My overall, broad research agenda strives to provide empirical and quantitative guidance on important policy questions in finance and real estate. My approach is multi-faceted, bringing to bear novel datasets, quasi-experimental, reduced-form estimates, and finally structural, theory-based modeling. The combination of these techniques is powerful. New micro data, along with quasi-experimental designs, reveals underlying economic forces at work and key policy-relevant tradeoffs. I then use a variety of structural frameworks to transparently connect these well-identified, reduced- form empirical estimates to theory and to key structural model parameters. Finally, counterfactual analyses within the structural framework allow me to quantitatively evaluate the effectiveness of various alternative policy proposals. I have applied this toolkit to the study of affordable housing, rent control, foreclosures, mortgage design, and other important policy issues.
REAL 4100 - Real Estate Finance and Investment Analysis
Covers: 1) traditional and alternative financing of residential and commercial real estate; 2) pro forma cash flows and valuation of income generating properties; 3) real estate decisions of non-real estate corporations; and 4) mortgage backed securities and real estate investment trusts (REITs).