Lisle and Roslyn Payne Chair in Real Estate Capital Markets
Professor and Chair of the Real Estate Group
Co-Chair, Fisher Center for Real Estate and Urban Economics
Haas Real Estate Group
Email: click on the envelope icon below for full email address
Academic Status: On duty
Office Hours: Tuesdays 2-3:30 p.m., F626
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PhD, Urban and Regional Planning, The University of Michigan
License, Maitrisse, The University of Paris VIII, Institute of Urbanism
BA, Political Science, 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
The Federal Reserve System, Model Validation Council, (6/2013 – present)
Financial Research Advisory Committee, Office of Financial Research, U.S. Treasury, (2012 –present)
Committee on Academic Planning and Resource Allocation, CAPRA (2012 – 2013; Co-Chair 2013 – 2014)
University of California Office of the President, Task Force on Investments and Retirement, At-large member. (2013 – 2014).
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
“Energy Efficiency Retrofits for U.S. Housing: Removing the Bottlenecks,” with Ashok
Bardhan, Dwight Jaffee, and Cynthia Kroll, Forthcoming Regional Science and Urban Economics.
Wallace, Nancy. (2011). Real Estate Price Measurement and Stability Crises. UC Berkeley: Fisher Center for Real Estate and Urban Economics. (Working Paper) Retrieved from: http://escholarship.org/uc/item/83w610d1
“An Empirical Test of a Contingent Claims Lease Valuation Model,” with Richard Stanton, Journal of Real Estate Research, 2007.
Downing, Chris; & Wallace, Nancy. (2007). An Empirical Investigation of Housing Investment under Uncertainty. UC Berkeley: Fisher Center for Real Estate and Urban Economics. (Working Paper) Retrieved from: http://escholarship.org/uc/item/6gq6m7x0
“Is the Market for Mortgage Backed Securities a Market for Lemons?” with Christopher Downing and Dwight Jaffee. Review of Financial Studies.