Departmental Bulletin Paper 異なるリスク回避度を持つ投資家のポートフォリオにおける不動産投資の役割

鈴木, 英晃  ,  高辻, 秀興  ,  Hideaki, Suzuki  ,  Hideoki, TAKATSUJI

This paper explores the role of real estate within a multi-asset class portfolio, assuming investors with different risk tolerances. Although the degree of diversification benefit varies by level of risk tolerance, it is proven that the asset class plays an important role as a risk diversifier within the portfolio especially in a period of financial turmoil.

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