A Framework for Pricing and Measuring Risk of Financial Assets and Real Estate subject to Regime Switching

本文研究了体制转轨下金融资产和房地产的定价和风险度量问题。这些金融资产和房地产是公司大多数人拥有的典型风险资产。这些价格和风险的来源之一可能来自无法观察到的经济制度，如繁荣和衰退。我们发展了一个理论，这些制度可能如何影响价格和公司的风险。然后，我们继续进行实证分析，以证明它是有效的。

We study about pricing and measuring risk of financial assets and real estate subject to regime switching. These financial assets and real estate are the typical risky assets that most of the firm owns. One of the sources of those prices and risks may be derived from the unobservable economic regimes such as booms and recessions. We develop a theory how these regimes may affect the price and risk on the firm. We then proceed to conduct empirical analyses to show it works.