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Autor
Dinh Tran Ngoc Huy (International University of Japan)
Tytuł
The Measurement of Impacts of External Financing on The Risk Level of Viet Nam Real Estate Industry During and After The Global Crisis 2007-2011
Źródło
Global Management Journal, 2014, vol. 6, nr 1,2, s. 48-60, rys., tab., bibliogr. 16 poz.
Słowa kluczowe
Struktura finansowa, Kryzys finansowy, Ryzyko, Finansowanie zewnętrzne, Nieruchomości
Financial structure, Financial crisis, Risk, External financing, Real estate
Abstrakt
This research paper analyzes the impacts of external financing on market risk for the listed firms in the Viet nam real estate industry, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical methods to estimate asset and equity beta of total 15 listed companies in Viet Nam real estate industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down), we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and vice versa. Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level increases (measured by equity beta var) if the leverage increases to 30%. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.(original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Pełny tekst
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Bibliografia
Pokaż
  1. ADB and Viet Nam Fact Sheet, 2010
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  9. Grullon, Gustavo., Lyandres, Evgeny., and Zhdanov, Alexei., (2012), Real Options, Volatility and Stock Returns, Journal of Finance
  10. Huy, Dinh T.N., (2012), Estimating Beta of Viet Nam listed construction companies groups during the crisis, Journal of Integration and Development
  11. Kale, Jayant R., Meneghetti, Costanza., and Sharur, Husayn., (2013), Contracting With Non-Financial Stakeholders and Corporate Capital Structure: The Case of Product Warantties, Journal of Financial and Quantitative Analysis
  12. Ling, Amy., (2013), Tax Issues Relating to Intangibles, Asia-Pacific Tax Bulletin
  13. Lu, Wenling., and Whidbee, David A., (2013), Bank Structure and Failure, Journal of Financial Econoic Policy
  14. Maria, Ana POPA (2012)., The Impact of Social Factors on Economic Growth: Empirical Evidence for Romania and European Union Countries, Romanian Journal of Fiscal Policy
  15. Neumann, Michael., and Skiadopoulos, George., (2013), Predictable Dynamics in Higher Order Risk-Neutral Moments : Evidence From The S&P 500 Options, Journal of Financial and Quantitative Analysis
  16. Shahrokhi, Manuchehr., (2010), the Global Financial Crises of 2007-2010 and The Future of Capitalism, Global Finance Journal
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ISSN
2080-2951
Język
eng
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