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Real Estate as a Hedge against Inflation
16 references·6 citing·43 second hop
Real Estate as a Hedge against Inflation (1994)Real Estate as a Hedge against InflationShort- Term Interest Rates as Predictors of Inflation (2021)Short- Term Interest Rates as…International Evidence on Real Estate Securities as an Inflation Hedge (1997)International Evidence on Rea…Are REITs inflation hedges? (1990)Are REITs inflation hedges?Owner-occupied homes, income-producing properties, and REITs as inflation hedges: Empirical findings (1988)Owner-occupied homes, income-…Real Estate Returns and Inflation (1987)Real Estate Returns and Infla…Real Estate Finance (1985)Real Estate FinanceA comparison of inflation forecasts (1984)A comparison of inflation for…20% in Real Estate (1984)20% in Real EstateThe Econometric Analysis of Time Series. (1983)The Econometric Analysis of T…Stock Market Returns and Inflation: Evidence from Other Countries (1983)Stock Market Returns and Infl…Inflation, real returns and capital investment (1982)Inflation, real returns and c…The Relationship Between Stock Market Returns and Rates of Inflation (1979)The Relationship Between Stoc…Asset returns and inflation (1977)Asset returns and inflationThe "Fisher Effect" for Risky Assets: An Empirical Investigation (1976)The "Fisher Effect" for Risky…THE “FISHER EFFECT” FOR RISKY ASSETS: AN EMPIRICAL INVESTIGATION (1976)THE “FISHER EFFECT” FOR RISKY…COMMON STOCKS AS A HEDGE AGAINST INFLATION (1976)COMMON STOCKS AS A HEDGE AGAI…Inflation hedging and protection characteristics of infrastructure and real estate assets (2015)Inflation hedging and protect…The inflation-hedging properties of Turkish REITs (2008)The inflation-hedging propert…Macroeconomic risk factors in Australian commercial real estate, listed property trust and property sector stock returns (2006)Macroeconomic risk factors in…Inflation Risk Analysis of European Real Estate Securities (2002)Inflation Risk Analysis of Eu…Returns and Risk on Real Estate and Other Investments: More Evidence (2001)Returns and Risk on Real Esta…The inflation‐hedging characteristics of Australian commercial property: 1984‐1995 (1996)The inflation‐hedging charact…EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Efficiency of the Market for Single-Family Homes (1988)Business conditions and expected returns on stocks and bonds (1989)Time Series Analysis Forecasting and Control. (1971)Time Series Analysis: Forecasting and Control (1977)Stock prices, asset portfolios and macroeconomic variables in ten European countries (1989)Selecting macroeconomic variables as explanatory factors of emerging stock market returns (2001)Money Illusion and Housing Frenzies (2007)Time Series Analysis, Forecasting and Control. (1971)Stock Returns, Real Activity, Inflation, and Money (1981)The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions (1984)Production-Based Asset Pricing and the Link Between Stock Returns and Economic Fluctuations (1991)A Cross-Sectional Test of an Investment-Based Asset Pricing Model (1996)PORTFOLIO SELECTION* (1952)Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case (1969)Optimum consumption and portfolio rules in a continuous-time model (1971)INFLATION AND RATES OF RETURN ON COMMON STOCKS (1976)Stock returns and inflation (1987)Virtual currency, tangible return: Portfolio diversification with bitcoin (2015)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)The Decline of Inflation and the Bull Market of 1982-1999 (2002)Macro variables and international stock return predictability (2004)Relationship between Macroeconomic Variables and Stock Market Indices: Cointegration Evidence from Stock Exchange of Singapore's All-S Sector Indices (2005)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Expected stock returns and volatility (1987)Efficient Capital Markets: II (1991)On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks (1993)Foundations of Finance. (1977)Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis (1980)The Pricing of Exchange Rate Risk in the Stock Market (1991)Systematic Risk, Hedging Pressure, and Risk Premiums in Futures Markets (1992)Presidential Address: Expected Return, Realized Return, and Asset Pricing Tests (1999)Refining the Analysis of Regional Diversification for Income-Producing Real Estate (1987)Real Estate Returns and the Macroeconomy: Some Empirical Evidence from Real Estate Investment Trust Data, 1972-1991 (1994)Real Estate Cycles and Their Strategic Implications for Investors and Portfolio Managers in the Global Economy (1999)Generalized autoregressive conditional heteroskedasticity (1986)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)The Economic Costs of Conflict: A Case Study of the Basque Country (2003)The Relation Between Stock Prices and Inflationary Expectations: The International Evidence (1983)Asset Pricing and Expected Inflation (1986)Macro economy, stock market and oil prices: Do meaningful relationships exist among their cyclical fluctuations? (2010)
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References

  • 1977Asset returns and inflation2,701 cited
  • 1983The Econometric Analysis of Time Series.900 cited
  • 2021Short- Term Interest Rates as Predictors of Inflation870 cited
  • 1976COMMON STOCKS AS A HEDGE AGAINST INFLATION697 cited
  • 1982Inflation, real returns and capital investment477 cited
  • 1983Stock Market Returns and Inflation: Evidence from Other Countries404 cited
  • 1984A comparison of inflation forecasts380 cited
  • 1976THE “FISHER EFFECT” FOR RISKY ASSETS: AN EMPIRICAL INVESTIGATION357 cited
  • 1976The "Fisher Effect" for Risky Assets: An Empirical Investigation285 cited
  • 1987Real Estate Returns and Inflation217 cited
  • 1985Real Estate Finance195 cited
  • 1997International Evidence on Real Estate Securities as an Inflation Hedge143 cited
  • 1988Owner-occupied homes, income-producing properties, and REITs as inflation hedges: Empirical findings128 cited
  • 1979The Relationship Between Stock Market Returns and Rates of Inflation125 cited
  • 198420% in Real Estate124 cited
  • 1990Are REITs inflation hedges?116 cited

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Cited by

  • 1996The inflation‐hedging characteristics of Australian commercial property: 1984‐199569 cited
  • 2001Returns and Risk on Real Estate and Other Investments: More Evidence46 cited
  • 2006Macroeconomic risk factors in Australian commercial real estate, listed property trust and property sector stock returns45 cited
  • 2002Inflation Risk Analysis of European Real Estate Securities31 cited
  • 2008The inflation-hedging properties of Turkish REITs27 cited
  • 2015Inflation hedging and protection characteristics of infrastructure and real estate assets26 cited