Chen, Su-Jane; Hsieh, Cheng-Ho; Jordan, Bradford D. - In: Real Estate Economics 25 (1997) 3, pp. 506-523
Two empirical models are used to implement the arbitrage pricing theory: the factor loading model (FLM) and the macrovariable model (MVM). This study compares the ability of these two models to explain real estate returns using equity REIT returns as a proxy. Two tests are performed: a...