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Expected Capital Appreciation on the Relationship between Space and Capital Markets
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공간시장과 자본시장의 관계 및 예상자본수익률

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Type
Academic journal
Author
Journal
Korea Planning Association Journal of Korea Planning Association Vol.36 No.2 (WN.113) KCI Excellent Accredited Journal
Published
2001.4
Pages
163 - 175 (13page)

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Expected Capital Appreciation on the Relationship between Space and Capital Markets
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Abstract· Keywords

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Much of research on real estate markets has focused either on space market or capital market. In fact, these two markets are highly interrelated: fundamental connections exist between the space market which determines rent and the capital market which determines asset price. The purpose of this research is to identify the relationship with using observable rent data unlike most previous studies that suffer from limitation of using rent proxies. Some studies suggest a forward-looking hypothesis that the relationship has predictive power for future capital appreciation. Empirical results, however, offer little evidence for this suggestion. This study infers that the inefficiency findings might be attributed to inaccurate definition of expected capital appreciation, and argues that capital appreciation should be defined as rent growth based on the present value model for estimating model to be dynamically stable. This study applies a random coefficient model to testing the hypothesis, recognizing that the parameters in the estimating model are not fixed, but rather vary, because the data used in this analysis have a hierarchical structure. This study offers the strong support for the forward-looking hypothesis by empirical results, if a model is correctly specified.
#임대가치 #자산가치 #미래예측가설 #예상자본수익 #임의계수모형

Contents

Abstract
Ⅰ. 서론
Ⅱ. 문헌 연구
Ⅲ. 모형
Ⅳ. 추정을 위한 수식
Ⅴ. 자료
Ⅵ. 분석 결과
Ⅶ. 함의
Ⅷ. 결론
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