REITs在尼日利亚房地产市场的演变

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2021-02-26 DOI:10.1108/JPIF-09-2020-0098
D. Dabara
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引用次数: 7

摘要

目的本研究旨在考察房地产投资信托基金(REITs)在新兴房地产市场中的表现。本文使用尼日利亚房地产投资信托基金(N-REIT)作为非洲房地产投资基金市场的案例研究,为投资决策提供信息。设计/方法/方法获得了七年的季度回报数据(2013年至2019年),并用于分析尼日利亚N-REIT、全股票指数(ASI)和联邦政府债券(FGB)的持有期回报、回报风险比、变异系数和夏普比率。在风险方面,股票提供的风险最高(7.69),其次是债券(2.78),而N-REIT提供的风险最低(2.7)。夏普比率显示,在风险调整的基础上,N-REIT是表现第二好的资产,而债券是第一,股票是最后。实际含义N REIT是非洲第二大REIT市场,市值约1.36亿美元。N-REIT市场为机构和个人投资者提供了投资收益,如流动性、透明度和交易便利性。本研究揭示了N-REITs的特殊性;这可以指导投资者做出明智的投资决策。原创性/价值本研究是第一个在比较背景下实证分析N-REITs、ASI和FGB的风险调整绩效的研究之一。这项研究将增加该领域的有限研究,并为投资者提供有价值的信息,以便做出明智的投资决策。
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Evolution of REITs in the Nigerian real estate market
PurposeThis study aims to examine the performance of real estate investment trusts (REITs) in emerging property markets. The paper used the Nigerian REIT (N-REIT) as a case study of an African REIT market, to provide information for investment decisions.Design/methodology/approachSeven years quarterly returns data (from 2013 to 2019) were obtained and used to analyse the holding period returns, return–risk ratio, coefficient of variation and Sharpe ratios of N-REIT, All Share Index of stocks (ASI) and the Federal Government Bonds (FGB) in Nigeria.FindingsThe study reveals that N-REIT outperformed stocks but underperformed bonds. Concerning risk, stocks provided the highest level of risk (7.69), followed by bonds (2.78), while N-REIT provided the lowest risk (2.7). The Sharpe ratios showed that N-REIT is the second-best performing asset, while bond is the first and stocks the last on the risk-adjusted basis.Practical implicationsN-REIT is the second-largest REIT market in Africa with a market capitalisation of about US$136m. The N-REIT market has provided investment benefits to institutional and individual investors such as liquidity, transparency and ease of transaction. This study shows the peculiarity of N-REITs; this can guide investors in making informed investment decisions.Originality/valueThis study is one of the first to empirically analyse in a comparative context, the risk-adjusted performance of N-REITs, ASI and FGB. The study will add to the limited research in this field and equip investors with valuable information for informed investment decisions.
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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