Capital Asset Pricing and Real Estate Valuation*
探讨了资本资产定价模型在房地产投资分析和估值中的应用，讨论了该模型的理论问题、实证验证，以及房地产与证券市场的异同，并介绍了替代模型。
This paper examines the Capital Asset Pricing Model with respect to its implications for real estate investment analysis and appraisal. The derivation of the CAPM, and theoretical problems with it, are discussed, along with its empirical validation. The similarities and differences between real estate and securities markets are evaluated. Alternative models to the CAPM are presented, followed by the conclusions.