Forecasting the Discounts of Market Prices from Appraised Values for Real Estate Limited Partnerships
研究了如何预测房地产有限合伙企业的市场价格相对于评估价值的折价，构建的线性回归模型能解释60个样本中超过80%的折价差异，并在41个样本中优于简单假设。
A vexing problem for the appraisal industry has been estimating an appropriate discount for the value of real estate limited partnerships (RELPs) relative to their appraised value. This research develops a linear regression model that explains over 80% of the cross‐sectional variation in discounts across 60 RELPs using characteristics of each partnership. Among a holdout sample of 41 RELPs, the model provides forecasts of discounts that are superior to assuming no discount or applying a mean discount to all partnerships. Discounts are greatest for RELPs with low current yields, low leverage and high trading ranges for their market prices.