Work in progress
2026
Sharing the Disaster Risk: Evidence from the Commercial Real Estate Market
Work in progress
Investigates how disaster risk is shared and priced in commercial real estate markets.
Research portfolio
Questions at the intersection of places, capital, and change.
Explore publications and current projects across real estate, investments, sustainability, climate risk, and technology.
For the questions connecting these projects, read the research statement
Complete record
Research catalogue
32 items
Status
Topic
Publication
2026
The Rise of Healthy Buildings in the Post-COVID-19 Pandemic Era
Real Estate Economics Published
Documents a post-pandemic shift toward health-oriented commercial buildings and links healthy-building exposure to investment, performance, and mobility.
Publication
2026
Are Mass Shootings a Risk Factor? Evidence from Commercial Property Markets
Journal of Regional Science Accepted
Traces the effects of mass shootings from local commercial leasing fundamentals to exposed real estate firms' valuations and longer-run operating performance.
Working paper
2026
Financially Constrained Cities and Commercial Real Estate Returns
Real Estate Research Institute Working Paper Working paper
Studies how municipal financial constraints relate to returns in local commercial real estate markets.
Work in progress
2026
Recovery Rights, Court Efficiency, and Corporate Lease Pricing
Work in progress
Examines how congestion in bankruptcy courts may affect the pricing of corporate leases.
Working paper
2026
Disrupted Spaces: How Automation and Artificial Intelligence Reshape Corporate Real Estate
Real Estate Research Institute Working Paper Working paper
Studies how firms' exposure to automation and artificial intelligence is associated with changes in their corporate real estate footprints.
Publication
2025
Geographically Overlapping Real Estate Assets, Liquidity Spillovers, and Liquidity Multiplier Effects
The Journal of Real Estate Finance and Economics Published
Finds liquidity spillovers among REITs with geographically overlapping holdings, consistent with cross-asset learning about firm fundamentals.
Working paper
2025
Office Leasing Resilience in the Remote and Hybrid Era: The Role of Sustainability and Urbanity
Under review
Studies whether sustainable building attributes and vibrant urban locations support office leasing resilience in a mature remote- and hybrid-work market.
Publication
2025
Granular Risks and Stock Returns: Evidence from Commercial Real Estate
Real Estate Economics Published
Uses a geographic instrumental variable to identify how idiosyncratic shocks in local property markets are capitalized into listed commercial real estate returns.
2024 Manuscript Prize for Real Estate Market Analysis
Working paper
2025
The Disruption of Generative AI in Real Asset Markets
Under review
Examines how exposure to generative AI changes tenant rents, listed real estate valuations, analyst forecasts, and operating performance through labor substitution and reallocation.
Working paper
2025
Commercial Mortgage Debt Overhang and Intent to Default
Working paper
Studies whether office-property leasing effort and tenant-improvement spending reveal borrowers' private valuations and intentions to default on CMBS loans.
Working paper
2025
Climate Risk and Commercial Property Insurance
Under review
Analyzes insurance costs across major U.S. commercial real estate sectors, their response to expected and realized climate risk, and the incidence of higher premiums.
Working paper
2025
Agency Cost of Choosing Green
Under review
Tests whether firms' choices of green-certified headquarters reflect shareholder-value maximization or agency costs, with the negative valuation effect strongest under weak governance.
2024 Manuscript Prize for Corporate Real Estate
Publication
2024
Sustainability and Private Equity Real Estate Returns
The Journal of Real Estate Finance and Economics Published
Finds that voluntary ESG disclosure and GRESB performance positively predict private equity real estate fund returns.
Working paper
2024
Overlapping Real Asset Networks and Corporate Investment
Working paper
Shows how overlapping corporate real-asset networks shape investment and debt issuance, including a collateral channel tied to corporate real estate holdings.
Publication
2024
Does Housing Status Matter? Evidence from COVID-19 Infections in Hong Kong
International Journal of Housing Policy Published
Uses neighborhood-level data from Hong Kong to examine how housing price, homeownership, and housing-wealth dispersion relate to COVID-19 infection risk.
Publication
2024
Climate Change and Commercial Property Markets
Journal of Regional Science Published
Shows that the capital-market effects of local climate hazards vary with attention to climate change, creating a mismatch between physical hazards and market responses.
Publication
2023
Sustainability Disclosure and Financial Performance: The Case of Private and Public Real Estate
The Journal of Portfolio Management Published
Compares sustainability practices in listed and private real estate and relates REIT sustainability disclosure to operating performance, valuation, and certified-building ownership.
Publication
2023
Is This Time the Same? Housing Market Performance during SARS and COVID-19
International Journal of Housing Markets and Analysis Published
Compares Hong Kong housing-market responses to the 2003 SARS and COVID-19 outbreaks at aggregate, district, and estate levels.
Working paper
2023
Risk-Taking in the Mortgage Market
Working paper
Examines how local risk-taking tendencies relate to mortgage default probability and loss given default.
Working paper
2023
A Tale of Two Cities: The Announcement Effect of Northern Metropolis Plan
Under review
Uses Hong Kong's Northern Metropolis announcement to study immediate changes in housing prices, consumption, school enrollment, and inequality.
Working paper
2023
International Firm Performance and Proximity to Rare Disaster Risk
Swiss Finance Institute Research Paper No. 23-16 Under review
Uses Russia's invasion of Ukraine as a rare-disaster event to study how physical and political proximity affect international real estate firms, with greener portfolios proving more resilient.
Publication
2023
How Do Institutional Investors React to Geographically Dispersed Information Shocks? A Test Using the COVID-19 Pandemic
Real Estate Economics Published
Finds that institutional investors became net sellers of locally exposed REIT holdings during the COVID-19 crisis, consistent with information salience.
Publication
2023
Face-to-Face Interactions, Tenant Resilience, and Commercial Real Estate Performance
Real Estate Economics Published
Links tenants, properties, and real estate firms to show how tenant resilience to social distancing shaped commercial real estate performance during the pandemic.
2022 ARES Best REIT Manuscript Prize
Publication
2022
Rewarding a Long-Term Investment Strategy: REITs
Journal of Real Estate Research Published
Shows that REITs with longer property holding periods tend to be more profitable and deliver stronger shareholder returns.
Publication
2022
Asset Productivity, Local Information Diffusion, and Commercial Real Estate Returns
Real Estate Economics Published
Documents a firm-level private-predicts-public relation in which local private-property performance forecasts listed REIT returns.
Publication
2021
Institutional Common Ownership and Firm Value: Evidence from Real Estate Investment Trusts
Real Estate Economics Published
Documents a positive relation between institutional common ownership and REIT value, with enhanced monitoring and property allocation as the leading channel.
Real Estate Economics Top Downloaded Article
Publication
2021
The Geography of Real Property Information and Investment: Firm Location, Asset Location, and Institutional Ownership
Real Estate Economics Published
Shows that institutional investors exploit location-based information advantages when allocating to REITs and that this strategy is associated with superior performance.
2019 GCREC Best Paper Award (First Place)
Publication
2021
Trade-Offs between Asset Location and Proximity to Home: Evidence from REIT Property Sell-Offs
The Journal of Real Estate Finance and Economics Published
Finds that investors respond favorably when REITs sell properties close to headquarters, with the effect concentrated in non-gateway markets.
2018 FMA Best Paper Semifinalist
Publication
2020
A First Look at the Impact of COVID-19 on Commercial Real Estate Prices: Asset-Level Evidence
The Review of Asset Pricing Studies Published
Examines how local COVID-19 exposure, policy interventions, and reopenings were reflected in commercial real estate firms' stock returns.
Featured in Covid Economics: Vetted and Real-Time Papers
Publication
2019
Geographic Proximity and Competition for Scarce Capital: Evidence from U.S. REITs
International Real Estate Review Published
Develops and tests a spatial framework showing that nearby REITs compete for financial capital and can generate amplified crowding-out effects.
2020 GSSI IRER Best Paper Award
Publication
2016
近期我国房地产市场形势分析
China Real Estate Published
Reviews recent conditions in China's real estate market and discusses the effectiveness of macro-control policies.
No matching research
Try a broader search or reset the filters.