This research aims to cluster American and Brazilian Real Estate Investment TrustsUSAREITs and BRREITs, respectively -based on their risk-adjusted measures of performance from January/2003 to August/2013, as well as before, during and after the financial crisis of 2008. Factor and Cluster Analysis pointed out three groups. Afterwards, Kruskal-Wallis and Dwass-Steel-Chritchlow-Fligner pairwise comparisons were adopted to verify the statistical differences between clusters. Overall, BRREITs achieved a better performance before and during the crisis, but an inferior performance after the crisis. ISSN 1941-899X 2015 www.macrothink.org/jmr 167 USAREITs presented a more aggressive strategy after the crisis, whilst BRREITs presented a more conservative strategy during the same period.
Journal of Management Research