The discount rate for income properties

Jaime Sabal Cárdenas

doi:10.3926/hdbr.28

The discount rate for income properties

Jaime Sabal Cárdenas

Producción científica: Artículo en revista no indizada › Artículo

Resumen

Debido a la ausencia de mercados líquidos y transparentes es muy difícil la estimación de betas para los rendimientos de propiedades generadoras de renta. Es por ello que el modelo CAPM es generalmente descartado para la valoración de estos activos, y en su lugar, las analistas suelen utilizar los rendimientos brutos (gross yields) para descontar los flujos de caja libres. Sin embargo, los rendimientos brutos sólo son aplicables a los ingresos y otros flujos de caja altamente correlacionados con ellos. Otras partidas tales como los gastos operacionales y las inversiones deben ser descontadas a tasas diferentes. Es muy curioso que esta obvia anomalía no haya sido detectada previamente en la literatura sobre valoración de activos inmobiliarios. La práctica común resulta en una sobrevaloración de estos inmuebles. A través de un ejemplo práctico se muestra cómo la sobrevaloración es mas pronunciada mientras mayores sean los rendimientos brutos, y cuando los flujos de caja menos riesgosos tienen mayor importancia relativa.

Idioma original	Inglés
Páginas	147-157
Publicación especializada	Harvard Deusto Business Research
DOI	https://doi.org/10.3926/hdbr.28
Estado	Publicada - 1 dic 2012

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The discount rate for income properties

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