The CREF Working Papers series contains research undertaken by the Center’s affiliated faculty in the fields of real estate, finance, and the build environment. The purpose of the series is to disseminate the research results as widely as possible and to encourage intellectual exchange. Please note that the work is preliminary in nature; we encourage readers to comment and debate the papers with the authors. Once work has been published in a journal or other publication, it will be removed from this page.

For submission guidelines or questions regarding the CREF Working Paper series, please send an e-mail to .

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Submissions from 2014

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Diversification Benefits of REIT Preferred and Common Stock: New Evidence from a Utility based Framework, Walter I. Boudry Ph.D., Jan A. deRoos Ph.D., and Andrey D. Ukhov Ph.D.

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Hotel Sustainability Benchmarking (HSB) Study, Howard Chong Ph.D. and Eric Ricaurte

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Bubbles, Post-Crash Dynamics, and the Housing Market, Crocker H. Liu Ph.D., Adam Nowak, and Stuart Rosenthal

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CEO Bonus: Alternative Performance Measurement versus Gamesmanship, Crocker H. Liu Ph.D. and Desmond Tsang

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An Analysis of Data Regarding Public Private Partnerships to Encourage Hotel Development in the United States, Robert R. Nelson Ph.D. and Jan A. deRoos Ph.D.

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The Impact of Publicly Subsidized Hotels in the United States on Competing Properties, Robert R. Nelson Ph.D., Jan A. deRoos Ph.D., and Russell Lloyd Ph.D.

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The Curtailment Mortgage: A Proposal to Benefit Homeowners, Daniel Quan

Submissions from 2013

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Asset Management and Investment Banking, Janis Berzins, Crocker H. Liu Ph.D., and Charles Trzcinka

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On Indexing Commercial Real Estate Properties and Portfolios, Walter I. Boudry Ph.D., N. Edward Coulson, Jarl G. Kallberg, and Crocker H. Liu Ph.D.

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Diversification Benefits of REIT Preferred and Common Stocks: A Long-Run Empirical Analysis, Walter I. Boudry Ph.D., Jan A. deRoos Ph.D., and Andrey D. Ukhov Ph.D.

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Economic Linkages, Relative Scarcity, and Commodity Futures Returns, Jaime Casassus, Peng Liu Ph.D., and Ke Tang

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Institutional Holding Periods, Bidisha Chakrabarty, Pamela C. Moulton Ph.D., and Charles Trzcinka

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How Currency Exchange Rates Affect the Demand for U. S. Hotel Rooms, Jack B. Corgel Ph.D., Jaime Lane, and Aaron Walls

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Determinants of Hotel Property Prices, Jack B. Corgel Ph.D., Crocker H. Liu Ph.D., and Robert M. White

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Preferred Stock: Some Insights into Capital Structure, Jarl Kallberg, Crocker H. Liu Ph.D., and Sriram Villupuram

Submissions from 2012

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“Is Trading Behavior Stable across Contexts? Evidence from Style and Multi-Style Investors”, Douglas W. Blackburn, William N. Goetzmann, and Andrey D. Ukhov Ph.D.

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“What Do Commercial Real Estate Price Indices Really Measure?”, Walter I. Boudry Ph.D., N. Edward Coulson, Jarl G. Kallberg, and Crocker H. Liu Ph.D.

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The Economics of Commercial Real Estate Preleasing, Robert Edelstein Ph.D. and Peng Liu Ph.D.

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The Sound of Silence: What Do We Know When Insiders Do Not Trade?, George P. Gao Ph.D. and Qingzhong Ma Ph.D.

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List Price Information in the Negotiation of Commercial Real Estate Transactions: Is Silence Golden?, Dean Gatzlaff and Peng Liu Ph.D.

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Boom and Gloom, Renáta Kosová Ph.D., Praveen Kumar, Paul Povel, and Giorgo Sertsios

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Pricing Reservations: A General Equilibrium Approach, Peng Liu Ph.D.

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The Determinants of Homebuilder Stock Price Exposure to Lumber: Production Cost versus Housing Demand, Peng Liu Ph.D., Xiaomeng Lu, and Ke Tang

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What is common among return anomalies? Evidence from insider trading decisions, Qingzhong Ma Ph.D. and Andrey D. Ukhov Ph.D.

Submissions from 2011

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On the Hybrid Nature of REITs, Walter I. Boudry Ph.D., N. Edward Coulson, Jarl G. Kallberg, and Crocker H. Liu Ph.D.

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Living with Terminal Capitalization Rates: A Look at Real Estate Valuation Model Parameter Setting, Jack Corgel Ph.D. and Hyun Seok Lee

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Do Investors Flip Over Housing?, Karl L. Guntermann, Alex R. Horenstein, Crocker H. Liu Ph.D., and Adam D. Nowak

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Is What’s Bad for the Goose (Tenant), Bad for the Gander (Landlord): A Retail Real Estate Perspective, Crocker L. Liu Ph.D. and Peng Liu Ph.D.

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The Dynamics of Credit Spreads in Hotel Mortgages and Signaling Implications, Crocker L. Liu Ph.D., Daniel C. Quan Ph.D., and Andrey D. Ukhov Ph.D.

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The Quality of Real Assets, Liquidation Value and Debt Capacity, Peng Liu Ph.D. and Crocker H. Liu Ph.D.

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Do Stock Prices Move too Much to be Justified by Changes in Dividends? Evidence from Real Estate Investment Trusts, Tobias Mühlhofer and Andrey D. Ukhov Ph.D.

Submissions from 2010

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Urban Economic Base as a Catalyst for Movements in Real Estate Prices, N. Edward Coulson, Crocker H. Liu Ph.D., and Sriram V. Villupuram

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Foreclosure of Securitized Commercial Mortgage - A Model of the Special Servicer, Peng Liu Ph.D. and Daniel C. Quan Ph.D.