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>

We investigate the dynamics of smoothing in the NCREIF index return using time-varying asset pricing models. We find that smoothing time-varies significantly. From the inception of the NCREIF index in 1978 until the early 1990s, there was little evidence of smoothing. Smoothing has increased...

We investigate the dynamics of appraisal smoothing in the 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 the NCREIF index in 1978 until the mid-1990s, there was little...