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Empirical Risk-Return Analysis of Real Estate Investments in the U.S., 1972-1999


  • Jack Clark Francis

    () (CUNY Baruch College)

  • Roger G. Ibbotson

    () (School of Management)


This article reviews the empirical risk and return statistics from physical real estate and financial real estate investments made in the U.S. over the period 1972-1999. It includes income, capital appreciation, and total returns from business, residential, and farm real estate, as well as REIT equity and mortgages. These investments are compared to U.S. stocks, bonds, inflation, and other asset categories. The advantages and disadvantages of investing in the real estate are enumerated.

Suggested Citation

  • Jack Clark Francis & Roger G. Ibbotson, 2001. "Empirical Risk-Return Analysis of Real Estate Investments in the U.S., 1972-1999," Yale School of Management Working Papers ysm235, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm235

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    Real Estate;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates


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