TY - CONF T1 - Potentiality of Real Estate in Polish Pension Funds Portfolios T2 - 16th Annual European Real Estate Society Conference Y1 - 2009 A1 - Magdalena Zaleczna A1 - Rafal Wolski AB - "Pension funds are interested first of all in long-term low-risk investments and their portfolios are required to be diversified. Having at their disposal regular long-term contributions the funds are trying to invest the capital in the best possible way from the point of view of their future beneficiaries. The ways of capital allocation are also critical in terms of the entire economy, as a constant flow of financial resources provided by pension funds stimulates its recipients. There is an important question about the construction of pension funds efficient portfolios. Despite the OECD Guidelines and results of research studies Polish pension fundsí legal investment limits exclude the direct investment in real estate. This solution decreases the diversification potentiality. The investment regulation has produced investment portfolios consisting mainly of Polish stocks and bonds. Authors analyze the Polish pension funds portfolios focusing on risk and return level. The aim of the study is an attempt to find the answer to an important question about the results of hypothetical adding of real estate to the pension funds portfolios."" JA - 16th Annual European Real Estate Society Conference T3 - ERES: Conference CY - Stockholm, Sweden U3 - RePEc:arz:wpaper:eres2009_165 J1 - Conference 2009 ID - oai:eres.id:eres2009_165 M3 - 10.15396/eres2009_165 ER -