| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11329 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w11329 |
| 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/568968 |
| 推荐引用方式 GB/T 7714 | Patric Hendershott,Robert J. Hendershott,Bryan D. MacGregor. Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique. 2005. |
| 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 | ||
| w11329.pdf（323KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
