The Q theory of investment, the capital asset pricing model and the capitalization rate in real estate valuation

• Autores: John F. McDonald
• Localización: Applied financial economics, ISSN 0960-3107, Vol. 20, Nº. 13-15, 2010, págs. 1133-1143
• Idioma: inglés
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• Resumen

  • This article combines Tobin's Q theory of real investment with the Capital Asset Pricing Model (CAPM) to produce a model of the capitalization rate used in the valuation of real estate assets using the income approach. An empirical study of capitalization rates for office buildings in downtown Chicago is included.