The rise of globalisation has led to more and more companies expanding beyond their borders. Gray (2002) sees this rise as a direct result of technology. He feels that technology has been the main factor leading to internationalisation. Desai (2003) feels that it is a combination of both market forces and technology giving rise to greater cross-border trade. The flow of foreign direct investment (FDI) around the world increased by up to seven times between 1992 and 2006 (Hill, 2007). This led to a 150 percent increase in world trade value and a 45 percent increase in output (2007). According to Hill by 2005 stock of global FDI exceeded $10 trillion. The objective of this research is to understand the intricacies of the strategic decisions of multinational property companies that expand beyond their borders, with a focus on investment property. The research uses the internationalisation theory known as the eclectic paradigm as a lens through which to view the subject. The paradigm is made up of three sub-paradigms – ownership, location and internalisation - and focuses on how multinational companies internationalise their operations. Multinational property companies (MNPCs) are increasingly looking to increase their foreign direct investments into investment property outside their borders where the yields may be better, or perhaps to spread their risk (de Rauville, 2008). Using the case study methodology the research aims to understand not only how these companies achieve their fdi ends, but why they chose particular modes of entry; their specific country choices; and what led them to believe that they had the capability to ensure success. Of added interest is the application of the eclectic paradigm within this context. The research proved successful in that the intricacies of the strategic decisions made by the multinational investment properties in the study were revealed. These led to further insights for current and future work on the topic. In addition the eclectic paradigm proved a most useful lens with which to view the topic. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Ko, Iat Meng. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 53-55). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iii / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Research Method --- p.6 / Chapter 2.1 --- Corporate Real Estate Holding Measures --- p.6 / Chapter 2.2 --- Free Cash Flow Measure --- p.6 / Chapter 2.3 --- Corporate Governance Measures --- p.9 / Chapter 2.3.1 --- Outside Blockholder Ownership --- p.10 / Chapter 2.3.2 --- CEO Compensation --- p.10 / Chapter 2.4 --- Merger and Acquisition Effect --- p.11 / Chapter 2.5 --- The Endogeneity Problem of Acquisition --- p.13 / Chapter 3 --- The Data --- p.16 / Chapter 4 --- Empirical Results --- p.19 / Chapter 4.1 --- Free Cash Flow and Corporate Governance --- p.19 / Chapter 4.2 --- M&A Effect --- p.20 / Chapter 4.3 --- Self-Selection Correction --- p.21 / Chapter 4.3.1 --- Estimating the Probability of Acquisition´ؤ Probit Estimation --- p.22 / Chapter 4.3.2 --- Self-Selection Model --- p.23 / Chapter 4.4 --- Effects of Target Firms --- p.24 / Chapter 4.5 --- Changes in Profitability Around Acquisition --- p.25 / Chapter 4.6 --- Sub-samples --- p.26 / Chapter 4.6.1 --- Free Cash Flow and Corporate Governance --- p.27 / Chapter 4.6.2 --- M&A Effect --- p.28 / Chapter 4.6.3 --- Self-Selection Correction --- p.28 / Chapter 4.6.4 --- Effects of Target Firms --- p.29 / Chapter 4.6.5 --- Changes in Profitability Around Acquisition --- p.29 / Chapter 5 --- Conclusion --- p.51 / Bibliography --- p.53

Yang, Bin. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2007. / Includes bibliographical references (leaves 60-63). / Abstracts in English and Chinese. / Acknowledgements --- p.iv / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Review and Some Discussions --- p.6 / Chapter 3. --- Measuring Corporate Governance --- p.11 / Chapter 3.1. --- Overview --- p.11 / Chapter 3.2. --- Ownership Concentration --- p.14 / Chapter 3.2.1. --- Overview --- p.14 / Chapter 3.2.2. --- Herfindahl Index --- p.15 / Chapter 3.2.3. --- Controlling Largest Shareholder's Ownership --- p.16 / Chapter 3.3. --- Check-and-balance of Ownership --- p.17 / Chapter 3.3.1. --- Overview --- p.17 / Chapter 3.3.2. --- Balance Index --- p.18 / Chapter 3.4. --- Controlling owner alone --- p.18 / Chapter 3.5. --- Separation of Cash Flow Rights and Control Rights --- p.19 / Chapter 3.6. --- Principal-Agent Problem between the largest shareholders and managers --- p.20 / Chapter 3.6.1. --- Duality --- p.20 / Chapter 3.6.2. --- Managerial Ownership..........................................................Error! Bookmark not defined / Chapter 3.7. --- Board Composition --- p.21 / Chapter 4. --- Measuring Public Governance --- p.23 / Chapter 5. --- Determinants of Real Estate Holdings --- p.27 / Chapter 6. --- Data and Empirical Methodology --- p.29 / Chapter 6.1. --- Data Summary --- p.29 / Chapter 6.2. --- Empirical Examination --- p.31 / Chapter 7. --- Statistics and Regression Results --- p.36 / Chapter 7.1. --- Summary Statistics --- p.36 / Chapter 7.2. --- Regression Result --- p.38 / Chapter 7.2.1. --- Univariate results and multivariate results of 22 countries in the Panel A --- p.38 / Chapter 7.2.2. --- Univariate results and multivariate results of 42 countries in the Panel B --- p.45 / Chapter 7.2.3. --- Univariate results and multivariate results of 13 Western European countries and 9 Eastern Asian countries --- p.47 / Chapter 7.2.4. --- Interaction Effects --- p.51 / Chapter 8. --- Robustness Check --- p.52 / Chapter 9. --- Conclusions --- p.58 / References --- p.60

Thesis (M.U.D.)--University of Hong Kong, 1991. / Includes bibliographical references (leaves 153-161).

Thesis (M.U.D.)--University of Hong Kong, 1991. / Includes bibliographical references (leaves 153-161) Also available in print.

Chu Kwok Hei Derek. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 97-103). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgements --- p.iii / Table of Content --- p.iv / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Some Conceptual Issues --- p.6 / Chapter 2.1. --- PPE holding and shareholders' return --- p.6 / Chapter 2.2. --- Mis-management of Corporate Real Estate --- p.7 / Chapter Chapter 3. --- Determinants of Real Estate Holdings --- p.12 / Chapter 3.1. --- Growth opportunities --- p.12 / Chapter 3.2. --- Size --- p.13 / Chapter 3.3. --- Firm focus and real estate holding --- p.14 / Chapter 3.4. --- Level of Debt --- p.15 / Chapter 3.5 --- industrial effect --- p.15 / Chapter 3.6. --- Imperfect capital market and Real Estate decision --- p.16 / Chapter 3.6.1. --- Dividend payout --- p.17 / Chapter 3.6.2. --- Cash flow --- p.17 / Chapter Chapter 4. --- Measuring Corporate Governance --- p.20 / Chapter 4.2. --- Management ownership --- p.21 / Chapter 4.3. --- Outside Blockholder ownership --- p.22 / Chapter 4.4. --- Executive compensation structure --- p.24 / Chapter 4.5. --- Board composition --- p.26 / Chapter 4.6 --- DUALITY --- p.28 / Chapter Chapter 5. --- "Data, Sample and Empirical Analysis" --- p.29 / Chapter 5.1. --- Data and Sample --- p.29 / Chapter 5.2. --- Empirical Analysis --- p.31 / Chapter Chapter 6. --- Summary Statistics and Regression Results --- p.33 / Chapter 6.1. --- Summary Statistics --- p.33 / Chapter 6.2. --- Regression result --- p.35 / Chapter Chapter 7. --- Robustness check --- p.40 / Chapter 7.1. --- Full Sample Splitting --- p.40 / Chapter 7.2. --- Regression result --- p.41 / Chapter Chapter 8. --- Concluding Remarks --- p.44 / Appendices --- p.46 / Appendix 1 --- p.46 / Split full sample into single industry that sample size is larger than 30 --- p.46 / Appendix 2 --- p.52 / "Results after excluding firms in sector of Transportation, communication and Utility" --- p.52 / Appendix 3 --- p.53 / Non-monotonic relation between managerial ownership and agency cost --- p.53 / Appendix 4 --- p.55 / Comparison of previous literatures-1 --- p.55 / Appendix 5 --- p.56 / Comparison of previous literatures-2 --- p.56 / Appendix 6 --- p.61 / List of Tables --- p.61 / Appendix 7 --- p.95 / Variables description: --- p.95 / References --- p.97

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

In the past, Taiwan¡¦s economy is growing very fast and city development is flourishing. But with time evolved, the urban development experienced from fast growing to mature, and now gradually decline. Therefore the key of urban development now focuses on the improvement of urban life¡¦s quality not to increase the quantity. This research is major in how to integrate real estate investments trusts into urban renewal. We probe into the urban renewal regulation, laws of real estate investments trusts and study some previous similar cases to understand restriction and difficult encountered in the operation. Besides we analyze its strengths and weakness compare with other raise found ways. The major conclusions of this research are: 1.For some poor resource city, adopting REITs to raise found can efficiently carry on urban renewal. 2.In the past, there are no any cases that using REITs to do urban renewal and quite complicated to undertaking, but it really a feasible method. 3.Adopting urban renewal investment can alleviate public finance, flexible real estate commerce and offer a long-term investment for the people. 4.Integrating urban redevelopment investment and BOT can get more efficiency.

Thesis: M.S., Massachusetts Institute of Technology, Sloan School of Management, 1980 / Includes bibliographical references. / by H. Lee Hales and Harvey Cooper Jones, Jr. / M.S. / M.S. Massachusetts Institute of Technology, Sloan School of Management

This master’s thesis is aimed at practical use of fundamental analysis of stocks. Its main goal is, on the basis of defined procedures, to analyze and valorize companies ČEZ, a. s., ECM Real Estate Investments A. G. and then decide about possible investments into the stocks of these companies. This thesis is divided into two main parts. First part deals with theoretical solutions of fundamental analysis and brief comment of another two ways how to analyze stocks – graphic and psychological analysis. In second part there is a practical elaboration of fundamental analysis for aforesaid companies and, in the end of this thesis, there is a summary of achieved results with brief commentary for possible investors.