The FIRN PhD Student Brown Bag Network Committee is hosting monthly Brown Bag Seminars during 2022 targeted to Finance PhD students from our member institutions.
Each seminar consists of an informal presentation of research at all stages, followed by a discussion and a Q&A session. This provides a great opportunity for PhD students to practice and get relevant skills for their upcoming career as well as create valuable connections with potential future colleagues. Presenters and discussants will receive certificates that accredit their contribution. The participants will also have a chance to win a $100 random prize at the end of the year.
If you would like to present your current research work or serve as a discussant, please fill out the EOI form. Additionally, registration is required for all seminar participants. Registration can be done by clicking on the link below each seminar you would like to attend. All sessions are held via zoom and a zoom link will be sent to those who register.
HDR students are also encouraged to register here to receive updates about incoming seminars and events. If you need further information, please contact the FIRN PhD Student Brown Bag Network Committee by email via email@example.com
Next Brown Bag Seminar
Tuesday 12 April, 1pm (AEST)
Presenter: Bingyang Ye, PhD student, University of Technology Sydney
Discussant: Yang Shi, PhD student, University of Melbourne
Moderator: Yi Chen, PhD student, Macquarie University
Title: Diversification in Real Estate Asset Pricing: Evidence from Listed A-REITs
Abstract: Previous studies focus on the beta of REITs compared to other asset classes. This research presents evidence of the time-varying diversification benefit of property type concentration on REIT risk reduction with the construction of a diversification indicator (Herfindahl Hirschman Index). Based on Australian REITs over 2001 to 2021, we find that specialised REITs generally have lower beta than diversified REITs, except for crisis time. Secondly, specialised REITs have higher risk-adjusted returns than diversified REITs. Thirdly, A-REITs with a larger market capitalisation and a higher book-to-market ratio are associated with higher returns. These findings indicate that specialised funds are better investments compared to diversified funds despite the crisis periods, providing guidance for investors in that asset allocation to A-REITs with higher property type concentration adds value to portfolio performance and diversification. Investors also need to pay attention to the market conditions and improve the risk profile of their portfolios by assigning weights of specialised REITs accordingly.
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