BA, Political Science, The University of Michigan
License, Maitrisse, The University of Paris VIII, Institute of Urbanism
PhD, Urban and Regional Planning, The University of Michigan
At Haas since 1986
2001 - present, Co-Chair, Fisher Center for Real Estate and Urban Economics
2000 - present, Professor of Real Estate, Haas School of Business
1993 - 2000, Associate Professor in Real Estate, Haas School of Business
1986 - 1993, Assistant Professor in Real Estate, Haas School of Business
Spring 1997, Visiting Associate Professor in Finance, Graduate School of Business, Stanford University
External Service and Assignments
- Board of Directors and past president, American Real Estate and Urban Economics Association
- Visiting Scholar: San Francisco Federal Reserve Bank, Stanford Graduate School of Business, Stockholm School of Economics
- Editorial Board: Journal of Computational Finance, Journal of Real Estate Research
Current Research and Interests
- Housing price indices and models to monitor residential real estate price movements over the business cycle.
- Mortgage prepayment and pricing models, mortgage contract design, and the market microstructure of mortgage backed security trading.
- Option pricing models for pricing commercial and retail real estate leases for use in the commercial mortgage backed securities markets.
- Executive stock option valuation.
Selected Papers and Publications
- "The Dynamics of Job Creation and Destruction and the Size Distribution of Cities," with Donald Walls. Housing Markets and the Economy: Risk, Regulation, Policy Essays in Honor of Karl Case, edited by Edward Glaeser and John Quigley. Cambridge, MA: Lincoln Land Institute.
- "Is the Market for Mortgage Backed Securities a Market for Lemons?" with Christopher Downing and Dwight Jaffee. Review of Financial Studies.
- "An Empirical Test of a Contingent Claims Lease Valuation Model," with Richard Stanton. Journal of Real Estate Research.
- "Innovations in Mortgage Modelling: An Introduction." Real Estate Economics 33, no. 3 (2005).
- "An Empirical Test of a Two-Factor Mortgage Prepayment and Valuation Model: How Much Do House Prices Matter?" with Christopher Downing and Richard Stanton. Real Estate Economics 33, no. 3 (2005).
- "Dwelling Price Dynamics in Paris, France," with Richard Meese. Urban Studies 40, no. 5/6 (May 2003).
- "Firm Performance and Executive Compensation in the Savings and Loan Industry," with Benjamin Hermalin. Journal of Financial Economics 61 (2001).
- Real Estate Finance, E283
- Real Estate Investment Analysis, MBA280
- Real Estate Strategy, MBA284
- Real Estate Investment Analysis and Urban Economics, MBA180
- Asset-backed Securization, MFE230M
Honors and Awards
- Earl F. Cheit Outstanding Teaching Award, Haas School, 2002, 2005
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