The volatility of commercial property markets in the United Kingdomhas stimulated the development of explanatory models of 'price' determination. These models have tended to focus on the demand-side as the driver of change. A corollary of this is that, despite the fact that construction lags are...

ERES:conference

This study investigates the short term inflation hedging characteristics of U.K. real estate compared to other U.K. investments. It considers not only total returns but also changes in income and changes in capital values. The analyses are undertaken using annual and quarterly data. Stocks,...

ERES:conference

Duration and convexity measures are commonly applied in the management of bond portfolios to measure the sensitivity of asset values to changes in interest rates, enabling fund managers to manage their exposure to interest rate risk. Yet, there are no commonly accepted methods for applying the...

The Mallinson Report , published in 1994, emphasised the need for valuers to develop expertise for the purpose of estimating the worth of property investments. Implicit in attempts to estimate worth is the assumption that the property market displays some level of inefficiency and that, in such...