A Study on the Defense of Real Estate Investment Trust Take Hong Kong H¬-REITs as an example

• Main Authors: HSU,MU-TE, 徐慕德
• Other Authors: LEE, AH-YEE
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/09080573355770830018

碩士 === 輔仁大學 === 金融與國際企業學系金融碩士在職專班 === 105 === Title of thesis：A Study on the Defense of Real Estate Investment Trust Take Hong Kong H¬-REITs as an example Department of Finance and International Business (Master’s Program in Finance) Fu Jen Catholic University Student：Hsu, Mu-Te Advisor：Lee, Ah-Yee Total pages：45 Key words：Hong Kong REITs、 Real estate investment trust、 defensive stock、 volatility、risk、 regression analysis、 generalized self - regression condition heterogeneous variance Abstract： The real estate investment trusts (REITs) have been issued for a long time in the United States, however the development of real estate securitization in Asia is much slower. The real estate investment trusts are often seen as defensive and risk-averse against stocks. This thesis focuses on the linkage between Hong Kong's stock market and its REITs, particularly on whether Hong Kong's REITs exhibit resilience during stock market declines. This thesis uses regression analysis and generalized autoregressive conditional heteroscedasticity model to study the effect of a decline in stock index. I hope to find the evidence of the Hong Kong H-REITs risk characteristics and to provide investors with an objective advice for investment.