) have been chosen to build the optimal portfolio. Cash funds were selected because they represent a form of risk … minimum deviation of the selected stocks. Calculated optimal portfolio achieves better expected value than investing in stock …

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 …