An Evaluation Of The Performance And Acceptability Of Reit In Nigeria-Reit在...

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英文文献：An Evaluation Of The Performance And Acceptability Of Reit In Nigeria-Reit在尼日利亚的表现和可接受性评估
英文文献作者：Olusegun Olaopin Olanrele,Rosli Said,Md Nasir Daud
英文文献摘要：
PURPOSE: The study investigates the performance and acceptability of Real Estate Investment Trusts (REITs) in NigeriaDESIGN/METHODOLOGY: The study adopted index computation and risk adjusted return (ICRAR) analysis using weekly stock returns. Market weighted capitalization approach is used to develop REIT and property stocks indexes over the period 20082014. A correlation analysis of the returns was done to assess the diversification benefits of N-REIT to the market.FINDINGS: N-REIT underperformed the market in term of both average return and risk adjusted return but have a superior performance over the property company. With a low insignificant negative correlation N-REIT signals a marginal diversification advantage.RESEARCH LIMITATIONS/IMPLICATIONS: The sample of REITs in this study is small. There are three (3) REITs in Nigeria but only two REITs in established before 2013 were selected. This research as a potential pioneer study of Nigeria REIT did not consider a mixed asset portfolio effect or benefitPRACTICAL IMPLICATIONS:The study provides an insight into the characteristics of the Nigeria REIT which will be of interest and practical usefulness to market players. Previous studies focused on UPDC, the only listed property company in Nigeria. Therefore, investors will be guided on decision making with regard to real estate securities because of the clear evidence of the outperformance of REIT compared to the property company.ORIGINALITY/VALUE OF WORK: This paper is the first empirical studies that investigates Nigeria REIT performance on the basis of risk adjusted analysis. It contributes to the body of knowledge by adding Nigeria market into the global REIT performance analysis. The computation of indices for N-REIT in this study was to provide comparison with market index, there has been no such index in Nigeria market publicly prior to this study.

目的:研究房地产投资信托(REITs)在尼日利亚的表现和可接受性。设计/方法:采用指数计算和风险调整收益(ICRAR)分析，使用每周股票收益。市场加权资本化方法被用来发展2008 - 2014年期间房地产投资信托基金和房地产股票指数。为了评估N-REIT对市场的多样化收益，对收益进行了相关分析。研究结果:N-REIT在平均回报和风险调整回报方面均表现落后于市场，但表现优于地产公司。N-REIT呈低且不显著的负相关，表明其具有边际多元化优势。研究局限性/意义:本研究的房地产投资信托基金样本较小。尼日利亚有三(3)个reit，但只有两个在2013年之前建立的reit被选中。本研究作为尼日利亚房地产投资信托基金的潜在先驱研究，没有考虑混合资产组合效应或效益的实际影响:本研究提供了对尼日利亚房地产投资信托基金特征的洞察，这将是有趣的和实际有用的市场参与者。之前的研究主要集中在尼日利亚唯一的上市房地产公司UPDC。因此，由于REIT的表现明显优于房地产公司，投资者将在房地产证券方面的决策上得到指导。工作的原创性/价值:本文是第一个在风险调整分析的基础上对尼日利亚房地产投资信托基金的绩效进行实证研究。通过将尼日利亚市场加入全球房地产投资信托基金的业绩分析，它为知识体系做出了贡献。本研究中N-REIT指数的计算是为了与市场指数进行比较，尼日利亚市场在本研究之前并没有公开的市场指数。

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