Publication

The role of listed property in New Zealand institutional investment portfolios

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Authors
Kelly, Jessie E.
Date
1999
Type
Dissertation
Collections
Restricted Theses and Dissertations
Department of Land Management and Systems
Keywords
investment, institutional investment portfolios, asset allocation, property investment, listed property assets, direct property assets, New Zealand
Fields of Research
ANZSRC::150205 Investment and Risk Management, ANZSRC::150403 Real Estate and Valuation Services
Abstract
The role of listed property in New Zealand institutional investment portfolios is analysed. The asset allocations of major New Zealand investment managers is studied over 1993 to 1998. NZSE40 Gross Index, Ord Minnett Property Index property and BOMA Index are analysed to determine whether listed property performs as equities or direct property. Results for the period from 1993 to 1998 show that listed property exhibits a high correlation with equities and low correlation with direct property, indicating that listed property performs more like equities than it does the underlying physical property assets.
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https://hdl.handle.net/10182/3066
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