Domestic and foreign bias in global real estate mutual fund investment allocations

Imazeki, T. and Gallimore, P. (2010) Domestic and foreign bias in global real estate mutual fund investment allocations. Journal of Property Research, 26 (4). pp. 367-389. ISSN 1466-4453 doi: 10.1080/09599916.2009.485419

Abstract/Summary

The purpose of the study is to seek a better understanding of the investment allocation behaviour of the real estate mutual funds by focusing on asset allocation at the country level. Analysing the country allocation of 553 real estate mutual funds domiciled in 20 countries, we attempt to trace how investment bias exists across countries and affects their country allocations. Our results evidence the existence of disproportionate country allocation to their domestic markets (domestic bias) and to each foreign market (foreign bias). We also find each bias is influenced by different sets of variables: real estate market influences for domestic bias and familiarity influences for foreign bias. This difference in factors influential for each bias in part explains the conflated relationship between the two biases.

Item Type	Article
URI	https://reading-clone.eprints-hosting.org/id/eprint/29309
Item Type	Article
Refereed	Yes
Divisions	Henley Business School > Real Estate and Planning
Publisher	Routledge
Download/View statistics	View download statistics for this item