caa a22 4500 47712965X CHVBK 20180405111701.0 cr unu---uuuuu 170330e19970701xx s 000 0 eng 10.1023/A:1007797221329 doi (NATIONALLICENCE)springer-10.1023/A:1007797221329 The Short-Term Inflation-Hedging Characteristics of U.K. Real Estate [Elektronische Daten] [Martin Hoesli, Bryan MacGregor, George Matysiak, Nanda Nanthakumaran] 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, bonds, appraisal-based real estate (including the three property types, separately), and real estate stocks are considered. Real estate series, constructed from the original appraisal series to take account of autocorrelation, also are used. The methodology is based on that devised by Fama and Schwert (1977) and tests are undertaken for stationarity and structural breaks. Hypotheses are established about the coefficients on expected and unexpected inflation in the model, and these are tested. It is concluded that real estate has poorer short-term hedging characteristics for total return, change in capital value, and change in income than stocks but better characteristics than bonds. However, there is evidence to suggest that the relationships change under different economic environments. Kluwer Academic Publishers, 1997 inflation-hedging nationallicence expected inflation nationallicence unexpected inflation nationallicence United Kingdom nationallicence Hoesli Martin Management Studies, University of Geneva, Switzerland aut MacGregor Bryan Centre for Property Research, Department of Land Economy, University of Aberdeen, Scotland aut Matysiak George Department of Property Valuation and Management, City University Business School, City University, London aut Nanthakumaran Nanda Centre for Property Research, Department of Land Economy, University of Aberdeen, Scotland aut The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 15/1(1997-07-01), 27-57 0895-5638 15:1<27 1997 15 11146 https://doi.org/10.1023/A:1007797221329 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1007797221329 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Hoesli Martin Management Studies, University of Geneva, Switzerland aut NATIONALLICENCE 700 1- MacGregor Bryan Centre for Property Research, Department of Land Economy, University of Aberdeen, Scotland aut NATIONALLICENCE 700 1- Matysiak George Department of Property Valuation and Management, City University Business School, City University, London aut NATIONALLICENCE 700 1- Nanthakumaran Nanda Centre for Property Research, Department of Land Economy, University of Aberdeen, Scotland aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 15/1(1997-07-01), 27-57 0895-5638 15:1<27 1997 15 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence SWISSBIB 296294853 BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer