Property Estate Modelling and Forecasting 12 doc

... have zero mean and unit variance by subtracting its mean and dividing by its standard deviation. 54 Real Estate Modelling and Forecasting coefficient, is often denoted ρ x,y , and is calculated ... are generated as independent random series, the statistical 68 Real Estate Modelling and Forecasting 1,200 1,000 800 600 400 (a) Index of US income returns (c) All -property r...

Ngày tải lên: 20/06/2014, 20:20

... real estate In the real estate literature, ARMA models are used mainly for short-term forecasting and to provide a benchmark by which to judge structural models 264 Real Estate Modelling and Forecasting For ... relatively slowly, and this is exactly what is observed here in figure 8.3. Again, as expected for an AR(1), only the first pacf 250 Real Estate Modelling and Fo...

Ngày tải lên: 20/06/2014, 20:20

... increasingly in real estate modelling; ● formats that forecasting can take for broader purposes; and ● the need to combine top-down with bottom-up forecasting. Real estate modelling and forecasting constitute ... performance, Journal of Property Investment and Finance 21(3), 212 32. McCue, T. E., and Kling, J. L. (1994) Real estate returns and the macroeconomy: so...

Ngày tải lên: 20/06/2014, 20:20

... Real Estate Modelling and Forecasting including range, quartiles, variance, standard deviation, semi-standard deviation and the coefficient of variation; higher moments – that is, skew- ness and ... measurement error and revi- sions (e.g. absorption data are subject to stock and vacancy rate revisions 42 Real Estate Modelling and Forecasting Box 3.1 Time series data in...

Ngày tải lên: 21/06/2014, 00:20

... MacGregor and White, 2002). Employment in business and finance is a proxy for business conditions among firms occupying office space and their demand for office 88 Real Estate Modelling and Forecasting 4.8.2 ... ˆα and ˆ β, to find the values of α and β that minimise the residual sum of squares to give the line that is closest 92 Real Estate Modelling and Forecasting x y...

Ngày tải lên: 21/06/2014, 07:20

... significant mispricing in Beijing and Shanghai, where yields should be lower. Moreover, for Seoul, there is a 222 Real Estate Modelling and Forecasting Table 7 .12 Variable description for global ... -test with m = 12 and T − k = 20 at the 5 per cent level of significance is F 12, 20 = 2.28.The 212 Real Estate Modelling and Forecasting As a result, the equilibrium real...

Ngày tải lên: 21/06/2014, 07:20

... the United Kingdom and Australia and assess the improvement over 292 Real Estate Modelling and Forecasting employment at lags 1 and 3), new construction lagged five periods and the longer leading ... equations wouldhavegiventhesameanswer. 276 Real Estate Modelling and Forecasting Table 9.2 Data and forecasts for rent growth in Frankfurt Sample for estimation RRg VAC...

Ngày tải lên: 21/06/2014, 07:20

... Real Estate Modelling and Forecasting coefficient, is often denoted ρ x,y , and is calculated as ρ x,y =  (x i − x)(y i − y) (N − 1)σ x σ y = σ x,y σ x σ y (3 .12) where σ x and σ y are the standard ... variables Regressand Regressors Effect variable Causal variables Explained variable Explanatory variables Left-hand side (LHS) variable Right-hand side (RHS) variables 62 Real Es...

Ngày tải lên: 22/06/2014, 17:20

... of the RESET, heteroscedasticity and autocorrelation tests. Equally, a small number of large outliers could cause non-normality and 176 Real Estate Modelling and Forecasting which y t , the dependent ... percentage) and an economic output variable. The argument is straightforward: vacancy is considered an indicator of the demand and supply balance in the real estate market –...

Ngày tải lên: 22/06/2014, 17:20

... office tenant demand, the ratio of government employment over the sum of the financial, insurance and real estate and service office tenants and the level of occupied stock. McGough and Tsolacos (2002), ... in the next chapter. 234 Real Estate Modelling and Forecasting so that the roots are z = 1,z = 2/3 and z = 2. Only one of these lies out- side the unit circle, and hence...

Ngày tải lên: 22/06/2014, 17:20