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Price formation and the appraisal function in real estate markets
10 references·16 citing·45 second hop
Price formation and the appraisal function in real estate markets (1991)Price formation and the appraisal functio…Real Estate Returns: A Comparison with Other Investments (1984)Real Estate Returns: A Compar…Real Estate Investment Funds: Performance and Portfolio Considerations (1984)Real Estate Investment Funds:…Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model (1984)Involuntary Unemployment as a…Equilibrium Price Dispersion (1983)Equilibrium Price DispersionPerfect Equilibrium in a Bargaining Model (1982)Perfect Equilibrium in a Barg…Information, trade and common knowledge (1982)Information, trade and common…Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion (1977)Bargains and Ripoffs: A Model…Asset returns and inflation (1977)Asset returns and inflationTHE ECONOMICS OF JOB SEARCH: A SURVEY (1976)THE ECONOMICS OF JOB SEARCH: …Proof That Properly Discounted Present Values of Assets Vibrate Randomly (1973)Proof That Properly Discounte…Illiquidity and Pricing Biases in the Real Estate Market (2007)Illiquidity and Pricing Biase…A Quarterly Transactions-based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand (2007)A Quarterly Transactions-base…Do Out‐of‐State Buyers Pay More for Real Estate? An Examination of Anchoring‐Induced Bias and Search Costs (2004)Do Out‐of‐State Buyers Pay Mo…An Anatomy of Price Dynamics in Illiquid Markets: Analysis and Evidence from Local Housing Markets (2004)An Anatomy of Price Dynamics …Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices (2003)Controlling for the Impact of…Determinants of Real House Price Dynamics (2002)Determinants of Real House Pr…Smoothing in Commercial Property Valuations: Evidence from Individual Appraisals (2001)Smoothing in Commercial Prope…The influence of clients on valuations (1999)The influence of clients on v…Do Real Estate Prices and Stock Prices Move Together? An International Analysis (1999)Do Real Estate Prices and Sto…Selling Time and Selling Price: The Influence of Seller Motivation (1998)Selling Time and Selling Pric…A Longitudinal Examination of the Appraisal Smoothing Hypothesis (1998)A Longitudinal Examination of…Single-family housing transactions: Seller motivations, price, and marketing time (1996)Single-family housing transac…Search and Liquidity in Single‐Family Housing (1996)Search and Liquidity in Singl…Price Discovery in American and British Property Markets (1995)Price Discovery in American a…Value indices of commercial real estate: A comparison of index construction methods (1994)Value indices of commercial r…Temporal Aggregation in Real Estate Return Indices (1993)Temporal Aggregation in Real …Agreeing to Disagree (1976)The Private and Social Value of Information and the Reward to Inventive Activity (1978)Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Herd Behavior and Investment (1988)Noise Trader Risk in Financial Markets (1990)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Expected stock returns and volatility (1987)Efficient Capital Markets: II (1991)On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks (1993)Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? (1980)Permanent and Temporary Components of Stock Prices (1988)What Does the Stock Market Tell Us About Real Estate Returns? (1992)The Causal Relationship Between Real Estate and Stock Markets (2000)Asset market linkages: Evidence from financial, commodity and real estate assets (2010)Markets contagion during financial crisis: A regime-switching approach (2010)Information and Consumer Behavior (1970)A model of price adjustment (1971)The Economics of Information (1976)Social Networks and Labor-Market Outcomes: Toward an Economic Analysis (1991)Search-Theoretic Models of the Labor Market: A Survey (2005)International Economic Review (2010)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Race and Gender Discrimination in Bargaining for a New Car (1995)Information Gatekeepers on the Internet and the Competitiveness of Homogeneous Product Markets (2001)Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry (2002)The Economics of Information (1961)Job Market Signaling (1973)Advertising as Information (1974)Job Matching and Occupational Choice (1984)Chapter 15 Job search and labor market analysis (1986)Reexamination of the perfectness concept for equilibrium points in extensive games (1975)A Theory of Social Custom, of Which Unemployment May be One Consequence (1980)Equilibrium in a Market with Sequential Bargaining (1985)Insiders versus Outsiders (2001)Cross-Country Inequality Trends (2002)Mathematical Psychics. An Essay on the Application of Mathematics to the Moral Sciences. (1935)The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration (1986)An Introduction to Varieties of Capitalism (2001)Varieties of Capitalism (2001)The arbitrage theory of capital asset pricing (1976)Diversification Categories in Investment Real Estate (1986)Estimating Real Estate's Systematic Risk from Aggregate Level Appraisal‐Based Returns (1989)Appraisal Smoothing and Price Discovery in Real Estate Markets (2003)
this work references cited by second hop

References

  • 1982Perfect Equilibrium in a Bargaining Model5,287 cited
  • 1977Asset returns and inflation2,701 cited
  • 1982Information, trade and common knowledge1,738 cited
  • 1983Equilibrium Price Dispersion1,288 cited
  • 1977Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion1,033 cited
  • 1976THE ECONOMICS OF JOB SEARCH: A SURVEY1,026 cited
  • 1984Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model524 cited
  • 1984Real Estate Returns: A Comparison with Other Investments335 cited
  • 1973Proof That Properly Discounted Present Values of Assets Vibrate Randomly243 cited
  • 1984Real Estate Investment Funds: Performance and Portfolio Considerations224 cited

Cited by

  • 1999Do Real Estate Prices and Stock Prices Move Together? An International Analysis294 cited
  • 1994Value indices of commercial real estate: A comparison of index construction methods286 cited
  • 1995Price Discovery in American and British Property Markets273 cited
  • 2004An Anatomy of Price Dynamics in Illiquid Markets: Analysis and Evidence from Local Housing Markets272 cited
  • 2003Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices

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266 cited
  • 1998Selling Time and Selling Price: The Influence of Seller Motivation264 cited
  • 2002Determinants of Real House Price Dynamics229 cited
  • 2007Illiquidity and Pricing Biases in the Real Estate Market174 cited
  • 2004Do Out‐of‐State Buyers Pay More for Real Estate? An Examination of Anchoring‐Induced Bias and Search Costs170 cited
  • 1996Single-family housing transactions: Seller motivations, price, and marketing time166 cited
  • 2007A Quarterly Transactions-based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand161 cited
  • 2001Smoothing in Commercial Property Valuations: Evidence from Individual Appraisals157 cited
  • 1998A Longitudinal Examination of the Appraisal Smoothing Hypothesis148 cited
  • 1993Temporal Aggregation in Real Estate Return Indices136 cited
  • 1999The influence of clients on valuations131 cited
  • 1996Search and Liquidity in Single‐Family Housing127 cited