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The global financial crisis and the centro properties group earnings revision and refinancing announcements : an event study

Dimovski, William 2009, The global financial crisis and the centro properties group earnings revision and refinancing announcements : an event study, Pacific rim property research journal, vol. 15, no. 4, pp. 417-429.

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Title The global financial crisis and the centro properties group earnings revision and refinancing announcements : an event study
Author(s) Dimovski, William
Journal name Pacific rim property research journal
Volume number 15
Issue number 4
Start page 417
End page 429
Total pages 13
Publisher Pacific Rim Real Estate Society
Place of publication Sydney, N.S.W.
Publication date 2009-12
ISSN 1444-5921
Keyword(s) A-REITs
global financial crisis
CAPM
Summary This study analyses the impact of the global financial crisis using Centro Properties Group's earnings revision and refinancing announcements on December 17th 2007 as the event date to investigate the change in risk profile for A-REITs that were included in the S&P/ASX 300. The study finds that nine of the 25 A-REIT constituents on the S&P/ASX 300 recorded statistically significant negative abnormal returns on 17th December 2007 and that the systematic risk for many A-REITs moved significantly higher after this date. This increased systematic risk has major implications for the cost of capital to the sector.
Notes Reproduced with the kind permission of the copyright owner
Language eng
Field of Research 150201 Finance
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2009, Pacific Rim Real Estate Society
Persistent URL http://hdl.handle.net/10536/DRO/DU:30023622

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