ORCID Profile
0000-0002-4243-0784
Current Organisation
Queensland University of Technology
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Publisher: Elsevier BV
Date: 11-2022
DOI: 10.1016/J.JENVMAN.2022.115940
Abstract: Utilizing a unique database of residential real estate transactions, we examine the price change near the boundary of the Bushfire Prone Area (BPA), a planning zone indicating high wildfire risk, after experiencing a salient wildfire event in Australia from 2015 to 2016. While the properties within the BPA are valued more by 1.6%-1.9% in general, home buyers pay less for the properties in the BPA by 0.9%-1.7% after experiencing a salient wildfire event compared with the properties located outside of the BPA. Moreover, the properties in the BPA with greater environmental amenities are more resilient to the impact of wildfire risk salience than the rest BPA, necessitating an analysis of the role of environmental amenities in the research on wildfire risk in the housing market context.
Publisher: Emerald
Date: 11-02-2014
Abstract: – The purpose of this paper is to investigate the determinants of the capital structure of listed property firms in China. – The study is based on quantitative methods such as dynamic panel data models and a panel data set containing financial and accounting data for all listed property companies from 2006 to 2010 in China. – The findings confirm that the state-own shares, the fixed asset values, the total size of assets and profitability have a positive and significant impact on the leverage ratio of listed property firms in China. The negative impact of the tax shields and the currency ratio, and significant impact of state-own shares on capital structure cannot be explained by existing capital structure theory but the unique property market regulation environment and market conditions in China. – The findings confirm the applicability of trade-off theory (except for the correlation between leverage and the tax shield) on property companies in China. They also highlight the importance of government policies and special market conditions in explaining the financing behaviour of property companies in transaction countries like China. – Complimentary policies should be established along with property market restriction policies to offset their unequal negative effect on property companies with less state-owned shares. Furthermore, government should invest efforts to eliminate the discrimination credit treatment of banks against property companies with non-existent or few state-owned shares. – The special financial behaviour of China's property firms and the unique financial and property market conditions highlight the necessity of researching the capital structure of listed property firms in China. However, most of the existing literature focuses on the company financial behaviour in developed countries, and very few studies have been done concerning property firms’ financing behaviour in emerging economies such as China, and this research prospects to fill this blank.
Publisher: Springer Science and Business Media LLC
Date: 02-01-2021
Publisher: MDPI AG
Date: 23-08-2022
DOI: 10.3390/SU141710477
Abstract: Within Australian cities there is significant socioeconomic disparity between communities, which is an obstacle to sustainable urban development. There is a voluminous amount research into the causes and some of the ameliorative actions to address socio-spatial disadvantage, though many studies do not localize or systematize their analyses. This paper presents the results of a co-design process conducted with community stakeholders using innovative realist inquiry and system mapping to answer the question: what are the impacts and drivers of socioeconomic and spatial disadvantage in a regional city in Victoria, Australia, and what actions might ameliorate these in three localities? Participants identified 24 separate causes and impacts of acute socioeconomic disadvantage. Using system maps, these community members developed 13 intervention ideas for action with potential to positively impact health and wellbeing, education, housing, employment, and livability, and be translatable to policy positions. The paper therefore presents a unique method of enquiry into spatial disadvantage and a grounded set of strategies for positive action.
Publisher: MDPI AG
Date: 19-11-2021
DOI: 10.3390/SU132212836
Abstract: This paper investigates how real estate investment trusts’ corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs’ financial aspirations. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors in moderating CSR. Using a database containing the Morgan Stanley Capital International CSR rating index, we test REITs from 19 countries for variations of their CSR performance across each of the three pillars of CSR: environment, social, and governance (ES& G) by real estate asset types from 2009 to 2016. The results show that REITs focusing on less market-transparent real assets relying heavily on intensive human-based services and physical capital in property management like hotels and hospitals exhibit a poorer performance in environmental responsibility, social responsibility, and overall CSR score. We found no significant difference between the REITs in their governance responsibility with respect to the real estate asset types. We found that moderation by financial aspiration in establishing their CSR strategies varies by the types of real estate asset that REITs focus on, with the maximum positive impact on REITS with hotel holdings and negative impact on REITs with office and retail assets.
Publisher: Springer International Publishing
Date: 2014
Publisher: Emerald
Date: 03-04-2018
DOI: 10.1108/JPIF-03-2017-0021
Abstract: The purpose of this paper is to investigate the role of spatial dependency in the construction of a price index for the transactions of whole office buildings. It examines transactions of office buildings over a 15-year period and addresses an under-researched area in investment property analysis. The study examines data relating to transactions of all office buildings in the Melbourne (Australia) central business district between 2000 and 2015. The methodology uses a spatial weights matrix to construct a hedonic model, spatial error model, spatial lagged model and an office building transactional price index. The findings confirm the existence of spatial dependency for the transactions of office buildings. In addition, incorporating the effect of spatial dependency by constructing spatial error and spatial lagged model improved the accuracy of the estimated transactional price index for office buildings. These findings make an important contribution to the literature by highlighting the importance of the issue of spatial autocorrelation in the estimation of valuation models and price indexes for office buildings. Until now the focus has predominantly been on in idual office units rather than whole office buildings, where the barrier has traditionally been access to comprehensive data. The analysis did not consider leasing details as this information is not accessible in the Australian market. The research will assist stakeholders including valuers, investors and market regulators to improve their understanding of movements in the office property transactional market. The findings provide an insight into trends associated with the transfer of office buildings. It will assist future decisions about the location of a new office building developments in order to optimise their proximity to transport and other buildings. The study will assist planners to ensure the location of office buildings are optimised from a social sustainability perspective. This equates to buildings located in close proximity to transport facilities and also supporting the development of office buildings in locations, which are associated with lower future risk. The construction of an accurate and reliable property index is critically important for practitioners to understand the movement in both the property market and also in the broader economy. A substantial increase in whole office building acquisitions has been observed in recent years, especially after the 2007 Global Financial Crisis (Lizieri and Pain, 2014) although there has remained limited research undertaken in this area.
Publisher: Springer Science and Business Media LLC
Date: 30-03-2020
Publisher: Emerald
Date: 16-04-2018
Abstract: The purpose of this paper is to investigate how the 2007 global financial crisis (GFC) changed financial disclosure behavior using a s le of US equity real estate investment trusts (REITs) from 2000 to 2015. The authors use panel data spanning from 2000 to 2015 to examine the impact of the GFC on REITs’ earnings management (EM) after controlling for other factors (including the market shock in 2007 and 2008). The measurements of EM are estimated by using the models developed from literature such as modified Jones models. The static panel data regression models are used to estimate the impact of GFC on the REITs’ EM. The authors find that REITs are more likely to engage in income-increasing EM to embellish their financial reports during the GFC. However, the magnitude of the use of EM to manipulate disclosed financial information decreased following the GFC, indicating an improvement in the quality of financial disclosure as a consequence of the enhancement of the regulatory environment. REITs also changed the manner in which their EM behavior responded to the main factors in the market following the outbreak of GFC. This study contributes to the finance and accounting literature by providing the first empirical test results concerning how the financial disclosure behavior and quality of listed portfolios and companies such as REITs have changed corresponding to the enhancement of the regulatory environment and adverse market conditions brought by GFC. This study provides references for investors, auditors, and regulators to help them make adjustments for and improve the interpretation of the disclosed financial information. This is one of the first empirical study testing the impact of the GFC on EM. It is also the first empirical study investigating the impact of GFC on the financial disclosure behavior of REITs.
Publisher: Elsevier BV
Date: 2023
Publisher: Elsevier BV
Date: 08-2019
Publisher: Emerald
Date: 04-03-2019
DOI: 10.1108/JPIF-07-2018-0045
Abstract: There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices. The econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models. The results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified. The findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market. There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.
Publisher: Vilnius Gediminas Technical University
Date: 26-05-2022
Abstract: This empirical study innovatively investigates how the choice of a pass-through business entity and corresponding regulatory regime influence firms’ earnings management (EM) behaviors by testing on the UK Real Estate Investment Trust (REIT) conversion. A substantial proportion of UK non-REIT publicly traded property companies (LPCs) have chosen to become REITs since the UK REITs were launched in 2007. We conduct a series of tests on a database containing UK LPCs and REITs from 2000 to 2019 and find that conversion into pass-through business entity regimes like REITs that enjoy more favorable tax treatment but face more restrictions leads to more accrual earnings management (AEM) activity, but less real earnings management (REM) activity.
Publisher: Emerald
Date: 27-09-2011
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