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The Long Term Cointegration Between Indices of the Real Estate, the Property Enterprises Stocks and the Capital Markets in Poland

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Kołtuniak M.

Ekonomika i Organizacja Przedsiębiorstwa

2016

issue 3 (794)

17-31

The purpose of this article is to present the results of the estimation of the investment property fair value index in the case of the listed on the Warsaw Stock Exchange enterprises operating on the real estate market, which aim was to provide the essential support on the path to fulfill the practical and literature gap in the scope of the transmission mechanisms directions and the long term equilibrium reversion tendencies among the real estate, the capital and the property shares price indices in the case of Poland. The main findings have supported the thesis that, in the period between 2005 and 2014, the above mentioned markets were long term cointegrated in terms of the market pricing, as well as have confirmed the thesis on the ‘credit-price’ effect occurrence, which means that the pricing change impulses on the property stocks markets were originated on the real estate market.

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1 Ekonomika i Organizacja Przedsiębiorstwa

1 Kołtuniak M.

1 2016

Search results

The Long Term Cointegration Between Indices of the Real Estate, the Property Enterprises Stocks and the Capital Markets in Poland