A-Reit price responses to cash rate changes
Contribuinte(s) |
[unknown] |
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Data(s) |
01/01/2010
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Resumo |
With the rapid increasing number and assets of A-REITs, there has been an urgent need to study the relationship between the changes of cash rates and the A-REITs returns. This study investigates whether there were relationships between Australian-Real Estate Investment Trusts stock returns and policy interest rate changes in the past decade by using event study with a multivariate regression model. The findings indicate that cash rate changes have no significantly positive or negative influence on the equity A-REIT stock prices. A series of successive cash rate changes do not take a continuous and dramatic effect on the equity A-REIT stock prices in each economic cycle. Moreover, the A-REITs with relatively smaller assets show more significant fluctuation to the changes of cash rates, and the A-REITs owning more than $ 10 billion in capital assets have relatively steady stock prices. Overall, the findings from this research lead to a call for comprehensive research into various areas in order to ascertain the determinants of A-REIT price changes.<br /> |
Identificador | |
Idioma(s) |
eng |
Publicador |
AUBEA |
Relação |
http://dro.deakin.edu.au/eserv/DU:30033320/liu-areitprice-2010.pdf http://dro.deakin.edu.au/eserv/DU:30033320/liu-aubeaconferencereview-2010.pdf |
Direitos |
2010, AUBEA |
Palavras-Chave | #A-REITs #abnormal returns #cash rate #event study #stock prices |
Tipo |
Conference Paper |