A number of studies have examined the benefits of regional diversification strategies within commercial real estate portfolios with two approaches adopted; the first is based on primary contiguous geographical regions while the second employs areas based on economic function. In general, the...

Recent evidence has suggested a strong relationship between Equity Real Estate Investment Trust (REIT) and value stocks. This article examines in depth not only the similarities in performance sectors but also the driving forces in the two sectors and the extent to which they are substitutable....

There is remarkably little empirical evidence of the advantages of increased size on risk levels in real estate portfolios based on actual portfolios. This paper improves this by examining the portfolio risk of a large sample of actual real estate data in the UK over the period from 1981 to...

Geographic diversity is a fundamental tenet in portfolio management. Yet there is evidence from the US that institutional investors prefer to concentrate their real estate investments in favoured and specific areas as primary locations for the properties that occupy their portfolios. This paper...

This study provides the first evidence on the magnitude of the difference between returns to UK property investors and the returns achieved by the property assets, i.e. the performance gap. Using historical return data for 45 market-segments over the time period 1981-2009 this paper shows that...

Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common stock values tend to rise significantly from the offer price on the first day of trading. The evidence for Real Estate Investment Trust (REIT) IPOs is less consistent. However, most studies are...

This paper examines the integration between nine real estate markets namely, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, and Switzerland and the UK since 1990 using a number of innovations over previous studies. First, unlike previous studies we uses observed global and...

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ERES:conference