Purpose – Geographic diversity is a fundamental tenet in portfolio management. Yet there is evidence from the USA that institutional investors prefer to concentrate their real estate investments in favoured and specific areas as primary locations for the properties in their portfolios. Work...

Purpose – This paper seeks to examine the extent of real estate investment concentration in institutional industrial portfolios at these same two points in time. Design/methodology/approach – To examine this issue two datasets are used at two dates, 1998 and 2003. The analysis is confined to...

Purpose – This paper aims to re‐examine the portfolio risk/return performance of “conventional” sector/regional classifications with one based on socio‐economic criteria. Design/methodology/approach – Applying the mean absolute deviation (MAD) portfolio optimisation method, this...

Purpose – The purpose of this paper is to test the hypothesis that investment decision making in the UK direct property market does not conform to the assumption of economic rationality underpinning portfolio theory. Design/methodology/approach – The developing behavioural real estate...