Corporate Real Estate Holdings: Foolfs Gold or Crown Jewel?
AbstractThis paper aims to introduce new evidence of consistently negative impacts on enterprise value when corporations increase real estate holdings. Adopting a different approach from previous studies, our data analysis shows that corporate real estate portfolios and enterprise value share an inverse relationship. Surprisingly, this trend was seen during the Japanese real estate bubble in the late 1980fs. Previous reports from the United States and Singapore show that only in the retail sector do increases in corporate real estate holdings have a positive influence on stock performance. However, our research indicates that the stock performance of Japanese firms in the retail sector was negative across the board for firms in other sectors.
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Bibliographic InfoPaper provided by Kobe University, Graduate School of Business Administration in its series Discussion Papers with number 2013-03.
Length: 24 pages
Date of creation: Jan 2013
Date of revision:
Corporate real estate; Stock performance; Systematic risk; Stock market;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-04-06 (All new papers)
- NEP-SEA-2013-04-06 (South East Asia)
- NEP-URE-2013-04-06 (Urban & Real Estate Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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