Clayton, Jim; Ling, David; Naranjo, Andy - In: The Journal of Real Estate Finance and Economics 38 (2009) 1, pp. 5-37
This paper investigates the role of fundamentals and investor sentiment in commercial real estate valuation. In real estate markets, heterogeneous properties trade in illiquid, highly segmented and informationally inefficient local markets. Moreover, the inability to short sell private real...