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来源类型Working Paper
规范类型报告
DOI10.3386/w11329
来源IDWorking Paper 11329
Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique
Patric Hendershott; Robert J. Hendershott; Bryan D. MacGregor
发表日期2005-05-09
出版年2005
语种英语
摘要Periodic sharp sustained increases and then reversals in asset prices lead many to posit irrational price bubbles. The general case for irrationality is that real asset prices simply have moved too much given the future real cash flows the assets are reasonably likely to produce. A corollary for property is that observed mean reversion in real cash flows is not reflected in investor valuations, resulting in asset values being too high when real cash flows are high and vice versa. In this paper we interpret, critique and extend existing analyses of movements in real commercial property prices during the late 1980s and early 1990s.
主题Financial Economics
URLhttps://www.nber.org/papers/w11329
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/568968
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GB/T 7714
Patric Hendershott,Robert J. Hendershott,Bryan D. MacGregor. Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique. 2005.
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