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首页> 外文期刊>Journal of Multinational Financial Management >Cyclical co-movements of private real estate, public real estate and equity markets: A cross-continental spectrum
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Cyclical co-movements of private real estate, public real estate and equity markets: A cross-continental spectrum

机译：私人房地产，公共房地产和股票市场的周期性联动：跨洲范围

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Whether returns from investing in real estate shares reflect equity market or real estate market trends is an important question for investors seeking liquid, low cost exposure to real estate. We consider the relationship between real estate shares, private real estate investments and equity markets for five real estate investment locations: Australia, Hong Kong, Singapore, UK and US. We utilise spectral and cross-spectral techniques to decompose each time series into cyclical components of differing frequencies. This allows correlations for a range of cyclical components to be analysed. Our results suggest that returns from real estate shares share a number of short frequency cycles with the equity market. Longer cycles are evident in both real estate shares and private real estate returns, but these cycles are not always shared. Hence, real estate shares and private real estate may not always be close substitutes, even over longer horizons, but the relationship varies across our locations.
机译：投资于房地产股票的回报是反映股票市场还是房地产市场趋势，对于寻求流动性，低成本房地产投资的投资者来说，是一个重要的问题。我们考虑了五个房地产投资地点（澳大利亚，香港，新加坡，英国和美国）的房地产份额，私人房地产投资和股票市场之间的关系。我们利用频谱和互谱技术将每个时间序列分解为不同频率的周期性分量。这允许分析一系列周期性分量的相关性。我们的结果表明，房地产股票的回报与股票市场有许多短周期的周期。房地产份额和私人房地产收益都有明显更长的周期，但是这些周期并不总是共享的。因此，即使在更长的时间范围内，房地产股份和私人房地产也不一定总是替代品，但是在我们各个地区之间的关系是不同的。

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