TY  - BOOK
AU  - Pattitoni,Pierpaolo
AU  - Petracci,Barbara
AU  - Spisni,Massimo
TI  - NAV discount in REITs: the role of expert assessors
SN  - 13504851
AV  - HB1.A666 APP 
PY  - 2013///
CY  - New York
PB  - Taylor and Francis
KW  - NAV discount
KW  - Expert assessors
KW  - REITs
N2  - Using a unique hand-collected data set that comprises the 2009 balance sheets of all Italian listed Real Estate Investment Trusts (REITs), we test whether Net Asset Value (NAV) discount can be explained by expert assessor overestimations. Our results suggest that expert assessors make conservative assessments of NAV values; thus, they are not responsible for NAV discounts. Furthermore, using the balance sheet disaggregated data of each REIT, we cluster properties by region and intended use and find that certain regions and types of properties are more discount-prone than others
UR  - https://doi.org/10.1080/13504851.2012.689103
ER  -