This paper reviews the literature on price determination in the private and public real estate
markets. In particular, it discusses the processes of appraisal smoothing in the private …

The literature on appraisal smoothing and valuer behaviour contains frequent references to
the “political pressures” faced by valuers. However, the vast majority of these are either …

This paper presents an approach to recovering the underlying market value returns from
observable appraisal-based index returns, without presupposing or constraining the market …

We analyze monthly returns on an equally weighted index of eighteen to twenty‐three equity
(real property) real estate investment trusts (REITs) that were traded on major stock …

This paper analyzes the risks and returns of different types of real estate‐related firms traded
on the New York and American stock exchanges (NYSE and AMEX). We examine the …

This article presents a conceptual analysis of smoothing in the second moments of appraisal-
based returns series in commercial real estate. The intent of the article is to lay the …

A real estate market model characterized by incomplete information, costly search, and
varying expectations is presented. The model describes a self-selection process for market …

The purpose of this paper is to shed light on the history of commercial property values over
the past decade, and to compare different methods of constructing commercial property …

This paper tests whether commercial real estate markets (both exchange‐traded and non‐
exchange‐traded) are integrated with stock markets using multifactor asset pricing models …

Some investors view equity real estate investment trusts (EREITs) as partial substitutes for
conventional real estate investments, although the correlation between EREIT and real …