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Price formation and real estate characteristics: residential real estate. Lisbon – Portugal

Vaz, António Jorge Ferreira; Garcia Erviti, Federico; Padial Molina, Francisco
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
66.64%
The discretionality and the appraisers’ subjectivity that characterize traditional real estate valuation are still allowed to take part in the formation of the asset price even when respecting international standards (EVS, IVS) or Appraisal Institution´s regulations (TEGOVA, RICS, etc.). The application of Econometric Methods to real estate valuation by the use of statistic procedures aims at the elimination of subjectivity on the appraisal process. On this study, Hedonic Models (Econometric Methods applied to Real Estate Appraisal) are used to determine the most important characteristics that define the multifamily residential real estate selling price and therefore to make estimations on real estate selling price (knowing the asset characteristics). Two different Statistical Techniques were used in order to compare the results: Multiple Lineal Regression; and Factorial Analysis. These techniques were applied to a sample of 82 flats for sale located in Lisbon, Portugal. From the 15 studied characteristics, we conclude that the ones the ones that determine/influence the most the asset price are: Area (m2); Nr. of Bathrooms; Privileged View; Nr. of Parking places. Using these 4 variables the asset’s price estimation model obtained explains 80...

Price formation and real estate characteristics : residential Real Estate, Lisbon – Portugal

Vaz, António Jorge Ferreira; Garcia Erviti, Federico; Padial Molina, Francisco
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Conferência ou Objeto de Conferência
Português
Relevância na Pesquisa
66.63%
The discretionality and the appraisers’ subjectivity that characterize traditional real estate valuation are still allowed to take part in the formation of the asset price even when respecting international standards (EVS, IVS) or Appraisal Institution´s regulations (TEGOVA, RICS, etc.). The application of Econometric Methods to real estate valuation by the use of statistic procedures aims at the elimination of subjectivity on the appraisal process. On this study, Hedonic Models (Econometric Methods applied to Real Estate Appraisal) are used to determine the most important characteristics that define the multifamily residential real estate selling price and therefore to make estimations on real estate selling price (knowing the asset characteristics). Two different Statistical Techniques were used in order to compare the results: Multiple Lineal Regression; and Factorial Analysis. These techniques were applied to a sample of 82 flats for sale located in Lisbon, Portugal. From the 15 studied characteristics, we conclude that the ones the ones that determine/influence the most the asset price are: Area (m2); Nr. of Bathrooms; Privileged View; Nr. of Parking places. Using these 4 variables the asset’s price estimation model obtained explains 80...

Real estate appraisal and subjectivity

Vaz, António Jorge Ferreira
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
66.39%
The discretionally and the appraisers’ subjectivity that characterize traditional real estate valuation are still allowed to take part in the formation of the asset price even when respecting international standards (EVS, IVS) or Appraisal Institution´s regulations (TEGOVA, RICS, etc.). The application of econometric and statistical methods to real estate valuation (especially on mass appraisals that comprehend a huge amount of data) aims at the elimination of subjectivity on the appraisal process. But the unanswered questions underneath this subject are the following: In what consists the subjective component on real estate appraisal value formation? How much is the value presented by the appraiser influenced by the economic environment or by the building or neighborhood social status? What are the inherent and exterior factors that concur to the enhancement of the subjective component on real estate price formation? In this study an overview across appraisal’s bibliography is made in order to determine which real estate inherent and exterior factors are more important on price formation.

A survey on asset allocation in the portuguese real estate market

Vasques, F.; Teixeira, José M. Cardoso; Brandão, Elísio
Fonte: Instituto Superior Técnico Publicador: Instituto Superior Técnico
Tipo: Conferência ou Objeto de Conferência
Publicado em //2005 Português
Relevância na Pesquisa
66.58%
Most important academic theoretical developments in finance and investment have been transferred to widespread practical use, especially in the more efficient securities markets. Real estate investment research has followed these developments, with a lag of about 20 years, but to some extent, common practice of asset allocation in a property portfolio still relies a lot on a qualitative and subjective personal judgment. To assess the reality and extent of this situation among the institutional property investors operating in the Portuguese market, a study based on a survey among a reference group of managers of large real estate portfolios was developed. This includes real estate fund management societies, pension funds and significant real property investment companies. The survey covers management decision-making practices, use of specific information, indices and databases, the role of appraisal, and the use of quantitative models regarding performance measurement, benchmarking and optimization of asset allocation. The aim is to establish the real gap between theory and practice. Research design is presented and justified against economic reality, and recent related and similar studies.

Analysis of the impact of London underground on the supply value of residential real estate

Estrella, Daniel Colin Raphael
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /11/2008 Português
Relevância na Pesquisa
66.21%
Mestrado em Gestão e Avaliação Imobiliária; Sendo o metropolitano um dos meios de transporte mais utilizados nas grandes metrópoles, este estudo teve como objectivo analisar o impacto do metropolitano no valor de venda de imóveis para a cidade de Londres, no Reino Unido. Tendo em atenção a heterogeneidade do bem em estudo, concretamente o bem apartamento, construi-se um modelo hedónico que reflectisse as divergências físicas dos imóveis, as características externas geralmente valorizadas, como serviços, transportes e qualidade do espaço envolvente e também duas questões em particular a analisar, nomeadamente a distância dos imóveis à estação mais próxima e o numero de estação num raio de meia milha. Para ter em atenção as características externas de cada imóvel, os imóveis foram atribuídos a determinada área geográficas de acordo com sua localização, nomeadamente a um de cinco diferentes submercados residenciais predefinidos para a cidade de Londres pelo departamento de economia da autoridade governamental local. Na indisponibilidade de uma base de dados existente, construi-se uma recorrendo à internet para levantamento da informação a analisar para cada imóvel. Como resultados, verificou-se que não se pode concluir se o numero de estações num raio de meia milha têm impacto no valor de venda de apartamentos...

Stocks are from Mars, real estate is from Venus : an inquiry into the determinants of long-run investment performance; Inquiry into the determinants of long-run investment performance

Pai, Arvind
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 80 leaves
Português
Relevância na Pesquisa
56.63%
This thesis presents an inquiry into the historical performance of core institutional real estate investment property during the 1984-2003 period. The focus of the analysis is on identifying systematic determinants of long run investment performance. The analysis seeks to increase our understanding of equilibrium asset pricing within this asset class, as well to provide some useful perspective for core portfolio strategic or tactical planning. This thesis extends earlier research by Geltner (1999) and Li and Price (2005) that indicated that a classical single-factor CAPM accurately modeled the cross-section of long-run total returns across the major asset classes, including real estate. The present thesis narrows that earlier focus to concentrate on the cross-section of long-run total return performance within the core institutional real estate asset class. This thesis uses the property level data of the NCREIF Index to construct portfolios and historical return indexes based on property size (value), and based on CBSA "tier" (that is, "upper", "middle", and "tertiary" cities from an institutional investment perspective). By using unique portfolios created from the NCREIF property set that represent possible factors that systematically affect asset pricing...

11.432J / 15.427J Real Estate Finance & Investments II: Macro-Level Analysis & Advanced Topics, Spring 2003; Real Estate Finance & Investments II: Macro-Level Analysis & Advanced Topics

Geltner, David, 1951-; Mcgrath, William Tod
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
Português
Relevância na Pesquisa
66.61%
The evolving organization and operation of real estate capital markets. Sources of real estate capital. Primary and secondary mortgage markets. The investment behavior of real estate assets. The development of REITs and securitized debt markets. Advanced pricing techniques for complex real estate securities. From the course home page: Course Description This course presents some of the major concepts, principles, analytical methods and tools useful for making investment and finance decisions regarding commercial real estate assets. As the second in a two-course sequence, this course focuses on more advanced topics and the "macro" level, which pertains to decisions about collections of many individual real estate assets, that is, portfolio or firm level decisions and investment management considerations. (More fundamental "micro" level analysis, pertaining to individual properties and deals, is covered in 11.431 taught in the fall semester). This course also introduces and surveys the major public capital market real estate vehicles, REITs and MBS. Other topics treated include a selection among such subjects as real options, land valuation, development project financial analysis, corporate real estate, capital structure, portfolio strategy...

Barriers to growth in the US real estate derivatives market

Venter, Jani
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 109 leaves
Português
Relevância na Pesquisa
56.74%
Commercial real estate is an important asset class but it does not yet have a well-developed derivatives market in the United States. A derivative is a contract that derives its value from an underlying index or asset. Examples of the most well-known derivatives that have been widely used and traded for years are stock options, commodity futures and interest rate swaps. The advent of direct real estate equity derivative products has created the opportunity for similar applications in both the US and international commercial real estate markets. The United States is currently experiencing a convergence between real estate and finance and it appears that the real estate derivatives market might be ready to take off. The use of derivatives could improve the functioning of the real estate industry by allowing investors to gain or reduce exposure to the commercial real estate asset class without directly buying or selling properties. The increased liquidity and reduced up front capital requirements provide added flexibility in executing real estate investment strategies (i.e. speculating) and managing risk (i.e. hedging). This has resulted in significant interest in the development of commercial property derivatives by key players in all sectors. A number of barriers (e.g....

Fundos de investimento imobiliário versus Real Estate Investment Trusts: análise de performances

Gabriel, Fernanda Sousa
Fonte: Universidade Federal de Uberlândia Publicador: Universidade Federal de Uberlândia
Tipo: Dissertação
Português
Relevância na Pesquisa
66.51%
O objetivo deste trabalho é analisar a performance dos Real Estate Investment Trusts (REITs) e Fundos de Investimento Imobiliários (FIIs) por meio dos índices estimados de Sharpe, Treynor, Alfa de Jensen, MM, Sortino e Appraisal Ratio no período de 2003 a 2013, bem como identificar as variáveis macroeconômicas que afetaram o retorno destes ativos durante o período analisado mediante o uso do modelo APT (Asset Pricing Theory). Especificamente, buscou-se determinar a performance obtida pelos REITs e FIIs antes da crise (Janeiro/2003 a Maio/2007), durante a crise (Junho/2007 a Março/2009) e após a crise (Abril/2009 a Agosto/2013) financeira de 2008. Adicionalmente, foi investigada a estabilidade da performance dos REITs e FIIs durante o período de 2003 a 2013, assim como entre os subperíodos anteriormente mencionados. Finalmente, investigou-se se os FIIs apresentaram melhor desempenho do que os REITs durante algum dos subperíodos analisados. Os resultados mostraram que a maioria dos REITs e FIIs foram capazes de superar a taxa livre de risco e do portfólio de mercado durante o período em análise. No entanto, o Teste de Sinais de Wilcoxon indica que, de maneira geral, a performance dos REITs não persistiu durante os subperíodos da amostra. Os FIIs...

Egypt Public Land Management Strategy : Volume 2. Background Notes on Access to Public Land by Investment Sector--Industry, Tourism, Agriculture, and Real Estate Development

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
66.28%
The main objective of the Egypt Public Land Management Strategy is to provide the Government of Egypt (GOE) with practical and politically feasible policy recommendations to reform existing public land management policies and practices in the aim of improving the business climate in Egypt. This study is presented in two volumes: Volume one with the main policy note, supported by Volume two with background notes on access to public land by investment sector. Volume one examines the overall system for public land management in Egypt and the challenges facing investors seeking to access public land for investment projects, and concludes with a roadmap for public land management reform in the aim of improving the investment climate, which has been prepared in consultation with key government stakeholders. Volume two provides background notes examining the sectoral issues and challenges facing investors in terms of access to public land and development controls for four investment sectors: (i) industrial/manufacturing (updating the Policy Note prepared in December 2004 for the Egypt ICA); (ii) tourism; (iii) agriculture and land reclamation; and (iv) real estate development (i.e. large mixed used development projects involving a land subdivision process). This assignment focuses on public land management in Egypt...

The Use of Asset Management Companies in the Resolution of Banking Crises

Klingebiel, Daniela
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
56.59%
Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking systems assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives...

Web of shocks: Crises across Asian real estate markets

McKibbin, Renee Anne; Dungey, Mardi; Bond, Shaun A.
Fonte: Springer Verlag Publicador: Springer Verlag
Tipo: Artigo de Revista Científica Formato: 22 pages
Português
Relevância na Pesquisa
66.45%
The behaviour of real estate markets during the 1997–98 financial crisis in Asian economies has received little attention despite the extensive research on other asset markets over this time. This paper examines the transmission of shocks across national real estate markets prior to and during the Asian crisis using a multivariate latent factor framework. The results reveal that diversification opportunities prior to the crisis are much reduced during the crisis. A comparison with regional equity markets shows that the transmission of shocks differs across the real estate and equity markets, providing evidence that investment in multiple asset classes provides some protection from large market downturns.

Isolating important driving forces in indirect real estate markets

Wilson, P.; Zurbrugg, R.Y.
Fonte: American Real Estate Society Publicador: American Real Estate Society
Tipo: Artigo de Revista Científica
Publicado em //2003 Português
Relevância na Pesquisa
56.23%
Isolating the important driving factors in property markets is of continuing interest to both property analysts and fund managers. Ascertaining permanent driving factors may be of interest to strategic asset allocation while transitory factors may be of interest in the development of tactical asset allocation models. This study uses established methodologies to decompose driving factors affecting indirect property markets in Australia into their permanent and transitory components, paying attention to the impact of structural breaks. Various restrictions on the long-run cointegration matrix are also applied to identify those variables that may be considered drivers of property markets.; Patrick J. Wilson, Ralf Zurbruegg

Can large economies drive international real estate markets?

Wilson, P.; Zurbrugg, R.Y.
Fonte: Pacific Rim Real Estate Society Publicador: Pacific Rim Real Estate Society
Tipo: Artigo de Revista Científica
Publicado em //2003 Português
Relevância na Pesquisa
66.36%
There is continuing interest in the inter-relationships among real estate markets. This includes research suggesting that international linkages in real estate market returns are partly driven by the inter-relatedness between changes in local GDP and ‘world’ GDP. The current study continues this line of inquiry by examining securitised real estate market integration among six economies. By investigating long-run trends, this study suggests that not only are international real estate markets inter-linked, but that some large economies, such as the US and Japan, may have a significant influence over smaller markets. This in turn provides information that can be utilized by property investment managers for asset allocation and design.; Patrick Wilson and Ralf Zurbruegg

Valorização do Activo Imobiliário dos Fundos de Investimento Imobiliário Portugueses e suas Características

Pais, Manuel Alexandre Pinto Caldeira
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /06/2011 Português
Relevância na Pesquisa
66.56%
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...

Diversification in multi-asset portfolios in the context of the chinese real estate and stock market

Di, Tang
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em //2014 Português
Relevância na Pesquisa
66.57%
Mestrado em Finanças; This study uses a single index model to examine the correlation between Chinese real estate and the stock market. The real estate market is reflected by 3 years' monthly data of 13 listed real estate companies and the stock market is represented by Shanghai Composite index and Shenzhen Component index. According to the analysis, it is found that the correlation between the real estate and the stock market is in fact very low, and thus real estate is a good option for diversification is a multi-asset portfolio.

Discerning alpha investments in Downtown Manhattan's asset market : the financial feasibility of office-to-residential redevelopment and the planning implications for Lower Manhattan economic development

Suh, Sung-Min Thomas, 1975-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 95 leaves; 3747721 bytes; 4333078 bytes; application/pdf; application/pdf
Português
Relevância na Pesquisa
76.32%
by Sung-Min Thomas Suh.; Thesis (M.C.P. and S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2004.; This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.; Vita.; Includes bibliographical references (leaves 92-95).

Adjusted pure-play portfolio REIT equity index : historical performance of public and privacy real estate investment; Adjusted pure-play portfolio Real Estate Investment Trust equity index : historical performance of public and privacy real estate investment

Kim, Dongwook, S.M. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 52 leaves
Português
Relevância na Pesquisa
56.65%
The public real estate market was initiated by the Real Estate Investment Trust Act of 1960. Since then, investors have been concerned with the assessment of performance comparisons between publicly held assets and privately held assets. The main concern for the assessment is to reveal historically which type of ownership provided the more efficient vehicle for the investors. The National Council of Real Estate Investment Fiduciaries (NCREIF) provides the investment performance of privately held commercial real estate, and the National Association of Real Estate Investment Trust (NAREIT) provides that of publicly held commercial real estate by REITs. However, direct comparison between the two indexes is problematic due to the different characteristics of each market and the lack of historical data for accurate assessment. The primary purpose of this study is to adjust characteristics of commercial REIT assets underlying one portfolio to match the characteristics of privately held commercial assets. Since SNL data base provides hedonic data from 1995 and CRSP & Compustat merged data base provides up to 2005 Q4, the sample period of this research is from 1995 Q1 to 2005 Q4. This quarterly assessment is conducted at the property sector (retail...

Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities

Pavlov, Andrey; Steiner, Eva; Wachter, Susan
Fonte: American Real Estate and Urban Economics Association Publicador: American Real Estate and Urban Economics Association
Tipo: Article; published version
Português
Relevância na Pesquisa
86.42%
This is the final version of the article. It first appeared from the American Real Estate and Urban Economics Association via http://dx.doi.org/10.1111/1540-6229.12084; We examine the canonical influence of global market, currency and inflation risks on the returns from international real estate securities. In addition, we study how mispricing of credit in the local banking systems is related to the returns from these securities. We analyse a global sample of real estate securities over the period 1999 to 2011 to test our hypotheses. We find support for the anticipated relationships between macroeconomic risk factors and the returns from international real estate securities. Our evidence also supports the expected link between local credit market conditions and the performance of international real estate securities.; Susan Wachter thanks the Research Sponsor Program of the Zell/Lurie Real Estate Center at The Wharton School of the University of Pennsylvania for its support.

ANÁLISE DE ESTILO DE FUNDOS IMOBILIÁRIOS NO BRASIL; ANALYSIS OF STYLE REAL ESTATE FUNDS IN BRAZIL FROM PERIOD 2011 TO 2015

Scolese, Daniel; Bergmann, Daniel Reed; Silva, Fabiana Lopes da; Savoia, José Roberto Ferreira
Fonte: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de RP Publicador: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de RP
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Pesquisa Empírica; ; ; ; ; ; Formato: application/pdf
Publicado em 21/04/2015 Português
Relevância na Pesquisa
56.39%
Os Fundos Imobiliários (FIIs) são veículos de investimentos que reúnem investidores cujo objetivo é aplicar seus recursos em ativos de cunho imobiliário. As ofertas públicas dos fundos de investimento imobiliário vêm crescendo ano a ano, e a negociação de suas cotas, embora ainda baixa, também vem apresentado crescimento constante, tornando o investimento em fundos imobiliários uma opção bastante acessível e satisfatória para os investidores de qualquer porte. Assim, este trabalho tem por objetivo investigar o retorno dos fundos de investimentos imobiliários, buscando identificar seu estilo e, consequentemente, seu comportamento frente aos índices do mercado financeiro brasileiro do segmento de renda fixa, de renda variável e do segmento imobiliário. Para tanto, a metodologia adotada neste estudo foi a aplicaçao de um modelo de regressão linear múltipla, cujas variáveis analisadas foram o retorno dos fundos de investimento imobiliário em função dos índices do merado financeiro dos segmentos de renda fixa, de renda variável e do segmento imobiliário, para o período de 2011 a 2013. O estudo concluiu que mesmo que o fundo imobiliário esteja naturalmente lastreado a um ativo real, considerado com um ativo seguro e com baixa volatilidade...