Institutional Portfolios: Diversification through Farmland Investment
This article demonstrates that farmland can enhance the overall performance of institutional portfolios which are currently dominated by stocks, bonds, and business real estate. Unlike previous articles on farmland returns, this article addresses the issue of "smoothing bias" associated with appraisal-based farmland returns. Improved measures of income returns to farmland are also used in developing the estimates of optimal portfolios. Parametric testing revealed that farmland continues to enter the optimal portfolios even for large increases in the variance or for large reductions in the annual returns to farmland. Copyright American Real Estate and Urban Economics Association.
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Volume (Year): 20 (1992)
Issue (Month): 4 ()
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