Real Estate Portfolio Diversification by Sources of Return

The basis of the superior performance of the contrarian strategy is a lively debate in the finance literature. In relation to real property, the contrarian strategy implies that properties with high running yield (i.e., value properties) could outperform properties with low running yield (i.e., growth properties). This study modified the model to conform to the Markowitz routine, and found that the association between the cash flow concentration level and the portfolio performance index and between the diversification index and the portfolio performance index was stronger than depicted by Williams.

Provided by: National University of Singapore School of Business Topic: Software Date Added: Jul 2002 Format: PDF

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