Based on a multivariate analysis of long‐term total returns and inflation data over the period 1963‐1993, shows that commercial property total returns reflect both expected and unexpected components of inflation in the long term. There is no evidence that property returns systematically provide, on an annual basis, hedging characteristics against either of these components.
Journal of Property Finance – Emerald Publishing
Published: Mar 1, 1996
Keywords: Commercial property; Hedging; Inflation; Multivariate analysis; UK
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