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Welcome to my site! I am an associate professor of real estate at the Department of Risk Management, Insurance, and Legal Studies, College of Business, Florida State University.

My current research interests include real estate economics and finance.

Working Papers

• "How Do Institutional Investors React to Geographically Dispersed Information Shocks? A Test Using the COVID-19 Pandemic" (with David Ling and Chongyu Wang) R&R

Presented at ASSA-AREUEA 2022, International AREUEA 2021

• "Loss Aversion and Focal Point Bias: Empirical Evidence" (with Stephen Ross)

  • • NBER version

Presented at Baruch Real Estate Department Seminar Series, MIT CRE Research Seminar, University of Connecticut, the Urban Economics Association 2021 International and U.S. fall Meetings, National-AREUEA 2022, AsRES-AREUEA 2022

• "Face-to-face Interactions, Tenant Resilience, and Commercial Real Estate Performance" (with Chongyu Wang) R&R

  • • Data

Presented at Pennsylvania State University, National University of Singapore, University of Connecticut, Zhongnan University of Economics and Law, Cambridge Virtual Real Estate Seminar, the 2021 ASSA-AREUEA Conference, the 10th European Meeting of the Urban Economics Association, the 33rd Asian Finance Association Annual Meeting, the 2021 Joint Real Estate Conference by AsRES, GCREC and AREUEA, the REALPAC/Ryerson Virtual Research Symposium, the 2021 Real Estate Research Symposium organized by the Commercial Real Estate Data Alliance (CREDA), the Institute for Private Capital (IPC), the Homer Hoyt meeting 2022

• "Conflicts of Interest and Agent Heterogeneity in Buyer Brokerage" (with Lawrence Kryzanowski and Yanting Wu) R&R

Presented at University of Hong Kong, Concordia University, ASSA-AREUEA 2022, 2021 ASAC, 2019 ARES, 2019 ARES-ASIA

• "The Role of Tenant Characteristics in Retail Cap Rate Variation" (with Mariya Letdin, Stacy Sirmans and Greg Smersh) R&R

Real Estate Research Institute (RERI) Funded Research Paper 2021

Presented at 2022 RERI Annual Conference, 2021 ARES

• “Controlling Unobserved Heterogeneity in Repeat Sales Models: Application to Anchoring to Purchase Price” (with John Clapp)

Presented at University of Amsterdam, University of Cambridge, Concordia University, Free University, University of Groningen, University of Reading, the Urban Economics Association (UEA), American Real Estate and Urban Economics Association (AREUEA), the Weimer School

• “The Optimal Composition of Shopping Malls” (with David Leung and Peng Liu) R&R

Real Estate Research Institute (RERI) Funded Research Paper 2018

Presented at 2018 RERI Annual Conference, May 2018; REALPAC/Ryerson Commercial Real Estate Research Symposium, May 2018; ASSA-American Real Estate and Urban Economics Association (AREUEA) Annual Conference, Atlanta GA, January 2019

• “Does Entry Regulation of Big-Box Stores Protect the Retail Sector? The Impact of Store Cap Ordinances on the Grocery Segment”

Presented at ASSA-AREUEA Annual Conference 2017; 7th European Meeting of the Urban Economics Association (UEA), 2017; the Weimer School of Advanced Studies in Real Estate and Land Economics, January 2018

Journal Publications

• "Information Frictions in Real Estate Markets: Recent Issues and Evidence" (with Daniel Broxterman) Journal of Real Estate Finance and Economics. Forthcoming.

• "Asset Productivity, Local information Diffusion, and Commercial Real Estate Returns" 2022 (with David Ling and Chongyu Wang) Real Estate Economics. 50, 89-121.

• "Examining Omitted Variable Bias in Anchoring Premium Estimates: Evidence Based on Assessed Value" 2022. (with John Clapp and Ran Lu-Andrews) Real Estate Economics 50 (3) 789-828.

• "Does Restricting the Entry of Formula Businesses Help Mom-and-pop Stores? The Case of American Towns with Unique Community Character" 2021. (with Minjee Kim) Economic Development Quarterly 35(2) 157-173.

• "Is the Behavior of Sellers with Gains and Losses Relevant to Cycles in House Prices?" 2021 (with John Clapp and Ran Lu-Andrews) Journal of Housing Economics. 52, 101750.

• "A First Look at the Impact of COVID-19 on Commercial Real Estate Prices: Asset Level Evidence" 2020. (with David Ling and Chongyu Wang) The Review of Asset Pricing Studies. 10 (4) 669–704.

Data

• “Trade-offs between Asset Location and Proximity to Home: Evidence from REIT Property Sell-offs” 2021. (with Chongyu Wang) Journal of Real Estate Finance and Economics. 63, 82–121.

• “Institutional Common Ownership and Firm Value: Evidence from Real Estate Investment Trusts” 2021. (with David Ling and Chongyu Wang) Real Estate Economics. 49, 187–223.

• “The Geography of Real Property Information and Investment: Firm Location, Asset Location, and Institutional Ownership” (with David Ling and Chongyu Wang) Real Estate Economics. 49, 287–331.

• Anchoring to Purchase Price and Fundamentals: Application of Salience Theory to Diagnosis of Housing Cycles. 2020. (with John Clapp and Ran Lu-Andrews) Real Estate Economics. 48 (4), 1274-1317.

• Predicting Accounting Misconduct: The Role of Firm-Level Investor Optimism. 2019. (with Shantaram Hegde) Journal of Business Ethics. 160, 535–562.

• Economics of Philanthropy—Evidence from Health-Crowdfunding. 2020. (with Denis Schweizer and Juliane Proelss) Small Business Economics. Forthcoming.

• Retail Agglomeration and Competition Externalities: Evidence from US the Openings and Closings of Multiline Department Stores. 2019. (with John Clapp and Stephen Ross) Journal of Business & Economic Statistics. 37 (1) 81-96 .

• A Review and Extension of Merger and Acquisition Research between REITs and General Corporations. 2018. (with John Glascock and Ying Zhang) Journal of Real Estate Literature. 26 (2) 223-253.

• Can Investors Have More Real Estate to Hold? Evidence from Statistical Properties of Listed REITs versus Listed Non-REIT Property Companies in the USA. 2018. (with John Glascock, Wikrom Prombutr, Ying Zhang) Journal of Real Estate Finance and Economics. 56, 274-302.

• Do Principles Pay in Real Estate Crowdfunding? 2017 (with Denis Schweizer) Journal of Portfolio Management. 43 (6) 120-137.

• An Investigation into the Substitutability of Equity and Mortgage REITs in Real Estate Portfolios. 2017 (with J. Andrew Hansz and Ying Zhang) Journal of Real Estate Finance and Economics. 54, 338–364.

• An Anatomy of the Interrelationship between Equity and Mortgage REITs. 2017 (with J. Andrew Hansz, Wikrom Prombutr and Ying Zhang) International Real Estate Review. 20, 287-324.

• Predicting Risks of Anchor Store Openings and Closings. 2016 (with John Clapp) Journal of Real Estate Finance and Economics. 52, 449-479.

• The Location of New Anchor Stores within Metropolitan Areas. 2015 (with John Clapp) Regional Science and Urban Economics 50, 87-107.

• Expansions and Contractions of Major US Shopping Centers. 2014 (with John Clapp and Katsiaryna Salavei Bardos) Journal of Real Estate Finance and Economics 48, 16-56.

• Herding and Information Based Trading. 2009 (with Rose Neng Lai) Journal of Empirical Finance 16, 388-393.

• Herding and Positive Feedback Trading on Property Stocks. 2008 (with Rose Neng Lai) Journal of Property Investment and Finance 26, 110-131.

Teaching

Florida State University, Department of Risk Management, Insurance, Real Estate and Legal Studies

• REE4143 Real Estate Market Analysis (undergraduate)

• REE5015 Real Estate Valuation (online MBA)

Concordia University, Department of Finance

• FINA 450 Real Estate Investment and Finance (undergraduates)

• MSCA 632 Special Topics in Finance: Real Estate (master of science in finance)

University of Connecticut, Department of Finance

• Real Estate Principles (undergraduate)