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
Date Written: January 21, 2011
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
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