Document Type
Article
Language
eng
Format of Original
26 p.
Publication Date
5-1998
Publisher
Springer
Source Publication
The Journal of Real Estate Finance and Economics
Source ISSN
0895-5638
Abstract
In this article the determinants of metropolitan-level appraisal-based retail property returns are examined by estimating a six-equation model of retail construction starts, retail sales, stock-market returns, commercial mortgage rates, inflation, and the logarithm of stock-market volatility. Residuals from these equations are then used to explain actual movements in retail real estate returns. Our empirical procedure looks at both unadjusted and unsmoothed appraisal-based retail real estate returns. The general finding is that unsmoothed appraisal-based retail real estate returns lag significantly behind market conditions. Furthermore, the results suggest that very little of the variation in metropolitan-level appraisal-based retail real estate returns can be explained by macroeconomic news events.
Recommended Citation
Eppli, Mark; Shilling, James D.; and Vandell, Kerry D., "What Moves Retail Property Returns at the Metropolitan Level?" (1998). Finance Faculty Research and Publications. 33.
https://epublications.marquette.edu/fin_fac/33
Comments
Accepted version. The Journal of Real Estate Finance and Economics, Vol. 16, No. 3 (May 1998): 317-342. DOI. © 1998 Springer Publishing Company. Used with permission.
Mark Eppli was affiliated with George Washington University at the time of publication.
Shareable Link. Provided by the Springer Nature SharedIt content-sharing initiative.