Figure 4
The reactions of the securitized and direct office returns to shocks in the fundamentals
quarters from the shock
quarters from the shock
0.06
Response of dTBI to dREIT
•0.02
0.05 -
0.04 -
0.03 -
0.02 -
0.01 -
0.00
-0.01 -
01 23456789 10 11 12
quarters from the shock
quarters from the shock
quarters from the shock
0123456789 10 11 12
quarters from the shock
quarters from the shock
23
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