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Mohamad, Nor Edi Azhar Binti
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Economics, Econometrics & Finance

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Risk and Real Estate Investment Trust (REITs) Return: Evidence from Listed Public Trust Mohamad, Nor Edi Azhar Binti; Saad, Noriza Mohd; Bakar, Suzaida
Indonesian Capital Market Review Vol. 3, No. 1
Publisher : UI Scholars Hub

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Abstract

This study examines an association of risk and returns of REITs from Malaysian REITs listed companies. The secondary data for analysis is retrieved from Bloomberg's Database of all 13 listed REITs in the Bursa Malaysia main market for three year period, from 2007 to 2009 with quarterly observation. The dependent variables are average return, expected return using Capital Asset Pricing Model, Sharpe Index, and Jensen Alpha Index. The independent variables represented by standard deviation, beta, trading volume, gross domestic product, inlation rate, and share price. The control variable for this study is type of REITs, whether it was categorized as Islamic or conventional REITs. Applying correlations and multiple regression analysis, the results provide evidence on the association between return and risk on REITs. This study is also hoped to bring beneits to the public listed company and shareholders in obtaining the key factors in determining the REITs yield.
The Determinant Factors of Real Estate Investment Trust (REIT)’s Performance: Evidence from Asian REITs Mohamad, Nor Edi Azhar Binti; Zolkifli, Ilyas Ariefin Bin
Indonesian Capital Market Review Vol. 6, No. 1
Publisher : UI Scholars Hub

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This paper investigates the factors that can influence the Real Estate Investment Trust (REIT)’s performance, paying particular attention to the listed REIT’s in Asian. Samples of 45 Asian listed REITs are selected from five different countries namely Taiwan, Thailand, Malaysia, Hong Kong, Japan and Singapore for 5 years basis from 2007 to 2011 with 225 observations. Study used Net Asset value (NAV) and Return as the proxy for REITs performance while risk, dividend yield, net income and size to represent the determinants variable. Applying correlations and multiple regression analysis, the results provide evidence on the association between NAV and return with risk, dividend yield, net income and size of REITs. Results of this study are hoped to help the investors and portfolio managers to deepen their understanding of the dependence factors that might influence the performance of REITs in Asian.
The Performance of Shariah Real Estate Investment Trust and Conventional Real Estate Investment Trust in Malaysia Mohamad, Nor Edi Azhar Binti
Indonesian Capital Market Review Vol. 8, No. 1
Publisher : UI Scholars Hub

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This study examines the performances of two Real Estate Investment Trust (REITs) structure in Malaysian capital market by comparing the Dividend Yield (DY), Distribution per Unit (DU), Net asset Value (NAV), and Earning per Unit (EU) of shariah REITSs (iREITs) and conventional REITSs (cREITs) from Malaysia perspective. The secondary data are retrieved from Bloomberg's Database for 13 listed REITs in the Bursa Malaysia main board for a five-year period from 2009 to 2013 with yearly observation. Applying One Way-Anova analysis, an Independent Sample Kruskal-Wallis Test is used to determine any differences in the performance of the two REITs structure. The results provide evidence indicating that the two structures have distinctive and significantly different performances. It also indicates the better performance of iREITs compared to cREITs. The results of this study are useful to provide additional evidence towards the viable of Islamic funds as a significant initiative to broaden and deepen the product base of Islamic capital market in Malaysia.
Co-Authors Bakar, Suzaida Saad, Noriza Mohd Zolkifli, Ilyas Ariefin Bin