REIT Institutional Ownership Dynamics and the Financial Crisis

Collectively, institutional investors hold large ownership stakes in REITs. The traditional view is that institutions are both long-term and passive investors. The financial crisis beginning in 2007 provides an opportunity to analyze the investment choices of institutional investors before, during, and after the crisis. Our results indicate that institutional ownership increased prior to the financial crisis, declined significantly during the period of market stress, but rebounded after. These results hold for four institutional investor subtypes: mutual funds/investment advisors, bank trusts, insurance companies, and other institutions, with mutual funds/investment advisors and bank trusts most clearly exhibiting this pattern. We also find evidence that institutions actively manage their REIT portfolios, displaying a “flight to quality” after the market downturn by reducing beta and individual risk exposure, and by increasing ownership in larger REITs.     

The Predictive Value of Earnings, Cash flows and Accruals in the Period Surrounding the Asian Financial Crisis: Evidence from Hong Kong, Malaysia, Singapore and Thailand

This paper examines the predictive value of earnings, operating cash flows and accruals in Hong Kong, Malaysia, Singapore and Thailand for the period 1994–2001. We also examine the impact of the Asian financial crisis of 1997 on the predictive power of the accounting performance measures. We regress future cash flows and future excess returns on earnings (or cash flows and accruals) for the periods 1994–1996 (pre‐crisis period), 1997–1998 (crisis period) and 1999–2001 (post‐crisis period). Our findings indicate that the accounting measures have explanatory power for 1‐year ahead cash flows. Our analyses of 1‐year ahead excess returns indicate that investors may have undervalued the accounting measures in the pre‐ and post‐crisis periods, and overvalued the measures during the crisis period.     

“Since You’re Asking. . . ”: Free Text Commentaries in an Epidemiological Study of Low Back Pain Consulters in Primary Care

As part of a longitudinal mixed-method study on low back pain (LBP), free-text comments were invited at the end of the 12 month follow-up survey questionnaire. 80% of respondents used this option and provided a wealth of material so that comparisons could be made with survey and interview results. People reported pain in other parts of the body apart from LBP, and illustrated the impact of LBP on physical ability and work, psychological well-being and social activities. Free-text material offers valuable insights that strengthen the findings of the survey, and the study as a whole.     

Quarterly reporting in a voluntary disclosure environment: Its benefits, drawbacks and determinants

We primarily examine three issues pertaining to quarterly reporting; its benefits, drawbacks and determinants. This study is conducted in a voluntary-disclosure environment with respect to reporting quarterly earnings. On the benefits side, we find that quarterly reporting is associated with higher analyst following, and on the drawbacks side we find it is associated with high price volatility. If left to its own discretion, we find that a firm with high growth prospects, large size and a technology orientation is likely to disclose earnings on a quarterly basis.     

The Rise of Manufacturing Towns: Externally Driven Industrialization and Urban Development in the Pearl River Delta of China

This paper examines the forces that are shaping recent urban development in the economically most prosperous region of China — the Pearl River Delta. It shows that economic reform since 1978 has accelerated the pace of industrialization in the region and thereby led to the rise of a growing number of new urban centers. While public policies of the government continue to play a central role in defining the patterns of urbanization, they are increasingly localized and heavily influenced by the imperative of promoting externally-oriented economic growth. As a result, the prioritization of resource allocation for urban development is tilted toward the need of attracting and retaining foreign investment, and the formation of the emergent urban social space follows closely the interplay between the interests of dominant players in the increasingly marketized economic process. A major consequence of this is a segregation of urban life along the lines of international and domestic division of labor, where the benefits of urban development accrue differentially to various urban residents according to the relative scarcity of the economic factors that they possess. Cet article examine les forces qui façonnent le développement urbain récent dans la région la plus prospère de Chine — le delta de la rivière Pearl. Il démontre que la réforme économique depuis 1978 a accéléré le rythme de l’industrialisation dans la région et, de ce fait, a produit l’essor d’un nombre croissant de nouveaux centres urbains. Bien que la politique d’intérêt public du gouvernement continue à jouer un rôle central dans le choix des modèles d’industrialisation, ils sont de plus en plus localisés et fortement influencés par la nécessité de promouvoir la croissance économique orientée vers l’extérieur. Conséquemment, les priorités dans l’affectation des ressources pour le développement urbain sont influencées par le besoin d’attirer et de conserver les investissements étrangers, et la création d’un nouvel espace social urbain suit de près les effets réciproques des intérêts des partis dominants dans un processus économique de plus en plus commercialisé. Une conséquence importante est la ségrégation de la vie urbaine suivant une division du travail internationale et domestique, dans laquelle les avantages du développement urbain s’accroient différentiellement pour les résidents urbains selon leur manque relatif de facteurs économiques.     

Economic History of Asia: comparative perspectives

This article surveys studies that provide a comparative perspective on the economic history of Asia. The available paradigms tend to be extrapolations of the relatively well-researched long-term development of Japan and China. It remains to be seen whether these apply to other Asian countries, but they are likely to further comparative research that will help to focus scholarship on the crucial factors in understanding long-term economic development in Asia.     

Seasoned Equity Issuance by Japan and Singapore REITs

This paper examines the effects of market conditions and asset acquisitions on announcement returns and the probability of equity offerings by REITs in Japan and Singapore. The Asian experience is interesting given the prevalence of yield accretive strategies, but more so, we establish that past acquisitions have a significant effect on the probability of equity offering, over and beyond the effect of debt and market conditions. A contemporaneous acquisition announcement mitigates the negative price effect of the SEO announcement. We also find that equity clustering affects market reaction and SEO issuance.     

Travel behaviour: a study of older Malaysians

The worldwide demographic shift towards population ageing has made older adults an attractive market segment not only for developed countries but also for developing countries such as Malaysia. This study explores travel behaviour among older adults living in Malaysia. Using non-probability quota sampling, 1356 older adults responded to the personal interviews carried out in Peninsular Malaysia. The main travel motivations were ‘to spend time with friends or family’ and ‘relaxation’, and the most preferred destinations were big cities. The majority of the respondents preferred to travel in tour groups. Their decision to travel was largely influenced by cost and recommendations from their family. During their holiday, common problems faced by them were tiredness, health problems and worries over safety and security. There were significant differences with respect to their travel behaviour, among the different ethnic groups and religions. Based on the results, this paper provides some management implications to marketers and other tourism organisations.