房地产上市公司Nav贴现之谜的行为解释

Q2 Economics, Econometrics and Finance

Journal of Real Estate Portfolio Management Pub Date : 2018-01-01 DOI:10.17863/CAM.21166

Sally Monson, Helen X. H. Bao, C. Lizieri

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引用次数: 2

摘要

资产净值(NAV)折价一直是房地产上市公司的一大难题。在本文中，我们通过探索特定非理性行为的影响，扩展了文献中理性和噪音交易者的解释。基于在股票和房地产市场中发现的行为偏差，我们假设存在滞后资产净值增长和资产净值贴现之间的关系。这些发现为双重房地产市场之间的趋势追逐行为提供了初步证据。研究结果对公众和私人房地产市场之间关系的认知有更广泛的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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A Behavioral Interpretation of the Nav Discount Puzzle in Listed Real Estate Companies

Executive Summary The net asset value (NAV) discount is a long standing puzzle in the listed real estate context. In this paper, we extend the literature's rational and noise trader explanations by exploring the influence of specific irrational behaviors. Based on behavioral biases identified in the stock and real estate markets, we hypothesize the existence of a relation between lagged NAV growth and the NAV discount. The findings provide initial evidence of trend-chasing behavior between the dual real estate markets. The results have broader implications for the perception of the relation between public and private real estate markets.

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来源期刊

Journal of Real Estate Portfolio Management Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

自引率

0.00%

发文量

期刊介绍： The Journal of Real Estate Portfolio Management (JREPM) is a publication of the American Real Estate Society (ARES). Its purpose is to disseminate applied research on real estate investment and portfolio management.