Kröncke, TimSchindler, Felix2024-12-182012-110261-5606https://doi.org/10.1016/j.jimonfin.2012.05.018https://irf.fhnw.ch/handle/11654/48222This paper analyzes diversification benefits from international securitized real estate in a mixed-asset context. We apply regression-based mean-variance efficiency tests, conditional on currency-unhedged and fully hedged portfolios to account for systematic foreign exchange movements. From the perspective of a US investor, it is shown that, first, international diversification is superior to a US mixed-asset portfolio, second, adding international real estate to an already internationally diversified stock and bond portfolio results in a further significant improvement of the risk-return trade-off and, third, considering unhedged international assets could lead to biased asset allocation decisions not realizing the true diversification benefits from international assets.en330 - Wirtschaft01A - Beitrag in wissenschaftlicher Zeitschrift1851-1866