The Q theory of investment, the capital asset pricing model and the capitalization rate in real estate valuation

John McDonald

Applied Financial Economics, 2010, vol. 20, issue 14, 1133-1143

Abstract: This article combines Tobin's Q theory of real investment with the Capital Asset Pricing Model (CAPM) to produce a model of the capitalization rate used in the valuation of real estate assets using the income approach. An empirical study of capitalization rates for office buildings in downtown Chicago is included.

Date: 2010
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DOI: 10.1080/09603101003742523

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