An assessment of the relationship between public real estate markets and stock markets at the local, regional, and global levels

The primary contribution of this study is to assess whether public real estate markets and stock markets are linked at the local, regional, and global levels, and to assess the evolution of their dynamic relationship and gradual integration during the last two decades. For individual pairs of real estate and stock markets, our analysis shows that the current levels of local, regional, and global correlation between real estate and stock markets are time-varying and are, at most, moderate at the respective integration levels. The real estate and stock markets are both contemporaneously and causally linked in their returns and volatilities; however the causality relationship appears weaker. In the long run, the real estate markets have slowly become more integrated with the global and regional stock markets; while less integrated with the local stock markets. In addition, the extracted common factors allow for a direct assessment of the dynamic relationships between the real estate and stock markets as a group, and thereby complement the individual results. Finally, there appears to be a declining real estate and stock return dispersion and differential at the local, regional, and global levels for all nine economies, indicating a tendency of return convergence between real estate and stock market in an international environment. --Time-Varying Integration,Return and Volatility Causality,Multivariate Asymmetric DCC-GARCH,Return Convergence,Securitized Real Estate Markets,International Stock Markets

Risk-Adjusted Performance of Real Estate Stocks: Evidence From Developing Markets

This paper examines the performance of real estate stocks listed in seven developing markets in East Asia between 1992 and 2002. Using panel regressions, the goal is to identify determinants of the risk-adjusted returns of real estate securities traded in these markets. The empirical evidence suggests that size, book-to-market value, capital structure and market diversification have significant influence on the performance of real estate securities. Asset structure and development exposure, however, do not appear to have any significant effect on the returns behavior, while dividend yield has limited influence. As expected, interest rates and market condition have significant impact on the returns of real estate stocks. The Asian Financial Crisis also has an adverse impact on stocks? performance.

Peranan Economic Value Added (Eva) dalam Mengukur Kinerja Perusahaan

As the economic condition becoming more global, business competition is becoming tighter. Effectiveness and efficiency have become very important things. companies also need bigger capital in order to sustain in the competition. Companies can get higher capital by issuing stocks to the market. This condition has been a challenge for the companies to attract investors to invest their funds in their companies. in this effort, companies shouldn\u27t only describe their performance financial statements, but also by performance measurement such as Economic value Added (EVA). EVA can help managers to improve their performance and provide consideration for the investor

Peranan Economic Value Added (Eva) dalam Mengukur Kinerja Perusahaan

As the economic condition becoming more global, business competition is becoming tighter. Effectiveness and efficiency have become very important things. companies also need bigger capital in order to sustain in the competition. Companies can get higher capital by issuing stocks to the market. This condition has been a challenge for the companies to attract investors to invest their funds in their companies. in this effort, companies shouldnt only describe their performance financial statements, but also by performance measurement such as Economic value Added (EVA). EVA can help managers to improve their performance and provide consideration for the investor

An Integrated UUM Web-Based Electronic Ticketing Service for Express Bus Service Provider

Conventional bus ticketing transactions without IT supported are not cost-effective nowadays. With the evolution and emergence of Internet technology, there comes a new way of ticketing transaction - electronic ticketing. Internet provides this type of ticketing services available online 24-hour, day and night and anywhere as long as the ticket is still available. UUM is seen to have the ability to occupy this electronic ticketing service to its students. An integrated UUM web based electronic ticketing (UUMET) system was developed to support this idea. The UUMET system is specially designed to UUM student to enable them to make express bus ticket purchase without having to travel to the ticket counter. This project focused only to the development of a prototype for the UUMET system that support the electronic ticket buying transaction to the student of UUM. UUMET system comprises of a database that is built using MySQL database application software Apache server as the web server, and PHP as its application server. The methodology used is object -oriented system development using the Unified Modeling Language - the Unified Approach. The development of the UUMET prototype system applied all phases of the system development life cycle model namely analysis, design, prototyping and testing of the prototype system. The UUMET prototype system is tested using the scenario-based testing applying the concept of black-box strategy in a non-real life environmental

A Novel Semi-Passive Turbulence Enhancement Method: A Flexible Vortex Generator

The turbulence enhancement ability of a flexible vortex generator (FVG) was numerically studied in this research. The spatial and turbulence characteristics of the wake of the FVG that is submerged in a subcritical flow were examined. The FVG’s heat transfer performance was also investigated. In general, the analyses show that the FVG has a better turbulence generation ability that is caused by the escalated shear, which is proportional to the FVG’s structural velocity

The trompenaar's organizational cultural model and it's applicability within Malaysia setting in boosting employee engagement

The purpose of this research is to examine and explore and finding out what is the perceived organizational culture type and employees' engagement level within Malaysia setting, by adopting adopting Trompenaar' s Organizational Culture Model and Gallop Questionnaires Q-12 respectively. This research was done among working Malaysian from various industries. Data were gathered through questionnaires and was being graphically analyzed. Throughout the statistical and graphical analysis - descriptive analysis, it is found that among all four independent variables, Family culture was the most favourable organizational culture, while Guided Missile culture was the most occurring organizational culture and 67% the current Malaysian employees were found to be at the category of''Not Engaged'', where these group of employees putting time but not energy or passion into their work

Studies of the chemistry of dithiocarbamates and their metal complexes : a thesis presented in partial fulfilment of the requirements for the degree of Master of Science with Honours in Chemistry at Massey University, New Zealand

The studies of the chemistry of dithiocarbamates and its related compounds have been undertaken. It is hoped that such studies would shed light on the interaction betwe n such compounds and the thiol-enzyme, aldehyde dehydrogenase. The facts of previous publication revealed that metabolism of alcohol occurs chiefly in the liver and involves several different enzyme systems. The major pathway, however, is oxidation of ethanol to acetaldehyde, catalysed by alcohol dehydrogenase, followed by oxidation of acetaldehyde to acetate, catalysed by aldehyde dehydrogenase. This normal pathway can be disrupted by the ingestion of certain compound, the famous of which is disulfiram or Antabuse, prior to the drinking of alcohol. The compound 4-nitro-phenyl di-methyldithiocarbamate has a close structural similarity to both the inactivator, disulfiram, and the substrate, 4-nitro-phenyl acetate. It turns out that the dithiocarbamate ester is in fact an inactivator of aldehyde dehydrogenase. The chemical reaction resulted in the formation of an inactivated enzyme. The extent of the inhibition can be measured by the release of 4-nitrothiophenoxide ion and upon the treatment of di-methyldithiocarbamate ion with acid to form carbon disulphide gas. However, the analysis is not fully understood, due to further complex reactions occured in the system. Two other suggestions have been put forward to account for the gap. Nevertheless, the study of the chemistry of dithiocarbamate is a step further towards understanding. The study of metal complexes of some substituted dithiocarbamates has found considerable use in analytical methods for heavy metals. The complexes gave approximately the correct metal analysis based on the expected stoichiometry of a 2:1 ratio of dithiocarbamate to metal

An assessment of the relationship between public real estate markets and stock markets at the local, regional, and global levels

The primary contribution of this study is to assess whether public real estate markets and stock markets are linked at the local, regional, and global levels, and to assess the evolution of their dynamic relationship and gradual integration during the last two decades. For individual pairs of real estate and stock markets, our analysis shows that the current levels of local, regional, and global correlation between real estate and stock markets are time-varying and are, at most, moderate at the respective integration levels. The real estate and stock markets are both contemporaneously and causally linked in their returns and volatilities; however the causality relationship appears weaker. In the long run, the real estate markets have slowly become more integrated with the global and regional stock markets; while less integrated with the local stock markets. In addition, the extracted common factors allow for a direct assessment of the dynamic relationships between the real estate and stock markets as a group, and thereby complement the individual results. Finally, there appears to be a declining real estate and stock return dispersion and differential at the local, regional, and global levels for all nine economies, indicating a tendency of return convergence between real estate and stock market in an international environment

Volatility connectedness and market dependence across major financial markets in China economy

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