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PERFORMANCE APPRAISAL OF REAL ESTATE INVESTMENT TRUSTS (REITs): A PRACTICEINİSTANBUL STOCK EXCHANGE

Journal Name:

  • Yönetim-İstanbul Üniversitesi İşletme Fakültesi İşletme İktisadı Enstitüsü Dergisi

Publication Year:

  • 2010

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
The primary purpose of this research is to examine real estate investment trust (REIT) risk-adjusted return performance versus the average performance of common stocks as measured by the istanbul Stock Exchange (ISE). The sample for this study is composed of 8 REITs whose stocks were traded on the ISE for the period January 2000 through December 2008: Alarko GMYO, Dogus GE GMYO, Is GMYO, Nurol GMYO, Ozderici GMYO, Nurol GMYO, Vakıf GMYO and Yapı Kredi Koray GMYO. The Sharpe Index and the Jensen Index are employed to measure the performance of each REIT relative to the market portfolio. The results of this study indicate that Pera GMYO performs better than the other RIET stocks for both Sharpe and Jensen Indices over the study period.
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Abstract (Original Language): 
Bu çalışmada, istanbul Menkul Kıymetler Borsası'nda Ocak 2000-Aralık 2008 dönemleri arasında işlem gören gayrimenkul yatırım ortaklıklarının (Alarko GMYO, Dogus GE GMYO, Is GMYO, Nurol GMYO, Ozderici GMYO, Nurol GMYO, Vakıf GMYO and Yapı Kredi Koray GMYO) performans değerlendirmesi yapılmıştır. Çalışmada, portföy performans değerlendirmesinde yaygın olarak kullanılan Sharpe ve Jensen performans ölçütlerine yer verilmiş ve her bir performans endeksine göre çalışma kapsamında yer alan 8 adet gayrimenkul yatırım ortaklığının araştırma dönemi itibariyle performans durumları ortaya konmuştur. Çalışmanın bulguları incelendiğinde ise, gerek Sharpe gerekse performans ölçütleri bakımından en başarılı hisse senedinin Pera GMYO olduğu sonucuna ulaşılmıştır.
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  • 65
11-23
  • English

JEL Codes:

REFERENCES

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