27

RUJUKAN

Ahmad HH, Mohammad BR & Izah MT. 2010. Empirical investigation on the
performance of the Malaysian real estate investment trust in pre-crisis, during
crisis and post-crisis period. International Journal of Economics and Finance. 2
(2), hlmn 62-69.

Benefield, J. D., Anderson, R. I., & Zumpano, L. V. (2009). Performance difference in

property-type diversified versus specialized real estate investment trusts (Reit).
Review of Financial Economics, 18(2), 70-79.

Bloomberg. https://www.bloomberg.com/ [21 Januari 2018]

Bodie, Z., Kane, A. & Marcus, A., 2014. Investments. New York: McGraw-Hill Asia
Global Edition.

Bouchouicha, R. and Z. Ftiti, 2012. Real Estate Markets and Macroeconomy: A

Dynamic Coherence Framework. Economic Modelling, 29 (5), hlmn 1820-
1829.

Brooks, C. & Tsolacos, S,. 2001. Linkages between Property Asset Returns and
Interest Rates: Evidence for the UK. Applied Economic, 33 (6), hlmn 711-719.

Capozza, D. R., & Seguin, P. J. 1999. Focus, transparency and value: The REIT
evidence. Journal of Real Estate Economics, 27(4), 587-619.

Chan, S.H., Erickson, J. & Wang, K., 2003. Real estate investment trusts: Structure,
performance, and investment opportunities. Oxford University Press on
Demand.

Chiang, M. C., Tsai, I. C., & Sing, T. F., 2013. Are Reit a good shelter from financial
crises? Evidence from the Asian markets. Journal of Property Investment and
Finance, 31(3), hlmn 237-253.

Coşkun, Y., Selcuk-Kestel, A. S., & Yilmaz, B. 2017. Diversification Benefit And
Return Performance Of REITs Using CAPM And Fama-French: Evidence
from Turkey. Borsa Istanbul Review, 17(4), hlmn 199-215.
 28

Ersoy, E., & Unlu¨, U., 2013) Size, book to market ratio and momentum strategies:
Evidence from Istanbul stock exchange. International Journal of Economic
Perspectives, 7(3), 28-33.

Ewing B. T, Payne J. E., 2005. The response of real estate investment trust returns to
macroeconomic shocks. Journal of Business Research. 58, hlmn 293-300.

Fei, P., Ding, L. & Deng, Y., 2010. Correlation and volatility dynamics in REIT
returns: performance and portfolio considerations. Journal of Portfolio
Management, 36(2), hlmn113.

Giussani, B., Hsia, M. & Tsolacos, S., 1993. A comparative analysis of the major
determinants of office rental values in Europe. Journal of Property Valuation
and Investment, 11(2), hlmn.157-173.

Glascock J. L, Lu C, So R. W., 2000. Further evidence on the integration of REIT,

bond and stock returns. Journal of Real Estate Finance and Economics 20 (2),
hlmn 177-94.

Gokgoz, F., 2007. Testing the asset pricing models in Turkish stock markets: CAPM
vs three factor model. International Journal of Economic Perspectives, 1(2),
hlmn103-117.

Goslings, J.H.W. & Petri, V.L.M.C., 2007. The Role of Real Estate in Efficient
Investment Portfolios. Journal of Property Valuation and Investment, 10 (1),
hlmn 405-412.

Jalil, R.A. & Ali, H.M., 2015. Performance Determinants of Malaysian Real Estate
Investment Trusts. Jurnal Teknologi, 73(5), hlmn.151-159.

Kim, H., Mattila, A.S. & Gu, Z., 2002. Performance of hotel real estate investment
trusts: a comparative analysis of Jensen indexes. International Journal of
Hospitality Management, 21(1), hlmn.85-97.

Kim, J. & Jang, S.S., 2012. Do hotel REIT companies face investment constraints? A
comparison with C-corporation hotel companies. International Journal of
Hospitality Management, 31(2), hlmn.573-578.
 29

Kofoed-Pihl, T., 2009. Macroeconomic determinants of real estate returns, Master

thesis,Copenhagen Business School, Denmark.

Kok KK & Khoo KL. 1995. Performance of property trusts in the Kuala Lumpur
Stock Exchange. Capital Markets Review. 3, hlmn 1-19.

Leone, V., 2011. From Property to Real Estate Investment Trusts: The Impact of
Economic and Property Factors on UK Listed Property Returns. Economic
Issues, 16 (1), hlmn 19-36.

Lu, C., Tse, Y. & Williams, M., 2013. Returns transmission, value at risk, and
diversification benefits in international REITs: evidence from the financial
crisis. Review of Quantitative Finance and Accounting, 40(2), hlmn.293-318.

Newell, G. & Osmadi, A., 2009. The development and preliminary performance
analysis of Islamic REITs in Malaysia. Journal of Property Research, 26(4),
hlmn.329-347.

Newell, G., & Yen Keng, T. 2003. The significance of property sector and geographic
diversification in Australian institutional property portfolios. Pacific Rim
Property Research Journal, 9(3), hlmn 248-264.

Nur Azwani Mohamad Azmin & Anita Md Shariff. 2016. The Relationship of
Macroeconomic Variables with REITs’ Performance: The Case of Malaysian
Companies. J. Appl. Environ. Biol. Sci. 6(6S), hlmn 1-7

Olanrele, O. O., Said, R., & Daud, M. N. (2015).Setting a Benchmark for REIT
Performance in Malaysia. International Journal of Property Sciences, 5(1).

Ro, S. & Ziobrowski, A.J., 2011. Does focus really matter? Specialized vs. diversified
REITs. The Journal of Real Estate Finance and Economics, 42(1), hlmn.68-83.

San, O., & Malaysia, P. 2011. A study on the performance of Malaysian real estate
investment trusts from 2005-2010 by using net asset value approach.

Suruhanjaya Sekuriti , https://www.sc.com.my/my/legislation-guidelines/securities-

commission-act-1993/ [23 Feb 2018]
 30

Tang, C.H.H. & Jang, S.S., 2008. The profitability impact of REIT requirements: A
comparative analysis of hotel REITS and hotel C-Corporations. International
Journal of Hospitality Management, 27(4), hlmn 614-622.

Wu, M. C., Liau, Y. S., & Wang, Y. C. 2010. Are Reit defensive in emerging
markets? Evidence from Taiwan. Empirical Economics Letters, 9(11), hlmn
1091-1097.

Wu, M. C., Liau, Y. S., & Wang, Y. C. 2012. Which of the property-type Reit is
defensive? Evidence from the U.S. The Empirical Economics Letters, 11(1),
hlmn 43-50.

Zietz, E., Sirmans, S. & Friday, S., 2003. The environment and performance of real
estate investment trusts. Journal of Real Estate Portfolio Management, 9(2),
hlmn.127-165.