Avaliação de fundos de investimento imobiliário no Brasil
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Manancial - Repositório Digital da UFSM |
Texto Completo: | http://repositorio.ufsm.br/handle/1/14888 |
Resumo: | The balance of the Brazilian economy along with improvements in the policies and regulations in real estate allowed the emergence of new services and products. As a result, developments in the sector was increased, from real estate investments to capital market investments, with emphasis in this modality, Real Estate Investment Funds (FIIs). However, the large variety of Real Estate Investment Funds makes the investors decision relatively complex, because by allocating capital in FIIs, investors usually expect good financial returns and security in relation to the money invested. Within this context, this research aims to develop a model to evaluate the yield of Real Estate Investment Funds in Brazil. Therefore, were collected prospectus and monthly reports data, covering the period from January 2017 to October 2017, by 82 FIIs listed on BM&FBOVESPA. Then, it was made a survey in the academic literature and the prospectus of funds were analyzed to verify which variables impact the results of FIIs. Thereafter, correlation table between candidate variables and funds yields was obtained. The model to evaluate Real Estate Investment Funds in Brazil was developed based on the regression analysis. It was considered in the model only statistically significant variables to explain funds yields. Based on the results obtained, it was observed that the payment of high administration fees did not correspond to a higher FIIs yields, as well as the previous definition of the property in prospectus funds. By analyzing the resulting models, it was emphasized that funds that invest in real estate securities, focusing on the paper segment (financial products with real estate), and management of real estate under the responsibility of specialist managers, enable to investors higher yields. |
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Avaliação de fundos de investimento imobiliário no BrasilEvaluation of real estate investment funds in BrazilFundos de investimento imobiliárioAvaliação de FIIsRentabilidadeReal estate investment fundsFIIs evaluationYieldCNPQ::ENGENHARIAS::ENGENHARIA DE PRODUCAOThe balance of the Brazilian economy along with improvements in the policies and regulations in real estate allowed the emergence of new services and products. As a result, developments in the sector was increased, from real estate investments to capital market investments, with emphasis in this modality, Real Estate Investment Funds (FIIs). However, the large variety of Real Estate Investment Funds makes the investors decision relatively complex, because by allocating capital in FIIs, investors usually expect good financial returns and security in relation to the money invested. Within this context, this research aims to develop a model to evaluate the yield of Real Estate Investment Funds in Brazil. Therefore, were collected prospectus and monthly reports data, covering the period from January 2017 to October 2017, by 82 FIIs listed on BM&FBOVESPA. Then, it was made a survey in the academic literature and the prospectus of funds were analyzed to verify which variables impact the results of FIIs. Thereafter, correlation table between candidate variables and funds yields was obtained. The model to evaluate Real Estate Investment Funds in Brazil was developed based on the regression analysis. It was considered in the model only statistically significant variables to explain funds yields. Based on the results obtained, it was observed that the payment of high administration fees did not correspond to a higher FIIs yields, as well as the previous definition of the property in prospectus funds. By analyzing the resulting models, it was emphasized that funds that invest in real estate securities, focusing on the paper segment (financial products with real estate), and management of real estate under the responsibility of specialist managers, enable to investors higher yields.O equilíbrio da economia brasileira, juntamente com os aprimoramentos nas políticas e normas do mercado imobiliário, possibilitou o surgimento de novos serviços e produtos. Dessa forma, aumentou-se os empreendimentos no setor, desde investimentos em imóveis até aplicações em cotas no mercado de capitais, destacando-se nesta modalidade, os Fundos de Investimento Imobiliário (FIIs). Entretanto, a grande variedade de fundos imobiliários existentes tornam a decisão do investidor relativamente complexa, pois ao alocar capital em FIIs, o investidor usualmente busca, bons retornos financeiros e segurança em relação ao dinheiro aplicado. Nesse sentido, esta pesquisa objetiva o desenvolvimento de um modelo para avaliar a rentabilidade dos Fundos de Investimento Imobiliário no Brasil. Para isso, foram coletados dados de prospectos e relatórios mensais, abrangendo o período de janeiro de 2017 a outubro de 2017, para 82 FIIs listados na BM&FBOVESPA. Na sequência, realizou-se um levantamento na literatura acadêmica e utilizou-se os prospectos dos fundos para verificar as variáveis que impactam nos resultados dos FIIs. Após, obteve-se a tabela de correlação entre as variáveis candidatas e a rentabilidade dos fundos. O modelo para avaliação de Fundos de Investimento Imobiliário no Brasil foi desenvolvido com base na análise de regressão. Foi considerado no modelo somente as variáveis estatisticamente significativas para explicar a rentabilidade dos fundos. Com base nos resultados obtidos, observou-se que o pagamento de taxas de administração elevadas não correspondem à uma maior rentabilidade dos FIIs, bem como, a prévia definição do imóvel no prospecto do fundo. Através da análise dos modelos resultantes, destaca-se que os fundos que investem em títulos imobiliários, com foco no segmento de papéis (produtos financeiros com lastro imobiliário) e com gestão de seus imóveis sob responsabilidade de gestores especialistas, possibilitam maior rentabilidade ao investidor.Universidade Federal de Santa MariaBrasilEngenharia de ProduçãoUFSMPrograma de Pós-Graduação em Engenharia de ProduçãoCentro de TecnologiaWeise, Andreas Dittmarhttp://lattes.cnpq.br/1329623071793399Evangelista, Mário Luiz Santoshttp://lattes.cnpq.br/1880377231722847Cavalheiro, Everton Angerhttp://lattes.cnpq.br/9676047419085686Zanandrea, Vinícius2018-11-21T20:52:56Z2018-11-21T20:52:56Z2018-02-28info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://repositorio.ufsm.br/handle/1/14888porAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessreponame:Manancial - Repositório Digital da UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSM2018-11-22T05:01:08Zoai:repositorio.ufsm.br:1/14888Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufsm.br/ONGhttps://repositorio.ufsm.br/oai/requestatendimento.sib@ufsm.br||tedebc@gmail.comopendoar:2018-11-22T05:01:08Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.none.fl_str_mv |
Avaliação de fundos de investimento imobiliário no Brasil Evaluation of real estate investment funds in Brazil |
title |
Avaliação de fundos de investimento imobiliário no Brasil |
spellingShingle |
Avaliação de fundos de investimento imobiliário no Brasil Zanandrea, Vinícius Fundos de investimento imobiliário Avaliação de FIIs Rentabilidade Real estate investment funds FIIs evaluation Yield CNPQ::ENGENHARIAS::ENGENHARIA DE PRODUCAO |
title_short |
Avaliação de fundos de investimento imobiliário no Brasil |
title_full |
Avaliação de fundos de investimento imobiliário no Brasil |
title_fullStr |
Avaliação de fundos de investimento imobiliário no Brasil |
title_full_unstemmed |
Avaliação de fundos de investimento imobiliário no Brasil |
title_sort |
Avaliação de fundos de investimento imobiliário no Brasil |
author |
Zanandrea, Vinícius |
author_facet |
Zanandrea, Vinícius |
author_role |
author |
dc.contributor.none.fl_str_mv |
Weise, Andreas Dittmar http://lattes.cnpq.br/1329623071793399 Evangelista, Mário Luiz Santos http://lattes.cnpq.br/1880377231722847 Cavalheiro, Everton Anger http://lattes.cnpq.br/9676047419085686 |
dc.contributor.author.fl_str_mv |
Zanandrea, Vinícius |
dc.subject.por.fl_str_mv |
Fundos de investimento imobiliário Avaliação de FIIs Rentabilidade Real estate investment funds FIIs evaluation Yield CNPQ::ENGENHARIAS::ENGENHARIA DE PRODUCAO |
topic |
Fundos de investimento imobiliário Avaliação de FIIs Rentabilidade Real estate investment funds FIIs evaluation Yield CNPQ::ENGENHARIAS::ENGENHARIA DE PRODUCAO |
description |
The balance of the Brazilian economy along with improvements in the policies and regulations in real estate allowed the emergence of new services and products. As a result, developments in the sector was increased, from real estate investments to capital market investments, with emphasis in this modality, Real Estate Investment Funds (FIIs). However, the large variety of Real Estate Investment Funds makes the investors decision relatively complex, because by allocating capital in FIIs, investors usually expect good financial returns and security in relation to the money invested. Within this context, this research aims to develop a model to evaluate the yield of Real Estate Investment Funds in Brazil. Therefore, were collected prospectus and monthly reports data, covering the period from January 2017 to October 2017, by 82 FIIs listed on BM&FBOVESPA. Then, it was made a survey in the academic literature and the prospectus of funds were analyzed to verify which variables impact the results of FIIs. Thereafter, correlation table between candidate variables and funds yields was obtained. The model to evaluate Real Estate Investment Funds in Brazil was developed based on the regression analysis. It was considered in the model only statistically significant variables to explain funds yields. Based on the results obtained, it was observed that the payment of high administration fees did not correspond to a higher FIIs yields, as well as the previous definition of the property in prospectus funds. By analyzing the resulting models, it was emphasized that funds that invest in real estate securities, focusing on the paper segment (financial products with real estate), and management of real estate under the responsibility of specialist managers, enable to investors higher yields. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-11-21T20:52:56Z 2018-11-21T20:52:56Z 2018-02-28 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://repositorio.ufsm.br/handle/1/14888 |
url |
http://repositorio.ufsm.br/handle/1/14888 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Engenharia de Produção UFSM Programa de Pós-Graduação em Engenharia de Produção Centro de Tecnologia |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Engenharia de Produção UFSM Programa de Pós-Graduação em Engenharia de Produção Centro de Tecnologia |
dc.source.none.fl_str_mv |
reponame:Manancial - Repositório Digital da UFSM instname:Universidade Federal de Santa Maria (UFSM) instacron:UFSM |
instname_str |
Universidade Federal de Santa Maria (UFSM) |
instacron_str |
UFSM |
institution |
UFSM |
reponame_str |
Manancial - Repositório Digital da UFSM |
collection |
Manancial - Repositório Digital da UFSM |
repository.name.fl_str_mv |
Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM) |
repository.mail.fl_str_mv |
atendimento.sib@ufsm.br||tedebc@gmail.com |
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1805922125600522240 |