| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12281 |
| DP12281 Why Are REITS Currently So Expensive? | |
| Stijn Van Nieuwerburgh | |
| 发表日期 | 2017-09-07 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | For the last several years, the price of listed real estate stocks has been unusually high relative to dividends. I explore whether low interest rates or low risk premia can account for the high valuation ratios and find that they cannot. Lower interest rates have been offset by rising risk premia to keep expected returns close to average. Instead, the market has priced in future income growth on commercial properties that is far above the growth rates seen in the data. High implied growth rates hold across traditional REIT sectors, but are less extreme for non-traditional REIT sectors. Income growth expectations are also less extreme for an index of international listed real estate. Investors who ignore the recent increase in interest rate risk that we document would need to hold lower, but still unusually large income growth expectations. |
| 主题 | Financial Economics |
| 关键词 | Real estate valuation Commercial property Reits Real estate risk and return Real estate bubble |
| URL | https://cepr.org/publications/dp12281 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541092 |
| 推荐引用方式 GB/T 7714 | Stijn Van Nieuwerburgh. DP12281 Why Are REITS Currently So Expensive?. 2017. |
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