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

研究了制度转换下金融资产和房地产风险的定价和度量问题。这些金融资产和房地产是大多数企业拥有的典型的风险资产。这些价格和风险的来源之一可能来自不可观察的经济机制，如繁荣和衰退。我们发展了一个理论，说明这些制度如何影响公司的价格和风险。然后，我们进行实证分析，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.