Risk and Real Estate Investment: An International Perspective

Tom G. Geurts and Austin J. Jaffe ()
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Tom G. Geurts: Institute for Real Estate Studies The Smeal College of Business Administration University park, Pennsylvania 16802, http://www.smeal.psu.edu/ires/index.html
Austin J. Jaffe: Institute for Real Estate Studies The Smeal College of Business Administration University park, Pennsylvania 16802, http://www.smeal.psu.edu/ires/index.html

Journal of Real Estate Research, 1996, vol. 11, issue 2, pages 117-130

Abstract: The literature regarding portfolio analysis for institutional real estate investors has until now largely been concerned with benefits associated with naive diversification strategies. In this paper, we discuss the prospects that institutional characteristics suggest for risk reduction in internationally diversified portfolios. The risk/return relationship of each country is affected by its own unique institutional environment and therefore there are potential benefits for investors. We argue that, given the significant differences in the institutional framework across countries, there are likely impacts on returns and that this fact deserves the attention of institutional investors.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1996
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