Comparison of multifactor productivity indicators for real estate sectors using the OECD input-output database

"Research on the international comparison of productivity has gained significant interest throughout several previous decades. Relatively little work has however been done in the real estate sector. This paper aims to develop a new productivity measurement framework for the international comparison of the real estate sector based on the newly-published OECD input-output database. Three multifactor productivity indicators are formulated using the ratio of the sectoral final demand to value added, the intermediate output to intermediate input and the total output to total input effect respectively in the input-output table. Historical analyses and comparisons are also carried out to indicate the differences of productivities of the real estate sectors in seven selected countries. Findings can improve the understanding of how technological, organisational and policy influences combine to affect productivity growth and aid the policy makers, real estate agencies and researchers in evaluating the competitive ability of the real estate sector."

The gender composition of boards of property trust IPOs in Australia from 1994 to 2004

This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 2004. Like mining and industrial company IPOs, we find that property trust IPOs in Australia generally do not require female directors for the initial equity capital raising. We also find that larger IPOs during 1994 to 1999 tended to engage more women directors but that this relation was not significant in property trust IPOs from 2000 to 2004.

Economic performance analysis of the Australian property sector using input-output tables

The property sector has played an important role with its growing contribution in the national income and employment in the Australian economy. There is an increasing research need in measuring and analysing the economic performance of the Australian property sector at a country level and input-output tables are considered as an appropriate tool. This paper aims to analyse and measure the performance and sectoral linkages of the Australian property sector using the five latest input-output tables compiled by the Australian Bureau of Statistics. Findings suggested that the Australian residential property sector had played a more important role than the commercial sector in the economy. The backward linkage of the residential property sector showed a decreasing economic pull, while that of commercial property presented an upward pattern. Moreover. the Australian property sector showed a medium economic push to the national economy over the examined period. Findings can aid policy makers, the property sector and researchers in evaluating the competitive ability of the property sector in Australia.

The gender composition of boards of property trust initial public offerings

This paper follows Dimovski and Brooks (2004) which identified a relatively low proportion of female directors on the boards of Australian mining and industrial company initial public offerings (IPOs). This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 1999. We find that property trust IPOs in Australia generally do not require female directors for the capital raising. We also find that larger IPOs tend to engage more women directors but that retail property trust IPOs tend to engage fewer women directors.

The responsiveness of LPT returns and their attributes

The Australian listed property sector has experienced substantial growth over the past decade. Relative to international property markets, Australia has the highest percentage of listed real estate and the highest proportion that makes up the total equity market in the world, hence, making it an important component of domestic financial markets. This study employs the Stone (1974) two factor asset pricing model to investigate the sensitivity of Listed Property Trust (LPT) returns to market and interest rate returns from 2000 to 2005, and the characteristics (namely, management structure, specialisation and the degree of financial leverage) that may be driving these sensitivities. Our results indicate an increase in the market risk profile of LPTs, suggesting an erosion of the defensive benefits of LPTs against stockmarket volatilities.

Granger causality among house price and macroeconomic variables in Victoria

This study analyses the dynamic causality of four macroeconomic variables on house prices. The four macroeconomic variables have interrelationships with house prices in certain lagged terms, but these relationships are not always the same as the notions put forward in prior research. The relationships are detected to be unstable in the three observation periods. The instability of these relationships would cause difficulty in predicting house prices in the market, especially for policy makers and market participants.

Interaction between playing golf and HRT on vertebral bone properties in post-menopausal women measured by QCT

Summary We investigated the effect of playing regular golf and HRT on lumbar and thoracic vertebral bone parameters (measured by QCT) in 72 post-menopausal women. The main finding of this study was that there was positive interaction between golf and HRT on vertebral body CSA and BMC at the thoracic 12 and lumbar 2 vertebra but not the third and seventh thoracic vertebras.

Introduction Identifying specific exercises that load the spine sufficiently to be osteogenic is an important component of primary osteoporosis prevention. The aim of this study was to determine if in postmenopausal women regular participation in golf resulted in greater paravertebral muscle mass and improved vertebral bone strength.

Methods Forty-seven postmenopausal women who played golf regularly were compared to 25 controls. Bone parameters at the mid-vertebral body were determined by QCT at spinal levels T3, T7, T12 and L2 (cross-sectional area (CSA), total volumetric BMD (vBMD), trabecular vBMD of the central 50% of total CSA, BMC and cortical rim thickness). At T7 and L2, CSA of trunk muscles was determined.

Results There was a positive interaction between golf and HRT for vertebral CSA and BMC at T12 and L2, but not at T3 or T7 (p ranging < 0.02 to 0.07). Current HRT use was associated with a 10–15% greater total and trabecular vBMD at all measured vertebral levels. Paravertebral muscle CSA did not differ between groups. Vertebral CSA was the bone parameter significantly related to muscle CSA.

Conclusion These findings provide preliminary evidence that playing golf may improve lower spine bone strength in postmenopausal women who are using HRT.

Analysis of IPO dividend forecasts for Australian LPTs

While dividend forecasts in the prospectuses of initial public offerings (IPOs) are common, Brown et al. (2000) have found them to be optimistically biased. This study investigates the dividend/distribution forecasts in the prospectuses of Australian LPT IPOs during the period 1994 to 2004 and finds on average that they are not optimistically biased. Because dividends have important cash flow implications for investors, this study also examines factors that might influence the magnitude of the errors between the forecast and the actual distributions. It finds that LPT IPOs that offer stapled securities have overestimated their distribution paying ability.

Exploring the increasing role of the real estate sector in the Chinese economy : 1997-2002

The Chinese government launched a series of real estate reform policies in 1998, which further changed the real estate sector from socialist plan-oriented to modern marketoriented. This paper compares the role of the real estate sector in the Chinese economy in years 1997 and 2002 by using the recently published input-output OECD database. Results verify that the Chinese real estate sector played an increasing role in the Chinese economy with higher contributions and stronger push and pull power in 2002 than those in 1997. However, compared with other countries, especially for some OECD countries, the Chinese real estate sector has a relative lower contribution.

An investigation on the risk perceptions of Australian property fund Managers

Recent empirical and analytical studies have demonstrated that downside risk appears as an intuitively appealing risk measure in which it is more consistent with investors’ behaviour. Conversely, qualitative studies into the behaviour of investors, particularly real estate investors, have been relatively limited. This study seeks to address this shortfall and aims to examine the perceptions of property fund managers towards risk. A survey was conducted to investigate the risk perceptions of property fund managers and determine whether they only require compensation for bearing with higher downside risk. The acceptance level of downside risk is also examined. The findings reveal that downside risk is more consistent with how investors individually perceive risk. However, there is also a gap between theoretical assertions and practice in which downside risk is not commonly used in the practice. The results give an insight into the knowledge base of property investors towards risk, particularly downside risk.

Sustainable property - the future of the New Zealand market

The New Zealand property industry has recently been introduced to the concept of sustainability. Even though targeted measures have been taken by the New Zealand Green Building Council and government, there is considerable hesitation and scepticism existing in the property market from both an investor’s and a building owner’s perspective. This paper discusses the results of an investigation into market perception of sustainable buildings from the investment community in New Zealand. Property investors from New Zealand were surveyed about their perception of sustainable buildings in New Zealand and their actions with regards to their own commercial portfolios, as well as the relationship between sustainability and property investment decisions.

Behaviours of property investors: an investigation on the risk perceptions of Australian property fund managers

Recent finance and real estate empirical and analytical studies have demonstrated that downside risk appears as an intuitively appealing risk measure in which it is more consistent with investors' behaviours. Conversely, qualitative studies into the behaviours of investors, particularly real estate investors, have been relatively limited. This study seeks to address this shortfall and aims to examine the behaviours of property fund managers towards downside risk. A survey was conducted in order to investigate the risk perceptions of property fund managers and determine whether they only require compensation for bearing with higher downside risk. The acceptance level of downside risk in the property funds industry in Australia is also examined. The findings reveal that downside risk is more consistent with how investors individually perceive risk. However, there is also a gap between theoretical assertions and practice in which downside risk is not commonly used in the practice. The results give an insight into the knowledge base of property investors towards downside risk.