My research focuses on the markets for real assets such as housing, commercial real estate, and art. A substantial part of my recent work is concerned with analyzing differences in investment decisions and outcomes between different types of participants in these markets. I have also studied the long-run price dynamics in both real estate and collectibles markets, and the drawbacks of standard price index construction methods. Next, I am interested in possible biases in the valuations that intermediaries such as auction houses provide to buyers and sellers. Finally, I have ongoing work on household financial decision-making that relates to important policy issues in mortgage and housing markets, such as the determinants of mortgage refinancing and the capitalization of energy efficiency into house prices.
keywords
alternative investments, real estate, household finance, financial history
Teaching
courses taught
FNCE 7800 - Doctoral Pre-Seminar: Finance
Primary Instructor
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Spring 2024
Provides finance doctoral students with an orientation to the finance field; introduces contemporary research perspectives and priorities. Students discuss papers that illustrate academic researchers' use of various disciplinary theoretical and empirical tools to address finance problems.
MBAX 6610 - Real Estate Finance and Investment Analysis
Primary Instructor
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Fall 2022 / Fall 2023 / Fall 2024
Objectives of the course are to 1) conduct income property investment analysis; 2) to develop the technical competence necessary to structure real estate transactions; and 3) to understand the financial assets securitized by real estate. Students will analyze income properties using Excel and ARGUS-DCR. Techniques for structuring real estate transactions examined in this course include lender participations, sale-leasebacks, joint ventures, and real estate syndications.
MBAX 6695 - Special Topics in Real Estate
Primary Instructor
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Fall 2024
Provides a vehicle for the development and presentation of new topics with the potential of being incorporated into the standard MBA curriculum. May be repeated up to 6 total credit hours.
MSBC 5610 - Real Estate Finance and Investment
Primary Instructor
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Fall 2022 / Fall 2023 / Fall 2024
The primary objectives of this course are to: (1) describe, analyze, and compare the features of residential mortgage loans, commercial mortgage loans, and commercial leases; (2) conduct income property investment analyses and develop the technical competence necessary to structure basic real estate transactions; (3) understand the operations and valuations of private equity funds and real estate investment trusts (REITs), and how real estate is securitized and sold to everyday investors.
REAL 4100 - Real Estate Finance and Investment Analysis
Primary Instructor
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Fall 2023
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).
