Interactions between property and equity markets an investigation of linkages in the United Kingdom 1972-1992 [electronic resource]
Language: English Series: Journal of Real Estate Finance and EconomicsPublication details: 1997Subject(s): Online resources: Summary: 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.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ONLINE PUBLICATION (Browse shelf(Opens below)) | 1 | Available | 152272-1001 |
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.