文章基本信息

标题：REAL ESTATE INVESTMENT TRUSTS PERFORMANCE: Brazil Versus United States
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作者：Fernanda Sousa Gabriel ; Kárem Cristina de Sousa Ribeiro ; Pablo Rogers 等
期刊名称：Business and Management Review
印刷版ISSN：2047-0398
电子版ISSN：2047-0398
出版年度：2015
卷号：5
期号：1
页码：439-453
出版社：Global Research Society
摘要：O presente trabalho prop.s avaliar o desempenho dos Real Estate Investment Trusts (REITs) e Fundos de Investimento Imobili¨˘rios (FIIs) por meio dos ¨Şndices estimados de Sharpe, Treynor, Alfa de Jensen, MM, Sortino e Appraisal Ratio, durante o per¨Şodo de 2003 a 2013, bem como em diferentes subper¨Şodos, compreendidos em antes, durante e ap¨®s a crise dos subprimes em 2008 . Foram utilizados os testes de Wilcoxon, Mann-Whitney e Kruskall-Wallis para cumprir os objetivos propostos. Os resultados revelam que os desempenhos dos REITs n.o foram persistentes durante os subperiodos. Os FIIs, por sua vez, apresentaram desempenhos persistentes durante os subper¨Şodos. Apesar de os FIIS terem apresentado performances co nsistentes durante os subper¨Şodos da pesquisa, de mandeira geral, os mesmos n.o apresentaram performances superiores aos REITs durante o periodo de 2003 a 2013, assim como durante os subperiodos da pesquisa
其他摘要：This research seeks to examine the performance of Real Estate Investment Trusts (REITs) and Brazilian Real Estate Investment Trusts (FIIs) using risk-adjusted performance measures, such as Treynor, Sharpe, Jensen, Appraisal, Sortino and MM during the 2003-2013 period , as well as in different subperiods (before, during and after the subprime crisis of 2008). The Wilcoxon Signed-Rank, Mann-Whitney and Kruskal-Wallis tests were used in order to accomplish the paperˇäs goals. The results indicate that the risk-adjusted performances of the REITs vary over time, but they are relatively consisted for FIIs between the subperiods. The results also point out that, in general, the FIIˇäs were not able to outperform the REITs during the 2003-2013 period or during the subperiods
关键词：Real Estate Investment Trusts; Fundos de Investimento Imobili¨˘rio; Performance
其他关键词：Real Estate Investment Trusts (USA); Real Estate Investment Trusts (Brazil); Performance