The level of direct property in UK property company performance (Record no. 104990)

MARC details
000 -LEADER
fixed length control field 02973cam a2200205 4500
001 - CONTROL NUMBER
control field ##L132047
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 051221n2000 000 0 eng u
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u132047
041 0# - LANGUAGE CODE
Language code of text/sound track or separate title eng
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Newell, Graeme
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Ancheampong, Peter
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Lee, Stephen
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Baum, Andrew
245 04 - TITLE STATEMENT
Title The level of direct property in UK property company performance
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Place of publication, distribution, etc. London
Name of publisher, distributor, etc. RICS
Date of publication, distribution, etc. 2000
520 ## - SUMMARY, ETC.
Summary, etc. UK property company performance has typically been poorly correlated with direct property, and highly correlated equities. For example, over 1987-98 the correlation between UK property companies and direct property was 0.10, while the correlation between UK property companies and equities was 0.68. This trend has also been evident in other countries (eg, USA, Australia). The key strategic institutional issue of how much of property company performance is attributable to direct property performance has received renewed attention in recent years (Ghosh, Miles and Sirmans, 1996: Liang and McIntosh, 1998). With property companies having undergone major structural changes in many countries in recent years (Liang and McIntosh, 1998), this has refocused institutional investor attention on whether the investment dynamics and characteristics of property companies have also changed. The property industry 'expectation' is that property companies have now taken on more of the investment features of direct property and less of the stockmarket. For the US, Liang and McIntosh (1998) have shown that REITs behaved like a portfolio of 80% property, 12% bonds and 8% shares since 1992-97. Similarly, in Australia, property trusts were found to perform like a portfolio of 65% property, 12% shares, 8% bonds and 15% cash over 1993-98 (Newell et al, 1999). Given these international trends, it is essential that the recent investment dynamics of UK property companies are critically evaluated. Style analysis via multi-factor asset allocation mix models (Sharpe, 1992) will be used to determine how much of UK property company performance is attributable to direct property performance. This will be assessed over 1976-99 for the UK property companies sector, as well as for a number of the leading UK property companies. Style analysis will be further used to extract a more responsive property performance series from this property company performance data. This 'stripped out' property series will hopefully overcome the well known problems associated with valuation based property performance indicators, and provide a reliable and more responsive indicator of property performance. This property series will be validated against the IPD valuation based property benchmarks for UK commercial property over 1987-99. This research has been funded by a research grant from the RICS Research Foundation in 1999.
520 ## - SUMMARY, ETC.
Summary, etc. This item is no longer available.
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element PROPERTY-PROPERTY FINANCE AND INVESTMENT
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
Holdings
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    Dewey Decimal Classification     Virtual Virtual Online 21/12/2005   132047-1001 06/08/2019 1 06/08/2019 Book