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Institutional Perspectives on Real Estate Investing

Ravi Dhar and William N. Goetzmann
The Journal of Portfolio Management Summer 2006, 32 (4) 106-116; DOI: https://doi.org/10.3905/jpm.2006.644202
Ravi Dhar
George Rogers Clark Professor of Management and Marketing and Director at Yale Center for Customer Insights in New Haven, CT.
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  • For correspondence: ravi.dhar@yale.edu
William N. Goetzmann
Edwin J. Beinecke Professor of Finance and Management Studies and Director at International Center for Finance in New Haven, CT.
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  • For correspondence: william.goetzmann@yale.edu
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Abstract

A survey of institutional investors is used to assess the role of real estate in portfolios. Despite modest current holdings, there is a trend toward increasing allocations to real estate, driven apparently by a desire for diversification and inflation protection, whatever the recent returns. The major perceived risks of real estate investing include liquidity, risk of property selection, and scarcity of reliable data. Yet investors seem more comfortable extrapolating past results for real estate than for hedge funds or venture capital. There is not surprisingly a strong relationship between manager confidence in extrapolation and target allocations to real estate.

TOPICS: Real estate, portfolio construction, risk management

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The Journal of Portfolio Management
Vol. 32, Issue 4
Summer 2006
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Institutional Perspectives on Real Estate Investing
Ravi Dhar, William N. Goetzmann
The Journal of Portfolio Management Jul 2006, 32 (4) 106-116; DOI: 10.3905/jpm.2006.644202

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Institutional Perspectives on Real Estate Investing
Ravi Dhar, William N. Goetzmann
The Journal of Portfolio Management Jul 2006, 32 (4) 106-116; DOI: 10.3905/jpm.2006.644202
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