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Determinants Of Australian listed property trust bond ratings

Chikolwa, Bwembya (2008) Determinants Of Australian listed property trust bond ratings. Pacific Rim Property Research Journal, 14(2), pp. 123-149.

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Abstract

Using artificial neural networks (ANN) and ordinal regression (OR) as alternative methods to predict LPT bond ratings, we examine the role that various financial and industry-based variables have on Listed Property Trust (LPT) bond ratings issued by Standard and Poor’s from 1999-2006. Our study shows that both OR and ANN provide robust alternatives to rating LPT bonds and that there are no significant differences in results between the full models of the two methods. OR results show that of the financial variables used in our models, debt coverage and financial leverage ratios have the most profound effect on LPT bond ratings. Further, ANN results show that 73.0% of LPT bond rating is attributable to financial variables and 27.0% to industry-based variables, with the office LPT sector accounting for 2.6%, retail LPT sector 10.9% and stapled management structure 13.5%

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279 since deposited on 26 Mar 2009
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ID Code: 19162
Item Type: Journal Article
Additional Information: See authors SSRN download stats at Author link below
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Keywords: listed property trusts, ordinal regression, bond rating, artificial neural networks
ISSN: 1444-8921
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BANKING FINANCE AND INVESTMENT (150200) > Finance (150201)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BANKING FINANCE AND INVESTMENT (150200) > Financial Econometrics (150202)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Past > Schools > School of Urban Development
Copyright Owner: Copyright 2008 contact the author
Deposited On: 26 Mar 2009 13:51
Last Modified: 29 Feb 2012 23:49

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