Purpose – The outlook for investment yields is one of the key uncertainties facing the real estate investor at any time. By examining the relationship of yields to other factors across a large number of office markets, in many countries, over five years, the paper aims to establish...

This paper shows that standard multifactor asset pricing models provide an adequate description of excess returns on stock indexes of German industrial sectors. The only exception is the banking sector index. It offers lower monthly excess returns than suggested by exposures to risk factors in...