Search results

1 – 10 of 621
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Book part
Publication date: 14 November 2014

Iftekhar Hasan, Jarl G. Kallberg, Crocker H. Liu and Xian Sun

We empirically investigate the hypothesis that the less transparent (more difficult to value) the target’s assets are the more likely it is that the acquiring firm can obtain…

Abstract

We empirically investigate the hypothesis that the less transparent (more difficult to value) the target’s assets are the more likely it is that the acquiring firm can obtain higher short- and long-term returns. We analyze a sample of 1,538 friendly acquisitions partitioned in two separate dimensions: acquisitions of public versus private firms, and acquisitions of a firm’s assets versus acquisitions of a firm’s assets and its management. Using a sample of (nondiversifying) real estate transactions with a public REIT as the acquirer, we find that acquisitions of public firms have insignificant short-term abnormal returns. Acquisitions of private targets have positive and significant short-term abnormal returns. The acquirer’s abnormal returns are higher in both cases when the transactions involve acquisition of the target firm’s management. We find parallel results when analyzing the acquirer’s Q over the merger year and the three following years. Our conclusions are robust to the type of financing (cash, stock, or a combination) used in the acquisition.

Details

Corporate Governance in the US and Global Settings
Type: Book
ISBN: 978-1-78441-292-0

Keywords

Access Restricted. View access options
Book part
Publication date: 17 November 2000

Tran Liem, Marc Gaudry, Marcel Dagenais and Ulrich Blum

Abstract

Details

Structural Road Accident Models
Type: Book
ISBN: 978-0-08-043061-4

Access Restricted. View access options
Book part
Publication date: 5 April 2024

Alecos Papadopoulos

The author develops a bilateral Nash bargaining model under value uncertainty and private/asymmetric information, combining ideas from axiomatic and strategic bargaining theory…

Abstract

The author develops a bilateral Nash bargaining model under value uncertainty and private/asymmetric information, combining ideas from axiomatic and strategic bargaining theory. The solution to the model leads organically to a two-tier stochastic frontier (2TSF) setup with intra-error dependence. The author presents two different statistical specifications to estimate the model, one that accounts for regressor endogeneity using copulas, the other able to identify separately the bargaining power from the private information effects at the individual level. An empirical application using a matched employer–employee data set (MEEDS) from Zambia and a second using another one from Ghana showcase the applied potential of the approach.

Access Restricted. View access options
Book part
Publication date: 1 November 2018

Zhongzhi (Lawrence) He, Martin Kusy, Deepak Singh and Samir Trabelsi

The Canadian mutual fund setting is unique in that two governance mechanisms – corporate and trust – coexist. This study empirically examines the impact of each mechanism on fund…

Abstract

The Canadian mutual fund setting is unique in that two governance mechanisms – corporate and trust – coexist. This study empirically examines the impact of each mechanism on fund fees and performance. We find that corporate class funds charge higher fees but deliver superior fee-adjusted returns than trust funds. We then analyze the impact of various board characteristics on fees and performance for corporate class funds. We find that a board with smaller size, CEO duality, and a higher percentage of independent directors is more likely to charge lower fees. In addition, smaller boards are strongly associated with higher fee-adjusted performance. Our study supports agency theory over stewardship theory and provides valuable guidelines for Canadian investors and regulatory agencies.

Details

International Corporate Governance and Regulation
Type: Book
ISBN: 978-1-78756-536-4

Keywords

Access Restricted. View access options
Article
Publication date: 9 February 2010

Eddie Chi‐man Hui, Ann Yu and Russell Lam

The purpose of this paper is to examine the abnormal stock return of Hong Kong real estate firms following news of land acquisition and identify determinants to the abnormal stock…

1324

Abstract

Purpose

The purpose of this paper is to examine the abnormal stock return of Hong Kong real estate firms following news of land acquisition and identify determinants to the abnormal stock return.

Design/methodology/approach

The paper employs the event‐study methodology and multivariate regression to test factors that are hypothesized to have effects on the abnormal return.

Findings

The paper indicates that on land acquisition announcement there is a significant positive price reaction. Also the market capitalization and debt‐to‐equity ratio of a firm is associated negatively with the level of abnormal price reaction.

Practical implications

This study has identified significant positive abnormal stock return following the news of land acquisitions by developers in the context of Hong Kong. It has also documented negative correlation between abnormal stock return and two specific factors of a firm, namely, market capitalization and debt‐to‐equity ratio.

Originality/value

This paper identifies significant positive abnormal stock return pursuant to land acquisitions by firms.

Details

Property Management, vol. 28 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

Access Restricted. View access options
Article
Publication date: 7 March 2016

Daniel C.W. Ho and Ervi Liusman

The complex nature of multi-ownership, multi-storey buildings requires the services of property management companies (PMCs). Naturally, homeowners favor PMCs with good…

1453

Abstract

Purpose

The complex nature of multi-ownership, multi-storey buildings requires the services of property management companies (PMCs). Naturally, homeowners favor PMCs with good performance. Yet, their performances vary. The purpose of this paper is to measure the performance of PMCs in managing high-rise flats using the logic model as the contextual framework with its indicators adapted from the building quality index (BQI) scheme.

Design/methodology/approach

For this pilot study, the research was based on visual inspection and interviews with building management staff for the information concerning the output and outcome indicators. The authors also tested the relationship between outcomes and outputs and other factors that affect the performance of PMCs.

Findings

Based on our pilot study of 41 high-rise residential buildings, the performance outcomes of the PMCs varied considerably. The same PMC was likely to yield different performance outcomes due to unique building characteristics. The outputs, building ages and rehabilitation statuses of the buildings were the contributing factors to the PMCs’ performance outcomes.

Practical implications

The performance outcomes of the logic model can help homeowners and PMCs understand current PMC performance, which can help trigger the development of a strategy to enhance the health and safety of residential buildings in the future.

Originality/value

Unlike traditional performance measurements that use financial figures or balanced scorecards to measure organizational performance, the authors used the logic model performance measurement system because the performance outcomes of the PMCs were explicitly reflected in the physical building conditions. This framework was relatively straightforward and could be applied to cities dominated by multi-ownership, multi-storey apartments.

Access Restricted. View access options
Article
Publication date: 1 August 2006

Yai‐Hung Chiang and Chun‐Kei Joinkey

The first Hong Kong Real Estate Investment Trust (HK‐REIT), the Link REIT, was successfully launched in late 2005. The retail tranche of its initial public offering (IPO) was 19…

472

Abstract

The first Hong Kong Real Estate Investment Trust (HK‐REIT), the Link REIT, was successfully launched in late 2005. The retail tranche of its initial public offering (IPO) was 19 times oversubscribed, and the IPO is the largest of its kind in the world until now. Despite the initial phenomenon success, there have been only three others to follow and get listed. Indeed, it took Hong Kong over two years to have her first Link REIT listed after the legislation for REIT products had come into force. The development of REIT market in Hong Kong has been slow compared to its counterparts in some other Asian countries. This paper aims to explain the somewhat sluggish growth of the HK‐REIT market. Its development is compared with some emerging Asian markets as well as the more mature markets in the USA and Australia. The study is focused on the legislations that govern REITs in different jurisdictions, their different REIT market envi‐ronments and the rationale from the respective governments to introduce their REITs. It is concluded that the sluggish development of HK‐REITs is mainly due to its market environment and industry structure. There is not enough incentive for developers to dispose their assets in the form of REITs. Besides, the HK‐REIT Code was initially criticized by the industry as being too restrictive. Though subsequent amendments on the HK‐REIT Code have been made to make it more conducive to the development of REIT market, further sustainable success will however hinge on the willingness from sponsors, particularly large developers, to offer their portfolios of properties for sale through REITs.

Details

Journal of Financial Management of Property and Construction, vol. 11 no. 2
Type: Research Article
ISSN: 1366-4387

Keywords

Access Restricted. View access options
Book part
Publication date: 28 February 2022

Mark DeSantis, Matthew McCarter and Abel Winn

The authors use laboratory experiments to test two self-assessment tax mechanisms for facilitating land assembly. One mechanism is incentive compatible with a complex tax…

Abstract

The authors use laboratory experiments to test two self-assessment tax mechanisms for facilitating land assembly. One mechanism is incentive compatible with a complex tax function, while the other uses a flat tax rate to mitigate implementation concerns. Sellers publicly declare a price for their land. Overstating its true value is penalized by using the declared price to assess a property tax; understating its value is penalized by allowing developers to buy the property at the declared price. The authors find that both mechanisms increase the rate of land assembly and gains from trade relative to a control in which sellers’ price declarations have no effect on their taxes. However, these effects are statistically insignificant or transitory. The assembly rates in our self-assessment treatments are markedly higher than those of prior experimental studies in which the buyer faces bargaining frictions, such as costly delay or capital constraints.

Access Restricted. View access options
Article
Publication date: 2 October 2017

Mohamed H. Elmagrhi, Collins G. Ntim, Richard M. Crossley, John K. Malagila, Samuel Fosu and Tien V. Vu

The purpose of this paper is to examine the extent to which corporate board characteristics influence the level of dividend pay-out ratio using a sample of UK small- and…

4622

Abstract

Purpose

The purpose of this paper is to examine the extent to which corporate board characteristics influence the level of dividend pay-out ratio using a sample of UK small- and medium-sized enterprises from 2010 to 2013 listed on the Alternative Investment Market.

Design/methodology/approach

The data are analysed by employing multivariate regression techniques, including estimating fixed effects, lagged effects and two-stage least squares regressions.

Findings

The results show that board size, the frequency of board meetings, board gender diversity and audit committee size have a significant relationship with the level of dividend pay-out. Audit committee size and board size have a positive association with the level of dividend pay-out, whilst the frequency of board meetings and board gender diversity have a significant negative relationship with the level of dividend pay-out. By contrast, the findings suggest that board independence and CEO role duality do not have any significant effect on the level of dividend pay-out.

Originality/value

This is one of the first attempts at examining the relationship between corporate governance and dividend policy in the UK’s Alternative Investment Market, with the analysis distinctively informed by agency theoretical insights drawn from the outcome and substitution hypotheses.

Details

International Journal of Accounting & Information Management, vol. 25 no. 4
Type: Research Article
ISSN: 1834-7649

Keywords

Available. Open Access. Open Access
Article
Publication date: 27 March 2023

Giacomo Morri, Rachele Anconetani and Luciano Pistritto

Corporate governance principles are living a positive momentum in light of the megatrends reshaping the world. An effective company based on sound governance principles can…

2762

Abstract

Purpose

Corporate governance principles are living a positive momentum in light of the megatrends reshaping the world. An effective company based on sound governance principles can prevent issues and corporate scandals as the company ensures greater transparency and accountability. Accordingly, this paper aims to investigate the relationship between shareholder-oriented corporate governance mechanisms, value and performances in the real estate sector.

Design/methodology/approach

This paper investigates the relationship between corporate governance mechanisms, performance and value in a sample of 111 USA real estate firms. After collecting data from 2014 to 2018, this paper tests the research hypothesis using the linear fixed-effect model.

Findings

The results demonstrate a positive impact of shareholder-oriented corporate governance mechanisms on performance and value. In particular, firms with no chief executive officer (CEO) duality and staggered board mechanisms and recognizing excess variable compensation to the firms' executive have a significantly higher Tobin's Q, return on assets (ROA) and price-to-book performance.

Practical implications

The implications are twofold: on the one hand, this motivates shareholders to establish new corporate control mechanisms to maximize value, attract more capital and improve operating performance. On the other hand, this allows investors to direct the investors' resources toward real estate firms with effective corporate governance mechanisms that may return higher performance and value.

Originality/value

Focusing on the real estate industry, where governance is expected to have a lower impact due to solid regulation, especially in real estate investment trusts (REITs), the research allows the formulation of industry-specific inferences that may be generalized for the general market.

Details

Journal of Property Investment & Finance, vol. 41 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

1 – 10 of 621
Per page
102050