Search results

1 – 6 of 6
To view the access options for this content please click here
Article
Publication date: 3 April 2017

Bill Dimovski, Christopher Ratcliffe and Monica Keneley

The purpose of this paper is to investigate the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) from January 2010 to June 2015, as the…

Abstract

Purpose

The purpose of this paper is to investigate the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) from January 2010 to June 2015, as the sector recovered from the global financial crisis.

Design/methodology/approach

This study analyses the first day returns of US REIT IPOs in the post financial crisis period. The study then employs regression analysis to examine the factors that influence IPO underpricing.

Findings

The study observes that underpricing, on average, is not significantly different to zero. Furthermore, the REIT IPOs examined display underperformance in the longer term. In contrast to the earlier data samples of Chen and Lu (2006), the authors do not find that underwriting costs are a direct substitute for the indirect cost of underpricing, instead the authors find that higher underwriting costs are associated with higher underpricing. Also in contrast to the mainstream underpricing literature, the data suggest larger capital raisings require higher underpricing. The authors also find that newly listed REITs provided significant excess dividend returns over the post-listing period.

Practical implications

For institutional and retail investors, the results will help to further inform investment opportunities in REIT IPOs.

Originality/value

This paper adds to the ongoing academic debate of the lack of underpricing in REIT IPOs relative to industrial companies. Research has shown periods of underpricing are often replaced with periods of overpricing suggesting that the pattern of behavior in REIT markets is substantially different.

Details

Journal of Property Investment & Finance, vol. 35 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Article
Publication date: 12 November 2019

Bill Dimovski, Rebecca Ratcliffe, Christopher Ratcliffe, Monica Keneley and Scott Salzman

The purpose of this paper is to investigate the accuracy of Australian Real Estate Investment Trust (A-REIT) initial public offering (IPO) dividend forecasts between 1994 and 2016.

Abstract

Purpose

The purpose of this paper is to investigate the accuracy of Australian Real Estate Investment Trust (A-REIT) initial public offering (IPO) dividend forecasts between 1994 and 2016.

Design/methodology/approach

This study compares the dividend forecasts of A-REIT IPOs for the first dividend forecast period in the prospectus, with the actual dividend declared for that forecast period. As well as simple descriptive summary measures, this study also employs an exact logistic regression approach to examine the factors that might influence the IPOs achieving or exceeding the dividend forecast.

Findings

The study identifies that the dividends declared, on average, were greater than the dividend forecast and that more than nine out of ten of the IPOs listed after 1999 achieved or exceeded their prospectus forecast. In addition the authors observe positive mean forecast errors, suggesting dividend forecasts in A-REIT IPOs, are cautiously biased. This is in contrast to the industrial company data reported in Brown et al. (2000) which suggest dividend forecasts are optimistically biased. The study also finds the A-REIT IPOs that did not forecast a dividend, generally did not pay a dividend.

Practical implications

The results will inform dividend seeking institutional and retail investors of the investment opportunities in A-REIT IPOs.

Originality/value

This paper adds to the discussion of the relative predictability of dividends of A-REIT IPOs compared to industrial company IPOs.

Details

Journal of Property Investment & Finance, vol. 38 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Article
Publication date: 2 May 2017

Monica Keneley, Graeme Wines and Ameeta Jain

Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based…

Abstract

Purpose

Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based mortgage companies. The purpose of this paper is to analyse the decline and demise of the unlisted debenture market between 2007-2013 with particular reference to the effectiveness of the regulatory regime in stabilising the industry and protecting investors’ interests.

Design/methodology/approach

A database was constructed which reflected the total population of unlisted mortgage companies in the financial sector. A snapshot approach was used to assess the extent to which these companies complied with regulatory provisions.

Findings

Findings suggest the regulatory process allowed these companies to continue operating despite not complying with the relevant Australian Securities and Investments Commission benchmarks. In the light of the current inquiry into the financial system, the research suggests that a re-evaluation of the regulatory approach is timely.

Research limitations/implications

This research is restricted to a study of one category of debenture issuers (issuers of mortgage finance). It is based on reports required by regulatory authorities. It does not provide an analysis of the motivations of investors in these companies.

Practical/implications

This research has implications for the implementation of regulatory change in respect to oversight of shadow banking activities. It suggested that a passive approach to regulation is not sufficient to ensure that the interests of investors are fully protected.

Originality/value

No prior research has systematically examined the unlisted mortgage and analysed the borrowing and lending activities of companies that have failed and those that have survived.

Details

Accounting Research Journal, vol. 30 no. 01
Type: Research Article
ISSN: 1030-9616

Keywords

To view the access options for this content please click here
Article
Publication date: 10 June 2021

Ameeta Jain, Muhammad Azizul Islam, Monica Keneley and Monika Kansal

This study aims to investigate the adoption and diffusion of Global Reporting Initiative (GRI)-based sustainability reporting practices within the global financial services sector.

Abstract

Purpose

This study aims to investigate the adoption and diffusion of Global Reporting Initiative (GRI)-based sustainability reporting practices within the global financial services sector.

Design/methodology/approach

The approach draws on the sociological construct of social contagion theory (SCT) to explain the drivers of diffusion of GRI-based sustainability reporting. Based on a longitudinal study of GRI adoption over a period from 2000 to 2016, thematic content analysis of sustainability reports and media articles was used to refine information gathered that related to nature and spread of GRI-based sustainability practices within the global financial services sector.

Findings

This study finds that the early adopters of GRI-based sustainability reporting and the accompanying media attention influenced the institutional diffusion of GRI-based reporting in the financial services sector. This growth was isomorphic as companies copied best practice models to reduce uncertainty and maintain legitimacy.

Originality/value

This paper focuses on the institutional diffusion of sustainability reporting practices within the global financial sector. It explores the notion of social contagion as an institutional dynamic to understand the drivers for the adoption and diffusion of GRI-based sustainability reporting across national borders. In doing so, the study contributes to the accounting literature on diffusion of innovations in reporting practice, but also, more generally, to the field of diffusion of new ideas in organisations using the unique approach of SCT.

Details

Meditari Accountancy Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2049-372X

Keywords

To view the access options for this content please click here
Article
Publication date: 2 March 2015

Ameeta Jain, Monica Keneley and Dianne Thomson

The purpose of this paper is to evaluate corporate social responsibility (CSR) reporting in six large banks each from Japan, China, Australia and India over the period of…

Abstract

Purpose

The purpose of this paper is to evaluate corporate social responsibility (CSR) reporting in six large banks each from Japan, China, Australia and India over the period of 2005-2011.

Design/methodology/approach

CSR and banks’ annual reports and websites were analysed using a comprehensive disclosure framework to evaluate the themes of ethical standards, extent of CSR reporting, environment, products, community, employees, supply chain management and benchmarking.

Findings

Over the seven years, bank CSR disclosure improved in all four countries. Australian banks were found to have the best scores and Indian banks demonstrated maximum improvement. Despite the absence of legislative requirements or standards for CSR, this paper finds that CSR reporting continued to improve in quality and quantity in the region on a purely voluntary basis.

Research limitations/implications

This study indicates that financial institutions have a commitment to CSR activities. The comparison between financial institutions in developed and developing economies suggests that the motivation for such activities is complex. A review of the studied banks suggests that strategic rather than economic drivers are an important influence.

Practical implications

Asia-Pacific Governments need not mandate bank CSR reporting standards as the banks improved their CSR reporting consistently over the seven years despite the Global Financial Crisis (GFC).

Originality/value

A disclosure framework index is used to assess the comprehensiveness of bank practice in relation to CSR reporting. This approach enables cross-sectional and cross-country comparisons over time and the ability to replicate and apply to other industries or sectors.

Details

Social Responsibility Journal, vol. 11 no. 1
Type: Research Article
ISSN: 1747-1117

Keywords

To view the access options for this content please click here
Article
Publication date: 1 December 2003

Phillip K. Hellier, Gus M. Geursen, Rodney A. Carr and John A. Rickard

This paper develops a general service sector model of repurchase intention from the consumer theory literature. A key contribution of the structural equation model is the…

Abstract

This paper develops a general service sector model of repurchase intention from the consumer theory literature. A key contribution of the structural equation model is the incorporation of customer perceptions of equity and value and customer brand preference into an integrated repurchase intention analysis. The model describes the extent to which customer repurchase intention is influenced by seven important factors – service quality, equity and value, customer satisfaction, past loyalty, expected switching cost and brand preference. The general model is applied to customers of comprehensive car insurance and personal superannuation services. The analysis finds that although perceived quality does not directly affect customer satisfaction, it does so indirectly via customer equity and value perceptions. The study also finds that past purchase loyalty is not directly related to customer satisfaction or current brand preference and that brand preference is an intervening factor between customer satisfaction and repurchase intention. The main factor influencing brand preference was perceived value with customer satisfaction and expected switching cost having less influence.

Details

European Journal of Marketing, vol. 37 no. 11/12
Type: Research Article
ISSN: 0309-0566

Keywords

1 – 6 of 6