Publications
Finance
with David C. Ling and Tingyu Zhou
Data: GeoCOVID (2020-06-30)
Description: This is the first paper investigating the relationship between the COVID-19 spread, non-pharmaceutical interventions (NPIs) and subsequent reopenings, and commercial real estate prices.
Featured in Covid Economics: Vetted and Real-Time Papers
SSRN's All Time Top Ten download list for: FinPlanRN: Other Investments (Topic)
SSRN's Recent Top Ten download list for: FinPlanRN Subject Matter eJournals, Financial Planning Research Network, ERN: Microeconometric Studies of Housing Markets (Topic), Econometric Modeling: Microeconometric Studies of Health, Education, & Housing Markets eJournal, Econometric Modeling: Microeconomics eJournals, Investments eJournal, Corporate Finance: Valuation, Capital Budgeting & Investment Policy eJournal, Real Estate eJournal, and FinPlanRN: Other Investments
UCONN, ZUEL, MIT CRE Summer Seminar Series, UNC-Chapel Hill IPC Webinar*, AREUEA Virtual Seminar Series*, Cambridge
Real Estate
with David C. Ling, Spenser Robinson, and Drew R. Sanderford
Referenced by SEC Final Rule (Page 644, Footnote #2729).
Description: We find a mismatch between climate hazards and the associated media attention. This mismatch might exacerbate imbalances in commercial real estate performance.
2024 AREUEA-ASSA, 2023 ARES*, 2022 MIT Inaugural Symposium*
FEMA Declared Disasters
High Media Attention
"Does housing status matter? Evidence from Covid-19 infections in Hong Kong" International Journal of Housing Policy
with Shuai Shi, Siu Kei Wong, and Ruiyang Wang
APNHR 2022
Description: We study how households' social status affects their risk of infection.
with Avis Devine and Nils Kok
(Funded by NAREIT)
2023 AREUEA International Conference*
Description: REITs outperform private equity real estate funds (PEREs) in the adoption of ESG practices. This performance gap, however, has been narrowing in recent years.
with Tingyu Zhou
Data: FTF
Description: We study how face-to-face interactions affect CRE performance using the COVID shock.
SSRN's Recent Top Ten download list for: Urban Economics & Regional Studies eJournal, Econometric Modeling: Microeconomics eJournals, Real Estate eJournal, Comparative Political Economy: Social Welfare Policy eJournal, ERN: Microeconometric Studies of Housing Markets (Topic), ERN: Urban Markets (Topic) and Econometric Modeling: Microeconometric Studies of Health, Education, & Housing Markets eJournal, PSN Housing (Topic), Real Estate eJournal
2022 ARES*, 2022 Homer Hoyt, REALPAC/Ryerson*, CREDA*, 2021 FMA, 2021 AREUEA International, UEA 2021 Europe, PSU*, NUS*, UCONN*, Cambridge, 2021 AREUEA-ASSA, ZUEL
2022 ARES Best REIT Manuscript Prize.
with David C. Ling and Tingyu Zhou
Description: 13F institutions became net sellers of their (local) REIT holdings during the COVID crisis due to information salience.
2022 AREUEA-ASSA Conference*
2021 Jinan-SMU-ABFER Conference on Urban and Regional Economics (Scheduled)
University of Connecticut
SSRN's Recent Top Ten download list for: Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets eJournal, DecisionSciRN: Other Investment Decision-Making (Sub-Topic), Urban Research eJournal, Real Estate eJournal, ERN: Behavioral Finance (Microeconomics) (Topic), ERN: Expectations in Economic Theory & Markets (Topic) and Microeconomics: Search; Learning; Information Costs & Specific Knowledge; Expectation & Speculation eJournal
Tenant Sorting (Part 1)
From Industry Level to Property Level
Tenant Sorting (Part 2)
From Property Level to REIT Level
with Avis Devine and Andrew R. Sanderford
ExecSummary: link
(Partially funded by a $15,000 competitive research grant from the Real Estate Research Institute)
Description: Voluntary environmental, social, and governance (ESG) disclosures positively predict private equity real estate (PERE) returns.
SSRN's Recent Top Ten download list for: PSN: Sustainable Development (Topic), Environmental, Social & Governance (ESG) Research Hub eJournal, Socially Responsible Investment eJournal, Real Estate eJournal, SRPN: ESG & Green Investment (Topic)
2023 AREUEA-ASSA Conference
2022 RERI
with Siru Lu, Siu Kei Wong, and Shuai Shi
Description: We examine housing market responses to two outbreaks of respiratory diseases in Hong Kong during the Information Era—the 2003 SARS and COVID-19 outbreaks.
with Jeffrey P. Cohen and John L. Glascock
Description: We find liquidity spillovers among REITs with geographically overlapping real estate holdings. Our findings provide evidence of cross-asset learning about firm fundamentals among neighboring REITs.
2018 AREUEA International, 2018 FSU-UF-UCF Symposium, 2018 AREUEA-ASSA, 2016 GCREC, and 2016 ARES.
with Zifeng Feng and William G. Hardin III
SSRN's Recent Top Ten download list for: DecisionSciRN: Other Investment Decision-Making (Sub-Topic), AgriSciRN: Agricultural Finance (Topic)
with David C. Ling and Tingyu Zhou
Data: Unlev (2020Q4), PPR (Coming Soon)
(Partially funded by a $15,000 competitive research grant from the Real Estate Research Institute)
Description: We find a “private predicts public” result in a cross-sectional, CRE firm-level context.
SSRN's Recent Top Ten download list for: Microeconomics: Intertemporal Firm Choice & Growth, Investment, Financing, & Capacity eJournal, ERN: Other Microeconomics: Intertemporal Firm Choice & Growth, Investment, Financing, & Capacity (Topic), and ERN: Urban Markets (Topic) and Microeconomics: Intertemporal Firm Choice & Growth, Investment, Financing, & Capacity eJournal
2021 RERI, 2021 AREUEA-ASSA*, HKU, Cambridge*, Concordia
with David C. Ling and Tingyu Zhou
Description: We document a positive relation between institutional common ownership and firm value through enhanced monitoring by common owners.
Real Estate Economics Top Downloaded Article
2020 AREUEA-ASSA and 2019 AREUEA International.
with David C. Ling and Tingyu Zhou
Description: We document a positive relation between a firm's geographic footprint and its ownership patterns. This asset allocation strategy is associated with superior portfolio performance.
2019 GCREC, 2019 AsRES, 2019 ARES, 2019 AREUEA-ASSA, and 2018 AREUEA International.
2019 GCREC Best Paper Award (1st Place).
with Tingyu Zhou
Description: Shareholders respond favorably to sales of properties located close to a sell-off firm’s headquarters.
2018 FMA, 2017 CFS Symposium, 2017 AREUEA-ASSA, 2016MFA, 2016 AREUEA National, 2016 GCREC, GSU, UCONN, and 2015 ARES.
2018 FMA Best Paper Semifinalist.
with Jeffrey P. Cohen and John L. Glascock
Description: We introduce a theoretical framework and empirical evidence for examining the interdependencies in financial capital demand.
2017 ReCapNet, 2016 GCREC, UCONN, and 2016 ARES.
2020 GSSI IRER Best Paper Award
2016 ARES Best Paper Award.
with Feng Wang
Description: We summarize and discuss the effectiveness of latest macro control policies in China.
* Presented by coauthor