Figure 3 The reactions of the securitized and direct industrial property returns to shocks in the fundamentals
quarters from the shock
01 23456789 10 11 12
quarters from the shock
quarters from the shock
0.06
0.05
0.04
0.03
0.02
0.01
0.00
-0.01
-0.02
01 23456789 10 11 12
quarters from the shock
0123456789 10 11 12
quarters from the shock
-0.04
Response of dTBI to dIRN
0.04
0.00
0.03
0.02
0.01
-0.01
-0.02
-0.03
0123456789 10 11 12
-0.04
Response ofdTBIto dSE
0.04
0.00
0.03
0.02
0.01
-0.01
-0.02
-0.03
01 23456789 10 11 12
quarters from the shock
quarters from the shock
Response of dRET to dIRN
0.04 -∣---------------------------------------------------------------------
0.03 - ∖
0.02 -
4
0.01 - X
____ X
0.00-- ʌ-Z~Z∑3 = ≈""∣
-0.01 - " *"
-0.02 -
-0.03 -
-0.04 --------------1-----------1------------1-----------1-----------1-----------1------------1-----------1-----------1------------1-----------1-----------1------------1-
01 23456789 10 11 12
quarters from the shock
22