@article {Lizieri43, author = {Colin Lizieri}, title = {After the Fall: Real Estate in the Mixed-Asset Portfolio in the Aftermath of the Global Financial Crisis }, volume = {39}, number = {5}, pages = {43--59}, year = {2013}, doi = {10.3905/jpm.2013.39.5.043}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The global financial crisis led some investors to question the benefits of real estate as a risk diversifier in mixed asset portfolios as falling real estate capital values coincided with the bear market in equities: private real estate appeared not to deliver diversification when it was most needed. An analysis of UK private real estate returns, corrected for appraisal effects using a regime-based filtering process confirms that the relationship between real estate and other financial assets is time-varying: but suggests that there remain strong benefits from including commercial real estate in the mixed asset portfolio.TOPICS: Real estate, financial crises and financial market history, in portfolio management}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/39/5/43}, eprint = {https://jpm.pm-research.com/content/39/5/43.full.pdf}, journal = {The Journal of Portfolio Management} }