#07-30
Japan Land Prices: A Statistical Expectations Modeling Approach
Yoon Dokko, Simon Firestone, Robert H. Edelstein, Jean Michael Paul, and Branko Urošević, July 2007
Abstract: This paper creates a set of multivariate statistical regressions models for testing the consistency of observed Japanese land market prices with present value market fundamentals. In contrast to earlier studies, our statistical results imply that the long run behavior of land prices is consistent with the present value model. We attribute this difference to both our use of expectational data and the reformulation of the statistical procedures for testing the present value model.
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