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.
2013
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].
P. Pattitoni; B. Petracci; M. Spisni
File in questo prodotto:
Eventuali allegati, non sono esposti

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/119591
 Attenzione

Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo

Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 9
  • ???jsp.display-item.citation.isi??? 8
social impact