Pub Date : 2021-07-08DOI: 10.1108/JPIF-02-2021-0015
Hyesook Min, Seungwoo Shin, Paloma Taltavull de La Paz
PurposeThis paper analyzes how three major industrial stock indices related to South Korean real estate industries are affected by the exogenous shock of the measures taken to control COVID-19, coupled with investor sentiment, which has global impacts.Design/methodology/approachThe paper uses daily stock market indices on three major stock price indices: construction industry sector index, real estate operating company (REOC) industry index and the real estate investment trust (REIT) industry index of the Korea Stock Exchange (KRX), from January 8, 2020, when the World Health Organization (WHO) began to issue official indicators regarding COVID-19, to March 27, 2020, the last trading day of the week during which the South Korean government's stock market stabilisation fund was launched.FindingsResults indicate the REIT sector's stock rate of return to be relatively less sensitive to impacts of COVID-19 compared to those of the two other indices. Impulse response analysis also shows similar results. Impulse response estimations indicate that earlier information of REITs has prominent significance in explaining changes in the time series process itself. Similar to findings of prior studies that have been conducted with long-term perspectives, results of our short-term study indicate that the medium-risk, medium-return characteristic of the real estate industry has significance even in short-term perspectives.Practical implicationsREITs can be an investment vehicle that provides strong benefits of diversified investment for mutual fund investment managers even in the case of short-term exogenous market disruptions.Originality/valueThe analysis run in the empirical exercise is the first to consider the sensibility between international stock exchanges to the effects of measures taken to control COVID-19 impact.
{"title":"COVID-19 and the daily rate of return of three major industry sector stock price indices related to real estate","authors":"Hyesook Min, Seungwoo Shin, Paloma Taltavull de La Paz","doi":"10.1108/JPIF-02-2021-0015","DOIUrl":"https://doi.org/10.1108/JPIF-02-2021-0015","url":null,"abstract":"PurposeThis paper analyzes how three major industrial stock indices related to South Korean real estate industries are affected by the exogenous shock of the measures taken to control COVID-19, coupled with investor sentiment, which has global impacts.Design/methodology/approachThe paper uses daily stock market indices on three major stock price indices: construction industry sector index, real estate operating company (REOC) industry index and the real estate investment trust (REIT) industry index of the Korea Stock Exchange (KRX), from January 8, 2020, when the World Health Organization (WHO) began to issue official indicators regarding COVID-19, to March 27, 2020, the last trading day of the week during which the South Korean government's stock market stabilisation fund was launched.FindingsResults indicate the REIT sector's stock rate of return to be relatively less sensitive to impacts of COVID-19 compared to those of the two other indices. Impulse response analysis also shows similar results. Impulse response estimations indicate that earlier information of REITs has prominent significance in explaining changes in the time series process itself. Similar to findings of prior studies that have been conducted with long-term perspectives, results of our short-term study indicate that the medium-risk, medium-return characteristic of the real estate industry has significance even in short-term perspectives.Practical implicationsREITs can be an investment vehicle that provides strong benefits of diversified investment for mutual fund investment managers even in the case of short-term exogenous market disruptions.Originality/valueThe analysis run in the empirical exercise is the first to consider the sensibility between international stock exchanges to the effects of measures taken to control COVID-19 impact.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41373150","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 : 2021-06-21DOI: 10.1108/jpif-07-2021-177
G. Newell
{"title":"Editorial: the constructive and supportive PhD examiner","authors":"G. Newell","doi":"10.1108/jpif-07-2021-177","DOIUrl":"https://doi.org/10.1108/jpif-07-2021-177","url":null,"abstract":"","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44745997","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 : 2021-05-28DOI: 10.1108/JPIF-05-2021-0041
N. French, N. Crosby, Christine Thorne
PurposeMarket value is an estimation of price in the market. It is value in exchange. The valuer's role is to determine the appropriate approach, the method and use the right model to achieve this aim as best as possible. However, underpinning all valuations and property analysis are valuation standards and definitions. This paper looks at the definition of market value and how some market participants may misunderstand or even misrepresent it. This is particularly true when there is a downturn in the market.Design/methodology/approachThis practice briefing is an overview of the role of market value as a definition of price and how it is often misused by stakeholders in the property market.FindingsThis briefing is a review of the valuation definitions clarifying what they mean and what they do not mean.Practical implicationsThe role of the valuer in practice is to use the appropriate definition for the task in hand. The understanding of those definitions is central to the valuation process.Originality/valueThis provides guidance on how valuation definitions can be presented to the client in accordance with the International Valuation Standards.
{"title":"Pricing to market: market value – the enigma of misunderstanding","authors":"N. French, N. Crosby, Christine Thorne","doi":"10.1108/JPIF-05-2021-0041","DOIUrl":"https://doi.org/10.1108/JPIF-05-2021-0041","url":null,"abstract":"PurposeMarket value is an estimation of price in the market. It is value in exchange. The valuer's role is to determine the appropriate approach, the method and use the right model to achieve this aim as best as possible. However, underpinning all valuations and property analysis are valuation standards and definitions. This paper looks at the definition of market value and how some market participants may misunderstand or even misrepresent it. This is particularly true when there is a downturn in the market.Design/methodology/approachThis practice briefing is an overview of the role of market value as a definition of price and how it is often misused by stakeholders in the property market.FindingsThis briefing is a review of the valuation definitions clarifying what they mean and what they do not mean.Practical implicationsThe role of the valuer in practice is to use the appropriate definition for the task in hand. The understanding of those definitions is central to the valuation process.Originality/valueThis provides guidance on how valuation definitions can be presented to the client in accordance with the International Valuation Standards.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43260901","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 : 2021-04-06DOI: 10.1108/JPIF-09-2020-0099
Yu Cheng Lin, Chyi Lin Lee, G. Newell
PurposeRecognising that different property sectors have distinct risk-return characteristics, this paper assesses whether changes in the level and volatility of short- and long-term interest rates differentially affected excess returns of sector-specific Real Estate Investment Trusts (REITs) in the Pacific Rim region between July 2006 and December 2018. The strategic property risk management implications for sector-specific REITs are also identified.Design/methodology/approachDaily excess returns between July 2006 and December 2018 are used to analyse the sensitivity in the level and volatility of interest rates for REITs among office, retail, industrial, residential and specialty REITs across the USA, Japan, Australia and Singapore. The generalised autoregressive conditionally heteroskedastic in the mean (GARCH-M) methodology is employed to assess the linkage between interest rates and excess returns of sector-specific REITs.FindingsCompared with diversified REITs, sector-specific REITs were less sensitive to short- and long-term interest rate changes across the USA, Japan, Australia and Singapore between July 2006 and December 2018. Of sector-specific REITs, retail and residential REITs were susceptible to interest rate movements over the full study period. On the other hand, office and specialty REITs were generally less sensitive to changes in the level and volatility of short- and long-term interest rate series across all markets in the Pacific Rim region. However, the interest rate sensitivity of industrial REITs was somewhat mixed. This sector was sensitive to interest rate movements, but no comparable evidence was found since the onset of GFC.Practical implicationsThe insignificant exposure to interest rate risk of sector-specific REITs may imply that they have a stronger interest rate risk aversion and greater hedging benefits than their diversified counterparts, particularly for office and specialty REITs. The results support the existence of REIT specialisation value in the Pacific Rim region from the interest rate risk management perspective. This is particularly valuable to international property investors constructing and managing portfolios with REITs in the region. Property investors are advised to be aware of the disparities in the magnitude and direction of sensitivity to the interest rate level and volatility of REITs across different property sectors and various markets in the Pacific Rim region. This study is expected to enhance property investors' understanding of interest rate risk management for different property types of REITs in local, regional and international investment portfolios.Originality/valueThe study is the first to assess the interest rate sensitivity of REITs across different property sectors and various markets in the Pacific Rim region. More importantly, this is the first paper to offer empirical evidence on the existence of specialisation value in the Pacific Rim REIT markets from the aspect of interest r
{"title":"Varying interest rate sensitivity of different property sectors: cross-country evidence from REITs","authors":"Yu Cheng Lin, Chyi Lin Lee, G. Newell","doi":"10.1108/JPIF-09-2020-0099","DOIUrl":"https://doi.org/10.1108/JPIF-09-2020-0099","url":null,"abstract":"PurposeRecognising that different property sectors have distinct risk-return characteristics, this paper assesses whether changes in the level and volatility of short- and long-term interest rates differentially affected excess returns of sector-specific Real Estate Investment Trusts (REITs) in the Pacific Rim region between July 2006 and December 2018. The strategic property risk management implications for sector-specific REITs are also identified.Design/methodology/approachDaily excess returns between July 2006 and December 2018 are used to analyse the sensitivity in the level and volatility of interest rates for REITs among office, retail, industrial, residential and specialty REITs across the USA, Japan, Australia and Singapore. The generalised autoregressive conditionally heteroskedastic in the mean (GARCH-M) methodology is employed to assess the linkage between interest rates and excess returns of sector-specific REITs.FindingsCompared with diversified REITs, sector-specific REITs were less sensitive to short- and long-term interest rate changes across the USA, Japan, Australia and Singapore between July 2006 and December 2018. Of sector-specific REITs, retail and residential REITs were susceptible to interest rate movements over the full study period. On the other hand, office and specialty REITs were generally less sensitive to changes in the level and volatility of short- and long-term interest rate series across all markets in the Pacific Rim region. However, the interest rate sensitivity of industrial REITs was somewhat mixed. This sector was sensitive to interest rate movements, but no comparable evidence was found since the onset of GFC.Practical implicationsThe insignificant exposure to interest rate risk of sector-specific REITs may imply that they have a stronger interest rate risk aversion and greater hedging benefits than their diversified counterparts, particularly for office and specialty REITs. The results support the existence of REIT specialisation value in the Pacific Rim region from the interest rate risk management perspective. This is particularly valuable to international property investors constructing and managing portfolios with REITs in the region. Property investors are advised to be aware of the disparities in the magnitude and direction of sensitivity to the interest rate level and volatility of REITs across different property sectors and various markets in the Pacific Rim region. This study is expected to enhance property investors' understanding of interest rate risk management for different property types of REITs in local, regional and international investment portfolios.Originality/valueThe study is the first to assess the interest rate sensitivity of REITs across different property sectors and various markets in the Pacific Rim region. More importantly, this is the first paper to offer empirical evidence on the existence of specialisation value in the Pacific Rim REIT markets from the aspect of interest r","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47487550","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 : 2021-03-30DOI: 10.1108/JPIF-04-2020-0034
G. Newell, M. Marzuki, Elaine Worzala, A. Adair, Martin Hoesli, Mauricio Rodríguez
PurposeResearch impact has taken on increased importance at both a micro- and macro-level and is a key factor today in shaping the careers of real estate researchers. This has seen a range of research impact metrics become global benchmarks when assessing research impact at the individual academic level and journal level. Whilst recognising the limitations of research impact metrics, this paper uses these research impact metrics to identify the leading research impact researchers in real estate, as well as the leading real estate journals in the real estate impact space. The nexus between research quality and research impact is also articulated. As well as focusing on research quality, strategies are identified for the effective incorporation of research impact into a real estate researcher's agenda to assist their research careers; particularly for Early Career Researchers in real estate.Design/methodology/approachThe research impact profile of over 150 real estate researchers and 22 real estate journals was assessed using Google Scholar and Publish or Perish. Using the research impact metrics of the h-index, total citations and i10, the leading high impact real estate researchers as well as the high impact real estate journals are identified.FindingsBased in these research impact metrics, the leading real estate researchers in impactful real estate research are identified. Whilst being US focused, there is clear evidence of increasing roles by ERES, AsRES and PRRES players. The leading real estate journals in the impact space are identified, including both real estate-specific journals and the broader planning/urban policy journals, as well as being beyond just the standard US real estate journals. Researcher career strategies are also identified to see both research quality and research impact included as balanced elements in a real estate researcher's career strategy.Practical implicationsWith research impact playing an increased role in all real estate researchers' careers, the insights from this paper provide strong empirical evidence for effective strategies to expand the focus on the impact of their real estate research agendas. This sees a balanced strategy around both research quality and research impact as the most effective strategy for real estate researchers to achieve their research career goals.Originality/valueResearch impact has taken on increased importance globally and is an important factor in shaping real estate researchers' careers. Using research impact metrics, this is the first paper to rigorously and empirically identify the leading research impact players and journals in real estate, as well as identifying strategies for the more effective inclusion of impact in real estate researchers' agendas.
目的研究的影响在微观和宏观层面都变得越来越重要，是当今塑造房地产研究人员职业生涯的关键因素。在评估个人学术层面和期刊层面的研究影响时，一系列研究影响指标已成为全球基准。在认识到研究影响指标的局限性的同时，本文使用这些研究影响指标来确定房地产领域领先的研究影响研究人员，以及房地产影响领域领先的房地产期刊。研究质量和研究影响之间的关系也得到了阐述。除了关注研究质量外，还确定了将研究影响有效纳入房地产研究人员议程的策略，以帮助他们的研究生涯；特别是对于房地产领域的早期职业研究人员。设计/方法/方法使用Google Scholar and Publish or Perish评估了150多名房地产研究人员和22份房地产期刊的研究影响。利用h指数、总引用次数和i10的研究影响力指标，确定了领先的高影响力房地产研究人员以及高影响力房地产业期刊。发现基于这些研究影响指标，确定了具有影响力的房地产研究领域的领先房地产研究人员。在专注于美国的同时，有明确证据表明ERES、AsRES和PRRES的参与者发挥了越来越大的作用。确定了影响领域的领先房地产期刊，包括房地产特定期刊和更广泛的规划/城市政策期刊，以及超越标准美国房地产期刊的期刊。研究人员的职业策略也被确定为将研究质量和研究影响视为房地产研究人员职业策略中的平衡因素。实践含义随着研究影响力在所有房地产研究人员的职业生涯中发挥着越来越大的作用，本文的见解为有效的策略提供了强有力的经验证据，以扩大对其房地产研究议程影响的关注。这认为，围绕研究质量和研究影响的平衡策略是房地产研究人员实现研究职业目标的最有效策略。原创性/价值研究的影响力在全球范围内越来越重要，是塑造房地产研究人员职业生涯的重要因素。利用研究影响指标，这是第一篇严格和实证地确定房地产领域领先的研究影响参与者和期刊的论文，并确定了将影响更有效地纳入房地产研究人员议程的策略。
{"title":"The significance of impact in real estate research publications","authors":"G. Newell, M. Marzuki, Elaine Worzala, A. Adair, Martin Hoesli, Mauricio Rodríguez","doi":"10.1108/JPIF-04-2020-0034","DOIUrl":"https://doi.org/10.1108/JPIF-04-2020-0034","url":null,"abstract":"PurposeResearch impact has taken on increased importance at both a micro- and macro-level and is a key factor today in shaping the careers of real estate researchers. This has seen a range of research impact metrics become global benchmarks when assessing research impact at the individual academic level and journal level. Whilst recognising the limitations of research impact metrics, this paper uses these research impact metrics to identify the leading research impact researchers in real estate, as well as the leading real estate journals in the real estate impact space. The nexus between research quality and research impact is also articulated. As well as focusing on research quality, strategies are identified for the effective incorporation of research impact into a real estate researcher's agenda to assist their research careers; particularly for Early Career Researchers in real estate.Design/methodology/approachThe research impact profile of over 150 real estate researchers and 22 real estate journals was assessed using Google Scholar and Publish or Perish. Using the research impact metrics of the h-index, total citations and i10, the leading high impact real estate researchers as well as the high impact real estate journals are identified.FindingsBased in these research impact metrics, the leading real estate researchers in impactful real estate research are identified. Whilst being US focused, there is clear evidence of increasing roles by ERES, AsRES and PRRES players. The leading real estate journals in the impact space are identified, including both real estate-specific journals and the broader planning/urban policy journals, as well as being beyond just the standard US real estate journals. Researcher career strategies are also identified to see both research quality and research impact included as balanced elements in a real estate researcher's career strategy.Practical implicationsWith research impact playing an increased role in all real estate researchers' careers, the insights from this paper provide strong empirical evidence for effective strategies to expand the focus on the impact of their real estate research agendas. This sees a balanced strategy around both research quality and research impact as the most effective strategy for real estate researchers to achieve their research career goals.Originality/valueResearch impact has taken on increased importance globally and is an important factor in shaping real estate researchers' careers. Using research impact metrics, this is the first paper to rigorously and empirically identify the leading research impact players and journals in real estate, as well as identifying strategies for the more effective inclusion of impact in real estate researchers' agendas.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48842194","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 : 2021-03-30DOI: 10.1108/JPIF-03-2021-0026
J. Ratcliffe
PurposeThis paper aims to explore the case for the radical reform of land policy worldwide. It does so, however, in the context of present problems posed by the prevailing coronavirus pandemic. It is a strategic study, not a scientific analysis and is oriented towards the field of the built environment in general and the real estate industry in particular.Design/methodology/approachAlthough it draws on concepts of land management long extolled and covers concerns currently circulating about the prospects for urban planning and property development post-pandemic, the synthesis is original.FindingsThe concluding counsel is that land policy reform, being a component factor of so much of society's endeavours, should figure far more prominently across the political platforms of the world.Practical implicationsMost of the material regarding the “Great Land Question” is based on findings from countless strategic foresight studies conducted by the author over the past 25 years and re-assessed in light of the pandemic. If correct, the practical implications will be significant.Originality/valueThis is a review of existing models.
{"title":"Strategic planning policy post-pandemic: the “Great Land Question”","authors":"J. Ratcliffe","doi":"10.1108/JPIF-03-2021-0026","DOIUrl":"https://doi.org/10.1108/JPIF-03-2021-0026","url":null,"abstract":"PurposeThis paper aims to explore the case for the radical reform of land policy worldwide. It does so, however, in the context of present problems posed by the prevailing coronavirus pandemic. It is a strategic study, not a scientific analysis and is oriented towards the field of the built environment in general and the real estate industry in particular.Design/methodology/approachAlthough it draws on concepts of land management long extolled and covers concerns currently circulating about the prospects for urban planning and property development post-pandemic, the synthesis is original.FindingsThe concluding counsel is that land policy reform, being a component factor of so much of society's endeavours, should figure far more prominently across the political platforms of the world.Practical implicationsMost of the material regarding the “Great Land Question” is based on findings from countless strategic foresight studies conducted by the author over the past 25 years and re-assessed in light of the pandemic. If correct, the practical implications will be significant.Originality/valueThis is a review of existing models.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46037923","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 : 2021-03-26DOI: 10.1108/JPIF-04-2021-174
S. Ong, Chyi Lin Lee
[ ]Mazuki and Newell's paper examines the investment opportunity of non-listed infrastructure for global institutional investors [ ]Steininger discusses one of the key challenges for managing infrastructure projects The support from the National University of Singapore – Jurong Town Corporation Industrial Infrastructure Innovation Centre is greatly appreciated This paper forms part of a special section “Industrial Infrastructure and Real Estate”, guest edited by Professor Seow Eng Ong, Associate Professor Chyi Lin Lee
[]Mazuki和Newell的论文探讨了全球机构投资者对非上市基础设施的投资机会[]Steininger讨论了管理基础设施项目的关键挑战之一。新加坡国立大学裕廊镇公司工业基础设施创新中心的支持是非常感谢的。这篇论文是“工业基础设施和房地产”特别部分的一部分，由Seow Eng Ong教授客座编辑。李智琳副教授
{"title":"Editorial for special issue on infrastructure and real estate","authors":"S. Ong, Chyi Lin Lee","doi":"10.1108/JPIF-04-2021-174","DOIUrl":"https://doi.org/10.1108/JPIF-04-2021-174","url":null,"abstract":"[ ]Mazuki and Newell's paper examines the investment opportunity of non-listed infrastructure for global institutional investors [ ]Steininger discusses one of the key challenges for managing infrastructure projects The support from the National University of Singapore – Jurong Town Corporation Industrial Infrastructure Innovation Centre is greatly appreciated This paper forms part of a special section “Industrial Infrastructure and Real Estate”, guest edited by Professor Seow Eng Ong, Associate Professor Chyi Lin Lee","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":"39 1","pages":"181-182"},"PeriodicalIF":1.3,"publicationDate":"2021-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42815268","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 : 2021-02-26DOI: 10.1108/JPIF-09-2020-0098
D. Dabara
PurposeThis study aims to examine the performance of real estate investment trusts (REITs) in emerging property markets. The paper used the Nigerian REIT (N-REIT) as a case study of an African REIT market, to provide information for investment decisions.Design/methodology/approachSeven years quarterly returns data (from 2013 to 2019) were obtained and used to analyse the holding period returns, return–risk ratio, coefficient of variation and Sharpe ratios of N-REIT, All Share Index of stocks (ASI) and the Federal Government Bonds (FGB) in Nigeria.FindingsThe study reveals that N-REIT outperformed stocks but underperformed bonds. Concerning risk, stocks provided the highest level of risk (7.69), followed by bonds (2.78), while N-REIT provided the lowest risk (2.7). The Sharpe ratios showed that N-REIT is the second-best performing asset, while bond is the first and stocks the last on the risk-adjusted basis.Practical implicationsN-REIT is the second-largest REIT market in Africa with a market capitalisation of about US$136m. The N-REIT market has provided investment benefits to institutional and individual investors such as liquidity, transparency and ease of transaction. This study shows the peculiarity of N-REITs; this can guide investors in making informed investment decisions.Originality/valueThis study is one of the first to empirically analyse in a comparative context, the risk-adjusted performance of N-REITs, ASI and FGB. The study will add to the limited research in this field and equip investors with valuable information for informed investment decisions.
{"title":"Evolution of REITs in the Nigerian real estate market","authors":"D. Dabara","doi":"10.1108/JPIF-09-2020-0098","DOIUrl":"https://doi.org/10.1108/JPIF-09-2020-0098","url":null,"abstract":"PurposeThis study aims to examine the performance of real estate investment trusts (REITs) in emerging property markets. The paper used the Nigerian REIT (N-REIT) as a case study of an African REIT market, to provide information for investment decisions.Design/methodology/approachSeven years quarterly returns data (from 2013 to 2019) were obtained and used to analyse the holding period returns, return–risk ratio, coefficient of variation and Sharpe ratios of N-REIT, All Share Index of stocks (ASI) and the Federal Government Bonds (FGB) in Nigeria.FindingsThe study reveals that N-REIT outperformed stocks but underperformed bonds. Concerning risk, stocks provided the highest level of risk (7.69), followed by bonds (2.78), while N-REIT provided the lowest risk (2.7). The Sharpe ratios showed that N-REIT is the second-best performing asset, while bond is the first and stocks the last on the risk-adjusted basis.Practical implicationsN-REIT is the second-largest REIT market in Africa with a market capitalisation of about US$136m. The N-REIT market has provided investment benefits to institutional and individual investors such as liquidity, transparency and ease of transaction. This study shows the peculiarity of N-REITs; this can guide investors in making informed investment decisions.Originality/valueThis study is one of the first to empirically analyse in a comparative context, the risk-adjusted performance of N-REITs, ASI and FGB. The study will add to the limited research in this field and equip investors with valuable information for informed investment decisions.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45932919","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 : 2021-02-26DOI: 10.1108/JPIF-10-2020-0114
G. Warren-Myers, L. Cradduck
PurposeThe purpose of this research is to investigate Australian property valuers' identification and consideration of physical risks to properties in valuation practice. The research further explores valuers' considerations of climate change-related risks.Design/methodology/approachThe research approach comprised an online survey of Australian valuers who were members of the Australian Property Institute. The online survey included structured and unstructured questions to explore types and extent of risk investigations in valuation practice.FindingsThe analysis reflects that while valuers easily identified and engaged with physical risks, there is a lack of understanding of, and engagement with, climate change risks. This supports the need for better information sources and guidance to inform valuers of climate change risks per se, as well as the development of specific mechanisms for consideration of such risks to be included in valuation processes, practices and reports.Research limitations/implicationsThe research is limited by the small sample size achieved due to the timing of the survey deployment, which occurred during the first wave of COVID-19 lockdowns in Australia. Thus, the findings are not necessarily representative of the Australian valuation profession, but they do provide indications of current approaches to risk identification in practice and the need for more guidance in relation to climate change risks.Practical implicationsThis research identifies that more support, guidance, information and tools, as well as awareness-raising, are required to enable valuers to accurately identify all risks affecting a property.Originality/valueThe research provides a snapshot of current understandings of physical risk identification in valuation practice. As investors and other organisations integrate and build up their analysis of climate risks to their portfolios and organisations, this research indicates that valuers also need to be aware of changing market assessment of physical and climate risks associated with property for consideration in valuation.
{"title":"Physical and climate change-related risk identification in valuation practice: an Australian perspective","authors":"G. Warren-Myers, L. Cradduck","doi":"10.1108/JPIF-10-2020-0114","DOIUrl":"https://doi.org/10.1108/JPIF-10-2020-0114","url":null,"abstract":"PurposeThe purpose of this research is to investigate Australian property valuers' identification and consideration of physical risks to properties in valuation practice. The research further explores valuers' considerations of climate change-related risks.Design/methodology/approachThe research approach comprised an online survey of Australian valuers who were members of the Australian Property Institute. The online survey included structured and unstructured questions to explore types and extent of risk investigations in valuation practice.FindingsThe analysis reflects that while valuers easily identified and engaged with physical risks, there is a lack of understanding of, and engagement with, climate change risks. This supports the need for better information sources and guidance to inform valuers of climate change risks per se, as well as the development of specific mechanisms for consideration of such risks to be included in valuation processes, practices and reports.Research limitations/implicationsThe research is limited by the small sample size achieved due to the timing of the survey deployment, which occurred during the first wave of COVID-19 lockdowns in Australia. Thus, the findings are not necessarily representative of the Australian valuation profession, but they do provide indications of current approaches to risk identification in practice and the need for more guidance in relation to climate change risks.Practical implicationsThis research identifies that more support, guidance, information and tools, as well as awareness-raising, are required to enable valuers to accurately identify all risks affecting a property.Originality/valueThe research provides a snapshot of current understandings of physical risk identification in valuation practice. As investors and other organisations integrate and build up their analysis of climate risks to their portfolios and organisations, this research indicates that valuers also need to be aware of changing market assessment of physical and climate risks associated with property for consideration in valuation.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42208313","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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