The use of appraisals in portfolio valuation and index construction
The use of appraisals in portfolio valuation and index construction
复制标题
评估在投资组合估值和指数构建中的应用
DOI：
10.1108/14635789710189191
复制
发表时间：
1997
期刊：
影响因子：
--
通讯作者：
D. Geltner
中科院分区：
文献类型：
--
作者：
D. Geltner
提供了一个简单的数值模拟相结合的基本评估和统计原则的审查。建议两个主要方向，评估行业应该移动。首先，由于公共证券交易所往往比私人房地产市场的信息效率更高，因此可以通过增加对上市房地产公司股价信息的量化利用来提高评估准确性。第二，必须认识到，对个别财产估价最佳的估价技术，对总体投资组合或财产市场价值指数的集体估价是次佳的。表明，基于回归的技术，纯粹基于交易价格可能是上级的后一个功能。
Provides a review of basic appraisal and statistical principles combined with a simple numerical simulation. Suggests two main directions in which the appraisal profession should move. First, because public stock exchanges tend to be more informationally efficient than private property markets, appraisal accuracy can be improved by making increased quantitative use of the information in the share prices of publicly‐traded property companies. Second, it must be recognized that the valuation techniques which are optimal for individual property appraisal are suboptimal for the mass appraisal of aggregate portfolios or indexes of property market values. Suggests that regression‐based techniques based purely on transaction prices may be superior for this latter function.