A Further Examination of Appraisal Data and the Potential Bias in Real Estate Return Indexes
使用混合房地产基金的评估数据，检验了持有期收益偏差的方向和大小，发现实际应用中偏差很小，对房地产收益指数影响不大。
Recent articles by Giliberto [2] and Geltner [1] examine the biases inherent in the use of appraisal data in real estate performance measurement. This note takes another look at the direction and magnitude of any bias in holding period returns. Using appraisal data from a commingled real estate fund, we show that in actual application the size of the holding period return bias can be quite small and this bias may have no appreciable effect on real estate return indexes.