time - total returns to the largest, but oft ignored, component of household wealth, housing. The annual data on total … returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many …

The risk premium puzzle is even worse than previously reported if housing is also taken into consideration next to … equity. While housing premia are only moderately smaller than equity premia, they are significantly less volatile and the … Sharpe ratio of housing is significantly larger. Hence, three question arise: i) are existing approaches to explain the …

The risk premium puzzle is even worse than previously reported if housing is also taken into consideration next to … equity. While housing premia are only moderately smaller than equity premia, they are significantly less volatile and the … Sharpe ratio of housing is significantly larger. Hence, three question arise: i) are existing approaches to explain the …