| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9894 |
| 来源ID | Working Paper 9894 |
| Investor Rationality: Evidence from UK Property Capitalization Rates | |
| Patric H. Hendershott; Bryan D. MacGregor | |
| 发表日期 | 2003-08-18 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Recent analyses have suggested the irrationality of investors in Australian and U.S. office properties. More specifically, investors have failed to raise capitalization rates sufficiently at rental cyclical peaks to account for the obvious mean reversion in real rents and thus have significantly overvalued properties. In this paper we analyze the determination of UK office and retail capitalization rates and provide evidence that these rates reflect rational expectations of mean reversion in future real cash flows. Moreover, these rates are linked to capitalization rates (dividend/price ratio) and expected dividend earnings growth as expected. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w9894 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567519 |
| 推荐引用方式 GB/T 7714 | Patric H. Hendershott,Bryan D. MacGregor. Investor Rationality: Evidence from UK Property Capitalization Rates. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9894.pdf（369KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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