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The Secular and Cyclic Determinants of Capitalization Rates: The Role of Property Fundamentals, Macroeconomic Factors, and “Structural Changes”
In this article, the authors revisit many studies that have attempted to explain the determinants of real estate capitalization rates. Two new innovations are introduced. First, the authors identifyExpand
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The Secular and Cyclic Determinants of Capitalization Rates: The Role of Property Fundamentals, Macroeconomic Factors, And Investor Sentiment
In this paper we revisit many studies that have attempted to explain the determinants of real estate capitalization rates. We introduce two new innovations. First we are able to identify twoExpand
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- 1-Real Estate Risk : A Forward Looking Approach
Executive Summary: In this paper we argue forcefully that real estate is a predictable asset class (unlike stocks and bonds} and propose a forward-looking methodology for evaluating real estateExpand