The Significance and Performance of Listed Property Companies in the Philippines
Author/s: Thi Kim Nguyen
Date Published: 1/01/2011
Published in: Volume 17 - 2011 Issue 2 (pages 260 - 286)
Abstract
Located in a highly dynamic region, the Philippines have been emerging as an unexplored property market, with a competitive advantage of a highly skilled labor force. Although the Philippine property market has drawn increasing attention in the recent years, details about the Philippine property market are still limited. This paper presents a profile of the Philippine property market and assesses the significance and performance of listed property companies on the Philippine Stock Exchange. The risk-adjusted performance analysis and significance of listed property companies in the Philippines is assessed over Jan. 1999 May 2010, with the ongoing property investment issues highlighted.Download Full Article
Download the Full Article PDF14445921.2011.11104328.pdf (201kB) |
Keywords
Philippine Listed Property Companies - Philippine Property Market - Risk-Adjusted Performance AnalysisReferences
- Addae-Dapaah, K. and H.L. Loh (2005) Exchange rate volatility and international real estate diversification: a comparison of emerging and developed economies, Journal of Real Estate Portfolio Management, 11, 225240.
- Aldaba, R.M. (2006) FDI investment incentive system and FDI inflows: The Philippine experience, Philippine Institute for Development Studies, Discussion paper series No. 200620.
- Aquino, R.Q. (2004) News, noise and stock price movements, The University of the Philippines, College of Business Administration, Discussion Paper No. 0404.
- Aquino, R.Q. (2005) A jump diffusion analysis of Philippine foreign exchange and stock markets, The University of the Philippines, College of Business Administration, Discussion Paper No. 0503.
- Bird, K. and H. Hill (2008) Philippine economic development: A turning point? Center for Contemporary Asian Studies, Doshisha University, CCAS working paper No.16.
- Bangko Sentral Ng Pilipinas, http://www.bsp.gov.ph, Central Bank of the Philippines.
- Bond, S., A. Karolyi and A. Sanders (2003) International real estate returns: a multifactor, multicountry approach, Real Estate Economics, 31, 481500.
- CB Richard Ellis (2009) Asia Investment Marketview: 2H 2009, CBRE.
- CB Richard Ellis (2009) CBRE Property Marketview: June 2009, CBRE.
- Chau, K.W., B. MacGregor and G. Schwann (2001) Price discovery in the Hong Kong real estate market, Journal of Property Research, 18, 187216.
- Chau, K.W., S.K. Wong and G. Newell (2003) Performance of property companies in Hong Kong: a style analysis approach, Journal of Real Estate Portfolio Management, 9, 2944.
- Congress of the Philippines (2009) Republic Act No. 98561 An act providing the legal framework for real estate investment trust and for other purposes, Congress of the Philippines.
- CIA (2010) World Factbook 2010, CIA.
- EPRA (2010) Global Real Estate Universe, EPRA News, 33/2010, EPRA.
- Gerlach, R., P. Wilson and R. Zurbruegg (2006) Structural breaks and diversification: the impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets, Journal of International Money and Finance, 25, 974991.
- Jin, C., T. Grissom and A. Ziobrowski (2007) The mixed-asset portfolio for Asia-Pacific markets, Journal of Real Estate Portfolio Management, 13, 249256.
- Jones Lang LaSalle (2006) Philippines Economic Insight: October 2006, JLL.
- Jones Lang LaSalle (2008) Philippines Economic Insight: May 2008, JLL.
- Jones Lang LaSalle (2008) Sustaining the competitiveness of the Philippine outsourcing and offshoring (O&O) industry, JLL.
- Jones Lang LaSalle (2010) Asia Pacific Property Digest: Second Quarter 2010, JLL.
- Lim, L.C., A. Adair and S. McGreal (2002b) The perception of real estate investment opportunities in Southeast Asia, Pacific Rim Property Research Journal, 8(3), 163182.
- Liow, K.H. (2000) The dynamics of the Singapore commercial property market, Journal of Property Research, 17, 279292.
- Liow, K.H. (2001a) The long-term investment performance of Singapore real estate and property stocks, Journal of Property Investment and Finance, 19, 156174.
- Liow, K.H. (2001b) The abnormal return performance of Singapore property companies, Pacific Rim Property Research Journal, 7, 104112.
- Liow, K. H and M.C. Sim (2006) The risk and return profile of Asian real estate stocks, Pacific Rim Property research Journal, 12(3), 283308.
- Liow, K.H. (2007) The dynamics of return volatility and systematic risk in international real estate security markets, Journal of Property Research, 24, 129.
- Liow, K.H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research, 25, 127155.
- Liow, K. H and A. Adair (2009) Do Asian real estate companies add value to investment portfolio?, Journal of Property Investment & Finance, 27(1), 4264.
- Macquarie Securities (2010) Global Property Pulse: July 2010, Macquarie Securities.
- Majid, M.S.A., A.K.M. Meera, M.A.Omar and H.A.Aziz (2009) Dynamic linkages among ASEAN-5 emerging stock markets, International Journal of Emerging Markets, 4(2), 160184.
- Mei, J. and J. Hu (2000) Conditional risk premiums of Asian real estate stocks, Journal of Real Estate Finance and Economics, 21, 297313.
- Moodys. Moodys sovereign rating. http://v3.moodys. com/Pages/default. aspx. Moodys.
- Newell, G. and K.W. Chau (1996) Linkages between direct and indirect property performance in Hong Kong, Journal of Property Finance, 7, 929.
- Newell, G., K.W. Chau and S.K. Wong (2004) The level of direct property in Hong Kong property company performance, Journal of Property Investment and Finance, 22, 512532.
- Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2005) Dynamics of the direct and indirect real estate markets in China, Journal of Real Estate Portfolio Management, 11, 263279.
- Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2007) Factors influencing the performance of Hong Kong real estate companies, Journal of Real Estate Portfolio Management, 13, 7586.
- Newell, G. and R. Kamineni (2007) The significance and performance of real estate markets in India, Journal of Real Estate Portfolio Management, 13, 161172.
- Newell, G., K.W. Chau and S.K. Wong (2009) The significance of Chinese commercial property in an Asian property portfolio, Journal of Property Investment and Finance, 27, 102119.
- Nguyen, T.K (2010) The significance and performance of listed property companies in Vietnam, Pacific Rim Property Research Journal, 16(2), 221245.
- Ong, S.E. (1994) Structural and vector autoregressive approaches to modelling real estate and property stock prices in Singapore, Journal of Property Finance, 5, 418.
- Ong, S.E. (1995) Singapore real estate and property stocks a cointegration test, Journal of Property Research, 12, 2939.
- Ooi, J. and K.H. Liow (2004) Risk-adjusted performance of real estate stocks: evidence from developing markets, Journal of Real Estate Research, 26, 371395.
- Philippine Stock Exchange. http://www.pse.com.ph/.
- Schwann, G. and K.W. Chau (2003) News effects and structural shifts in price discovery in Hong Kong, Journal of Real Estate Finance and Economics, 27, 257271.
- Securities and Exchange Commission (2010) Implementing rules and regulations of the real estate investment trust (REIT) act of 2009, SEC.
- Sing, T.F. and S.H. Low (2000) The inflation-hedging characteristics of real estate and financial assets in Singapore, Journal of Real Estate Portfolio Management, 6, 373386.
- Standard & Poors sovereigns ratings, http://www2.standardandpoors.com, Standard & Poors.
- Tholons (2007) Top 50 Emerging Outsourcing Cities-II, Tholons.
- Tholons (2008) Top 50 Emerging Global Outsourcing Cities, Global Services-Tholons Study, Tholons.
- Tholons (2009) Top Ten Trends In Services Globalization 2009, Tholons.
- Transparency International (2008) Corruption Perception Index 2008, TI.
- Wilson, P. and R. Zurbruegg (2004) Contagion or interdependence? Evidence from co-movements in Asia-Pacific securitised real estate markets during the 1997 crisis, Journal of Property Investment and Finance, 22, 401413.
- Wilson, P., S. Stevenson and R. Zurbruegg (2007) Measuring spillover effects across Asian property stocks, Journal of Property Research, 24, 123128.
- World Economic Forum (2008) Global Competitiveness Report 200809, WEF.
- Yu, J.C. (2003) Time Variation and Structural Change in the Beta of the Philippine Stocks, The University of the Philippines, College of Business Administration, Discussion Paper No. 0305.