英文文献：The Effect Of Various Reit Sub-Categories On Mixed-Asset Portfolios In South Africa-南非不同Reit子类别对混合资产组合的影响
英文文献作者：Omokolade Akinsomi,Lloyd Kemp,Boitumelo Masilela,Ansary Nishaana
英文文献摘要：
This research aims to determine the effect of various REIT sectors on mixed asset portfolios in South Africa. By using quarterly data and the Markowitz Mean Variance framework the effect of each REIT sector on a mixed asset portfolio is determined. The REIT sectors in South Africa are limited to Diversified, Industrial & Office, Retail and Specialty REITs. Data for this research was gathered from the McGregor database which is linked with the Johannesburg Stock Exchange. All of the data including the REITs stock prices, the All Share and the All Bond was sourced from McGregor Database from January 2004 to December 2013. Our results show that there seems to be more substantial evidence that specific REIT sub-categories can achieve lower portfolio risk than All REITs portfolio. Our findings indicate that Diversified REITs, Industrial & Office REITs as well as Specialty REITs are all able to achieve lower portfolio volatility than All REITs. Retail REITS seem to be the riskiest REIT sub-category. This study is relevant for investors such as pension funds, government sovereign funds and mutual funds who are interested in diversifying their portfolios to include REITs and most importantly reducing volatility.

本研究旨在确定各种REIT部门对南非混合资产组合的影响。通过使用季度数据和马科维茨均值方差框架，确定了每个房地产投资信托部门对混合资产组合的影响。南非的REIT部门仅限于多样化的、工业和办公、零售和专业REIT。这项研究的数据来自与约翰内斯堡证券交易所相连的McGregor数据库。REITs股票价格、All Share和All Bond的所有数据来源于McGregor数据库，从2004年1月到2013年12月。我们的结果表明，似乎有更多的实质性证据表明，特定的REIT子类别能够实现比所有REIT投资组合更低的投资组合风险。我们的研究结果显示，多元化的reit、工业和办公reit以及专业reit都能够实现比所有reit更低的投资组合波动性。零售REIT似乎是风险最高的REIT子类别。这项研究与养老基金、政府主权基金和共同基金等投资者有关，这些投资者有意将其投资组合多样化，包括房地产投资信托基金(reit)，最重要的是降低波动性。