Pub Date : 2019-01-02DOI: 10.1080/14445921.2019.1610593
Yu Cheng Lin, H. Cho, Chyi Lin Lee
ABSTRACT Australian sector-specific REITs (A-REITs) have grown significantly in recent years. This raises the issue of whether sector-specific A-REITs play a value-added role compared with diversified A-REITs. Despite the rapid growth of sector-specific A-REITs, limited studies have been devoted to it. Hence, this study aims to compare sector-specific A-REITs with diversified A-REITs by assessing risk-return performance, portfolio diversification benefits and portfolio allocation strategies for sector-specific A-REITs over January 2000 – August 2018. The results suggest that sector-specific A-REITs play a value-added and strategic role in an Australian mixed-asset portfolio, with superior risk-adjusted returns, enhanced portfolio diversification benefits and increased portfolio returns compared with that for diversified A-REITs. This supports the notion of specialisation value in an A-REIT context. The practical listed property investment implications regarding the value-added and strategic role of sector-specific A-REITs are also identified.
{"title":"The value-added role of sector-specific REITs in Australia","authors":"Yu Cheng Lin, H. Cho, Chyi Lin Lee","doi":"10.1080/14445921.2019.1610593","DOIUrl":"https://doi.org/10.1080/14445921.2019.1610593","url":null,"abstract":"ABSTRACT Australian sector-specific REITs (A-REITs) have grown significantly in recent years. This raises the issue of whether sector-specific A-REITs play a value-added role compared with diversified A-REITs. Despite the rapid growth of sector-specific A-REITs, limited studies have been devoted to it. Hence, this study aims to compare sector-specific A-REITs with diversified A-REITs by assessing risk-return performance, portfolio diversification benefits and portfolio allocation strategies for sector-specific A-REITs over January 2000 – August 2018. The results suggest that sector-specific A-REITs play a value-added and strategic role in an Australian mixed-asset portfolio, with superior risk-adjusted returns, enhanced portfolio diversification benefits and increased portfolio returns compared with that for diversified A-REITs. This supports the notion of specialisation value in an A-REIT context. The practical listed property investment implications regarding the value-added and strategic role of sector-specific A-REITs are also identified.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1610593","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46348845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-02DOI: 10.1080/14445921.2019.1598009
C. Leung
ABSTRACT This paper studies developers’ bidding strategy in Hong Kong’s land sale market where aggressive bidding is commonly seen. Given that the difference between the submitted bid and the estimated land value can be explained by the developer’s housing market outlook, the formation of house price expectation represents a tool to understand developers’ bidding strategy. Different economic expectation models are tested. While the rational expectation hypothesis (REH) is rejected, the proposed adaptive implicit expectation model best describes developers’ expectations. The findings in this paper provide land policymakers with insights on controlling the outcome of land sales as well as fill the gap of the house price expectation formation which remains little known.
{"title":"Developers land sale bidding strategy and house price expectation formation","authors":"C. Leung","doi":"10.1080/14445921.2019.1598009","DOIUrl":"https://doi.org/10.1080/14445921.2019.1598009","url":null,"abstract":"ABSTRACT This paper studies developers’ bidding strategy in Hong Kong’s land sale market where aggressive bidding is commonly seen. Given that the difference between the submitted bid and the estimated land value can be explained by the developer’s housing market outlook, the formation of house price expectation represents a tool to understand developers’ bidding strategy. Different economic expectation models are tested. While the rational expectation hypothesis (REH) is rejected, the proposed adaptive implicit expectation model best describes developers’ expectations. The findings in this paper provide land policymakers with insights on controlling the outcome of land sales as well as fill the gap of the house price expectation formation which remains little known.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1598009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42767946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-02DOI: 10.1080/14445921.2019.1610594
Martin Hinch, M. McCord, S. McGreal
ABSTRACT This paper analyses the margin between the Cash Rate Target and LIBOR, and its relationship with house price variation in Australia. The research spans 24 years utilising monthly data to analyse the relationship between Australian house price and LIBOR/CRT spreads. Data are drawn from several sources before the time series is sub-divided into splines forming different stages of the housing market cycle. Models are developed based upon differencing the data and employing ADF tests for stationarity and examination via an Autoregressive Distributed Lag approach and Error Correction Model based data series. Results show there are various macroeconomic, financial and lending short-run dynamics which impact on house prices. Cointegration is also evident, which shows the LIBOR rate to comprise both a shot-run and long-run relationship with house prices. The margin between the CRT and LIBOR is less significant and is only observed in the short-run. The various approaches clearly exhibit the dynamism inherent between the wider macroeconomic and financial environment, which serves to highlight that different drivers affect the housing market at differing magnitudes and at different times. Nonetheless, both the short-run and long-run findings show GDP and LIBOR to be proponents for understanding the sensitivity of house prices in Australia.
{"title":"LIBOR and interest rate spread: sensitivities of the Australian housing market","authors":"Martin Hinch, M. McCord, S. McGreal","doi":"10.1080/14445921.2019.1610594","DOIUrl":"https://doi.org/10.1080/14445921.2019.1610594","url":null,"abstract":"ABSTRACT This paper analyses the margin between the Cash Rate Target and LIBOR, and its relationship with house price variation in Australia. The research spans 24 years utilising monthly data to analyse the relationship between Australian house price and LIBOR/CRT spreads. Data are drawn from several sources before the time series is sub-divided into splines forming different stages of the housing market cycle. Models are developed based upon differencing the data and employing ADF tests for stationarity and examination via an Autoregressive Distributed Lag approach and Error Correction Model based data series. Results show there are various macroeconomic, financial and lending short-run dynamics which impact on house prices. Cointegration is also evident, which shows the LIBOR rate to comprise both a shot-run and long-run relationship with house prices. The margin between the CRT and LIBOR is less significant and is only observed in the short-run. The various approaches clearly exhibit the dynamism inherent between the wider macroeconomic and financial environment, which serves to highlight that different drivers affect the housing market at differing magnitudes and at different times. Nonetheless, both the short-run and long-run findings show GDP and LIBOR to be proponents for understanding the sensitivity of house prices in Australia.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1610594","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42160575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-02DOI: 10.1080/14445921.2018.1551714
Norazmawati Md. Sani, Kai Xin Tay
ABSTRACT The location of telecommunication towers is of particular public concern due to the dread of potential health peril from the electromagnetic field (EMFs) emitted by these devices. This paper outlines the results of a case study to determine residents’ perceptions towards living near telecommunication towers in Malaysia, and how they evaluate the health impacts of these structures. The results provide initial evidence that telecommunication towers have little influence on residents’ perception on health symptoms and that it would not be a reason for them to move away. Furthermore, the results show that more than half of the respondents feel that it is safe to live near a telecommunication tower but it raises aesthetic concern. The outcome provides a potential source of information for related government agencies in assessing increasing health concern for residents living near telecommunication towers.
{"title":"Resident’s Perception of the health impact in living proximity of telecommunication base station: A case study of Malaysia","authors":"Norazmawati Md. Sani, Kai Xin Tay","doi":"10.1080/14445921.2018.1551714","DOIUrl":"https://doi.org/10.1080/14445921.2018.1551714","url":null,"abstract":"ABSTRACT The location of telecommunication towers is of particular public concern due to the dread of potential health peril from the electromagnetic field (EMFs) emitted by these devices. This paper outlines the results of a case study to determine residents’ perceptions towards living near telecommunication towers in Malaysia, and how they evaluate the health impacts of these structures. The results provide initial evidence that telecommunication towers have little influence on residents’ perception on health symptoms and that it would not be a reason for them to move away. Furthermore, the results show that more than half of the respondents feel that it is safe to live near a telecommunication tower but it raises aesthetic concern. The outcome provides a potential source of information for related government agencies in assessing increasing health concern for residents living near telecommunication towers.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1551714","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49597955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-02DOI: 10.1080/14445921.2018.1552472
Abdul-Rasheed Amidu, Osahon Ogbesoyen, A. Agboola
ABSTRACT The objective of this paper is to explore the extent to which current real estate academic curriculum align with industry needs in order to identify key areas for reform. A case study of four Universities was undertaken in the study. These cases were randomly selected from the Midlands, Northern and Southern parts of the UK. Data for the study was collected through a desk-top review of real estate curriculum from the four selected Universities and analysed using mind mapping approach. The study revealed that though knowledge from real estate academic curriculum aligns with the industry in six out of nine knowledge base areas, there were gaps in knowledge in the three areas considered most significant to the needs of industry. The study, therefore argues that universities may have dedicated enormous resources to educating real estate graduates in modules that are not necessarily essential to their daily job roles thereby leaving graduates in a position to rely on industry during their early employment. This study presents the findings of a mind mapping exercise which identifies the key areas of actual curriculum that show gaps in real estate education offered by selected universities in the UK. The findings are significant and could inform future curriculum reform.
{"title":"Exploring gaps between real estate curriculum and industry needs: a mapping exercise","authors":"Abdul-Rasheed Amidu, Osahon Ogbesoyen, A. Agboola","doi":"10.1080/14445921.2018.1552472","DOIUrl":"https://doi.org/10.1080/14445921.2018.1552472","url":null,"abstract":"ABSTRACT The objective of this paper is to explore the extent to which current real estate academic curriculum align with industry needs in order to identify key areas for reform. A case study of four Universities was undertaken in the study. These cases were randomly selected from the Midlands, Northern and Southern parts of the UK. Data for the study was collected through a desk-top review of real estate curriculum from the four selected Universities and analysed using mind mapping approach. The study revealed that though knowledge from real estate academic curriculum aligns with the industry in six out of nine knowledge base areas, there were gaps in knowledge in the three areas considered most significant to the needs of industry. The study, therefore argues that universities may have dedicated enormous resources to educating real estate graduates in modules that are not necessarily essential to their daily job roles thereby leaving graduates in a position to rely on industry during their early employment. This study presents the findings of a mind mapping exercise which identifies the key areas of actual curriculum that show gaps in real estate education offered by selected universities in the UK. The findings are significant and could inform future curriculum reform.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1552472","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43054740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-02DOI: 10.1080/14445921.2018.1552471
Andrew Ebekozien, Abdul-Rashid Abdul-Aziz, Mastura Jaafar
ABSTRACT Over the years, the Malaysian Government and private housing developers have been providing low-cost housing (LCH) yet the demand-supply gap is on the increase. Hence, this paper investigates the LCH leakages in Malaysia in an unexplored dimension. This was done sequentially, first, findings from the qualitatively explored phase was further tested and analysed via a questionnaire survey. The “quantised findings” were validated by the Malaysian LCH policymakers. Findings confirm a severe shortage of LCH. The study found under-declared income by house-buyers (frequent in states with lax enforcement), auction of LCH in open bidding, sales of LCH within the moratorium period by house owners for profiteering among others as the root causes of LCH leakage. The paper concludes that the government should engrave the land title deed such that only low-income earners (LIEs) are eligible to possess LCH. Second, implement the cumulative ruling (construction of LCH by a developer not based on the conventional but reach an agreed threshold target irrespective of the numbers of projects) for LCH provision. Also, states should set-up joint task force that comprises of land, planning, and housing department to monitor and ensure compliance, among others, were recommended.
{"title":"Low-cost housing leakages in Malaysia: the unexplored dimension","authors":"Andrew Ebekozien, Abdul-Rashid Abdul-Aziz, Mastura Jaafar","doi":"10.1080/14445921.2018.1552471","DOIUrl":"https://doi.org/10.1080/14445921.2018.1552471","url":null,"abstract":"ABSTRACT Over the years, the Malaysian Government and private housing developers have been providing low-cost housing (LCH) yet the demand-supply gap is on the increase. Hence, this paper investigates the LCH leakages in Malaysia in an unexplored dimension. This was done sequentially, first, findings from the qualitatively explored phase was further tested and analysed via a questionnaire survey. The “quantised findings” were validated by the Malaysian LCH policymakers. Findings confirm a severe shortage of LCH. The study found under-declared income by house-buyers (frequent in states with lax enforcement), auction of LCH in open bidding, sales of LCH within the moratorium period by house owners for profiteering among others as the root causes of LCH leakage. The paper concludes that the government should engrave the land title deed such that only low-income earners (LIEs) are eligible to possess LCH. Second, implement the cumulative ruling (construction of LCH by a developer not based on the conventional but reach an agreed threshold target irrespective of the numbers of projects) for LCH provision. Also, states should set-up joint task force that comprises of land, planning, and housing department to monitor and ensure compliance, among others, were recommended.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1552471","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44917125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-02DOI: 10.1080/14445921.2018.1553088
L. Cradduck
ABSTRACT Housing is a primary requirement of life and so home ownership remains the ideal for most people. However, not everyone is able to, or wants to, own their own home. These individuals depend upon rental accommodation as their form of home tenure with the number of individuals and families who live in rented accommodation steadily increasing. Ensuring that residential tenants have security of tenure for their home of choice is a right in many jurisdictions but not in Australia. Focusing on the Queensland position, the author examines the current lack of security of tenure experienced by private residential tenants in the context of the recently announced Queensland Government review, and in doing so they highlight matters requiring government attention. The article concludes by recommending changes to existing laws to improve security of tenure for tenants; as well as providing interim measures that may be adopted both long term and prior to finalisation of the current review.
{"title":"Balancing the scales of property rights: improving security of tenure for Queensland tenants – how and why","authors":"L. Cradduck","doi":"10.1080/14445921.2018.1553088","DOIUrl":"https://doi.org/10.1080/14445921.2018.1553088","url":null,"abstract":"ABSTRACT Housing is a primary requirement of life and so home ownership remains the ideal for most people. However, not everyone is able to, or wants to, own their own home. These individuals depend upon rental accommodation as their form of home tenure with the number of individuals and families who live in rented accommodation steadily increasing. Ensuring that residential tenants have security of tenure for their home of choice is a right in many jurisdictions but not in Australia. Focusing on the Queensland position, the author examines the current lack of security of tenure experienced by private residential tenants in the context of the recently announced Queensland Government review, and in doing so they highlight matters requiring government attention. The article concludes by recommending changes to existing laws to improve security of tenure for tenants; as well as providing interim measures that may be adopted both long term and prior to finalisation of the current review.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1553088","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41836730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-02DOI: 10.1080/14445921.2018.1552470
K. Liow, Qing Ye
ABSTRACT We employ Markov regime-switching approach to explore the regime-dependent linkages between securitized real estate market and stock, money, bond and foreign exchange markets for 10 economies. During high-volatility periods in securitized property markets, stock market return, and to some extent, changes to foreign exchange market rates impose stronger and positive impact on securitized real estate market returns. Moreover, stock and bond market risks are linked negatively to securitized real estate market risk. Although the asymmetrical regime-dependent influences of the financial market performance indicators on the SRE market do vary across the 10 economies studied in terms of direction and significance, the results highlight the risk of increased exposure of securitized property markets to financial markets during high-volatility market conditions which the investors and policymakers should be alerted to.
{"title":"Regime-dependent linkages between securitized real estate market and major financial markets: some international evidence","authors":"K. Liow, Qing Ye","doi":"10.1080/14445921.2018.1552470","DOIUrl":"https://doi.org/10.1080/14445921.2018.1552470","url":null,"abstract":"ABSTRACT We employ Markov regime-switching approach to explore the regime-dependent linkages between securitized real estate market and stock, money, bond and foreign exchange markets for 10 economies. During high-volatility periods in securitized property markets, stock market return, and to some extent, changes to foreign exchange market rates impose stronger and positive impact on securitized real estate market returns. Moreover, stock and bond market risks are linked negatively to securitized real estate market risk. Although the asymmetrical regime-dependent influences of the financial market performance indicators on the SRE market do vary across the 10 economies studied in terms of direction and significance, the results highlight the risk of increased exposure of securitized property markets to financial markets during high-volatility market conditions which the investors and policymakers should be alerted to.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1552470","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44233932","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-08-07DOI: 10.1080/14445921.2018.1502651
Haotian Wu, B. Qin
China’s industrial structural variation has led to many former industrial sites turned or turning into alternative use. This paper examines one of the large brownfield sites located in Beijing and ...
{"title":"The transformation of brownfield and its holding firm in transitional economy: a case study in Beijing, China","authors":"Haotian Wu, B. Qin","doi":"10.1080/14445921.2018.1502651","DOIUrl":"https://doi.org/10.1080/14445921.2018.1502651","url":null,"abstract":"China’s industrial structural variation has led to many former industrial sites turned or turning into alternative use. This paper examines one of the large brownfield sites located in Beijing and ...","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1502651","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43542176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-06-06DOI: 10.1080/14445921.2018.1480083
L. Towart
Accounting standards, legislative framework and industry conventions govern how investment vehicles report their financial position. The aim is for transparent and timely reporting, enabling investors to make decisions. Australian real estate investment vehicles follow these standards, framework and conventions. Retirement Living and Aged Care (RLAC) investment vehicles are an emerging asset sector, particularly on the institutional investment market. While entities in the sector are required to follow accounting standards and legislative framework they are in a position to adopt conventions more in line with their asset sector. The RLAC sector comprises disparate property sectors, each with their own selection of asset classification and accounting treatment. Analysis of balance sheet treatment and valuations in the financial reports of Australian listed RLAC entities shows a greater reliance on directors’ (non-independent) valuations compared to listed real estate investment vehicles in conventi...
{"title":"The balance sheet and valuation treatment of retirement living and aged care assets","authors":"L. Towart","doi":"10.1080/14445921.2018.1480083","DOIUrl":"https://doi.org/10.1080/14445921.2018.1480083","url":null,"abstract":"Accounting standards, legislative framework and industry conventions govern how investment vehicles report their financial position. The aim is for transparent and timely reporting, enabling investors to make decisions. Australian real estate investment vehicles follow these standards, framework and conventions. Retirement Living and Aged Care (RLAC) investment vehicles are an emerging asset sector, particularly on the institutional investment market. While entities in the sector are required to follow accounting standards and legislative framework they are in a position to adopt conventions more in line with their asset sector. The RLAC sector comprises disparate property sectors, each with their own selection of asset classification and accounting treatment. Analysis of balance sheet treatment and valuations in the financial reports of Australian listed RLAC entities shows a greater reliance on directors’ (non-independent) valuations compared to listed real estate investment vehicles in conventi...","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1480083","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43796933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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