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Applications for Doctoral Students to Participate in the ARES 2016 Meetings
Applications are now being taken for doctoral students to participate in the ARES 2016 Meetings at the Brown Palace and Holiday Inn Express, Denver, CO March 29-April 2, 2016.  This is sponsored by the James R. Webb ARES Foundation. Applications must be made before November 15, 2015. The doctoral program director, Dr. Elaine Worzala, will let you know by December 15, 2015 if you will be asked to participate in the meetings.


Decisions will be made on timing of the application as well as where you are in the process of your dissertation. To receive funding for your participation you must attend several events during the meeting as well as stay through the end of the conference on Saturday. In addition, you need to make arrangements to stay at the Holiday Inn Express.  Using the conference hotel will put you at the center of the ARES Meeting with easy access to all events as well as the other delegates.

The James R. Webb ARES Foundation will provide up to $1000 for doctoral students from North America and $500 for international students.  In addition to the travel support, you will also have your meeting registration waived as well as receive a one year membership to ARES.


Once accepted, invited participants will receive detailed information about the presentations that they will be expected to do as well as the other sessions/events they are required to attend.  


Steven Laposa, James R. Webb American Real Estate Society Foundation, Director of Development
Earlier this year I sent out an email blast that asked a simple question, “…do the numbers 20, 43, 32, and 45 mean anything to you?” I replied that these numbers are not random rental rates for some obscure real estate market but individuals, people you’ve seen and will see at our annual ARES conferences. Who are they? The first three numbers represent the number of doctoral students who attended the last three ARES conferences and 45 represents the expected number of doctoral students scheduled to attend our San Diego conference this April.

Beracha, Hardin & Johnson Buy vs. Rent Index

The Beracha, Hardin & Johnson Buy vs. Rent Index is an index designed to signal whether current market conditions favor buying or renting a home in terms of wealth creation over a fixed holding period in a particular market relative to historical market conditions and alternative investment opportunities.












ARES returns to Denver in 2016, thirty-one years after our first meeting in the Mile High City. The meeting venue for the landmark 32nd ARES Annual Meeting is the beautiful and historic Brown Palace Hotel & Spa in the sophisticated and inspiring city of Denver, Colorado. As Denver’s only Forbes Four-Star and AAA Four-Diamond hotel, The Brown Palace Hotel & Spa is part of Marriott’s Autograph Collection. A western icon since 1892, the Brown Palace Hotel & Spa is one of the first atrium-style hotels ever built and considered a national treasure. For more than a century the hotel has stood as an anchor to the bustling financial and cultural district, serving as the host to The Beatles during their first trip to the United States in 1964, as well as every U.S. President since Teddy Roosevelt, except Calvin Coolidge. The hotel, is conveniently located a block away from world-class shopping and dining on the pedestrian-friendly 16th Street Mall in the heart of Denver's vibrant downtown, a case study in successful urban revitalization. READ MORE

President's Message

As I begin my term as the 2015-2016 ARES President, I wanted to take a brief moment to first say thank you for entrusting me with the leadership of our organization, and also to outline three key points of emphasis for the coming year.  The recent past has been a tremendously successful time for our organization as evidenced by record setting meetings, thriving industry support/participation, and a strong and growing impact across the academic community.  While we should be proud of these accomplishments, today is the time to look forward at the next set of challenges and opportunities we face to maintain and reinforce our position as the premiere society of real estate thought leaders. READ MORE





The Pension Real Estate Association (PREA) announces a call for papers for the 2015 Special Real Estate issue of the Journal of Portfolio Management, published by Institutional Investor. This will be the seventh special issue of JPM sponsored by PREA and devoted entirely to the investment characteristics of real estate and its fundamental drivers. All submitted manuscripts must be original work that has not been submitted for inclusion in another form such as another journal, magazine or book chapter. READ MORE


The American Real Estate Society proudly announces the following manuscript prize winners for research papers presented at the American Real Estate Society’s 31th Annual Meeting in Ft. Myers, Florida, April 2015.
Apartments, sponsored by National Multi Housing Council (NMHC): Restricting Private Property Rights & House Prices: Evidence from a Natural Experiment, by Joseph Ooi, National University of Singapore, and Geoffrey K. Turnbull, University of Central Florida.
CoStar Data, sponsored by the CoStar Group: Green Buildings: Similar to Other Premium Buildings?, by Spenser Robinson, Central Michigan University, and Andrew Sanderford, University of Arizona.
Housing, sponsored by the Lucas Institute for Real Estate Development and Finance at Florida Gulf Coast University: Sentiment-Based Predictions of Housing Market Turning Points with Google Trends, by Marian Dietzel, University of Regensburg.
Industrial Real Estate, sponsored by the NAIOP Research Foundation: Industrial Real Estate Cycles: Markov Chain Applications, by Richard Evans, University of Memphis, and Glenn Mueller, University of Denver.
Innovative Thinking “Thinking Out of the Box”, sponsored by The Homer Hoyt Institute (HHI): Asset Pricing, Spatial Linkages and Contagion in Real Estate Stocks, by Stanimira Milcheva, University of Reading, and Bing Zhu, University of Regensburg.
Marc Louargand Best Research Paper by a Practicing Professional, sponsored by the James R. Webb ARES Foundation: Optimal Deal Flow Management for Direct Real Estate Investments, by Richard Gold, Northfield Information Services, and Emilian Belev, Northfield Information Services.
Mixed Use Properties, sponsored by the NAIOP Research Foundation: Valuing the Conversion Option Afforded by Form-Based Zoning in Different Economic Environments, by Keener Hughen, UNC-Charlotte, and Dustin Read, Virginia Tech.
Office Buildings/Office Parks, sponsored by the NAIOP Research Foundation: The Quadruple Bottom Line: Tenant Views of Corporate Responsibility in Green Office Buildings, by Robert Simons, Cleveland State University, Spenser Robinson, Central Michigan University, Eunkyu Lee, Cleveland State University, and Albert Bragg, Cleveland State University.
Property/Asset Management, sponsored by the Institute of Real Estate Management (IREM): Which Green Office Building Features do Tenants Pay for: A Study of Observed Rental Effects, by Robert Simons, Cleveland State University, Spenser Robinson, Central Michigan University, and Eunkyu Lee, Cleveland State University.
Real Estate Brokerage/Agency, sponsored by the National Association of Realtors (NAR®): Bargaining, Mortgage Financing and Housing Prices, by Zhenguo Lin, Florida International University, Yingchun Liu, University of North Texas, and Xun Bian, Longwood University.
Real Estate Cycles, sponsored by Pyhrr/Born Trust for Real Estate Cycle Research: How Low Can House Prices Go? Estimating a Conservative Lower Bound, by Alexander Bogin, Federal Housing Finance Agency, Stephen D. Bruestle, Penn State Erie, and William Doerner, Federal Housing Finance Agency.
Real Estate Education, sponsored by Dearborn Real Estate Education: A Primer on Real Estate Data Cleaning Techniques: Lessons from the Trenches, by Andy Krause, University of Melbourne, and Clifford Lipscomb, Greenfield Advisors.
Real Estate Finance, sponsored by Real Capital Analytics (RCA): The Effect of FHA Loan Assumptions on California’s Residential Housing Market?, by Michael LaCour-Little, California State University-Fullerton, Zhenguo Lin, Florida International University, and Wei Yu, California State Polytechnic University, Pomona.
Real Estate Investment, sponsored by the Education Foundation of the CCIM Institute: The 4% Rule: Does Real Estate Make a Difference?, by David Downs, Virginia Commonwealth University, Greg MacKinnon, Pension Real Estate Association, and Eli Beracha, Florida International University.
Real Estate Investment Trusts, sponsored by the National Association of Real Estate Investment Trusts (NAREIT): Financial Flexibility and REITs Security Issuance Decisions, by Woei Chyuan Wong, Universiti Utara Malaysia, and Joseph Ooi, National University of Singapore.
Real Estate Market Analysis, sponsored by CBRE Econometric Advisors: Know Thy Neighbor: The Impact of Cultural and Geographic Distance on Information Asymmetry, by David Harrison, University of Central Florida, George Cashman, Marquette University, and Hainan Sheng, Texas Tech University.
Real Estate Portfolio Management, sponsored by the Royal Institution of Chartered Surveyors (RICS): Determinants of Foreign versus Domestic Real Estate Investment: Property-Level Evidence from Listed Real Estate Investment Firms, by McKay Price, Lehigh University, and Nathan Mauck, University of Missouri - Kansas City.
Real Estate Valuation, sponsored by the Appraisal Institute (AI): Illuminating the Impacts of Brownfield Redevelopments on Neighboring Housing Prices: Case of Cuyahoga County, Ohio, by Ayoung Woo, Texas A&M University, and Sugie Lee, Hanyang University.
Retail Real Estate, sponsored by the International Council of Shopping Centers (ICSC): Entry and Co-Location: Evidence from Chilean Retailers, by Anthony Pennington-Cross, Marquette University, and Sergio Garate, Penn State University.
Seniors Housing, sponsored by the National Investment Center for the Seniors Housing and Care Industry (NIC): The Effect of Age-Restricted Housing on Surrounding House Prices, by Karen Gibler, Georgia State University, Tanja Tyvimaa, Tampere University of Technology, and Velma Zahirovic-Herbert, University of Georgia.
Sustainable Real Estate, sponsored by the NAIOP Research Foundation: Financial Impact of LEED and Energy Star Certifications on Hotel Revenues, by Spenser Robinson, Central Michigan University, Arjun Singh, Michigan State University, and Prashant Das, Ecole hoteliere de Lausanne.
Spacial Analytics/GIS Applications, sponsored by Urban Economics, Inc.: A Damaged View: The Impact of Power Lines on Residential Property Values, by David Wyman, College of Charleston, and Chris Mothorpe, College of Charleston.