Choosing the right investment option by a fund manager or analyst is the first step that contributes to the overall performance of any portfolio of assets. The decision making process is complicated. Markowitz portfolio theory (1952, 1959) laid the theoretical foundations for asset selection and management. However the decision maker is influenced by parameters outside the realm of financial theory and mathematical models (French and French 1997; French 2001). The actual behavior of decision makers can deviate from this normative model. This can be due to the problem solving behavior of the human brain. Human problem solving theory began with the work of Newell and Simon (1972) and Simon (1978). They argue that the human memory is characterized by limitations in terms of processing capacities (Newell and Simon 1972). Given the amount of data the decision maker has to analyze, the process of asset selection is complicated and difficult. Besides the volume of data, the information items may provide information relating to the same aspect of the asset making some of the data set redundant. Besides that, some of information contained in the data set might provide contradictory signals about the performance or characteristics of the asset. Thus the information set available to a decision maker is large, multi-channeled (different data providing different information) and multi-dimensional (for example real estate assets have information pertaining to legal aspects, financial aspects, physical aspects etc.). The limitations in the decision maker’s processing capabilities and the characteristics of the information cues make the asset selection process exceedingly difficult. French (2001) in a study of fund managers from U.K finds that asset allocation uses two sets of hard information during the process, namely historic data and current market perceptions. The study also finds differences between exposure levels of the funds dictated by theory (as per portfolio theory) and actual decisions made by companies (true asset allocations of funds). Gallimore, Gray and Hansz (2000) find medium-sized and small companies’ investment decision making does not follow any normative model due to the diverse nature of property markets in the United Kingdom. Past literature in the field of decision making finds that an expert’s decision making behavior differs from that of a novice. (Bedard and Mock (1992), Bouwman (1984) and Jacoby et al. (1984, 1985, 1986, 1987)). The primary purpose of this study is to understand the impact of experience on the decision making behavior of investors and see if their behavior differs from that of inexperienced individuals. In a controlled experiment design, two groups of subjects are tested. One group is composed of experienced subjects (experts) represented by real estate professionals such as acquisition analysts, fund/portfolio managers or real estate investors (experienced individuals investing either their own money or a client’s money in real estate). The other group tested is composed of students, who are inexperienced subjects (novices). Both groups are asked to choose between two investment cases in two different cities. The two options offered are both class A office properties, institutional grade. Fifteen sets of data are given for each investment option. Data for the cases is sourced from investment management companies, involved in managing funds on behalf of institutional clients. Using a process tracing technique, each subject’s behavior is observed and recorded while making the investment choice. These observations will give us insight into the actual (descriptive) behavior of experienced real estate professionals and inexperienced novices. It will help in isolating the impact of experience on the decision making behavior of real estate investors. This study finds mixed evidence relating to the difference in the behavior of novices and experts. On the five aspects that the two groups are tested, evidence that their behavior differs in three has been uncovered. They are search pattern, number of steps and time on task. However, for the other two aspects, sequencing and cue utilization, no difference was found.

The purpose of this master&rsquo / s thesis is to evaluate the performance of investment companies, namely Real Estate Investment Trusts (REITs) and Closed-End Funds (CEFs) in Turkey. In this study, three different models are used to evaluate the risk adjusted performances of Turkish investment companies. These models are: 1) the single-factor CAPM / 2) the Fama-French three-factor model / and 3) the Carhart&rsquo / s four factor model. The results of this study indicate that for the sample period from January 1997 to December 2009, Turkish REITs and Turkish CEFs neither overperform nor underperform the overall market. Intercepts in almost all models are statistically significantly not different from zero, implying that both REITs and CEFs are earning their expected returns. The results are robust to different models used in this study. Among employed models, the Fama-French three-factor model is the best in explaining the returns on both REITs and CEFs. In general, coefficients of the size and the book-to-market equity risk factors are significant and positive. The explanatory power of the regressions does not improve with the Carhart&rsquo / s four-factor model, since momentum factors have statistically insignificant coefficients in all regressions. Findings of this study have an important implication for the efficiency of the Istanbul Stock Exchange. The inability of professional money managers to beat the overall market could be taken as an evidence in favor of the ISE being either semi-strong or strong form efficient. On the other hand, lack of skills on the part of Turkish fund managers might be another explanation for their inability to surpass the performance of the overall market.

Thesis (doctoral)--Universiẗat Bayreuth, 2006. / Includes bibliographical references (p. 378-411).

A great deal of research has been carried out on residential property values and numerous factors have been identified as having an effect on residential property values. The physical characteristics of properties of properties are the primary factors that determine the market value of residential property. However, factors concerning location are also thought to influence the value of residential properties. These locational factors include, among others, accessibility to highways, airports, schools, parks and public transportation centres. This study examines the effect of another locational factor, namely proximity to a newly built shopping centre. Shopping centres have been increasing in numbers throughout South Africa over the past few decades. These shopping centres are usually situated in close proximity to residential properties. As such, shopping centres that are in close proximity to residential properties can influence property prices. This study makes use of the hedonic price model to assess the price impact of the newly constructed Baywest Mall on the residential properties in the western suburbs of Nelson Mandela, namely Sherwood, Rowallan Park and Kunune Park. On 21 March 2012, the construction of the Baywest Mall was officially announced. This announcement created an area of interest as to whether its construction and completion would have an impact on the prices of residential properties situated in close proximity to the mall. The study period for this study was from 2004 – 2015. This time period is thought to be sufficient to assess the effect of the Baywest Shopping Mall on the residential property prices before and after the announcement of the construction of the mall. As the study period ranged from 2004 – 2015 it was necessary to adjust the sales prices over the years to constant 2015 prices. As such, the ABSA house price index was used in order to eliminate any inflationary effects on the property values over the study period. The results of the study revealed that the newly built Baywest Mall has a statistically significant positive effect on properties in close proximity to the shopping mall. This result enhances the scientific understanding of the effect of commercial land uses, such as, shopping centres, on the value of adjacent residential properties.

In the present article, the authors analyze the issues related to the Property Taxation on venues that have urban habilitation and/or buildingprojects.In order to accomplish that, the authors examine the basis of the right to build, describe the stages of the constructive administrative procedure as regulated in Law 29090 and, finally, comment on the recent precedent of the Tax Court whichregards the matter. / En el presente artículo, los autores analizan la problemática del Impuesto Predial respecto de predios que cuentan con proyectos de habilitación urbana y/o edificación. Para ello, los autores examinan el fundamento del derecho a construir, describen las etapas del procedimiento administrativo constructivo regulado en la Ley 29090 y, finalmente, comentan el reciente precedente del Tribunal Fiscal al respecto.

A estabilidade econômica e o crescimento do mercado de capitais ocorridos no Brasil nas últimas duas décadas, fez com que alguns produtos de investimentos tivessem um crescimento no volume de operações e nos montantes transacionados. Um destes produtos com grande crescimento são os Fundos de Investimento Imobiliários (FIIs), produto que tem como foco o investimento, direto ou indireto, em ativos financeiros ligados a imóveis. No Brasil a criação deste produto foi muito influenciada pela necessidade de captação de recursos por parte do incorporador ou proprietário do ativo, se tornando também, ao se analisar pela perspectiva do investidor, uma opção de diversificação e uma possibilidade para o pequeno investidor investir em imóveis, com a perspectiva de recebimento de renda mensal sem tributação. Apesar de ser um investimento com características próprias, pesquisas internacionais mostram que a valorização das cotas dos FIIs sofre por vezes influência não só do resultado operacional dos fundos, mas também de fatores sistêmicos, entre eles a variação das bolsas de valores e a variação dos juros de mercado. Seguindo a linha de pesquisas internacionais, esta pesquisa teve como objetivo analisar, através da aplicação de regressões por mínimos quadrados ordinários, a influência do mercado de ações, dos juros de mercado e de fatores específicos a um segmento, na rentabilidade dos FIIs, sendo utilizada como amostra os fundos com negociação de suas cotas na BM&FBovespa. Em uma primeira análise, carteiras foram criadas para que fosse possível analisar o grau de influência dos fatores bolsa de valores e juros de mercado na rentabilidade destas carteiras. Na análise final, especificamente para os FIIs que investem em Shopping Center, buscou-se estudar qual a influência de fatores específicos deste mercado, no caso a variação do preço do aluguel e das vendas do varejo, sobre a rentabilidade das cotas de uma carteira criada somente com FIIs que investem neste tipo de ativo. Os resultados desta pesquisa sugerem uma influência significante da variação da bolsa de valores na análise de uma carteira geral de FIIs, porém, quando são analisadas carteiras compostas por FIIs com características específicas, esta influência diminui. No que se refere aos juros de mercado, a sua influência só se mostra significativa quando na análise de uma carteira geral de FIIs e, especificamente, em um período específico da análise. Para a carteira criada com FIIs que investem em Shopping Center, as variáveis bolsa de valores, juros e variação do aluguel tiveram resultado significante, sendo este último o mais representativo. Os resultados apresentados nesta pesquisa estão em linha com os apresentados nas primeiras pesquisas internacionais, principalmente para o mercado norte-americano, quando utilizaram um pequeno período de análise em um mercado em expansão. Pesquisas futuras com um maior período de análise e com a inclusão de outras variáveis, serão importantes para identificar possíveis alterações na influência dos fatores sistêmicos na rentabilidade dos FIIs. / The economic stability and capital market growth in Brazil in the last two decades resulted, among other things, in an increase in the number of transactions and amounts for a few investment products. One of these increasingly growing products is Real Estate Investment Trust (REITs), a product focused on the direct or indirect investment in real estate market. In Brazil, although the creation of this product is more closely linked to the need to raise funds from the developer or owner of the asset, when analyzing the investor\'s perspective, this investment serves as an option of diversification and is also a chance for the small investor to invest in real estate, with the perspective of receiving a non-taxable monthly income. Despite being an investment with specific characteristics, international surveys shows that appreciation of REITs quotas are not only influenced by market-specific factors, but also by systemic factors, including variation of stock exchanges and interest rates. Following the line of international researches, this study aimed to analyze, through application of ordinary least square regressions, the influence of stock market, market interest and segment-specific factors on REITs profitability, using as sample REITs funds negotiated in BM&FBovespa. In an initial analysis, various portfolios were created to analyze the influence of the stock exchange and interest rates in their profitability. The final analysis, specifically for REITs investing in Shopping Center, studied the influence of market-specific factors, i.e., rental fee and retail sales variation, on the profitability of portfolio created only with REITs investing in this type of asset. Research results suggest a significant influence of the stock exchange return in an overall REIT portfolio analysis; however, when creating specific REIT portfolios, this influence decreases in many created portfolios. Regarding interest rates, a significant influence is only shown when analyzing an overall REIT portfolio and specifically in a period when interest rates increase and REITs profitability decrease. For the portfolio created with REITs investing in Shopping Center, the variables stock exchange, interest rate and rent variation had significant results, the latter being the most representative. The results presented in this study are aligned with those presented in the first international researches, mainly for the US market, when a small period of analysis was tested in an expanding market. Future researches, with a longer period of analysis and new variables, will be important to identify possible changes in the influence of systemic factors on the profitability of REITs.

Com o crescimento do mercado de fundos imobiliários nos últimos cinco anos, o objetivo desta pesquisa foi analisar a ocorrência ou não de desempenho anormal dos fundos de investimentos imobiliários do tipo renda, com relação ao mercado financeiro, e fazer a comparação do retorno de capital entre os fundos de investimentos imobiliários de renda com os imóveis comerciais convencionais e perceber se há correlação entre esses dois ativos. Para isso foram analisados dois períodos distintos, porém utilizando-se como metodologia as regressões pelo método dos mínimos quadrados ordinários. Na comparação dos fundos de investimentos imobiliários de renda com os imóveis comerciais, a análise foi realizada por trimestre, no período de 2000 a 2013, e foi possível perceber que não há correlação entre os dois ativos, ou seja, não são produtos substitutos, e que há sazonalidade de retorno de abril a maio para os FII de renda e de janeiro a março para os imóveis comerciais. Na análise de ocorrência ou não de desempenho anormal dos FII de renda, foram analisados os fundos nos períodos de 36, 24 e 12 meses, de janeiro de 2011 a dezembro de 2013, e conclui-se que nos resultados obtidos nos períodos de 36 e 24 meses há ocorrência de desempenho anormal, ou seja, retornos acima do mercado com resultados estatisticamente significativos e quando analisado o período de 12 meses não há ocorrência de desempenho anormal. Por meio da regressão dos alfas com as características das carteiras do fundo foi percebido que o patrimônio líquido e o volume de negociação interferem no retorno mensal dos fundos. / With the growth of the real estate fund market in the last five years, the objetive of this research was to analyze the occurrence or not of abnormal performance of real estate investment trusts of income with respect to the financial market type and make comparison of the return of capital between funds property investment income with conventional commercial property and realize the correlation between these two assets. For this two different periods were analyzed, but using as a methodology the regressions by the method of ordinary least squares. In the comparison of real estate investment funds with commercial income properties, the analysis was performed per quarter in the period from 2000 to 2013, and it is noted that there is no correlation between the two assets, ie, are not substitutes and that there seasonality return from April to May for FII income from January to March and for commercial properties. In the analysis of occurrence of abnormal performance of FII income, funds in periods of 36, 24 and 12 months, from January 2011 to December 2013 were analyzed and concluded that the results obtained in periods of 36 and 24 months ago occurrence of abnormal performance, ie, above-market returns with statistically significant results when analyzed and the period of 12 months, no occurrence of abnormal performance. By regression of alfas with the characteristics of the portfolios of the fund was realized that the equity and trading volume influences in the monthly return of funds.

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.

Bakgrund: Både aktieinvesteringar samt fastighetsinvesteringar har blivit populära investeringsalternativ hos den svenska befolkningen. Låga bostadsräntor och nya förmånliga aktiesparformer har bidragit till ett gynnsamt investeringsklimat på både fastighetsmarknaden och aktiemarknaden. Trots osäkerheter relaterade till utbrottet av coronapandemin nådde båda marknader rekordhöga prisnivåer under 2020 och förväntningarna på marknaderna har varit fortsatt höga. Eftersom det saknas tidigare studier på den svenska marknaden kring vilken investering som faktiskt har varit den mest lönsamma samt hur korrelationen ser ut mellan tillgångarna är detta av intresse att studera. Syfte: Syftet med denna studie är att jämföra den riskjusterade avkastningen mellan en aktieinvestering och en bostadsrättsinvestering under olika tidsperioder samt studera korrelationen mellan dessa två tillgångar på lång sikt och under coronapandemin.  Metod: Studien har genomförts med en kvantitativ metod samt en deduktiv ansats. Månadsdata för aktieindexet OMXSPI samt prisdata för bostadsrätter på den svenska marknaden har inhämtats för tidsperioden 2011–2020. Den riskjusterade avkastningen och korrelationen har beräknats för att undersöka eventuella skillnader mellan de två tillgångsslagen. Slutligen har signifikanstester gjorts på resultatet och regressioner har genomförts för att analysera sambandet mellan volatilitet och avkastning. Slutsats: Resultatet visade inte på någon signifikant skillnad mellan de två tillgångsslagens avkastning. OMXSPI visade dock på en högre riskjusterad avkastning än bostadsrätter för alla de studerade tidsperioderna. På lång sikt var korrelationen mellan de två tillgångarna starkt positiv och det gick även att se en förstärkt korrelation under coronapandemin. / Background: Stock- and real estate investments are both investments that have become very popular in Sweden. Low mortgage interest rates and new affordable ways to invest in stock have created an investment friendly climate for both the real estate market and the stock market. Despite uncertainties related to the outbreak of the covid-pandemic, both the realestate market and the stock market reached record high levels in 2020 and the expectations on the market have been continuously high. There is a research gap on the Swedish market regarding which investment is the most profitable and how the two investments correlate witheach other, making it a relevant subject to study. Purpose: The purpose with this essay is to compare the risk-adjusted return between an investment in stock and an investment in real estate and study the long-term correlation between these two investments, and the correlation during the covid-pandemic. Methodology: The study was conducted through a quantitative method and a deductive approach. Monthly data for the stock index OMXSPI and real estate price data from the Swedish market were gathered for the time period 2011-2020. The risk-adjusted return and the correlation was calculated to study potential differences between the two investments. Finally, the results were statistically tested, and regressions were conducted to analyze the relationship between volatility and return. Conclusion: The result did not show any significant difference between the return of the two asset classes. However, OMXSPI did show a higher risk-adjusted return than the real estate index for all studied time periods. The correlation between the two asset classes was strongly positive in the long term and it was also possible to see an increased correlation during the covid-pandemic.

This thesis investigates whether the phenomenon of companies that seek to disrupt markets through innovation play a role in the rise of coworking spaces. The city of Cape Town in South Africa was selected as the location for this study due to an increase in the establishment of coworking spaces and the appearance of the aforementioned phenomenon. The premise for this thesis is based on the demands for commercial real estate, which has changed as a result of the implementation of new technologies and the sharing economy. This change is argued to have altered the way companies utilise working environments which, in turn, amended the requirements of these companies. The study seeks to establish whether coworking spaces serve as adequate supply to these demands or whether the increase in the establishment of coworking spaces is unaffiliated. Grounded theory was used as the research method in this study. Semi-structured interviews were conducted with seven respondents that were all active founders of coworking spaces at the time of the study. Additional documentary evidence was collected in cases where it was available. An analysis of the responses indicates that there is a strong relationship correlation between the rise of disruptive innovation and the increase in available coworking spaces. This relationship correlation was based on the value that flexibility, affordability and community facilitation held for companies that associate with disruptive innovation. These companies were mainly start-ups, skunkworks teams, research and development departments and other forms of companies that primarily work within the industry of technology. Limitations to the study included that additional documentary evidence was limited due to poor record-keeping of active memberships by coworking space operators, in addition to restrictions that were placed on accessing company information such as revenue statements. The research findings provide academic support and market-related evidence to developers and investors within the real estate sector that could enable them to make more informed decisions relating to the supply of coworking spaces. Moreover, the findings shed light on the general views shared by the founders of the coworking spaces. These views should provide insight to those interested in the industry, and more specifically within the Cape Town region.