In this paper, we study the international and sectoral diversification potential in realestate portfolios. Building on … statistical test to compare country-leveland sector-level diversification potential. This new diversification test provides … for real estate investments broadly reveal that international diversificationdominates sectoral diversification …

, most previous analysis has focused on regional diversification by applying the traditional mean-variance (MV) framework … appealing downside risk (DR) framework suggested by Estrada (2008), which applies a similar optimization algorithm as the MV …

diversification benefits to cope with uncertainties. So, current research unveils the diversification characteristics of real estate … differently than all of these assets and holds good diversification potential for Pakistani investors because it exhibits no … diversification potential of real estate in comparison to a set of financial variables that are rarely investigated in previous …