With the increasing volume and active transaction of real estate properties, mass appraisal
has been widely adopted in many countries for different purposes, including assessment of …

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 unique regulation of US public pension funds links their liability discount rate to the
expected return on assets, which gives them incentives to invest more in risky assets in …

We introduce a methodology to estimate the historical time series of returns to investment in
private equity funds. The approach requires only an unbalanced panel of cash contributions …

This paper examines the link between REIT, financial asset and real estate returns, and tests
whether it changed subsequent to the “REIT boom” of the early 1990s. The main focus is on …

This study examines the sensitivity of equity real estate investment trust (REIT) returns to
returns on other asset classes, including real estate, using an estimation method that …

This paper provides an international comparison of the benefits of including real estate
assets in mixed-asset portfolios. Real estate returns are desmoothed using a variant of the …

In this article we compare public and private real estate equities. In so doing, we control for
three of the main differences between these investment alternatives: property‐type mix …

We explore the causes and extent of appraisal smoothing, defined as a temporal lag bias in
appraisals, by analyzing how appraisers use the transaction price data available to them …

This article addresses the micro‐analytic foundations of illiquidity and price dynamics in the
real estate market by integrating modern portfolio theory with models describing the real …