Dissertations / Theses on the topic 'Real estate investment trusts – Canada'
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Wang, Yunqing. "Essays on Real Estate Investment Trusts." ScholarWorks@UNO, 2007. http://scholarworks.uno.edu/td/589.
Full textPrima, Annisa Dian. "Corporate governance ans Asian real estate investment trusts." Thesis, University of Reading, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.632829.
Full textZhu, Hui. "The diversification benefits of Asian REITS." View electronic thesis, 2008. http://dl.uncw.edu/etd/2008-3/r1/zhuh/huizhu.pdf.
Full textZhao, Yuan Y. "Real estate mutual funds." Thesis, University of Aberdeen, 2015. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=227652.
Full textLuo, Yun, and 骆韵. "The impact of real estate market transparency on the linkages between direct and indirect real estate." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/193467.
Full textpublished_or_final_version
Real Estate and Construction
Master
Master of Philosophy
Tse, David. "Conditional Systematic Risk of Equity Real Estate Investment Trusts." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1128.
Full textJoo, Jeong Hwan. "Effects of real estate cycles on valuation of U.S. real estate investment trusts (REITs)." Thesis, University of British Columbia, 2013. http://hdl.handle.net/2429/44672.
Full textSteiner, Eva Maria. "Essays on the capital structure of real estate investment trusts." Thesis, University of Cambridge, 2014. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.707929.
Full textHan, Jun 1959. "The risk and return characteristics of real estate investment trusts." Thesis, Massachusetts Institute of Technology, 1991. http://hdl.handle.net/1721.1/13157.
Full textPierce, Michael M. (Michael Murray). "Japanese Real Estate Investment Trusts : champagne bubbles or price bubble." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33179.
Full textThis electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 79-81).
In September 2001 the Japanese real estate industry marked a new era of real estate investments by issuing on the Tokyo Stock Exchange the first Japan Real Estate Investment Trust (JREIT). The initial JREIT performance was not so impressive. Now, as the Japanese economy continues to recover and more investors are looking to real estate securitization as a means of limiting balance sheet liability and increase real estate investment liquidity, the JREIT is becoming a popular investment vehicle. On the surface the public securitization of real estate seems a great opportunity for the average investor to participate in real estate investment while keeping liquidity. What is the real story behind the JREIT: Are the assets in the JREIT overpriced? Is the race to issue new JREITs forming a price bubble in the Tokyo central business district? Is the JREIT a safe investment, or it just a way for real estate firms to pass off the associated risks of overpriced real estate? This paper will consider the status of the Japanese economy, the real estate industry, and the JREIT market from its beginnings to current levels.
by Michael M. Pierce.
S.M.
Speckhahn, Wolfgang. "Real estate investment trusts (REITS) in Europe - Europeanizing tax regimes." Thesis, Anglia Ruskin University, 2015. https://arro.anglia.ac.uk/id/eprint/579909/1/Wolfgang%20Speckhahn%20Final%20Thesis%20combined.pdf.
Full textDurr, David W. "Three Essays on Real Estate Investment Trusts and Financial Markets." Thesis, University of North Texas, 1995. https://digital.library.unt.edu/ark:/67531/metadc278203/.
Full textSpeckhahn, Wolfgang. "Real estate investment trusts (REITS) in Europe : Europeanizing tax regimes." Thesis, Anglia Ruskin University, 2015. http://arro.anglia.ac.uk/579909/.
Full textBruin, Thomas M. "Real estate investment trusts and market sentiment in the United States & Europe." View electronic thesis (PDF), 2009. http://dl.uncw.edu/etd/2009-2/rp/bruint/thomasbruin.pdf.
Full textTan, Yen Keng. "Strategic investment issues for listed property trusts /." View thesis, 2004. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20050223.131622/index.html.
Full textYildirim, Burak. "The Capital Structure Of Turkish Real Estate Investment Trusts A Thesis." Master's thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12610104/index.pdf.
Full text#8217
debt financing choices. However, we observe inconsistency in the sign and significance of some factors which give a way to understand the different institutional and country specific factors of Turkish real estate market and Turkish REITs.
Breetzke, Michael. "The taxation of Real Estate Investment Trusts (REIT) in South Africa." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020001.
Full textChen, Yong. "Real Estate Investment Trusts for China : market perspective and framework design." Thesis, University of Cambridge, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.597552.
Full textBurch, R. King (Ray King). "Hotels and real estate investment trusts : are the conflicts worth it?" Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/10609.
Full textIncludes bibliographical references (leaves 129-131).
by R. King Burch and R. Steven Taylor.
M.S.
Strange, William B. (William Bryan) 1948, and Duo 1972 Tang. "Firm level factors that affect returns to real estate investment trusts." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/32195.
Full textIncludes bibliographical references (leaves 72-73).
This thesis examines the historical financial data for publicly traded securities issued by Real Estate Investment Trusts (REITS). The inquiry isolates certain quantifiable firm specific financial data and organizes that data into pooled, time-series cross-sections. Annual returns to capital are determined for certain equity REITS from 1990 to 1999 and are used as the dependent variable in a statistical regression analysis. The analysis includes independent variables drawn from a database and includes variables to adjust results for the impact of macroeconomic factors. In addition, indexes for the broader markets are identified and included in the regressions to adjust for the impact of trends in the general market. Following adjustments for macroeconomic factors and general market trends the regression results identify various firm specific variables that display a statistically significant relationship to relative returns to capital in REIT securities over time. Negative impacts on returns are observed for increases in firm size and for certain debt features such as variable rate debt, unsecured debt, and total debt. Positive impacts on returns are associated with higher levels of asset growth as well as relatively higher levels of secured debt and preferred stock. The expected positive correlation of returns with increases in broader stock market indexes and negative correlation with increasing short-term interest rates is not displayed. For the period from 1993 to 1999, the data indicate an inverse correlation of REIT returns to the stock market as represented by the S&P 500 index and a direct relation with short-term interest rates. Interpretations of the results are provided in a form that relates the firm level determinates of returns to capital with the history of REITS and their organizational and tax characteristics. Alternatives for further inquiry are identified and implications for investors and REIT managers are discussed.
by William B. Strange, III and Duo Tang.
S.M.
Lee, Haegyu, and Wonho Seo. "Analysis of Korean real estate investment trusts and share price determinants." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42030.
Full textThis electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaf 53).
Korean REITs started as CR-REITs, vehicles with specific objectives to relieve real estate liabilities off the balance sheets of distressed companies and liquidize them back into the real estate market. CR-REITs were finite-lived, closed-end, passively managed vehicles with public offerings heavily weighed to institutional investors. Not only was REITs a new investment vehicle but CR-REITs and its AMC were also brand new companies with no proven track records. A finite-lived REIT has two sources of income, the first being monthly rental income which is paid out as dividends and the second being the capital gain redistributed at reversion when the REIT is terminated. Analysis shows that Korean REIT prices are more connected with appreciation earnings than rental income earnings specifically due to their finite-lived, passively managed structure. Not to be mistaken, average annual dividend yields were at historically around 9% giving them the highest REIT returns in the Asian market. This thesis aims to study the overall REITs market in Korea and conduct detailed analysis on REITs stock price determinants using various factors in the Korean financial and real estate market. Individual Korean REITs were analyzed in detail sorting out categories such as stock price, shareholder characteristics, underlying assets, Net Asset Value, Earnings and Dividends. REITs Linear regression analysis on Korean REIT stock returns were conducted to show performance relation with the financial market. Further P/NAV analysis were focused on analyzing the different P/NAV patterns and eventually developed into REIT price connected with its underlying assets, especially with the appreciation value of the land. Additional analysis on Korean REIT P/E ratios were conducted using various factors such as sales & lease back, buy-back options and asset composition.
by Haegyu Lee and Wonho Seo.
S.M.in Real Estate Development
Tan, Yen Keng, University of Western Sydney, College of Law and Business, and of Construction Property and Planning School. "Strategic investment issues for listed property trusts." THESIS_CLAB_CPP_Tan_Y.xml, 2004. http://handle.uws.edu.au:8081/1959.7/623.
Full textDoctor of Philosophy (PhD)
Mühlhofer, Tobias. "Trading constraints and the investment value of real estate investment trusts : an empirical examination." Thesis, London School of Economics and Political Science (University of London), 2005. http://etheses.lse.ac.uk/328/.
Full textChen, Yu, and 陈语. "The policies and financing behavior of Chinese real estate developers: analyzing "Zhonghai.Greentown" real estateinvestment trust fund project." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B50254686.
Full textYu, Siyuan, and 俞思渊. "Real estate investment trusts (REITs) in China: with Hong Kong REITs as an approach." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2007. http://hub.hku.hk/bib/B4516728X.
Full textYong, Jaime L. P. "Economic linkages between Australian REITs and the commerical real estate market." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2013. https://ro.ecu.edu.au/theses/577.
Full textGoldstein, Mark (Mark E. ). 1968. "The relationship between real estate investment trusts and building-centric telecommunications providers." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/32188.
Full textIncludes bibliographical references (leaves 55-57).
This exploratory paper will examine the business relationships that have developed between REITs and building-centric telecommunications providers (BCTPs), including what types of business relationships are being formed between them, why they are being formed and what is important about these relationships. It shall be demonstrated that though there are a number of driving forces behind the proliferation of the REIT/BCTP relationship, including direct economic benefits to REITs and the influence of Wall Street, it is the indirect economic benefits that ultimately drives this relationship.
by Mark Goldstein.
S.M.
Terpins, Nicole Mattar Haddad. "A natureza jurídica dos fundos de investimento imobiliários." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-14052015-145102/.
Full textThe theme of this paperwork is extremely useful, but not so much explored by Brazilian doctrine. The Law 8.668/93, which created in Brazil the Real Estate Investment Funds (Fundos de Investimento Imobiliário FII), was the first statute to allow the securitization and fractionation of real estate, converting it into subject securities traded in the capital market. The Real Estate Investment Funds enabled retail investors, including individuals, to access the real estate market, qualifying them to apply their resources on high-return ventures that, however, require large investments. The analysis of the legal nature of the FII is justified by the economic and social importance of the institute, but is not restricted thereto taken the enriched content of the legal-normative framework that culminated in the creation of a unique model of investment fund, mirrored in the North American Real Estate Investment Trust. The Real Estate Investment Fund is a successful example of legislative creativity that by combining institutes reached what we consider to be the figure in Brazil that most resembles the Anglo Saxon trust. The structure assigned to the FII, marked in particular by the fiduciary property and the rules of affectation, lines the Fund with certain peculiarities that demand the analysis of its legal nature under its own perspective, isolated from the other investment funds. Research on the legal nature of FII requires the reinterpretation of concepts that integrate both the Civil and Commercial Law, such as communion, condominium and company, fiduciary relationship, indirect relationship, property, real rights and personal rights, separated patrimony, legal person and capacity, which result leads to a due recognition of the Real Estate Investment Fund as a corporate agreement, characterized by the pursuit of an economic purpose through an organization. The choice of the theme and the methodology applied for the development of this paperwork aimed not only to deepen the matter, but also to inspire further studies based on the common law that could also lead to the conclusion about the beauty and efficiency of a legal system built on open and more flexible structures.
Lowder, Lawrence Wade. "Implementing the information technology information library (ITIL) framework." [Denver, Colo.] : Regis University, 2009. http://adr.coalliance.org/codr/fez/view/codr:24.
Full textGujar, Purva (Purva Prakash). "Organizational structure in the hospitality industry : a comparative analysis of hotel real estate investment trusts (REITs) and hotel C-Corporations." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/77122.
Full textCataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 102-108).
Current legislation has made it possible for real estate investment trusts (REITs) to earn income beyond purely passive sources such as rents from real property or interest from mortgages on real property. As a result, both the number and market capitalization of hotel REITs have substantially increased, and the difference between hotel REITs and hotel C-corporations has narrowed. However, companies such as Starwood Hotels have reverted back to the C-corporation structure. Given these organizational changes and the increasing dominance of hotel REITs, there is a need to analyze hotel REITs and hotel C-corporations in a comparative framework. Equity REITs and C-corporations have been studied extensively. However, research on various organizational forms in the hospitality industry is somewhat limited. This study attempts to fill this gap by comparing the stock market performance of publicly traded hotel REITs with hotel C-Corporations from 1993 to 2011. Furthermore, the impact of significant events such as mergers and acquisitions and legislative amendments on firms' stock price are also observed. Finally, detailed case studies of companies that underwent corporate restructuring are conducted. The research objective of this thesis is to examine (a) whether REITs are an efficient organizational structure for the lodging industry; and (b) whether the tax benefits of REITs offset the regulatory constraints they face. The study infers that REIT acquirers have an advantage in mergers and acquisitions, but in all other situations, the net benefits of REITs are not as clear. On market cap basis, the performance of hotel REITs and hotel C-Corporations was almost identical, however when equally weighted, hotel REITs outperformed their C-Corporation counterparts. In addition, the results show that the REIT returns are highly volatile. On a broad level the hospitality business has two distinct segments -- ownership of hotels and management of hotels and the degree of operating flexibility offered is one of the main factors that differentiate REITs from the C-Corporation counterparts. Therefore, this study concludes that the choice of corporate structure depends greatly on a firm's business strategy.
by Purva Gujar.
S.M.in Real Estate Development
Chuweni, Nor Nazihah. "Performance analysis of Malaysian Islamic real estate investment trusts: The management approach to best practice." Thesis, Queensland University of Technology, 2018. https://eprints.qut.edu.au/118620/1/Nor%20Nazihah_Chuweni_Thesis.pdf.
Full textDaniels, Joseph A. "Securitizing spectacle : property, real estate investment trusts, and the financialization of retail space in Singapore." Thesis, University of British Columbia, 2015. http://hdl.handle.net/2429/55203.
Full textArts, Faculty of
Geography, Department of
Graduate
Jacobs, Judson D. (Judson Dowling). "Why developers go public--the use of real estate investment trusts in the development process." Thesis, Massachusetts Institute of Technology, 1990. http://hdl.handle.net/1721.1/67393.
Full textMcDonough, Gail. "Comparison of pricing differences between the private and public regional mall : real estate investment trusts." Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/68773.
Full textMcMillan, William Bradford. "The effect of geographic diversification on the returns of real estate investment trusts : an analysis." Thesis, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/68749.
Full textUngerer, Maryke. "Practical issues relating to the taxation of Real Estate Investment Trusts ("REITs") in South Africa." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/11729.
Full textIn this dissertation, the author focuses on the practical tax issues relating to the recently adopted South African Real Estate Investment Trust tax dispensation, by discussing international principles of Real Estate Investment Trust taxation and two foreign regimes, i.e. the US and UK Real Estate Investment Trust regimes which, it is understood, were used as a basis for the South African legislation. In addition, the dissertation discusses the details of the South African property investment vehicles regime pre- 1 April 2013, and the new Real Estate Investment Trust tax regime applicable from 1 April 2013. Furthermore, it looks at suggestions and possible improvement to the taxation of Real Estate Investment Trusts in South Africa and whether the proposed amendments released by National Treasury, on 4 July 2013, satisfactorily address the issues raised in this dissertation.
Chane-Teng, Xavier, and Cecile Manni. "Investigations on the real estate market." Thesis, Umeå University, Umeå School of Business, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1782.
Full textTitle: Investigations on the real estate market, what are the main factors influencing the performance of the French Real Estate Investments Trusts?
Problem: In 2003, the French government implemented a new tax-exempt structure in the real estate market. Like REITs in the United States, SIICs are listed French companies that aim to improve the performance of real estate stocks on Paris Stock Exchange. The problem consists of determining the performance of the SIICs’ portfolio, identifying the major influences of economic factors and capturing financial behaviour in asset portfolio management.
Purpose: Recently, the subprime crisis has largely brought out uncertainty of financial actors in the real estate sector. In this context, we try to apprehend the performance of these specific
SIICs investment vehicles related to financial, economic and managerial influences, by quantifying their stock performance in a five-year time frame.
Methodology: A deductive approach guides our thesis to emphasize our research question. Our business strategy entails positivism and objectivism considerations and relies on a case analysis research design using the multifactor model. Besides, the data collection process is following a quantitative approach of twenty chosen French SIICs between 2003 and 2007.
Result / Conclusion: Even if the multifactor model used by the authors may be viewed as unspecified, useful results can still be extracted and analysed. The hotel & LDG sector slightly performs better than others depending on the strategy of investment and the state of economy. Long-term interest rate acts as the principal explanatory factor. Investors do not necessarily respond in favour of the general market confidence indicator.
Altinsoy, Gozde. "Time Varying Beta Estimation For Turkish Real Estate Investment Trusts: An Analysis Of Alternative Modeling Techniques." Master's thesis, METU, 2009. http://etd.lib.metu.edu.tr/upload/3/12611309/index.pdf.
Full textnamely, Diagonal BEKK (DBEKK) GARCH model, the Schwert and Seguin model and the Kalman Filter algorithm, are employed in order to estimate and analyze the time varying betas of the Turkish REIT sector over the period 2002-2009. The empirical results suggest that, similar to many other countries, betas are not stable in the Turkish REIT sector. The general view of a declining beta trend for the REITs appears to prevail for Turkish REITs as well, reinforcing the defensive characteristics of these publicly traded real estate companies. Comparing the relative forecast accuracy of the three techniques employed, Schwert and Seguin model performs the worst both for weekly and daily data
whereas the Kalman Filter and the DBEKK Garch models provide the lowest forecast errors for the weekly and the daily data, respectively. This study also shows that the use of the data sets with different frequency could lead to different empirical findings.
Nguyen, Linh Duy [Verfasser], Wolfgang [Akademischer Betreuer] Breuer, and Bertram I. [Akademischer Betreuer] Steininger. "Capital structure of real estate investment trusts : new insights / Linh Duy Nguyen ; Wolfgang Breuer, Bertram Steininger." Aachen : Universitätsbibliothek der RWTH Aachen, 2019. http://nbn-resolving.de/urn:nbn:de:101:1-2020071313471311914019.
Full textMakatsane, Ntseno P. "A performance comparison of specialised (industrial) and non-specialised real estate investment trusts in South Africa." Master's thesis, Faculty of Engineering and the Built Environment, 2018. http://hdl.handle.net/11427/30049.
Full textNguyen, Linh Duy [Verfasser], Wolfgang [Akademischer Betreuer] Breuer, and Bertram [Akademischer Betreuer] Steininger. "Capital structure of real estate investment trusts : new insights / Linh Duy Nguyen ; Wolfgang Breuer, Bertram Steininger." Aachen : Universitätsbibliothek der RWTH Aachen, 2019. http://d-nb.info/121367851X/34.
Full textTcherednitchenko, Margarita. "Performance of Canadian real estate investment trusts." Thesis, 2006. http://spectrum.library.concordia.ca/9287/1/MR14380.pdf.
Full textChan, Chien-Tsung, and 詹健宗. "The Factors of Influencing Real Estate Investment Trust—A Case Study of the U.S. and Canada." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/50348474601503839376.
Full text淡江大學
財務金融學系碩士班
96
As financial markets of the world are deregulation and internationalization, the financial commodities grow and develop. The fourth asset (Real Estate Investment Trust) can compare to stock market because it develops gradually maturity. It becomes an important topic of discussion for the management of risk and the evaluation of performance about all kinds of REIT commodities. Others, energy problems also are a national issue and can’t ignore. So it already becomes an important trend to study the relative of oil price and REIT. The most of macroeconomic variables of past studies put the point in growing of oil price, and they ignored the risk premium on the growing of oil price. However, it is the motive to be the risk premium on the changing of oil price in the article. This study date is used from 1998/2/11 to 2007/8/7 in U.S. and Canada. I used ARJI model to investigate (1) long and short interest rates, stock index, WTIF crude oil price. (2) the spread of long-short interest-rate, risk premium on stock index and risk premium on the changing of WTIF crude oil price. Our study results find, (a) on the aspect of crude oil: WTIF crude price and American REIT index were negative relation; WTIF crude price and Canadian REIT index were positive relation. On the side, the risk premium on changing of WTIF crude price and the risk premium on American REIT index were negative relation, but the risk premium on changing of WTIF crude price and the risk premium on Canadian REIT index were positive relation. (b) in the aspect of interest rate: all kinds of interest rates were not relative except Canadian long interest rate. And it was negative relation to Canadian REIT index. On the side, the spread of long-short interest-rate and risk premium on REIT index were negative in two countries. (c) in the aspect of stock index: the stock index and REIT index were positive relation. Also, the risk premium on stock index and the risk premium on REIT index were positive relation in two countries. Finally, we find that REIT index and risk premium on REIT index existed big volatility clustering.
Hsu, Hui-hsiung, and 許輝雄. "On Real Estate Investment Trusts." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/34974262903350318109.
Full text國立高雄第一科技大學
金融營運所
95
This paper analyzes the regulation on the securitization of real estate and the real estate markets of various countries, trying to investigate whether REITs can enhance the performance of investment. The result shows that REITs, stock market, and bond market are scarcely related and are rarely affected by business cycles. Due to the relatively stable rate of return, putting REITs into an investment portfolio may reduce risks.
LIN, T.-H., and 林再興. "A Study of Real Estate Investment Trusts." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/47167967745179470978.
Full textHsiang, Yuan-Ching, and 向元慶. "Study of Real Estate Investment Trusts in Taiwan." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/3c5566.
Full text國立中山大學
高階經營碩士班
95
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.
Tsao, Wen-Hu, and 曹文琥. "Monetary Environments and Real Estate Investment Trusts Market." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/23328881601197082713.
Full text淡江大學
財務金融學系博士班
103
This dissertation investigates the effects of the stance of monetary policy on real estate investment trust (REIT) market utilizing the newly developed GARCH technique of modeling returns series analysis over the period 1972-2014. The contribution with respect to existing literature is threefold. First, the works show that the market’s response of REITs significantly differs from the unexpected changes of Federal Funds Rate in the difference of monetary environments, which indicate that the negative interest rate sensitivity of REIT real returns in restrictive periods is greater than that in expansive periods. Second, there is no relationship between the reaction of REIT returns and output grows. This implies that the prices of REITs asset have effectively reflected the potential value of economic fundament and the anticipated mentality of market rate. Third, this dissertation demonstrates that the GARCH-HeavyTailed (GARCH-HT) model with non-normal distribution allows to overcome the common problems of both the distribution and variance of error term, as well as provide more efficient evaluation of empirical model. Finally, This dissertation also concludes that the asymmetric effects in shocks of monetary policy exist in the U.S. REITs market.
Faro, Miguel Bernardo Dias. "Real estate investment trusts : a historical performance analysis." Master's thesis, 2020. http://hdl.handle.net/10400.14/32094.
Full textThis paper examines the performance and risk sensitivities of three (Real Estate Investment Trusts (REIT) portfolios, when compared to more conventional funds: MREIT, EREIT and AREIT. The MREIT portfolio includes only the returns on investment of mortgage REIT stocks (MREIT), the EREIT portfolio includes the returns on investment of equity REIT stocks (EREIT) and the AREIT portfolio includes the returns on investment of both equity and mortgage REIT stocks (AREIT). Analyzing excess returns, standard deviation and Sharpe Ratio, results suggest that the portfolio holding all types of REIT stocks (AREIT) was the most attractive investment during the twenty-year period covered (January 2000 - January 2020). The performance of a large capitalization index (S&P500) and a small capitalization index (Russell 2000) were also tested. Results suggest that the Russell 2000 index outperformed the S&P500 index. When risk-adjusted returns of all commodities were evaluated - MREIT, EREIT, AREIT, S&P500 index and Russell 2000 index - results obtained indicate the AREIT portfolio as the one which performed the best among all. This thesis broadens its scope evaluating the explanatory capacity for the Fama and French (1992) asset pricing model augmented with the Carhart (1997) momentum factor and the Fama and French (2015) five-factor model to help explain excess returns in REIT portfolios. Results suggest the market risk-free (MKTRF), small minus big (SMB) factor and the high minus low (HML) factors, as the main variables capable of explaining their excess returns. Results also show that the Fama and French (1992) three-factor model is the most capable at explaining the REIT portfolio excess returns. It was also shown that Carhart (1997) four-factor model and Fama and French (2015) are insufficient at explaining excess returns in any REIT portfolio.
YU, TING-SHIUAN, and 游庭瑄. "The Diversification Effects of Real Estate Investment Trusts." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/87177597391612524496.
Full text國立暨南國際大學
財務金融學系
104
Traditionally, most of literatures have discussed about the portfolio optimization, which focus on stocks or bond assets. Differ from these literatures, we use pure real estate securities to examine the best portfolio criterion. We use Min CLPM, Min variance and Min VaR portfolio criteria to optimal portfolio and compare their performance. We use eight largest and most developed REIT markets to examine the performance of portfolio strategies and the similarity between strategies. In static estimation, Min CLPM has better performance than other portfolio strategies. In order to ensure its robustness, we use dynamic rolling method to analysis portfolio criteria. The result is more robust and the performance has significant difference than static estimation. We further examine the similarity of the asset allocation. The analysis indicates that Min variance and Min VaR have similar allocation, most of them get 99% similar. On the other hand, the allocation of Min CLPM is different than other portfolio strategies and has less assets in the portfolio.
Ford, Gregory Jason, and 傅桂瑞. "Real Estate Investment Trusts in the United States." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/89967627439989652369.
Full text輔仁大學
國際創業與經營管理學程碩士在職專班
100
This thesis analyzes Real Estate Investment Trusts (REITs) in the United States. The thesis starts off by describing the history of how REITs came into existence. The paper then goes to analyze the legislative history and the implications the legislation had on REITs. The paper then selects one specific publicly traded REIT to analyze operationally and financially. The REIT that will be analyzed is in the health care sector. This paper will discuss the positive and negative aspects of the REIT as an investment vehicle. It will also address what type of investors is best suited to invest in a REIT. The thesis is concluded with a summary.