改革開放後，上海市在中共中央的規劃下，希望於二十一世紀時成為國際經濟中心的城市；然而，上海市的城市功能定位自 1949 年後由國際外向型經濟中心轉為國內型生產城市，城市功能、空間佈局亦隨之改變。卻成功達成「以上海浦東開發開放為龍頭，進一步開放長江沿岸城市，盡快把上海建成國際經濟、金融、貿易中心之一，帶動長江三角洲和整個長江流域地區經濟的新飛躍」的發展目標，城市佈局的重建可說是支撐上海市實現其目標的基礎。 本論文嘗試就外商直接投資（第二章）、地方政府行為（第三章）及房地產（第五章）三個角度探討上海市城市空間變化，也試著探討政府、外資及房地產三者間彼此的互動與影響。而從分析的過程中發現，中國大陸欲引進外資解決其資金缺乏的問題，以各式優惠的政策來吸引外資；外國投資者看重的是中國大陸廣大的市場。上海市同樣面臨資金缺乏的問題，為進行城市空間的改造與建設，上海市藉舊城改造、新區開發及住房改革等因素形成的房地產吸引外資的投入，三者間形成巧妙的互動與影響。 　　經濟與政治間的角力在上海市生動的呈現，上海市為了資金的到位，變更了原有的城市規劃設計，外商為了獲利願意配合政策投資獲利極小的平價或動遷住宅，在互相協商、較勁後，可以發現上海市再從計畫經濟轉軌至市場經濟時，經濟利益的影響雖大，但仍未能掌控上海城市空間的發展。相對的，上海市政府卻實際巧妙的利用外資進行了城市空間的重構與發展，同時也獲得了所需的資金。

Submitted by Odilon R. H. G. F. Costa (odilon.costa@pilum.com.br) on 2017-08-24T15:12:31Z No. of bitstreams: 1 Thesis - Odilon Costa - VF.pdf: 1688083 bytes, checksum: d501579a90541d6ff416fd0d3eb65507 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-08-24T15:22:34Z (GMT) No. of bitstreams: 1 Thesis - Odilon Costa - VF.pdf: 1688083 bytes, checksum: d501579a90541d6ff416fd0d3eb65507 (MD5) / Made available in DSpace on 2017-08-24T17:17:37Z (GMT). No. of bitstreams: 1 Thesis - Odilon Costa - VF.pdf: 1688083 bytes, checksum: d501579a90541d6ff416fd0d3eb65507 (MD5) Previous issue date: 2017-07-28 / Commercial real estate offers innumerous investment opportunities. Investors, financial institutions and regulators are interested in understanding what are the main determinants of value in real estate markets, measuring appropriate returns and risks related to target assets, and evaluating whether new market trends arising from institutional stakeholders, such as environmental labels, can contribute to property pricing. Differently from other financial asset classes, such as bonds and stocks, commercial buildings have low liquidity, are highly heterogeneous and depreciate over time, limiting their spatial and temporal comparability. Although the financial and economic literature about the industry has evolved significantly in developed economies, quantitative studies remain at embryonic stage in emerging markets. Given the populational and economic growth patterns from the last decades, there is an increasing concentration of emerging market cities among the largest urban agglomerations worldwide, and, consequently, higher demand for commercial properties. The main caveats for the development of quantitative real estate research are the lack of data, concentration of information among large consulting companies, and, in the case of emerging markets, low transparency and reliability in publicly available data. In this context, this research aims at contributing to the real estate literature with unique datasets for the largest office market in Latin America. This thesis is organized in three essays, comprising three distinct research questions surrounding the city of Sao Paulo. The objective of the first essay is to conceptually and empirically assess whether office markets can be viewed as an exclusive niche. The results, based on hedonic theory and regressions, indicate strong segmentation patterns as price formation comes primarily from the microeconomic needs of end users. The study also indicates that backdoor measures adopted by local specialists can be used as a proxy for segmentation when there is limited information on occupiers. The second essay revisits real estate indices available in Brazil and a number of technical and market-specific features which may be useful to improve existing indicators. Moreover, the study develops hedonic indices to highlight how the early recession affected Sao Paulo´s office market. The results show that market dynamics are very specific and emphasize the need for more detailed indicators. The third essay evaluates the relevance of the governance role of voluntary certification schemes based on the signaling literature. The empirical results show that third party audit schemes from internationally accredited institutions can affect real estate values. This essay not only compares labelled and non-labelled buildings, as done by previous studies, but also considers properties that did not obtain certification subsequent to registration. / O mercado imobiliário comercial oferece inúmeras oportunidades de investimento. Investidores, instituições financeiras e reguladores possuem interesse em entender quais são os principais determinantes de valor no setor imobiliário, mensurar retornos e riscos condizentes com os ativos-alvo, e avaliar se novas tendências decorrentes de demanda dos stakeholders institucionais, como a obtenção de selos ambientais, podem contribuir para o apreçamento de ativos. Diferentemente de outros tipos de ativos financeiros, tais como renda fixa ou variável, imóveis comerciais possuem pouca liquidez, são altamente heterogêneos e depreciam ao longo do tempo, limitando a sua comparação em âmbito temporal e espacial. Embora a literatura econômico-financeira sobre o setor tenha evoluído expressivamente em economias desenvolvidas, estudos quantitativos de grande escala continuam em estágio embrionário em mercados emergentes. Dado o crescimento econômico e populacional nas últimas décadas é natural que exista maior concentração de megalópoles emergentes entre as principais aglomerações urbanas mundiais e, consequentemente, o aumento relativamente mais expressivo da demanda por imóveis comerciais. Os principais limitadores para o desenvolvimento de pesquisas quantitativas no setor são a falta de dados, a centralização de informações em grandes consultorias imobiliárias e, no caso de países emergentes, a falta de transparência e confiabilidade nos dados disponíveis publicamente. Neste contexto, o presente trabalho visa contribuir para a literatura do setor imobiliário utilizando bases de dados únicas e contempla o maior mercado de escritórios da América Latina. Esta tese está organizada sob a forma de três ensaios, os quais abordam três questões distintas ao redor da cidade de São Paulo. O primeiro ensaio tem como objetivo avaliar conceitualmente e empiricamente se o mercado de escritórios pode ser visto como um nicho exclusivo. Os resultados, embasados em teoria e regressões hedônicas, indicam fortes indícios de fragmentação, bem como que a formação de preços advém principalmente das necessidades microeconômicas dos usuários finais. O estudo também indica que medidas backdoor adotadas por especialistas locais, podem ser usadas como proxy de fragmentação de mercado, quando há escassez de informações sobre os ocupantes. O segundo ensaio revisita os indicadores imobiliários disponíveis no Brasil e uma série de características técnicas e específicas do mercado local, que podem ser úteis ao aprimoramento dos índices existentes. Em seguida, desenvolveu-se indicadores hedônicos para mostrar como o início da recessão atual afetou o mercado de escritórios de São Paulo. Os resultados evidenciam que os ciclos imobiliários possuem aspectos muito específicos e enfatizam a necessidade de indicadores mais detalhados. O terceiro ensaio avalia a relevância do papel de governança econômica, associada às certificações ambientais voluntárias, com base na literatura de sinalização. Os resultados empíricos mostram que pareceres advindos de instituições internacionalmente acreditadas podem afetar os preços dos imóveis. Neste ensaio é feita a comparação de edifícios certificados e não-certificados, conforme feito em pesquisas anteriores, e foram estudados imóveis que não obtiveram o selo após o registro.

Submitted by Benjamin Liang (benliang_@yahoo.com) on 2017-12-29T20:26:35Z No. of bitstreams: 1 finanças-liang-versão FINAL.pdf: 1473193 bytes, checksum: f546881d098b6f4160c52d20cee1b999 (MD5) / Approved for entry into archive by Vera Lúcia Mourão (vera.mourao@fgv.br) on 2017-12-29T20:40:50Z (GMT) No. of bitstreams: 1 finanças-liang-versão FINAL.pdf: 1473193 bytes, checksum: f546881d098b6f4160c52d20cee1b999 (MD5) / Made available in DSpace on 2018-01-02T12:02:22Z (GMT). No. of bitstreams: 1 finanças-liang-versão FINAL.pdf: 1473193 bytes, checksum: f546881d098b6f4160c52d20cee1b999 (MD5) Previous issue date: 2017-12-05 / Este estudo tem como tema a aplicação de finanças comportamentais nos Fundos de Investimento Imobiliário (FIIs) brasileiros. Finanças comportamentais utilizam a psicologia para estudar o comportamento financeiro dos agentes. O comportamento manada, subtópico de finanças comportamentais analisado neste trabalho, pode ser definido como o movimento sincronizado dos preços dos ativos em uma forma exuberante e irracional que não é justificado pelos fundamentos. Tal questão é pertinente porque finanças comportamentais vai contra as premissas da economia neo-clássica, pilares para a Moderna Teoria de Finanças, das quais as mais relevantes são que os investidores são racionais e tomam decisões de forma independente. O objetivo deste estudo foi investigar a existência do comportamento manada em FIIs no Brasil. Para isso, o trabalho adotou uma abordagem quantitativa, através do modelo proposto por Chang et al. (2000), baseada em pesquisa de levantamento de banco de dados disponível no software Economatica dos retornos diários dos FIIs brasileiros. Adicionalmente, o trabalho também investigou se a existência do comportamento manada é influenciada pela utilização de outros indicadores de retorno de mercado, além do retorno médio transversal proposto por Chang et al. (2000), e pela separação da amostra em dias de alta e queda do retorno. O entendimento da dinâmica desta reação é importante para mapear o comportamento dos investidores em diferentes condições de mercado. Diferente das suposições que se encontraria o comportamento manada em mercados emergentes e em produtos onde os investidores são predominantemente pessoas físicas, os resultados deste trabalho apontam para a inexistência de comportamento manada no mercado brasileiro de FIIs. / The subject of this study is the application of behavioral finance on the Brazilian Real Estate Investment Trusts (REITs). Behavioral finance uses psychology to study the financial behavioral of the agents. Herding effect, a subtopic of behavioral finance analyzed in this study, can be defined as an exuberant and irrational synchronized movement of asset prices which is not justified by their fundamental values. This subject is pertinent because behavioral finance defies neoclassical economics assumptions, keystones for Modern Financial Theory, of which the most relevant are that investors are rational and make decisions independently. The purpose of this study was to investigate the existence of herding effect in the Brazilian REITs. The study adopted a quantitative approach, using the model proposed by Chang et al. (2000), based on daily returns of Brazilian REITs available on the software Economatica. Additionally, the study also investigated if the existence of herding effect is influenced by using other market return indexes, other than the cross-sectional average return proposed by Chang et al. (2000), and by separating the data in days of positive and negative return. Understanding the dynamics of this reaction is important to trace the investors’ behavior under different market conditions. Contrary to the assumptions that herding effect would be found in emerging markets and in investments in which investors are mainly individuals, the results of this study indicate the absence of herding effect in the Brazilian REITs market.

nÃo hà / The real estate investment (REI) is a newly created investment vehicle and still under constant development. Introduces, as basic characteristic, a property used for rental as the main asset. Governed by federal laws and regulations of the CVM instruction, regulatory frameworks help to give credibility to this investment vehicle. The REIs have tax benefits and remunerate its shareholders with regular income through rents. In addition, we present a third types of gain, which is the value of the shares of real estate funds. The current characteristics have a debonding between the equity and value of your shares, setting its recovery from supply and demand in the market. The study of this factor recovery was used to study development. Featuring a conservative perspective while being traded at BOVESPA, the question to be answered is whether the REI have a conservative characteristic when compared with other market indicators, such as IMOB, IBOVESPA, CDI, the IGP and INCC. And especially if there is a tendency over time with these same indicators, allowing to verify long-term behavior. With a stochastic characteristic non-stationary, the REI are cointegrated with the market indicators. The presentation of this tendency implies on a similar behavior over time, making it understandable with what market indicator the real estate investment presents tendency. Thus, the REI can be considered conservative investments, which have two returns (valuation of shares and payment of monthly rent), have characteristics of present value above the market benchmarks, low total and systemic risks and can be used as protection for stock investors, as a hedging tool. / O fundo de investimento imobiliÃrio (FII) à um instrumento de investimento recentemente criado e ainda em constante desenvolvimento. Apresenta como caracterÃstica bÃsica, possuir como o ativo principal um imÃvel utilizado para locaÃÃo. Regidos por leis federais e por instruÃÃes normativas da CVM, os marcos regulatÃrios ajudam a dar credibilidade a este instrumento de investimento. Os FII apresentam benefÃcios tributÃrios e remuneram seus cotistas atravÃs de receitas periÃdicas com aluguÃis. AlÃm destes, à apresentada uma terceira tipologias de ganho, que à a valorizaÃÃo das cotas dos fundos imobiliÃrios. As caracterÃsticas atuais apresentam um descolamento entre o patrimÃnio lÃquido e o valor das suas cotas, configurando uma valorizaÃÃo proveniente da oferta e procura pelas mesmas no mercado. O estudo desta valorizaÃÃo foi o elemento utilizado para o desenvolvimento do estudo. Apresentando uma perspectiva conservadora embora sendo negociado na BOVESPA, a pergunta a ser respondida à se os FII apresentam uma caracterÃstica conservadora comparado com outros indicadores de mercado, tais como o IMOB, o IBOVESPA, o CDI, o IGPM e o INCC. E principalmente se existe tendÃncia ao longo do tempo com estes mesmo indicadores, possibilitando verificar comportamento de longo prazo. Com uma caracterÃstica estocÃstica nÃo estacionÃria, os FII sÃo co-integrados com os indicadores de mercado. A apresentaÃÃo desta tendÃncia determina comportamento semelhante ao longo do tempo, fazendo com que possa ser entendido com qual indicador de mercado o fundo imobiliÃrio apresenta tendÃncia. Desta forma, os FII podem ser considerados investimentos conservadores, que apresentam duas rentabilidades (valorizaÃÃo das cotas e pagamento mensal de aluguel), possuem caracterÃsticas de apresentarem valorizaÃÃo acima dos benchmarks de mercado, apresentam baixo risco total e sistÃmico e podem ser utilizados como proteÃÃo para quem investe em aÃÃes, como uma ferramenta de hedge.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The study of Brazilian real estate market, it s getting importance over time. In this sense the compression of how the Brazilian real estate market works, just like the relations between the investment options are important to investors to know better the risk of those assets. Thus, a Vector Autoregressive Model was used to analyze the short term relations between Brazilian real estate assets, general market and the Brazil Risk. The same way, was modeled an ordinary least square linear regression to identify the macroeconomic determinants of house price returns. The data used was for real estate investment trusts, the IFIX index, to real estate stocks was used the IMOB index, to the overall market we use the Ibovespa index and to represent the Brazil Risk, was used the EMBI+BR index. The research demonstrate an information transmission between the Brazil Risk and the financial assets of real estate market shows a positive relation with the overall market. Complementary to this, the returns of house properties prices had as macroeconomic determinants the interest rates and inflation index. / O estudo do mercado de Real Estate brasileiro, esta cada vez mais em voga. Neste sentido a compreensão de como o mercado imobiliário brasileiro funciona, assim como a relação entre as opções de investimento imobiliário são importantes para que os investidores tenham maior conhecimento de como se relacionam dinamicamente no tempo estes ativos. Para isso, foi utilizado um modelo de Vetor Autoregressivo, para analisar a relação de transmissão de informação no curto prazo entre os ativos do mercado imobiliário brasileiro, o mercado em geral e o Risco Brasil. Assim como, foi modelada uma regressão linear de mínimos quadrados para a identificação dos determinantes macroeconômicos dos retornos dos preços de imóveis residenciais. Desta maneira os dados utilizados tem origem de fundos imobiliários, onde será usada a proxy índice IFIX; ações das empresas do setor imobiliário com a proxy índice IMOB; e o Ibovespa como proxy de mercado, assim como o índice FIPEZAP como proxy de preços de imóveis residenciais e o índice EMBI + BR para o Risco Brasil. A pesquisa demonstrou a existência de transmissão de informação entre o Risco Brasil e os ativos financeiros do mercado imobiliário, assim como uma relação positiva entre estes ativos e o mercado em geral. Da mesma maneira demonstrou que para os retornos de imóveis residenciais, macroeconomicamente os determinantes vem das taxas de juros e inflação.

L’objectif principal de cette thèse est d’analyser comment les biais cognitifs et émotionnels affectent les décisions des investisseurs lorsqu’ils achètent ou vendent des immeubles de bureaux. Pour atteindre cet objectif, cette recherche adopte, dans un premier temps, une démarche qualitative. Les entretiens semi-structurés permettent de détecter et d’analyser les biais les plus importants qui apparaissent au cours de la transaction. Parmi les différents biais décelés « l’oubli de la fréquence de base » a été sélectionné. Ce biais peut apparaître avant l’acquisition lorsque les investisseurs évaluent la performance attendue d’un immeuble. Une analyse quantitative suit pour développer une échelle qui mesure l’effet du biais. Les résultats ont montré que l’incertitude conduit certains investisseurs à supposer que le rendement qu’ils obtiendront à la fin de leur investissement sera égal à celui du rendement initial. En d’autres termes, certains investisseurs estiment que les conditions du marché resteront les mêmes qu’aujourd’hui / The main objective of this thesis is to analyse how cognitive and emotional biases affect investor decisions when buying or selling office buildings. To meet this aim, this research embarks on a qualitative research. Semi-structured interviews permit to detect and analyse the most important biases that appear in the transactions. Among the different biases discovered, the "base-rate fallacy" was selected. This bias may appear before the acquisition when investors evaluate the expected performance of a building. A quantitative analysis follows to develop a scale that tries to measure the effect of the bias. The results showed that uncertainty leads some investors to assume that the yield they will obtain at the end of their investment will be equal to that of the initial yield. In other words, some investors believe that market conditions will remain the same as today.

Problem Statement: The business of property finance has not been properly documented in South Africa. Available resource material focuses on the perspective of the property developer and investor largely neglecting the business of property finance. Thus comprehensive information on this business was not available to students and researchers This study set out to correct this deficiency. Research Procedure: Key property finance personnel in the major banks in the Republic of South Africa were interviewed to establish how the business of property finance is conducted. Jointly the interviewees represent 77% by volume of business over a period of two years A parallel process of literature research was undertaken to compliment the interview research and provide technical depth to the findings. Findings: The empirical and literature research results were combined to comprehensively document the processes, structures, systems, products / Business Management / M. Com. (Business Management)

不動產證券化可行性之研究 摘要 為解決傳統不動產投資困境，將不動產投資方式由固定的資產形式轉變為證券型態的概念，而有不動產證券化（Real Estate Securitization）的產生。國內主要的不動產證券化模式分為不動產投資信託（Real Estate Investment Trust）與不動產資產信託（Real Estate Asset Trust），這兩種模式未來市場供需面實際運作的可行性為何，將是不動產證券化制度成功與否的重要關鍵。 本研究先從需求面投資者的角度切入，透過問卷調查資料，運用Logit模型探討證券化可行性因素對於投資者購買不動產受益證券的影響。實證結果發現，一般投資者認為受益證券的市場流通性、分散風險的重要性愈高，以及預期報酬率愈高，其購買不動產受益證券的可能性愈高；在總體因素方面，對於未來證券市場情況愈樂觀，以及房地產市場情況愈樂觀，其購買受益證券的機率將愈高；法人投資者則認為分散風險的重要性愈高，以及該法人機構主要投資工具的種類愈多，其購買不動產受益證券的機率愈大。 以供給面不動產持有者財務上的可行性而言，其財務目標在追求自身的ROE極大化，因此不動產持有者將視各項風險來源對於投資報酬的影響，決定是否運用證券化投資方式。模擬分析結果發現，除了不動產持有者本身的財務結構限制與不動產經營能力之外，在個別考量委託成本風險與開發風險的情況下，其對於不動產持有者ROE的影響較小，但營運風險相較於其他風險來源，對於不動產持有者ROE的影響較大；綜合各項風險來源同時納入考量時，發現不動產持有者自有資金比例愈低，其運用證券化方式的ROE較高，但變動的幅度也較大。此一實證與模擬分析結果，對於未來國內不動產證券化實際運作，可提供政府、業者及一般投資大眾作為決策參考。 關鍵字：不動產證券化、不動產投資信託、不動產資產信託、Logit模型、蒙地卡羅模擬 / A Feasibility Study of Real Estate Securitization in Taiwai Abstract By transforming real assets into securities , real estate securitization is created to solve the liquidity problem of real estate investment. The real estate securitization system in Taiwan is divided into two types - Real Estate Investment Trust and Real Estate Asset Trust. Whether the real estate securitization system succeeds or not is based on the feasibility of the market operation in practice. On the demand side, this research uses Logit model to analyze the impact of the feasibility of the real estate securitization system on the investors’ behavior of buying beneficiary certificates by sampling from intuitional investors and individual investors. The empirical results show that the individual investors emphasize on liquidity, divergence, and expected return. In addition, the probability of buying real estate beneficiary certificates increases with the degree of their optimistic expectation on both the stock and the real estate markets. However, the institutional investors regard the divergence of portfolios and investment instruments as the main factors of their buying those certificates. On the supply side, given the financial objective of ROE maximum, the owners of the real estate will review all of impacts of risk on return of investment before their decision to take the way of securitization. In addition to the financial structure and the management ability of the owners, the results of Monte Carlo simulation on the effect of real estate securitization also reveal that: a. There is little influence on the ROE of the owners’ real assets while taking trust cost risk and land development cost risk into consideration. b. The influence of operation risk on ROE is more than that of other risks. c. Lower the proportion of capital, higher the ROE and bigger the variation of the ROE are. The results of empirical analysis can be a reference of decision making for Government, trust industry, and investors in the real estate security market operation. Keywords：Real Estate Securitization , Real Estate Investment Trust , Real Estate Asset Trust , Logit Model , Monte Carlo Simulation

Submitted by Alvaro Germano Albernaz (aga050@gmail.com) on 2016-01-25T12:32:08Z No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-02-05T16:49:09Z (GMT) No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-02-22T12:23:32Z (GMT) No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) / Made available in DSpace on 2016-02-22T12:23:46Z (GMT). No. of bitstreams: 1 Dissertação_final final_versão certa_3 V16 220116.pdf: 3740558 bytes, checksum: cdf2c2c779f7fc18a9d89f5cac0bda6f (MD5) Previous issue date: 2015-11-16 / This work intends to subsidize the real estate investment funds investor in choosing a FII investment portfolio in order to obtain performance at or above the industry benchmark (IFIX). Such a grant is made initially by methodology which considers the concept of Efficient Portfolio (Risk / Return) proposed by Markowitz, can work together with the dimension of the concept of Behavioral Finance, led by Daniel Kahneman, constituting the investor’s orientation bases. We add the methodological approach to the indications suggested by Bazerman and Moore, in the decisionmaking process that reduces the effects of heuristics and viésis. To start the way the investor responds to questionnaire of 5 questions that aims to classify the degree of ’capacity and tolerance ―by the IFI prod-uct. From their responses the investor will be referred to a‖ cluster ―of funds, classified according to the perception of retail investor, according to the complexity of analyzing the background. Selected FIIs with potential for application, bring the investor as an ‖Ranking― of the funds in question answering three questionnaires that motivate the expansion of its research in the following dimensions :. (i) Capacity of the fund, (ii) on the (s) Active (s) of the fund, and (iii) of the Income Generation of FII Complementing the creation of ‖Ranking― is also considered its Anchor decision, ie, the main investor reason to choose each selected fund. Finally, we use the concept of Markowitz to identify the most efficient Portfolio considering the ‖Ranking' of the investor, with the EXCEL package with the tool SOLVER. The results of that portfolio were higher than the industry benchmark (IFIX), demonstrating technically than using appropriate tools and establishing a path to guide the investor research in finding structural information you can build an efficient portfolio that helps the his applications long term. / O presente trabalho tem por objetivo subsidiar o investidor de Fundos de Investimento Imobiliário na escolha de uma carteira de aplicação de FIIs, visando obter performance igual ou superior ao índice de referência do setor (IFIX). Tal subsídio é constituído, inicialmente, por uma metodologia que considera que o conceito de Carteira Eficiente (Risco/Retorno) preconizada por Markowitz pode trabalhar em conjunto com a dimensão do conceito das Finanças Comportamentais, liderada por Daniel Kahneman, constituindo as bases de orientação do investidor. Acrescentamos o caminho metodológico com as indicações, sugeridas por Bazerman e Moore, no processo de tomada de decisão, que reduza os efeitos de heurísticas e vieses.

Problem Statement: The business of property finance has not been properly documented in South Africa. Available resource material focuses on the perspective of the property developer and investor largely neglecting the business of property finance. Thus comprehensive information on this business was not available to students and researchers This study set out to correct this deficiency. Research Procedure: Key property finance personnel in the major banks in the Republic of South Africa were interviewed to establish how the business of property finance is conducted. Jointly the interviewees represent 77% by volume of business over a period of two years A parallel process of literature research was undertaken to compliment the interview research and provide technical depth to the findings. Findings: The empirical and literature research results were combined to comprehensively document the processes, structures, systems, products / Business Management / M. Com. (Business Management)