Cho, Youngha; Hwang, Soosung; Lee, Yong-ki - In: Real Estate Economics 42 (2014) 2, pp. 497-529
type="main" <p>We investigate the dynamics of appraisal smoothing in the National Council of Real Estate Investment Fiduciaries (NCREIF) index return using time-varying asset pricing models. We find that smoothing is on average close to zero but varies substantially over time. From the inception of...</p>