메뉴 건너뛰기




Volumn 17, Issue 3, 1999, Pages 239-260

The performance and inflation hedging ability of regional housing markets

Author keywords

Housing; Property Investment; United Kingdom

Indexed keywords


EID: 84986052281     PISSN: 1463578X     EISSN: None     Source Type: Journal    
DOI: 10.1108/14635789910270503     Document Type: Review
Times cited : (23)

References (54)
  • 1
    • 84986178745 scopus 로고    scopus 로고
    • The inflation hedging characteristics of property and property securities in the United Kingdom
    • paper presented to the Annual Conference of the International Real Estate Society, Stockholm
    • Barkham, R.J., Henry, O.T. and Ward, C.W.R. (1996a), “The inflation hedging characteristics of property and property securities in the United Kingdom”, paper presented to the Annual Conference of the International Real Estate Society, Stockholm.
    • (1996)
    • Barkham, R.J.1    Henry, O.T.2    Ward, C.W.R.3
  • 2
    • 0347313328 scopus 로고    scopus 로고
    • The inflation hedging characteristics of UK property
    • Barkham, R.J., Ward, C.W.R. and Henry, O.T. (1996b), “The inflation hedging characteristics of UK property”, Journal of Property Finance, Vol. 7 No. 1, pp. 62-76.
    • (1996) Journal of Property Finance , vol.7 , Issue.1 , pp. 62-76
    • Barkham, R.J.1    Ward, C.W.R.2    Henry, O.T.3
  • 3
    • 84981600915 scopus 로고
    • Regional earnings and unemployment – a simultaneous approach
    • Blackaby, D.H. and Manning, D.N. (1992), “Regional earnings and unemployment – a simultaneous approach”, Oxford Bulletin of Economics and Statistics, Vol. 54 No. 4, pp. 481-501.
    • (1992) Oxford Bulletin of Economics and Statistics , vol.54 , Issue.4 , pp. 481-501
    • Blackaby, D.H.1    Manning, D.N.2
  • 4
    • 0001564888 scopus 로고
    • Property portfolio allocation: a multi-factor model
    • Blundell, C.F. and Ward, C.W.R. (1987), “Property portfolio allocation: a multi-factor model”, Land Development Studies, Vol. 4, pp. 145-56.
    • (1987) Land Development Studies , vol.4 , pp. 145-156
    • Blundell, C.F.1    Ward, C.W.R.2
  • 5
    • 84981641671 scopus 로고
    • House prices, wages and the UK labour market
    • Bover, O., Muellbaur, J. and Murphy, A. (1989), “House prices, wages and the UK labour market”, Bulletin, pp. 97-136.
    • (1989) Bulletin , pp. 97-136
    • Bover, O.1    Muellbaur, J.2    Murphy, A.3
  • 7
    • 0042394991 scopus 로고
    • Real estate in the multi-asset portfolio
    • Hudson-Wilson and Wurtzebach (Eds), Irwin, New York, NY
    • Coleman, M., Hudson-Wilson, S. and Webb, J.R. (1994), “Real estate in the multi-asset portfolio”, in Hudson-Wilson and Wurtzebach (Eds), Managing Real Estate Portfolios, Irwin, New York, NY.
    • (1994) Managing Real Estate Portfolios
    • Coleman, M.1    Hudson-Wilson, S.2    Webb, J.R.3
  • 8
    • 0001141406 scopus 로고
    • Inflation uncertainty and expected returns on Treasury Bills
    • Fama, E.F. (1976b), “Inflation uncertainty and expected returns on Treasury Bills”, Journal of Political Economy, Vol. 84 No. 3, pp. 427-48.
    • (1976) Journal of Political Economy , vol.84 , Issue.3 , pp. 427-448
    • Fama, E.F.1
  • 9
    • 0010914826 scopus 로고
    • Interest rates and inflation: the message in the entrails
    • June
    • Fama, E.F. (1977), “Interest rates and inflation: the message in the entrails”, American Economic Review, Vol. 67 No. 3, June, pp. 487-96.
    • (1977) American Economic Review , vol.67 , Issue.3 , pp. 487-496
    • Fama, E.F.1
  • 10
    • 33749009107 scopus 로고
    • Stock returns, real activity, inflation and money’
    • September
    • Fama, E.F. (1981), “Stock returns, real activity, inflation and money’’, American Economic Review, Vol. 71 No. 4, September, pp. 545-65.
    • (1981) American Economic Review , vol.71 , Issue.4 , pp. 545-565
    • Fama, E.F.1
  • 11
    • 0042413242 scopus 로고
    • Inflation, real returns and capital investment
    • Fama, E.F. and Gibbons, M. (1982), “Inflation, real returns and capital investment”, Journal of Monetary Economics, Vol. 9 No. 3, pp. 297-323.
    • (1982) Journal of Monetary Economics , vol.9 , Issue.3 , pp. 297-323
    • Fama, E.F.1    Gibbons, M.2
  • 15
    • 0006110077 scopus 로고
    • 20 percent in real estate: can theory justify it?’
    • Winter
    • Fogler, H.R. (1984), “20 percent in real estate: can theory justify it?’’, Journal of Portfolio Management, Winter, pp. 6-13.
    • (1984) Journal of Portfolio Management , pp. 6-13
    • Fogler, H.R.1
  • 16
    • 84944830402 scopus 로고
    • A theoretical analysis of real estate returns
    • July
    • Fogler, H.R., Granito, M.R. and Smith, L.R. (1985), “A theoretical analysis of real estate returns”, Journal of Finance, Vol. 40 No. 3, July, pp. 711-9.
    • (1985) Journal of Finance , vol.40 , Issue.3 , pp. 711-719
    • Fogler, H.R.1    Granito, M.R.2    Smith, L.R.3
  • 17
    • 0013561743 scopus 로고
    • The performance of real estate as an asset class
    • Spring
    • Goetzmann, W.N. and Ibbotson, R.G. (1990), “The performance of real estate as an asset class”, Journal of Applied Corporate Finance, Vol. 3 No. 1, Spring, pp. 65-76.
    • (1990) Journal of Applied Corporate Finance , vol.3 , Issue.1 , pp. 65-76
    • Goetzmann, W.N.1    Ibbotson, R.G.2
  • 18
    • 47249115874 scopus 로고    scopus 로고
    • Swiss real estate as a hedge against inflation: new evidence using hedonic and autoregressive models
    • Hamelink, F. and Hoesli, M. (1996), “Swiss real estate as a hedge against inflation: new evidence using hedonic and autoregressive models”, Journal of Property Finance, Vol. 7 No. 1, pp. 33-49.
    • (1996) Journal of Property Finance , vol.7 , Issue.1 , pp. 33-49
    • Hamelink, F.1    Hoesli, M.2
  • 21
    • 0042895961 scopus 로고
    • Real estate as a hedge against inflation: learning from the Swiss case
    • Hoesli, M.E. (1994), “Real estate as a hedge against inflation: learning from the Swiss case”, Journal of Property Valuation & Investment, Vol. 12 No. 3, pp. 51-9.
    • (1994) Journal of Property Valuation & Investment , vol.12 , Issue.3 , pp. 51-59
    • Hoesli, M.E.1
  • 22
    • 0006039443 scopus 로고
    • Property returns and inflation
    • Limmack, R.J. and Ward, C.W.R. (1988), “Property returns and inflation”, Land Development Studies, Vol. 5 No. 1, pp. 47-55.
    • (1988) Land Development Studies , vol.5 , Issue.1 , pp. 47-55
    • Limmack, R.J.1    Ward, C.W.R.2
  • 23
    • 0027449738 scopus 로고
    • Regional house prices in Britain: long-run relationships and short-run dynamics’
    • MacDonald, R. and Taylor, M.P. (1993), “Regional house prices in Britain: long-run relationships and short-run dynamics’’, Scottish Journal of Political Economy, Vol. 40 No. 1, pp. 43-55.
    • (1993) Scottish Journal of Political Economy , vol.40 , Issue.1 , pp. 43-55
    • MacDonald, R.1    Taylor, M.P.2
  • 24
    • 84945599618 scopus 로고
    • The allocation to property in the multi-asset portfolio: the evidence and theory reconsidered’
    • MacGregor, B.D. and Nanthakumaran, N. (1992), “The allocation to property in the multi-asset portfolio: the evidence and theory reconsidered’’, Journal of Property Research, Vol. 9 No. 1, pp. 5-32.
    • (1992) Journal of Property Research , vol.9 , Issue.1 , pp. 5-32
    • MacGregor, B.D.1    Nanthakumaran, N.2
  • 25
    • 0002448619 scopus 로고    scopus 로고
    • The long-term inflation hedging characteristics of UK commercial property’
    • Matysiak, G., Hoesli, M., MacGregor, B. and Nanthakumaran, N. (1996), “The long-term inflation hedging characteristics of UK commercial property’’, Journal of Property Finance, Vol. 7 No. 1, pp. 50-61.
    • (1996) Journal of Property Finance , vol.7 , Issue.1 , pp. 50-61
    • Matysiak, G.1    Hoesli, M.2    MacGregor, B.3    Nanthakumaran, N.4
  • 27
    • 0011328724 scopus 로고    scopus 로고
    • The inflation hedging characteristics of Australian commercial property: 1984-1995’
    • Newell, G. (1996), “The inflation hedging characteristics of Australian commercial property: 1984-1995’’, Journal of Property Finance, Vol. 7 No. 1, pp. 6-20.
    • (1996) Journal of Property Finance , vol.7 , Issue.1 , pp. 6-20
    • Newell, G.1
  • 28
    • 84978561565 scopus 로고
    • Testing the Fisherian hypothesis: some methodological issues and further evidence from the UK
    • Summer
    • Peel, D.A. and Pope, P.F. (1985), “Testing the Fisherian hypothesis: some methodological issues and further evidence from the UK”, Journal of Business Finance and Accounting, Vol. 12 No. 2, Summer, pp. 297-311.
    • (1985) Journal of Business Finance and Accounting , vol.12 , Issue.2 , pp. 297-311
    • Peel, D.A.1    Pope, P.F.2
  • 29
    • 0141882849 scopus 로고    scopus 로고
    • An examination of the inflation hedging ability of Irish real estate
    • (forthcoming)
    • Stevenson, S. and Murray, L.C. (1999), “An examination of the inflation hedging ability of Irish real estate”, Journal of Real Estate Portfolio Management, (forthcoming).
    • (1999) Journal of Real Estate Portfolio Management
    • Stevenson, S.1    Murray, L.C.2
  • 30
    • 0346682654 scopus 로고    scopus 로고
    • Is commercial property a hedge against inflation? A cointegration approach
    • Tarbert, H. (1996), “Is commercial property a hedge against inflation? A cointegration approach”, Journal of Property Finance, Vol. 7 No. 1, pp. 77-98.
    • (1996) Journal of Property Finance , vol.7 , Issue.1 , pp. 77-98
    • Tarbert, H.1
  • 31
    • 84946357749 scopus 로고
    • An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias
    • Zellner, A. (1962), “An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias”, Journal of the American Statistical Association, Vol. 57, pp. 348-68.
    • (1962) Journal of the American Statistical Association , vol.57 , pp. 348-368
    • Zellner, A.1
  • 32
    • 0002833037 scopus 로고
    • Unsmoothing British valuation based returns without assuming an efficient market
    • Barkham, R.J. and Geltner, D. (1994), “Unsmoothing British valuation based returns without assuming an efficient market”, Journal of Property Research, Vol. 11 No. 2, pp. 81-95.
    • (1994) Journal of Property Research , vol.11 , Issue.2 , pp. 81-95
    • Barkham, R.J.1    Geltner, D.2
  • 33
    • 84977379610 scopus 로고
    • Price discovery in American and British property markets
    • Barkham, R.J. and Geltner, D. (1995), “Price discovery in American and British property markets”, Real Estate Economics, Vol. 23 No. 1, pp. 21-44.
    • (1995) Real Estate Economics , vol.23 , Issue.1 , pp. 21-44
    • Barkham, R.J.1    Geltner, D.2
  • 34
    • 0030094364 scopus 로고    scopus 로고
    • Price discovery and efficiency in the UK housing market
    • Barkham, R.J. and Geltner, D. (1996), “Price discovery and efficiency in the UK housing market”, Journal of Housing Economics, Vol. 5 No. 1, pp. 41-63.
    • (1996) Journal of Housing Economics , vol.5 , Issue.1 , pp. 41-63
    • Barkham, R.J.1    Geltner, D.2
  • 35
    • 85036258669 scopus 로고
    • Distribution of the estimators for autoregressive time series with a unit root
    • Dickey, D.A. and Fuller, W.A. (1979), “Distribution of the estimators for autoregressive time series with a unit root”, Journal of the American Statistical Association, Vol. 74, pp. 427-31.
    • (1979) Journal of the American Statistical Association , vol.74 , pp. 427-431
    • Dickey, D.A.1    Fuller, W.A.2
  • 36
    • 84986174723 scopus 로고
    • Likelihood ratio statistics for autoregressive time series with a unit root
    • Dickey, D.A. and Fuller, W.A. (1981), “Likelihood ratio statistics for autoregressive time series with a unit root”, Econometrica, Vol. 49, pp. 1057-72.
    • (1981) Econometrica , vol.49 , pp. 1057-1072
    • Dickey, D.A.1    Fuller, W.A.2
  • 37
    • 0000051984 scopus 로고
    • Autoregressive conditional heteroscedasticity with estimates of the variance of UK inflation
    • Engle, R. (1982), “Autoregressive conditional heteroscedasticity with estimates of the variance of UK inflation”, Econometrica, Vol. 50, pp. 987-1008.
    • (1982) Econometrica , vol.50 , pp. 987-1008
    • Engle, R.1
  • 38
    • 84986058004 scopus 로고
    • Co-integration and an error correction: representation, estimation and testing
    • Engle, R. and Granger, C.W.J. (1987), “Co-integration and an error correction: representation, estimation and testing”, Econometrica, Vol. 55, pp. 251-76.
    • (1987) Econometrica , vol.55 , pp. 251-276
    • Engle, R.1    Granger, C.W.J.2
  • 39
    • 0001270892 scopus 로고
    • Short-term interest rates as predictors of inflation
    • Fama, E.F. (1975), “Short-term interest rates as predictors of inflation”, American Economic Review, Vol. 65, pp. 269-82.
    • (1975) American Economic Review , vol.65 , Issue.269-82
    • Fama, E.F.1
  • 40
    • 28044446540 scopus 로고
    • Forward rates as predictors of future spot rates
    • Fama, E.F. (1976a), “Forward rates as predictors of future spot rates”, Journal of Financial Economics, Vol. 3, pp. 361-77.
    • (1976) Journal of Financial Economics , vol.3 , pp. 361-377
    • Fama, E.F.1
  • 41
    • 0002949353 scopus 로고
    • “A comparison of inflation forecasts”
    • Fama, E.F. and Gibbons, M. 1984), “A comparison of inflation forecasts”, Journal of Monetary Economics, Vol. 13, pp. 327-48.
    • (1984) Journal of Monetary Economics , vol.13 , pp. 327-348
    • Fama, E.F.1    Gibbons, M.2
  • 43
    • 0001607212 scopus 로고
    • Estimating market values from appraised values without assuming an efficient market
    • Geltner, D. (1993a), “Estimating market values from appraised values without assuming an efficient market”, Journal of Real Estate Research, Vol. 8 No. 3, pp. 325-45.
    • (1993) Journal of Real Estate Research , vol.8 , Issue.3 , pp. 325-345
    • Geltner, D.1
  • 44
    • 0000351727 scopus 로고
    • Investigating causal relations by economic models and cross-spectral methods
    • Granger, C.W.J. (1969), “Investigating causal relations by economic models and cross-spectral methods”, Econometrica, Vol. 37, pp. 424-38.
    • (1969) Econometrica , vol.37 , pp. 424-438
    • Granger, C.W.J.1
  • 45
    • 84931180214 scopus 로고
    • Testing for causality: some personal viewpoints
    • Granger, C.W.J. (1981), “Testing for causality: some personal viewpoints”, Journal of Econometrics, Vol. 37, pp. 121-30.
    • (1981) Journal of Econometrics , vol.37 , pp. 121-130
    • Granger, C.W.J.1
  • 46
    • 0000273130 scopus 로고
    • Spurious regressions in econometrics
    • Granger, C.W.J. and Newbold, P. (1974), “Spurious regressions in econometrics”, Journal of Econometrics, Vol. 26, pp. 1045-66.
    • (1974) Journal of Econometrics , vol.26 , pp. 1045-1066
    • Granger, C.W.J.1    Newbold, P.2
  • 48
    • 33847351917 scopus 로고
    • Housing as an investment? A comparison of returns from housing with other types of investment
    • Hutchison, N.E. (1994), “Housing as an investment? A comparison of returns from housing with other types of investment”, Journal of Property Finance, Vol. 5 No. 2, pp. 47-61.
    • (1994) Journal of Property Finance , vol.5 , Issue.2 , pp. 47-61
    • Hutchison, N.E.1
  • 49
    • 84977732134 scopus 로고
    • Inflation and asset returns in a monetary economy
    • Marshall, D. (1992), “Inflation and asset returns in a monetary economy”, Journal of Finance, Vol. 47, pp. 1315-42.
    • (1992) Journal of Finance , vol.47 , pp. 1315-1342
    • Marshall, D.1
  • 50
    • 33646166508 scopus 로고    scopus 로고
    • Property and inflation
    • Miles, D. (1996), “Property and inflation”, Journal of Property Finance, Vol. 7 No. 1, pp. 21-32.
    • (1996) Journal of Property Finance , vol.7 , Issue.1 , pp. 21-32
    • Miles, D.1
  • 51
    • 0001528203 scopus 로고
    • Short-term interest rates as predictors of inflation: on testing the hypothesis that the real rate of return is constant
    • June
    • Nelson, C.R. and Schwert, G.W. (1977), “Short-term interest rates as predictors of inflation: on testing the hypothesis that the real rate of return is constant”, American Economic Review, Vol. 67, June, pp. 478-86.
    • (1977) American Economic Review , vol.67 , pp. 478-486
    • Nelson, C.R.1    Schwert, G.W.2
  • 52
    • 84978547021 scopus 로고
    • Stock returns and expected inflation in the UK: some new evidence
    • Winter
    • Peel, D.A. and Pope, P.F. (1988), “Stock returns and expected inflation in the UK: some new evidence”, Journal of Business Finance and Accounting, Vol. 15 No. 4, Winter, pp. 459-67.
    • (1988) Journal of Business Finance and Accounting , vol.15 , Issue.4 , pp. 459-467
    • Peel, D.A.1    Pope, P.F.2
  • 53
    • 0141866991 scopus 로고
    • Estimating betas from non-synchronous data
    • Scholes, M. and Williams, J. (1977), “Estimating betas from non-synchronous data”, Journal of Financial Economics, Vol. 5, pp. 309-27.
    • (1977) Journal of Financial Economics , vol.5 , pp. 309-327
    • Scholes, M.1    Williams, J.2
  • 54
    • 0027768461 scopus 로고
    • The influence of wages and house prices on British interregional migration decisions
    • Thomas, A. (1993), “The influence of wages and house prices on British interregional migration decisions”, Applied Economics, Vol. 25, pp. 1261-8.
    • (1993) Applied Economics , vol.25 , pp. 1261-1268
    • Thomas, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.