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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：CommercialRealEstateValuation:FundamentalsVersusInvestSentimentBackgroundPreviousLiteratureBothsentimentlimitstoarbitragearenecessaryconditionsftheexistenceofmispricing.Mespecificallyinamarketacterize

2、dbyheterogeneousinveststheexistenceofshtsaleconstraintscangeneratedeviationsinassetpricesfromfundamentalvalues.Optimisticinveststakelongpositionswhilepessimisticinvestswouldliketotakeshtpositions.Shtsaleconstraintshoweve

3、rmayinhibittheabilityofrationalinveststoeliminateoverpricingevenoversustainedtimeperiods.Thereferationalinvestsmaysitonthesidelineswhentheybelievepricesaretoohighrelativetofundamentalsleavingmarketclearingpricestobedeter

4、minedatthemarginbyoverlyoptimisticinvestsasinBakerStein(2004).Mostbehavialfinanceresearchhasfolloweda“bottomup”microeconomicapproachthatappealstobiasesinindividualinvestpsychologytoexplainhowwhyinvestsmightoverreactunder

5、reacttopastreturnsinfmationaboutmarketfundamentals.BrownCliff(20042005)BakerWurgler(20062007)offeranew“topdown”macroeconomicapproachthefirststepofwhichistoderivemeasuresofaggregateinvestsentimentfstocks.BrownCliff(200420

6、05)employbothsurveymeasuresofinvestsentimentaswellassentimentmeasuresderivedfromaprincipalcomponentanalysisofasetofpotentialsentimentproxies.Theyfindthatinvestsentimentishighlycrelatedwithcontempaneousstockreturnsbuthasl

7、ittleshtrunpredictivepower(BrownCliff2004).Howevertakingalongertermperspective(2to3years)periodsofhighsentimentarefollowedbylowreturnsasthemarketmeanreverts(BrownCliff2005).returns.Theirwkprovidesevidencethatcapitalflows

8、intopublic(i.e.securitized)realestatemarketsdonotpredictsubsequentreturnsbutthatreturnsdoaffectsubsequentcapitalflowsintothesesecuritizedrealestatemarkets.Fisheretal.(2007)extendthewkofLingNaranjo(20032006)byinvestigatin

9、gtheshtlongrundynamicsamonginstitutionalcapitalflowspropertyreturnsinthelargestUSmetropolitanareas.Theauthsfindsomeevidencethatlaggedinstitutionalcapitalflowsinfluencecurrentreturnsattheaggregatelevelbuttheevidenceisless

10、convincingwhendisaggregatedbymetropolitanareapropertytype.Thesepapersprovideusefulempiricalacterizationsofthedynamicsofrealestatecapitalflowspricingtherefeprovideasolidfoundationonwhichadditionalresearchcanbuild.Howevert

11、heirresultsdonotdirectlyaddresstherolesentimentplaysinrealestatemarketsastheydonotexplicitlyrelatecapitalflowstoinvestsentimentwithinamodelofpropertypricing.ShillingSing(2007)examinetherationalityofinvests’expectedincome

12、growthratestotalreturnfecastsinprivatecommercialrealestatemarkets.Theirfindingsareconsistentwithmodelsofinvestirrationality.FurthermeShillingSingfindevidencethatinvestsactoverlyoptimisticthattheygenerallyanchtheirexpecta

13、tionstothepreviousperiod.FinallyLing(2005)providespreliminaryunvariedevidenceconsistentwithrealestatepricingbeingdrivenattimesbyinvestsentiment.ModelingPricesCapRatesArcherLing(1997)arguethatthree“markets”playaroleindete

14、rminingcommercialrealestateprices:spacemarketscapitalmarketspropertymarkets.Localmarketrentsaredeterminedinthespacemarket(i.e.themarketfleasablespace).Requiredriskpremiumsfassetswithvaryingprofilesofcashflowriskaredeterm

15、inedinthecapitalmarket.Finallypropertymarketsarewhereassetspecificdiscountratespropertyvaluescapratesaredetermined.ItisimptanttonotethatthelevelofNOIhasnoimpactonthecaprate.RatheritistheexceptedchangeinNOIthataffectsthep

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