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Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real Estate and Urban Economics Association; Fall 1992; 20, 3; ABI/INFORM Global pg. 457

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Page 1: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

What does the stock market tell us about real estate returns?Gyourko, Joseph; Keim, Donald BJournal of the American Real Estate and Urban Economics Association; Fall 1992; 20, 3; ABI/INFORM Globalpg. 457

Page 2: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 3: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 4: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 5: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 6: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 7: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 8: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 9: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

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Page 10: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

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Page 11: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 12: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 13: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

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Page 14: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 15: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

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Page 16: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 17: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 18: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 19: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 20: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 21: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 22: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 23: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 24: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 25: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 26: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 27: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 28: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 29: What does the stock market tell us about real estate ... · What does the stock market tell us about real estate returns? Gyourko, Joseph; Keim, Donald B Journal of the American Real

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.