Wpływ kryzysu finansowego na działalność funduszy nieruchomości typu REIT w USA

• Authors: Anna Mazurczak

Title variants

EN

The Assessment of the Impact of the Financial Crisis to the REITs Market in the USA

• Languages of publication: PL

Abstracts

EN

Financial crisis on global markets, initiated in the USA, is regarded as one of the most characteristic phenomena in the contemporary global economy. Effects of the crisis visible in activity of Real Estate Investment Trust (REIT) evaluations of the changeability of the REITs market constitute a point of departure in comparing to the share market real estate market. In the study the author is making the assessment of the impact of the financial crisis to the REITs market in the USA, as the instrument combining features of both the capital market and the real estate market. Values of basic share indices of the American capital market, the real estate market and indices market of REITs funds in years 2007- 2012 were compared. Analysis results will show that REITs in conditions of an economic crisis can be destabilizing instrument and being characterized by a highest risk. Determining investment attraction of the REITs funds constitutes the summary of results achieved in the recessionary period.

Keywords

PL

Fundusze inwestycyjne; Fundusze nieruchomości; Kryzys finansowy

EN

Financial crisis; Investment funds; Real estate funds

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2013
• Volume: 155
• Pages: 69-81

Contributors

author

Anna Mazurczak

References

• Anderson R., Rottke N., Zhu B., Zietz J.: REITs in Volatile Times: Stabilizing or Not?, Working Paper 1108, Dr. P. Philips School of Real Estate, College of Bussines Administration, Orlando, Florida 2011.
• Anderson, R.V. Boney, Guirguis H.: Monetary Shocks, Volatility Regimes, and Inflation: An Empirical Analysis of REIT Behavior. "Forthcoming, Journal of Real Estate Research" 2010.
• Brown G.: Property Investment and the Capital Markets. Spoon, New Zeland 2009.
• Bullard J.: Three funerals and wedding. "Federal Reserve Bank of St. Luis Review" 1991.
• Chan S., Erickson J., Wang K.: Real Estate Investment Trust. Structure, performance and investment opportunities. Oxford University Press, New York 2003.
• Elliot R.J. Jr.: The rewards and risks in Real Estate Investment Trusts. "Barrons National and Business Financial Weekly" 1965, No. 30.
• Gordon M.: The complete guide to Real Estate Investment Trusts. Atlantic Publishing Group, Inc. Ocala, Florida 2008.
• Imperiale R.: Getting started in Real Estate Investment Trust. John Wiley & Sons, Inc., New Jersey, USA 2006.
• Jajuga K.: Indeksy rynku nieruchomości. W: Współczesna bankowość hipoteczna. Red. A. Szelągowska. Wydawnictwo CeDeWu, Warszawa 2010.
• Jian Z., Anderson R.: An Empirical Investigation of Herding Behavior in the U.S. REIT Market. "Journal of Real Estate Finance and Economics" 2011.
• Mazurczak A.: Znaczenie funduszy nieruchomości typu Real Estate Investment Trust (REITs) w rozwoju rynku nieruchomości w Polsce. Praca doktorska. Uniwersytet Ekonomiczny w Poznaniu, Poznań 2011.
• Menna G.: The UPREIT structure after two years: Where do we go from here? Washington D.C., Nareit, USA 1998
• Schulkin P.A.: Real estate investment trusts. "Financial Analysts Journal" 1971, No. 27.

Identifiers

ISSN

2083-8611