Market Efficiency and Rationality in Property Investment
The Journal of Real Estate Finance and Economics, 2000, vol. 21, issue 2, 185-201
This article applies the present-value model to investigate property market efficiency in the United Kingdom. The existence of "rational bubbles" in the U.K. property market is ruled out at conventional statistical significance levels, though the U.K. property market appears not efficient. In addition, there are variations among the office, retail, and industrial property markets. The rejection of the present-value model implies a price discovery mechanism may exist for property investment. Copyright 2000 by Kluwer Academic Publishers
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The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans
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