Risk and Real Estate Investment: An International Perspective

Tom G. Geurts and Austin J. Jaffe ()
Additional contact information
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, 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
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol11n02/v11p117.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jre:issued:v:11:n:2:1996:p:117-130

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is currently edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().