Kroencke, Tim Alexander; Schindler, Felix - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011
This paper analyzes diversification benefits from international securitized real estate in a mixed-asset context. We …, considering unhedged international assets could lead to biased asset allocation decisions not realizing the true diversification … benefits from international assets. Our in-sample results are quite robust in out-of-sample analysis and when investment …