Based on a multivariate analysis of long‐term total returns and inflation data over the period 1963‐1993, shows that commercial property total returns reflect both expected and unexpected components of inflation in the long term. There is no evidence that property returns systematically provide, on an annual basis, hedging characteristics against either of these components.
Matysiak, G., Hoesli, M., MacGregor, B. and Nanthakumaran, N. (1996), "The long‐term inflation‐hedging characteristics of UK commercial property", Journal of Property Finance, Vol. 7 No. 1, pp. 50-61. https://doi.org/10.1108/09588689610111610Download as .RIS
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