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...

Purpose – The purpose of this paper is to investigate the effect of choices of model structure and scale in development viability appraisal. The paper addresses two questions concerning the application of development appraisal techniques to viability modelling within the UK planning system....

Purpose – The question as to whether it is better to diversify a real estate portfolio within a property type across the regions or within a region across the property types is one of continuing interest for academics and practitioners alike. However, this study is somewhat different from the...

Purpose – The usefulness of ex‐post data as a proxy for ex‐ante returns in the portfolio problem rests on the stability of the co‐movement between returns. Yet despite its importance, this issue has not received sufficient examination in the financial literature, particularly in the...