Kallberg, Jarl G.; Liu, Crocker H.; Greig, D. Wylie - In: Real Estate Economics 24 (1996) 3, pp. 359-377
This study explores the role of direct real estate investment in a portfolio context incorporating the real estate imperfections of indivisible assets and no short sales. Mean-variance efficient portfolios are calculated using Treasury-bills, bond and equity indices together with cash flows and...