Interactions Between Property and Equity Markets: An Investigation of Linkages in the United Kingdom 1972–1992

Interactions Between Property and Equity Markets: An Investigation of Linkages in the United... Two strands of real estate research—that concerned with the relationships between securitized real estate and the underlying market and that dealing with the role of property in the wider economy—rarely are considered together. The paper utilizes the U.K. equity market and property company share data to explore the relationships between real estate and the rest of the economy, using a two-sector analytic model. Causality analysis suggests that the wider economy leads the real estate market in the short term but that, with a longer lag structure, positive real estate returns may point to negative future returns in the rest of the economy. This provides weak confirmatory evidence for theories of capital switching between sectors. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Interactions Between Property and Equity Markets: An Investigation of Linkages in the United Kingdom 1972–1992

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1997 by Kluwer Academic Publishers
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1023/A:1007745204491
Publisher site
See Article on Publisher Site

Abstract

Two strands of real estate research—that concerned with the relationships between securitized real estate and the underlying market and that dealing with the role of property in the wider economy—rarely are considered together. The paper utilizes the U.K. equity market and property company share data to explore the relationships between real estate and the rest of the economy, using a two-sector analytic model. Causality analysis suggests that the wider economy leads the real estate market in the short term but that, with a longer lag structure, positive real estate returns may point to negative future returns in the rest of the economy. This provides weak confirmatory evidence for theories of capital switching between sectors.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Sep 30, 2004

References

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