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Lareina · 2025年06月08日

老师这样答可以么。

NO.PZ2022122601000030

问题如下:

Describe the main issues that arise when conducting historical analysis of real estate returns.

选项:

解释:

Properties trade infrequently so there is no data on simultaneous periodic transaction prices for a selection of properties. Analysis therefore relies on appraisals. Secondly, each property is different, it is said to be heterogenous. The returns calculated from appraisals represent weighted averages of unobservable returns. Published return series is too smooth and the sample volatility understates the true volatility of returns. It also distorts estimates of correlations.

中文解析:

物业交易不频繁,因此没有关于选定物业的同时定期交易价格的数据。因此,分析依赖于评估。其次,每个属性都是不同的,我们说它是异质的。由评估计算的收益代表不可观察收益的加权平均值。已公布的收益率序列过于平滑,样本波动率低估了收益率的真实波动率。它还扭曲了对相关性的估计。

Due to the illqudity of real estate, the amount of direct transaction data is small, the data used in analysis is appraisal, so the return is smoothed , and the volatility is underestimated .

1 个答案

源_品职助教 · 2025年06月09日

嗨,努力学习的PZer你好:


同学这么答是可以的。不过最好再补充下地产物业“异质性”这个特点哈。

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努力的时光都是限量版,加油!