This paper compares the investment policies and returns for portfolios of stocks and bonds with and without up to three categories of real estate. Both a domestic and a global setting is examined, with and without the possibility of leverage. The portfolios were generated via the dynamic...

This paper compares two approximation schemes for calculating the optimal portfolios in the discrete-time dynamic investment model, specifically, the mean-variance (MV) and the quadratic approximations, to the exact power function method. Future returns are estimated via the empirical...

This paper compares the investment policies and returns for portfolios of stocks and bonds with and without up to three categories of real estate. Both domestic and global settings are examined, with and without the possibility of leverage. The portfolios were generated via the dynamic...