2026-09-21T03:54:35Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/771262026-06-06T01:05:35Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
David Geltner.
Ono, Takanori
Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.
Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.
Massachusetts Institute of Technology. Center for Real Estate
a-ja---
2013-02-15T14:41:30Z
2013-02-15T14:41:30Z
2012
2012
http://hdl.handle.net/1721.1/77126
825116667
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2012.
Cataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 81-83).
This paper discusses possible optimal corporate portfolio composition for Japanese trading and investment firms from stakeholders' (specifically shareholders and employees) value maximization perspective. Based on the historical returns of diversified business units of 4 subject companies, performances of individual business units and three portfolios (current, tangency, and "suboptimal") are analyzed and compared. The study suggests adjusting suboptimal portfolio composition based on each business unit's systematic risk and excess market return relative to its systematic risk and industry average. A firm also needs consideration on how the composition adjustment would affect diversification benefits the firm now enjoys and also on its overall management strategy. Key words: corporate portfolio management, diversification, stakeholder theory, portfolio theory, CAPM, Index model, accounting beta, Jensen's Alpha, Treynor ratio, multi-factor model.
by Takanori Ono.
S.M. in Real Estate Development
83 p.
eng
Massachusetts Institute of Technology
M.I.T. theses are protected by
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http://dspace.mit.edu/handle/1721.1/7582
Center for Real Estate. Program in Real Estate Development.
Corporate portfolio management within Japanese diversified trading & investment companies : what role does real estate play?
Thesis
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Publication
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<Abstract>This paper discusses possible optimal corporate portfolio composition for Japanese trading and investment firms from stakeholders' (specifically shareholders and employees) value maximization perspective. Based on the historical returns of diversified business units of 4 subject companies, performances of individual business units and three portfolios (current, tangency, and "suboptimal") are analyzed and compared. The study suggests adjusting suboptimal portfolio composition based on each business unit's systematic risk and excess market return relative to its systematic risk and industry average. A firm also needs consideration on how the composition adjustment would affect diversification benefits the firm now enjoys and also on its overall management strategy. Key words: corporate portfolio management, diversification, stakeholder theory, portfolio theory, CAPM, Index model, accounting beta, Jensen's Alpha, Treynor ratio, multi-factor model.</Abstract>
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