An Empirical Explanation of Smooth Fund Returns
LIST OF SYMBOLS
tDERV Delta estimated rental value in period t tDMV Delta market value in period t tDOCR Delta occupancy rate in period t tDYP Delta year’s purchase in period t tMV Market value in period t tOCR Occupancy rate in period t rateoccupancy. Occupancy rate leasesendingperc .. Percentage of ending leases by rental value within the next year tR Return in month t RVG Rental value growth * tV Value of property at time t purchaseofyear .. Year of the acquisition of the property by the fund YP Year’s purchase or rent multiplier Feba2 Dummy variable taking the value of 1 for the month Febru- ary Deca12 Dummy variable taking the value of 1 for the month De- cember Random error term Quantile of the quantile regression function
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