Capital Asset Pricing and Real Estate Valuation*

Dennis W. Draper and M. Chapman Findlay

Real Estate Economics, 1982, vol. 10, issue 2, 152-183

Abstract: This paper examines the Capital Asset Pricing Model with respect to its implications for real estate investment analysis and appraisal. The derivation of the CAPM, and theoretical problems with it, are discussed, along with its empirical validation. The similarities and differences between real estate and securities markets are evaluated. Alternative models to the CAPM are presented, followed by the conclusions.

Date: 1982
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