NO.PZ2023040601000092
问题如下：
One of Morgan's colleagues, Amy Li, covers commercial real estate for Pinnacle. She has developed a simple model for valuing commercial real estate investments. As part of Chan’s training, he meets with Li to learn more about her model, which incorporates the following features:
- Cash flows based on rents with additional redevelopment values as leases expire
- A risk premium that is closer to equities than fixed income
- A risk premium that has a relatively low correlation with corporate bonds
- A liquidity premium
选项：
A.
The correlation of the risk premium
B.
The inclusion of redevelopment values in cash flows
C.
The relative size of the risk premium
解释：
A is correct. When valuing commercial real estate, cash flows received from rent payments should include potential redevelopment value when the lease expires. The risk premium for commercial real estate is closer to equity investments than fixed-income investments. Commercial real estate is sensitive to changes in the economic cycle, and so the risk premium is highly correlated with equities and corporate bonds. Therefore, the low correlation in Li’s model is inaccurate.
B is incorrect because when valuing commercial real estate, cash flows received from rent payments should include potential redevelopment value when the lease expires.
C is incorrect because the risk premium for commercial real estate is closer to equity investments than fixed income investments.
1、给商业地产估值的时候，要考虑租约到期后重新开发的现金流，这句话是这么翻译吗？但是我没理解这句话的意思，在另类这章里，给不动产估值就是noi/caprate，没有题目这里提到的意思。
2、商业地产很股票债券的相关性比较弱，所以分散化的效果不错，但是为什么这道题说商业地产跟股票债券的相关性强呢？