THE CHICKEN OR THE EGG: LAND AND STOCK PRICES IN JAPAN

William T. Ziemba
Additional contact information
William T. Ziemba: Faculty of Commerce, University of British Columbia, Vancouver, B.C. V6T 1Y8, Canada

Chapter 10 in Calendar Anomalies and Arbitrage, 2012, pp 239-262 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractIt is well known that land prices in Japan are the world’s highest and that the stock market has increased dramatically. This paper explores the relationship between the price levels of these two markets. The results indicate an extraordinarily close relationship, particularly for commercial land. While the prices of land and stocks are highly related, the evidence is that stock prices lead land prices and not the reverse.

Keywords: Calendar Anomalies; Arbitrage; Stock Prices; Stock Returns; US Stock Market; Futures Markets; Betting; Trading Strategies; Sports Market; Lottery Market; Capital Growth Theory; Semi-Strong Market Efficiency; Speculative Investments; Index Futures; Factor Models Based on Fundamental Anomalies; Worldwide Stock Market Strategies (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789814405461_0010 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789814405461_0010 (text/html)
Ebook Access is available upon purchase.

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: https://EconPapers.repec.org/RePEc:wsi:wschap:9789814405461_0010

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().