IDEAS home Printed from https://ideas.repec.org/a/taf/repmxx/v11y2005i1p55-80.html
   My bibliography  Save this article

The Case for REITs in the Mixed-Asset Portfolio in the Short and Long Run

Author

Listed:
  • Stephen Lee
  • Simon Stevenson

Abstract

Executive Summary. The poor performance of the Stock Market in the United States up to the middle of 2003 has meant that real estate investment trusts (REITs) are increasingly been seen as an attractive addition to the mixed-asset portfolio. However, there is little evidence to indicate the consistency of the role REITs should play in the mixed-asset portfolio over different investment horizons. This study's results highlight that REITs do play a significant role over both different time horizons and holding periods. The findings show that REITs attractiveness as a diversification asset increase as the holding period increases. In addition, their diversification qualities span the entire efficient frontier, providing return enhancement properties at the lower end of the frontier, switching to risk reduction qualities at the top end of the frontier.

Suggested Citation

  • Stephen Lee & Simon Stevenson, 2005. "The Case for REITs in the Mixed-Asset Portfolio in the Short and Long Run," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 11(1), pages 55-80, January.
    • Handle: RePEc:taf:repmxx:v:11:y:2005:i:1:p:55-80
    DOI: 10.1080/10835547.2005.12089711
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10835547.2005.12089711
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10835547.2005.12089711?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Afees A. Salisu & Ahamuefula E. Ogbonna & Elie Bouri & Rangan Gupta, 2024. "Climate Risks and Prediction of Sectoral REITs Volatility: International Evidence," Working Papers 202434, University of Pretoria, Department of Economics.
    2. Odusami, Babatunde O. & Akinsomi, Omokolade, 2024. "Diversifying and hedging REIT portfolios with cryptocurrencies: Evidence from global and regional REIT indices," International Review of Financial Analysis, Elsevier, vol. 94(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:repmxx:v:11:y:2005:i:1:p:55-80. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/repm20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.