Wisconsin Real Estate Program

Faculty Activities

The driving force behind the Wisconsin Real Estate program is the intellectual leadership that the faculty and lecturers provide in academic research, business practice and teaching. Our faculty continue to make important contributions in all these areas.

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Stephen Malpezzi


Stephen Malpezzi

Professor and Chair, Department of Real Estate and Urban Land Economics
Lorin and Marjorie Tiefenthaler Chair of Real Estate
  • Moderated a panel session on the "The Budget and Financial Reforms: What's on the Horizon?" at the Wisconsin Real Estate and Economic Outlook Conference held in Madison in June 2011.
  • Met with a delegation from Chongqing University, including the university's president, Jianhua Lin, to discuss areas for collaboration. June 2011.
  • Presented at the Graaskamp Center Board Meeting on April 14-15, 2011 in Chicago.
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  • Quoted in an article on SmartMoney.com that looks at housing bargains nationwide. The article pointed to the role UW-Madison plays in the city’s economic health and noted that several area biotech companies were founded by people with university ties.
  • Participated in the University of Wisconsin-Madison and Federal Reserve Bank of Chicago Housing- Labor-Macro-Urban Conference at the Chicago Fed in April 2010.
  • Discussed the National Stimulus Package on "Office Hours."
  • Participated in a panel discussion on housing on the Wisconsin Eye, a website providing live covereage of activities in Wisconsin government, as well as community affairs and policy discussions. January 2010.
  • Participated on a panel discussion on the UW Memorial Union with Doug Harris, Professor of Educational Policy Analysis, and David Canon, Professor of Political Science, to discuss the issue of segregation in America's urban areas. November 2009.
  • Attended the Urban Land Institute’s annual conference in San Francisco, CA on November 3-7, 2009.
  • Presented at the Wisconsin Business Council Economic Symposium. November 2009.
  • Participated in a new research conference on topics including foreclosures, income/wealth and housing, house prices, and geography and labor co-sponsored by the Graakamp Center for Real Estate and the Federal Reserve Bank of Atlanta held on September 25-26, 2009.
  • Presented on "Fundamental of the U.S. Economy and Housing Prices" at the 2009 Wisconsin Housing Conference in June. Served as faculty director of the conference.
  • Keynote speaker at the 2009 Connecticut Housing Conference(Hartford, CT) on May 12, 2009. Presented on the topic of "The Crisis in the U.S. Housing and financial Markets: How did we get here? Which way out?"
  • Presented research to:
    • Australian Tax Foundation
    • Royal Melbourne Institute of Technology
    • Midwest Economic Association
    • Kiwanis Club of Hartland, Wisconsin
    • Peking University Law School, Bejing
    • University of Melbourne Law School
    • Tsinghua University, Beijing
    • Lincoln Institute Conference on Housing Policy and Housing Markets in China, Cambridge, MA
    • Homer Hoyt Institute, West Palm Beach, FL
  • Papers:
    • Stephen Malpezzi, Thomas Mitchell and Richard Green, "Forced Sale Risk: Class, Race and the ‘Double Discount,’" accepted for publication by the Florida State University Law Review.
    • Stephen Malpezzi and Michael LaCour-Little, "Gated Streets and Housing Prices," accepted for publication by the Journal of Housing Research.
  • Assisted the World Bank in the provision of technical assistance on housing policy to the Government of Poland.
  • Lectured on "Urban Form in 50 World Cities" and "The U.S. Financial and Economic Crisis" to Sogang University.
  • Lectured on "The Political Economy of the U.S. Financial and Economic Crisis" to the Korea Development Institute Graduate School.
  • Lead discussion on local economic development at the Wisconsin Legislature Family Impact Seminar.
  • Interviewed by Greg Jeschke of local WKOW-TV (Channel 27) on the U.S. housing crisis. Airs May 4th.
  • Appeared on the Big 10 Network show "Office Hours" with Karl Scholz and Ken Goldstein to discuss the current U.S. economic outlook.
  • Quoted in the Wisconsin State Journal weekend edition article, "Sun Prairie real estate auction billed as one of the largest in state history."
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Tim Riddiough


Timothy J. Riddiough

Professor and E.J. Plesko Chair of Real Estate and Urban Land Economics
Director, Applied Real Estate Investment Track (AREIT)
  • Presented at Massey University in New Zealand at a conference on the on the global financial crisis. April 2011.
  • Chaired the planning committee for the annual conference of the American Real Estate and Urban Economics Association in Denver, Colorado, January 2010.
  • Serving a President of the American Real Estate and Urban Economics Association for the 2010/11 academic year.
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  • Quoted in an interview on Marketplace Radio on the topic of the dip in housing prices, August 2010.
  • Featured in an article in REIT Magazine on a variety of REIT topics.
  • Featured speaker on the topic of "2010 Economic Forecast: Finding True North in an Era of Uncertainty" at the CREW (Commercial Real Estate Women) Network and Convention on Sept. 30 - October 3, 2009 in Boston. Other featured speakers included Ivanka Trump, Abby Joseph Cohen, David Gergen, Chip Case, and Robert Langer.
  • In May, taught a course jointly with François Ortalo-Magné at HEC-Paris, which was the start of Global Masters Initiative.
  • Attended and participated in the NAREIT Conference in New York in June.
  • Attended a sponsored Real Estate Finance Conference in San Diego in June.
  • Was the featured speaker at the PREA Institute as part of an “all-star” team along with Eugene Fama, Ken Rosen, Peter Linneman and Bill Wheaton.
  • Presented an analysis of the financial crisis and its economic and policy implications for banks to managers of community and regional banks at the UW-Madison Fluno Center for Executive Education.
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Abdullah Yavas


Abdullah Yavas

Professor
  • Presented a paper entitled “Adverse Selection In Mortgage Securitization” at the University of Toronto
  • Attended the annual IMF-World Bank-IIF meetings in Washington, DC.
  • Attended a conference organized by the Atlanta Fed:  " A Return to Jekyll: The Origins, History, and Future of the Federal Reserve."
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  • Attended the 2010 Money and Banking Conference on “Monetary Policy, Financial Regulation and the Macroeconomy under Globalization: Lessons and Challenges arising out of the present-day Crisis,” organized by the Central Bank of Argentina, in Buenos Aires, September 2-3.
  • Presented a paper entitled “Adverse Selection in Mortgage Lending” at the African Econometric Society Meeting, held in American University in Cairo, Egypt, August 2010.
  • Published a paper entitled “An Experimental Test of Behavior under Team Production” co-authored with Don Vandegrift, in Managerial and Decision Economics, August 2010.
  • Published a paper entitled "Case for Percentage Commission Contracts: The Impact of a 'Race' Among Agents" (co-authored with Lynn Fisher) in the Journal of Real Estate Finance and Economics in June 2010.
  • Published a paper entitled "An Experimental Test of Sabotage in Tournaments," co-authored with Donald Vandegrift, in the Journal of Institutional and Theoretical Economics in June 2010.
  • Appointed to the RERI (Real Estate Research Institute) Advisory Board in June 2010.
  • Attended the AREUEA (American Real Estate and Urban Economics Association) Board Meeting in DC in June 2010.
  • Co-authored a paper with Lingxiao Li (one of our PhD students) which was presented at the AREUEA International Conference in Rotterdam, Netherlands in June 2010.
  • Presented a paper entitled “Cash Flow Volatility, Prices and Price Volatility: An Experimental Study,” co-authored with Nuriddin Ikramov, at the Florida State University’s research symposium on“The Economics of Information in Real Estate Markets” in May 2010.
  • Discussed a paper on mortgage default at the FSU’s research symposium “The Economics of Information in Real Estate Markets” in May 2010.
  • Made a presentation to the Turkish Capital Markets Board (equivalent of SEC) on the role of housing in the current crisis in May 2010.
  • Presented a paper entitled “Adverse Selection in Mortgage Lending” at the University of South Carolina in May 2010.
  • Participated in the University of Wisconsin-Madison and Federal Reserve Bank of Chicago Housing- Labor-Macro-Urban Conference at the Chicago Fed in April 2010.
  • Taught Real Estate Finance course at HEC University in Paris, France in May 2010.
  • Visited National University of Singapore where he gave two seminars, one on bubbles in real estate markets, and the other on adverse selection in mortgage securitization, and gave a lecture to the PhD students about experimental economics.
  • Presented "Asset Characteristics and Boom and Bust Periods" at the Rays of Research Speaker Series on February 4.
  • Elected to the board of the American Real Estate and Urban Economics Association and was invited to serve on the group’s 2011 annual conference program. January 2010.
  • Taught a real estate finance course to graduate students at HEC Paris as part of the Graaskamp Center curriculum sharing partnership with HEC. January 2010.
  • Chaired a session and had two papers presented at the  group’s 2010 conference  in Atlanta, Ga. January 2010.
  • Invited to become a member of RICS (Royal Institution of Chartered Surveyors) and has been awarded the title of Fellow (FRICS).
  • Presented two papers at the annual meeting of the Economic Science Association in Tuscon, AZ.
  • As a member of the Monetary Policy Committee of the Central Bank of Turkey, he traveled to Ankara, Turkey, to participate in the monthly meeting of the Committee. The Committee decided to lower the short term interest rates by 50 basis points.
  • Papers:
    • “Do Borrowers Make Rational Choices on Points and Refinancing?” (co-authored with Yan Chang) published in Real Estate Economics. (January 2010)
    • "An Experimental Test of Sabotage in Tournaments," co-authored with Donald Vandegrift, accepted for publication by the Journal of Institutional and Theoretical Economics.
    • "Men, Women, and Competition: An Experimental Test of Behavior," co-authored with Donald Vandegrift, accepted for publication by the Journal of Economic Behavior and Organization.
    • “Price Discovery in Real Estate Markets: A Dynamic Analysis," co-authored with Yildiray Yildirim, accepted for publication by the Journal of Real Estate Finance and Economics.
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Morris Davis


Morris A. Davis

Associate Professor
Academic Director, James A. Graaskamp Center for Real Estate
  • Moderated a panel session on the "The Budget and Financial Reforms: What's on the Horizon?" at the Wisconsin Real Estate and Economic Outlook Conference held in Madison in June 2011.
  • Quoted in an article on "Homeowner Relief Misses the Problem" about how the primary cause of mortgage foreclosures is unemployment, an issue that hasn't been targeted. Article was published in the Minneapolis Star Tribune. June 2011.
  • Quoted in an article on Channel3000.com on "Realtors Hope Home Prices Have Bottom." June 2011.
  • Quoted in an article in the Wisconsin State Journal about the "Fitchburg Development Nine Springs: A Paradigm Shift." May 2011.
  • Taught real estate finance to students at HEC Paris as part of the Global Real Estate Master (GREM) partnership with HEC. May 2011.
  • Met with senior alumni in Chicago to discuss online strategy for industry outreach and mission for the Wisconsin Real Estate Program. April 2011.
  • Quoted on Marketplace in an article on how the Fed is to name banks that took crisis loans. March 2011.
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    • Quoted in Marketplace in an article on "Bernanke strikes back with bold statements, " November 2010.
    • Coordinated the University of Wisconsin-Madison and Federal Reserve Bank of Chicago Housing- Labor-Macro-Urban Conference at the Chicago Fed in April 2010.
    • Has been featured in several radio and online news articles on the housing industry in 2009-10:
    • Davis' work on rent-to-price ratio-the gap between the price of a house and the amount of rent tenants would pay to live in it-was cited in a recent BusinessWeek column by Chris Farrell on tax policies and mortgage relief.
    • Quoted in BusinessWeek in an article on what it means that big builders are starting to compete to buy land. The article cited estimates from Davis that the price of U.S. land used for houses and apartments nearly tripled from the start of 2000 to the end of 2005. Davis indicated that national land prices fell nearly two-thirds through early 2009 before bouncing back more than 20% in the rest of the year.
    • Quoted in an online article in SmartMoney on "New Housing Plan, Old Housing Market" on March 26, 2010. 
    • Provided expert commentary in the Las Vegas Review-Journal on how federal foreclosure relief efforts are failing to provide help for the Las Vegas housing market. When asked about the Treasury Department’s HAMP program, which runs through 2012, Davis told attendees at a recent Nevada Housing Division hearing, “The bottom line is that a loan modification is only offered when it’s in the financial interest of the lender to do so. One way to think of HAMP is to realize we’re having (loan) servicers administer public policy.”
    • Discussed the National Stimulus Package on "Office Hours."
    • Quoted in an online article that appeared in the Wall Street Journal on proposals to help the unemployed avoid foreclosure. “A real case can be made that it is more expensive to do nothing,” Davis says in the article. December 9, 2009.
    • Interviewed in December 2009 on CNN Tonight for a segment on mortgage lenders being under water. Watch his CNN interview here.
    • Interviewed on Marketplace radio, Davis discussed Federal Reserve Chairman Ben Bernanke’s call to action on financial regulation. Davis discussed with host Bill Radke the implications of regulation and why he believes it will be difficult to monitor systemic risk. Listen here.  October 23, 2009.
    • Interviewed on Marketplace radio, Davis told listeners toward the end of the month that about 10 percent of the underwater homeowners are likely to default. But the rest will probably stick it out. Read the article here. Listen to the radio show here.  November 24, 2009
    • Interviewed for a Milwaukee Journal Sentinel  article.  Davis, providing reaction to Congress’ decision to extend the housing tax credit, said that home prices were stabilizing without further intervention and that extending the first-time buyer credit will cost the government more money and only move up home sales that would have taken place anyway over time. November 5, 2009.
    • Quoted in CNNMoney.com and CBS Marketwatch on Wells Fargo’s emphasis on interest-only loans. According to Davis, tying borrowers to high levels of negative home equity for years ahead will force buyers to default.  November 3, 2009.
    • Quoted in an article in the Boston Globe, Davis took the opportunity to stress the need for policymakers to move quickly on stemming the foreclosure crisis in an article. “We know it is going to get much worse. Policy makers need to act now.’’  November 20, 2009.
  • Served as Conference Coordinator for a new research conference co-sponsored by the Graakamp Center for Real Estate and the Federal Reserve Bank of Atlanta held on September 25-26, 2009. The unique two-day conference brought together leading academics and professionals from throughout the country to discuss research on topics including foreclosures, income/wealth and housing, house prices, and geography and labor.
  • Has been featured in several outlets discussing the foreclosure problem in American and actively promoting "The Wisconsin Foreclosure and Unemployment Relief Plan (WI-FUR)" (WI-FUR), a new plan he developed with his colleagues Profs. Stephen Malpezzi and François Ortalo-Magné. Here is some of the recent coverage.
  • Appeared on the Big 10 Network show "Office Hours" with Karl Scholz and Ken Goldstein to discuss the current U.S. economic outlook.
  • Realtor magazine covered news about the release of three databases on house price estimates. The databases were created by Assistant Professor of Real Estate Morris Davis (with coauthors) over the 2004-2006 period while serving at the Federal Reserve Board.
  • USC’s Richard Green cites Morris Davis’ research on rent to price ratios in a recent blog post on the July new home sales numbers
  • Published three databases on Land and Property Values in the US. in collaboration with the Graaskamp Center and the Lincoln Institute of Land Policy. The new data fills in a major gap in the availability of residential property data.
  • Presented on "House Prices and Mortgages and Wall Street and the Economy and Monetary and Fiscal Policy... In Less Than 45 Minutes!" and "Spatial Asset Pricing: A First Step" at the European Summer Symposium in Economic Theory held in Gerzensee, Switzerland from June 29 through July 10, 2009.
  • Invited seminar speaker on macroeconomics and cities at the Kansas City Federal Reserve.
  • Paper with Robert Martin titled “Housing, Home Production and the Equity and Value Premium Puzzles,” accepted for publication by the Journal of Housing and Economics.
  • Performed in the debut of “Toxic Assets” at the “Rock Your Stocks Off” battle of the UW MBA bands at the High Noon Saloon.
  • Quoted in article entitled “Foreclosures up, but not that high” which analyzes  the validity of RealtyTrac’s foreclosure numbers in the June 30 online issue of the Janesville Gazette.
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Erwan Quintin


Erwan Quintin

Assistant Professor
  • Awarded a generous research grant from the University of Wisconsin-Madison Graduate School. The grant will cover a full year assistantship for one of our PhD students plus research expenses for Erwan to continue his research on “Do mortgage recourse limitations matter?”
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David Shulman


David Shulman

Adjunct Professor and Advisor to Applied Real Estate Investment Track (AREIT)
  • Published "Risky Business" for the UCLA Anderson Forecast in December.
  • Attended the NAREIT meeting with AREIT students in New York on November 15-17, 2010.
  • Joined REIT Zone as a contributor. David will share his observations on REITs and commercial real estate with REIT Wrap Service subscribers once a month.
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  • Published "Lost and Found" for the UCLA Anderson Forecast in December.
  • Published “The Long Goodbye ” for the UCLA Anderson Forecast in September.
  • Published “Out of Intensive Care” for the UCLA Anderson Forecast in June.
  • Presented the 2009 Economic Outlook to board members and alumni at the Spring Graaskamp Center board meeting at the Gleacher Center for Executive Education in Chicago, IL.
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Michael Dubis


Michael Dubis

Lecturer
  • Quoted on the GreatMDJobs.com website in an article on "Retirement Savings: New Physicians Start Out About 10 Years Behind."
  • Named as one of the best financial advisers for doctors in the U.S. by Medical Economics in November 2010. The list recognizes the nation’s top financial advisors who have experience working with doctors and those in the life sciences, and the issues particular to them.
  • Interviewed by AdvisorOne in an article entitled "Too Late for Commercial REITs?" on November 12, 2010.
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  • Named one of best financial advisers for doctors nationwide in the November 2010 issue of Medical Economics.  The list recognizes the nation’s top financial advisors who have experience working with doctors and the issues particular to them.
  • Interviewed and quoted in Entrepreneur Magazine on the importance of emergency funds for both business and the entrepreneurs' personal finances, April 2010.
  • Quoted in the Wisconsin State Journal in two articles.  Read the article on "Veridian djusts to market, customers' desires" here.  Read the article on "Is it better to buy a new home or an existing one?" here.
  • Was one of six nationally recognized advisors interviewed and profiled in an article on “Lessons Learned: What Advisers Learned from the Market Upheaval ” in Financial Advisor Magazine, September 2009.
  • Author of a regular column for Madison’s InBusiness Magazine’s blog site entitled “Financial Perspectives with Michael Dubis.”
  • Quoted in a series of three articles by the Dow Jones Newswire on portfolio management changes in light of new risks presented by the current market crisis.
  • Invited seminar speaker on “Portfolio Considerations For Fiduciaries: Incorporating the Market Crisis’s New Learned Risks” at the Madison Estate Planning Council.
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Sharon McCabe


Sharon McCabe

Faculty Associate and Associate Director, Graaskamp Center for Real Estate
  • Led the Speed Networking event at the 2010 WREAA Biennal Conference held in Madison on September 14-16, 2010.
  • Led the MBA International Studytrip to Brazil. January 2010.
  • Presented at a conference hosted by the Forward Community Investors on the topic of "Assessor Perspective" in Madison, WI.
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  • Attended the ICSC Conference in Las Vegas, NV.
  • Attended the Spring Graaskamp Center Board meeting held at the Gleacher Center for Executive Education in Chicago, IL.
  • Participated in hosting activities for perspective Real Estate MBA’s at the "MBAs On Wisconsin!" weekend.
  • Participated in networking activities with visiting employers at the Wisconsin School of Business Employer Open House.
  • Led construction tour for graduate and undergraduate real estate students of the Capitol West Condominium project in Madison, WI.
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Peter Ritz


Peter Ritz

Senior Lecturer
  • Quoted in article entitled “Foreclosures up, but not that high” which analyzes  the validity of RealtyTrac’s foreclosure numbers in the June 30 online issue of the Janesville Gazette.
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Joe Walsh


Joe Walsh

Faculty Associate
  • Led the Global Real Estate Master (GREM) field trip to New York City in May 2011.
  • Led the MBA International Studytrip to Hong Kong and Korea,. January 2011.
  • Attended the Counselors of Real Estate Conference held in Philadelphia, PA in October 2010. 
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  • Attended the ICSC Convention in Las Vegas on May 23-25, 2010.
  • Moderated a panel at the Wisconsin ICSC Idea Exchange and Alliance Program on April 14-15, 2010 in Madison, WI.
  • Invited to become a member of RICS (Royal Institution of Chartered Surveyors) and has been awarded the title of Fellow (FRICS).
  • Promoted to Faculty Associate in March 2010.
  • Presented at the MAPIC in Cannes, France on November 17-19. MAPIC is a large industry conference focused on the global retail sector of the real estate market.
  • Moderated by a public listening session on November 5 to allow students and community members a chance to view the latest Edgewater Hotel redesign plans.
  • Became certified in the use of ARGUS Software.
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