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- Publisher Website: 10.1108/02637470810894902
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Article: Inflation and housing market in Shanghai
Title | Inflation and housing market in Shanghai |
---|---|
Authors | |
Keywords | Housing Inflation Return On Investment Shanghai |
Issue Date | 2008 |
Publisher | Emerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/pm/pm.jsp |
Citation | Property Management, 2008, v. 26 n. 4, p. 273-288 How to Cite? |
Abstract | Purpose - This paper sets out to examine the inflation-hedging ability of housing properties in Shanghai. Design/methodology/approach - This paper examines both the short-term and long-term hedging characteristics of Shanghai residential properties against three types of inflation: actual, expected, and unexpected in the test period of 1997-2005 by using the OLS model. Two methods, the Autoregressive Integrated Moving Average (ARIMA) and the Hedrick-Prescott Filter, are used to estimate the expected inflation. Findings - The results show that, while the Shanghai housing property market does not provide a hedge against actual expected and unexpected inflation during the period, a positive real rate of return is reported in all cases. Research limitations/implications - Data limitations are due to lack of complete market transaction records and it is necessary to rely on property indices produced by the private-sector firms as a proxy for market movements. Originality/value - The paper shows that government policy in this market is still a dominant factor affecting the rate of return and it has therefore implications for the construction of an efficient investment portfolio by institutional investors. |
Persistent Identifier | http://hdl.handle.net/10722/168764 |
ISSN | 2023 Impact Factor: 1.1 2023 SCImago Journal Rankings: 0.392 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Li, LH | en_US |
dc.contributor.author | Ge, CL | en_US |
dc.date.accessioned | 2012-10-08T03:32:11Z | - |
dc.date.available | 2012-10-08T03:32:11Z | - |
dc.date.issued | 2008 | en_US |
dc.identifier.citation | Property Management, 2008, v. 26 n. 4, p. 273-288 | en_US |
dc.identifier.issn | 0263-7472 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/168764 | - |
dc.description.abstract | Purpose - This paper sets out to examine the inflation-hedging ability of housing properties in Shanghai. Design/methodology/approach - This paper examines both the short-term and long-term hedging characteristics of Shanghai residential properties against three types of inflation: actual, expected, and unexpected in the test period of 1997-2005 by using the OLS model. Two methods, the Autoregressive Integrated Moving Average (ARIMA) and the Hedrick-Prescott Filter, are used to estimate the expected inflation. Findings - The results show that, while the Shanghai housing property market does not provide a hedge against actual expected and unexpected inflation during the period, a positive real rate of return is reported in all cases. Research limitations/implications - Data limitations are due to lack of complete market transaction records and it is necessary to rely on property indices produced by the private-sector firms as a proxy for market movements. Originality/value - The paper shows that government policy in this market is still a dominant factor affecting the rate of return and it has therefore implications for the construction of an efficient investment portfolio by institutional investors. | en_US |
dc.language | eng | en_US |
dc.publisher | Emerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/pm/pm.jsp | en_US |
dc.relation.ispartof | Property Management | en_US |
dc.subject | Housing | en_US |
dc.subject | Inflation | en_US |
dc.subject | Return On Investment | en_US |
dc.subject | Shanghai | en_US |
dc.title | Inflation and housing market in Shanghai | en_US |
dc.type | Article | en_US |
dc.identifier.email | Li, LH:lhli@hku.hk | en_US |
dc.identifier.authority | Li, LH=rp01010 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1108/02637470810894902 | en_US |
dc.identifier.scopus | eid_2-s2.0-50249133698 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-50249133698&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 26 | en_US |
dc.identifier.issue | 4 | en_US |
dc.identifier.spage | 273 | en_US |
dc.identifier.epage | 288 | en_US |
dc.identifier.isi | WOS:000212161000005 | - |
dc.publisher.place | United Kingdom | en_US |
dc.identifier.scopusauthorid | Li, LH=8418463000 | en_US |
dc.identifier.scopusauthorid | Ge, CL=24723946100 | en_US |
dc.identifier.issnl | 0263-7472 | - |