Investment attractiveness of closed-end real estate investment funds in Russia: factor score evaluation

Closed-end real estate investment fund is currently one of the most popular instruments of collective investments in Russia. In this article, we have designed a factor score method to evaluate the investment attractiveness of closed-end real estate investment funds as the objective of the research. The method differs from others in three elements of attractiveness evaluation: the real estate market, asset management company, and asset portfolio. We suggest evaluating each element by the appropriate factors. In the research, all the factors are grouped and systemized as variable-based and attribute-based factors in the three elements of investment attractiveness. The evaluation is based on the expert scores and factor criteria. Results of the research show the differences between preferences of conservative, moderate and aggressive investors when they invest in closed-end investment fund. The desighed method serves for different types of investors to express their attitude to a specific real estate closed-end fund

Company town socio-economic transformation: concentration and factors system

In the article the authors suggest evaluating the level of diversification using Herfindahl-Hirschman index that reflects the economic activity concentration within the certain timespan. The study of the index in dynamics for Berezovsky company town located in Kemerovo region shows the downward tendency in economic activity concentration whereas its factors remain ambiguous. The research concludes that, on the one hand, a low level of investments in diversification projects does not act upon the diversification process, on the other hand, socio-economic targets of diversification does not correlate with economic structural changes. Thus the diversification process has low effectiveness

Investment attractiveness of closed-end real estate investment funds in Russia: factor score evaluation

Closed-end real estate investment fund is currently one of the most popular instruments of collective investments in Russia. In this article, we have designed a factor score method to evaluate the investment attractiveness of closed-end real estate investment funds as the objective of the research. The method differs from others in three elements of attractiveness evaluation: the real estate market, asset management company, and asset portfolio. We suggest evaluating each element by the appropriate factors. In the research, all the factors are grouped and systemized as variable-based and attribute-based factors in the three elements of investment attractiveness. The evaluation is based on the expert scores and factor criteria. Results of the research show the differences between preferences of conservative, moderate and aggressive investors when they invest in closed-end investment fund. The desighed method serves for different types of investors to express their attitude to a specific real estate closed-end fund