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Type: Dissertação
Title: An analysis of the Brazilian REITs: the impact of property-type diversification and property control over performance
Authors: Silva Neto, Antonio Reis
Examination board: Araujo, Michael Viriato
Machado, Sergio Jurandyr
Advisor: Bortoluzzo, Adriana Bruscato
Publication Date: 2017
Keywords in original language : Fundos de Investmento Imobiliário (FIIs), Diversification Strategy, Control, Brazilian Real Estate Market, Performance.
Abstract: During the last 10 years, indirect real estate investments have greatly evolved in Brazil through Fundos de Investimento Imobiliário (FIIs); many new trusts have been released on the market as an option for investment, and management strategies have become more important to achieve better and more competitive performance. To contribute to the literature about the Brazilian indirect real estate market, this paper studies the impact of property-type diversification strategies and property control on the performance of Fundos de Investimento Imobiliário (FIIs), which are the Brazilian version of REITs. The period between 2002 and early 2016 was analysed, and information was collected about 110 FIIs, which composed an overall set of information configured as a dynamic data panel sample. We used a regression model in which the performance of FII, measured by Jensen’s Alpha indicator, is explained according to the diversification and control of properties. The quantitative analysis suggests that both property-type diversification and full property control positively impact performance of FIIs. The paper seeks to analyse management strategies applied to FIIs and to motivate further research regarding indirect real estate investment in Brazil.
Language: Inglês
Appears in Collections:Mestrado Profissional em Administração

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