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Addae-Dapaah, K and Ching, W H (2003) Effects of property acquisition and disposal on property stock value. Journal of Financial Management of Property and Construction, 8(03), 139–54.

  • Type: Journal Article
  • Keywords: property; acquisition; disposal; announcement; and abnormal profit
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    The study utilizes the event study methodology to evaluate the effect(s) of acquisition and/or disposal announcement(s) on the value of property stocks of 22 companies listed on the Singapore Exchange (SGX). The study focuses on the period from 1994 to 1999. It was found that the impact of both acquisition and disposal announcements on shareholder wealth during the period, albeit positive, is not significant at the 0.05 level. However, a company's announcement of intent to dispose of its asset(s) had a significantly positive cumulative excess return during the period. This implies that, apart from announcement of intent to dispose of asset(s), investors generally cannot significantly profit from a prior knowledge of acquisition and/or disposal announcements. Furthermore, it was found that "size effect" is of no significance to Singapore property stock market.

Chau, K W, Wong, S K and Yiu, C Y (2003) Price discovery function of forward contracts in the real estate market: an empirical test. Journal of Financial Management of Property and Construction, 8(03), 129–38.

Dowse, G (2003) Qualitative residential market forecasts: the Auckland experience. Journal of Financial Management of Property and Construction, 8(03), 193–201.

Hui, E C M and Yiu, C Y (2003) Market dynamics of private residential real estate price - an empirical test in Hong Kong. Journal of Financial Management of Property and Construction, 8(03), 155–66.

Newell, G and Karantonis, A (2003) The predictive accuracy of investor sentiment for commercial property in Australia. Journal of Financial Management of Property and Construction, 8(03), 117–28.

Parker, D, MacFarlane, J, Peng, V and Murray, J (2003) Forecasting property market cycles: An application of the RICS model to the Sydney CBD office market. Journal of Financial Management of Property and Construction, 8(03), 178–92.

Pornchokchai, S and Perera, R (2003) Housing market in Bangkok after the financial crisis of 1997: lessons learned from the perspective of housing developers. Journal of Financial Management of Property and Construction, 8(03), 167–78.