U.S. REITs as an Asset Class in International Investment Portfolios

An examination of U.S. real estate investment trust (REIT) efficiency as a portfolio component from the perspective of all G-7 countries for the period 1985 through 1994 indicates that U.S. REITs offer both an inflation hedge and diversification. Nevertheless, including REITs in test portfolios did...

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Bibliographic Details
Published in:	Financial analysts journal Vol. 53; no. 2; pp. 55 - 61
Main Authors:	Stephen R. Mull, Soenen, Luc A.
Format:	Journal Article
Language:	English
Published:	Charlottesville The Association for Investment Management and Research 01-03-1997 Taylor & Francis Ltd
Subjects:	Asset allocation Bond portfolios Common stock Diversification Efficiency Financial bonds Financial investments Financial portfolios Hedging Industrialized nations Inflation International finance International investment Investment portfolios Investments Investors Portfolio diversification Portfolio investments Portfolio management Rates of return Real estate Real estate investment trusts REITs Securities markets Statistical data Stock exchanges Volatility United States > US
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Summary:	An examination of U.S. real estate investment trust (REIT) efficiency as a portfolio component from the perspective of all G-7 countries for the period 1985 through 1994 indicates that U.S. REITs offer both an inflation hedge and diversification. Nevertheless, including REITs in test portfolios did not yield statistically significant increases in risk-adjusted return over the period as a whole. Subperiod analyses indicated large temporal differences in REIT efficiency as a portfolio component.
Bibliography:	ObjectType-Article-2 SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 23
ISSN:	0015-198X 1938-3312
DOI:	10.2469/faj.v53.n2.2072