Análise da Qualidade das Informações Disponibilizadas pelos Gestores de Fundos de Investimento Imobiliário no Brasil

Abstract

In Brazil, as in the American market, many investors have migrated from buying offices and flats for the application in Real Estate Investment Funds and others types of investments that are results of the securitization portfolios. Despite the great advantage in agility of investment and disinvestment in contrast to immobilization resulting from direct investment in the property, the lack of knowledge regarding the market behavior, coupled with the lack of evaluation criteria and quality indicators related to this investment, contributes to the generation of expectations far away from reality and this may inhibit capital investment by small and medium investors, which make up the largest share in the context of FIIs. Furthermore, the information submitted by FIIs in periodic reports there is no standardization in methodology of construction and presentation, which become dificult to make a comparative analysis for decision making. In some cases, the information comes to be superficial or even insufficient, influencing the process of buying and selling shares of this investment product and consequently distortions in the market values of assets. In view of the now exposed context, it is intended in this article, analyze monthly reports from seven different managers in order to identify the gaps found in the presentation and formatting of the indicators disclosed, and report gaps of information found. The provision of consistent information, together with the investor's knowledge, contributes to market stability, increases the degree of investor confidence, helps to increase the volume of clumped resources and consequently promotes the development of EEL segment at national level, creating jobs and stimulating the economy as a whole.