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A-Reit price responses to cash rate changes

Huang, Yan and Liu, Chunlu 2010, A-Reit price responses to cash rate changes, in AUBEA 2010 : Construction Management(s) : Proceedings of the 35th Australasian Universities Building Education Association annual conference, AUBEA, Melbourne, Vic., pp. A042 – 1-A042 – 11.

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Title A-Reit price responses to cash rate changes
Author(s) Huang, Yan
Liu, Chunlu
Conference name Australasian Universities Building Education Association. Conference (35th : 2010 : Melbourne, Vic)
Conference location Melbourne, Vic.
Conference dates 14-16 Jul. 2010
Title of proceedings AUBEA 2010 : Construction Management(s) : Proceedings of the 35th Australasian Universities Building Education Association annual conference
Editor(s) [unknown]
Publication date 2010
Conference series Australasian Universities Building Education Association Conference
Start page A042 – 1
End page A042 – 11
Total pages 11
Publisher AUBEA
Place of publication Melbourne, Vic.
Keyword(s) A-REITs
abnormal returns
cash rate
event study
stock prices
Summary With the rapid increasing number and assets of A-REITs, there has been an urgent need to study the relationship between the changes of cash rates and the A-REITs returns. This study investigates whether there were relationships between Australian-Real Estate Investment Trusts stock returns and policy interest rate changes in the past decade by using event study with a multivariate regression model. The findings indicate that cash rate changes have no significantly positive or negative influence on the equity A-REIT stock prices. A series of successive cash rate changes do not take a continuous and dramatic effect on the equity A-REIT stock prices in each economic cycle. Moreover, the A-REITs with relatively smaller assets show more significant fluctuation to the changes of cash rates, and the A-REITs owning more than $ 10 billion in capital assets have relatively steady stock prices. Overall, the findings from this research lead to a call for comprehensive research into various areas in order to ascertain the determinants of A-REIT price changes.
Notes
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Language eng
Field of Research 120201 Building Construction Management and Project Planning
Socio Economic Objective 870501 Civil Building Management and Services
HERDC Research category E1 Full written paper - refereed
HERDC collection year 2010
Copyright notice ©2010, AUBEA
Persistent URL http://hdl.handle.net/10536/DRO/DU:30033320

Document type: Conference Paper
Collections: School of Architecture and Built Environment
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.