Portfolio Diversification of Nigerian REIT: Evidence from an African Real Estate Market
Daniel Dabara,
Augustina Chiwuzie,
Oluwafemi Ayodele
et al.
Abstract:This study examines REITs' risk-adjusted performance and diversification benefits in an emerging African property market (Nigeria). The data on the quarterly returns of N-REIT, the Nigerian Federal Government Bonds (FGB), and the stock market's All-Share Index (ASI) were obtained and analysed to reveal their risk-adjusted performance and diversification benefit. Two mean-variance portfolios were developed to assess N-REITs' effect in the mixed asset portfolio. While the first portfolio was unconstrained, the s… Show more
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