Firm Market Performance and Volatility in a National Real Estate Sector

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange. from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average. (C) 2011 Elsevier Inc. All rights reserved.

A Review of the Brazilian NBR 15575 Standard: Applying the Simulation and Simplified Methods for Evaluating a Social House Thermal Performance

The new Brazilian ABNT NBR 15575 Standard (the ―Standard‖) recommends two methods for analyzing housing thermal performance: a simplified and a computational simulation method. The aim of this paper is to evaluate both methods and the coherence between each. For this, the thermal performance of a low-cost single-family house was evaluated through the application of the procedures prescribed by the Standard. To accomplish this study, the EnergyPlus software was selected. Comparative analyses of the house with varying envelope U-values and solar absorptance of external walls were performed in order to evaluate the influence of these parameters on the results. The results have shown limitations in the current Standard computational simulation method, due to different aspects: weather files, lack of consideration of passive strategies, and inconsistency with the simplified method. Therefore, this research indicates that there are some aspects to be improved in this Standard, so it could better represent the real thermal performance of social housing in Brazil.