Real estate and portfolio management: examining diversification properties

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dc.contributor.authorMalagueño, Ricardo
dc.contributor.authorAlbrecht, Chad
dc.contributor.authorSamaniego-Alcántar, Ángel
dc.date.accessioned2015-04-15T22:21:22Z
dc.date.available2015-04-15T22:21:22Z
dc.date.issued2007
dc.descriptionThis paper examines the risk-return and diversification properties of real estate investments. In the process, we perform a variance analyses over NPI, TBI and NAREIT United States real estate indexes as well as some of the most common international investment benchmarks. The study uses data from January 1990 to March 2006. We present an optimal portfolio that could be used by financial managers and ordinary investors. Results disclose U.S. real estate with greater return than other important investment benchmarks for the fifteen-year study period. Additionally, real estate diversification benefits as constitute of a mix-portfolio are confirmed for the three used indexes. Evidence shows that direct investment in real estate is less sensitive to business cycles than is indirect investment through NAREIT and other similar Indexes. Finally, an optimal allocation of 49.6% for real estate index investing in NAREIT is identified.es
dc.identifier.citationMalagueño, R.; Samaniego-Alcántar, A. & Albrecht, C. (2007). Real estate and portfolio management: examining diversification properties, REAd - Revista Eletrônica de Administração 13(3): 1-15.es
dc.identifier.isbn1413-2311
dc.identifier.urihttp://hdl.handle.net/11117/1617
dc.language.isoenges
dc.publisherUniversidade Federal do Rio Grande do Sules
dc.relation.ispartofseriesREAd - Revista Eletrônica de Administração;13(3)
dc.rights.urihttp://quijote.biblio.iteso.mx/licencias/CC-BY-NC-2.5-MX.pdfes
dc.subjectPortfolio Investmentes
dc.subjectReal Estatees
dc.subjectMean Variance Analyseses
dc.subjectReal Estate Investment Trust (REIT)es
dc.titleReal estate and portfolio management: examining diversification propertieses
dc.typeinfo:eu-repo/semantics/articlees
rei.peerreviewedYeses
rei.revisorREAd - Revista Eletrônica de Administração

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