Do Real Estate Prices and Stock Prices Move Together? an International Analysis
نویسنده
چکیده
A significant relationship exists between stock returns and real estate prices. This type of relationship, which is in contrast to findings in most of the existing studies, can be attributed to the added power resulting from the large cross section of the study. Also, it can be attributed to the use of lags in time-series regressions and to the longer holding periods utilized in the cross-sectional regressions. Changes in the relationship between stock returns and real estate prices are most likely to occur if corporate profits and rents are simultaneously affected by business cycle variables.
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