| Article ID: | iaor201522759 |
| Volume: | 7 |
| Issue: | 1 |
| Start Page Number: | 57 |
| End Page Number: | 68 |
| Publication Date: | Mar 1984 |
| Journal: | Journal of Financial Research |
| Authors: | Miles Mike, McCue Tom |
| Keywords: | investment |
This study investigates primarily the relationship between portfolio size and the reduction of return variation in real estate portfolios and attempts to provide some notion of what represents an ‘adequate’ level of naive diversification. The study also examines the proportional components of the total risk in real estate investment. The results provide information on the relative percentage of total risk accounted for by systematic or ‘market’ factors.