15 research outputs found
Catastrophic shifts in the aquatic primary production revealed by a small low-flow section of tropical downstream after dredging
The Grid-Blot: A Procedure for Screening Large Numbers of Monoclonal Antibodies for Specificity to Native and Denatured Proteins
The Role of Real Estate in the Portfolio Allocation Process
This study explores the role of direct real estate investment in a portfolio context incorporating the real estate imperfections of indivisible assets and no short sales. Mean-variance efficient portfolios are calculated using Treasury-bills, bond and equity indices together with cash flows and appraised values from a set of twenty-two properties having an aggregate appraised value of $336 million. Real estate diversification benefits are shown to be the greatest with smaller properties and are most advantageous at higher target levels of return. The study suggests that a 9% allocation to real estate is optimal, rather than the 20% figure suggested in other studies. Copyright American Real Estate and Urban Economics Association.