...Lucia Gibilaro; Gianluca Mattarocci Purpose The paper aims to study the performance of crowdfunding REITs with respect to traditional REITs in order to evaluate the differences in the risk–return profile and their usefulness for a diversification strategy within the indirect real estate...

... direct property investment index and stock returns has been found to be small but negative. This shows not only that the two asset classes were often driven by different factors but also suggests that diversification was, at least theoretically, possible. Originality/value Direct real estate...

...Muhammad Jufri Marzuki; Graeme Newell Purpose US commercial property is an important investment opportunity for institutional investors. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of US commercial property (both direct...

... to explore diversification and risk-adjusted returns. Findings – The evidence, using GMM regressions, suggests that: REITs increased in firm risk during the years 2002-2011; REITs with TRS are more liquid than REITs with non-TRS; TRS-REITs’ prices becomes more volatile than the broader market after...

...Stephanie Rozelle Yates; Elaine M. Worzala; Simon Huston; Clive Warren Purpose The purpose of this paper is to investigate the limitations and potential usefulness of a “knowledge city” concept as diversification vehicle for property investors. Design/methodology/approach The paper first...

... theory. Findings The results show that given the predominantly negative correlation between FRE and financial assets, the risk‐return tradeoffs of portfolios of financial assets can be improved significantly. The diversification benefits measured in terms of risk reduction, return enhancement...

... an attractive investment that would add variety and diversification to their current holdings. Mainland insurance companies alone are looking hard for areas to deploy their more than US$300 billion readily available for investment. Moreover, according to a report by Reuters, if they follow the global industry...

... the performance of infrastructure in China over 1995‐2006. Using the Hong Kong‐listed China infrastructure companies, risk‐adjusted performance analysis is used to assess the added value of China infrastructure, with the portfolio diversification benefits of China infrastructure also assessed. Findings...

...Kim Hiang Liow; Alastair Adair Purpose The purpose of this paper is to examine the role of Asian real estate companies with regard to their “value‐added” performance and portfolio diversification benefits in Asian mixed‐asset portfolios, as well as in international real estate securities...

.... Based on data on 26 mature European office markets, the standard deviation of turning points in the early to mid‐1990s was 1.8 years, compared with 0.7 years in the early 2000s. © Emerald Group Publishing Limited 2007 Office buildings Retailing Diversification Real estate Europe United...

... of retail property in a mixed‐asset portfolio, with the portfolio diversification benefits of retail property also assessed. Findings The paper finds that retail property and retail LPTs have delivered substantial risk‐adjusted returns and portfolio diversification benefits over 1995‐2005. The retail...

...Stephen Brown; A. Olaleye; B.T. Aluko; C.A. Ajayi Purpose The purpose of this paper is to examine the factors that have influenced the use of implicit (naïve) techniques in property portfolio diversification evaluation in the Nigeria property market. This is necessitated by the need to look...

...Stanley McGreal; Alastair Adair; James N. Berry; James R. Webb Purpose Few countries have sufficiently long and detailed returns data for real estate to permit sophisticated analysis. This paper aims to examine the potential diversification of private real estate investments using returns data...

... of benchmark portfolios, as well as to each other. Then using the statistical tests developed by Gibbons et al. and Jobson and Korkie, we investigate whether the benefits that accrue from the differing diversification strategies are statistically significant or not. Findings The results show...

... that property provides diversification benefits to a mixed asset portfolio dominated by equities and gilts. However, there is some debate as to the reliability of these correlations and property’s diversification benefits. In this paper we use Granger causality tests and cointegration techniques to demonstrate...

...Tien Foo Sing; Kanak Patel Analyses the diversification effects of the portfolio holdings of ten selected listed property investment companies on the co‐movement of the stock prices for an 11‐year period from 1983 to 1994. The long‐term common trends in the sample securitized property companies...

...Alistair Adair; Jim Berry; Stanley McGreal Examines diversification focusing on international and cross‐border investment. Extends the concept of regional diversification to European planning regions and discusses the potential implications of a “Europe of the regions” on property investment. Uses...

... manipulation. Risk perception: perceived currency and political risk may discourage investment, particularly where there is a limited understanding of diversification gains, correlation structures and the ability to hedge against adverse currency movements. Cost structures: costs may...

... alone. Rather,the fundamental factors that drive market performance should be considered. Argues that any European diversification strategy should consider the political and administrative structures in place in the Community. Specifically, contrasts the federal structure of Germany with the centralized...

... Risk Diversification Portfolio planning Taxation DIRECT PROPERTY AND PROPERTY SHARES Received: 29th November, 1989 PIERS VENMORE-ROWLAND Keywords Property shares direct property diversification risk net asset value portfolios tax slippage Summary In this paper, the performance...