Influência das variáveis macroeconômicas sobre a rentabilidade dos FIIs setorizados no Brasil

Abstract

The main reason of this paper is to identify whether macroeconomic variables related to basic interest rate, nominal monthly GDP, exchange rate, stock market and inflation are related to Real Estate profitability which ones have been negotiated on B3. All those REITs were grouped by different sectors look like Banking Agencies, Large Cap Offices, Offices, Funds of Funds, Warehouses, Hospitals, Hotels, Mixed REITs, Receivables, Malls and Retail, Residential and Universities. The analysis was based on time séries, having as collected data from January 2011 to December 2017. The results allow a better understanding of the Real Estate Investment Funds grouped by different sectors. Those results are important as soon as we take a look of the profitability variation among the analyzed segments of funds, that fluctuated from 1.95% to 252% regarding the studied period studied as well by the investor's growing investments on those kind of Funds whose daily trading average jumped from R $ 3,665 million in January from 2011 to R $ 29,567 million in December 2017. It was observed that the explanatory capacities of the macroeconomic variables worked in this paper, presented heterogeneous results as well heterogeneous influence capacity regarding different Real Estate Investments Funds. As an example, Banking Agencies Funds did not show any significant results to any macroeconomic variables, on the other hand, Shopping Centers Funds, Universities Funds and Hotels Funds were sensitive to the interest rate, nominal monthly GDP and the Ptax Dollar. Considering the current scenario, it should be noted that it would not be possible to generalize the variations of profitability of the Real Estate Investment Funds with the variables analyzed in this paper.