This paper re-examines the performance of REITs, stocks, and fixed-income assets based on the preferences of risk …-averse and risk-seeking investors using mean-variance and stochastic dominance approaches. Our findings indicate no first … order to maximize their expected utility, the risk-averse prefer fixed-income assets over real estate, which, in turn, is …

lower risk level and the reverse is true at a higher risk level. Our SD analysis shows that there is no arbitrage … opportunity between international and domestic stock markets; domestically diversified portfolios with smaller risk dominate … internationally diversified portfolios with larger risk and vice versa; and at the same risk level, there is no difference between the …

required to minimize the risk for Asian stock investors during the US financial crisis. In contrast, fewer Chinese stocks were … needed to minimize the risk for Asian stock investors during the Chinese stock market crash. This study provides useful … information to institutional investors, portfolio managers, and policymakers regarding optimal asset allocation and risk …