Barkham, Richard; Geltner, David - In: Real Estate Economics 23 (1995) 1, pp. 21-44
This paper examines the securitized (public) and unsecuritized (private) commercial property markets in the United States and the United Kingdom for evidence of price discovery. Appraisal-based returns are corrected for smoothing, without presupposing the true returns to be uncorrelated or...