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[{"key": "dc.contributor.advisor", "value": "Iqbal, Jamshed", "language": null, "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Lirkki, Roni", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Taipale, Aatu", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2025-06-17T12:09:06Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2025-06-17T12:09:06Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2025", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/103673", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Real estate investing is divided into direct and indirect real estate investment, in which the first investor itself controls mostly residential or office property. Indirect real estate investment is performed via financial instruments, such as acquiring shares in stocks or indices. The unifying factor for both forms of investment is real estate\u2019s diversification benefits.\n\nThe intention of the study is to receive timely information about the diversification benefits of indirect real estate investments through an equally-weighted portfolio. The study examines two different portfolios\u2019 time-related total returns, modified Sharpe ratio and correlation between portfolio\u2019s asset classes within varying time periods. The study\u2019s second sample portfolio selected the FTSE NAREIT Index to present listed real estate, as it tracks all real estate companies listed in the U.S. Stock Exchange. The study is conducted as quantitative research, utilizing various established financial indicators and analysis methods. The study focuses on the investment market in the U.S. and includes an observation horizon from 2005 to 2024.\n\nBased on the study\u2019s results, it can be suggested that the portfolio including real estate recorded more returns over the study\u2019s observation period, while recording a greater overall portfolio risk. Cross-correlation relationships between portfolios\u2019 assets, and correlations between the sample portfolios and the overall stock market imply how listed real estate acts as an efficient portfolio diversifier in a time-varying manner, especially over stable and positive market environments. When market volatility surges, these benefits diminish. According to the results, macroeconomic shifts tend to drive listed real estate\u2019s correlation relationships, mainly with the overall stock market, which decreases the diversification benefits during the times when they would be most beneficial to protect the portfolio.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Kiinteist\u00f6sijoittaminen jaetaan suoraan ja ep\u00e4suoraan kiinteist\u00f6sijoittamiseen, joista ensimm\u00e4isess\u00e4 sijoittaja itse omistaa kokonaan l\u00e4hinn\u00e4 asuin- tai toimitilakiinteist\u00f6j\u00e4. Ep\u00e4suora kiinteist\u00f6sijoittaminen tapahtuu erilaisten rahoitusinstrumenttien kautta, kuten hankkimalla osuuksia osakkeisiin tai indekseihin. Molempia sijoitusmuotoja yhdist\u00e4v\u00e4 tekij\u00e4 on kiinteist\u00f6ist\u00e4 saadut hajautushy\u00f6dyt.\n \nTutkimuksen tarkoituksena on saada ajantasaista tietoa ep\u00e4suoran kiinteist\u00f6sijoittamisen hajautushy\u00f6dyist\u00e4 tasapainotetun sijoitussalkun avulla. Tutkimuksessa tarkastellaan kahden eri portfolion aikasidonnaisia kokonaistuottoja, modifioitua Sharpen lukua ja portfolion sis\u00e4lt\u00e4mien omaisuusluokkien v\u00e4list\u00e4 korrelaatiota eri ajanjaksoilla. Toinen sijoitussalkuista sis\u00e4lt\u00e4\u00e4 FTSE Nareit indeksin, joka edustaa tutkimuksessa ep\u00e4suoraa kiinteist\u00f6sijoitusta ja samalla kaikkia Yhdysvaltojen p\u00f6rssiin listattuja kiinteist\u00f6sijoitusyhti\u00f6it\u00e4. Tutkimus toteutetaan m\u00e4\u00e4r\u00e4llisen\u00e4 eli kvantitatiivisena tutkimuksena hy\u00f6dynt\u00e4en erilaisia vakiintuneita taloudellisia mittareita. Tutkimus keskittyy Yhdysvaltojen sijoitusmarkkinoille ja kattaa tarkasteluv\u00e4lilt\u00e4\u00e4n vuodet 2005-2024. \n\nTutkimustulosten perusteella voidaan todeta kiinteist\u00f6sijoituksia sis\u00e4lt\u00e4neen portfolion tuottaneen paremmin tarkastelujaksolla, sis\u00e4lt\u00e4en kuitenkin keskiarvoltaan korkeamman riskitason. Omaisuusluokkien keskin\u00e4iset sek\u00e4 portfolioiden ja osakemarkkinan v\u00e4liset korrelaatiokertoimet indikoivat kiinteist\u00f6sijoitusten hajautushy\u00f6tyj\u00e4 etenkin tasaisissa ja noususuhdanteisissa markkinatilanteissa. Markkinoiden volatiliteetin kasvaessa n\u00e4m\u00e4 hy\u00f6dyt sen sijaan laskivat. Tulosten mukaan makroekonomiset muutokset ohjaavat kiinteist\u00f6sijoitusten korrelaatiota erityisesti yleisen osakemarkkinan kanssa, joka v\u00e4hent\u00e4\u00e4 kiinteist\u00f6sijoitusten tuottamaa hajautushy\u00f6ty\u00e4 niill\u00e4 hetkill\u00e4, jolloin sit\u00e4 eniten tarvittaisiin.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2025-06-17T12:09:06Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2025-06-17T12:09:06Z (GMT). No. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "73", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": null, "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.title", "value": "The role of listed real estate in multi-asset portfolio diversification: quantitative evidence from the U.S.", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202506175474", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Laskentatoimi ja yritysrahoitus", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Accounting and Corporate Finance", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "qualifier": "copyright", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.description.accessibilityfeature", "value": "ei tietoa saavutettavuudesta", "language": "fi", "element": "description", "qualifier": "accessibilityfeature", "schema": "dc"}, {"key": "dc.description.accessibilityfeature", "value": "unknown accessibility", "language": "en", "element": "description", "qualifier": "accessibilityfeature", "schema": "dc"}]
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