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As the result of the real estate bubble on 1990, the domestic real estate market is constantly sluggish which makes an impact on the development of relevant industries in Taiwan. In recent 15 years, the housing industry has been deeply impacted in particular. In order to stimulate the recovery of the real estate market and the development of economy, Taiwan government promoted many related projects in order to boost the prosperity of Real Estate industry. Such as ¡§Improving Real Estate Market Polices¡¨, ¡§Two-year Reduction Policy of Land Value Increment Tax to Half¡¨, release limitations on foreign ownership of Taiwan property ¡§Real Estate Appraisal regulation¡§¡§Certified Real Estate Registration Agent Code¡¨ Legislation of real estate management¡¨. Meanwhile ¡§The Conference of National Economy and development¡¨, ¡§A series of strengthen economy quality¡¨ and ¡§Economic Development Advisory Conference¡¨ have been convoked and recommended ¡§real estate securitization¡¨ might be the workable way. In 23rd July 2003 the Legislative Yuan passed the Real Estate Securitization Statute and Enforcement Rules of the Real Estate Securitization Statute. The purpose of the enactment was through securitization stimulating the real estate market and effectively developing real estate. Real estate securitization, by definition, the financing mechanism alters the investor¡¦s investment, from a direct investment to a securitized investment. The trust company issues securities over a portfolio of properties to raise fund from the capital market other than mortgage loans from banking system. The implementation of the real estate securitization can combine the real estate market with the capital market and effectively facilitate the development of real estate resources. These transactions have grown increasingly popular over time, providing the long-awaited fueling of the domestic real estate market. Therefore not only the real estate industry enables to utilize the funds raised from the general public, but also improves distressed government finance . By referring to the experience of the US and Japan , Taiwan Real Estate Securitization Statute was constructed by two kinds of Real Estate Securitization, the investment trust of real estate (REITs) and real estate assets trust (REATs). The Act being adopted from the Real Estate Investment Trust system of USA; and the Real Estate Asset Trust system of Japan. The real estate securitization has been brought into practice for over 3 years since implementation of Taiwan¡¦s Real Estate Securitization Statute. Till the end 2006, Financial Supervisory Commission ratified 15 cases of real estate securitized products, over NTD 69,694 million of real estate securities was issued. Among them, 7 cases regard REITs as the structure issues NTD 51,800 million which about 75% of total market share. The purpose of this study is to discuss the Development of Real Estate Investment Trust in Taiwan by analyzing and referring the current situations and relevant legal mechanisms in US and in Japan. Through real case study probes actual operation of REITs also gives suggestions for their prospective development and impacts. In addition, the research provides recommendation and valuable information to the current market and insights about the future development of Taiwan¡¦s REIT market.

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The aim of this thesis is to examine performance and relationship between the US and Asian REITs indices. We find two-year (2005/3/10~2007/3/12) return of T-REITs is 15.87%, which is much lower than the return of US, Japan and Singapore. However, T-REITs has the lowest risk in selected sample countries because the lowest VaRs is found. We estimate one-day horizon holding periods VaRs and find T-REITs¡¦ performance is better than other country by the Sharpe Ratio of VaRs. The Granger causality approach indicates some lead-lag relationships between these REITs. The NAREIT EQUITY index is leading the Hong-Kong and Singapore REITs indices; Singapore REITs index is leading the J-REITs index; J-REITs index is leading the NAREIT EQUITY index. However, Causality tests show no significant lead-lag relationships between Taiwan REITs market and other REITs markets.

The thesis is aimed to describe and approach the REIT practice that is, especially in the U. S. very enhanced. In the first part, general parameters of real estate investment trusts are introduced and understated in connection with the depiction of the advantages and disadvantages of this issue. In chronological sequence, the development and progress of the U. S. real estate market is approached. The thesis further undertakes the current subject of the global financial crisis with a special focus on the REIT involvement and the potential application of the new EU directive - AIFMD (Alternative Investment Fund Managers Directive). This directive is expected to harmonize the joint investments. The objective of the thesis is a detailed description and specification of REIT in selected developed countries (U. S., Western Europe, and Australia) followed by a comparation of these regimes and an analysis of the considerable real estate investment companies in the Czech Republic including the financial analysis of the public joint-stock companies. A development of Czech real estate market during the mortgage crisis is also depicted and a market forecast is prognosed. The thesis concludes potential restraints of the REIT legal introduction in the Czech Republic as this corporative type has not been lawfully validated there.

Bibliographic Record JÍLEK, Jiří. European Real Estate Investment Trusts: Analyzing Correlation with a DCC- GARCH Model. Prague, 2012. 50 p. Master thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies. Supervisor: Tomáš Jandík MA MSc MRICS. Abstract The main goal of this thesis is to study the interdependencies between returns of European real estate investment trusts (REITs) and other investment asset classes such as European equities, government bonds and commodities. The thesis is divided into two parts: in the first part, we describe the necessary background that led to the emergence of first REIT structures and also provide an overview of the European REITs market. In the second part, we apply the Dynamic Conditional Correlation GARCH (DCC-GARCH) model to examine correlations between the above mentioned asset classes. The general understanding of real estate is that it provides diversification benefits to a diversified portfolio. However, our results suggest that returns of European REITs and stocks show a relatively high correlation and more importantly, the correlation increases in time. These findings have significant implications for investors and portfolio managers who seek protection for their portfolios in time of market downturns. Our results...

Securities Investment Trust industry had matured which reached to an intensive competition market in recent years. In any case, the high turnover rate of fund manager suggests that how company establishes its organizational ability now facing a serious issue, and it eventually cuts the overall growth of company. Therefore, if company¡¦s human resources management system can be matched with its own organizational culture, it should help the company retain talents; to develop better organizational innovative capability which leads to more outstanding performance. In this research, we focused on four particular companies which known for its specialty in securities investment trust by processing case study method. From these cases, we found there are strong relationships between organizational culture, strategic human resource management and performance on organizational innovation. Organizational culture presents the core value of organization which is the central idea for corporation operation as well. It becomes the principles for recruitment and assessment of human resource. That is to say, culture affects human resource management activities. Human resources management activities play an important role on human capital accumulation which can direct link to performance of innovation, especially on service innovation. Our research suggested that technical innovation or product innovation will be affected by other factors, such as company¡¦s resources and industrial properties. As a result, the strategy of human resources management has partially influence on both product innovation and technological innovation.

Abstract The purpose of this thesis is to discuss the reason why international merger and acquisition intensely happened in particular industries? What is the real intention of the merger and acquisition? According to analyzing the M&A cases in Taiwan¡¦s securities investment trust industry, the motivations that international businesses group merged local company are based strategic and market motivations. Because the international business group has advantages to entry Taiwan and the group¡¦s strategy to internalize. Another reason is that the Great China economic region is forming the international business group have to shorten the schedule to acquire the regional advantage. On the other hand, the local company has strongly motivation to merge with international business group. As the result the M&A cases happened.

This dissertation is structured as three essays on real estate investment trusts and financial markets. It addresses the financial performance and systematic risk of different REIT types, the information content of REIT bankruptcies, and the effect of recent tax law changes on the REIT industry.