Abstracts for Vol.
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To this end, this study evaluates international real estate securities within the framework of a mixed-asset portfolio consisting of U.S. corporate bonds, U.S. real estate securities, and international common stocks. This study covers a thirteen-year time span from 1984 through 1997. This study explores the diversification opportunities across the U.S. metropolitan apartment markets and attempts to discover the crucial economic factors for determining the relationship of asset performances among different MSAs. Cluster analysis is used to develop homogeneous groupings of the metropolitan apartment markets. The results of cluster analysis provide strong evidence for the existence of homogeneous groups in the metropolitan apartment markets, and the discriminant model identified six demand-side factors that are significant in determining the group membership of the individual MSAs.