Do European real estate stocks hedge inflation? Evidence from developed and emerging markets
||Chyi Lin Lee and Ming-Long Lee
||Do European real estate stocks hedge inflation? Evidence from developed and emerging markets
||19th Annual European Real Estate Society Conference in Edinburgh, Scotland
||This study examines the inflation hedging properties of real estate stocks in developed and emerging European markets over 1990 to 2011. A dynamics ordinary least squares (DOLS) regression is employed to study the long-run inflation properties of European real estate stocks. The preliminary results show that developed real estate stocks provide a positive inflation hedge against expected inflation over the long run, while no similar evidence is found in the emerging markets. The finding suggests that the inflation-hedging properties of real estate stocks are related to institutional involvement in the real estate stock markets. The finding could have profound implications to institutional investors.
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||Parallel Session D2
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