The Journal of Real Estate Finance and Economics

, Volume 31, Issue 3, pp 319–330 | Cite as

Realistic Portfolio Allocation Decision-Making For The Small U.S. Retail Investor



This study introduces new domestic mixed-asset and international equity securities that allow for exact portfolio replication even by small U.S. retail investors. Using these new series, various return characteristics are examined. Finally, three sets of mean-variance analyses are conducted: a domestic equity sector-only portfolio, a domestic mixed-asset portfolio, and an international mixed-asset portfolio. Real estate warrants inclusion to varying degrees in all three portfolios. International equity inclusion was also demonstrated.

Key Words

international real estate portfolio analysis retail investor 


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Copyright information

© Springer Science + Business Media, Inc. 2005

Authors and Affiliations

  1. 1.Department of FinanceHawaii Pacific UniversityHonoluluUSA
  2. 2.Hawaii Pacific UniversityHonoluluUSA

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