Real Estate Returns and Inflation
1987; Wiley; Volume: 15; Issue: 1 Linguagem: Inglês
10.1111/1540-6229.00407
ISSN1540-6229
AutoresDavid Hartzell, John S. Hekman, Mike E. Miles,
Tópico(s)Insurance and Financial Risk Management
ResumoThe ability of assets to protect an investor from purchasing power risk due to inflation has received a good deal of attention in the literature recently. The focus of much of this research has been on the properties of common stocks as inflation hedges. Bodie [1976] finds that the real return on equity is negatively related to both anticipated and unanticipated inflation; a similar result is obtained by Fama and Schwert [1977] . Bernard and Frecka [1983] examine individual common stock returns and find that the majority exhibit this negative relationship. This paper uses similar logic to examine the ability of a well‐diversified portfolio of real estate to hedge against anticipated and unanticipated inflation.
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