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dc.contributor.authorCorgel, John B.
dc.contributor.authordeRoos, Jan A.
dc.date.accessioned2020-09-11T13:49:26Z
dc.date.available2020-09-11T13:49:26Z
dc.date.issued1994-12-01
dc.identifier.other11738532
dc.identifier.urihttps://hdl.handle.net/1813/71367
dc.description.abstractAlmost 25 years ago Friedman (1970) demonstrated that unsecuritized real estate, because of its relatively high risk-adjusted return and low correlations with stocks and bonds, receives substantial allocations in efficient, mixed-asset portfolios. Fisher and Sirmans (1994) argue that these attractive features of real estate still exist today. In recent empirical work by Mei and Lee (1994), the presence of a unique real estate factor is detected in securitized and unsecuritized real estate returns that cannot be captured by investing in other assets.
dc.language.isoen_US
dc.rightsRequired Publisher Statement: Copyright held by the authors. Reprinted with permission. All rights reserved.
dc.subjectmixed-asset portfolios
dc.subjectreal estate return
dc.subjectappraisal-based return
dc.subjectunsmoothing
dc.titlePortfolio Allocations to Real Estate: Another Story
dc.typepreprint
dc.description.legacydownloadsCorgel94_Portfolio.pdf: 18 downloads, before Aug. 1, 2020.
local.authorAffiliationCorgel, John B.: jc81@cornell.edu Cornell University School of Hotel Administration
local.authorAffiliationdeRoos, Jan A.: jad10@cornell.edu Cornell University School of Hotel Administration


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