References
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
- Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
- ASX. (2024). ASX Investment Products - A-REITs. Retrieved from https://www.asx.com.au/markets/trade-our-cash-market/asx-investment-products-directory/areits
- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159–178. https://doi.org/10.2307/2490232
- Barber, B. M., De George, E. T., Lehavy, R., & Trueman, B. (2013). The earnings announcement premium around the globe. Journal of Financial Economics, 108(1), 118–138. https://doi.org/10.1016/j.jfineco.2012.10.006
- Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: Another view. Journal of Accounting and Economics, 31(1-3), 77–104. https://doi.org/10.1016/S0165-4101(01)00019-2
- Beaver, W. H. (1968). The information content of annual earnings announcements. Journal of Accounting Research, 6, 67–92. https://doi.org/10.2307/2490070
- Beisland, L. A. (2009). A review of the value relevance literature. The Open Business Journal, 2, 7–27. https://doi.org/10.2174/1874915100902010007
- Ben-Shahar, D., Sulganik, E., & Tsang, D. (2011). Funds from Operations versus net income: Examiningthe dividend relevance of REIT performance measures. Journal of Real Estate Research, 33(3), 415–442. https://doi.org/10.1080/10835547.2011.12091308
- Bjorvatn, K., Farzanegan, M. R., & Schneider, F. (2012). Resource curse and power balance: Evidence from oil-rich countries. World Development, 40(7), 1308–1316. https://doi.org/10.1016/j.worlddev.2012.03.003
- Block, R. L. (editor). (2012). Investing in REITs: Real Estate Investment Trusts (4th ed.). John Wiley & Sons Inc. https://doi.org/10.1002/9781119202325
- Castelló-Climent, A. (2008). On the distribution of education and democracy. Journal of Development Economics, 87(2), 179–190. https://doi.org/10.1016/j.jdeveco.2007.10.006
- Coletta, C. M., & Busato, F. (2019). U.S. REITs: A financial economics review as of 2018. Real Estate Management and Valuation, 27(2), 20–32. https://doi.org/10.2478/remav-2019-0012
- DatAnalysis Premium. (2024). Financial Data. Retrieved from https://datanalysis.morningstar.com.au/af/login
- Dechow, P., Sloan, R. G., & Zha, J. (2014). Stock prices and earnings: A history of research. Annual Review of Financial Economics, 6, 343– 363. https://doi.org/10.1146/annurev-financial-110613-034522
- European Public Real Estate Association. (2024). Global real estate total markets table. Retrieved from Online: https://www.epra.com/research/market-research
- EY. (2019). IFRS Real Estate Survey 2019. Retrieved from https://www.ey.com/en_tw/tax/tax-alerts/ifrs-real-estate-survey-2019
- Fields, T. D., Rangan, S., & Thiagarajan, S. R. (1998). An empirical evaluation of the usefulness of Non-GAAP accounting measures in the Real Estate Investment Trust industry. Review of Accounting Studies, 3, 103–130. https://doi.org/10.1023/A:1009680401226
- Giacomini, E., Ling, D. C., & Naranjo, A. (2015). Leverage and returns: A cross-country analysis of public real estate markets. The Journal of Real Estate Finance and Economics, 51, 125–159. https://doi.org/10.1007/s11146-014-9489-5
- Gore, R., & Stott, D. M. (1998). Toward a more informative measure of operating performance in the REIT industry: Net income vs. funds from operations. Accounting Horizons, 12(4), 323–339. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=148889
- Graham, C., & Knight, J. (2000). Cash flows vs. earnings in the valuation of equity REITs. Journal of Real Estate Portfolio Management, 6(1), 17–25. https://doi.org/10.1080/10835547.2000.12089590
- Gyamfi-Yeboah, F., Ziobrowski, A. J., & Lambert, L. S. (2012). REITs’ price reaction to unexpected FFO announcements. The Journal of Real Estate Finance and Economics, 45, 622–644. https://doi.org/10.1007/s11146-010-9291-y
- Hardin, W. G., III, Huang, G.-C., Liano, K., & Pan, M.-S. (2019). Firm and industry informational content from REIT FFO announcements. Journal of Property Research, 36(2), 131–152. https://doi.org/10.1080/09599916.2019.1589554
- Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1-3), 3–75. https://doi.org/10.1016/S0165-4101(01)00029-5
- IFRS Foundation. (2000). IAS 40 Investment Property. Retrieved from Online: https://www.ifrs.org/issued-standards/list-of-standards/ias-40-investment-property/
- Israeli, D. (2015). Recognition versus disclosure: Evidence from fair value of investment property. Review of Accounting Studies, 20, 1457–1503. https://doi.org/10.1007/s11142-015-9335-x
- Kothari, S. P. (2001). Capital Markets Research in Accounting. Paper presented at the Journal of Accounting and Economics Conference, Rochester
- Kowalke, K., & Funk, B. (2022). Lessons from the US and German REIT markets for drafting a Polish REIT act. Real Estate Management and Valuation, 30(1), 1–12. https://doi.org/10.2478/remav-2022-0001
- Lee, C. L. (2018). Oceania. In D. Parker (Ed.), The Routledge REITs Research Handbook (1st ed., pp. 257–278). Routledge. https://doi.org/10.1201/9781315161266-13
- Mei, Z. T, Hassan, M. S., & Embong, Z. (2014). Value relevance of investment properties’ fair value and board characteristics in Malaysian Real Estate Investment Trusts. Asian Journal of Accounting and Governance, 5, 1–13. https://ejournal.ukm.my/ajac/issue/view/563 https://doi.org/10.17576/AJAG-2014-5-01
- Monks, R. A. G., & Lajoux, A. R. (2011). Corporate valuation for portfolio investment: Analysing assets, earnings, cash flow, stock price, governance and special situations (1st ed.). Bloomberg Press.
- Müller, M. A., Riedl, E. J., & Sellhorn, T. (2015). Recognition versus disclosure of fair values. The Accounting Review, 90(6), 2411– 2447. https://doi.org/10.2308/accr-51044
- NAREIT. (2002). White Paper on Funds From Operations. Retrieved from https://www.reit.com/sites/default/files/media/Portals/0/Files/Nareit/htdocs/policy/accounting/2002_FFO_White_Paper.pdf
- NAREIT. (2018). Restatement of the FFO White Paper. Retrieved from Washington, D.C.: https://www.reit.com/node/120448
- Newell, G. (2013). REITs in Australia: Moving forward from the GFC. In R. Sotelo & S. McGreal (Eds.), Real Estate Investment Trusts in Europe (pp. 69–76). Springer. https://doi.org/10.1007/978-3-642-36856-1_6
- Olante, M. E., & Lassini, U. (2022, March). Investment property: Fair value or cost model? Recent evidence from the Application of IAS 40 in Europe. Advances in Accounting, 56, 100568. https://doi.org/10.1016/j.adiac.2021.100568
- Quagli, A., & Avallone, F. (2010). Fair value or cost model? Drivers of choice for IAS 40 in the real estate industry. European Accounting Review, 19(3), 461–493. https://doi.org/10.1080/09638180.2010.496547
- Quagli, A., Avallone, F., & the Property Council of Australia. (2019). Voluntary Best Practice Guidelines for Disclosing FFO and AFFO. Retrieved from Online:
- Seok, S. I., Cho, H., & Ryu, D. (2020). The information content of funds from operations and net income in Real Estate Investment Trusts. The North American Journal of Economics and Finance, 51, 101063. https://doi.org/10.1016/j.najef.2019.101063
- Skinner, D. J. (1999). How well does net income measure firm performance? A discussion of two studies. Journal of Accounting and Economics, 26(1-3), 105–111. https://doi.org/10.1016/S0165-4101(99)00005-1
- So, S., & Smith, M. (2009). Value-relevance of presenting changes in fair value of investment properties in the income statement: Evidence from Hong Kong. Accounting and Business Research, 39(2), 103–118. https://doi.org/10.1080/00014788.2009.9663352
- Soo-Wah, L., & Johari, A. (2014). Risk-adjusted performance of Malaysian Real Estate Investment Trust funds. Jurnal Pengurusan, 41(3), 3–11. https://doi.org/10.17576/pengurusan-2014-41-01
- Stringer, T. (2001). What’s the best strategy for property investment: Direct, listed or both? Australian Property Journal, 36(5), 430-433. Retrieved from https://search-informitorg.simsrad.net.ocs.mq.edu.au/doi/10.3316/ielapa.200107755
- Stunda, R., & Typpo, E. (2004). The relevance of earnings and funds flow from operations in the presence of transitory earnings. Journal of Real Estate Portfolio Management, 10(1), 37–45. https://doi.org/10.1080/10835547.2004.12089690
- Vincent, L. (1999). The information content of Funds From Operations (FFO) for Real Estate Investment Trusts (REITs). Journal of Accounting and Economics, 26(1-3), 69–104. https://doi.org/10.1016/S0165-4101(98)00039-1