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dc.contributor.authorSchindler, Felixen
dc.date.accessioned2010-06-04-
dc.date.accessioned2010-07-07T13:29:21Z-
dc.date.available2010-07-07T13:29:21Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/36381-
dc.description.abstractExtending the controversial findings from the relevant literature, the results from the quarterly transaction-based Nationwide indices from 1974 to 2009 provide further empirical evidence on the rejection of the weak-form version of efficiency in the U.K. housing market. In addition to conducting parametric and non-parametric tests, we apply technical trading strategies to test whether or not the inefficiencies can be exploited by investors earning excess returns. The empirical findings from the technical trading strategies support the results from the statistical tests and suggest that investors might be able to obtain excess returns from both autocorrelation- and moving average-based strategies compared to a buy-and-hold strategy for 10 out of 14 markets.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x10-030en
dc.subject.jelG12en
dc.subject.jelG14en
dc.subject.jelG15en
dc.subject.jelR31en
dc.subject.ddc330en
dc.subject.keywordHousing marketen
dc.subject.keywordweak-form market efficiencyen
dc.subject.keywordrandom walk hypothesisen
dc.subject.keywordvariance ratio testsen
dc.subject.keywordruns testen
dc.subject.keywordtrading strategiesen
dc.subject.stwWohnungsmarkten
dc.subject.stwWohnimmobilienen
dc.subject.stwImmobilienmarkten
dc.subject.stwMarkteffizienzen
dc.subject.stwStatistischer Testen
dc.subject.stwSchätzungen
dc.subject.stwGroßbritannienen
dc.titleHow efficient is the U.K. housing market?-
dc.type|aWorking Paperen
dc.identifier.ppn627400906en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:10030en

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