AB Magna Cum Laude, with Highest Honors, Economics, Harvard University
AM, Economics, Harvard University
PhD, Economics, Harvard University
- At Haas since 1985
- 2009 - present, Maurice Mann Chair in Real Estate, Haas School of Business
- 1985 - present, Professor, Haas School of Business
- 1979 - 1985, Professor of Finance, Joint Appointment with Public Management Department (1980-1985), Joint Appointment with City Planning Graduate Group (1980-1985), Wharton School, University of Pennsylvania
- 1975 - 1979, Associate Professor of Finance, Wharton School, University of Pennsylvania
- 1972 - 1975, Assistant Professor of Finance, Wharton School, University of Pennsylvania
External Service and Assignments
- Finance and Business Economics, University of Southern California
- Consultant: Philadelphia Finance Department, United States Department of Housing and Urban Development, The Housing Development Corporation of New York City, The Federal Reserve Bank of Philadelphia, The Federal Home Loan Bank of San Francisco, and The United States Department of Energy
- Conference chair: the American Real Estate and Urban Economics Annual Meeting in Washington, DC; the International Meeting at the Haas School of Business; and the Homer Hoyt Institute International Conference in West Palm Beach, Florida.
- Member, board of directors: American Real Estate and Urban Economics Association, National Real Estate Forum, AMB Properties, New York Stock Exchange REIT, and Global Properties, a Luxembourg Real Estate Operating Investment Company
- Editorial board member: American Real Estate and Urban Economics Association, Journal of Housing Economics, Journal of the Asian Real Estate Society and Journal of Property Research.
Current Research and Interests
- Urban real estate economics and urban financial problems
- Property taxation and the role of the public sector
- Inter-linkages, securitization and globalization of real estate asset markets
- Design of optimal mortgage debt instruments and variable-rate mortgages
- Macroeconomic determinants of housing construction
- Impacts of inflation and deflation on real estate values
- Determinants of US and international real estate asset cycles
Selected Papers and Publications
- Explaining the Boom Cycle, Speculation or Fundamentals? The Role of Real Estate in the Asian Crisis, M.E. Sharpe, Inc. Publisher (forthcoming).
- Japanese Land Prices, with Jean-Michel Paul (forthcoming).
- "Real Estate Value Cycles: A Theory of Market Dynamics," with Yoon Dokko, Allan J. Lacayo and Daniel C. Lee. Journal of Real Estate Research 18, no. 1 (1999): 69-95.
- "Forecasting Seniors Housing Demand," with Allan J. Lacayo. Seniors Housing, Research Issues in Real Estate, edited by Michael A. Anikeeff, and Glenn R. Mueller. Kluwer Academic Publishers; Norwell, Massachusetts, 4 (1998): 205-235.
- "Economic Consequences of the Rodash Decision on the U.S. Economy." Testimony before the U.S. House of Representatives, Subcommittee on Financial Institutions and Consumer Credit, Committee on Banking and Financial Services." May 24, 1995. Also available as Working Paper, Fisher Center for Real Estate & Urban Economics (1995): 95-232.
- "Capitalization of Inflation Risk." New Palgrave Dictionary of Money and Finance. 1 (November 1992): 300-301.
- Real Estate Economics and Finance, EWMBA 280
- Real Estate Strategy, MBA 284
Honors and Awards
- A.M. (Honorary), University of Pennsylvania
- Phi Beta Kappa, Harvard University
- Elected as Faculty Fellow, Homer Hoyt Institute
- Elected as Fellow of Homer Hoyt Advanced Studies Institute by the Weimer School
- Elected as Faculty Member of the Weimer School of Advanced Studies in Real Estate and Land Economics
- Elected President of the American Real Estate and Urban Economics Association
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