RT Journal Article
SR Electronic
T1 Impact of Pension Plan Liabilities on Real Estate Investment
JF The Journal of Portfolio Management
FD Institutional Investor Journals
SP 23
OP 31
DO 10.3905/jpm.2005.593885
VO 31
IS 5
A1 Timothy M. Craft
YR 2005
UL https://pm-research.com/content/31/5/23.abstract
AB Typical mean–variance models estimate pension plan allocations to public and private real estate as high as 50% or even higher. An asset/liability model of pension plan decision–making predicts much lower allocations to both private and public real estate that are closer to what we actually observe. Pension plans in different industries can have different optimal allocations to private and public real estate. Industry influences allocations to private real estate more than to public real estate.