Economics at your fingertips  

Market Efficiency and Rationality in Property Investment

Peijie Wang

The Journal of Real Estate Finance and Economics, 2000, vol. 21, issue 2, 185-201

Abstract: 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

Date: 2000
References: Add references at CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed

Downloads: (external link) link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11146/PS2

Access Statistics for this article

The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans

More articles in The Journal of Real Estate Finance and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2020-11-26
Handle: RePEc:kap:jrefec:v:21:y:2000:i:2:p:185-201