Portrait Photo

David C. Ling

Ken and Linda McGurn Professor
Full Professor
Director, Master of Science - Real Estate

University of Florida
Warrington College of Business
Finance, Insurance and Real Estate Department
Stuzin Hall 301C
PO Box 117168
Gainesville, FL 32611

(352) 273-0313
Email

Biography

Professor Ling teaches courses in commercial real estate finance and investment at the graduate level and serves as Director of the Master of Science in Real Estate (MSRE) program. His academic and professional publications have included articles on housing policy and economics, mortgage markets and pricing, private commercial real estate investments, publicly traded real estate companies, and performance evaluation.

Professor Ling is the co-author (with Wayne Archer) of Real Estate Principles: A Value Approach 4th Edition (2013) and was a co-author of Real Estate Perspectives: An Introduction to Real Estate. During 2000 he was elected and served as President of the American Real Estate and Urban Economics Association (AREUEA), an international organization for academics who work in the areas of real estate and urban economics. In addition, he served a six-year term as co-editor of Real Estate Economics, which is the Association’s journal. Professor Ling currently serves on the editorial boards of numerous scholarly journals including Real Estate Economics, Journal of Housing Economics, Journal of Real Estate Finance and Finance Economics, Real Estate Finance, Journal of Housing Research, and Journal of Real Estate Research.

He has provided research and consulting services to several state and national organizations including the Federal National Mortgage Association, the National Association of Home Builders, the National Association of Realtors, and the Florida Association of Realtors.

Professor Ling is both a Fellow and faculty member and currently serves as the Dean of the Weimer School of Advanced Studies in Real Estate, a non-profit research and educational institute. Ling is also a Fellow and advisory board member of the Real Estate Research Institute, a Fellow of the Royal Institution of Chartered Surveyors (FRICS), an appointed member of the National Association of Real Estate Investment Trust’s Research Council, and has served as a Research Fellow of the Urban Land Institute and as a Distinguished Fellow of The National Association of Industrial and Office Properties. He was recently appointed to three-year Fellowship in The Department of Land Economy at the University of Cambridge; funded by British Land and The Investment Property Forum Educational Trust (IPFET). Professor Ling also served as a (part-time) visiting professor at the University of Reading (U.K.) from 2006-2012 and was a visiting professor at the National University of Singapore in February of 2011. Prior to moving to the University of Florida in 1989, Ling was a professor of finance and real estate at Southern Methodist University and has taught at the Swedish School of Economics.

Honors and Fellowships: Recipient of the George Bloom Award (presented by the Directors of the American Real Estate and Urban Economics Association in 2011 for “outstanding contributions to the field of real estate academics”); awarded the David Ricardo Medal by the American Real Estate Society in 2010 (ARES’ highest honor in recognition of research productivity and influence); elected 2000 President of The American Real Estate and Urban Economics Association; elected M.B.A. Teacher of the Year, 2013, 2010, 2005, 1995, and 1992; 1989 Faculty Research Excellence Award, Edwin L. Cox School of Business, Southern Methodist University; 1987 Distinguished Teacher Award, Graduate Division, Edwin L. Cox School of Business, Southern Methodist University; Homer Hoyt Institute, 1985 Post Doctoral Award; Awarded second place in the 1984 AREUEA/Homer Hoyt Institution Dissertation Competition.

Education

  • PhD - The Ohio State University, 1984
  • MBA - The Ohio State University, 1977
  • BSBA - Central Michigan University, 1976

Research Areas

  • Real Estate Finance
  • Investment and Taxation
  • Housing Economics and Policy

Real Estate Perspectives: An Introduction to Real Estate, 4th edition
Published Year: 2001
Authors: Jack Corgel, Hal Smith, David Ling

Prepayment Risk and Lower Income Mortgage Borrowers
Published Year: 2002
Authors: W. Archer, G. McGill, Nicolas Retsinas, Eric Belsky, David Ling


Effects on Real Estate
Published Year: 1987
Authors: J. Follain, P. Hendershott, J. Pechman, David Ling


Likely Impacts of the Administration's Tax Proposals and H.R. 3838
Published Year: 1986
Authors: P. Hendershott, J. Follain, David Ling


The Likely Impact of the Treasury Tax Reform Plan on Housing
Published Year: 1985
Authors: P. Hendershott, David Ling

Tax Reform and Housing
Published Year: 1985
Authors: P. Hendershott, David Ling

Asset Location, Timing Ability, and the Cross-Section of Commercial Real Estate Returns
Journal: Real Estate Economics
Accepted Year: 2018
Authors: David Ling, Andy Naranjo, Benjamin Scheick


How do Personal Assets Affect Professional Asset Management? Evidence from Hedge Fund Managers' Real Estate Transactions
Journal: Real Estate Economics
Accepted Year: 2018
Authors: David Ling, Yan Lu, Sugata Ray


Risk Premia, Regulatory Capital Arbitrage, and the Other (Commercial) Real Estate Boom and Bust
Journal: Journal of Banking & Finance
Accepted Year: 2018
Authors: John Duca, David Ling


How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades
Journal: National Tax Journal
Published Year: 2017
Authors: John Duca, Patric Hendershott, David Ling


Waiting to be Called: The Impact of Deployment Speeds and Opportunity Costs on PERE Returns
Journal: Journal of Portfolio Management
Published Year: 2017
Authors: Thomas Arnold, David Ling, Andy Naranjo


"REIT Leverage and Return Performance: Keep Your Eye on the Target
Journal: Real Estate Economics
Published Year: 2017
Authors: Emanuela Giacomini, David Ling, Andy Naranjo


Asset Growth and Stock Performance: Evidence from REITs
Journal: Real Estate Economics
Accepted Year: 2016
Authors: David Ling, Joseph Ooi, Ruoran Xu


Credit Availability and Asset Pricing in Illiquid Markets: Evidence from Commercial Real Estate Markets"
Journal: Journal of Money, Credit and Banking
Published Year: 2016
Authors: David Ling, Andy Naranjo, Benjamin Scheick


Geographic Allocations, Property Selection, and Performance Attribution in Public and Private Real Estate Markets
Journal: Real Estate Economics
Accepted Year: 2016
Authors: David Ling, Andy Naranjo, Benjamin Scheick


Why Do Distant Buyers Pay More? Search Costs, Behavioral Biases, and Information Intermediary Effects
Journal: Journal of Real Estate Finance and Economics
Accepted Year: 2016
Authors: David Ling, Andy Naranjo, Milena Petrova


Explaining Housing Dynamics: Isolating the Role of Non-Fundamentals
Journal: Journal of Money, Credit and Banking
Published Year: 2015
Authors: David Ling, Joseph Oi, Thao Lee


Leverage, Volatility, Returns: A cross country analysis of public real estate markets
Journal: Journal of Real Estate Finance and Economics
Published Year: 2015
Authors: David Ling, Andy Naranjo, Emanuela Giacomini


Returns, Volatility, and Information Transmission Dynamics in Public and Private Real Estate Markets
Journal: Real Estate Economics
Published Year: 2015
Authors: Andy Naranjo, David Ling


Investor Sentiment, Limits to Arbitrage, and Private Market Returns
Journal: Real Estate Economics
Published Year: 2014
Authors: Andy Naranjo, Benjamin Scheick, David Ling


Short Sales and Fundamental Value: Explaining REIT Premiums to NAV
Journal: Real Estate Economics
Published Year: 2013
Authors: David Ling, Dirk Brounen, Melissa Prado


Information, Uncertainty, and Behavioral Effects: Evidence from US REIT Earnings Announcements
Journal: Journal of International Money and Finance
Published Year: 2012
Authors: Frank Gyamfi-Yeboah, Andy Naranjo, David Ling


Shareholder Composition, Share Turnover, and Returns in Volatile Markets: The Case of International REITs
Journal: Journal of International Money and Finance
Published Year: 2012
Authors: Dirk Brounen, Nils Kok, David Ling


Real Estate Ownership, Leasing Intensity and Value: Do Stock Returns Reflect a Firm's Real Estate Holdings
Journal: Journal of Real Estate Finance and Economics
Accepted Year: 2011
Authors: A. Naranjo, M. Ryngaert, David Ling


Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions
Journal: Journal of Real Estate Finance and Economics
Published Year: 2011
Authors: M. Petrova, David Ling


Ownership Duration in the Residential Housing Market: The Influence of Tenure, Cycles and Neighborhood Factors
Journal: Journal of Real Estate Finance and Economics
Published Year: 2010
Authors: B. Smith, W. Archer, David Ling


Commercial Real Estate Valuation: Fundamentals versus Investor Sentiment
Journal: Journal of Real Estate Finance and Economics
Published Year: 2009
Authors: J. Clayton, A. Naranjo, David Ling


Institutional Capital Flows and Return Dynamics in Private Commercial Real Estate Markets
Journal: Real Estate Economics
Published Year: 2009
Authors: J. Fisher, A. Naranjo, David Ling


Liquidity of Property Shares: An International Comparison
Journal: Real Estate Economics
Published Year: 2009
Authors: D. Brounen, P. Eichholtz, David Ling


The Dynamics of Asset Prices and Transaction Activity in Illiquid Markets: The Case of Private Commercial Real Estate
Journal: Journal of Real Estate Finance and Economics
Published Year: 2009
Authors: G. Marcato, P. McAllister, David Ling


Avoiding Taxes at Any Cost: The Economics of Tax-Deferred Real Estate Exchanges
Journal: Journal of Real Estate Finance and Economics
Published Year: 2007
Authors: M. Petrova, David Ling


Indices for Investment Benchmarking and Return Performance Analysis in Private Real Estate
Journal: International Real Estate Review
Published Year: 2007
Authors: D. Geltner, David Ling


The Variation of Homeowner Tax Preferences by Income, Age, and Leverage
Journal: Real Estate Economics
Published Year: 2007
Authors: G. McGill, David Ling


Trading Intensity and Real Estate Performance
Journal: Journal of Real Estate Finance and Economics
Published Year: 2007
Authors: D. Brounen, P. Eichholtz, David Ling


Considerations in the Design and Construction of Investment Real Estate Research Indices
Journal: Journal of Real Estate Research
Published Year: 2006
Authors: D. Geltner, David Ling


Dedicated REIT Mutual Fund Flows and REIT Performance
Journal: Journal of Real Estate Finance and Economics
Published Year: 2006
Authors: A. Naranjo, David Ling


Do Real Estate Ownership and Leasing Decisions Affect a Retail Firm's Stock Market Risk and Return
Journal: Journal of Shopping Center Research
Published Year: 2006
Authors: M. Ryngaert, A. Naranjo, David Ling


A Random Walk Down Main Street: Can Experts Predict Returns on Commercial Real Estate?
Journal: Journal of Real Estate Research
Published Year: 2005
Authors: David Ling


Household Income, Termination Risk and Mortgage Pricing
Journal: Journal of Real Estate Finance and Economics
Published Year: 2003
Authors: W. Archer, G. McGill, David Ling


Modeling Spatial Variations in the Selling Price of Housing: A Variable Interaction Approach
Journal: Real Estate Economics
Published Year: 2003
Authors: T. Fik, G. Mulligan, David Ling


The Dynamics of REIT Capital Flows and Returns
Journal: Real Estate Economics
Published Year: 2003
Authors: A. Naranjo, David Ling


Authors' Perceptions and Preferences Among Real Estate Journals: An Editors' Note
Journal: Real Estate Economics
Published Year: 2002
Authors: D. Geltner, T. Thibodeau, David Ling


Commercial Real Estate Return Performance: A Cross-Country Analysis
Journal: Journal of Real Estate Finance and Economics
Published Year: 2002
Authors: A. Naranjo, David Ling


Determinants of Multifamily Mortgage Default Rates: Evidence From FDIC Mortgage Pools
Journal: Real Estate Economics
Published Year: 2002
Authors: W. Archer, P. Elmer, D. Harrison, David Ling


Mitigating Information Externalities in Mortgage Markets: The Role of Government Sponsored Enterprises
Journal: Cityscape: A Journal of Policy Development and Research
Published Year: 2002
Authors: D. Harrison, W. Archer, M. Smith, David Ling


Benchmarks and Index Needs in the US Private Real Estate Industry: Trying to Close the Gap
Journal: PREA
Published Year: 2001
Authors: D. Geltner, David Ling


Ideal Research and Benchmark Indexes in Private Real Estate: Some Conclusions from the RERI/PREA Technical Report
Journal: Real Estate Finance
Published Year: 2001
Authors: D. Geltner, David Ling


Estimating Returns on Commercial Real Estate: A New Methodology Using Latent Variable Models
Journal: Real Estate Economics
Published Year: 2000
Authors: A. Naranjo, M. Nimalendran, David Ling


The Predictability of Equity REIT Returns: Time Variation and Economic Significance
Journal: Journal of Real Estate Finance and Economics
Published Year: 2000
Authors: A. Naranjo, M. Ryngaert, David Ling


The Integration of Commercial Real Estate Markets and Stock Markets
Journal: Real Estate Economics
Published Year: 1999
Authors: A. Naranjo, David Ling


Cross-Tenure Differences in Home Maintenance and Appreciations
Journal: Land Economics
Published Year: 1998
Authors: D. Gatzlaff, R. Green, David Ling


Evidence on the Demand for Mortgage Debt by Owner-Occupants
Journal: Journal of Urban Economics
Published Year: 1998
Authors: G. McGill, David Ling


Information Externalities and Home Mortgage Underwriting
Journal: Journal of Urban Economics
Published Year: 1998
Authors: S. Wachter, David Ling


The Effects of Property, Owner, Location and Tenant Characteristics on Multifamily Profitability
Journal: Journal of Housing Research
Published Year: 1998
Authors: A. Bogdon, David Ling


The Fundamental Determinants of Commercial Real Estate Returns
Journal: Real Estate Finance
Published Year: 1998
Authors: A. Naranjo, David Ling


Demographic Versus Option-Driven Mortgage Terminations
Journal: Journal of Housing Economics
Published Year: 1997
Authors: W. Archer, G. McGill, David Ling


Economic Risk Factors and Commercial Real Estate Returns
Journal: Journal of Real Estate Finance and Economics
Published Year: 1997
Authors: A. Naranjo, David Ling


Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs
Journal: Journal of Financial Economics
Published Year: 1997
Authors: M. Ryngaert, David Ling


The Three Dimensions of Real Estate Markets: Linking Space, Capital, and Property Markets
Journal: Real Estate Finance
Published Year: 1997
Authors: W. Archer, David Ling


Retail Site Selection Using GIS: An Introduction to Methods, Models, and Data Sources
Journal: Megatrends in Retail Property
Published Year: 1996
Authors: G. Smersh, David Ling


The Effect of Income and Collateral Constraints on Residential Mortgage Terminations
Journal: Regional Science and Urban Economics
Published Year: 1996
Authors: W. Archer, G. McGill, David Ling


Measuring the Importance of Location in Residential House Price Appreciation
Journal: Journal of Urban Economics
Published Year: 1996
Authors: W. Archer, D. Gatzlaff, David Ling


The Effects of Alternative Interest Rate Processes on the Valuation of Mortgage Securities
Journal: Journal of Housing Research
Published Year: 1995
Authors: W. Archer, David Ling


Measuring Changes in Local House Prices: An Empirical Investigation of Alternative Methodologies
Journal: Journal of Urban Economics
Published Year: 1994
Authors: D. Gatzlaff, David Ling


The Price of Owner-Occupied Housing Services: 1973-1989
Journal: Real Estate Research Issues
Published Year: 1994
Authors: David Ling


The Preferential Income Tax Treatment of Owner-Occupied Housing: Who Really Benefits?
Journal: Housing Policy Debate
Published Year: 1993
Authors: J. Follain, G. McGill, David Ling


The Valuation of Income Properties in Overbuilt Markets
Journal: Appraisal Journal, The
Published Year: 1993
Authors: David Ling


Mortgage-Backed Futures and Options
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1993
Authors: David Ling


Probabilistic Valuation Models and Income Tax Asymmetries With an Application to the Analysis of Passive Loss Restrictions
Journal: Journal of Real Estate Research
Published Year: 1993
Authors: David Ling


Pricing Mortgage-Backed Securities: Integrating Optimal Call and Empirical Models of Prepayment
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1993
Authors: W. Archer, David Ling


Measuring the Size and Distributional Effects of Home Owner Tax Preferences
Journal: Journal of Housing Research
Published Year: 1992
Authors: G. McGill, David Ling


An Empirical Investigation of the Contingent Claims Approach to Pricing Residential Mortgage Debt
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1992
Authors: M. Giliberto, David Ling


Linkages Among Capitalization Rates, Discount Rates and Real Estate Cycles
Journal: Real Estate Issues
Published Year: 1992
Authors: H. Smith, David Ling


Real Estate Markets since 1980: What Role Have Tax Changes Played?
Journal: National Tax Journal
Published Year: 1992
Authors: J. Follain, P. Hendershott, David Ling


Implementing Discounted Cash Flow Valuation Models: What is the Correct Discount Rate?
Journal: Appraisal Journal, The
Published Year: 1992
Authors: David Ling


Real Estate Values, Federal Income Taxation, and the Importance of Local Market Conditions
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1992
Authors: David Ling


Low Income Housing Tax Credits: Does Targeting Limit Their Use to High Income Counties?
Journal: Journal of Housing Economics
Published Year: 1991
Authors: M. Smith, David Ling


Optimal Call Strategies, Transaction Costs, and the Market Value of Corporate Debt
Journal: Financial Review, The
Published Year: 1991
Authors: David Ling


The Federal Tax Subsidy to Housing and the Reduced Value of the Mortgage Interest Deduction
Journal: National Tax Journal
Published Year: 1991
Authors: J. Follain, David Ling


Optimal Mortgage Refinancing with Stochastic Interest Rates
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1989
Authors: A. Chen, David Ling


Valuing Mortgages With Built-in Refinancing Options: A Contingent Claim Analysis
Journal: Housing Financing Review
Published Year: 1989
Authors: M. Giliberto, David Ling


Another Look at Tenure Choice, Inflation, and Taxes
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1988
Authors: J. Follain, David Ling


Homeownership Rates of Married Couples: An Econometric Investigation
Journal: Housing Financing Review
Published Year: 1988
Authors: D. Haurin, P. Hendershott, David Ling


Another Look at Mortgage Revenue Bonds
Journal: Journal of Policy Analysis and Management
Published Year: 1988
Authors: M. Smith, David Ling


Understanding the Real Estate Provisions of Tax Reform: Motivation and Impact
Journal: National Tax Journal
Published Year: 1987
Authors: J. Follain, P. Hendershott, David Ling


Choosing Among Alternative Financing Structures: The Developer's Dilemma
Journal: Real Estate Review
Published Year: 1987
Authors: R. Peiser, David Ling


The Impact of the 1986 Tax Reform Act on Real Estate
Journal: Real Estate Review
Published Year: 1987
Authors: J. Follain, P. Hendershott, David Ling


Retail Leasehold Interests: A Contingent Claim Analysis
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1986
Authors: R. Chiang, T. Lai, David Ling


The Application of At-Risk Rules to Real Estate Investments
Journal: Real Estate Securities Journal
Published Year: 1985
Authors: David Ling


The Likely Impact of the Treasury Tax Reform Plan on Housing
Journal: Quarterly Review of Economics and Finance
Published Year: 1985
Authors: P. Hendershott, David Ling


Changes in Real Estate Cost Recovery Periods, Property Values and Real Rents
Journal: Appraisal Journal, The
Published Year: 1985
Authors: P. Hendershott, David Ling


Valuing Depreciable Real Estate: A New Methodology
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1985
Authors: M. Whinihan, David Ling


The Treasury's Tax Reform Proposal and Housing
Journal: Tax Notes
Published Year: 1985
Authors: P. Hendershott, David Ling


Prospective Changes in Tax Law and the Value of Depreciable Real Estate
Journal: Journal of the American Real Estate and Urban Economics Association
Published Year: 1984
Authors: P. Hendershott, David Ling


Trading and the Tax Shelter Value of Depreciable Real Estate
Journal: National Tax Journal
Published Year: 1984
Authors: P. Hendershott, David Ling

Real Estate Principles: A Value Perspective
Published Year: 2017
Authors: David Ling, Wayne Archer


Real Estate Principles: A Value Perspective
Published Year: 2012
Authors: Wayne Archer, David Ling


Real Estate Principles: A Value Perspective 3rd Edition
Published Year: 2010
Authors: Wayne Archer, David Ling