INVESTMENT PORTFOLIOS AND THREE DIMENSIONS OF REAL ESTATE INVESTMENT: AN AUSTRALIAN PERSPECTIVE

被引：3
|
作者：
Heaney, Richard [1 ]
Higgins, David [2 ]
Di Iorio, Amalia [2 ]
机构：
[1] Univ Western Australia, Nedlands, WA, Australia
[2] RMIT Univ, Melbourne, Vic, Australia
来源：
PACIFIC RIM PROPERTY RESEARCH JOURNAL | 2012年 / 18卷 / 04期
关键词：
real estate; diversified portfolio performance; smoothed real estate returns;
D O I：
10.1080/14445921.2012.11104366
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Real estate offers a range of investment alternatives for mutual funds including residential real estate, commercial real estate and units in listed real estate investment trusts (REITs). Our quarterly total return data spans the period from the 3rd quarter 1986 to the 3rd quarter 2009 using various combinations of the Australian All Ordinaries share price index and these three classes of real estate investment. Comparison of Sharpe and Sortino (downside risk) measures across a range of portfolios suggest that diversification benefits may be achieved through diversifying into real estate investment, particularly direct investment in residential real estate, given an initial exposure to the equity market.
引用
收藏
页码：335 / 354
页数：20
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