Addae-Dapaah, K; (2003) Effects of property acquisition and disposal on property stock value. Journal of Financial Management of Property and Construction , 8 (3)

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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.

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