<p> Table of Contents:<br><br>

Chapter 1

: Introduction<br>1.1 Background of the Study<br>1.2 Research Objectives<br>1.3 Scope and Significance of the Study<br>1.4 Structure of the Thesis<br><br>

Chapter 2

: Literature Review<br>2.1 Conceptual Framework of Real Estate Investment Trusts (REITs)<br>2.2 Portfolio Diversification Theory<br>2.3 Empirical Studies on REITs and Portfolio Diversification<br>2.4 Theoretical Perspectives on the Relationship between REITs and Portfolio Diversification<br><br>

Chapter 3

: Methodology<br>3.1 Research Design<br>3.2 Data Collection Methods<br>3.3 Data Analysis Techniques<br>3.4 Limitations of the Study<br><br>

Chapter 4

: Analysis of Historical Performance<br>4.1 Historical Performance of REITs<br>4.2 Comparison with Traditional Asset Classes<br>4.3 Risk-Return Characteristics of REIT Investments<br><br>

Chapter 5

: Correlation Analysis and Portfolio Diversification<br>5.1 Correlation Analysis of REITs with Other Asset Classes<br>5.2 Portfolio Simulation and Diversification Benefits<br>5.3 Sensitivity Analysis and Robustness Checks<br><br>Chapter 6: Findings and Discussion<br>6.1 Summary of Key Findings<br>6.2 Implications for Investors and Portfolio Managers<br>6.3 Future Research Directions<br><br>Chapter 7: Conclusion<br>7.1 Recap of Research Objectives and Findings<br>7.2 Contributions to the Literature<br>7.3 Practical Implications and Recommendations<br><br>References<br><br>Appendices<br><br><br></p>