Performance of REITs after a tax reform: experience from a developing country

This study examines the performance of Malaysian REITs over the period 1999 to 2014, following the implementation of the tax refoms in 2007, 2009, and 2012. By using the Sharpe (1966), Treynor (1965), and Jensen (1968) measures, most of the M-REITs outperformed the tax-adjusted value-weighted M-REIT...

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Main Authors: Abdullah, Nur Adiana Hiau, Taufil Mohd, Kamarun Nisham, Wong, Woei Chyuan, Abdullah, Fikriyah
Format: Conference or Workshop Item
Language:English
Published: 2016
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Online Access:http://repo.uum.edu.my/20351/1/IBRC%202016%201%2012.pdf
http://repo.uum.edu.my/20351/
http://www.vegasconfo.com/
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spelling my.uum.repo.203512016-12-15T04:46:50Z http://repo.uum.edu.my/20351/ Performance of REITs after a tax reform: experience from a developing country Abdullah, Nur Adiana Hiau Taufil Mohd, Kamarun Nisham Wong, Woei Chyuan Abdullah, Fikriyah HJ Public Finance This study examines the performance of Malaysian REITs over the period 1999 to 2014, following the implementation of the tax refoms in 2007, 2009, and 2012. By using the Sharpe (1966), Treynor (1965), and Jensen (1968) measures, most of the M-REITs outperformed the tax-adjusted value-weighted M-REITs index, KLCI, KLPI and the 3-month Malaysia Treasury Bills.This finding shows that investors would benefit from investing in the M-REITs industry.Positive and statistically significant Jensen alphas of M-REITs indicate that the fund managers were either good in selecting undervalued assets or in timing the market. Tax-adjusted value-weighted RElTs index was found to outperform the KLCI, KLPl and the 3-month Malaysia Treasury Bills. In terms of total risk, some of the MREITs are having a higher standard deviation than the KLCI and the tax-ajusted value-weighted M-REITs Index. Most M-REITs have a lower total risk than the KLPI. 2016-08-01 Conference or Workshop Item PeerReviewed application/pdf en http://repo.uum.edu.my/20351/1/IBRC%202016%201%2012.pdf Abdullah, Nur Adiana Hiau and Taufil Mohd, Kamarun Nisham and Wong, Woei Chyuan and Abdullah, Fikriyah (2016) Performance of REITs after a tax reform: experience from a developing country. In: 37th International Business Research Conference, 1 - 2 August 2016, Circus Circus Hotel, Las Vegas, USA. http://www.vegasconfo.com/
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic HJ Public Finance
spellingShingle HJ Public Finance
Abdullah, Nur Adiana Hiau
Taufil Mohd, Kamarun Nisham
Wong, Woei Chyuan
Abdullah, Fikriyah
Performance of REITs after a tax reform: experience from a developing country
description This study examines the performance of Malaysian REITs over the period 1999 to 2014, following the implementation of the tax refoms in 2007, 2009, and 2012. By using the Sharpe (1966), Treynor (1965), and Jensen (1968) measures, most of the M-REITs outperformed the tax-adjusted value-weighted M-REITs index, KLCI, KLPI and the 3-month Malaysia Treasury Bills.This finding shows that investors would benefit from investing in the M-REITs industry.Positive and statistically significant Jensen alphas of M-REITs indicate that the fund managers were either good in selecting undervalued assets or in timing the market. Tax-adjusted value-weighted RElTs index was found to outperform the KLCI, KLPl and the 3-month Malaysia Treasury Bills. In terms of total risk, some of the MREITs are having a higher standard deviation than the KLCI and the tax-ajusted value-weighted M-REITs Index. Most M-REITs have a lower total risk than the KLPI.
format Conference or Workshop Item
author Abdullah, Nur Adiana Hiau
Taufil Mohd, Kamarun Nisham
Wong, Woei Chyuan
Abdullah, Fikriyah
author_facet Abdullah, Nur Adiana Hiau
Taufil Mohd, Kamarun Nisham
Wong, Woei Chyuan
Abdullah, Fikriyah
author_sort Abdullah, Nur Adiana Hiau
title Performance of REITs after a tax reform: experience from a developing country
title_short Performance of REITs after a tax reform: experience from a developing country
title_full Performance of REITs after a tax reform: experience from a developing country
title_fullStr Performance of REITs after a tax reform: experience from a developing country
title_full_unstemmed Performance of REITs after a tax reform: experience from a developing country
title_sort performance of reits after a tax reform: experience from a developing country
publishDate 2016
url http://repo.uum.edu.my/20351/1/IBRC%202016%201%2012.pdf
http://repo.uum.edu.my/20351/
http://www.vegasconfo.com/
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score 12.925488