Using a unique hand collected dataset which comprises the 2009 balance sheets of all Italian listed REITs, we test whether NAV discount can be explained by expert assessor overestimations. Our results suggest that expert assessors make conservative assessments of NAV values, thus they are not responsible for NAV discounts. Furthermore, using the balance sheet disaggregated data of each REIT, we cluster properties by region and intended use and find that certain regions and types of properties are more discount-prone than others.
P. Pattitoni, B. Petracci, M. Spisni (2013). NAV Discount in REITs: the Role of Expert Assersors. APPLIED ECONOMICS LETTERS, 20, 194-198 [10.1080/13504851.2012.689103].
NAV Discount in REITs: the Role of Expert Assersors
PATTITONI, PIERPAOLO;PETRACCI, BARBARA;SPISNI, MASSIMO
2013
Abstract
Using a unique hand collected dataset which comprises the 2009 balance sheets of all Italian listed REITs, we test whether NAV discount can be explained by expert assessor overestimations. Our results suggest that expert assessors make conservative assessments of NAV values, thus they are not responsible for NAV discounts. Furthermore, using the balance sheet disaggregated data of each REIT, we cluster properties by region and intended use and find that certain regions and types of properties are more discount-prone than others.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
