Academic Research & Book Chapters

Academic Publications

“Financial Flexibility and At-the-Market (ATM) Offerings: Evidence from Real Estate Investment Trusts,” with Shawn Howton, Shelly Howton and Benjamin Scheick, Journal of Real Estate Economics (2016)
“Class Differences in Real Estate Private Equity Fund Performance,” with Lynn Fisher, Journal of Real Estate Finance and Economics, 52(4), 2016, pp. 327-346 (lead article)
“Land Use Regulations and Housing Markets in Large Metropolitan Areas,” with X. Xing and D. Godschalk, Journal of Housing Research, 2006, Volume 15 (1)
“Why Do REIT Prices Change? The Effect of Announcements on Market Activity,” with David Downs and Michael Torres, Journal of Real Estate Finance and Economics, 2001, Volume 22, Issue 1 (2001).
“An Updated Look at Constructing a Public and Private Real Estate Portfolio,” with Hope M. Stivers and Mary Ludgin, Real Estate Finance, Winter 1999.
“The Performance of Global Real Estate Securities,” with David Watkins, Investment

Policy, Winter, 1998.
“An International Perspective on Real Estate Securities as an Inflation Hedge,” with M. Hoesli and C. Liu, Real Estate Economics (formerly the AREUEA Journal), Summer, 1997.
“Property Shares, Appraisals and the Stock Market: An International Perspective,” with P. Eichholtz, The Journal of Real Estate Finance and Economics, March 1996.
“Combining Publicly – Traded Real Estate Securities with Privately Held Portfolios, with C. Wurtzebach and D. Watkins, Real Estate Finance, Fall, 1995.
“Real Estate Investment Trusts”, with D. Downs, in The Handbook of Real Estate Portfolio Management, Irwin, 1995.
“An Updated Look at the Size of the U.S. Market Real Estate Portfolio,” with R. Pittman and D. Downs, The Journal of Real Estate Research, Summer, 1994
“Capital Adequacy in GSEs: The Case of Freddie Mac and Fannie Mae,” with R. Eisenbeis, in Risk Based Capital Regulations: Asset Management and Funding Strategies (C.A. Stone and A. Zissu, eds.), 1994.
“An Investigation of the Change in Real Estate Investment Trust Betas,” with T. Khoo and M. Hoesli, Journal of the American Real Estate and Urban Economics Association, Summer, 1993.
“Economic Diversification in European Real Estate Portfolios,” with A. Selender and P. Eichholtz, Journal of Property Research, Spring 1993.
“Commercial Mortgage Defaults: Proportional Hazards Estimation Using Disaggregated Pooled Data,” with K. Vandell, W. Barnes, D. Kraft and W. Wendt, Journal of the American Real Estate and Urban Economics Association, Winter, 1993.
“Alternative Rationales for Superior Real Estate Investment Performance: A Critical Reinterpretation of the Literature,” with Crocker H. Liu and T. V. Grissom, Journal of Property Research, Summer 1992.
“Superior Real Estate Investment Performance: A Critical Review of the Literature,” with Crocker Liu, Research in Real Estate, JAI Press, 1992.
“The Role of Co-Skewness in Pricing Real Estate,” with C. Liu and T.V. Grissom, Journal of Real Estate Finance and Economics, Spring, 1992

“A True Transactions Based Real Estate Index: Is It Possible?” with M. Miles. D. Guilkey, and D. Sears, Journal of Property Research, Winter 1991.
“The Impact of Market Imperfections on Real Estate Returns and Optimal Investor Portfolios,” with Crocker Liu and T. V. Grissom, Journal of the American Real Estate and Urban Economics Association, Winter 1990.
“The Composition of the Market Portfolio and Real Estate Investment Performance,” with Crocker Liu, T. V. Grissom and W. Greig, Journal of the American Real Estate and Urban Economics Association, Spring 1990.
“The Integration of the Real Estate Market and the Stock Market: Some Preliminary Evidence,” with Crocker Liu and T. V. Grissom, Journal of Real Estate Finance and Economics, September 1990.
“Comparing the Performance of City Center and Suburban Office Investments,” with C.H. Wurtzebach, Real Estate Review, Winter 1990.
“Real Estate Risk and Return Expectations,” with J. R. Webb, Journal of Real Estate Research, Fall 1989; reprinted in Real Estate Portfolio Management, edited by S. Hudson – Wilson, CFA Real Estate Readings text.
“A Look at Real Estate Duration,” with D. Shulman, T. Langetieg and M. Leibowitz, Journal of Portfolio Management, Fall 1988
“Refining the Analysis of Regional Diversification for Income-Producing Real Estate,” with D.G. Shulman and C.H. Wurtzebach, Journal of Real Estate Research, Winter 1987: Awarded Best Paper in the Journal of Real Estate Research, 1987: reprinted by Salomon Brothers Inc. Real Estate Research Group, February 1988; reprinted in Real Estate Portfolio Management, edited by S. Hudson – Wilson, CFA Real Estate Readings text.
“An Approach to Industrial Real Estate Market Segmentation and Valuation Using The Arbitrage Pricing Paradigm Theory,” with T.V. Grissom and C.H. Liu, Journal of the American Real Estate and Urban Economics Association, Fall 1987.
“Commercial Mortgage-Backed Securities: an Investors’ Primer,” with A. Lepcio, J. Fernald and S. Jordan, Housing Finance Review, Policy and Practice section, Fall 1987; reprinted from Salomon Brothers Inc. Bond Market Research Department publication, May 1987.
“Real Estate Returns and Inflation,” with J.S. Hekman and M.E. Miles, Journal of the American Real Estate and Urban Economics Association, Spring, 1987.
“Creating High-Yielding Synthetic Commercial Mortgage-Backed Floating-Rate Notes Through Interest Rate Swaps,” with J. Fernald, Housing Finance Review, Policy and Practice section, Spring 1987; reprinted from Salomon Brothers Inc. Bond Market Research Department publication, October 17, 1986.
“Diversification Categories in Investment Real Estate,” with J.S. Hekman and M.E. Miles, Journal of the American Real Estate and Urban Economics Association, Summer 1986; reprinted by Salomon Brothers Inc. Real Estate Research Group, December 1986.
“Hedonic Estimation of Home Prices in 59 SMSAs” with J.C. Weicher, Research in Real Estate, Volume 2, 1982.
Professional Publications
“An Updated Look at the Required Risk Premium for Real Estate,” with David Watkins and Brian Klinksiek, Heitman Perspectives, Summer 2006.
“Commercial Real Estate Mezzanine Finance: An Update,” with David Watkins and Stuart Isen, Heitman Perspectives, January 2005.
“Commercial Real Estate Mezzanine Finance: Evaluating the Risks,” with D. Watkins and D. Egerter, Real Estate Issues, Fall 2003.
“Why REITS, Why Now?” with Reagan Pratt, United Asset Management/Merrill Lynch Occasional Papers, Fall 1999.
“A Comment on Mull and Soenen,” Financial Analysts Journal, January/February 1998.
“International Real Estate Securities: Performance and Perspectives,” with David Watkins, Heitman/Henderson Perspectives for International Real Estate Investors, Summer 1997.
“Does Property Type Matter for REIT Investors?” with David Watkins, Heitman Capital Management Perspectives, Summer 1996.
“Real Estate in the Multi-Asset Portfolio: Survey Results, with C. Wurtzebach and D. Watkins, Heitman Capital Management Perspectives, September 1996.
“Combining Publicly-Traded Real Estate Securities with Privately Held Portfolios: Parts I and II,” with C. Wurtzebach, D. Watkins and D. Sotter, Heitman/JMB Advisory Corp. Perspectives, July 1995.
“Real Estate in the Portfolio: A New Look,” with C. Wurtzebach and M. Giliberto, Heitman/JMB Advisory Corp. Perspectives, September 1995.
“Exploring the Market for Commercial Mortgage Backed Securities,” Heitman/JMB Advisory Corp. Perspectives, December 1994, pp. 15-29.
“Market Comment,” contributing author, JMB Institutional Realty Corporation, August 1994, March 1995, September 1995, varying pages.
“Expectations of Risk and Return for Real Estate and Financial Assets: Results of a Survey,” with M. Giliberto, Salomon Brothers Inc. Bond Market Research, April 1990, 13 pages.
“Is a True Transactions Based Real Estate Index Possible?” with M. Miles, D. Guilkey, D. Sears, Salomon Brothers, Inc., Bond Market Research, November 1989, 17 pages.
“Market Analysis for Investors,” Urban Land, with Emil Malizia, January 1989, pp. 53-59.
“Toward an Indexed Portfolio of Real Estate: Office Investments,” with S. Goldberg, R. Hopkins, D. Kostin and D. Shulman, Salomon Brothers Inc, Bond Market Research, July 1988, 11 pages.
Real Estate Roundtable, Salomon Brothers Inc, Bond Market Research, April 1988, Conference Coordinator and editor, 21 pages.
“Real Estate Returns and Risks: A Survey,” Salomon Brothers Inc, Bond Market Research, February 12, 1988, 9 pages.
“A Look at Real Estate Duration”, with D. Shulman, M.L. Leibowitz and T. Langetieg, Salomon Brothers Inc, Bond Market Research, December 1987, 23 pages.
“Real Estate After the Stock Market Collapse,” with K.T. Rosen and D. Shulman, Salomon Brothers Inc, Bond Market Research, November 16, 1987, 5 pages.
“Commercial Mortgage-Backed Securities: An Investors’ Primer,” with A. Lepcio, J. Fernald and S. Jordan, Housing Finance Review, Policy and Practice section, Fall 1987; reprinted from Salomon Brothers Inc. Bond Market Research Department publication, May 1987, 21 pages.
“Another Look at Real Estate Investment Trust Returns,” with Anne E. Mengden, Salomon Brothers Inc, Bond Market Research, September 22, 1987, 8 pages.
“The Yield Enhancing Opportunities in Non-Callable High-Coupon Commercial Mortgages,” with D. Shulman, Salomon Brothers Inc, August 17, 1987, 5 pages.
“Real Estate Versus Financial Assets: Is It Time to Switch?” with D. Shulman, Salomon Brothers Inc, Bond Market Research, July 13, 1987, 6 pages.
Prospects for Financial Markets in 1987, contributing author, Salomon Brothers Inc, Research Department, December 1986.
“Real Estate Investment Trusts: Are They Stocks or Real Estate?” with Anne E. Mengden, Salomon Brothers Inc, Stock Research, August 27, 1986, 9 pages.
Real Estate Market Review, contributing author, Salomon Brothers Inc, Real Estate
Research Group, quarterly, July 1986-July 1988.
Book Chapters
“Secondary Mortgage Markets,” in Modern Real Estate, by C. H. Wurtzebach and M. E. Miles, Wiley Inc. NY, NY, fourth edition, 1992, pp. 463-494.
“The Commercial Mortgage-Backed Securities Market,” with A. Lepcio, S. Jordan, and J. Fernald, in The Handbook of Mortgage-Backed Securities, revised edition, edited by Frank Fabozzi, Probus Publishing, 1988, pp. 199-240.
“Real Estate in the Portfolio,” in Institutional Investors’ Selected Readings in Investment Management, edited by Frank Fabozzi, Ballinger Publishing Co., 1989; reprinted from Salomon Brothers Inc, Bond Market Research publication, August 27, 1986, 12 pages.
“The Secondary Mortgage Market,” with Daniel F. Williams, Current Perspectives in Banking, edited by T.M. Havrilesky and R.L. Schweitzer, Harlan Davidson Co., 1987, 404-413.

Academic Research & Book Chapters

Academic Publications

“Financial Flexibility and At-the-Market (ATM) Offerings: Evidence from Real Estate Investment Trusts,” with Shawn Howton, Shelly Howton and Benjamin Scheick, Journal of Real Estate Economics (2016)

“Class Differences in Real Estate Private Equity Fund Performance,” with Lynn Fisher, Journal of Real Estate Finance and Economics, 52(4), 2016, pp. 327-346 (lead article)

“Land Use Regulations and Housing Markets in Large Metropolitan Areas,” with X. Xing and D. Godschalk, Journal of Housing Research, 2006, Volume 15 (1)

“Why Do REIT Prices Change? The Effect of Announcements on Market Activity,” with David Downs and Michael Torres, Journal of Real Estate Finance and Economics, 2001, Volume 22, Issue 1 (2001).

“An Updated Look at Constructing a Public and Private Real Estate Portfolio,” with Hope M. Stivers and Mary Ludgin, Real Estate Finance, Winter 1999.

“The Performance of Global Real Estate Securities,” with David Watkins, Investment

Policy, Winter, 1998.

“An International Perspective on Real Estate Securities as an Inflation Hedge,” with M. Hoesli and C. Liu, Real Estate Economics (formerly the AREUEA Journal), Summer, 1997.

“Property Shares, Appraisals and the Stock Market: An International Perspective,” with P. Eichholtz, The Journal of Real Estate Finance and Economics, March 1996.

“Combining Publicly – Traded Real Estate Securities with Privately Held Portfolios, with C. Wurtzebach and D. Watkins, Real Estate Finance, Fall, 1995.

“Real Estate Investment Trusts”, with D. Downs, in The Handbook of Real Estate Portfolio Management, Irwin, 1995.

“An Updated Look at the Size of the U.S. Market Real Estate Portfolio,” with R. Pittman and D. Downs, The Journal of Real Estate Research, Summer, 1994

“Capital Adequacy in GSEs: The Case of Freddie Mac and Fannie Mae,” with R. Eisenbeis, in Risk Based Capital Regulations: Asset Management and Funding Strategies (C.A. Stone and A. Zissu, eds.), 1994.

“An Investigation of the Change in Real Estate Investment Trust Betas,” with T. Khoo and M. Hoesli, Journal of the American Real Estate and Urban Economics Association, Summer, 1993.

“Economic Diversification in European Real Estate Portfolios,” with A. Selender and P. Eichholtz, Journal of Property Research, Spring 1993.

“Commercial Mortgage Defaults: Proportional Hazards Estimation Using Disaggregated Pooled Data,” with K. Vandell, W. Barnes, D. Kraft and W. Wendt, Journal of the American Real Estate and Urban Economics Association, Winter, 1993.

“Alternative Rationales for Superior Real Estate Investment Performance: A Critical Reinterpretation of the Literature,” with Crocker H. Liu and T. V. Grissom, Journal of Property Research, Summer 1992.

“Superior Real Estate Investment Performance: A Critical Review of the Literature,” with Crocker Liu, Research in Real Estate, JAI Press, 1992.

“The Role of Co-Skewness in Pricing Real Estate,” with C. Liu and T.V. Grissom, Journal of Real Estate Finance and Economics, Spring, 1992

“A True Transactions Based Real Estate Index: Is It Possible?” with M. Miles. D. Guilkey, and D. Sears, Journal of Property Research, Winter 1991.

“The Impact of Market Imperfections on Real Estate Returns and Optimal Investor Portfolios,” with Crocker Liu and T. V. Grissom, Journal of the American Real Estate and Urban Economics Association, Winter 1990.

“The Composition of the Market Portfolio and Real Estate Investment Performance,” with Crocker Liu, T. V. Grissom and W. Greig, Journal of the American Real Estate and Urban Economics Association, Spring 1990.

“The Integration of the Real Estate Market and the Stock Market: Some Preliminary Evidence,” with Crocker Liu and T. V. Grissom, Journal of Real Estate Finance and Economics, September 1990.

“Comparing the Performance of City Center and Suburban Office Investments,” with C.H. Wurtzebach, Real Estate Review, Winter 1990.

“Real Estate Risk and Return Expectations,” with J. R. Webb, Journal of Real Estate Research, Fall 1989; reprinted in Real Estate Portfolio Management, edited by S. Hudson – Wilson, CFA Real Estate Readings text.

“A Look at Real Estate Duration,” with D. Shulman, T. Langetieg and M. Leibowitz, Journal of Portfolio Management, Fall 1988

“An Approach to Industrial Real Estate Market Segmentation and Valuation Using The Arbitrage Pricing Paradigm Theory,” with T.V. Grissom and C.H. Liu, Journal of the American Real Estate and Urban Economics Association, Fall 1987.

“Commercial Mortgage-Backed Securities: an Investors’ Primer,” with A. Lepcio, J. Fernald and S. Jordan, Housing Finance Review, Policy and Practice section, Fall 1987; reprinted from Salomon Brothers Inc. Bond Market Research Department publication, May 1987.

“Real Estate Returns and Inflation,” with J.S. Hekman and M.E. Miles, Journal of the American Real Estate and Urban Economics Association, Spring, 1987.

“Creating High-Yielding Synthetic Commercial Mortgage-Backed Floating-Rate Notes Through Interest Rate Swaps,” with J. Fernald, Housing Finance Review, Policy and Practice section, Spring 1987; reprinted from Salomon Brothers Inc. Bond Market Research Department publication, October 17, 1986.

“Diversification Categories in Investment Real Estate,” with J.S. Hekman and M.E. Miles, Journal of the American Real Estate and Urban Economics Association, Summer 1986; reprinted by Salomon Brothers Inc. Real Estate Research Group, December 1986.

“Hedonic Estimation of Home Prices in 59 SMSAs” with J.C. Weicher, Research in Real Estate, Volume 2, 1982.

Professional Publications

“An Updated Look at the Required Risk Premium for Real Estate,” with David Watkins and Brian Klinksiek, Heitman Perspectives, Summer 2006.

“Commercial Real Estate Mezzanine Finance: An Update,” with David Watkins and Stuart Isen, Heitman Perspectives, January 2005.

“Commercial Real Estate Mezzanine Finance: Evaluating the Risks,” with D. Watkins and D. Egerter, Real Estate Issues, Fall 2003.

“Why REITS, Why Now?” with Reagan Pratt, United Asset Management/Merrill Lynch Occasional Papers, Fall 1999.

“A Comment on Mull and Soenen,” Financial Analysts Journal, January/February 1998.

“International Real Estate Securities: Performance and Perspectives,” with David Watkins, Heitman/Henderson Perspectives for International Real Estate Investors, Summer 1997.

“Does Property Type Matter for REIT Investors?” with David Watkins, Heitman Capital Management Perspectives, Summer 1996.

“Real Estate in the Multi-Asset Portfolio: Survey Results, with C. Wurtzebach and D. Watkins, Heitman Capital Management Perspectives, September 1996.

“Combining Publicly-Traded Real Estate Securities with Privately Held Portfolios: Parts I and II,” with C. Wurtzebach, D. Watkins and D. Sotter, Heitman/JMB Advisory Corp. Perspectives, July 1995.

“Real Estate in the Portfolio: A New Look,” with C. Wurtzebach and M. Giliberto, Heitman/JMB Advisory Corp. Perspectives, September 1995.

“Exploring the Market for Commercial Mortgage Backed Securities,” Heitman/JMB Advisory Corp. Perspectives, December 1994, pp. 15-29.

“Market Comment,” contributing author, JMB Institutional Realty Corporation, August 1994, March 1995, September 1995, varying pages.

“Expectations of Risk and Return for Real Estate and Financial Assets: Results of a Survey,” with M. Giliberto, Salomon Brothers Inc. Bond Market Research, April 1990, 13 pages.

“Is a True Transactions Based Real Estate Index Possible?” with M. Miles, D. Guilkey, D. Sears, Salomon Brothers, Inc., Bond Market Research, November 1989, 17 pages.

“Market Analysis for Investors,” Urban Land, with Emil Malizia, January 1989, pp. 53-59.

“Toward an Indexed Portfolio of Real Estate: Office Investments,” with S. Goldberg, R. Hopkins, D. Kostin and D. Shulman, Salomon Brothers Inc, Bond Market Research, July 1988, 11 pages.

Real Estate Roundtable, Salomon Brothers Inc, Bond Market Research, April 1988, Conference Coordinator and editor, 21 pages.

“Real Estate Returns and Risks: A Survey,” Salomon Brothers Inc, Bond Market Research, February 12, 1988, 9 pages.

“A Look at Real Estate Duration”, with D. Shulman, M.L. Leibowitz and T. Langetieg, Salomon Brothers Inc, Bond Market Research, December 1987, 23 pages.

“Real Estate After the Stock Market Collapse,” with K.T. Rosen and D. Shulman, Salomon Brothers Inc, Bond Market Research, November 16, 1987, 5 pages.

“Commercial Mortgage-Backed Securities: An Investors’ Primer,” with A. Lepcio, J. Fernald and S. Jordan, Housing Finance Review, Policy and Practice section, Fall 1987; reprinted from Salomon Brothers Inc. Bond Market Research Department publication, May 1987, 21 pages.

“Another Look at Real Estate Investment Trust Returns,” with Anne E. Mengden, Salomon Brothers Inc, Bond Market Research, September 22, 1987, 8 pages.

“The Yield Enhancing Opportunities in Non-Callable High-Coupon Commercial Mortgages,” with D. Shulman, Salomon Brothers Inc, August 17, 1987, 5 pages.

“Real Estate Versus Financial Assets: Is It Time to Switch?” with D. Shulman, Salomon Brothers Inc, Bond Market Research, July 13, 1987, 6 pages.

Prospects for Financial Markets in 1987, contributing author, Salomon Brothers Inc, Research Department, December 1986.

“Real Estate Investment Trusts: Are They Stocks or Real Estate?” with Anne E. Mengden, Salomon Brothers Inc, Stock Research, August 27, 1986, 9 pages.

Real Estate Market Review, contributing author, Salomon Brothers Inc, Real Estate

Research Group, quarterly, July 1986-July 1988.

Book Chapters

“Secondary Mortgage Markets,” in Modern Real Estate, by C. H. Wurtzebach and M. E. Miles, Wiley Inc. NY, NY, fourth edition, 1992, pp. 463-494.

“The Commercial Mortgage-Backed Securities Market,” with A. Lepcio, S. Jordan, and J. Fernald, in The Handbook of Mortgage-Backed Securities, revised edition, edited by Frank Fabozzi, Probus Publishing, 1988, pp. 199-240.

“Real Estate in the Portfolio,” in Institutional Investors’ Selected Readings in Investment Management, edited by Frank Fabozzi, Ballinger Publishing Co., 1989; reprinted from Salomon Brothers Inc, Bond Market Research publication, August 27, 1986, 12 pages.

“The Secondary Mortgage Market,” with Daniel F. Williams, Current Perspectives in Banking, edited by T.M. Havrilesky and R.L. Schweitzer, Harlan Davidson Co., 1987, 404-413.