Gyourko, Joseph; Keim, Donald B. - In: Real Estate Economics 20 (1992) 3, pp. 457-485
This paper analyzes the risks and returns of different types of real estate-related firms traded on the New York and American stock exchanges (NYSE and AMEX). We examine the relation between real estate stock portfolio returns and returns on a standard appraisal-based index, and find that lagged...