Fatores determinantes da liquidez dos fundos de investimento imobiliário
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Data
2023-08-09
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Universidade Federal de Goiás
Resumo
The objective of this study is to examine the determining factors of the liquidity of Real Estate Investment Funds. This research provides a new understanding of the effects that variables representative of REITs characteristics can exert on their trading volume, to strengthen knowledge for this class of investments and encourage asset diversification in light of Portfolio Theory. The final sample consisted of 803 observations of REITs traded on the Brazilian stock exchange (B3) and comprised between the years 2017 to 2022. Descriptive statistics and regression models with panel data were used to analyze the sample data. The findings indicate that the stock exchange liquidity ratio is best explained by the market value and the price-to-book (P/BV) indicator of the REIT, with emphasis on the management fee, considering that Pearson's correlation matrix indicated a statistically significant association. Furthermore, it should be noted that carrying out controls by class and year, individually or jointly, does not represent improvements in explaining liquidity.
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Fundos de investimento imobiliário, Liquidez, Investimentos
Citação
MACHADO, Guilherme Barroso. Fatores determinantes da liquidez dos fundos de investimento imobiliário. 2023. 27 f. Trabalho de Conclusão de Curso (Bacharelado em Ciências Contábeis) – Faculdade de Administração, Ciências Contábeis e Ciências Econômicas, Universidade Federal de Goiás, Goiânia, 2023.