Anti-persistence and long-memory behaviour of SAREITs

Ijasan, K.C.; Tweneboah, George; Mensah, Jones Odei

doi:10.1108/jpif-09-2016-0073

Cited by 4 publications

(2 citation statements)

References 45 publications

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“…In the same vein, Ntuli and Akinsomi (2017) found that South African REITs are good return-enhancers with diversification benefits, which could encourage shrewd investors to consider its inclusion in their mixed asset portfolios. Another study conducted in South Africa by Ijasan, Tweneboah and Mensah (2017) showed evidence of anti-persistence in South African REIT returns. With the earlier authors' analysis of performance of REITs, the current study focuses on a new perspective of the SCP paradigm by unravelling the relationship of the structure, conduct and performance in the REIT industry in Nigeria.…”

Section: Literature Reviewmentioning

confidence: 95%

Structure, Conduct and Performance of REITs in Emerging Markets

Dabara

Ogunba

2020

JARER

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Purpose: This study examines the correlations between the structure, conduct and performance of Real Estate Investment Trusts in Nigeria (N-REITs) with a view to providing information that will enhance and guide real estate investment decisions on N-REITs. Design/Approach: The study population consists of all three REIT companies in Nigeria, namely: Skye Shelter Fund, Union Home REIT and UACN Property Development Company (UPDC) REIT. Secondary data on dividends and share prices of N-REITs; Total Business Revenues (TBR) and Total Individual Expenditure (TIE) on conduct variables were sourced from periodicals of the respective companies covering the period from 2008 to 2016. The data series for the study were analyzed by means of the Kwiatkowski-Phillips-Schimidt-Shin (KPSS) unit root tests, Philip-Perron (PP) unit root tests, Granger Causality tests, and the Ordinary Least Square (OLS) regression. Findings: The study shows a Herfindahl Hischman Index (HHI) that ranged between 41.81% (recorded in 2010) and 100% recorded in 2008. This suggests a high concentration in the N-REITs industry. Similarly, the Granger Causality Test conducted reveals a bi-directional causal relationship between the structure, conduct and performance of N-REITs. Practical Implications: The study provides essential information (on the HHI, return performance and causal relationships) for stakeholders in the real estate sector regarding the influence of structure and conduct on the performance of N-REITs. This information will be valuable for equipping asset managers, insurance companies, pension funds and individual real estate investors in making informed investment decisions. Originality/Value: This study is unique as it is the first to draw a link between the structure, conduct and performance of REITs in an African emerging real estate market; something that has not been considered in previous studies.

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Section: Literature Reviewmentioning

confidence: 95%

Structure, Conduct and Performance of REITs in Emerging Markets

Dabara

Ogunba

2020

JARER

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“…In the same vein, Ntuli and Akinsomi (2017) found that South African REITs are good return-enhancers with diversification benefits which could encourage shrewd investors to consider its inclusion in their mixed asset portfolios. Another study conducted in South Africa by Ijasan, Tweneboah and Mensah (2017) showed evidence of anti-persistence in South African REITs returns.…”

Section: Literature Reviewmentioning

confidence: 95%

Performance of Real Estate Investment Trusts In African Real Estate Markets: A Case Study of Nigeria

Dabara¹,

Ogunba²,

Soladoye³

et al. 2019

26th Annual European Real Estate Society Conference

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Purpose: This study examined the correlations among the structure, conduct and performance of Real Estate Investment Trusts in Nigeria (N-REITs) with a view to providing information that will enhance and guide real estate investment decisions.Design/Methods followed/Approach: The study population consisted of all the three REIT companies in Nigeria namely: Skye Shelter Fund, Union Home REITs and UACN Property Development Company (UPDC) REITs. Secondary data on dividends and share prices of N-REITs; Total Business Revenues (TBR) and Total Individual Expenditure (TIE) on conduct variables were sourced from periodicals of the respective companies covering the period from 2008 to 2016. The data series for the study were analyzed by means of the Granger Causality tests, Kwiatkowski-Phillips-Schimidt-Shin (KPSS) unit root tests, Philip-Perron (PP) unit root tests and the ordinary least square regression (OLS).Findings: The study showed a Herfindahl Hischman Index (HHI) that ranged between 41.81% (recorded in 2010) and 100% recorded in 2008. This suggested a high concentration in the N-REITs industry. Similarly, the study found that the returns on investment in the industry ranged between -0.24% and 22.07%. The Granger Causality Test conducted revealed a bi-directional causal relationship among the structure, conduct and performance of N-REITs.Practical Implication: The study provided essential information for stakeholders in the real estate sector regarding the influence of structure and conduct on the performance of N-REITs. This information will be valuable for equipping asset managers, insurance companies, pension funds as well as individual real estate investors in making informed investment decisions.Originality/Value: This study is unique as it is the first to draw a link between the structure, conduct and performance of REITs in an African emerging real estate market which was hitherto not considered in previous studies.

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