{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,8]],"date-time":"2026-02-08T09:19:16Z","timestamp":1770542356027,"version":"3.49.0"},"reference-count":87,"publisher":"Emerald","issue":"6","license":[{"start":{"date-parts":[[2024,8,9]],"date-time":"2024-08-09T00:00:00Z","timestamp":1723161600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JPIF"],"published-print":{"date-parts":[[2024,10,11]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>This paper studies diversification and value in the investment portfolios of (non-listed) Real Estate Investment Funds (REIFs) exploring how the value of diversification is captured by the market and by investors (beyond reported valuations).<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>We apply the Herfindahl-Hirschman Index (HHI) to study the level of concentration versus diversification in the investment portfolios of REIFs (both in terms of segment and geographical diversification). We use a dataset from INREV with data from 62 investment portfolios, with an average of 86 REIFs per portfolio for the period of 2008\u20132020 (to study segment diversification). We use a second dataset from INREV with data from 30 investment portfolios with an average of 79 REIFs per portfolio for the period of 2005\u20132020 (to study geographical diversification). We employ a cluster analysis approach to identify common features among the investment funds.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>We conclude that (segment diversified) portfolios with higher degrees of leverage exhibit higher income yields, albeit diversification is captured indirectly through asset choices \u2013 more diversified portfolios tend to exhibit a stronger risk and return relationship. Also, geographical diversification creates value (more significantly by for the correct combination of countries carefully choosing what different geographies to group in the diversified portfolio).<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title><jats:p>One limitation of our study is that our portfolios are funds of funds, since the available data could not reach the asset detail, but we believe this does not compromise our results.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>Diversification leads to higher risk-adjusted returns which suggests that properties may be undervalued (market value) in the framework of the Gordon Model, contrary to expectations (regarding investment value).<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>Investors capture the value of diversification differently, suggesting a gap between market value and investment value that can be explored.<\/jats:p><\/jats:sec>","DOI":"10.1108\/jpif-02-2024-0025","type":"journal-article","created":{"date-parts":[[2024,8,8]],"date-time":"2024-08-08T11:57:27Z","timestamp":1723118247000},"page":"554-575","source":"Crossref","is-referenced-by-count":1,"title":["Is there a diversification paradox in real estate investment funds' value?"],"prefix":"10.1108","volume":"42","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-5782-3460","authenticated-orcid":false,"given":"Pedro A.","family":"Fernandes","sequence":"first","affiliation":[]},{"given":"Jo\u00e3o","family":"Carvalho das Neves","sequence":"additional","affiliation":[]},{"given":"Jorge","family":"Caiado","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2024,8,9]]},"reference":[{"issue":"4","key":"key2024101008351012000_ref001","doi-asserted-by":"publisher","first-page":"1751","DOI":"10.1111\/jofi.12688","article-title":"Estimating private equity returns from limited partner cash flows","volume":"73","year":"2018","journal-title":"The Journal of Finance"},{"issue":"10","key":"key2024101008351012000_ref002","doi-asserted-by":"publisher","first-page":"1","DOI":"10.3905\/jpm.2021.1.276","article-title":"Private equity real estate fund performance: a comparison to REITs and open-end core funds","volume":"47","year":"2021","journal-title":"The Journal of Portfolio Management"},{"issue":"2","key":"key2024101008351012000_ref003","doi-asserted-by":"publisher","first-page":"291","DOI":"10.1080\/10835547.1999.12090996","article-title":"Investor sentiment and noise traders: discount to net asset value in listed property companies in the U.K","volume":"18","year":"1999","journal-title":"Journal of Real Estate Research"},{"issue":"3","key":"key2024101008351012000_ref004","doi-asserted-by":"publisher","first-page":"422","DOI":"10.1111\/j.1540-6229.2011.00322.x","article-title":"Concentration and market structure in local real estate markets","volume":"40","year":"2012","journal-title":"Real Estate Economics"},{"issue":"2","key":"key2024101008351012000_ref005","doi-asserted-by":"publisher","first-page":"107","DOI":"10.1080\/10835547.2007.12089771","article-title":"Transparency in the european non-listed real estate funds market","volume":"13","year":"2007","journal-title":"Journal of Real Estate Portfolio Management"},{"issue":"7","key":"key2024101008351012000_ref006","doi-asserted-by":"publisher","first-page":"381","DOI":"10.1002\/mde.1027","article-title":"Estimating serial cross-correlation in real estate returns","volume":"22","year":"2001","journal-title":"Managerial and Decision Economics"},{"key":"key2024101008351012000_ref007","doi-asserted-by":"publisher","first-page":"126","DOI":"10.1016\/j.inteco.2021.04.001","article-title":"Diversification potential in real estate portfolios","volume":"166","year":"2021","journal-title":"International Economics"},{"issue":"4","key":"key2024101008351012000_ref008","doi-asserted-by":"publisher","first-page":"587","DOI":"10.1111\/1540-6229.00785","article-title":"Focus, transparency and value: the REIT evidence","volume":"27","year":"1999","journal-title":"Real Estate Economics"},{"issue":"2","key":"key2024101008351012000_ref009","doi-asserted-by":"publisher","first-page":"93","DOI":"10.1080\/10835547.1998.12089554","article-title":"Geographic diversification and economic fundamentals in apartment markets: a demand perspective","volume":"4","year":"1998","journal-title":"Journal of Real Estate Portfolio Management"},{"issue":"2","key":"key2024101008351012000_ref010","doi-asserted-by":"publisher","first-page":"155","DOI":"10.53383\/100198","article-title":"The role of public markets in international real estate diversification","volume":"18","year":"2015","journal-title":"International Real Estate Review"},{"key":"key2024101008351012000_ref011","first-page":"1","volume-title":"The New Norm: ESG as a Material Risk and Opportunity for Real Estate","year":"2020"},{"issue":"03","key":"key2024101008351012000_ref012","first-page":"101","article-title":"The market structure of real estate investment trusts in Nigeria","volume":"11","year":"2018","journal-title":"Conference of the International Journal of Arts and Sciences"},{"issue":"2","key":"key2024101008351012000_ref013","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1007\/s11146-022-09914-z","article-title":"Sustainability and private equity real estate returns","volume":"68","year":"2022","journal-title":"The Journal of Real Estate Finance and Economics"},{"issue":"1","key":"key2024101008351012000_ref014","doi-asserted-by":"publisher","first-page":"51","DOI":"10.1080\/10835547.2018.12090006","article-title":"Time variation in the allocation to real estate assets through the life cycle","volume":"24","year":"2018","journal-title":"Journal of Real Estate Portfolio Management"},{"issue":"1","key":"key2024101008351012000_ref015","doi-asserted-by":"publisher","first-page":"73","DOI":"10.2308\/accr.2004.79.1.73","article-title":"PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital","volume":"79","year":"2004","journal-title":"The Accounting Review"},{"issue":"1-2","key":"key2024101008351012000_ref016","doi-asserted-by":"publisher","first-page":"152","DOI":"10.1007\/s11146-010-9244-5","article-title":"Transparency, integration, and the cost of international real estate investments","volume":"43","year":"2011","journal-title":"Journal of Real Estate Finance and Economics"},{"key":"key2024101008351012000_ref017","volume-title":"Cluster Analysis","year":"2001","edition":"4th ed."},{"key":"key2024101008351012000_ref018","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.gfj.2019.04.005","article-title":"The risk and return of private equity real estate funds","volume":"42","year":"2019","journal-title":"Global Finance Journal"},{"issue":"1","key":"key2024101008351012000_ref019","doi-asserted-by":"publisher","first-page":"267","DOI":"10.1111\/1540-6229.12308","article-title":"Geographic diversification in real estate investment trusts","volume":"49","year":"2019","journal-title":"Real Estate Economics"},{"issue":"2","key":"key2024101008351012000_ref020","doi-asserted-by":"publisher","first-page":"107","DOI":"10.1080\/10835547.1997.12090896","article-title":"Market structure in the residencial real estate brokerage market","volume":"14","year":"1997","journal-title":"Journal of Real Estate Research"},{"issue":"14","key":"key2024101008351012000_ref021","doi-asserted-by":"publisher","first-page":"1777","DOI":"10.1080\/00036846.2011.637898","article-title":"Analysing the performance of nonlisted real estate funds: a panel data analysis","volume":"45","year":"2013","journal-title":"Applied Economics"},{"issue":"2","key":"key2024101008351012000_ref022","doi-asserted-by":"publisher","first-page":"119","DOI":"10.1007\/bf01098657","article-title":"The present value model with time-varying discount rates: implications for commercial property valuation and investment decisions","volume":"11","year":"1995","journal-title":"Journal of Real Estate Finance and Economics"},{"key":"key2024101008351012000_ref023","volume-title":"Commercial Real Estate Analysis and Investments","year":"2006","edition":"2nd ed."},{"issue":"3","key":"key2024101008351012000_ref024","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1108\/17539260810924409","article-title":"Risk diversification in a real estate portfolio: evidence from Italian market","volume":"1","year":"2008","journal-title":"Journal of European Real Estate Research"},{"issue":"3","key":"key2024101008351012000_ref025","doi-asserted-by":"publisher","first-page":"271","DOI":"10.1111\/1540-6229.00666","article-title":"Clustering methods for real estate portfolios","volume":"23","year":"1995","journal-title":"Real Estate Economics"},{"issue":"2","key":"key2024101008351012000_ref026","doi-asserted-by":"publisher","first-page":"264","DOI":"10.1111\/j.1540-6261.1963.tb00722.x","article-title":"Optimal investment and financing policy","volume":"18","year":"1963","journal-title":"The Journal of Finance"},{"key":"key2024101008351012000_ref027","first-page":"1","article-title":"International transparency in real estate markets","year":"2000"},{"issue":"1","key":"key2024101008351012000_ref028","doi-asserted-by":"publisher","first-page":"102","DOI":"10.1287\/mnsc.3.1.102","article-title":"Capital equipment analysis: the required rate of profit","volume":"3","year":"1956","journal-title":"Management Science"},{"issue":"1","key":"key2024101008351012000_ref029","doi-asserted-by":"publisher","first-page":"85","DOI":"10.1108\/pm-04-2020-0023","article-title":"A real estate portfolio management risk assessment framework for nonlisted real estate funds in India","volume":"39","year":"2021","journal-title":"Property Management"},{"key":"key2024101008351012000_ref030","doi-asserted-by":"publisher","first-page":"1261","DOI":"10.1016\/j.mex.2019.05.025","article-title":"Sphere-sphere intersection for investment portfolio diversification \u2014 a new data-driven cluster analysis","volume":"6","year":"2019","journal-title":"MethodsX"},{"issue":"2\/3","key":"key2024101008351012000_ref031","doi-asserted-by":"publisher","first-page":"107","DOI":"10.1023\/a:1012801612483","article-title":"On clustering validation techniques","volume":"17","year":"2001","journal-title":"Journal of Intelligent Information Systems"},{"issue":"317","key":"key2024101008351012000_ref032","doi-asserted-by":"publisher","first-page":"162","DOI":"10.2307\/2282919","article-title":"Measures of concentration","volume":"62","year":"1967","journal-title":"American Statistical Association Journal"},{"key":"key2024101008351012000_ref033","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1016\/j.jcorpfin.2013.10.006","article-title":"Institutional investors as monitors of corporate diversification decisions: evidence from real estate investment trusts","volume":"25","year":"2014","journal-title":"Journal of Corporate Finance"},{"issue":"2","key":"key2024101008351012000_ref034","doi-asserted-by":"publisher","first-page":"295","DOI":"10.1108\/jerer-04-2021-0024","article-title":"Commercial real estate prices and COVID-19","volume":"15","year":"2022","journal-title":"Journal of European Real Estate Research"},{"issue":"198","key":"key2024101008351012000_ref035","first-page":"1","article-title":"The performance and diversification potential of non-listed value-add real estate funds in Japan","volume":"15","year":"2022","journal-title":"Journal of Risk and Financial Management"},{"key":"key2024101008351012000_ref036","unstructured":"INREV (2023a), available at: https:\/\/www.inrev.org\/system\/files\/2023-02\/Global-Market-Insights-February-2023.pdf"},{"key":"key2024101008351012000_ref037","unstructured":"INREV (2023b), available at: https:\/\/www.inrev.org\/system\/files\/2023-07\/Global-Market-Insights-July-2023-.pdf"},{"key":"key2024101008351012000_ref087","volume-title":"International Valuation Standards (IVS)","author":"International Valuation Standards Council","year":"2022"},{"issue":"3","key":"key2024101008351012000_ref038","doi-asserted-by":"publisher","first-page":"307","DOI":"10.1080\/10835547.2005.12089732","article-title":"Challenging traditional real estate market classifications for investment diversification","volume":"11","year":"2005","journal-title":"Journal of Real Estate Portfolio Management"},{"issue":"1","key":"key2024101008351012000_ref039","doi-asserted-by":"publisher","first-page":"82","DOI":"10.1108\/jpif-09-2019-0123","article-title":"Real estate portfolios \u2013 the case for globally diversified core property funds","volume":"38","year":"2020","journal-title":"Journal of Property Investment and Finance"},{"issue":"3","key":"key2024101008351012000_ref040","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/1331677x.2023.2165525","article-title":"Robust portfolio optimization: a stochastic evaluation of worst-case scenarios","volume":"36","year":"2023","journal-title":"Economic Research-Ekonomska Istra\u017eivanja"},{"issue":"6","key":"key2024101008351012000_ref041","doi-asserted-by":"publisher","first-page":"1","DOI":"10.3390\/su13063239","article-title":"Bringing the user back in the building: an analysis of ESG in real estate and a behavioral framework to guide future research","volume":"13","year":"2021","journal-title":"Sustainability"},{"issue":"3","key":"key2024101008351012000_ref042","doi-asserted-by":"publisher","first-page":"1437","DOI":"10.1111\/jofi.12390","article-title":"Risk-adjusting the returns to venture capital","volume":"71","year":"2016","journal-title":"The Journal of Finance"},{"issue":"1","key":"key2024101008351012000_ref043","doi-asserted-by":"publisher","first-page":"51","DOI":"10.5709\/ce.1897-9254.468","article-title":"Cautionary note about the Herfindahl-Hirschman Index of market (industry) concentration","volume":"16","year":"2022","journal-title":"Contemporary Economics"},{"issue":"2","key":"key2024101008351012000_ref044","doi-asserted-by":"publisher","first-page":"119","DOI":"10.1108\/jpif-12-2020-0140","article-title":"The determinants of capitalisation rates: evidence from the US real estate markets","volume":"40","year":"2022","journal-title":"Journal of Property Investment and Finance"},{"issue":"8","key":"key2024101008351012000_ref045","doi-asserted-by":"publisher","first-page":"1","DOI":"10.3390\/e23081048","article-title":"On the dynamics of international real-estate-investment trust-propagation mechanisms: evidence from time-varying return and volatility connectedness measures","volume":"23","year":"2021","journal-title":"Entropy"},{"issue":"3","key":"key2024101008351012000_ref046","doi-asserted-by":"publisher","first-page":"672","DOI":"10.1111\/1540-6229.12327","article-title":"Does asset location and concentration explain REIT IPO valuation?","volume":"50","year":"2022","journal-title":"Real Estate Economics"},{"issue":"1","key":"key2024101008351012000_ref047","doi-asserted-by":"publisher","first-page":"49","DOI":"10.2307\/1880545","article-title":"Optimal dividends and corporate growth under uncertainty","volume":"78","year":"1964","journal-title":"The Quarterly Journal of Economics"},{"issue":"4","key":"key2024101008351012000_ref048","doi-asserted-by":"publisher","first-page":"587","DOI":"10.2307\/2977249","article-title":"Security prices, risk, and maximal gains from diversification","volume":"20","year":"1965","journal-title":"The Journal of Finance"},{"key":"key2024101008351012000_ref049","first-page":"1","article-title":"COVID-19 and stock market volatility: a clustering approach for S&P 500 industry indices","volume":"49","year":"2022","journal-title":"Finance Research Letters"},{"key":"key2024101008351012000_ref050","article-title":"Global real estate mutual funds: managerial shills and diversification benefits?","year":"2019"},{"key":"key2024101008351012000_ref051","volume-title":"Time Series Classification and Clustering","year":"2019"},{"issue":"1","key":"key2024101008351012000_ref052","doi-asserted-by":"publisher","first-page":"77","DOI":"10.1111\/j.1540-6261.1952.tb01525.x","article-title":"Portfolio selection","volume":"7","year":"1952","journal-title":"The Journal of Finance"},{"issue":"2","key":"key2024101008351012000_ref053","doi-asserted-by":"publisher","first-page":"181","DOI":"10.1080\/13504851.2011.570705","article-title":"Some notes on applying the herfidahl-herschman index","volume":"19","year":"2012","journal-title":"Applied Economic Letters"},{"issue":"3","key":"key2024101008351012000_ref054","doi-asserted-by":"publisher","first-page":"327","DOI":"10.1007\/s11146-020-09767-4","article-title":"Distance to headquarter and real estate equity performance","volume":"63","year":"2021","journal-title":"Journal of Real Estate Finance and Economics"},{"issue":"3","key":"key2024101008351012000_ref055","first-page":"261","article-title":"The cost of capital, corporation finance and the theory of investment","volume":"48","year":"1958","journal-title":"The American Economic Review"},{"issue":"3","key":"key2024101008351012000_ref056","doi-asserted-by":"publisher","first-page":"163","DOI":"10.1257\/jep.8.3.163","article-title":"Corporate diversification","volume":"8","year":"1994","journal-title":"Journal of Economic Perspective"},{"key":"key2024101008351012000_ref057","article-title":"An\u00e1lise de investimentos imobili\u00e1rios","year":"2010"},{"issue":"4","key":"key2024101008351012000_ref058","doi-asserted-by":"publisher","first-page":"398","DOI":"10.1108\/jpif-03-2019-0039","article-title":"US real estate as target assets for European investors: new empirical evidence of diversification benefits","volume":"37","year":"2019","journal-title":"Journal of Property Investment and Finance"},{"issue":"6","key":"key2024101008351012000_ref059","doi-asserted-by":"publisher","first-page":"1","DOI":"10.3390\/su15065436","article-title":"Research trends and directions on real estate investment trusts' performance risks","volume":"15","year":"2023","journal-title":"Sustainability"},{"issue":"1","key":"key2024101008351012000_ref060","doi-asserted-by":"publisher","first-page":"63","DOI":"10.23939\/eem2018.01.063","article-title":"Methodological approaches to determining the monopolisation level of primary residential real estate regional markets in Ukraine","volume":"5","year":"2018","journal-title":"Economics, Entrepreneurship, Management"},{"issue":"2","key":"key2024101008351012000_ref061","doi-asserted-by":"publisher","first-page":"163","DOI":"10.1080\/10835547.1999.12090084","article-title":"Diversification issues in real estate investment","volume":"7","year":"1999","journal-title":"Journal of Real Estate Literature"},{"issue":"3","key":"key2024101008351012000_ref062","doi-asserted-by":"publisher","first-page":"425","DOI":"10.1111\/j.1540-6261.1964.tb02865.x","article-title":"Capital asset prices: a theory of market equilibrium under conditions of risk","volume":"19","year":"1964","journal-title":"The Journal of Finance"},{"issue":"2","key":"key2024101008351012000_ref063","doi-asserted-by":"publisher","first-page":"149","DOI":"10.53383\/100197","article-title":"Introduction to the special issue of international real estate review","volume":"18","year":"2015","journal-title":"International Real Estate Review"},{"issue":"5-6","key":"key2024101008351012000_ref064","doi-asserted-by":"publisher","first-page":"1081","DOI":"10.1080\/0042098032000074335","article-title":"International direct real estate investment: a review of the literature","volume":"40","year":"2002","journal-title":"Urban Studies"},{"key":"key2024101008351012000_ref065","unstructured":"The European Association for Investors in Non-Listed Real Estate Vehicles (2022), \u201cEuropean association for investors in non-listed real estate vehicles\u201d, INREV, available at: https:\/\/www.inrev.org\/"},{"key":"key2024101008351012000_ref066","volume-title":"European Valuation Standards (EVS) 2020","author":"The European Group of Valuer\u2019s Association (TEGOVA)","year":"2021"},{"issue":"5","key":"key2024101008351012000_ref067","doi-asserted-by":"publisher","first-page":"427","DOI":"10.1108\/jpif-01-2019-0002","article-title":"Risk assessment in commercial real estate development: an application of analytic network process","volume":"37","year":"2019","journal-title":"Journal of Property Investment and Finance"},{"key":"key2024101008351012000_ref068","doi-asserted-by":"crossref","unstructured":"Treynor, J.L. (1961), Market Value, Time, and Risk, available at: https:\/\/www.academia.edu\/15615379\/Jack_Treynors_Market_Value_Time_and_Risk_","DOI":"10.2139\/ssrn.2600356"},{"key":"key2024101008351012000_ref069","unstructured":"Treynor, J.L. (1962), Toward a Theory of Market Value of Risk Assets, available at: https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=628187"},{"issue":"1","key":"key2024101008351012000_ref070","doi-asserted-by":"publisher","first-page":"75","DOI":"10.1080\/10835547.2000.12089593","article-title":"Evaluating \u201cwithin real estate\u201d diversification strategies","volume":"6","year":"2000","journal-title":"Journal of Real Estate Portfolio Management"},{"issue":"1","key":"key2024101008351012000_ref071","doi-asserted-by":"publisher","first-page":"113","DOI":"10.53383\/100318","article-title":"Real estate return in Hong Kong and its determinants: a dynamic Gordon growth model analysis","volume":"24","year":"2021","journal-title":"International Real Estate Review"},{"issue":"10","key":"key2024101008351012000_ref072","doi-asserted-by":"publisher","first-page":"91","DOI":"10.3905\/jpm.2021.1.266","article-title":"Global risk premiums on direct office real estate returns","volume":"47","year":"2021","journal-title":"Journal of Portfolio Management"},{"issue":"2","key":"key2024101008351012000_ref073","doi-asserted-by":"publisher","first-page":"73","DOI":"10.1016\/1057-0810(92)90003-u","article-title":"An index of portfolio diversification","volume":"2","year":"1993","journal-title":"Financial Services Review"},{"key":"key2024101008351012000_ref074","doi-asserted-by":"publisher","first-page":"141","DOI":"10.1016\/j.omega.2018.04.009","article-title":"Investigating the regional sustainable performance of the Chinese real estate industry: a slack-based DEA approach","volume":"84","year":"2019","journal-title":"Omega"},{"key":"key2024101008351012000_ref075","unstructured":"Associa\u00e7\u00e3o Portuguesa de Fundos de Investimento, Pens\u00f5es e Patrim\u00f3nio (2022), \u201cAPFIPP\u201d, available at: https:\/\/www.apfipp.pt\/index2.aspx?MenuCode=FP"},{"issue":"1","key":"key2024101008351012000_ref076","doi-asserted-by":"publisher","first-page":"49","DOI":"10.1023\/a:1007879805481","article-title":"Sticky valuations, aggregation effects and property indices","volume":"20","year":"2000","journal-title":"Journal of Real Estate Finance and Economics"},{"issue":"5","key":"key2024101008351012000_ref077","doi-asserted-by":"publisher","first-page":"149","DOI":"10.17265\/1537-1506\/2021.05.001","article-title":"Analysis of the spatial concentration of the real estate distribution channel in Spain: \u2018Pure player\u2019 disruption","volume":"20","year":"2021","journal-title":"Chinese Business Review"},{"key":"key2024101008351012000_ref078","unstructured":"Garay, U. (2016), \u201cListed versus unlisted real estate investments\u201d, in Kazemi, H., Black, K. and Chambers, D. (Eds), Alternative Investments: CAIA Level II, Wiley Finance, pp.\u00a0423-449."},{"issue":"3","key":"key2024101008351012000_ref079","doi-asserted-by":"publisher","first-page":"190","DOI":"10.1080\/09599916.2016.1199590","article-title":"Risk factors of european non-listed real estate fund returns","volume":"33","year":"2016","journal-title":"Journal of Property Research"},{"issue":"3","key":"key2024101008351012000_ref080","doi-asserted-by":"publisher","first-page":"27","DOI":"10.1108\/09588689510101667","article-title":"Using commercial property indices for measuring portfolio performance","volume":"6","year":"1995","journal-title":"Journal of Property Finance"},{"key":"key2024101008351012000_ref081","volume-title":"Statistics for Business and Economics","year":"2013"},{"issue":"2","key":"key2024101008351012000_ref082","doi-asserted-by":"publisher","first-page":"437","DOI":"10.2307\/2491416","article-title":"On the theory of forecast horizon in equity valuation","volume":"37","year":"1999","journal-title":"Journal of Accounting Research"},{"issue":"4","key":"key2024101008351012000_ref083","doi-asserted-by":"publisher","first-page":"383","DOI":"10.1108\/14635780310483656","article-title":"Real estate appraisal: a review of valuation methods","volume":"21","year":"2003","journal-title":"Journal of Property Investment and Finance"},{"key":"key2024101008351012000_ref084","volume-title":"Research Methods for Business Students","year":"2016"},{"issue":"3","key":"key2024101008351012000_ref085","doi-asserted-by":"publisher","first-page":"415","DOI":"10.1080\/10835547.2011.12091308","article-title":"Funds from operations versus net income: examiningthe dividend relevance of REIT performance measures","volume":"33","year":"2011","journal-title":"Journal of Real Estate Research"},{"issue":"1","key":"key2024101008351012000_ref086","doi-asserted-by":"publisher","first-page":"105","DOI":"10.1080\/10835547.2000.12091009","article-title":"International real estate diversification: empirical tests using hedged indices","volume":"19","year":"2000","journal-title":"Journal of Real Estate Research"}],"container-title":["Journal of Property Investment &amp; Finance"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JPIF-02-2024-0025\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JPIF-02-2024-0025\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T22:16:59Z","timestamp":1753395419000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/jpif\/article\/42\/6\/554-575\/1231347"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,8,9]]},"references-count":87,"journal-issue":{"issue":"6","published-online":{"date-parts":[[2024,8,9]]},"published-print":{"date-parts":[[2024,10,11]]}},"alternative-id":["10.1108\/JPIF-02-2024-0025"],"URL":"https:\/\/doi.org\/10.1108\/jpif-02-2024-0025","relation":{},"ISSN":["1463-578X"],"issn-type":[{"value":"1463-578X","type":"print"}],"subject":[],"published":{"date-parts":[[2024,8,9]]}}}