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- Title
The Role of Real Estate in an Institutional Investor' s Portfolio Revisited.
- Authors
Chun, Gregory H.; Sa-Aadu, J.; Shilling, James D.
- Abstract
This research paper attempts to provide some new insights into the asset allocation paradox, which suggests that institutional investors allocate only a very small fraction of their portfolio to real estate, raising the question whether institutional investors are underinvested in real estate equities? The paper suggests that real estate returns are predictable. In fact, the amount of predictability in real estate returns appears to be about the same as in stock returns. It also proposes that real estate performs well in an asset-liability framework. This paper reports that private sector commercial real estate investments represent between 6 and 12 percent of investable wealth in the United States.
- Subjects
UNITED States; INVESTMENTS; REAL property; INVESTORS; PORTFOLIO management (Investments); PENSION trusts
- Publication
Journal of Real Estate Finance & Economics, 2004, Vol 29, Issue 3, p295
- ISSN
0895-5638
- Publication type
Article
- DOI
10.1023/B:REAL.0000036675.46796.21