43 results on '"Real Estate Investment Funds"'
Search Results
2. A "Financialised Production of Space". Analysing Real Estate Investment Funds through Lefebvre's Spatial Triad.
- Author
-
Toro, Fernando and Navarrete-Hernandez, Pablo
- Subjects
- *
REAL estate investment , *MUTUAL funds , *PORTFOLIO managers (Investments) , *BUILT environment , *THEMATIC analysis - Abstract
This research contributes to gaining a deeper understanding of the nature of the financialization of the built environment from a spatial dimension. Empirical studies have predominantly used a quantitative approach to explore these processes. In contrast, this article seeks a better understanding of the ways in which financial institutions conceive of and represent space. Through the lens of Lefebvre's spatial triad, we analyse in-depth interviews with key high-level investment fund managers, along with the annual reports of three investment funds operating in Santiago, Chile. Our thematic analysis reveals a potential "financialised production of space" and indicates that data can be classified into three distinct categories: commodification of the material space, codification of the representation of space and, the subjectification of the representational space. The study concludes that investment funds construct financial spatial narratives, through which space is disembodied and conceived as a commodity, represented in the form of pictures and codes. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
3. Risk-return performances of real estate investment funds in Turkey including the Covid-19 period
- Author
-
Mehmet Emre Çamlibel, Levent Sümer, and Ali Hepşen
- Subjects
real estate investment funds ,return performances ,emerging markets ,performance measurement ,sharpe ratio ,treynor ratio ,covid-19 ,Management. Industrial management ,HD28-70 ,Finance ,HG1-9999 - Abstract
The purpose of this research is to give an insight into the Turkish real estate investment funds (T-REIFs) by comparing their risk-return performances with the main benchmark investment tool Istanbul Stock Exchange-100 (BIST-100) Index. This study evaluated the performance of T-REIFs in four different periods between January 2017 and December 2020 (2017m1–2017m12, 2018m1–2018m12, 2019m1–2019m12 and 2020m1–2020m12) including the Coronavirus Disease (Covid-19) period by applying the Sharpe and Treynor ratios. In a well-diversified portfolio both ratios give the same results, but in the presence of non-systematic risk and the portfolio is poorly diversified, the Treynor ratio is a better indicator than the Sharpe ratio. The findings of this study show that rankings of Sharpe and Treynor ratios may differ for each period. These results also support the fact that the portfolios of funds in the Turkish real estate market are not well diversified. By providing corporate tax exemptions, and by enabling the investors to diversify their investments and reduce their risks, real estate investment funds are important alternatives to direct real estate investments in Turkey. In that context, being one of the pioneer studies in this niche and a new topic in emerging markets, analyzing the return performances of T-REIFs and comparing them with the returns of the BIST-100 index is aimed to contribute to literature as well as provide insight to investors who may consider investing in the Turkish real estate capital market instruments.
- Published
- 2021
- Full Text
- View/download PDF
4. PORTFOLIO PERFORMANCE ANALYSIS of REAL ESTATE INVESTMENT FUNDS: A STUDY on REAL ESTATE INVESTMENT FUNDS ESTABLISHED in TURKEY.
- Author
-
ÖZYEŞİL, Mustafa
- Subjects
- *
REAL estate investment , *PORTFOLIO performance , *MUTUAL funds , *PORTFOLIO management (Investments) , *FINANCIAL performance - Abstract
Real estate investment funds (REIF) took their place in the Turkish capital market with the communiqué of the Capital Markets Board CMB dated 03.01.2014. REIFs are institutions that bring together the construction industry in Turkey with corporate finance. The first fund in Turkey was established in 2016 and currently 80 funds are managed by 21 fund management companies. The aim of this study is to examine the financial and operational performances of real estate investment funds, which are expected to contribute to the institutionalization and acceleration of real estate investments and the elimination of financial problems such as the middle income trap in the sector. In this study, whether these funds can provide the expected contributions, fund development processes, investment strategies, structural problems in the sector, legal regulations, sectoral expectations and portfolio performance are analyzed as a whole. Due to limited number of the listed REIFs in Borsa İstanbul sample size is relative small with 6 observations. After providing all current statistics regarding REIFs stiuations in Turkey, portfolio performance is measured by Sharpe and Treynor ratios. In order to find out relative portfolio performance, indicators of listed REIFs are compared with returns of the Bist-100 national stock index and REIT index which are used as benchmark indicator. According to results of the analysis, it has been found out that most of funds provided better performance than Bist-100 national stock index and REIT Index. Based on the findings obtained in this study, it is strictly recommended that legal regulations should be implemented as soon as possible to increase REIF's profitability and operational efficiency and make them sustainable. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
5. RISK-RETURN PERFORMANCES OF REAL ESTATE INVESTMENT FUNDS IN TURKEY INCLUDING THE COVID-19 PERIOD.
- Author
-
ÇAMLIBEL, Mehmet Emre, SÜMER, Levent, and HEPŞEN, Ali
- Subjects
RISK-return relationships ,REAL property ,INVESTMENTS ,COVID-19 pandemic - Abstract
The purpose of this research is to give an insight into the Turkish real estate investment funds (T-REIFs) by comparing their risk-return performances with the main benchmark investment tool Istanbul Stock Exchange-100 (BIST-100) Index. This study evaluated the performance of T-REIFs in four different periods between January 2017 and December 2020 (2017m1-2017m12, 2018m1-2018m12, 2019m1-2019m12 and 2020m1-2020m12) including the Coronavirus Disease (Covid-19) period by applying the Sharpe and Treynor ratios. In a well-diversified portfolio both ratios give the same results, but in the presence of non-systematic risk and the portfolio is poorly diversified, the Treynor ratio is a better indicator than the Sharpe ratio. The findings of this study show that rankings of Sharpe and Treynor ratios may differ for each period. These results also support the fact that the portfolios of funds in the Turkish real estate market are not well diversified. By providing corporate tax exemptions, and by enabling the investors to diversify their investments and reduce their risks, real estate investment funds are important alternatives to direct real estate investments in Turkey. In that context, being one of the pioneer studies in this niche and a new topic in emerging markets, analyzing the return performances of T-REIFs and comparing them with the returns of the BIST-100 index is aimed to contribute to literature as well as provide insight to investors who may consider investing in the Turkish real estate capital market instruments. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
6. Existe value premium para os fundos imobiliários brasileiros? Uma análise para o período 2013 a 2018.
- Author
-
Pereira Haas, Gabriel, Jaspe Feltrin, Rafael, França Almeida, Helberte João, and Simiano Nunes, Maurício
- Subjects
- *
INTEREST rates , *REAL estate investment , *PORTFOLIO performance , *MUTUAL funds , *GROWTH stocks , *CAPITAL assets pricing model - Abstract
With a declining base interest rate in the Brazilian economy and less volatility than stocks, real estate funds became more attractive to investors. Moreover, under the lens of this appreciation, it is possible to analyze them similarly to stocks, which allows us to see them under the prism of value versus growth, in which value assets are the ones with a low market-to-book ratio, whereas growth stocks feature a high ratio. The results found show us a superior performance by the value portfolio, however this portfolio also boasts a higher risk, which can be verified by looking at its volatility and beta. As the higher return commands a higher risk, the real estate funds market is in accord with the CAPM hypothesis. Therefore, we can conclude that there is no value premium in the Brazilian real estate funds market. [ABSTRACT FROM AUTHOR]
- Published
- 2021
7. Do Fund Investors Consider Asset Returns? Substitute Relation Among Investment Funds in Korea.
- Author
-
Kim, Young-Min
- Subjects
MUTUAL funds ,REAL estate investment ,BONDS (Finance) ,RETURN on assets ,BOND funds - Abstract
This study aims to investigate whether fund investors change their investment fund type depending on the return change of assets such as stocks, bonds, and housing. For this purpose, we examine the substitution relation among the equity, bond, and real estate investment funds by employing the net inflow. In particular, investment funds are classified according to investment objective, investment region, and investor. The main findings are as follows: first, the stock return of change is not attributed to the substitution relation among equity, bond, and real estate investment funds, which remains consistent across investment region and investors. Second, the yield change of three-year treasury bonds is attributed to the substitution relation between equity and bond investment funds. That is, if the bond yield increases and the bond prices decrease in turn, then money will go to the 'domestic' equity funds and goes out of the 'domestic and international' bond funds. The substitution relation is revealed between 'publicly placed' equity and 'publicly and privately placed' bond investment funds. Third, housing return of change is attributed to the substitution relation between domestic and international real estate investment funds. This implies that if housing prices rise, then money will go into the 'domestic' real estate investment funds and go out of 'international' real estate investment funds. The substitution relations among investment funds suggest that fund investors consider the return change of assets when determining investment funds. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
8. Impacto en la rentabilidad de un fondo de inversión colectiva a inmobiliario “FICI” colombiano, a partir de la inclusión de activos multifamiliares basados en el modelo implementado en Estados Unidos
- Author
-
Cardona Llano, Juan Felipe, Ramírez Puerta, Sara, Santamaría Beltrán, Jennifer, Cardona Llano, Juan Felipe, Ramírez Puerta, Sara, and Santamaría Beltrán, Jennifer
- Abstract
Los fondos de inversión colectiva inmobiliarios son una gran alternativa a la hora de invertir en activos inmobiliarios. Este estudio propone estudiar el impacto en la rentabilidad de un “FICI” al incluir un activo multifamiliar en renta, basado en el modelo implementado en Estados Unidos. Esto se logró identificando las características propias de los portafolios de inversión colectiva inmobiliarios en Colombia y los supuestos del modelo multifamiliar en Estados Unidos. Una vez identificadas estas propiedades del modelo multifamiliar en Estados Unidos, adaptables a los portafolios de inversión colectiva inmobiliarios en Colombia, se tomó un proyecto desarrollado en Tampa, Florida, y se acotó a las características del mercado colombiano y a las estrategias de inversión de los fondos inmobiliarios en el país, para evaluar el impacto sobre el portafolio tipo entre 2020 y 2022., Real estate investment funds are a great alternative when investing in real estate assets. This study proposes to study the impact the yield of a "FICI" by including a multifamily asset in rent based on the model implemented in the United States. This was achieved by identifying the characteristics of real estate investment funds portfolios in Colombia and the assumptions of the multifamily model in the United States. Once these properties of the multifamily model in the United States adaptable to the real estate investment funds portfolios in Colombia were identified, a project developed in Tampa, Florida was taken to limit itself to the characteristics of the Colombian market and the investment strategies of the real estate funds in the country, to evaluate the impact on the portfolio between 2020 and 2022.
- Published
- 2023
9. Income from capital assets including cryptocurrencies. Securing the right to levy
- Author
-
Saur, Wolfgang
- Subjects
Kapital ,Cryptocurrencies ,Subsidiarity ,Verlustausgleich ,Realized ,Überlassung ,Capital ,Increase in value ,Investment income ,Ausschüttungsgleiche ,Investmentfonds ,Distribution-equivalent ,Transfer ,Investment fund ,Real estate investment funds ,Capital assets ,Kapitalvermögen ,Wertsteigerung ,Immobilien-Investmentfonds ,Kryptowährungen ,Realisierte ,Beteiligungserträge ,Subsidiarität ,Loss compensation - Abstract
Diese Arbeit beschäftigt sich mit den Einkünften aus Kapitalvermögen inklusive den neuen Kryptowährungen und der Sicherung des Abgabenanspruchs. Im ersten Kapitel dieser Bachelorarbeit werde ich die Einkünfte aus Kapitalvermögen vorstellen und die geänderte Besteuerung ausführen. Um den genauen Abgabenanspruch für die Abgabenbehörde zu ermitteln, werde ich im zweiten Kapitel der Bachelorarbeit näher darauf eingehen. Eine Zusammenfassung am Ende wird die wichtigste Forschungsfrage klären, wie die Abgabenbehörden zu den genauen Daten für eine korrekte Besteuerung kommen. This thesis deals with the income from capital assets including the new cryptocurrencies and the protection of the tax claim. In the first chapter of this bachelor thesis, I will introduce the income from capital assets and explain the changed taxation. In order to determine the exact levy claim for the levy authority, I will go into more detail in the second chapter of the bachelor thesis. A summary at the end will clarify the most important research question, how the tax authorities arrive at the exact data for correct taxation.
- Published
- 2023
10. Impacto en la rentabilidad de un fondo de inversión colectiva a inmobiliario 'FICI' colombiano, a partir de la inclusión de activos multifamiliares basados en el modelo implementado en Estados Unidos
- Author
-
Ramírez Puerta, Sara, Santamaría Beltrán, Jennifer, and Cardona Llano, Juan Felipe
- Subjects
Fondos de inversión inmobiliarios ,Real estate investment funds ,BIENES RAÍCES ,Yield ,Asset class ,Multifamily model for rent ,Modelo Multifamiliar en renta ,FONDOS DE MERCADO MONETARIO ,Rentabilidad ,ANÁLISIS DE INVERSIONES ,INVERSIONES - Abstract
Los fondos de inversión colectiva inmobiliarios son una gran alternativa a la hora de invertir en activos inmobiliarios. Este estudio propone estudiar el impacto en la rentabilidad de un “FICI” al incluir un activo multifamiliar en renta, basado en el modelo implementado en Estados Unidos. Esto se logró identificando las características propias de los portafolios de inversión colectiva inmobiliarios en Colombia y los supuestos del modelo multifamiliar en Estados Unidos. Una vez identificadas estas propiedades del modelo multifamiliar en Estados Unidos, adaptables a los portafolios de inversión colectiva inmobiliarios en Colombia, se tomó un proyecto desarrollado en Tampa, Florida, y se acotó a las características del mercado colombiano y a las estrategias de inversión de los fondos inmobiliarios en el país, para evaluar el impacto sobre el portafolio tipo entre 2020 y 2022., Real estate investment funds are a great alternative when investing in real estate assets. This study proposes to study the impact the yield of a "FICI" by including a multifamily asset in rent based on the model implemented in the United States. This was achieved by identifying the characteristics of real estate investment funds portfolios in Colombia and the assumptions of the multifamily model in the United States. Once these properties of the multifamily model in the United States adaptable to the real estate investment funds portfolios in Colombia were identified, a project developed in Tampa, Florida was taken to limit itself to the characteristics of the Colombian market and the investment strategies of the real estate funds in the country, to evaluate the impact on the portfolio between 2020 and 2022.
- Published
- 2023
11. Modelo de optimización de determinantes de la estructura de capital óptima en los fondos inmobiliarios de capital privado : caso aplicado al entorno colombiano
- Author
-
Valderrama Tobón, Sebastián, Muñoz Díaz, Juan Pablo, Úsuga Duque, Daniel, Valderrama Tobón, Sebastián, Muñoz Díaz, Juan Pablo, and Úsuga Duque, Daniel
- Abstract
En la actualidad no existe una teoría que permita conocer con exactitud cuál es la estructura de capital que maximice la rentabilidad y minimice el riesgo del inversionista cuyos recursos están invertidos en un fondo de capital inmobiliario (FCI). Sin embargo, es posible identificar variables que se vuelven determinantes claves a la hora de tomar decisiones de financiación. Una lectura y definición apropiada de estas variables enmarcadas en momentos específicos del mercado permiten a los gestores tomar decisiones estratégicas y maximizar el desempeño del portafolio de sus inversionistas. En el caso particular de Colombia, la información disponible de los FCI es aún muy limitada debido a las restricciones del mercado, la falta de competidores y el poco tiempo que tienen estos vehículos como herramienta de inversión en el país. Las decisiones de financiación se toman desconociendo muchas variables y, por eso, la creación de una herramienta que funcione como guía para tomar decisiones razonables que permitan el desarrollo del sector es pertinente., Currently, there is no theory that allows an accurate approach towards the capital structure that maximizes profitability and minimizes the risk of an investor with resources invested in a real estate equity funds. However, it is possible to identify variables that act as key determinants when making financing decisions in this matter. An appropriate reading and definition of these variables framed in specific market moments allow managers to make strategic decisions and maximize the performance of their investor’s portfolio. In Colombia´s specific case, the information available is still very limited due to market restrictions, asymmetric information, lack of competitors and the short lifespan of the local industry. Financing decisions are taken without considering the appropriate amount of variables and, therefore, the creation of a tool that works as a guide to make educated and reasonable decisions becomes essential for the segment’s growth and development.
- Published
- 2022
12. Modelo de optimización de determinantes de la estructura de capital óptima en los fondos inmobiliarios de capital privado : caso aplicado al entorno colombiano
- Author
-
Muñoz Díaz, Juan Pablo, Úsuga Duque, Daniel, and Valderrama Tobón, Sebastián
- Subjects
FINANZAS ,DESARROLLO INDUSTRIAL ,Estructura de capital ,Fondos de capital inmobiliario ,Capital Structure ,Real Estate Investment Funds ,CAPITAL ,INVERSIONES DE CAPITAL ,Herramienta para gestores ,Colombia ,Tool for Managers ,INVERSIONES - Abstract
En la actualidad no existe una teoría que permita conocer con exactitud cuál es la estructura de capital que maximice la rentabilidad y minimice el riesgo del inversionista cuyos recursos están invertidos en un fondo de capital inmobiliario (FCI). Sin embargo, es posible identificar variables que se vuelven determinantes claves a la hora de tomar decisiones de financiación. Una lectura y definición apropiada de estas variables enmarcadas en momentos específicos del mercado permiten a los gestores tomar decisiones estratégicas y maximizar el desempeño del portafolio de sus inversionistas. En el caso particular de Colombia, la información disponible de los FCI es aún muy limitada debido a las restricciones del mercado, la falta de competidores y el poco tiempo que tienen estos vehículos como herramienta de inversión en el país. Las decisiones de financiación se toman desconociendo muchas variables y, por eso, la creación de una herramienta que funcione como guía para tomar decisiones razonables que permitan el desarrollo del sector es pertinente., Currently, there is no theory that allows an accurate approach towards the capital structure that maximizes profitability and minimizes the risk of an investor with resources invested in a real estate equity funds. However, it is possible to identify variables that act as key determinants when making financing decisions in this matter. An appropriate reading and definition of these variables framed in specific market moments allow managers to make strategic decisions and maximize the performance of their investor’s portfolio. In Colombia´s specific case, the information available is still very limited due to market restrictions, asymmetric information, lack of competitors and the short lifespan of the local industry. Financing decisions are taken without considering the appropriate amount of variables and, therefore, the creation of a tool that works as a guide to make educated and reasonable decisions becomes essential for the segment’s growth and development.
- Published
- 2022
13. APONTAMENTOS SOBRE O REGIME GERAL DOS ORGANISMOS DE INVESTIMENTO COLETIVO.
- Author
-
DE BRITO, RITA XAVIER and CORDEIRO FERREIRA, MANUEL
- Subjects
- *
COMMINGLED funds (Mutual funds) , *REAL estate investment trusts , *ALTERNATIVE investment laws , *EUROPEAN Union law , *LEGISLATIVE amendments , *TWENTY-first century , *HISTORY , *LAW - Abstract
The legal frameworks applicable to collective investment schemes and real estate investment funds were subject to an extensive review in the context of the incorporation into Portuguese law of Directive 2011/61/EU, as amended, on alternative investment fund managers, enacted by Law no. 16/2015, of 24 February, which approves the general framework applicable to collective investment schemes, consolidating the two former regimes in one single framework. The amendments to these regimes are multiple, some stemming from an imposition of EU law, others by choice of the national lawmaker. In this article we will address only some of the more significant changes. [ABSTRACT FROM AUTHOR]
- Published
- 2016
14. Fundos de investimento imobiliário: um framework para análise na tomada de decisão de investimento
- Author
-
Lemos, Ronaldo Souza de and Azevedo, André Filipe Zago de
- Subjects
Real estate investment funds ,Investment decision ,Características ,Decisão de investimento ,Framework ,Profitability variables and indicators ,Ciências Sociais Aplicadas::Administração [ACCNPQ] ,Variáveis e indicadores de rentabilidade ,Fundos de investimento imobiliário ,Features - Abstract
Submitted by Anna Barbara Alves Beraldine (annabarbara@unisinos.br) on 2021-07-23T17:12:45Z No. of bitstreams: 1 Ronaldo Souza de Lemos_.pdf: 2015536 bytes, checksum: 1174b48b1a5f938679febfcb884b9507 (MD5) Made available in DSpace on 2021-07-23T17:12:45Z (GMT). No. of bitstreams: 1 Ronaldo Souza de Lemos_.pdf: 2015536 bytes, checksum: 1174b48b1a5f938679febfcb884b9507 (MD5) Previous issue date: 2021-06-14 Nenhuma A abordagem do tema Fundo de Investimento Imobiliário (FII) teve como objetivo a identificação e análise das suas principais características e variáveis. A busca de conhecimento sobre o assunto envolveu o uso de técnicas de pesquisa cientifica para identificar referencial teórico e informações cadastrais, contábeis e financeiras sobre o assunto. Também foram pesquisadas publicações, originárias da academia e do mercado, voltadas para o estudo de variáveis capazes de explicar a rentabilidade de um FII. Estas variáveis, de acordo com a frequência que foram identificadas, receberam um peso para caracterizar o seu grau de importância no processo de escolha de um fundo pelo investidor. Todas essas informações foram inseridas em um framework que avalia a qualidade e o desempenho do fundo, formando um ranking de pontuação. O propósito desta ferramenta é gerar informação relevante que auxilie o investidor na escolha do fundo candidato a integrar sua carteira de investimentos. Os dados coletados foram organizados em grupos de análise conforme a fonte de origem. Baseado nestes grupos foram realizadas simulações de cenários e projeções de resultados através da criação de carteiras hipotéticas de investimento. As carteiras foram construídas com ativos selecionados a partir do ranking de pontuação produzido pelo framework e os seus resultados foram comparados com o IFIX. Este estudo não buscou esgotar o assunto. Ao contrário, procurou instigar a discussão do tema, propondo uma aplicação prática do conhecimento formado a partir de trabalhos acadêmicos e publicações do mercado. Por fim, ficou evidenciado sob a perspectiva da análise de investimento que o nível de acerto, traduzido aqui em maior capacidade do investidor de obter retornos superiores a um benchmark, está ligado diretamente a quantidade e a qualidade das informações disponíveis para tomada de decisão. The approach to the Real Estate Investment Fund (REIF) theme aimed to identify and analyze its main characteristics and variables. The search for knowledge on the subject involved the use of scientific research techniques to identify theoretical references and registration, accounting and financial information on the subject. Publications originating from academia and the market, aimed at the study of variables capable of explaining the profitability of an REIF, were also researched. These variables, according to the frequency they were identified, were given weight to characterize their degree of importance in the process of choosing a fund by the investor. All this information was entered into a framework that assesses the fund's quality and performance, forming a ranking of points. The purpose of this tool is to generate relevant information to help investors choose the candidate fund to integrate their investment portfolio. The collected data were organized into analysis groups according to the source of origin. Based on these groups, scenario simulations and projections of results were carried out through the creation of hypothetical investment portfolios. The portfolios were built with selected assets based on the scoring ranking produced by the framework and their results were compared with the IFIX. This study did not seek to exhaust the subject. On the contrary, it sought to instigate discussion of the topic, proposing a practical application of knowledge formed from academic works and publications in the market. Finally, it was evident from the perspective of investment analysis that the level of success, translated here into greater investor capacity to obtain returns higher than a benchmark, is directly linked to the quantity and quality of information available for decision-making.
- Published
- 2021
15. THE IMPORTANCE OF CAPITAL MARKETS IN THE DEVELOPMENT OF REAL ESTATE SECTOR
- Author
-
Resül YAZICI and Ayla YAZICI
- Subjects
real e ,Social sciences (General) ,H1-99 ,real estate investment funds ,real estate sector ,lease certificate ,Social Sciences ,real estate certificate - Abstract
In Turkey, various factors such as the height of the inflation rate and the pressure of the current account deficit on the exchange rate affects the internal and external value of money negatively. For such reasons in an environment experiencing short term behaviour the pessimism of the saving owner and the investors causes them not to turn to long-term markets, ie capital markets. Moreover, because some segments have an interest anxiety, this leads to the formation of mattress savings in gold or foreign currency. Without imparting to the financial system ie economy, savings accumulating in this way are transformed into reel assets when a certain figure is reached. For example, when the value of mattress savings such as gold or foreign exchange reaches a certain figure first it is directed to the purchase of automotive and after it reaches a greater value to the purchase of real estate. Because it is not possible to expect the development of mortgage loan financing systems that provide long-term financing possibility from the money markets where short-term behaviour characteristics are predominate. In such a structure it is also unlikely to ensure the continuity of housing demand and supply. The regulation of the markets (the market maker), in which the products, which are developed to reduce the negativeness of this process, are traded, gains importance. In this study it is tried to give, besides the means to be developed, the evolution that will be provided by the regulation of the markets in which these means will be traded, and both how the mattress savings can be transferred to the economy and how the development of capital markets can be.
- Published
- 2019
16. Os fundos de investimento imobiliário
- Subjects
Real estate investment funds ,Investment funds ,Undertaking for collective investment ,Fundos de investimento ,Organismos de investimento coletivo - Abstract
O presente artigo tem por objeto uma breve análise da noção, fontes, natureza e regime jurídicos dos fundos de investimento imobiliário (FII), com particular destaque para o estatuto jurídico da respetiva sociedade gestora., This paper is addressed to the “real estate investment funds” (“fundos de investimento imobiliário”), aiming at analyzing its concept, legal nature and juridical regime, in particular the legal status of the fund’s management company.
- Published
- 2019
17. Fair value accounting choice.
- Author
-
Pinto, Inês and Pais, Manuel Caldeira
- Abstract
Purpose – Profiting from a unique research opportunity in the Portuguese REIFs market, this paper aims to investigate the impact of fund managers ' accounting choice on funds ' returns distribution and analyses the relationship between fair value accounting choice and conditional accounting conservatism. Design/methodology/approach – According to Portuguese securities market regulation, fund managers of REIFs can fix the value of the fund properties between the acquisition cost and the average of the appraisal values assigned periodically by two independent appraisers. Therefore, through the analysis of fund managers’ actual choice to value REIF net asset value in comparison with a mandatory adoption of a pure fair value method (appraisers’ valuations), the paper investigates the impact of accounting choice on funds’ return series. On the other hand, an analysis at fund level is also conducted to determine the consequences of fair value accounting choice on the ability of fund managers in delaying the recognition of asset value decreases (bad news). Findings – Results indicate that in the period of financial crisis, significant differences in REIF returns according to the accounting method used to value properties are observed. There is also evidence that fund managers of open-end funds that are subject to greater market pressure to meet financial reporting objectives are more likely to smooth book value returns. Additionally, findings support the hypothesis that REIFs that use a more historical cost accounting model exhibit a lower degree of conditional accounting conservatism, suggesting that the use of fair value may be useful to reduce fund manager discretion in delaying the recognition of losses. Originality/value – This paper provides an empirical evidence of one possible positive effect of the use of fair value on the quality of financial reporting, evidencing how a more fair value accounting model may limit fund managers’ discretion. [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
18. Risk-return performances of real estate investment funds in turkey including the covid-19 period
- Author
-
Levent Sümer, Mehmet Emre Çamlibel, Ali Hepsen, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Uluslararası Ticaret ve İşletmecilik Bölümü, Levent Sümer / 0000-0002-2160-8803, Sümer, Levent, Levent Sümer / GFA-7691-2022, and Levent Sümer / 57218598324
- Subjects
Index (economics) ,Financial economics ,Strategy and Management ,Real Estate Investment Funds ,Treynor Ratio ,Real estate ,Treynor ratio ,0502 economics and business ,Management. Industrial management ,050207 economics ,Emerging markets ,Performance Measurement ,050208 finance ,Sharpe ratio ,05 social sciences ,COVID-19 ,Sharpe Ratio ,Investment (macroeconomics) ,HD28-70 ,HG1-9999 ,Portfolio ,Business ,Return Performances ,Capital market ,Finance ,Emerging Markets - Abstract
The purpose of this research is to give an insight into the Turkish real estate investment funds (T-REIFs) by comparing their risk-return performances with the main benchmark investment tool Istanbul Stock Exchange-100 (BIST-100) Index. This study evaluated the performance of T-REIFs in four different periods between January 2017 and December 2020 (2017m1–2017m12, 2018m1–2018m12, 2019m1–2019m12 and 2020m1–2020m12) including the Coronavirus Disease (Covid-19) period by applying the Sharpe and Treynor ratios. In a well-diversified portfolio both ratios give the same results, but in the presence of non-systematic risk and the portfolio is poorly diversified, the Treynor ratio is a better indicator than the Sharpe ratio. The findings of this study show that rankings of Sharpe and Treynor ratios may differ for each period. These results also support the fact that the portfolios of funds in the Turkish real estate market are not well diversified. By providing corporate tax exemptions, and by enabling the investors to diversify their investments and reduce their risks, real estate investment funds are important alternatives to direct real estate investments in Turkey. In that context, being one of the pioneer studies in this niche and a new topic in emerging markets, analyzing the return performances of T-REIFs and comparing them with the returns of the BIST-100 index is aimed to contribute to literature as well as provide insight to investors who may consider investing in the Turkish real estate capital market instruments. © 2021 The Author(s). Published by Vilnius Gediminas Technical University.
- Published
- 2021
19. Gestão ativa de portfólios em Fundo de Fundos de Investimento Imobiliários no Brasil
- Author
-
F.Baptista Tognini, C.T. de Alencar, F.Baptista Tognini, and C.T. de Alencar
- Abstract
O aumento do interesse de investidores e do número de fundos imobiliários da indústria de FIIs, favoreceram o crescimento dos Fundos de Fundos, ou FoF (do inglês Fund of Funds), um fundo que investe em cotas de outros FIIs e tem estes como ativos-alvo. O FoF se tornou um veículo para o investidor que busca auferir ganhos no mercado imobiliário poder acessar um portfólio diversificado, com baixo custo de aquisição, e o qual fica sob responsabilidade de um gestor especializado que toma decisões de investimento e acompanha o mercado diariamente. Este trabalho buscou identificar as características que tornam o Fundo de Fundos um meio atrativo para se investir em FIIs, e as consequências de se adotar um modelo de gestão ativa em contraposição a gestão passiva por meio de uma análise ex-post de dois portfólios de cotas de FIIs. Em um deles foi simulado uma carteira nos moldes da gestão passiva, ou seja, o portfólio foi mantido constante, e no outro, foi estudada a carteira real do fundo que apresentou reciclagem dos ativos. O estudo foi elaborado baseado em um Fundo de Fundos listado na B3 utilizando dados dos informes mensais, trimestrais e relatórios gerenciais divulgados no site da B3. Entre o portfólio hipotético da gestão passiva e o portfólio da gestão ativa, foi possível observar que a gestão ativa teve um resultado superior ao portfólio hipotético da gestão passiva. Por serem capazes de negociarem as cotas de FIIs no ambiente da bolsa de valores, os FoFs conseguem se adaptarem as circunstâncias dos mercados, reduzir ou aumentar a exposição em segmentos do real estate e com isso podem ser capazes de adotarem ferramentas de gestão de portfólios mais sofisticadas.
- Published
- 2019
20. Optimización de portafolios inmobiliarios : una aplicación al mercado colombiano
- Author
-
Yepes Raigosa, David Alejandro, Ramírez Arango, Andrés Felipe, Gómez Granados, Pamela Andrea, Yepes Raigosa, David Alejandro, Ramírez Arango, Andrés Felipe, and Gómez Granados, Pamela Andrea
- Abstract
Desde su aparición y regulación en Colombia, los fondos de inversión colectiva inmobiliarios se han convertido en una llamativa alternativa de inversión por las posibilidades de diversificación y ventajas que ofrecen. En este trabajo, se realiza una especificación de la mecánica de los fondos inmobiliarios, desde el ámbito operativo y normativo, adicionalmente, una revisión de los componentes del modelo de Markowitz y su aplicación en activos financieros inmobiliarios del mercado local, con el propósito de conformar una cartera óptima con mejor desempeño en términos de rendimiento-riesgo comparado con el mercado accionario y de deuda colombiano aproximado por los índices COLCAP y COLTES, respectivamente. Los resultados obtenidos permiten establecer que la gestión y optimización de los fondos de inversión inmobiliaria son una buena alternativa de inversión frente a las opciones clásicas de renta fija y renta variable
- Published
- 2019
21. The Development of the Real Estate Investment Fund for the Purpose of Regional Development.
- Author
-
SALAJ, ALENKA TEMELJOTOV, JANČAR, JERICA, BRUS, MOJCA ŠTRITOF, and TRPIN, GORAZD
- Subjects
REAL estate business ,COMMUNITY development ,RURAL development ,INVESTMENTS - Abstract
In this research, an attempt is made to present the field of real estate funds in Slovenia, to point out the differences between private and public real estate funds, and explore some possibilities of public-private partnerships in this field. 'Consumers in Europe' (2009) Eurostat data shows that in 2007 Slovenia belonged to the states which had more than 80% of owner occupied dwellings in their total housing stock, 4.8% of the stock presents commercial rental units and only 1.3% of the stock consists of non-profit rental apartments. This issue is being examined in order to establish whether an introduction of Real Estate Investment Funds to Slovenian legislation and their cooperation with public funds could contribute to solving the problematic lack of rental apartments in Slovenia, especially in the non-profit segment. [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
22. DEVELOPMENT OF REAL ESTATE FUNDS IN EUROPE AND LITHUANIA.
- Author
-
Galinienė, Birutė and Bumelytė, Junona
- Subjects
LITHUANIAN economy, 1991- ,EUROPEAN integration ,REAL estate investment ,PORTFOLIO management (Investments) - Abstract
Due to the growing economy in Lithuania as well its a rapid integration into the European Union and global markets, improvement of the investment process in real estate has been and will continue to be a topic of great interest. The article presents an analysis of the investment process in real estate. It aims at presenting a theoretical and practical evaluation of real estate as an investment object. To this end, the first part of the paper singles out the most important concepts related to real estate, compares real estate with other types of investment, analyses real estate in the investment portfolio. The second part explores the importance of real estate investment funds in order to ensure an efficient and expansive functioning of the investment market in the European Union and to expand the Lithuanian market of investment goods. It also investigates the legal basis and development of real estate funds in the European Union. Lithuanian legislation provided a possibility for real estate funds to operate only at the end of 2007: on 15 November 2007 a new edition of the Law on Collective Investment Undertaking of the Republic of Lithuania was adopted, stipulating a possibility for specialized funds to appear in Lithuania from 1 March 2008. [ABSTRACT FROM AUTHOR]
- Published
- 2008
23. INVESTICIJSKI FONDOVI KOJI ULAŽU U NEKRETNINE PREMA ZAKONU O INVESTICIJSKIM FONDOVIMA.
- Author
-
Člinovič-Here, Edita
- Subjects
REAL estate investment ,INVESTORS ,SPECULATION ,REAL property ,REAL estate business - Abstract
The article analyzes the characteristics of real estate investment funds. The author explains the establishment and organization of funds, objects of investment, limitations of portfolio and other particularities that differentiate real estate investment funds from other investment funds. The author also examines approved lists of individual real estate investment funds, apart from the provisions of the Law on Investment Funds, to determine factual level of investors' protection.
- Published
- 2007
24. Potencial impacto das sociedades de investimento e gestão imobiliária no mercado imobiliário português
- Author
-
Almeida, Bernardo Albuquerque Barata Simões de and Carvalho, Joaquim Montezuma de
- Subjects
Sociedades de Investimento e Gestão Imobiliária ,Fundos de Investimento Imobiliários ,Real Estate Investment Trusts ,Savings Products ,Imobiliário ,Real Estate Investment Funds ,Investimento ,Produtos de Poupança ,Real Estate ,Investment ,Capital Markets ,Mercado de Capitais - Abstract
Mestrado em Ciências Empresariais A presente dissertação tem como objetivo questionar o potencial impacto das SIGI ao nível da dinamização e transparência do mercado português, assim como avaliar as potenciais vantagens deste tipo de veículos face aos fundos de investimento imobiliário (FII). Adicionalmente, pretendeu-se apurar se as SIGI poderiam proporcionar melhores instrumentos de poupança aos pequenos aforradores e investidores tradicionais, representando uma alternativa competitiva em termos de risco e rendibilidade. No sentido de inferir sobre as questões principais da investigação, é feita uma análise comparativa exaustiva do enquadramento legal dos fundos de investimento imobiliário e das sociedades de investimento e gestão imobiliária; uma análise da relação risco-rendibilidade de vários índices bolsistas, índices imobiliários e as ações de um REIT; uma análise de correlações de índices bolsistas e imobiliários e uma análise a um índice de transparência mundial do imobiliário comparando-o com os países que já adotaram o regime dos Real Estate Investment Trusts (REITs). A análise é substanciada por uma revisão detalhada da literatura que pretende dar enquadramento sobre o mercado e os ativos imobiliários, os fundos de investimento imobiliários, os, as sociedades de investimento e gestão imobiliária e a potencial primeira SIGI em Portugal, a Merlin Properties. This dissertation aims to question the potential impact of SIGI on the dynamism and transparency of the Portuguese market, as well as to evaluate the potential advantages of this type of vehicle when compared to real estate investment funds (FII). In addition, it was sought to ascertain whether the SIGI could constitute a better alternative as a savings instruments to small savers and traditional investors, representing a competitive alternative in terms of risk and profitability. In order to infer about the main research questions, an exhaustive comparative analysis of the legal framework of real estate investment funds and sociedades de investimento e gestão imobiliária is undertaken as well as, an analysis of the risk-return ratio of various stock indices, real estate indices and a REIT, a correlation analysis of stock and real estate indexes and an analysis of a global real estate transparency index comparing it with countries that have already adopted the REIT regime. The analysis is substantiated by a detailed review of literature intended to provide a comprehensive framework on the real estate market and real estate asset, real estate investment funds, REITs, SIGIs, and the potential first SIGI in Portugal, Merlin Properties. ( info:eu-repo/semantics/publishedVersion
- Published
- 2019
25. O impacto do fim da isenção em sede de IMT para os fundos de investimento imobiliário ao nível do mercado de capitais
- Author
-
Silva, Ana Margarida dos Santos and Pinto, Inês Fonseca
- Subjects
Risk ,Fundos de Investimento Imboliário ,Imobiliário ,Real Estate Investment Funds ,Diversificação ,Real Estate ,Taxes ,Impostos ,Diversification ,Stocks ,Rendibilidades ,Ações ,Risco ,Returns - Abstract
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais O presente estudo investiga o impacto que a recente proposta de fim da isenção fiscal em sede de IMT para os Fundos de Investimento Imobiliário (FIIs) tem nas suas rendibilidades e analisa as suas consequências ao nível do investimento no mercado de capitais. Analisamos 19 fundos que representam cerca de 56% do valor líquido global dos FIIs em atividade em Portugal e 36% do valor sob gestão de toda a indústria. Começamos por fazer uma análise descritiva do comportamento dos mercados imobiliário e acionista entre 2008 e 2019, em Portugal. Quantificamos o impacto da aprovação da proposta supramencionada para o período entre 2016 e 2018. Por fim, procedemos ao estudo das correlações entre o mercado imobiliário e o mercado acionista com e sem reflexão desta medida fiscal, para o mesmo período, no sentido de analisar possiveís alterações no comportamento dos mercados. Tendo em conta que o período em análise inclui o período de crise financeira vivido em Portugal, executamos uma análise por subperíodos: pré-crise (2008 e 2009), crise (2010 a 2014) e pós-crise (2015 a 2019). Concluímos que a aprovação do fim da isenção em sede de IMT acarreta quedas significativas nas rendibilidades oferecidas pelos FIIs e influencia a dinâmica e comportamento dos mercados imobiliário e acionista. Contribui para o aumento da correlação entre os mesmos e, como tal, para a diminuição do potencial do imobiliário como fator de diversificação do risco de um portfolio composto por ações. This paper investigates the impact that the recent proposal to end the IMT (Imposto Municipal sobre as Transmissões Onerosas de Imóveis) tax exemption for the Real Estate Investment Funds (REIFs) has on their returns and analyzes its consequences on capital market investment. We analyze 19 funds representing around 56% of the overall net value of REIFs operating in Portugal and 36% of the value under management of the entire industry. We begin by making a descriptive analysis of the behavior of the real estate and equity markets between 2008 and 2019 in Portugal. We quantify the impact of the approval of the above mentioned proposal for the period between 2016 and 2018. Finally, we study the correlations between the real estate market and the stock market with and without reflection of this fiscal measure, for the same period, in order to analyze possible changes in market behavior. Given that the period under this research includes the period of financial crisis that occured in Portugal, we carry out a subperiod analysis: pre-crisis (2008 and 2009), crisis (2010 to 2014) and post-crisis (2015 to 2019). Approval of the end of the IMT exemption leads to significant decreases in the returns offered by the REIFs and influences the dynamics and behavior of the real estate and equity markets. In fact, it leads to the increase of the correlation of the two markets and therefore to the decrease of the real estate potential as a risk diversification factor of a portfolio containing stocks. info:eu-repo/semantics/publishedVersion
- Published
- 2019
26. Tributação de fundos de investimento imobiliário em sede de impostos sobre património
- Author
-
Zadorozhnaia, Iryna and Paulo Jorge Nogueira Costa
- Subjects
Benefícios fiscais ,Imposto municipal sobre imóveis ,Tributação do património ,Real estate tax ,Fundos de investimento especiais ,Imposto municipal sobre transações onerosas ,Tax benefits ,Special investment funds ,Municipal tax on onerous transmissions ,Fundos de investimento imobiliário ,Real estate investment funds ,Real estate transfer - Abstract
Mestrado em Fiscalidade Submitted by Filomena Borba (fmborba@iscal.ipl.pt) on 2021-02-03T19:12:36Z No. of bitstreams: 1 Dissertaá∆o Mestrado Fiscalidade_Iryna_Zadorozhnaia_nß20170079_Provis¢rio_PDF.pdf: 1168355 bytes, checksum: 5c29c082612f907c8e22e5129f42e2ff (MD5) Made available in DSpace on 2021-02-03T19:12:36Z (GMT). No. of bitstreams: 1 Dissertaá∆o Mestrado Fiscalidade_Iryna_Zadorozhnaia_nß20170079_Provis¢rio_PDF.pdf: 1168355 bytes, checksum: 5c29c082612f907c8e22e5129f42e2ff (MD5) Previous issue date: 2019-07 info:eu-repo/semantics/publishedVersion
- Published
- 2019
27. Tijolos de papel: dimensões territoriais da isenção tributária dos fundos de investimento imobiliário no Brasil
- Author
-
Franco, Fernando Túlio Salva Rocha, Escolas::EAESP, Santoro, Paula Freire, Mosquera, Roberto Quiroga, George, Rafael, and Biderman, Ciro
- Subjects
Real estate investment funds ,Tax justice ,Justiça tributária ,Política urbana ,Fundo de investimento imobiliário ,Política urbana - Brasil ,Administração pública ,Fundos de investimento - Brasil ,Investimentos imobiliários - Brasil ,Política tributária - Brasil ,Impostos - Isenção ,Urban policy - Abstract
Este trabalho explora as dimensões tributárias e territoriais em torno dos Fundos de Investimento Imobiliário (FII) no Brasil. Por meio da retrospectiva do arcabouço legal é apresentada uma periodização e, em seguida, uma caracterização geral, com base na raspagem de dados realizada no sistema da Comissão de Valores Mobiliários (CVM). Diante da reflexão sobre a configuração do sistema tributário brasileiro são analisadas as regras aplicáveis aos FIIs. Com o processamento dos dados calcula-se o valor das renuncias fiscais para os últimos dois anos. Verifica-se, em seguida, com base em dados estatísticos e no mapeamento realizado, a ocorrência de padrões de distribuição territorial dos imóveis beneficiados por isenções tributárias, incluindo o cruzamento com variáveis como a renda nominal média dos domicílios particulares e a rentabilidade dos imóveis. Diante dos resultados obtidos são apresentadas considerações e alternativas para formulação de políticas públicas, visando aproximar mecanismos de justiça tributária e de desenvolvimento urbano. This work explores the tax and territorial dimensions around the Real Estate Investment Trusts (REITs) in Brazil. Through a retrospective of the legal framework, a periodization is presented, followed by a general characterization, based on data scraping carried out in the Brazilian Securities and Exchange Commission (CVM) system. A reflection on the configuration of the Brazilian tax system leads to an analysis of the rules applicable to the REITs. The data processed allows for calculating the total value of the tax waivers for the last two years. Then, based on statistical data and mapping, the occurrence of territorial distribution patterns of properties benefiting from tax exemptions, including crossing with variables such as the average nominal income of private households and the profitability of the real estate, is verified. In view of the results obtained, considerations and alternatives for the development of public policies are presented, aiming to approximate tax justice and urban development mechanisms.
- Published
- 2019
28. Os fundos de investimento imobiliário
- Author
-
Antunes, José Engrácia and Veritati - Repositório Institucional da Universidade Católica Portuguesa
- Subjects
Fundo de Investimento Imobiliário ,Investment funds ,Undertaking for collective investment ,Fundos de investimento ,Real Estate Investment Funds ,Organismos de investimento coletivo ,FII - Abstract
This paper is addressed to the “real estate investment funds” (“fundos de investimento imobiliário”), aiming at analyzing its concept, legal nature and juridical regime, in particular the legal status of the fund’s management company., O presente artigo tem por objeto uma breve análise da noção, fontes, natureza e regime jurídicos dos fundos de investimento imobiliário (FII), com particular destaque para o estatuto jurídico da respetiva sociedade gestora.
- Published
- 2019
29. Optimización de portafolios inmobiliarios : una aplicación al mercado colombiano
- Author
-
Ramírez Arango, Andrés Felipe, Gómez Granados, Pamela Andrea, and Yepes Raigosa, David Alejandro
- Subjects
OFERTA DE VIVIENDA - COLOMBIA ,PORTAFOLIO DE INVERSIONES - COLOMBIA ,Sector inmobiliario ,Modelo de Markowitz ,Markowitz model ,PROMOCIÓN INMOBILIARIA - COLOMBIA ,MERCADO DE LA VIVIENDA - COLOMBIA ,Real estate ,Optimización de portafolio ,Real estate investment funds ,Portfolio Selection ,Modelo de Media-Varianza ,Portfolio Optimization ,Medium-variance model ,BIENES RAÍCES - COLOMBIA ,Fondos de inversión inmobiliaria ,Selección de portafolio ,FONDOS MUTUOS - COLOMBIA - Abstract
Desde su aparición y regulación en Colombia, los fondos de inversión colectiva inmobiliarios se han convertido en una llamativa alternativa de inversión por las posibilidades de diversificación y ventajas que ofrecen. En este trabajo, se realiza una especificación de la mecánica de los fondos inmobiliarios, desde el ámbito operativo y normativo, adicionalmente, una revisión de los componentes del modelo de Markowitz y su aplicación en activos financieros inmobiliarios del mercado local, con el propósito de conformar una cartera óptima con mejor desempeño en términos de rendimiento-riesgo comparado con el mercado accionario y de deuda colombiano aproximado por los índices COLCAP y COLTES, respectivamente. Los resultados obtenidos permiten establecer que la gestión y optimización de los fondos de inversión inmobiliaria son una buena alternativa de inversión frente a las opciones clásicas de renta fija y renta variable
- Published
- 2019
30. METODOLOGIA DE ANÁLISE DA COMPOSIÇÃO DE CARTEIRAS DE FUNDOS DE INVESTIMENTO IMOBILIÁRIO EFICIENTES E CONSERVADORAS
- Author
-
L.Chaves Gom Filgueiras, M.A.F. de Castro, L.Chaves Gom Filgueiras, and M.A.F. de Castro
- Abstract
O grande número de investimentos no mercado imobiliário brasileiro nos anos de 2010 a 2012, gerou uma expansão imobiliária no país, todavia nos anos seguintes o Brasil enfrentou uma crise que afetou a econômia, atingindo o mercado imobiliário diretamente. Apesar dos problemas enfrentados no país os Fundos de Investimento Imobiliário disponibilizam diversas oportunidades para os investidores. Porém, são ativos que possuem risco, sendo fundamental indentificar e mensurar o nivel de risco do fundo para que o investidor verifique quais atendem ao seu perfil e resultam no retorno esperado. Este trabalho é um estudo que objetiva elaborar e aplicar uma metodologia de análise que utiliza a Teoria de Markowitz para comparar o risco e retorno de Fundos de Investimento Imobiliário e com a combinação desses fundos formar carteiras de fundo imobiliário eficientes e conservadoras. Para isso será executado combinações de dois fundos de shopping e dois fundos de escritórios que obtiveram maior valorização no ano de 2017 com 2 fundos de shoppings e 2 fundos de escritórios que não obtiveram uma grande valorização, simulando, assim, diferentes carteiras possíveis, oferecendo diversos níveis de retorno e risco, adequando a escolha ao perfil do investidor. Os resultados dessas combinações irão esclarecer o impacto que uma aplicação baseada em somente em indíces recentes podem não garantir um retorno futuro desejado, sendo mais vantajosa uma combinação de fundos variados com grau de risco e retorno adequado, disponibilizando uma carteira eficiente.
- Published
- 2018
31. Real estate leasing companies or real estate investment funds?
- Author
-
Trzebiński, Artur A. and Trzebiński, Artur A.
- Abstract
In the mid-2016, the first unsuccessful attempt to introduce REITs into national legislation was made. In May 2017, the Ministry of Finance introduced a revised draft on real estate leasing companies (SWRN law) whose construction is similar to REITs. In the view of the opinion-making bodies, which is shared by the author of this article, the adoption of the SWRN law in the form proposed by the Ministry of Finance may produce results other than desired. Instead of increasing the involvement of domestic capital in the real estate market, SWRNs may be used to support tax evasion and effectively stop the development of the real estate investment funds market in Poland. Therefore, in order to eliminate these dangers, certain modifications of the rules of the operation of SWRNs based on SWRN law and changes in the manner of operation of the existing real estate investment funds in Poland as well as solutions used in European countries were proposed., W połowie 2016 r. podjęto pierwszą, nieudaną próbę wprowadzenia funduszy REITs do Polski. Kilka miesięcy później (maj 2017 r.) Ministerstwo Finansów przedstawiło poprawiony projekt ustawy o spółkach wynajmu rynku nieruchomości (SWRN), których konstrukcja jest zbliżona do REITs. Zdaniem podmiotów opiniujących projekt ustawy o SWRN i zdaniem autora przyjęcie ustawy w proponowanej formie może przynieść inne rezultaty, niż są zakładane przez projektodawcę. Zamiast zwiększenia zaangażowania krajowego kapitału na rynku nieruchomości, można spodziewać się wykorzystywania SWRN do optymalizacji podatkowej i zahamowania rozwoju rynku funduszy nieruchomości w Polsce. Dlatego też w celu wyeliminowania tych zagrożeń w artykule przedstawiono potencjalne bariery rozwoju rynku SWRN. Zaproponowano także zmiany w konstrukcji SWRN z uwzględnieniem zasady działalności istniejących do tej pory funduszy nieruchomości i rozwiązań stosowanych w różnych krajach europejskich, co może przyczynić się do zwiększenia atrakcyjności inwestycji pośrednich na rynku nieruchomości.
- Published
- 2018
32. Evaluation of real estate investment funds in Brazil
- Author
-
Zanandrea, Vinícius, Weise, Andreas Dittmar, Evangelista, Mário Luiz Santos, and Cavalheiro, Everton Anger
- Subjects
Real estate investment funds ,Yield ,ENGENHARIAS::ENGENHARIA DE PRODUCAO [CNPQ] ,Avaliação de FIIs ,Fundos de investimento imobiliário ,Rentabilidade ,FIIs evaluation - Abstract
The balance of the Brazilian economy along with improvements in the policies and regulations in real estate allowed the emergence of new services and products. As a result, developments in the sector was increased, from real estate investments to capital market investments, with emphasis in this modality, Real Estate Investment Funds (FIIs). However, the large variety of Real Estate Investment Funds makes the investors decision relatively complex, because by allocating capital in FIIs, investors usually expect good financial returns and security in relation to the money invested. Within this context, this research aims to develop a model to evaluate the yield of Real Estate Investment Funds in Brazil. Therefore, were collected prospectus and monthly reports data, covering the period from January 2017 to October 2017, by 82 FIIs listed on BM&FBOVESPA. Then, it was made a survey in the academic literature and the prospectus of funds were analyzed to verify which variables impact the results of FIIs. Thereafter, correlation table between candidate variables and funds yields was obtained. The model to evaluate Real Estate Investment Funds in Brazil was developed based on the regression analysis. It was considered in the model only statistically significant variables to explain funds yields. Based on the results obtained, it was observed that the payment of high administration fees did not correspond to a higher FIIs yields, as well as the previous definition of the property in prospectus funds. By analyzing the resulting models, it was emphasized that funds that invest in real estate securities, focusing on the paper segment (financial products with real estate), and management of real estate under the responsibility of specialist managers, enable to investors higher yields. O equilíbrio da economia brasileira, juntamente com os aprimoramentos nas políticas e normas do mercado imobiliário, possibilitou o surgimento de novos serviços e produtos. Dessa forma, aumentou-se os empreendimentos no setor, desde investimentos em imóveis até aplicações em cotas no mercado de capitais, destacando-se nesta modalidade, os Fundos de Investimento Imobiliário (FIIs). Entretanto, a grande variedade de fundos imobiliários existentes tornam a decisão do investidor relativamente complexa, pois ao alocar capital em FIIs, o investidor usualmente busca, bons retornos financeiros e segurança em relação ao dinheiro aplicado. Nesse sentido, esta pesquisa objetiva o desenvolvimento de um modelo para avaliar a rentabilidade dos Fundos de Investimento Imobiliário no Brasil. Para isso, foram coletados dados de prospectos e relatórios mensais, abrangendo o período de janeiro de 2017 a outubro de 2017, para 82 FIIs listados na BM&FBOVESPA. Na sequência, realizou-se um levantamento na literatura acadêmica e utilizou-se os prospectos dos fundos para verificar as variáveis que impactam nos resultados dos FIIs. Após, obteve-se a tabela de correlação entre as variáveis candidatas e a rentabilidade dos fundos. O modelo para avaliação de Fundos de Investimento Imobiliário no Brasil foi desenvolvido com base na análise de regressão. Foi considerado no modelo somente as variáveis estatisticamente significativas para explicar a rentabilidade dos fundos. Com base nos resultados obtidos, observou-se que o pagamento de taxas de administração elevadas não correspondem à uma maior rentabilidade dos FIIs, bem como, a prévia definição do imóvel no prospecto do fundo. Através da análise dos modelos resultantes, destaca-se que os fundos que investem em títulos imobiliários, com foco no segmento de papéis (produtos financeiros com lastro imobiliário) e com gestão de seus imóveis sob responsabilidade de gestores especialistas, possibilitam maior rentabilidade ao investidor.
- Published
- 2018
33. Novas frentes de expansão do complexo imobiliário-financeiro em São Paulo
- Author
-
Raquel Rolnik and Paula Freire Santoro
- Subjects
companhias imobiliárias globais ,expansão urbana ,0211 other engineering and technologies ,021107 urban & regional planning ,capital internacional ,02 engineering and technology ,General Medicine ,010501 environmental sciences ,01 natural sciences ,real estate investment funds ,urban sprawl ,real estate-financial complex ,lcsh:Metropolitan areas ,lcsh:HT330-334 ,complexo imobiliário-financeiro ,global real estate companies ,fundos de investimento imobiliário ,international capital ,0105 earth and related environmental sciences - Abstract
Resumo Este artigo investiga a participação de agentes globais no complexo imobiliário-financeiro em São Paulo, compreendidos como fundos de investimento e empresas transnacionais especializadas no setor imobiliário que adentram mercados financeiros para diversificar ativos e mitigar riscos, e também como forma de acessar localizações geográficas, criando frentes de expansão. Pretende desenvolver questões como: (1) Os agentes globais e o capital internacional estão penetrando o complexo imobiliário-financeiro em São Paulo? De que forma? (2) Como esse capital se espacializa? Ele cria novas frentes e produtos imobiliários, morfologias e tipologias? Sua ação resulta em processos de reestruturação territorial? (3) Como sua lógica espacial dialoga com os processos de remoção e relocação involuntária? Para responder tais questões, mapeou ativos imobiliários, encontrando, dentre outros, uma nova frente de expansão imobiliária junto ao Rodoanel.
- Published
- 2017
34. Novas frentes de expansão do complexo imobiliário-financeiro em São Paulo
- Author
-
Santoro, Paula Freire and Rolnik, Raquel
- Subjects
companhias imobiliárias globais ,expansão urbana ,real estate investment funds ,urban sprawl ,real estate-financial complex ,complexo imobiliário-financeiro ,capital internacional ,global real estate companies ,fundos de investimento imobiliário ,international capital - Abstract
Resumo Este artigo investiga a participação de agentes globais no complexo imobiliário-financeiro em São Paulo, compreendidos como fundos de investimento e empresas transnacionais especializadas no setor imobiliário que adentram mercados financeiros para diversificar ativos e mitigar riscos, e também como forma de acessar localizações geográficas, criando frentes de expansão. Pretende desenvolver questões como: (1) Os agentes globais e o capital internacional estão penetrando o complexo imobiliário-financeiro em São Paulo? De que forma? (2) Como esse capital se espacializa? Ele cria novas frentes e produtos imobiliários, morfologias e tipologias? Sua ação resulta em processos de reestruturação territorial? (3) Como sua lógica espacial dialoga com os processos de remoção e relocação involuntária? Para responder tais questões, mapeou ativos imobiliários, encontrando, dentre outros, uma nova frente de expansão imobiliária junto ao Rodoanel. Abstract This article approaches the participation of global players in the real estate-financial complex in São Paulo. Global players are defined as investment funds and transnational companies specialized in real estate that enter financial markets not only as a way to diversify assets and mitigate risks, but also to enable their action in geographical locations, creating sprawl vectors. The article intends to discuss the following questions: (1) Are global players and international capital penetrating the real estate-financial complex in São Paulo? How? (2) How is this capital spatialized? Does it create new urban sprawl vectors and real estate products, morphologies and typologies? Does its action result in territorial restructuring processes? (3) How does its spatial logic interact with involuntary dispossession and relocation processes? To answer these questions, the article mapped global players’ real estate assets and found a new urban sprawl vector at the Rodoanel.
- Published
- 2017
35. Veículos de investimento imobiliário : principais características, vantagens e desvantagens
- Author
-
Bento, Nina Margarida Cabrita and Pinto, Inês Fonseca
- Subjects
Sociedades de Investimento em Património Imobiliário ,Collective Investment Institution ,Real Estate Investment Trusts ,Organismos de Investimento Coletivo ,Fundos de Investimento Imobiliário ,Real Estate Investment Funds ,Sociedades de Investimento Imobiliário ,The Real Estate Investment Company - Abstract
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais Nesta dissertação pretende-se identificar as principais características dos Fundos de Investimento Imobiliário (FII), das Sociedades de Investimento Imobiliário (SIIMO) e das Sociedades de Investimento em Património Imobiliário (SIPI), e estabelecer quais as suas vantagens e desvantagens. Com este trabalho pretende-se verificar o que define cada tipo destes veículos de investimento, como estes estão enquadrados no mercado português e como poderão impulsionar o mercado imobiliário. Nesse sentido foi efetuado um inquérito às Sociedades Gestoras de Fundos de Investimento Imobiliário acerca das vantagens e desvantagens dos FII, SIIMO e SIPI e do panorama dos mesmos a nível nacional e Espanhol. É feita uma análise do cenário atual em Portugal, dos instrumentos existentes noutros países e identificação dos exemplos que podemos retirar de modo a alcançar o sucesso e o crescente investimento imobiliário que está a ocorrer em países como, por exemplo, em Espanha. Os resultados sugerem que o desinteresse nos Organismos de Investimento Coletivo (OIC), como os FII e as SIIMO, prendem-se com a ausência de vantagens a nível fiscal associada a uma grande carga administrativa e burocrática, enquanto as SIPI são a esperança na dinamização do mercado imobiliário português, tal como acontece com o caso dos REIT's noutros países. This study intended to identify the key features of Real Estate Investment Funds (REIF), the Real Estate Investment Company (REIC) and Real Estate Investment Trusts (REIT), to establish their main characteristics, advantages and disadvantages. This work intends to verify what defines each type of these investment vehicles, they framework in the Portuguese market and how can they increase the real estate market. In this sense, we started by making a survey to the Management Companies of Real Estate Investment Funds about the advantages and disadvantages of FII, SIIMO and SIPI and the panorama of the same at national and Spanish level, and continued by making an analysis of the current scenario in Portugal. For this analysis we took into consideration the existing instruments in other countries and the examples we can take to achieve success and a growth on real estate investment similar to what is occurring in countries such as Spain. The results suggest that the disinterest on Collective Investment Institution (CII), such as REIF or REIC are related to the lack of fiscal advantages associated with a large administrative and bureaucratic burden, while the SIPI are the hope of boosting the Portuguese real estate market, as is the case with REITs in other countries. info:eu-repo/semantics/publishedVersion
- Published
- 2016
36. Analysis of between funds of estate investments and direct investment in real estate
- Author
-
Stertz, Estefana da Silva, Weise, Andreas Dittmar, Evangelista, Mário Luiz Santos, and Hochheim, Norberto
- Subjects
Real estate investment funds ,CAPM ,Performance ,ENGENHARIAS::ENGENHARIA DE PRODUCAO [CNPQ] ,Fundos de investimentos imobiliários ,Desempenho ,IGMI-C - Abstract
Economic stability after the start of the Real Plan, coupled with changes in policies and guidelines of the Brazilian real estate market, allowed the creation of new products, including securitized. This caused increased the developments in the sector, since investments in real estate to investments in shares in the capital markets, especially in this environment, the Real Estate Investment Funds (FIIs). However, after the quiet of the last decade, the housing market has not progressed in 2014, showing an increase below inflation. Therefore, the importance of conducting an analysis calculated on the financial performance of both FIIs as direct investment in real estate through IGMI-C, and the study of risk and return of such investments. In order to achieve the proposed goals, referenced indicators in finance literature were used (Sharpe Ratio, Sortino Ratio, Treynor Index, Alpha Jensen, and Modigliani and Modigliani Index) as well as the Pricing Model Assets and their regressions due to the analysis of risk and return. The data collected are classified as secondary, covered the period from January 2013 to December 2015; they were obtained through the websites of BM & FBOVESPA, FGV, the Central Bank and FIPE. As a result, it can be observed that the IGMI-C had the best performance in the sample period studied, and among the FIIs analyzed individually as well as the average of the same and the contents of the real estate market; the IGMI-C proved to be the most suitable, representing what would be the most advantageous direct investment in real estate than in shares of REITs. A estabilidade econômica, após o início do Plano Real, aliada as mudanças nas políticas e diretrizes do mercado imobiliário brasileiro, permitiu a criação de novos produtos, dentre eles os securitizados. Isso fez com que aumentasse os empreendimentos no setor, desde investimentos em imóveis, até aplicações em cotas no mercado de capitais, destacando-se neste meio, os Fundos de Investimentos Imobiliários (FIIs). Porém, após a tranquilidade da última década, o mercado imobiliário não progrediu em 2014, demonstrando um crescimento abaixo da inflação. Por isso, a importância de se realizar uma análise apurada sobre o desempenho financeiro tanto dos FIIs quanto do investimento direto em imóveis por meio do IGMI-C, bem como o estudo do risco e retorno de tais investimentos. Com o intuito de atingir os objetivos propostos, foram utilizados indicadores referenciados na literatura de finanças (Índice de Sharpe, Índice de Sortino, Índice de Treynor, Alfa de Jensen, e Índice de Modigliani e Modigliani) assim como o Modelo de Precificação de Ativos e suas devidas regressões para a análise do risco e retorno. Os dados coletados são classificados como secundários, abrangeram o período de janeiro de 2013 a dezembro de 2015 e os mesmos foram obtidos por meio dos sites da BM&FBOVESPA, FGV, BACEN e FIPE. Como resultados, pode-se observar que o IGMI-C obteve o melhor desempenho no período amostral estudado, sendo que dentre os FIIs analisados individualmente, bem como a média dos mesmos e os índices do mercado imobiliário; o IGMI-C demonstrou ser o mais indicado,representando que seria mais vantajoso o investimento direto em imóveis que em cotas dos FIIs.
- Published
- 2016
37. Novas frentes de expansão do complexo imobiliário-financeiro em São Paulo
- Author
-
Paula Freire Santoro and Raquel Rolnik
- Subjects
real estate-financial complex ,real estate investment funds ,global real estate companies ,international capital ,urban sprawl ,Metropolitan areas ,HT330-334 - Abstract
Resumo Este artigo investiga a participação de agentes globais no complexo imobiliário-financeiro em São Paulo, compreendidos como fundos de investimento e empresas transnacionais especializadas no setor imobiliário que adentram mercados financeiros para diversificar ativos e mitigar riscos, e também como forma de acessar localizações geográficas, criando frentes de expansão. Pretende desenvolver questões como: (1) Os agentes globais e o capital internacional estão penetrando o complexo imobiliário-financeiro em São Paulo? De que forma? (2) Como esse capital se espacializa? Ele cria novas frentes e produtos imobiliários, morfologias e tipologias? Sua ação resulta em processos de reestruturação territorial? (3) Como sua lógica espacial dialoga com os processos de remoção e relocação involuntária? Para responder tais questões, mapeou ativos imobiliários, encontrando, dentre outros, uma nova frente de expansão imobiliária junto ao Rodoanel.
- Full Text
- View/download PDF
38. Understanding appraiser independence : a multi-method research
- Author
-
Gamito, Ana Rita Ferreira, Picoto, Winnie Ng, and Pinto, Inês Fonseca
- Subjects
Fund Managers ,Avaliações ,Independência ,Fundos de Investimento Imobiliário ,Portugal ,Real Estate Investment Funds ,Appraisers ,Independence ,Avaliadores ,Gestores de Fundos - Abstract
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais Este estudo foca-se na relação entre gestores e avaliadores no sector nacional, de fundos de investimento imobiliário, com o objetivo de desenvolver um quadro teórico de como a independência dos avaliadores é percebida por ambos os agentes. Sobre a metodologia, o estudo combina uma pesquisa qualitativa através de entrevistas com especialistas para entender quais são os principais conceitos relacionados com a independência do avaliador e uma pesquisa quantitativa com base num questionário distribuído individualmente a vários gestores de fundos imobiliários e avaliadores. Podemos concluir que o conceito de independência do avaliador não tem uma definição simples e que os fatores mais citados na definição são a pressão, os conflitos de interesses, ter ética de trabalho e ser qualificado. A pesquisa qualitativa trouxe grande valor acrescentado a este estudo permitindo entender os fatores que influenciam a independência dos avaliadores. Os resultados estatísticos mostram que os cinco fatores mais correlacionados com a independência do avaliador são a dimensão do cliente, o risco de sanções disciplinares impostas por autoridades reguladoras ou de associações profissionais, o acesso a trabalhos anteriores do mesmo imóvel, forma de remuneração das avaliações e a experiência do avaliador. Além disso, também concluiu que os avaliadores e os gestores de fundos têm as mesmas perceções sobre a importância de cada fator para a independência das avaliações. Algumas limitações deste estudo são a falta de controlo direto sobre os inquiridos ao responder ao questionário e o fato dos fatores terem sido todos tratados da mesma forma. This study focuses on the relationship between fund managers and appraisers in the national sector, of real estate investment funds, with the aim of developing a theoretical framework of how the independence of the appraisers is perceived by both agents. Regarding the methodology, this study combines a qualitative interview survey with experts to understand which are the main concepts related to the appraiser´s independence and a quantitative survey based on a questionnaire distributed individually to several real estate fund managers and appraisers. We can conclude that the concept of appraiser independence does not have a simple definition and that the factors more mentioned in the definition are the pressure, the conflicts of interests, work ethic, and be qualified. The qualitative research brought great added value to this study allowing us to understand the factors that influence the appraisers? independence. The statistic results show that the five factors more correlated with the appraiser´s independence are client dimension, risk of disciplinary sanctions imposed by regulatory authorities or professional associations, access to the previous works of the same real estate, form of remuneration of the appraisals, and appraiser´s experience. Additionally, we also found that appraisers and other agents have the same perceptions about the importance of each factor to the appraisals independence. Some limitations of this study are the lack of direct control over respondents while answering the questionnaire and the fact we have handled all factors the same way.
- Published
- 2012
39. Nova vida no palacete amarelo ao Chiado: estudo de caso de investimento imobiliário
- Author
-
Russo, Teresa Lopes and Alpalhão, Rui
- Subjects
Mercado imobiliário ,Reabilitação urbana ,Short term rentals ,Real estate investment funds ,Urban regeneration ,Fundos de investimento imobiliário ,Real estate market - Abstract
Em 1880, quando Eça de Queiroz escreveu “O Mandarim”, certamente, não imaginava que o seu “Palacete Amarelo ao Loreto” (o actual Palácio Valada e Azambuja), onde decorriam “algumas das mais afamadas festas” de Lisboa, se transformaria, mais de 130 anos depois, num empreendimento residencial, destinado ao arrendamento residencial de curta duração (short term rentals)1. O actual Palácio Valada e Azambuja foi alvo de uma intervenção de Reabilitação Urbana conduzida por um Fundo de Investimento Imobiliário, o Fundo Santa Casa 2004, gerido e administrado pela FundBox – Sociedade Gestora de Fundos de Investimento Imobiliário, SA. O trabalho que agora se apresenta pretende estudar esta intervenção de Reabilitação Urbana, procurando fazer um enquadramento teórico entre as seguintes temáticas: Mercado Imobiliário, Reabilitação Urbana e Fundos de Investimento Imobiliário. Importa demonstrar a pertinência dos Fundos de Investimento Imobiliário como veículos ativos e credíveis nos processos de Reabilitação Urbana e a importância da Reabilitação Urbana no Mercado Imobiliário. O desenvolvimento destas análises permite constatar que a utilização de incentivos fiscais na Reabilitação Urbana pode desempenhar um papel fundamental, sobretudo no contexto actual marcado pela existência de fortes restrições à realização de despesa pública, dificuldade acentuada dos negócios, nomeadamente, ao nível das vendas, da rendibilidade e do acesso ao crédito para financiamento da actividade. Seleccionou-se, para isso, um caso de estudo de aplicação prática de Reabilitação Urbana. Este exemplo contempla conforme mencionado anteriormente, a intervenção do Palácio Valada e Azambuja, desenvolvido no centro histórico da cidade de Lisboa. O projecto compreende dez apartamentos vocacionados para o segmento de turismo e lazer. In 1880, when Eça de Queiroz wrote “O Mandarim”, certainly, he wouldn’t imagined that his Yellow Palace in Loreto (the actual “Valada e Azambuja” Palace) where took place some of Lisbon’s most famous parties, would became, more than 130 years later, a residential enterprise, focus on the short term rentals. The actual “Valada e Azambuja” Palace suffered an urban regeneration intervention made by a Real Estate Investment Fund, the “Santa Casa 2004” Fund, managed by FundBox – Sociedade Gestora de Fundos de Investimento Imobiliário, SA. This work intends to study this urban regeneration, through a guideline between the following themes: Real Estate Market, Urban Regeneration and Real Estate Investment Funds. It’s relevant to show the importance of Real Estate Investment Funds as an active and credible mean in the Urban Regeneration and the importance of Urban Regeneration in the Real Estate Market. The development of this analysis allows to see that the using of fiscal incentives in Urban Regeneration may be fundamental, mainly in the actual context, in which there are strong restrictions to the public spending, mostly in the selling level, profitability and the access to credit needed to finance the activity. Therefore, it was selected a practical case study of Urban Regeneration. This example includes the intervention on the “Valada e Azambuja” Palace, developed in Lisbon’s historical center. The project has ten apartments focus on tourism.
- Published
- 2012
40. Essays on portuguese real estate investment funds
- Author
-
Pinto, Inês, Duque, João, and Matos, Pedro Verga
- Subjects
Earnings Management ,Conservadorismo dos Resultados ,Fundos de Investimento Imobiliário ,Fundos Abertos vs. Fundos Fechados ,Real Estate Investment Funds ,Earnings Conservatism ,Open-end vs. Closed-end Funds ,Qualidade da Informação Financeira ,Gestão dos Resultados ,Financial Reporting Quality - Abstract
Doutoramento em Gestão Based on a sample of Portuguese real estate investment funds (REIFs), we aim with this thesis to have a better understanding about different issues related to financial reporting quality for this type of investment vehicle. In the first essay, we present an overview of the legal framework, environment and evolution of the Portuguese real estate investment fund market in the last decade. We provide information about the special features of this vehicle, as well as market performance, in order to justify why we believe that Portuguese REIFs constitute a unique set to study questions such as accounting choice, financial reporting quality, managerial discretion and earnings conservatism. In the second essay, we analyse fund managers' behaviour regarding unrealised capital gains and losses recognition in order to investigate which factors may influence the related accounting choices. Additionally, we also examine if fund managers are more or less conservative in capital gains and losses recognition. Finally, in the last essay, we analyse if REIFs' fund managers strategically manage net asset value changes in order to avoid a decline in fund's net asset value or to outperform market benchmarks. Comparing open-end and closed-end REIFs, we also investigate how funds' structure influences earnings management. Com base numa amostra de fundos de investimento imobiliário Portugueses, pretendemos com esta tese contribuir para um melhor conhecimento de questões relativas à transparência e qualidade da informação financeira para este tipo de instrumento financeiro. No primeiro estudo, descrevemos o enquadramento jurídico, características especiais e evolução da performance destes fundos. É nosso objectivo apresentar as razões que nos levam a acreditar que esta amostra constitui um campo de estudo único para analisar questões relacionadas com escolhas contabilísticas, qualidade da informação financeira, gestão de resultados e conservadorismo. No segundo estudo, analisamos o comportamento dos gestores dos fundos relativamente ao reconhecimento dos ganhos ou perdas de capitais não realizados, avaliando quais os factores que podem influenciar esse mesmo comportamento. Investigamos ainda se estes gestores são mais ou menos conservadores no reconhecimento de tais ganhos ou perdas. Finalmente, no último estudo, avaliamos se os gestores dos fundos gerem de forma estratégica os valores contabilísticos dos activos de forma a evitar uma redução no valor líquido global do fundo ou a ultrapassar um índice de mercado. Comparando os fundos abertos com os fundos fechados, analisamos também como é que a estrutura do fundo pode influenciar a gestão dos resultados.
- Published
- 2011
41. Valorização do Activo Imobiliário dos Fundos de Investimento Imobiliário Portugueses e suas Características
- Author
-
Pais, Manuel Alexandre Pinto Caldeira and Pinto, Inês Maria Galvão Ferreira da Fonseca
- Subjects
Avaliações ,Fundos de Investimento Imobiliário ,Manager Influence ,Return Characteristics ,Influência do Gestor ,Real Estate Asset ,Real Estate Investment Funds ,CMVM ,Características das Rendibilidades ,Valuations ,Activo Imobiliário - Abstract
Mestrado em Finanças Os Fundos de Investimento Imobiliário são um veículo de investimento indirecto em activos imobiliários, não cotados, tendo na valorização dos imóveis o ponto central do seu desempenho. A regulamentação portuguesa vigente, para além de ter em conta as avaliações realizadas por peritos avaliadores externos, concede à entidade gestora margem para decidir o valor a apresentar pelo fundo. Efectivamente, o gestor dos fundos pode fixar o valor do imóvel entre o seu valor de aquisição e a média das duas avaliações realizadas por avaliadores externos. Este paradigma pretende ser modificado com a proposta de alteração da valorização do activo imobiliário, pretendendo-se utilizar exclusivamente as avaliações dos peritos externos na valorização dos activos imobiliários. Neste sentido, para perceber melhor as alterações introduzidas por esta proposta, sugerimos neste trabalho estudar as características das rendibilidades, pelo processo de valorização vigente, bem como pelo processo proposto, tendo em conta, não só as especificidades do activo imobiliário e as questões levantadas com os valores baseados em avaliações, como também a natureza, gestão e regulamentação próprias destes fundos. Para comparação com o mercado bolsista, são analisadas conjuntamente com o índice accionista português. Realizamos às rendibilidades uma análise gráfica, de estatística descritiva, da função distribuição, das características de previsão, assim como testes de correlação e comparação entre as diferentes séries. Nos resultados obtidos, encontramos diferenças entre as duas formas de contabilização dos activos, principalmente no aumento da volatilidade, sendo mais divergente nos fundos abertos, sugerindo factores endógenos, principalmente a questão da influência dos gestores como explicação para essa disparidade. Relativamente ao índice accionista as diferenças são evidentes e vão de encontro com o já descoberto. Real Estate Investment Funds are an unlisted vehicle of indirect investment on real estate assets, being funds' unit price based on accounting net asset values. The current Portuguese legislation allows fund managers to fix the value of the property at any value between the acquisition cost and the average of the appraisal values assigned by two independent appraisers. Nevertheless, the Portuguese Securities Market Commission (CMVM - Comissão do Mercado de Valores Mobiliários) has recently placed on public consultation a draft amendment to the regulation on REIFs which proposes changing this accounting method to the pure fair value system, being properties registered at appraisal values. In this context, in order to investigate the differences introduced by this proposal, we compare returns' characteristics of the current valuation process with the proposed process as well, taking into account not only the specifics of real estate asset and the issues raised with vales-based assessments, but the nature, management and regulation of funds too. For comparison with the stock market we also analyze funds' series in conjunction with the Portuguese stock index. Therefore, through graphical analysis, descriptive statistics, return distribution analysis, as well as correlation and comparison tests, we conduct a study that compare the characteristics of REIFs' returns series before and after the changes proposed. According to the results, we find differences between the two forms of asset accounting, specially an increase of volatility, being more pronounced in open-end REIFs, suggesting endogenous factors, like managers' influence as an explanation for this disparity. Regarding the comparison with a stock index, differences are evident and are in line with the existing literature.
- Published
- 2011
42. Os fundos de investimento como instrumento de gestão financeira e urbanística para as autarquias
- Author
-
Soeiro, Rui Manuel Marques de Sousa and Neves, João Carvalho das
- Subjects
Public debt and finance ,Endividamento autárquico ,city centers resettlement ,instrumento de gestão autárquica ,Fundos de Investimento Imobiliário ,repovoamento dos centros ,Real Estate Investment Funds ,integrated urban renewal and development ,reabilitação e desenvolvimento urbano integrado ,municipal management tool - Abstract
Mestrado em Gestão e Avaliação Imobiliária As Autarquias têm sofrido, cada vez mais, restrições financeiras que lhes reduzem a capacidade de intervenção na gestão do seu território, o que obriga ao aumento da eficiência na utilização dos fundos públicos. A procura de instrumentos alternativos e soluções baseadas em conceitos integrados, que não afectem a capacidade de endividamento dos municípios, tem levado a que algumas recorram à criação de Fundos de Investimento Imobiliário, para desenvolver projectos imobiliários, construir equipamentos ou, simplesmente, parquear os seus imóveis. As cidades portuguesas têm os seus centros cada vez mais desertificados, não havendo oferta de comércio com qualidade, e neles só permanecem pequenas empresas que não encontraram melhor alternativa e alguns moradores idosos, em más condições de habitabilidade. As causas mais prováveis desta desertificação parecem ser o congelamento das rendas que tem existido, a complexidade do NRAU e o mau funcionamento dos tribunais. A crise energética e a lentidão cada vez maior nos movimentos pendulares têm fomentado um aumento da procura de imóveis bem localizados, sem que a oferta acompanhe estas necessidades. Este conjunto de situações levou a que, através do Método do Estudo de Caso, na acepção qualitativa de Stake (1995) e na mais quantitativa de Yin (2003), esta dissertação procurasse analisar alguns casos contíguos e complementares de implementação de Fundos de Investimento Imobiliário, FII, por parte de autarquias, num modelo de parcerias com agentes do mercado imobiliário. Como modelo de desenvolvimento, os Fundos de Desenvolvimento Urbano poderão vir a trazer os capitais necessários, através do BEI ou do CEB, para fortalecer a reabilitação urbana, quer através de FII, quer através de PPP. Municipalities have been facing more and more financial cutbacks that reduce their capacity for managing their territory, which stresses the need for efficiency of public funding. The search for alternative instruments and solutions based on integrated concepts that do not affect municipal debt and finance, has led to the creation of Real Estate Investment Funds, that allow the development of real estate projects as well as service infrastructures - health, education, utilities. People have been abandoning the Portuguese city centres because they cannot have a good quality life. There are no good quality shops and only small companies have kept their headquarters there, because they could not afford to settle in a better place. Only elderly people live there in poor housing conditions. This happens because old low rents cannot be raised, the New Law for Urban Rents is very complex and courts work very slowly. The energy crisis and commuting increased the demand for well-located buildings; nevertheless, the offer has remained the same. The aim of this dissertation is to study some embedded cases that involve the Municipalities implementation of Real Estate Investment Funds in partnerships with real estate agents. Our methodology follows both the qualitative approach of Stake (1995) and the more quantitative one suggested by Robert K. Yin (2003). Urban Development Funds can supply capital from BEI and CEB to Real Estate Investment Funds and PPP, in order to allow urban renewal.
- Published
- 2009
43. Development of real estate funds in Europe and Lithuania
- Author
-
Junona Bumelytė and Birutė Galinienė
- Subjects
Legislation ,Real estate ,Lietuva (Lithuania) ,Order (exchange) ,Investicijos / Investments ,media_common.cataloged_instance ,European union ,media_common ,Finance ,lcsh:Commerce ,lcsh:HB71-74 ,business.industry ,lcsh:Economics as a science ,Investment goods ,Collective investment ,Investment portfolio ,Lithuanian ,Investment (macroeconomics) ,language.human_language ,Market liquidity ,Real estate investment funds ,lcsh:HF1-6182 ,Nekilnojamas turtas ,Finansavimas / Financing ,language ,Business ,Investment ,General Economics, Econometrics and Finance - Abstract
Dėl Lietuvos ekonomikos augimo ir greitos jos integracijos į Europos Sąjungą ir pasaulines rinkas, investicijų į nekilnojamąjį turtą procesas buvo ir toliau išliks didelį susidomėjimą keliančia tema. Nekilnojamasis turtas yra konkurencingas investavimo instrumentas. Straipsnyje pateikiama investicijų į nekilnojamąjį turtą analizė. Jame siekiama pateikti nekilnojamojo turto kaip investavimo objekto teorinį ir praktinį įvertinimą. Pirmoje straipsnio dalyje išskiriamos svarbiausios nekilnojamąjį turtą liečiančios sąvokos, nekilnojamas turtas palyginamas su kitais investicijų tipais, analizuojama nekilnojamojo turto vieta investiciniame portfelyje bei diversifikacijos strategijos nekilnojamojo turto investicijų portfelyje. Yra svarbu diversifikuoti ne tik tarp skirtingų nuosavybės klasių, bet ir kiekvienos klasės viduje. Antroje straipsnio dalyje tiriama investicijų į nekilnojamąjį turtą fondų svarba siekiant užtikrinti efektyvų ir ekspansyvų Europos Sąjungos investicijų rinkos funkcionavimą ir išplėsti Lietuvos investavimo priemonių rinką. Joje taip pat nagrinėjama Europos Sąjungos juridinė bazė ir nekilnojamojo turto fondų vystymasis. ES neturi bendros praktikos reglamentuojant nekilnojamojo turto fondų veiklą, šie fondai yra reguliuojami nacionaliniu lygiu. Lietuvos įstatymų leidyba sudarė galimybę veikti nekilnojamojo turo fondams tik 2007 m. pabaigoje: 2007 lapkričio 15 d. buvo priimtas Kolektyvinio investavimo subjektų įstatymo pakeitimo įstatymas, nustatantis galimybę nuo 2008 kovo 1 d. steigtis Lietuvoje specializuotiems fondams. Manoma, kad pradžioje ši investicijų rūšis bus laikoma nauja ir gana rizikinga alternatyva. Due to the growing economy in Lithuania as well its a rapid integration into the European Union and global markets, improvement of the investment process in real estate has been and will continue to be a topic of great interest. The article presents an analysis of the investment process in real estate. It aims at presenting a theoretical and practical evaluation of real estate as an investment object. To this end, the first part of the paper singles out the most important concepts related to real estate, compares real estate with other types of investment, analyses real estate in the investment portfolio. The second part explores the importance of real estate investment funds in order to ensure an efficient and expansive functioning of the investment market in the European Union and to expand the Lithuanian market of investment goods. It also investigates the legal basis and development of real estate funds in the European Union. Lithuanian legislation provided a possibility for real estate funds to operate only at the end of 2007: on 15 November 2007 a new edition of the Law on Collective Investment Undertaking of the Republic of Lithuania was adopted, stipulating a possibility for specialized funds to appear in Lithuania from 1 March 2008.
- Published
- 2008
Catalog
Discovery Service for Jio Institute Digital Library
For full access to our library's resources, please sign in.