Abstract​
This study employs a new scoring framework designed by the Asia Pacific Real Estate Association (APREA) to examine the link between corporate performance and quality of corporate governance among externally managed REITs listed on the Singapore Stock Exchange (S-REITs). The empirical tests provide evidence supporting a positive correlation between corporate governance practices and stock performances. However, we find no positive correlation with operating performance proxied by accounting measures. In other words, S-REITs with higher corporate governance tend to register better risk-adjusted returns but do not outperform operationally. To test for market efficiency, the study shows that S-REITs with the best corporate governance practices also have less information asymmetry.

Biography Dr. Patrick Lecomte is Deputy Director in charge of ESSEC Business School’s Centres of Excellence in Asia Pacific, and a senior research fellow at ESSEC Business School (Singapore). He specializes in alternative assets and financial innovation. Dr. Lecomte holds a Doctorate in real estate finance from the University of Paris (France), an MPhil in land economy from Cambridge University (UK), an MBA from Columbia University (USA), and a DESS and MSc in finance from the University of Paris-Dauphine (France). He is a member of the American Real Estate Society, the European Real Estate Society, and Asia Pacific Real Estate Association’s Research Committee. Dr. Lecomte has received numerous awards for his research on real estate markets, with a particular focus on property derivatives.

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