RT Journal Article
SR Electronic
T1 After the Fall: <em>Real Estate in the Mixed-Asset Portfolio</em>
               <br/>
               <em>in the Aftermath of the Global Financial Crisis</em>
JF The Journal of Portfolio Management
FD Institutional Investor Journals
SP 43
OP 59
DO 10.3905/jpm.2013.39.5.043
VO 39
IS 5
A1 Colin Lizieri
YR 2013
UL https://pm-research.com/content/39/5/43.abstract
AB 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