real estate finance and investments 14th ed by brueggeman, fisher

... there was land … Why Should We Study Real Estate? – Real estate is an asset – If we take finance classes, don’t we know how to price this or any asset? – The answer: Not Exactly Real Estate is ... Consumption: Real Estate is Used as Shelter (a place to live) Real Estate is Used as “Great Outdoors” 2. Production: Real Estate is Used as a Direct Input into Production...

Ngày tải lên: 23/12/2013, 06:18

... 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 real estate Series Frequency Rents ... Real Estate Modelling and Forecasting including range, quartiles, variance, standard deviation, semi-standard deviation and the coefficient of variation;...

Ngày tải lên: 21/06/2014, 00:20

... variate can be scaled to have zero mean and unit variance by subtracting its mean and dividing by its standard deviation. 74 Real Estate Modelling and Forecasting 4.3 Regression versus correlation All ... variables Regressand Regressors Effect variable Causal variables Explained variable Explanatory variables Left-hand side (LHS) variable Right-hand side (RHS) variables 52...

Ngày tải lên: 21/06/2014, 00:20

... observations on y by ten! 124 Real Estate Modelling and Forecasting Trying many variables in a regression without basing the selection of the candidate variables on a real estate or economic ... that the estimated line, in this case, is 122 Real Estate Modelling and Forecasting landlords push for higher rents to cover inflation and expenses) and V t−1 is the vac...

Ngày tải lên: 21/06/2014, 00:20

... per cent). 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 the process for y t described by (8.33) ... 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...

Ngày tải lên: 21/06/2014, 00:20

... coefficients is bounded by a geometric series. This means that the autocorrelation function does not have to be monotonically decreasing and may change sign. 256 Real Estate Modelling and Forecasting Table ... autocorrelation function. 240 Real Estate Modelling and Forecasting 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 acf and pacf lag,s 12 345678910 acf pacf Figure 8....

Ngày tải lên: 21/06/2014, 00:20

... one- and two-year real rent and return forecasts are generated by estimating the mod- els up to 1998 and making predictions for 1999 and 2000. The sample then increases by one observation and ... real estate returns in the United States, the United Kingdom and Australia and assess the improvement over 298 Real Estate Modelling and Forecasting in the consensu...

Ngày tải lên: 21/06/2014, 00:20

... predeterminedness and strict exogeneity 306 Real Estate Modelling and Forecasting A set of reduced-form equations corresponding to (10.5) and (10.6) can be obtained by solving (10.5) and (10.6) for R and ... presence of relationships such as (10.2) and (10.3). 328 Real Estate Modelling and Forecasting Another option is to check for a long-term relationship be...

Ngày tải lên: 21/06/2014, 00:20

... vacancy or measures of demand) have confined empirical investigations to standard regression models, which make lesser demands on the data 72 50 Real Estate Modelling and Forecasting Table 3.1 Summary ... correction and we would divide by N rather than N − 1. 68 Real Estate Modelling and Forecasting 1,200 1,000 800 600 400 (a) Index of US income returns (c) All-proper...

Ngày tải lên: 21/06/2014, 07:20

... 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 ... OLS by setting z t = 1 x t and regressing y on a constant and z. Clearly, then, a surprisingly var- ied array of models can be estimated using OLS by making suita...

Ngày tải lên: 21/06/2014, 07:20

... in particular by means of the tests we discuss in the next chapter and the evaluation of forecast performance in later chapters. On the basis of the 118 Real Estate Modelling and Forecasting y t x t Figure ... in section 5.9 – i.e. the true DGP is represented by y t = β 1 + β 2 x 2t + β 3 x 3t + β 4 x 4t + u t (5.50) 128 Real Estate Modelling and Forecasting 5.8.2...

Ngày tải lên: 21/06/2014, 07:20

... denoted by T 1 (even though it may come second). The test statistic is given by test statistic = RSS RSS 1 RSS 1 ì T 1 k T 2 (6.61) 190 Real Estate Modelling and Forecasting of data at hand, but ... the RESET, heteroscedasticity and autocorrelation tests. Equally, a small number of large outliers could cause non-normality and 172 Real Estate Modelling and Forecast...

Ngày tải lên: 21/06/2014, 07:20

... 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 rent varies through time with the real risk-free ... Bera–Jarque test) and the form of the equation with the RESET test. Normality test: BJ = 33  0.15 2 6 + (3.42 − 3) 2 24  = 0.37 214 Real Estate Modelling and...

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 ... employment and 274 Real Estate Modelling and Forecasting of UK office construction efficiently incorporates all available information, including that contained in the...

Ngày tải lên: 21/06/2014, 07:20

... Brueggeman Fisher Real estate Finance and investments Real estate Finance and investments fourteenth edition William B. Brueggeman JeFFrey D. Fisher Building the FRamewoRk to Reach the Right Real estate ... Fourteenth Edition of Real Estate Finance and Investments prepares students to understand the risks and rewards associated with investing in and...

Ngày tải lên: 05/11/2014, 14:33