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dc.contributor.authorMizuno, Mitsuru-
dc.contributor.authorTabner, Isaac-
dc.description.abstractUsing quarterly data from 1960 (UK), 1963 (US) and 1977 (Japan) through Q2 2010 (all three markets) we examine long run mean reverting relationships between house prices and: inflation, disposable income, GDP and rents. After adjusting for estimated drift and trend coefficients; we find that at the end of Q2 2010, US prices are below their mean reverting levels and at the lower end of their historic range. In contrast, equivalent UK and Japanese prices are at, or slightly above, their mean reverting levels. Furthermore, the expansion in Japanese prices during the late 1980s and early 1990s far surpassed any expansions observed in the US or the UK, over the observation period.en_UK
dc.publisherCFA Institute-
dc.relationMizuno M & Tabner I (2011) The Margin of Safety and Turning Points in House Prices: Observations from Three Developed Markets, Financial Analysts Journal, 67 (3), pp. 76-93.-
dc.rightsCopyright now assigned to the Financial Analysts Journal, CFA Institute.; The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author; you can only request a copy if you wish to use this work for your own research or private study.-
dc.subjectHousehold Financeen_UK
dc.subjectHouse Pricesen_UK
dc.subjectYield Indexen_UK
dc.subject.lcshHousing Prices-
dc.subject.lcshInflation (Finance)-
dc.subject.lcshDisposable income-
dc.titleThe Margin of Safety and Turning Points in House Prices: Observations from Three Developed Marketsen_UK
dc.title.alternativeThe Margin of Safety and House Price Turning Points: Observations from the US, the UK and Japan-
dc.typeJournal Articleen_UK
dc.rights.embargoreasonThe publisher does not allow this work to be made publicly available in this Repository therefore there is an embargo on the full text of the work.-
dc.citation.jtitleFinancial Analysts Journal-
dc.type.statusPost-print (author final draft post-refereeing)-
dc.contributor.affiliationNihon University-
dc.contributor.affiliationAccounting and Finance-
Appears in Collections:Accounting and Finance Journal Articles

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