Other Faculty & Staff Published Work

In addition to the working paper, policy report, and research report series, faculty and staff are published widely in academic journals, as book authors and in public policy settings. A sampling of publications since 2000 is listed here by author.

Current Faculty Co-chairs

Robert Edelstein

"Ownership Dynamics with Multiple Insiders: The Case of REITs." (Accepted, subject to revisions, for publication; with Antoni Sureda-Gomila, Branko Urosevic, and Nicholas Wonder). Real Estate Economics.

"Global Financial Integration and Real Estate Security Returns," (Summer 2008; with Ashok Bardhan and Desmond Tsang). Real Estate Economics, 36(2): 285-311.

"Housing Finance in Emerging Economies: Applying a Benchmark from Developed Countries." (June 16, 2008; with Ashok Bardhan). Mortgage Markets Worldwide, edited by D. Ben-Shahar, C. Leung, S.E. Ong. Wiley-Blackwell: London.

"Real Estate Through the Ages: The Known, The Unknown, and The Unknowable." (May 15, 2008; with Ashok Bardhan). The Known, The Unknown, and The Unknowable: Financial Risk Management, edited by F.X. Diebold and R.J. Herring, Princeton University Press.

"Dynamic Residential Housing Cycles Analyses." (October 2007; with Desmond Tsang). The Journal of Real Estate Finance and Economics, 35(3):295-313.

"How Does Appraisal Smoothing Bias Real Estate Return Measurements?" (February 2006; with Daniel Quan). Journal of Real Estate Finance and Economics, 32(1): 41-60.

"Ownership Dynamics of REITs." (June 2005; with Branko Urosevic and Nicholas Wonder). Journal of Real Estate Finance and Economics, 30(4): 447-466.

"Housing Prices, Wealth Effects, and the Singapore Macroeconomy." (December 2004; with Sau Kim Lum). The Journal of Housing Economics, 13(4): 342-367.

"A Note on Globalization and Urban Residential Rents." (November 2004; with Ashok Bardhan and Charles Leung). Journal of Urban Economics, 56(3): 505-513.

"Optimal Loan Interest Rate Contract Design." (March-May 2003; with Branko Urosevic). The Journal of Real Estate Finance and Economics. 26(2-3): 1127-1156.

"A Tale of Two Sectors: Upward Mobility and the Private Housing Market in Singapore."(2003; with Ashok Bardhan, Rajarshi Datta and Lum Sau Kim). Journal of Housing, 12: 83-105.

Dwight Jaffee

"Diversification Disasters." (2010; with Johan Walden and Rustam Ibragimov), Journal of Financial Economics.

"Pricing and Capital Allocation for Multiline Insurance Firms." (2010; with Johan Walden and Rustam Ibragimov), Journal of Risk and Insurance.

"Housing Policy, Mortgage Policy, and the Federal Housing Administration." (2010; joint with John Quigley). Measuring and Managing Federal Financial Risk. (edited by Deborah Lucas). NBER.

"Responding to WMD Terrorism Threats: The Role of Insurance Markets." (2009, with Thomas Russell) WMD Terrorism: Science and Policy Choices. (edited by Stephen M. Maurer). MIT Press.

"Are Mortgage Backed Securities a Market for Lemons?", (2009, with Chris Downing and Nancy Wallace), Review of Financial Studies, 22(7).

"Non-Diversification Traps in Markets for Catastrophic Risk (2009, with Johan Walden and Rustam Ibragimov), Review of Financial Studies, 22(3): 959-993.

"Globalization, Offshoring, and Economic Convergence, A Synthesis." (2008). The Impact of Globalization on the United States. Vol. 3, (edited by Beverly Crawford and Ed Fogarty).Business and Economics, Praeger Publishers.

"Housing Subsidies and Homeowners: What Role for Government-Sponsored Enterprises?"(2007; with John Quigley). Brookings-Wharton Papers on Urban Economics, pp. 103-149.

"Monoline Restrictions, with Applications to Mortgage Insurance and Title Insurance." (March 2006). Review of Industrial Organization, 28: 83-108.

"The Interest Rate Risk of Fannie Mae and Freddie Mac." (2003). Journal of Financial Services Research, 24(1): 5-29.

Kenneth Rosen

"The US Housing, Mortgage and Commercial Real Estate Markets Policy and Reform Proposals," (2010). Testimony Before the Financial Crisis Inquiry Commission. January.

"The Housing and Mortgage Market Problem: A Set of Policy Options" (2009). Policy Paper presented to the Obama Treasury Transition Team, Washinton DC, January.

"Anatomy of the Housing Market Boom and Correction" (2007) Wharton Real Estate Review, Zell/Lurie Real Estate Center at Wharton.

"The South Florida Condominium Market" (2005). Wharton Real Estate Review, Zell/Lurie Real Estate Center at Wharton, Fall.

"Hurdle Rates for International Real Estate Investing," (2004). Wharton Real Estate Review, Zell/Lurie Real Estate Center at Wharton, Fall.

"Shopping the City: Real Estate Finance and Urban Retail Development," (2003; with G. Kim and A. Patel). Brookings Institution Center on Urban and Metropolitan Policy, 2003.

"REITs as an Alternative Investment in Volatile Financial Markets," (2003) Wharton Real Estate Review, Zell/Lurie Real Estate Center at Wharton, Spring.

"Bay Area Office Market and the Tech Slowdown" (2001; with A. Howard), Wharton Real Estate Review, Vol. 5, No. 1, Spring.

"The Implications of Demand Instability for the Behavior of Firms: The Case of Residential Construction;" (2003; with Charles F. Manski). Real Estate Economics. 6 (2: 204-222).

"Toward a Model of the Office Building Sector," (2003). Real Estate Economics. 12 (3: 261-269).

"Increasing Home Ownership in Urban China: Notes on the Problem of Affordability." (2000; with Madelyn C. Ross). Housing Studies. 15 (1: 77-88).

Nancy Wallace

"Optimal Exercise of Executive Stock Options and Implications for Firm Cost," (Forthcoming; with Jennifer Carpenter and Richard Stanton). Journal of Financial Economics.

"The Dynamics of Job Creation and Destruction and the Size Distribution of Cities," (2009; with Donald Walls). Housing Markets and the Economy: Risk, Regulation, Policy Essays in Honor of Karl Case, edited by Edward Glaeser and John Quigley, Cambridge, MA., Lincoln Land Institute.

"Is the Market for Mortgage Backed Securities a Market for Lemons?" (July 2009; with Christopher Downing and Dwight Jaffee). Review of Financial Studies. Volume 22.

"An Empirical Test of a Contingent Claims Lease Valuation Model," (2007; with Richard Stanton). Journal of Real Estate Research.

"Innovations in Mortgage Modelling: An Introduction," (2005). Real Estate Economics, Volume 33, No. 3

"An Empirical Test of a Two-Factor Mortgage Prepayment and Valuation Model: How Much Do House Prices Matter?" (2005; with Christopher Downing and Richard Stanton). Real Estate Economics, Volume 33, No. 3.

"Dwelling Price Dynamics in Paris, France" (May 2003; with Richard Meese) Urban Studies, Volume 40, No. 5/6.

"Firm Performance and Executive Compensation in the Savings and Loan Industry," (2001; with Benjamin Hermalin). Journal of Financial Economics, Volume 61.

"Housing Price Cycles and Prepayment Rates of U.S. Mortgage Pools," (2001; with Joe Mattey). Journal of Real Estate Finance and Economics, Volume 23, No. 2.

Former FCREUE Staff

Cynthia Kroll

"The Dot-Com Boom and Bust in the Context of Regional and Sectoral Changes." (February 2010; with Diana Lee and Nadir Shams). Industry and Innovation, 17 (1): Special Issue: "Experience the Creativity", February 2010

"Global Business Drivers." (2010). Handbook of Technology Management, 3 Volume Set, (edited by Hossein Bidgoli). John Wiley & Sons, Inc.: Hoboken, N.J.

"Green, Local, and Growing: Findings from a Survey of Green Businesses in California." (2010; with Karen Chapple and Sergio Montera). Center for Community Innovation, University of California Berkeley.

"Housing Affordability in California: Are We Making Progress?" (March 2009). Bridge Policy Forums February 2009, San Francisco.

"California's Housing Problem." (Spring 2008; Krute Singa), ACCESS, Vol. 32

"Human Capital in the Bay Area." (2008; with Jennifer Susskind). Bay Area Council, Economic Institute.

"Globalization of Services and White-Collar Work--Implications for Firms, Employment and Wages." (2008). Globalization Comes Home, Edited by Beverly Crawford and Edward A. Fogarty, Praeger Press: Westport

"Globalization and the Real Estate Industry: Issues, Implications, Opportunities," (2007; with Ashok Bardhan). Sloan Industry Studies Working Papers, 2007 Number WP-2007-04.

"Competitiveness and an Emerging Sector: The Russian Software Industry and its Global Linkages," (March 2006; with Ashok Bardhan). Industry and Innovation, 13(1): 69-95.

"Globalization and a High-Tech Economy: California, the United States, and Beyond." (2004; with Ashok Deo Bardhan and Dwight M. Jaffee). Kluwer Academic Publishers: Hingham, MA.

Ashok Bardhan

"What Kind of Job is Safer? A Note on Occupational Vulnerability." (2010; with John Tang). B.E. Journal of Economic Analysis and Policy, 10(1).

"Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis." (2010). Lessons from the Financial Crisis: Causes, Consequences and our Economic Future, Edited by Robert Kolb. John Wiley & Sons.

"Real Estate Through the Ages: The Known, The Unknown, and The Unknowable." (2010; with Robert Edelstein). The Known, The Unknown, and The Unknowable in Financial Risk Management, edited by F.X. Diebold and R.J. Herring. Princeton University Press.

"Outsourcing and Offshoring in a Globalizing World: A Review of Trends and Perspectives." (2009). In Handbook of Technology Management, (Edited by Hossein Bidgoli). John Wiley and Sons.

"Housing and the Financial Crisis in the US : Cause or Symptom?" (2009). Indian Institute of Management Journal for Decisionmakers, 34 (3).

"Valuing Mortgage Insurance Contracts in Emerging Market Economies." (2006; with Rasa Karapandza and Branko Urosevic). Journal of Real Estate Finance & Economics, 32 (1).

"On Intra-Firm Trade and Multinationals: Offshoring and Foreign Outsourcing in Manufacturing." (2005; with Dwight Jaffee). The Role of Foreign Direct Investment and Multinational Corporations in Economic Development, Edited by Monty Graham. Palgrave, London.

"Globalization of Sub-National Regions: US Coastal Exports and International Social and Business Networks." (2004; with S. Guhathakurta). Contemporary Economic Policy, 22(2).

other published work
The Oxford Handbook of Offshoring and Global Employment, edited by Ashok Bardhan, Dwight Jaffee, and Cynthia Kroll