ポートフォリオ選択におけるリスク回避度別にみた不動産投資の選好

Abstract

This paper explores the role of real estate within a multi-asset class portfolio, assuming investors with different risk tolerances. Although the degree of diversification benefit varies by level of risk tolerance, it is proven that the asset class plays an important role as a risk diversifier within the portfolio especially in a period of financial turmoil