题目：Do Discount Rates Predict Returns? Evidence from Private Commercial Real Estate 

       主办单位：管理科学与工程学院

       讲座地点：沙河校区学院楼4号楼318    

       讲座时间：2016年11月16日（星期三）下午14：00-16：00    

       主讲人：Liang Peng , Professor， Smeal College ofBusiness，The Pennsylvania State University  

       讲座主要内容： Professor Liang Peng will analyze whether investors’ discount rates predict ex post returns and Jensen’s alpha in the private commercial real estate market. Professor Liang Peng tracks 4,430 properties in the U.S. that were worth 127 billion dollars at acquisition over the 1997 to 2014 period, then he finds that individual properties’ acquisition cap rates, which measure discount rates, have significant predicting power for ex post returns and Jensen’s alpha. Professor Liang Peng finds that the power is robust across property types and metro areas, is stronger in the short term, and persists when he controls for sample selection, latent factors, heterogeneous factor loadings, and the pricing of non-systematic risk.    

       欢迎全校感兴趣的教师和学生参加！