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Extending the controversial findings from the relevant literature, the results from the quarterly transaction-based Nationwide indices from 1974 to 2009 provide further empirical evidence on the rejection of the weak-form version of efficiency in the U.K. housing market. In addition to...
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This paper tests the random walk hypothesis and market efficiency for twelve emerging as well as for four developed securitized real estate markets from 1992 to 2009. Random walk properties of equity prices influence return dynamics, and market efficiency is often considered an essential...
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Durch ihre Standortgebundenheit unterliegen Immobilien im Gegensatz zu anderen Vermögensgütern verstärkt lokalen, regionalen sowie nationalen Einflüssen und Risiken Daher ist aus portfoliotheoretischen Gesichtspunkten gerade bei Immobilieninvestitionen eine internationale Diversifikation der...
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This paper analyses long- and short-term co-movements between 14 international real estate stock markets based on bivariate testing for cointegration and correlation analysis. The results indicate that there exist strong long-term relationships within economic and geographical regions, but less...
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