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Essays on portuguese real estate investment funds

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Summary:Based on a sample of Portuguese real estate investment funds (REIFs), we aim with this thesis to have a better understanding about different issues related to financial reporting quality for this type of investment vehicle. In the first essay, we present an overview of the legal framework, environment and evolution of the Portuguese real estate investment fund market in the last decade. We provide information about the special features of this vehicle, as well as market performance, in order to justify why we believe that Portuguese REIFs constitute a unique set to study questions such as accounting choice, financial reporting quality, managerial discretion and earnings conservatism. In the second essay, we analyse fund managers' behaviour regarding unrealised capital gains and losses recognition in order to investigate which factors may influence the related accounting choices. Additionally, we also examine if fund managers are more or less conservative in capital gains and losses recognition. Finally, in the last essay, we analyse if REIFs' fund managers strategically manage net asset value changes in order to avoid a decline in fund's net asset value or to outperform market benchmarks. Comparing open-end and closed-end REIFs, we also investigate how funds' structure influences earnings management.
Main Authors:Pinto, Inês
Subject:Real Estate Investment Funds Open-end vs. Closed-end Funds Financial Reporting Quality Earnings Conservatism Earnings Management Fundos de Investimento Imobiliário Fundos Abertos vs. Fundos Fechados Qualidade da Informação Financeira Conservadorismo dos Resultados Gestão dos Resultados
Year:2011
Country:Portugal
Document type:doctoral thesis
Access type:restricted access
Associated institution:Universidade de Lisboa
Language:English
Origin:Repositório da Universidade de Lisboa

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