Abstract
References
- Alias,A.&Tho,S.2011,“Performance Analysis of REITs: Comparison Between M-REITs and UK-REITs”,JournalofSurveying,Constructionand Property, vol.2, special issue, pp.38-61.
- Ambrose,B.W.&Linneman,P.D.2001,“REITOrganizationalStructureandOperatingCharacteristics”,Journal of Real Estate Research, vol.21, no.3, pp.141-162.
- Association of Real Estate and Real Estate Investment Companies, 2016, REIT Guide (Available at www.gyoder.org.tr).
- Basse, T. & Friedrich, M. 2009, “REITs and the Financial Crisis: Empirical Evidence from the U.S.”, International Journal of Business and Management, vol.14, no.11, pp.1-10.
- Capital Markets Board (CMB), 2016, Monthly Statistical Bulletin (Available at www.spk.gov.tr).
- Chan,K.C.etal.1990,“RiskandReturnonRealEstate:EvidencefromEquityREITs”,TheJournalofAmericanRealEstateandUrbanEconomics Association, vol.18, no.4, pp.431-452.
- Chaudhry,M.K.etal.,2004.“REITsandIdiosyncraticRisk”,JournalofRealEstateResearch,vol.26,no.2,pp.207-222.
- Chiang, Y.H., et. al. 2008, “Time-Varying Performance of Four Asia-PacificREITs”,JournalofPropertyInvestmentandFinance,vol.26,no.3, pp.210–231.
- Edo, L.. 2012, “K-means Clustering, Algorithms in Data Mining”, [Online] http://www.cs.yale.edu/homes/el327/ datamining2012aFiles/11_k_means_clustering.pdf
- European Public Real Estate Association (EPRA), 2016, Global REIT Survey, (Available at www.epra.org).
- GabrielF.S.etal.2015,“ClusteringRealEstateInvestmentTrusts:BrazilversusUnitedStates”,JournalofManagementResearch, vol.7, no.4, pp. 166-190
- Hamelink, F. & Hoesli, M. 2004, “What Factors Determine International Real Estate Security Returns”, Real Estate Economics, vol.32, no.3, pp.437-462.
- İslamoğluM.etal.2015,“AnEvaluationoftheFinancialPerformanceof REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method”,InternationalJournalofFinancialResearch,vol.6,no.2,pp.124-138.
- Kıyılar,M.&Hepşen,A.2010,“PerformanceAppraisalofRealEstateInvestmentTrusts(REITs):APracticeinIstanbulStockExchange”,Yönetim Journal, vol.21, no.65, pp.11-23.
- ÖnderE.etal.2014,“REITsinTurkeyFundamentalsvsMarket”,InternationalJournalofLatestTrendsinFinanceandEconomic Sciences, vol.4, no.1, pp.1-15.
- Ratcliffe, C. & Dimowski,B.2007, “TheResponsivenessofLPTReturnsandTheir Attributes”,Pacific RimProperty Research Journal,vol.13,no.3, pp.280-297.
- Redman,A.L.&Manakyan,H.1995,“AMultivariateAnalysisofREITPerformancebyFinancialandRealAssetPortfolioCharacteristics”,Journal of Real Estate Finance and Economics, vol.10, pp.169-175.
- Shapiro-Wilk Normality Test, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/shapiro.test.html
- The Normal Distribution, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/Normal.html
- Titman,S.&Warga,A.1986,“RiskandthePerformanceof theRealEstateInvestmentTrusts:AMultipleIndexApproach”,Journal of the American Real Estate and Urban Economics Association, vol.14, no.3, pp.414–431.
- Yong,J.,etal.2009,“AREITReturnsfrom1990-2008: A Multi-FactorApproach”,ConferenceProceeding,Paperpresentedatthe18thWorld IMACS/MODSIM Congress, Cairns, Australia.
- Ziering,B.etal.1999,“REITCorrelationswithCapitalMarketIndexes:SeparatingSignalfromNoise”,RealEstateFinance,vol.15,no.4,pp.61-67.
Abstract
Purpose- Aim of this study is to make the
determinations related to the problems mentioned in the REIT sector in Turkey,
to offer a solution for this issue, and to ensure the classification in the
sector by adhering to the financial data of the REITs
Methodology- Financial data set of the REITs was firstly
standardized by using median instead of mean. Then, the scoring was performed
according to defined coefficients. After that normality test of the obtained
scores was performed, the area of each score under standard normal distribution
curve was calculated and the scores were moved to the
0-100range.Finally,scoreswerecollectedunder5groupsas“Verygood,
Good,NotBad,BadandVeryBad”byusingk-means algorithm. Clustering were
made on R Studio.
Findings-Our analyses conducted that REITs
traded on the Istanbul Stock Exchange are divided into two subgroups depending
on their financial data.
Conclusion- It will be important the REITs, in
the sub-group especially in terms of the score distribution, to diversify their
portfolio by extending their asset investments, to stabilize dividend payments
and to take steps on institutionalization so that they are equivalent to REITs
in the supergroup.
References
- Alias,A.&Tho,S.2011,“Performance Analysis of REITs: Comparison Between M-REITs and UK-REITs”,JournalofSurveying,Constructionand Property, vol.2, special issue, pp.38-61.
- Ambrose,B.W.&Linneman,P.D.2001,“REITOrganizationalStructureandOperatingCharacteristics”,Journal of Real Estate Research, vol.21, no.3, pp.141-162.
- Association of Real Estate and Real Estate Investment Companies, 2016, REIT Guide (Available at www.gyoder.org.tr).
- Basse, T. & Friedrich, M. 2009, “REITs and the Financial Crisis: Empirical Evidence from the U.S.”, International Journal of Business and Management, vol.14, no.11, pp.1-10.
- Capital Markets Board (CMB), 2016, Monthly Statistical Bulletin (Available at www.spk.gov.tr).
- Chan,K.C.etal.1990,“RiskandReturnonRealEstate:EvidencefromEquityREITs”,TheJournalofAmericanRealEstateandUrbanEconomics Association, vol.18, no.4, pp.431-452.
- Chaudhry,M.K.etal.,2004.“REITsandIdiosyncraticRisk”,JournalofRealEstateResearch,vol.26,no.2,pp.207-222.
- Chiang, Y.H., et. al. 2008, “Time-Varying Performance of Four Asia-PacificREITs”,JournalofPropertyInvestmentandFinance,vol.26,no.3, pp.210–231.
- Edo, L.. 2012, “K-means Clustering, Algorithms in Data Mining”, [Online] http://www.cs.yale.edu/homes/el327/ datamining2012aFiles/11_k_means_clustering.pdf
- European Public Real Estate Association (EPRA), 2016, Global REIT Survey, (Available at www.epra.org).
- GabrielF.S.etal.2015,“ClusteringRealEstateInvestmentTrusts:BrazilversusUnitedStates”,JournalofManagementResearch, vol.7, no.4, pp. 166-190
- Hamelink, F. & Hoesli, M. 2004, “What Factors Determine International Real Estate Security Returns”, Real Estate Economics, vol.32, no.3, pp.437-462.
- İslamoğluM.etal.2015,“AnEvaluationoftheFinancialPerformanceof REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method”,InternationalJournalofFinancialResearch,vol.6,no.2,pp.124-138.
- Kıyılar,M.&Hepşen,A.2010,“PerformanceAppraisalofRealEstateInvestmentTrusts(REITs):APracticeinIstanbulStockExchange”,Yönetim Journal, vol.21, no.65, pp.11-23.
- ÖnderE.etal.2014,“REITsinTurkeyFundamentalsvsMarket”,InternationalJournalofLatestTrendsinFinanceandEconomic Sciences, vol.4, no.1, pp.1-15.
- Ratcliffe, C. & Dimowski,B.2007, “TheResponsivenessofLPTReturnsandTheir Attributes”,Pacific RimProperty Research Journal,vol.13,no.3, pp.280-297.
- Redman,A.L.&Manakyan,H.1995,“AMultivariateAnalysisofREITPerformancebyFinancialandRealAssetPortfolioCharacteristics”,Journal of Real Estate Finance and Economics, vol.10, pp.169-175.
- Shapiro-Wilk Normality Test, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/shapiro.test.html
- The Normal Distribution, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/Normal.html
- Titman,S.&Warga,A.1986,“RiskandthePerformanceof theRealEstateInvestmentTrusts:AMultipleIndexApproach”,Journal of the American Real Estate and Urban Economics Association, vol.14, no.3, pp.414–431.
- Yong,J.,etal.2009,“AREITReturnsfrom1990-2008: A Multi-FactorApproach”,ConferenceProceeding,Paperpresentedatthe18thWorld IMACS/MODSIM Congress, Cairns, Australia.
- Ziering,B.etal.1999,“REITCorrelationswithCapitalMarketIndexes:SeparatingSignalfromNoise”,RealEstateFinance,vol.15,no.4,pp.61-67.
Details
| Primary Language | English |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | June 30, 2017 |
| Published in Issue | Year 2017 Volume: 6 Issue: 2 |
Journal of Business, Economics and Finance (JBEF) is a scientific, academic, double blind peer-reviewed, quarterly and open-access journal. The publication language is English. The journal publishes four issues a year. The issuing months are March, June, September and December. The journal aims to provide a research source for all practitioners, policy makers and researchers working in the areas of business, economics and finance. The Editor of JBEF invites all manuscripts that that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JBEF charges no submission or publication fee.
Ethics
Policy - JBEF applies the standards of
Committee on Publication Ethics (COPE). JBEF is committed to the academic
community ensuring ethics and quality of manuscripts in publications.
Plagiarism is strictly forbidden and the manuscripts found to be plagiarized
will not be accepted or if published will be removed from the publication. Authors
must certify that their manuscripts are their original work. Plagiarism,
duplicate, data fabrication and redundant publications are forbidden. The
manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract, method).
Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.