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dc.contributor.authorNartea, Gilberten
dc.contributor.authorEves, Alfred C.en
dc.date.accessioned2009-10-30T01:55:35Z
dc.date.issued2008en
dc.identifier.citationNartea, G. V., & Eves, C. (2008). Diversification benefits from New Zealand real estate. Pacific Rim Property Research Journal, 14(1), 27-43.en
dc.identifier.issn1444-5921en
dc.identifier.urihttps://hdl.handle.net/10182/1263
dc.description.abstractAlthough the benefits of further diversifying a portfolio of New Zealand financial assets with unsecuritised New Zealand real estate have been confirmed in previous studies, this paper examines the benefits of further diversifying a portfolio by including rural grazing property. Modern portfolio theory is used to determine the benefits of including rural property, as well as the traditional property investment assets, in a diversified investment portfolio based on New Zealand investment assets. In addition, efficient sets generated with and without real estate are compared and found significant return enhancement and risk reduction benefits of adding retail property and farm real estate to the mix. These benefits are robust even when real estate return variance is increased sixfold or when real estate returns are reduced by 20 per cent, suggesting that real estate can reasonably be expected to be a consistent part of risk efficient portfolios.en
dc.format.extent27-40en
dc.language.isoenen
dc.publisherPacific Rim Real Estate Societyen
dc.relationThe original publication is available from - Pacific Rim Real Estate Society - http://hdl.handle.net/10182/1263en
dc.subjectdiversificationen
dc.subjectunsecuritised real estateen
dc.subjectNew Zealanden
dc.subjectportfolio theoryen
dc.subjectefficient setsen
dc.subjectrural land investmenten
dc.titleDiversification benefits from New Zealand real estateen
dc.typeJournal Article
dc.subject.marsdenFields of Research::350000 Commerce, Management, Tourism and Services::350300 Banking, Finance and Investmenten
dc.subject.marsdenFields of Research::300000 Agricultural, Veterinary and Environmental Sciences::300900 Land, Parks and Agriculture Management::300901 Farm management, rural management and agribusinessen
lu.contributor.unitLincoln Universityen
lu.contributor.unitFaculty of Agribusiness and Commerceen
lu.contributor.unitDepartment of Financial and Business Systemsen
lu.contributor.unitDepartment of Land Management and Systemsen
dc.subject.anzsrc150403 Real Estate and Valuation Servicesen
dc.relation.isPartOfPacific Rim Property Research Journalen
pubs.issue1en
pubs.organisational-group/LU
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce/FABS
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce/LAMS
pubs.publication-statusPublisheden
pubs.publisher-urlhttp://hdl.handle.net/10182/1263en
pubs.volume14en


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