IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Los fondos de inversion inmobiliaria en España 1994-2005: Analisis del rendimiento y persistencia

Listed author(s):
  • Lopez, M. C.
  • Lopez, C.
  • Maside, J. M.

Este trabajo tiene como objeto el estudio de la performance y persistencia de los fondos de inversión inmobiliaria españoles, desde el inicio de su actividad a finales de 1994 hasta 2005. Utilizamos el alfa de Jensen en una versión alternativa a la tradicional que incluye índices adicionales y la aproximación mediante tablas de contingencia acompañada de varios contrastes específicos al efecto. Los resultados obtenidos muestran que el conjunto de fondos para el mismo nivel de riesgo ofrece rentabilidades inferiores a las del mercado, si bien analizados de forma individual dos de ellos muestran alfas positivas y significativas. En cuanto a la persistencia de los rendimientos se confirma su existencia a muy corto plazo. The purpose of this paper is to study the performance and persistence of the Spanish Real Estate Mutual Funds universe from the beginning of their activity -ends of 1994- to march 2005. We adopt a modified version of Jensen’s alpha, where the traditional market model is augmented with additional indices, and the winner-loser contingency tables methodology together with several specific persistence tests. The results show that the overall mutual funds deliver a negative abnormal risk-adjusted performance. There is evidence of persistence in the very short-term.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: No

Article provided by Euro-American Association of Economic Development in its journal Regional and Sectoral Economic Studies.

Volume (Year): 6 (2006)
Issue (Month): 2 ()

in new window

Handle: RePEc:eaa:eerese:v:6:y2006:i:6_12
Contact details of provider: Web page:

Order Information: Web: Email:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:eaa:eerese:v:6:y2006:i:6_12. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (M. Carmen Guisan)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.