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Effects of property acquisition and disposal on property stock value

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

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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.

Type: Article
Title: Effects of property acquisition and disposal on property stock value
Open access status: An open access version is available from UCL Discovery
Publisher version: http://emeraldgrouppublishing.com/products/journal...
Language: English
Keywords: Property, Acquisition, Disposal, Announcement, Abnormal Profit
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning
URI: https://discovery.ucl.ac.uk/id/eprint/1530082
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