Análisis e inversión en el mercado inmobiliario desde una perspectiva conductual
The increasing interest in the real estate investment has led to the emergence of new real estate investment vehicles, adding more complexity to the real estate market which increasingly resembles to financial markets. Academic research regarding real estate market, from a financial perspective, has...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2015 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/288316 |
| Acceso en línea: | http://hdl.handle.net/10803/288316 https://dx.doi.org/10.5821/dissertation-2117-95672 |
| Access Level: | acceso abierto |
| Palabra clave: | Real Estate Investment Behavioural finance Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario Econometric model Inversión inmobiliaria Precios de la Vivienda Finanzas conductuales Real Estate Investment Trusts (REITs) Modelo econométrico Ciclo Inmobiliario 332 |
| Sumario: | The increasing interest in the real estate investment has led to the emergence of new real estate investment vehicles, adding more complexity to the real estate market which increasingly resembles to financial markets. Academic research regarding real estate market, from a financial perspective, has been developed, essentially, considering modern finanance theories. Nevertheless, a new trend of thought named behavioural finance that assume the market inefficiency as well as the irrationality of market, and develope models based on individuals' behaviour. This doctoral thesis applies behavioural finance theories into the analysis and investment in the real estate market, showing that behavioural models improve the results of their actors' decision making. On the one hand, it has been developed an econometric model of the prices of new housing in Spain, implying not only an extrinsic and intrinsic combined approach, but also hipothesis inherited from the Behavioral School in order to explain and predict the Spanish real estate market and understand the periods of irrational exhuberance. On the other hand, it has been analysed from a financial perspective, the market performance of the first SOCIMI (Spanish Real Estate Investment Trusts) established in Spain, developing a model that allows to predict the price-to-net-asset-value (P/NAV) ratio of a SOCIMI. In addition, it is proved that the constitution of a SOCIMI is an efficient alternative for real estate companies to obtain liquidity from their assets, compared to other alternatives such as assets' disposal or obtaining bank finance. |
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