Open AccessClustering Real Estate Investment Trusts: Brazil versus United States
Author(s) -
Fernanda Sousa Gabriel,
Kárem Cristina de Sousa Ribeiro Post,
Pablo Rogers
Publication year - 2015
Publication title -
journal of management research
Language(s) - English
Resource type - Journals
ISSN - 1941-899X
DOI - 10.5296/jmr.v7i4.7848
Subject(s) - real estate , financial crisis , real estate investment trust , investment (military) , cluster analysis , demographic economics , actuarial science , economics , business , finance , statistics , mathematics , political science , macroeconomics , politics , law
This research aims to cluster American and Brazilian Real Estate Investment Trusts – USAREITs and BRREITs, respectively – based on their risk-adjusted measures of performance from January/2003 to August/2013, as well as before, during and after the financial crisis of 2008. Factor and Cluster Analysis pointed out three groups. Afterwards, Kruskal-Wallis and Dwass-Steel-Chritchlow-Fligner pairwise comparisons were adopted to verify the statistical differences between clusters. Overall, BRREITs achieved a better performance before and during the crisis, but an inferior performance after the crisis. USAREITs presented a more aggressive strategy after the crisis, whilst BRREITs presented a more conservative strategy during the same period.