Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/1865
Title: The impact of an announcement of land acquisition in auctions on real estate firms' stock return in Hong Kong
Authors: Hui, CME 
Yu, ATW 
Lam, R
Keywords: Real estate
Hong Kong
Stock prices
Issue Date: 2010
Publisher: Emerald Group Publishing Limited
Source: Property management, 2010, v. 28, no. 1, p. 18-32 How to cite?
Journal: Property management 
Abstract: Purpose – The purpose of this paper is to examine the abnormal stock return of Hong Kong real estate firms following news of land acquisition and identify determinants to the abnormal stock return.
Design/methodology/approach – The paper employs the event-study methodology and multivariate regression to test factors that are hypothesized to have effects on the abnormal return.
Findings – The paper indicates that on land acquisition announcement there is a significant positive price reaction. Also the market capitalization and debt-to-equity ratio of a firm is associated negatively with the level of abnormal price reaction.
Practical implications – This study has identified significant positive abnormal stock return following the news of land acquisitions by developers in the context of Hong Kong. It has also documented negative correlation between abnormal stock return and two specific factors of a firm, namely, market capitalization and debt-to-equity ratio.
Originality/value – This paper identifies significant positive abnormal stock return pursuant to land acquisitions by firms.
URI: http://hdl.handle.net/10397/1865
ISSN: 0263-7472
DOI: 10.1108/02637471011017154
Rights: © Emerald Group Publishing Limited
Appears in Collections:Journal/Magazine Article

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