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Paper eres2010_364:
THE BENEFITS OF PUBLIC AND PRIVATE REAL ESTATE

id eres2010_364
authors Lee, Stephen
year 2010
title THE BENEFITS OF PUBLIC AND PRIVATE REAL ESTATE
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary There is extant literature using showing that private real estate has a major part to play in the mixed-asset portfolio. There is also a good deal of evidence showing that Real Estate Investment Trusts (REITs) makes a substantial contribution to the mixed-asset portfolio. But only two studies have explicitly examined what risk/return benefits real estate actually offers the mixed-asset portfolio. However, neither study examined whether real estate, either public or private, offers a benefit to the mixed-asset portfolio if such a portfolio already includes the alternative real estate asset class. This paper examines this issue using the method suggested by Liang and McIntosh (1999), which decomposes the overall risk-adjusted benefits of an investment to an existing portfolio into its diversification benefits and return benefits.
keywords Public and Private Real Estate, Benefits, Mixed-asset Portfolio
series ERES:conference
email Stephen.Lee.1@city.ac.uk
more http://www.eres2010.org/index.asp?page=papers_download
content file.ppt (195,584 bytes)
discussion No discussions. Post discussion ...
ratings
session Real Estate Investment & Portfolio Management (2)
last changed 2010/08/04 20:47
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