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(3), pp. 139-154. 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.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | property, acquisition, disposal, announcement, abnormal profit |
| Index terms: | acquisition, Singapore, investor, profit, size effect, methodology |
| Subjects: | business, sociology, engineering principles, economic analysis, Geography, research methods |
| Topics: | Geographical Context, Engineering Principles, Stakeholder Management, Research Practice, Business Strategy |
| Descriptive scope: | 3 PCT |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here