Abstracts – Browse Results
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Fang, M and Long, F (2009) A preliminary look at effects of asset-backed securitization on shareholders. Journal of Financial Management of Property and Construction, 14(03), 248–56.
Lee, C L and Ting, K H (2009) The role of Malaysian securitised real estate in a mixed-asset portfolio. Journal of Financial Management of Property and Construction, 14(03), 208–30.
- Type: Journal Article
- Keywords: assets; Malaysia; property; real estate; shares
- ISBN/ISSN: 1366-4387
- URL: https://doi.org/10.1108/13664380911000440
- Abstract:
Purpose – Previous studies on the Malaysian securitised real estate market have largely emphasised on performance analysis, whereas the importance of securitised real estate in asset allocation is largely ignored. Therefore, the purpose of this paper is to examine the role of Malaysian property shares and real estate investment trusts (REITs) in a mixed-asset portfolio from 1991 to 2006. Design/methodology/approach – The mean-variance and downside risk optimisations were utilised to assess the role of REITs and property shares in a mixed-asset portfolio allocation. More specifically, the portfolio diversification potential and return enhancement benefits for both assets were examined. Findings – The results showed that property shares offer little diversification benefits or portfolio return enhancement, whereas the equally weighted REITs portfolio does provide some diversification benefits and return enhancements under the mean-variance and downside risk frameworks. However, the benefits have diminished in recent years. Besides, the results also revealed that the equally- and value-weighted REIT portfolios do behave differently. Research limitations/implications – This study has several important implications for investors. Importantly, investors should consider the inclusion of REITs rather than property shares in their portfolios. Originality/value – This paper is one of few studies in emerging markets, although Malaysia was the first country to introduce REITs in Asia. Additionally, it could be the first attempt to assess the downside risk of Malaysian securitised real estate.
Omar, I and Ismail, M (2009) Kotaka's Model in land acquisition for infrastructure provision in Malaysia. Journal of Financial Management of Property and Construction, 14(03), 194–207.
Sham, H T, Sing, T F and Tsai, I-C (2009) Are there efficiency gains for larger Asian REITs?. Journal of Financial Management of Property and Construction, 14(03), 231–47.
Yiu, C Y (2009) Negative real interest rate and housing bubble implosion – an empirical study in Hong Kong. Journal of Financial Management of Property and Construction, 14(03), 257–70.