Much of my research focuses on the markets for real assets such as housing and other types of real estate, and art and other collectibles. A substantial part of my recent research output is concerned with modeling and empirically analyzing the heterogeneity between participants in markets for real assets. In other work, I have studied the long-run returns to both residential real estate and collectibles, and the drawbacks of standard return measurement methods in these markets. I am also interested in the role of intermediaries in real asset markets, in particular with respect to the information that they provide to market participants.
keywords
alternative investments, real estate, household finance, financial history
MBAX 6610 - Real Estate Finance and Investment Analysis
Primary Instructor
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Fall 2022 / Fall 2023
Objectives of the course are to 1) conduct income property investment analysis; 2) to develop the technical competence necessary to structure real estate transactions; and 3) to understand the financial assets securitized by real estate. Students will analyze income properties using Excel and ARGUS-DCR. Techniques for structuring real estate transactions examined in this course include lender participations, sale-leasebacks, joint ventures, and real estate syndications.
MSBC 5610 - MS Real Estate Finance and Investment
Primary Instructor
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Fall 2022 / Fall 2023
Topics include 1) conducting income property investment analysis; 2) developing the technical competence necessary to structure real estate transactions; and 3) understanding the financial assets securitized by real estate. Students will analyze income properties using Excel and ARGUS-DCR. Techniques for structuring real estate transactions examined in this course include lender participations, sale-leasebacks, joint ventures, and real estate syndications.
REAL 4100 - Real Estate Finance and Investment Analysis
Primary Instructor
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Fall 2023
Covers: 1) traditional and alternative financing of residential and commercial real estate; 2) pro forma cash flows and valuation of income generating properties; 3) real estate decisions of non-real estate corporations; and 4) mortgage backed securities and real estate investment trusts (REITs).
