Dynamic Interactions Between Private and Public Real Estate Markets: Some International Evidence
This study evaluates long-run relationships and short-run linkages between the private (unsecuritized) and the public (securitized) real estate markets of Australia, Netherlands, United Kingdom and the United States. Results indicate the existence of long-run relationships between the public and pri...
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| Veröffentlicht in: | The journal of real estate finance and economics 2012-11, Vol.45 (4), p.1021-1040 |
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| container_title | The journal of real estate finance and economics |
| container_volume | 45 |
| creator | Yunus, Nafeesa Hansz, J. Andrew Kennedy, Paul J. |
| description | This study evaluates long-run relationships and short-run linkages between the private (unsecuritized) and the public (securitized) real estate markets of Australia, Netherlands, United Kingdom and the United States. Results indicate the existence of long-run relationships between the public and private real estate markets of each of the countries under consideration. This implies that for all countries, investors would not have realized long-term portfolio diversification benefits from allocating funds in both the private and public real estate markets since these assets are substitutable over the long run. Short-run analyses also reveal significant causal relationships between private and public markets of all countries under consideration. As expected, it was found that price discovery occurred in the public real estate market in that it leads but is not led by its private real estate market counterpart. |
| doi_str_mv | 10.1007/s11146-010-9297-5 |
| format | Article |
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| source | SpringerLink Journals - AutoHoldings; EBSCOhost Business Source Complete |
| subjects | Case studies Causality Cointegration Economics Economics and Finance Equity Evaluation Financial Services Impulse response functions Institutional investments Investment policy Investments Investors Literature reviews Manycountries Portfolio management Pricing Real estate Real estate market Regional/Spatial Science REITs Securities markets Stock exchanges Studies Trust departments |
| title | Dynamic Interactions Between Private and Public Real Estate Markets: Some International Evidence |
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