The Motivation for Institutional Real Estate Sales and Implications for Asset Class Returns
由于房地产交易不频繁，仅用已售样本估计定价模型可能产生严重偏差。本文利用已售和未售房产数据，评估了这种偏差的程度，发现控制出售动机至关重要。
Since real estate assets are sold infrequently, analyses that use samples of exclusively sold properties to estimate pricing models may be seriously in error. This paper uses data on samples of sold and unsold properties and an appropriate statistical methodology to evaluate the extent of this bias. The results clearly show that it is important to control for sales motivations and that pricing equations that ignore this source of bias may be misleading.