The Study of the Relationship between Economic Factors and the Rate of Return of Property Fund and Real Estate Investment Trust (REIT) Listed on the Stock Exchange of Thailand
Article Sidebar
Main Article Content
Abstract
The objective of this research is to study the relationship between economic factors and the rate of return of property fund and real estate investment trust (REIT) listed on the Stock Exchange of Thailand. The economic factors including oil price, property index, loan interest rate, exchange rate between Thai Baht and US$, consumer price index in housing and consumer price index in construction materials are gathered from Trade Policy and Strategy Office, Bank of Thailand, and Federal Reserve System. Additionally, the monthly data from January 2017 to June 2021 of 5 property funds and 5 REITS are collected from SETSMART. Descriptive statistics and multiple regression with the test for pooled OLS, random-effects and fixed-effects are used to analyze the data. The findings include that oil price and property index positively relate to the rate of return of property fund at the statistical significance level of 0.01. Property index positively relates to the rate of return of REIT at the statistical significance level of 0.01. Loan interest rate negatively relates to the rate of return of REIT at the statistical significance level of 0.10.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
All published articles are SJMS’s copyright. The editorial board allows all published articles to be copied, excerpted, or disseminated with academic citation.
References
Chuensirikulchai, T. (2019). Personal Savings and Investments. Search June 19, 2021, Retrieved from https://sites.google.com/site/fahteerarat77/home/hnwy-thi-11-kar-xxm-laea-kar-lngthun-swn-bukhkhl/11-9-phl-txbthaen-laea-khwam-seiyng-cak-kar-lngthun
Kanjananuntawong, N. (2016). A comparative study of return on investment for Real Estate Investment Trust and Property Fund in Stock Exchange of Thailand. A Minor Thesis Submitted in Partial Fulfillment of the Requirements for the Degree of Master of Business Administration. Prince of Songkla University.
Konbang, P. (2017). The Relationship between the Return of Condominium Price Index with the Returns of SET100 Index and PROPCON Index (Independent Study). Master of Science (Finance). Bangkok University.
Krungsri Plearn Plearn. (2020). real estate Is it still worth investing in this year?. Retrieved September 20, 2021, from https://www.krungsri.com/th/plearn-plearn/real-estate-investment
Nantasetphong, N., Manasan, P., Tochaiwat, K., & Verpreyagura, P. (2011). Forecasting Models for the Return on Thai Property Funds. Published in Humanity and Social Science Journal Ubon Ratchthani University, 2(1), 130-150.
Netiniyom, P. (2012). The Roles of Institutional Investors on Reducing Agency Costs of Property Funds. NIDA Business Journal, 10(3), 102-104.
Niyamratanakulsiri, J., Nittayaprapha, S., & Boonvorachot, T. (2020). The Analysis of The Performance and Ranking of Investment in Real Estate Investment Trust (REITs). The 16th RSU National Gradute Research Conference, 15(1), 2525-2538.
Prachachat. (2021). The baht appreciated the highest in 8 weeks at 32.23 baht per dollar. Retrieved October 17, 2021, from http://www.prachachat.net
SET X. (2021). Create Passive Income with “Real Eatate Fund Group”, an alternative that meets the needs. Retrieved September 20, 2021, from https://www.setinvestnow.com/th/knowledge/article/254-mf-thematic6
Suthiphan, S., & Jitmaneerot, B. (2018). Factors affecting the Property Fund Index and REIT listed in Thailand. The 13th RSU National Gradute Research Conference, 13(1), 1659-1665.
The Stock Exchange of Thailand. (2015). What is NAV?. Retrieved June 19, 2021, from https://www.set.or.th/education/th/begin/mutualfund_content03.pdf
Tongsaichon, N. (2021). Make regular income with Property Fund/ REIT. Retrieved March 10, 2022, from https://www.setinvestnow.com/th/knowledge/article/229-generate-constant-income-from-property-fund-and-reit
Trade Policy and Strategy office. (2021). Consumer Price Index April 2021. Retrieved March 10, 2022, from http://www.price.moc.go.th/price/fileuploader/file_cpi/Cpig042564_tg.pdf
Trade Policy and Strategy office. (2021). Construction Material Price Index, March 2021 and the first quarter of 2021. Retrieved March 10, 2022, from https://www.ryt9.com/s/btei/3214731