The Global Financial Crisis and the Centro Properties Group Earnings Revision and Refinancing Announcements: An Event Study
Author/s: William Dimovski
Date Published: 1/01/2009
Published in: Volume 15 - 2009 Issue 4 (pages 417 - 429)
Abstract
This study analyses the impact of the global financial crisis using Centro Properties Group�s earnings revision and refinancing announcements on December 17 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 17 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.Download Full Article
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Keywords
A-Reits - Capm - Global Financial CrisisReferences
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