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Hedging against Inflation: A study of Russian real estate funds
Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
2008 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Background: For an investor inflation has always caused problems since it eatsaway portfolio returns, reducing the purchasing power. Russia hasbeen fighting high inflation for the last two decades primarily due tothe economic restructuring from central planning to a free marketeconomy, raising the price levels. Historically property has been regardedas a good hedge against inflation and multiple research studiessupport this assumption. The Russian market for real estate hasgrown significantly over the last decade and is very interesting froma investor perspective.

Purpose: The purpose of this thesis is to determine whether Russian Real Estate Funds are an effective investment tool in a portfolio to hedgeagainst inflation.

Method: To fulfill our purpose for this study a quantitative method with adeductive approach is used. The methodology constitutes as theframe for the thesis. In order to analyze the secondary data, We willmake use of statistical models proven from past research/literaturewithin in the field.

Conclusion: The empirical findings of this study show that during the time period investigated, there exist no evidence that a portfolio holdingRussian real estate funds could act as an appropriate hedge againstinflation. We believe the results could be explained by the limitationin the Russian market when gathering data due to transparencyproblems. There are also relativity few empirical studies within thefield of study in markets with a high inflation rate. Finally We believethe study could enhance an investor’s choice in markets withsimilar conditions.

Place, publisher, year, edition, pages
2008.
Keyword [en]
Real Estate, Funds, Inflation, Hedging, Regression analysis
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hj:diva-7785OAI: oai:DiVA.org:hj-7785DiVA: diva2:159059
Presentation
(English)
Uppsok

Supervisors
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Available from: 2009-02-13 Created: 2009-02-06 Last updated: 2009-02-13Bibliographically approved

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CiteExportLink to record
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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf