Corgel, John B; deRoos, Jan A - In: The Journal of Real Estate Finance and Economics 18 (1999) 3, pp. 279-96
Appraisal-based return indexes may not approximate the true real estate return distributions because of understated return volatility. Recovery of returns from reported, appraisal-based returns may be possible by evoking models to correct for appraisal-based smoothing of the second moment....