference existed between the sub-group responses made by the diversified, retail, office and industrial wholesale property funds. lt was for the sub-factor unlisted property fund. This thesis contributes in three ways to the limited knowledge currently available on property investment decision-making by institutional investors. Firstly, it provides an in-depth analysis of the current strategic property allocation by superannuation schemes. Secondly, it identifies the main decision-making factors and sub-factors. Lastly, differences in the decision-making by the sub-groups of superannuation schemes and wholesale property funds are found to exist. Future research should be undertaken on the main factors and sub-factors identified in this thesis, to find out why they are so important. The reasons for the differences between the sub-groups decision-making should also be researched to establish if they affect the returns on their investment in property.