Smoothing in commercial property valuations: Evidence from individual appraisals

Real Estate Economics

Volumn 29, Issue 3, 2001, Pages 337-360

  Clayton, Jim ^a   Geltner, David ^a   Hamilton, Stanley W ^b  

^a UNIVERSITY OF CINCINNATI   (United States)

^b UNIVERSITY OF BRITISH COLUMBIA   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0035600187     PISSN: 10808620     EISSN: None     Source Type: Journal    
DOI: 10.1111/1080-8620.00014     Document Type: Article

References (27)

1. Brown, G. and G. Matysiak. 1998. Valuation Smoothing Without Temporal Aggregation. Journal of Property Research 15(2): 1-15.
2. Childs, P., S. Ott and T. Riddiough. 2000. Noise, Real Estate Markets, and Options on Real Assets. Working Paper. MIT Center for Real Estate.
3. Chinloy, P., M. Cho and I. Megbolugbe. 1997. Appraisals, Transaction Incentives, and Smoothing. Journal of Real Estate Finance and Economics 14(1): 89-112.
4. Cho, M. and I. Megbolugbe. 1996. An Empirical Analysis of Property Appraisal and Mortgage Redlining. Journal of Real Estate Finance and Economics 13(1): 45-55.
5. Corgel, J. and J. deRoos. 1999. Recovery of Real Estate Returns for Portfolio Allocations. Journal of Real Estate Finance and Economics 18(3): 279-296.
6. Diaz, J. and M. Wolverton. 1998. A Longitudinal Examination of the Appraisal Smoothing Hypothesis. Real Estate Economics 26(2): 349-358.
7. Downs, D. and B. Slade. 1999. Characteristics of a Full-Disclosure, Transaction-Based Index of Commercial Real Estate. Journal of Real Estate Portfolio Management 5(1): 95-103.
8. Fisher, J. and D. Geltner. 2000. De-Lagging the NCREIF Index: Transaction Prices and Reverse Engineering. Real Estate Finance 17(1): 7-22.
9. Fisher, J., D. Geltner and R. Webb. 1994. Value Indices of Commercial Real Estate: A Comparison of Index Construction Methods. Journal of Real Estate Finance and Economics 9(2): 137-166.
10. Fisher, J., M. Miles and R. Webb. 1999. How Reliable are Commercial Property Appraisals? Another Look. Real Estate Finance 16(3): 9-15.
11. Gatzlaff, D. and D. Geltner. 1998. A Transaction-Based Index of Commercial Property and Its Comparison to the NCREIF Index. Real Estate Finance 15(1): 7-22.
12. Geltner, D. 1989. Estimating Real Estate's Systematic Risk from Aggregate Level Appraisal Based Returns. Real Estate Economics 17(4): 463-481.
13. Geltner, D.M. 1991. Smoothing in Appraisal-Based Returns. Journal of Real Estate Finance and Economics 4(3): 327-345.
14. Geltner, D.M. 1993. Estimating Market Values from Appraised Values without Assuming an Efficient Market. Journal of Real Estate Research 8(3): 325-345.
15. Geltner, D.M. 1998. Appraisal Smoothing: The Other Side of the Story - A Comment. Financial Economics Network. www.ssrn.com. Working Paper. Department of Finance, University of Cincinnati.
16. Geltner, D. and W. Goetzmann. 2000. Two Decades of Commercial Property Returns: A Repeated-Measures Regression-Based Version of the NCREIF Index. Journal of Real Estate Finance and Economics 21: 5-21.
17. Geltner, D. and N. Miller. 2001. Commercial Real Estate Analysis and Investments. South-Western College Publishing Company: Cincinnati.
18. Graff, R. and M. Young. 1999. The Magnitude of Random Appraisal Error in Commercial Real Estate Valuation. Journal of Real Estate Research 17(1): 33-54.
19. Hamilton, S.W. 1996. Analysis of Real Estate Appraisal Reports, Evidence of Smoothing Within the Appraisal Process. Unpublished Paper. Faculty of Commerce, University of British Columbia.
20. Lai, T. and K. Wang. 1998. Appraisal Smoothing: The Other Side of the Story. Real Estate Economics 26(3): 511-535.
21. Lang, W. and L. Nakamura. 1993. A Model of Redlining. Journal of Urban Economics 33: 223-234.
22. Ling, D., A. Naranjo and M. Nimalendran. 1999. Estimating Returns on Commercial Real Estate: A New Methodology Using Latent Variable Models. Real Estate Economics 28(2): 205-232.
23. Matysiak, G. and P. Wang. 1995. Commercial Property Market Prices and Valuations: Analysing the Correspondence. Journal of Property Research 12: 181-202.
24. Quan, Daniel C. and J.M. Quigley. 1991. Price Formation and the Appraisal Function in Real Estate Markets. The Journal of Real Estate Finance and Economics 4(2): 127-147.
25. Schleifer, A. 2000. Inefficient Markets: An Introduction to behavioural Finance. Oxford University Press: Oxford.
26. Shiller, R. 1999. Human Behavior and the Efficiency of the Financial System. John B. Taylor and Michael Woodford, editors. Handbook of Macroeconomics. Elsevier: Amsterdam, 1: 1305-1340.
27. White, H. 1980. "A Heteroskedasicity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrics 48: 817-838.