This paper has examined the risk-return and diversification properties of real estate investment.
The analysis indicates that direct and indirect real estate investment may provide some
diversification benefits to stocks and bonds. Furthermore, low correlations between real estate
market returns and inflation or unexpected inflation may indicate that real estate investment
provides a poor inflation hedge. In addition, successful geographical diversification should look
at finer subdivisions such as metropolitan areas or cities.
Results also show that real estate based mutual funds, ETFs, and other investable alternatives are
viable methods of gaining exposure to REITs and many exhibit very similar risk and return
characteristics to that of the equity based real estate indices.

[此贴子已经被作者于2008-2-1 17:30:47编辑过]