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dc.contributor.authorLiu, Crocker H.
dc.contributor.authorHartzell, David J.
dc.contributor.authorGrieg, Wylie
dc.contributor.authorGrissom, Terry V.
dc.description.abstractThe current study investigates whether the commercial real estate market is segmented from the stock market using the framework of Jorion and Schwartz (1986). Evidence is found to support the hypothesis that segmentation does exist as the result of indirect barriers such as the cost, amount, and quality of information for real estate rather than legal constraints. However, this evidence is contingent on whether real estate returns are computed with appraised values or imputed sale prices and on which market proxy is chosen.
dc.rightsRequired Publisher Statement: © Springer. Final version published as: Liu, C. H., Hartzell, D. J., Greig, W., & Grissom, T. V. (1990). The integration of the real estate market and the stock market: Some preliminary evidence. Journal of Real Estate Finance and Economics, 3(3), 261-282. Reprinted with permission. All rights reserved.
dc.subjectreal estate market
dc.subjectstock market
dc.subjectsale prices
dc.titleThe Integration of the Real Estate Market and the Stock Market: Some Preliminary Evidence
dc.description.legacydownloadsLiu33_The_integration_of_the_real_estate_market.pdf: 2638 downloads, before Aug. 1, 2020.
local.authorAffiliationLiu, Crocker H.: Cornell University
local.authorAffiliationHartzell, David J.: University of North Carolina
local.authorAffiliationGrieg, Wylie: The RREEF Funds
local.authorAffiliationGrissom, Terry V.: Texas A & M University

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