Purpose This paper studies diversification and value in the investment portfolios of (non-listed) Real Estate Investment Funds (REIFs) exploring how the value of diversification is captured by the market and by investors (beyond reported valuations). Design/methodology/approach We apply the...

The aim of this paper is to introduce models for customer behavior clustering based on some tourist's characteristics. Cluster analysis is realized using hierarchical and non-hierarchical methods in order to obtain the optimum number of classes. The implementation is made using an open source...