Równowaga według modelu wyceny aktywów kapitałowych a rynek nieruchomości

• Autorzy: Magdalena Załęczna , Rafał Wolski

Warianty tytułu

CAPM Relationship Between Return and Risk and the Real Estate Market

• Języki publikacji: PL

Abstrakty

W niniejszym artykule autorzy skoncentrowali się na analizie równowagi rynkowej opisanej modelem CAPM. Za cel pracy przyjęto weryfikację hipotezy o przewartościowaniu akcji spółek deweloperskich, oznaczającym stosunkowo wysokie ryzyko inwestycji w te walory. Omówiono zagadnienie dywersyfikacji portfela aktywów oraz zastosowanie modelu CAPM na rynku nieruchomości. Przeprowadzone analizy wskazują na niedowartościowanie akcji spółek deweloperskich.

EN

The Capital Asset Pricing Model is a way of looking at the relationship between return and risk in a portfolio context. It considers the trade-off between return and risk to establish if an asset is correctly priced. In literature there is critics of using CAPM to analyse investment on the real estate market but it should be underlined that in changing economy and developing of public real estate markets CAPM is more acceptable in real estate investment's context. The authors analyse the results of investment in development companies in Poland. The thesis about overpricing them is not confirmed and they can be a benefiting part of investment portfolio. (original abstract)

Słowa kluczowe

PL

Przedsiębiorstwo deweloperskie; Model wyceny aktywów kapitałowych; Rynek nieruchomości; Dywersyfikacja portfela; Inwestycje w nieruchomości

EN

Development company; Capital Asset Pricing Model (CAPM); Real estate market; Portfolio diversification; Investments in real estate

• Czasopismo: Acta Universitatis Lodziensis. Folia Oeconomica
• Rocznik: 2009
• Tom: 226 Przedsiębiorstwo w warunkach gospodarki rynkowej
• Strony: 239--252

Twórcy

autor

Magdalena Załęczna

• Uniwersytet Łódzki

autor

Rafał Wolski

• Uniwersytet Łódzki

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