market, whereas traditional A-REITs are integrated with the bond market. When examined on a quarterly basis, changes to …

can predict U.S. stock and bond market movements or vice versa. For the sample period from January 1970 until April 2009 … spillover from innovations in stocks to bond return volatility. Spillovers in terms of returns are higher during the early 1980s … bonds raises the question whether gold price movements can be used as a predictor for stocks and bond prices …