Suchergebnisse

PurposeThis paper studies diversification and value in the investment portfolios of (non-listed) Real Estate Investment Funds (REIFs) exploring how the value of diversification is captured by the market and by investors (beyond reported valuations).Design/methodology/approachWe apply the Herfindahl-Hirschman Index (HHI) to study the level of concentration versus diversification in the investment portfolios of REIFs (both in terms of segment and geographical diversification). We use a dataset from INREV with data from 62 investment portfolios, with an average of 86 REIFs per portfolio for the period of 2008–2020 (to study segment diversification). We use a second dataset from INREV with data from 30 investment portfolios with an average of 79 REIFs per portfolio for the period of 2005–2020 (to study geographical diversification). We employ a cluster analysis approach to identify common features among the investment funds.FindingsWe conclude that (segment diversified) portfolios with higher degrees of leverage exhibit higher income yields, albeit diversification is captured indirectly through asset choices – more diversified portfolios tend to exhibit a stronger risk and return relationship. Also, geographical diversification creates value (more significantly by for the correct combination of countries carefully choosing what different geographies to group in the diversified portfolio).Research limitations/implicationsOne limitation of our study is that our portfolios are funds of funds, since the available data could not reach the asset detail, but we believe this does not compromise our results.Practical implicationsDiversification leads to higher risk-adjusted returns which suggests that properties may be undervalued (market value) in the framework of the Gordon Model, contrary to expectations (regarding investment value).Originality/valueInvestors capture the value of diversification differently, suggesting a gap between market value and investment value that can be explored.

We review the main budgetary measures not accepted by the Portuguese Constitutional Court in the Budget Laws of 2012, 2013 and 2014. Considering the feedback effect of the fiscal impulse, the impact on the budget balance is -0.42% and of -0.34% of GDP respectively for 2013 and for 2014; in both years the impact of the fiscal expansion could result in rather mitigated reductions in the unemployment rate in the range of 0.1 percent; the impact on the government debt level is around 0.42% of GDP in 2013, declining from then on, in a conservative estimate, and about 2.95% of GDP in 2020 in the worst case scenario.

ABSTRACT Introduction: Several studies regarding the values and attitudes of Economics students have noticed a greater leaning towards the free riding phenomena and the market economy. Are these traits always valid? Do they coexist with other sociological relevant aspects? Materials and Methods: A survey was conducted in Lisbon (Portugal) in 2016 with Economics students. In addition to the economic view, it was studied their self-perception at the left-right spectrum and their interest in politics. The results of this survey were compared with previous research on three social groups (young citizens, elder citizens, and other students). The data were statistically analyzed through correlation and factorial analysis tests. Results: The research revealed a tendency towards a right-wing self-perception and an increased concern about politics by these Portuguese students. However, these traits were attenuated, because those Economics students converge with other group's values, specially the "young citizens" and the "old citizens". Generally, groups with greater leaning towards free riding are also more inclined to pro-market ideas, right-wing, and interested in politics. Results indicate the existence of other substantially different behavioral components, being one of them correspondent to the variables used to measure "free riding" and an opposite component which we can label "open-mindedness". Discussion: As a whole, the results suggest a considerable influence of Economics in the mental framework of these students. Evidence seems to signal a diffuse cultural influence, corresponding to a simplified and impoverished version of the academic field.

Previous research on the Portuguese case confirmed free-riding, free-marketer and right-wing political inclinations among economics students. Further scrutiny was endeavored here, perceiving also a considerably increased interest for politics, notwithstanding the lack of concern for public problems. Various aspects of free-riding proclivity were distinguished and discussed, relating them with youngsters' risk-loving and sensation-seeking tendencies, but also with a number of other facets specific to economics students, including: prevalence of achievement values, contextual influences on morals, peer pressure, perceived group status and social expectations regarding the economic profession. ; Pesquisas anteriores en el caso portugués confirmaron inclinaciones políticas de derecha y pro-mercado entre los estudiantes de economía, en paralelo con una mayor tendencia al free-riding. Investigación subsiguiente, aquí expuesta, permitió percibir también una mayor atracción por la política, pero sin interés por asuntos públicos. Diversos aspectos de la inclinación free-rider fueron distinguidos, relacionándolos con la propensión juvenil hacia el riesgo y la búsqueda de sensaciones, pero también con aspectos específicos de los estudiantes de economía: prevalencia de valores de realización, influencias contextuales en la moralidad, presión de los pares, percepción de status y expectativas relativas a la profesión de economista. ; Des études antérieures ont confirmé la prévalence de tendances politiques de droite et pro-marché parmi les étudiants d'économie au Portugal, parallèlement à une inclination accrue pour le free-riding. Des recherches subséquentes, ici exposés, ont détecté aussi une intense attraction par la politique, malgré l'indifférence vers la vie publique. Plusieurs aspects de la pente vers le free-riding ont été distingués, en les rapportant à la propension des jeunes pour le risque et la recherche de sensations, mais également à des traits spécifiques des étudiants d'économie, nommément: valeurs ...