Risk-return performances of real estate investment funds in turkey including the covid-19 period

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dc.authoridLevent Sümer / 0000-0002-2160-8803en_US
dc.authorscopusidLevent Sümer / 57218598324
dc.authorwosidLevent Sümer / GFA-7691-2022
dc.contributor.authorÇamlıbel, Mehmet Emre
dc.contributor.authorSümer, Levent
dc.contributor.authorHepşen, Ali
dc.date.accessioned2021-06-08T11:16:58Z
dc.date.available2021-06-08T11:16:58Z
dc.date.issued2021en_US
dc.departmentİstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Uluslararası Ticaret ve İşletmecilik Bölümüen_US
dc.description.abstractAbstract The purpose of this research is to give an insight into the Turkish real estate investment funds (T-REIFs) by comparing their risk-return performances with the main benchmark investment tool Istanbul Stock Exchange-100 (BIST-100) Index. This study evaluated the performance of T-REIFs in four different periods between January 2017 and December 2020 (2017m1–2017m12, 2018m1–2018m12, 2019m1–2019m12 and 2020m1–2020m12) including the Coronavirus Disease (Covid-19) period by applying the Sharpe and Treynor ratios. In a well-diversified portfolio both ratios give the same results, but in the presence of non-systematic risk and the portfolio is poorly diversified, the Treynor ratio is a better indicator than the Sharpe ratio. The findings of this study show that rankings of Sharpe and Treynor ratios may differ for each period. These results also support the fact that the portfolios of funds in the Turkish real estate market are not well diversified. By providing corporate tax exemptions, and by enabling the investors to diversify their investments and reduce their risks, real estate investment funds are important alternatives to direct real estate investments in Turkey. In that context, being one of the pioneer studies in this niche and a new topic in emerging markets, analyzing the return performances of T-REIFs and comparing them with the returns of the BIST-100 index is aimed to contribute to literature as well as provide insight to investors who may consider investing in the Turkish real estate capital market instruments.en_US
dc.identifier.citationÇamlibel, M. E., Sümer, L., & Hepşen, A. (2021). Risk-return performances of real estate investment funds in Turkey including the Covid-19 period. International Journal of Strategic Property Management, 25(4), 267-277.en_US
dc.identifier.doi10.3846/ijspm.2021.14957en_US
dc.identifier.endpage277en_US
dc.identifier.issn1648-715Xen_US
dc.identifier.issue4en_US
dc.identifier.scopus2-s2.0-85106936708en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage267en_US
dc.identifier.urihttps://doi.org/10.3846/ijspm.2021.14957
dc.identifier.urihttps://hdl.handle.net/20.500.12713/1785
dc.identifier.volume25en_US
dc.identifier.wosWOS:000659903400002en_US
dc.identifier.wosqualityQ4en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.institutionauthorSümer, Levent
dc.language.isoenen_US
dc.publisherVGTUen_US
dc.relation.ispartofInternational Journal of Strategic Property Managementen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectCOVID-19en_US
dc.subjectEmerging Marketsen_US
dc.subjectPerformance Measurementen_US
dc.subjectReal Estate Investment Fundsen_US
dc.subjectReturn Performancesen_US
dc.subjectSharpe Ratioen_US
dc.subjectTreynor Ratioen_US
dc.titleRisk-return performances of real estate investment funds in turkey including the covid-19 perioden_US
dc.typeArticleen_US

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