Anticipated Growth and the Specification of Debt in Real Estate Value Models
研究了标准房地产价值模型未区分当前收入与未来增长对债务融资的影响，通过1971-1981年贷款承诺数据分析，发现预期增长部分支持的债务少于当前收入。
Standard value models for investment real property do not distinguish between current income and future growth in estimating the probable level of debt financing. Analysis of loan commitment data from 1971–1981 suggests that this was not a proper assumption during that period. Consistent with recent models from the literature of the firm, the portion of the value of investment properties attributable to anticipated growth apparently supported less dept than did current income.