Net-Zero Investing for Multi-Asset Portfolios Seeking to Satisfy Paris-Aligned Benchmark Requirements with Climate Alpha Signals

Hodges, Philip; He, Rong; Schwaiger, Katharina; Ang, Andrew

doi:10.3905/jpm.2022.1.334

JPM

2022

DOI: 10.3905/jpm.2022.1.334

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Net-Zero Investing for Multi-Asset Portfolios Seeking to Satisfy Paris-Aligned Benchmark Requirements with Climate Alpha Signals

Philip Hodges¹,

Rong He²,

Katharina Schwaiger³

et al.

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Are secondary equity offerings of Black Economic Empowerment (BEE) REITs less underpriced than non-BEE REITs?

Ajayi

Akinsomi²

2022

JPIF

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PurposeThe purpose of this paper is to contribute to the literature on secondary equity offerings (SEOs) by examining the impact of the Black Economic Empowerment (BEE) policy on secondary equity offering (SEO) pricing dynamics of South African Real Estate Investment Trusts (REITs).Design/methodology/approachWith a sample of 152 SEOs of South African REITs from 2010 to 2020, ordinary least squares (OLS) models, fixed effect models, parametric and non-parametric tests were applied to test for the impact of BEE on the underpricing of SEOs.FindingsSignificant underpricing is discovered in highly compliant (BEE) REITs; in other words, SEOs pricing of BEE compliant REITs are more underpriced compared to non-compliant BEE REITs. With this, BEE compliant REITs and more so, highly compliant BEE REITs in particular leave more money on the table.Practical implicationsThe government is therefore aware of the impact policy interventions play when REITs raise financing through SEOS. With these, highly compliant BEE REITs will need to be more strategic when making BEE compliance decisions as this is shown in our study to impact the underpricing of SEOs.Originality/valueThis is the first study to investigate SEO underpricing for the BEE policy using the South African REITs context.

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Are secondary equity offerings of Black Economic Empowerment (BEE) REITs less underpriced than non-BEE REITs?

Ajayi

Akinsomi²

2022

JPIF

View full text Add to dashboard Cite

show abstract

<p><span>ESG in Commercial Real Estate – An analysis of asset-level and corporate-level data for UK Funds and Real Estate Investment Trusts (REITs)</span></p>

Coakley

2024

SSRN Journal

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Net-Zero Investing for Multi-Asset Portfolios Seeking to Satisfy Paris-Aligned Benchmark Requirements with Climate Alpha Signals

Cited by 2 publications

References 0 publications

Are secondary equity offerings of Black Economic Empowerment (BEE) REITs less underpriced than non-BEE REITs?

Are secondary equity offerings of Black Economic Empowerment (BEE) REITs less underpriced than non-BEE REITs?

<p><span>ESG in Commercial Real Estate – An analysis of asset-level and corporate-level data for UK Funds and Real Estate Investment Trusts (REITs)</span></p>

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