Income and Appraised Values: A Reexamination of the FRC Returns Data
研究了FRC指数中办公楼物业的收入与评估价值的关系，发现1978-1988年间评估价值始终是当前收入的固定倍数，这与现代估值理论相悖。
This paper compares the income of those office properties that are included in the FRC index, with the appraised values that are used to determine the index's appreciation component. We find that the appraised value of the portfolio was a constant multiple of its current income, over the 1978–1988 period. This seems at odds with what modern valuation theory would suggest, since both nominal interest rates and several measures of real rates varied widely over the sample. An alternate interpretation of our results is that the appraised values were based on a set of expectations about future income growth, that turned out over the period, to be continually at odds with respect to actual income.