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Real Estate Investment: A Capital Market Approach. Gerald R. Brown (deceased) and George A. Matysiak. Upper Saddle River, NJ: Financial Times/Prentice Hall, 2000
This book is one of the first of a new generation of real estate investment texts that present the topic in the framework of capital markets. It builds on Brown's earlier book titled Property Investment and the Capital Markets, which was written as a monograph. The objective in this effort, in addition to modernizing the text and updating the references and empirical results, was to make the presentation more suitable for classroom use.
The soft-cover book is about 700 pages and has three parts divided into eighteen chapters. Most chapters include at least one appendix that presents more advanced material, often of a technical nature. Part I is titled the Time Value of Money and the Valuation of Cash Flows, and leads the reader from the basics of investment decision techniques through modern treatments such as adjusted present values. There is an excellent chapter that addresses price versus value, accompanied by empirical evidence as to the relationships between appraised values and transaction...