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Testing the Dividend-Ratio Model on Real Estate Assets

Journal of real estate practice and education, 2006-01, Vol.9 (1), p.19-36 [Tạp chí có phản biện]

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Nhan đề:
Testing the Dividend-Ratio Model on Real Estate Assets
Tác giả: Yiu, C. Y. ; Hui, C. M.
Chủ đề: Capitalization ; Correlation analysis ; Discount rates ; Dividends ; Housing ; Housing market ; Inflation rates ; Interest rates ; Real estate ; Real estate markets ; Rental income ; Residential real estate ; Risk premiums ; Studies
Là 1 phần của: Journal of real estate practice and education, 2006-01, Vol.9 (1), p.19-36
Mô tả: Campbell and Shiller’s (1988) dividend-ratio model has long been adopted in various asset markets. It improves previous methods by incorporating time-varying discount rates theoretically. However, it is rarely applied to real estate markets, nor has its validity been tested on real estate assets. This paper uses the dividend-ratio model to examine the long-term relationship between the market capitalization rate and the growth-adjusted discount rate in the housing markets in Hong Kong. The empirical results show a significant and positive long-term relationship between these two series, which provides evidence that cap rate can reflect the market conditions in the long run and that a dynamic discounting model can help predict long-term cap rate.
Nơi xuất bản: Clemson: American Real Estate Society
Ngôn ngữ: English
Số nhận dạng: ISSN: 1521-4842
EISSN: 1930-8914
DOI: 10.1080/10835547.2006.12091619
Nguồn: ProQuest Central

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