Mean Reversion of Singapore Property Stock Prices Towards Their Fundamental Values

Journal of Property Investment and Finance, Vol. 20, No. 4, pp. 374-387, 2002

Posted: 23 Jan 2011 Last revised: 25 Jan 2011

See all articles by Tien Foo Sing

Tien Foo Sing

National University of Singapore (NUS) - Department of Real Estate

Kim Hiang Liow

National University of Singapore (NUS) - Department of Real Estate

Lanz Chan

Finamatrix Investments Pte. Ltd.; Beijing Institute of Technology - Zhuhai Campus

Date Written: January 21, 2011

Abstract

Market critics often cited an apparent lack of relationship between corporate performance and stock prices as the main reason for a poor prediction of stock prices. This study attempts to examine whether prices of 15 sample listed property stocks in Singapore reflect their corporate fundamental values over a ten-year period from June 1989 to June 1999. Proxies for corporate fundamental values used in our study are earnings per share (EPS), dividends per share (DPS) and net asset values (NAV) of the individual property stocks listed in Singapore.

Keywords: Property, Value, Singapore

Suggested Citation

Sing, Tien Foo and Liow, Kim Hiang and Chan, Lanz, Mean Reversion of Singapore Property Stock Prices Towards Their Fundamental Values (January 21, 2011). Journal of Property Investment and Finance, Vol. 20, No. 4, pp. 374-387, 2002. Available at SSRN: https://ssrn.com/abstract=1010547

Tien Foo Sing

National University of Singapore (NUS) - Department of Real Estate ( email )

4 Architecture Drive
Singapore 117566
Singapore

Kim Hiang Liow

National University of Singapore (NUS) - Department of Real Estate ( email )

4 Architecture Drive
Singapore 117566
Singapore
65-8743420 (Phone)
65-7748684 (Fax)

Lanz Chan (Contact Author)

Finamatrix Investments Pte. Ltd. ( email )

Singapore

HOME PAGE: http://www.finamatrix.com

Beijing Institute of Technology - Zhuhai Campus ( email )

Tangjia Bay
Zhuhai, Guangdong
China

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