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Diversification gains in mean-variance efficiency derived from including real atace in financial assel portfolios are examined. Optimal financial and mixed-ass* portfolios were generated by selecting from an investment universe including sevnal distinct financial and rral estate media. Deficiencies of pmious studies were overcome by employing data with improved rrprcsmtatirmm and comparabtlity. The etlkient mixedportfolios dominated the efficient financial asset portfolios implying that purely financial asset diversification is inefficient. The optimal mixedasset portfolio pmcribed that approximately two-thirds of the investment wealth be allocated to real atate and one-third to the financial media.Subject A m Rmfodfo Analysis and R d &arc

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This paper reports the findings of a national survey regarding the financial management practices of United States credit unions. The US credit union industry is clearly in a period of transition. The study indicates that the way in which credit unions approach financial management may have a decided impact on how successful the industry adjusts to deregulated marketplaces. The research highlights the importance of managed growth through selective product diversification, identification of profitable market niches, and the use of modern risk management techniques.