The Impact Of Corporate Diversification And Cash Holdings On The Performance Of Real Estate Companies

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The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies

Author : Chi-Chiu Lai
Publisher : Open Dissertation Press
ISBN 13 : 9781361330494
Total Pages : pages
Book Rating : 4.3/5 (34 download)

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Book Synopsis The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies by : Chi-Chiu Lai

Download or read book The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies written by Chi-Chiu Lai and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies: Empirical Evidence From Hong Kong" by Chi-chiu, Lai, 賴志釗, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Corporate diversification has received much attention from academics and management practitioners for over 30 years. Major work has been dedicated to determining if diversification creates or destroys a firm's value across industries. This study examines the effect of corporate diversification on firm performance using a relatively homogenous sample of 70 publicly listed real estate companies in Hong Kong. Previous studies on the diversification of real estate companies or REITs mainly focused on diversification within real estate holdings across countries or asset types. This study contributes to the literature by examining real estate companies diversifying into other industries and assessing their performance from 2005 through 2010. The empirical findings indicated that Hong Kong real estate firms that chose to diversify into other industries performed better than those solely focused in real estate. Since the decision to diversify may be endogenous, the author used a number of estimation procedures to control for potential endogeneity. The results were robust in that the diversification effect remained positive and significant. Another contribution of this thesis is that it examined the impact of cash holdings on firm value and analyzed the value of cash for real estate companies and how corporate diversification affects the level of cash holdings. The author found that firms with larger cash reserves experienced decreases in their value. This result was consistent with the agency costs of free cash flows in that greater shareholder rights are associated with lower cash holdings. In addition, the author found that diversified firms hold less cash than their focused competitors. The findings supported the prediction of the internal capital market hypothesis that diversified firms are more efficient in allocating resources through internal capital markets and, therefore, reduce their need for large cash holdings. DOI: 10.5353/th_b5153690 Subjects: Real estate business - China - Finance Diversification in industry - China - Hong Kong

The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies

Author : 賴志釗
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (877 download)

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Book Synopsis The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies by : 賴志釗

Download or read book The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies written by 賴志釗 and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Firm Diversification and the Value of Corporate Cash Holdings

Author : Zhenxu Tong
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Firm Diversification and the Value of Corporate Cash Holdings by : Zhenxu Tong

Download or read book Firm Diversification and the Value of Corporate Cash Holdings written by Zhenxu Tong and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how firm diversification affects the value of corporate cash holdings. We develop four hypotheses based on efficient internal capital market, agency problems, coinsurance effect, and shareholder-bondholder conflicts. We find that the value of cash holdings is lower in diversified firms than single-segment firms. We find that firm diversification is associated with a lower value of cash in both financially unconstrained and constrained firms, and that the value of cash is even lower for the diversified firms with more restrictions on shareholder rights. The findings are most consistent with the interpretation that firm diversification reduces the value of corporate cash holdings through agency problems.

formal versus informal finance: evidence from china

Author : Vojislav Maksimovic
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4./5 ( download)

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Book Synopsis formal versus informal finance: evidence from china by : Vojislav Maksimovic

Download or read book formal versus informal finance: evidence from china written by Vojislav Maksimovic and published by World Bank Publications. This book was released on 2008 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.

Real Estate Investment

Author : Colin A. Jones
Publisher : Springer Nature
ISBN 13 : 3031009681
Total Pages : 320 pages
Book Rating : 4.0/5 (31 download)

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Book Synopsis Real Estate Investment by : Colin A. Jones

Download or read book Real Estate Investment written by Colin A. Jones and published by Springer Nature. This book was released on 2022-08-18 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook, aimed at undergraduate and postgraduate real estate programmes, provides an overview of real estate investment and pricing in a global context with special attention to the diversification of asset types in three parts. Designed as a successor to Will Fraser’s successful student-led investment book, Principles of Property Investment and Pricing, it encompasses the microeconomics of real estate markets and context alongside pricing failures of real estate highlighted by the impact of the global financial crisis, especially with regard to irrationality and risk. Part 1 focuses on the microeconomics of the real estate sector, covering the complex nature of real estate and the consequences for economic analysis and the operation of the market, the underlying essential processes and principles of real estate investment decision making, including a pricing model, and the significance of real estate cycles and why they occur. Part 2 begins with the characteristics of real estate as an investment, differentiated between direct and indirect investment, and making comparisons with alternative stock market assets, then examines real estate investors and their objectives, including financial institutions, REITs and other indirect vehicles. Additionally, it sets out the frameworks within which real estate investment decisions are made in relation to other investments and focuses on decision-making processes and the practicalities of performance measurement. Emerging real estate debates are discussed in Part 3. These chapters are primarily forward-looking to the implications and challenges for real estate investment, including the consequences of recent aspects of regulation, changes to occupier demand, partly driven by technology but also sustainability pressures, the logic and difficulties of international investment, with a particular focus on emerging markets.

The Impact of Corporate Governance and Strategies on the Performance of Indirect Real Estate

Author : Sin-Wing Chan
Publisher :
ISBN 13 : 9781361023266
Total Pages : pages
Book Rating : 4.0/5 (232 download)

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Book Synopsis The Impact of Corporate Governance and Strategies on the Performance of Indirect Real Estate by : Sin-Wing Chan

Download or read book The Impact of Corporate Governance and Strategies on the Performance of Indirect Real Estate written by Sin-Wing Chan and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Impact of Corporate Governance and Strategies on the Performance of Indirect Real Estate: Investors'' Perception and the Reality" by Sin-wing, Chan, 陳善榮, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Indirect real estate (IRE) refers to listed property companies and IRE performance in this empirical research refers to long term share price performance against a portfolio of assets attributable by long term observations of the respective property companies'' corporate governance and strategies. This study investigates three related issue regarding IRE: First, how corporate governance and strategies of IRE affect its share price performance. Second, whether the impact, if any, is consistent with investor''s perceptions. Third whether investors can earn excess return based on public information about the corporate governance and strategies of IRE. The results of this empirical research are of academic and practical importance. First, it tests the validity of prevailing belief amongst academicians and investors that better corporate governance and strategies can enhance market value of IRE thus leading to better share price performance. In particular this study tests the impact of different attributes of corporate governance and strategies of an IRE on its share price performance. The results of this study suggest that property type and geographical diversification has no impact on performance of the IRE. It is found that the impact of the stock of immediately developable land on share price performance is positive but the stock of land that is not readily developable land had no impact. We also find that the percentage of shares held by the board of directors had negative impact on IRE share price performance. These results align with those in many previous studies. Consistent with previous studies, it is found that the consistent dividend policy, separation of Board Chairman from CEO, current asset to current liability ratio, interest coverage ratio, WACC, ROA, ROE, market value to book ratio have significant impact on share price performance. The results show that proportion of income from property has a positive impact on IRE share price performance, which does not support the strategy of diversification to non-real estate business. Second, even though most investors believe that corporate governance and strategies are important determinants of share price performance, there has been very little empirical research on how investors perceive relative importance of different attributes of corporate governance and strategies in terms of their impact on share price performance. Even more importantly, whether investor''s perceptions are consistent with real life facts is unknown. The results of this study suggest that there is no correlation between investors'' perception of the relative importance of different attributes of corporate governance and strategies and their actual impact on share price performance. Finally, the Efficient Market Hypothesis (EMH) predicts that public information cannot be used to earn excess returns. Empirical evidence from this study suggests that public information of corporate governance and strategies has small but significant predictive power on future share price performance even though investors'' perception of the importance of these attributes are not consistent with the reality. This finding casts doubts on the EMH. The empirical findings on the impact of individual attribute of corporate governance and strategies can be used to rectify investors'' subjective bias and assi

Proceedings of the 2nd Advances in Business Research International Conference

Author : Fauziah Noordin
Publisher : Springer
ISBN 13 : 9811060533
Total Pages : 392 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis Proceedings of the 2nd Advances in Business Research International Conference by : Fauziah Noordin

Download or read book Proceedings of the 2nd Advances in Business Research International Conference written by Fauziah Noordin and published by Springer. This book was released on 2017-10-17 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the refereed proceedings of the 2nd Advances in Business Research International Conference (ABRIC2016). Chapters in the book address the theme of Advancing Knowledge, Connecting the World, reflecting on the emerging issues in various business management fields and the interconnections of multiple disciplines for creating knowledge advancement. Papers were carefully reviewed and selected and grouped into four main themes: economic and finance, marketing and communications, management, and information technology in business. The book serves as a helpful resource for students and researchers of business management, especially in understanding issues and cases of business in emerging economies and markets.

Cash Holdings and Corporate Diversification

Author : Ran Duchin
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Cash Holdings and Corporate Diversification by : Ran Duchin

Download or read book Cash Holdings and Corporate Diversification written by Ran Duchin and published by . This book was released on 2009 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the relation between corporate liquidity and diversification. The key finding is that multi-division firms hold significantly less cash than standalone firms because they are diversified in their investment opportunities. Lower cross-divisional correlations in investment opportunity and higher correlations between investment opportunity and cash flow correspond to lower cash holdings, even after controlling for cash-flow volatility. The effects are strongest in financially constrained firms and in well-governed firms, and correspond to efficient fund transfers from low- to high-productivity divisions. Taken together, these results bring forth an efficient link between diversification in investment opportunity and corporate liquidity.

Real estate securitization and corporate strategy. From bricks to bucks

Author : Dirk Brounen
Publisher : Rozenberg Publishers
ISBN 13 : 905170707X
Total Pages : 177 pages
Book Rating : 4.0/5 (517 download)

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Book Synopsis Real estate securitization and corporate strategy. From bricks to bucks by : Dirk Brounen

Download or read book Real estate securitization and corporate strategy. From bricks to bucks written by Dirk Brounen and published by Rozenberg Publishers. This book was released on 2003 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Diversification, Managerial Expansion, Firm Liquidity and Operating Performance

Author : Kingsley O. Olibe
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Corporate Diversification, Managerial Expansion, Firm Liquidity and Operating Performance by : Kingsley O. Olibe

Download or read book Corporate Diversification, Managerial Expansion, Firm Liquidity and Operating Performance written by Kingsley O. Olibe and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the association between corporate international diversification and operating and market performance and firm spread (liquidity). We find, as expected, that foreign fixed assets of US firms are significantly and positively related to firm performance as measured by operating income, cash from operations, and liquidity. This evidence suggests that corporate international diversification reflects a unique dimension that is incremental to operating and market performance. Foreign fixed assets also are significantly and positively related to prices and returns, suggesting that foreign investments are wealth changing corporate decision. This finding not only complements our operating performance results and price regressions findings, but also suggests that a portion of US firms' investment abroad is timely. Our inferences are robust to change specifications and controlling for previously identified determinants of spread, operating and market performance. Our price and return results suggest that investors incorporate geographic segmental assets data in their valuation model. Extending the analysis on partition sample -- high versus low leverage firms, we document that both foreign assets of high and low leverage firms are significantly positively associated with share price and the coefficient on high leverage firms is significantly larger than the coefficient on low leverage firms.

Governing Business Systems

Author : Gandolfo Dominici
Publisher : Springer
ISBN 13 : 3319660365
Total Pages : 183 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Governing Business Systems by : Gandolfo Dominici

Download or read book Governing Business Systems written by Gandolfo Dominici and published by Springer. This book was released on 2017-10-13 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on papers from the 4th Business Systems Laboratory International Symposium (BSLAB) in 2016, this volume contributes to the business management, organizational and innovation literature by providing insights on the antecedents of systems thinking in the business systems domain. The Business Systems Laboratory International Symposium addresses current global economic and social challenges from a systemic perspective, drawing from the domains of management, economics, engineering and sociology. In particular, the 2016 Symposium focuses on the epistemological, theoretical, methodological, technical and practical contributions that represent advancements in the theory and practice of governing business systems to address present and future challenges in the global economy. The contributions explore the application of systems thinking to governance, involving the introduction of new administrative organizational and managerial activities aimed toward organizational innovation and control.

Essays on Corporate Diversification and Firm Value

Author : Tyson Brighton Mackey
Publisher :
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.:/5 (76 download)

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Book Synopsis Essays on Corporate Diversification and Firm Value by : Tyson Brighton Mackey

Download or read book Essays on Corporate Diversification and Firm Value written by Tyson Brighton Mackey and published by . This book was released on 2006 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation finds new evidence on the relationship between diversification and firm performance. In Chapter Two, theory and evidence are presented showing how empirical studies accounting for the endogeneity of the diversification decision must also account for a firm's alternative uses for its free cash flow. This chapter examines dividends and stock repurchases in tandem with the firm's diversification decision and finds that the factors that lead a firm to diversify also make it more likely to pay a dividend. Controlling for this relationship, the diversification premium found by recent research correcting for endogeneity turns back into a discount. In Chapter Three, consideration is given to the possibility that different firms can have differing results from diversification. Using a random parameters model, a distribution of firm-specific diversification effects is estimated, finding that, while diversification destroys value on average, it creates value for a quarter of firms. This chapter also hypothesizes that firms may have an optimal portfolio of businesses, and firms that are not creating value from diversification could potentially do so through by diversifying further. Through a series of hypothetical related and unrelated diversification scenarios, this chapter finds that almost half of the diversified firms who are not creating value through their past diversification efforts would create value from further related diversification; while very few of the firms that are currently creating value from diversification would create value from further diversification. After observing the heterogeneity across firms in the impact of diversification on firm performance, theory and evidence is presented on the source of this heterogeneity in Chapter Four. Using a Bayesian linear hierarchical model, firm-specific effects of diversification on firm performance are estimated as a function of firm attributes. The main finding is that the firm-specific resources that allow a firm to succeed in its original business, allow the firm to succeed through related diversification. Unsuccessful firms will not find success simply by finding a new market in which to compete.

Systemic Banking Crises

Author : Luc Laeven
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Systemic Banking Crises by : Luc Laeven

Download or read book Systemic Banking Crises written by Luc Laeven and published by International Monetary Fund. This book was released on 2008-09 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications.

Corporate Diversification and Internal Capital Markets

Author : Halit Gonenc
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Corporate Diversification and Internal Capital Markets by : Halit Gonenc

Download or read book Corporate Diversification and Internal Capital Markets written by Halit Gonenc and published by . This book was released on 2006 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in an emerging market, Turkey. Our findings indicate that group affiliation improves firm's accounting performance, but not stock market performance. Furthermore, we find that firm's accounting (but not stock market) performance increases with the level of group diversification. Our results also indicate that having a group affiliated bank affects the accounting performance measures of the group firms positively, but the market value of the group affiliated firms negatively, supporting the misallocation of capital hypothesis. In addition, having a group affiliated media institution is found to affect the performance of the group firms positively. More importantly, we examine the frequency of seasoned equity issue offerings with the forms of cash (right and restricted right) issues and bonus issues to address the question of whether group affiliated firms create an internal capital market. We show that unaffiliated firms are more bound to external markets to raise capital while the affiliated firms use internal capital markets.The views expressed in these papers are those of the author(s), they do not reflect the opinions of LECG, LLC and should not be construed as representing the positions of other experts at LECG, LLC.

Dissertation Abstracts International

Author :
Publisher :
ISBN 13 :
Total Pages : 734 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Dissertation Abstracts International by :

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Global Business Strategies in Crisis

Author : Ümit Hacioğlu
Publisher : Springer
ISBN 13 : 331944591X
Total Pages : 428 pages
Book Rating : 4.3/5 (194 download)

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Book Synopsis Global Business Strategies in Crisis by : Ümit Hacioğlu

Download or read book Global Business Strategies in Crisis written by Ümit Hacioğlu and published by Springer. This book was released on 2016-12-07 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the world is currently in the midst of financial and economic crises, this collection of expert contributions focuses on strategy formation and implementation at various organizational levels to address the challenges ahead. The latest economic turmoil and its ongoing impact on business performance are compelling top managers to develop effective business strategies and redefine the boundaries of their operational and strategic activities. On one hand, tremendous challenges in the competitive business environment have become a source of global threats for many small entrepreneurs. On the other, investors faced with today’s volatile economic conditions demand more gains on their capital investments to counter-balance the growing risk of global threats. This book explores the question as to whether it is possible to efficiently and effectively address these threats and obstacles. Are managers capable of planning and implementing strategic actions? What should the major managerial strategy be in order to overcome fluctuations in a market-oriented society? The strategies and practices recommended here are aimed to design continuous development competencies and contribute to the stability, recovery and sustainability of global business operations under volatile economic conditions. This refreshingly novel book seeks to establish managerial strategies and practices for effectively responding to challenges in the competitive business environment, as global volatility and fluctuations continue to worsen.

Real Estate Investment Trusts

Author : Su Han Chan
Publisher : Oxford University Press
ISBN 13 : 0198035357
Total Pages : 318 pages
Book Rating : 4.1/5 (98 download)

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Book Synopsis Real Estate Investment Trusts by : Su Han Chan

Download or read book Real Estate Investment Trusts written by Su Han Chan and published by Oxford University Press. This book was released on 2002-11-07 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides up-to-date original research on REITs based on the authors' own database, which is the most extensive data base available on REITs that is free of suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.