| 摘要(英) |
The purpose of this research is to explore how the Real Estate ETF ( REITs ETF) market performs in a changing investment environment. When facing a bull market, investing in Real Estate ETF can provide investors with stable returns and dividend income, while avoiding greater investment losses when the market environment falls. The research method of this thesis is the regression analysis on the Real Estate ETF′s compensation; it mainly finds that when the Real Estate ETF declines in the market, it has higher compensation than when it rises.
In addition, the research content of this paper is to the top 30 U.S. Real Estate ETF as the object of discussion. Because the investment Real Estate transactions need to spend a lot of money, complicated procedures, investment costs are more expensive. However, investment in Real Estate ETF its target investment is more diversified, more selective, flexible operation and cheap transaction fees and other advantages. Therefore, it is hoped that through this study, when the Real Estate ETF in the face of market investment risk, it has a variety of investment advantages, the future can be used as the investor′s asset allocation choice and reduce investment risk reference target. |
| 參考文獻 |
英文文獻：
1.Curcio, Anderson, and Guirguis ”Managing Risk in the Real Estate Portfolio Through the Use of leveraged and Inverse ETFs”REAL ESTATE FINANCE， Fall 2014, pp. 63-77.
2.Hamid Falatoon , Mohammad R. Safarzadeh Economics , Risk and Return Comparison of MBS, REIT and Non-REIT Etfs .” International Journal of Business, Humanities and Technology Vol. 7, No. 3, September 2017, pp.41-51.
3.Rafiqul Bhuyan , James Kuhle , Nuriddin Ikromov , Charles Chiemeke , “Optimal Portfolio Allocation among REITs, Stocks, and Long-Term Bonds: An Empirical Analysis of US Financial Markets.” Journal of Mathematical Finance, 2014, 4, 104-112 .
4.Fitzpatrick Brian D., “Surprising Comparison Of Risk And Return Factors Between Real Estate Investment Trusts (REITs) And The S&P 500 Index During The 2000-2011 Time Period .” Journal of Business & Economics Research – First Quarter 2014 Volume 12, Number 1,pp.47-54.
5.Hamid Falatoon， Mohammad R. Safarzadeh Economics , “ Risk and Return Comparison of MBS, REIT and Non-REIT Etfs.” International Journal of Business, Humanities and Technology Vol. 7, No. 3, September 2017,pp. 41-51.
6.Li Lingxiao , “ The Determinants of REIT Volatility.” This Draft: April, 2012.
By Richard J. Curcio, Randy I. Anderson, and Hany Guirguis, “Managing Risk in the
Real Estate Portfolio Through the Use of Leveraged and Inverse ETFs.”,
FALL 2014 REAL ESTATE FINANCE, pp. 63-77.
7.Ivanov, Stoyu I. 2012 “REIT ETFs performance during the financial crisis.” Journal of Finance and Accountancy, pp.1-9.
8.Peyton, M.S. “Capital Markets’ Impact on Commercial Real Estate Cap Rates: A Practitioner’s View.” The Journal of Portfolio Management, Vol. 35, No. 5 (2009), pp. 38-49.
9.Fabozzi, F.J., S. Stanescu, and R.Tunaru, “Commercial Real Estate Risk Management with Derivatives,” The Journal of Portfolio Management, Vol. 39, No. 5 (2013) pp. 111-119.
10.Jacobius, A.(2011) REIT Returns Beat Real Estate Funds, Other Alts-Pensions & Investments,Retrieved from http://www.pionline.com/article/20111115/online/111119987.
中文文獻：
1.蕭明峰，「我國REITs發行現況及投資風險分析」，金融監理與風險管理選輯，第275-294頁。
2.周賓凰， 池祥萱， 周冠男， 龔怡霖 , 「行為財務學: 文獻回顧與展望」。證券市場發展季刊14:2 ，第1–48頁。
3.魏彰志、謝宛芝(2004), 「不動產投資信託REITS分析之國際經驗」，不動產與不動產投資信託研究專題。富邦證券投資顧問股份有限公司，第一專題，第28頁。
4.鍾惠民、周賓凰、孫而音(2014)「財務計量: EVIEWS 的運用」，修訂版，新路書局。 |
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