Real estate asset management has been and will continue to be a topic of great interest.
Specifically, does real estate warrant inclusion in an efficient portfolio? And if so, how much …

This paper provides a review of the studies that have examined the efficiency of the real
estate market. Existing evidence suggests that real estate market segments (ie, housing …

This study employs a sample of equity REIT portfolios from 1972–78 to investigate various
aspects of real estate returns. Return estimates are derived for the unlevered cash yields by …

Commercial real estate makes up a relatively small percentage of most institutional
portfolios, even though the existing literature has consistently reported attractive risk‐return …

In this article, we examine whether the performance of real estate investment trusts (REITs)
is correlated with advisor type. Seven categories of advisors are used in the analysis. All …

Diversification gains in mean‐variance efficiency derived from including real estate in
financial asset portfolios are examined. Optimal financial and mixed‐asset portfolios were …

This study reports on the ex-post performance of survivor REITs and RECs over a 14.5-year
period covering several business cycles. The results show that the systematic risk and risk …

In this study, house-price reactions to a first-time disastrous flood are investigated.
Conventional wisdom predicted prices would decline and later regain lost value as the …

This paper examines the question of whether an efficient markets paradigm should be
adopted for the modelling and testing of real estate markets. It considers the perceived …

Substantial empirical evidence has been offered that supports the notion that international
diversification enhances portfolio performance. Another large body of research suggests that …