THE COMMERCIAL REAL ESTATE AND MORTGAGE

MARKETS IN CRISIS AND RECOVERY

Third Annual Real Estate Research Symposium

sponsored by the

University of California Irvine

Paul Merage School of Business Center for Real Estate

February 18-19, 2010

Surf & Sand Resort, Laguna Beach, CA

Final Program and Schedule

Thursday, February 18

6:30 – 8:30                  Dinner, Sand Castle Room

                                    Welcome and Introductions:

Michael Gottfredson, Executive Vice Chancellor and Provost, University of California Irvine

                                    Kerry Vandell, Director, Center for Real Estate, UCI

Evening Keynote Address:

“CMBS for a New Generation: Profits in the Land of Despair?”

Scott Simon, Managing Director/Portfolio Management, Strategy, Mortgage and Asset-Backed Securities, PIMCO

Friday, February 19

8:00 – 8:15                  Welcome:

                                    Kerry Vandell, Director, Center for Real Estate, UCI

8:15 – 9:25                  Session I – Going Green: Environmental Factors in Commercial Real

                                    Estate Market Performance

“The Walkability Premium in Commercial Real Estate Investments”

 “Income, Value and Returns in Socially Responsible Office Properties”

Jeff Fisher, University of Indiana; Gary Pivo, University of Arizona

View Fisher-Pivo Paper

“Sustainability and the Dynamics of Green Building”

Piet Eicholtz, Maastrict University; Nils Kok, Maastrict University; John Quigley, UC Berkeley

View Eicholtz-Kok-Quigley Paper

Discussant:

Marlon Boarnet, University of California - Irvine

9:25 – 10:35                Session II – REITs I: Determinants of REIT Price Performance

“The Returns Linkages of Private and Public Real Estate”

Murray Carlson, University of British Columbia; Sheridan Titman, University of Texas at Austin; Cristian Tiu, University at Buffalo

View Carlson-Titman-Tiu Paper

“REITs and Underlying Real Estate Markets: Is There a Link?”

Andrey Pavlov, Simon Fraser University; Susan Wachter, University of Pennsylvania Wharton School

View Pavlov-Wachter Paper

Discussant:

Michael Knott, Green Street Advisors

10:50 – 12:00              Session III – REITs II: Governance Issues and Refinancing/Leverage

                                    Risk

“What is the Relationship between REIT Governance and Earnings Management?”

Paul Anglin, University of Guelph; Robert Edelstein, UC Berkeley; Yanmin Gao, University of Alberta; Desmond Tsang, McGill University

View Anglin-Edelstein-Gao-Tsang Paper

“Diversification, Corporate Governance and Firm Performance in Real Estate Investment Trusts”

Jay Hartzell, University of Texas at Austin; Libo Sun, Cal Poly Pomona; Sheridan Titman, University of Texas at Austin

View Hartzell-Sun-Titman Paper

Discussant:

John Glascock, University of Cincinnati

12:00 – 1:15                Lunch -  Keynote Speaker:

“Halfway through the Real Estate Crisis:  What have Investors Learned, and Where are They Going from Here?”

Brad Case, Vice President, Research & Industry Information, National Association of Real Estate Investment Trusts, Washington, D.C.

1:15 – 3:00                  Session IV – Imperfections in the CMBS Market

“Asymmetric Information, Adverse Selection, and the Pricing of CMBS”

Xudong An, San Diego State University; Yongheng Deng, National University of Singapore; Stuart Gabriel, UCLA Anderson School of Management

View An-Deng-Gabriel Paper

“CMBS Special Servicers and Adverse Selection in Commercial Mortgage Markets: Theory and Evidence”

Brent Ambrose, Pennsylvania State University; Anthony Sanders, George Mason University; Abdullah Yavas, Pennsylvania State University

View Ambrose-Sanders-Yavas Paper

“Shopping, Relationships, and Influence in the Market for Credit Ratings”

Tim Riddiough and Jun Zhu, University of Wisconsin

View Riddiough-Zhu Paper

Discussant:

Michael LaCour-Little, Cal State Fullerton

3:15 – 5:00                  Session V – Commercial Real Estate Market Performance

“What Determined the Great Cap Rate Compression of 2000-2007, and the Dramatic Reversal during the 2008-2009 Financial Crisis?”

Serguei Chervachidze, CBRE Econometric Advisors; William Wheaton, Massachusetts Institute of Technology

View Chervachidze-Wheaton Paper

“Investor Sentiment and Asset Pricing in Public and Private Markets”

David Ling, Andy Naranjo, and Benjamin Scheick, University of Florida

View Ling-Naranjo-Scheick Paper

“The Multifamily Housing Market and Value-at-Risk Implications for Multifamily Lending”

Jim Shilling, DePaul University

View Shilling Paper

Discussant:

David Barker, University of Iowa

5:00 – 5:15                  Review and Synthesis

                                    Kerry Vandell, University of California - Irvine