Portrait Photo

Andy Naranjo

John B. Hall Prof & Chair
Chair, Finance, Insurance and Real Estate Department

University of Florida
Warrington College of Business
Finance, Insurance and Real Estate Department
Stuzin Hall 309C

(352) 392-3781
Email

Education

  • PhD - Financial and International Economics, Claremont Graduate University, 1994
  • MA - Economics, Claremont Graduate University, 1988
  • BS - Economics, University of California at Riverside, 1986

Research Areas

  • Asset Pricing
  • Real Estate Finance
  • International Finance
  • Corporate Finance
  • Financial Economics
  • Capital Market Linkages and Flows
  • Information Flows and Processing

Corporate Borrower Nationality and Global Presence: Cross Country Evidence on the Pricing of Syndicated Bank Loans
Published Year: 2012
Authors: Joel Houston, Jenifer Itzkowitz, Andy Naranjo


Commercial Real Estate Return Performance: A Cross-Country Analysis
Published Year: 2002
Authors: David Ling, Andy Naranjo

Do Real Estate Ownership and Leasing Decisions Affect a Non-Real Estate Firm's Stock Market Risk and Return?'
Published Year: 2006
Authors: D. Ling, M. Ryngaert, Andy Naranjo


The Effects of Purchases of Mortgages and Securitization by Government Sponsored Enterprises on Mortgage Yield Spreads and Volatility
Published Year: 2002
Authors: A. Toevs, Andy Naranjo


Fundamental Determinants of Commercial Real Estate Returns'
Published Year: 1998
Authors: Andy Naranjo

Asset Location, Timing Ability and the Cross-Section of Commercial Real Estate Returns
Journal: Real Estate Economics
Published Year: 2019
Authors: David Ling, Andy Naranjo, Benjamin Scheick


There’s No Place like Home: Local Asset Concentrations and Information Asymmetries
Journal: Unknown
Year: Unknown
Authors: David Ling, Andy Naranjo, Benjamin Scheick


Corporate internationalization, subsidiary locations, and the cost of equity capital
Journal: Journal of International Business Studies
Published Year: 2019
Authors: Atanas Mihov, Andy Naranjo


When do CDS spreads lead? Rating events, private entities, and firm-specific information flows
Journal: Journal of Financial Economics
Published Year: 2018
Authors: Jongsub Lee, Andy Naranjo, Guner Velioglu


Geographic Portfolio Allocations, Property Selection and Performance Attribution in Public and Private Real Estate Markets
Journal: Real Estate Economics
Published Year: 2018
Authors: David Ling, Andy Naranjo, Benjamin Scheick


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


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


When Do CDS Spreads Lead? Rating Events, Private Entities, and Firm-Specific Information Flows
Journal: Journal of Financial Economics
Year: Unknown
Authors: Jongsub Lee, Andy Naranjo, Guner Velioglu


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


Waiting to Be Called: The Impact of Manager Discretion and Dry Powder on Private Equity Real Estate Returns
Journal: The Journal of Portfolio Management
Published Year: 2017
Authors: Thomas Arnold, David Ling, Andy Naranjo


There's No Place Like Home: Local Asset Concentration, Information Asymmetries and Commercial Real Estate Returns
Journal: SSRN Electronic Journal
Published Year: 2017
Authors: David Ling, Andy Naranjo, Benjamin Scheick


Borrowing beyond borders: Foreign assets, lender choice, and loan pricing in the syndicated bank loan market
Journal: Journal of Corporate Finance
Published Year: 2017
Authors: Joel Houston, Jennifer Itzkowitz, Andy Naranjo


Customer-base Concentration and the Transmission of Idiosyncratic Volatility along the Vertical Chain
Journal: Journal of Empirical Finance
Published Year: 2017
Authors: Atanas Mihov, Andy Naranjo


Customer-base concentration and the transmission of idiosyncratic volatility along the vertical chain
Journal: Journal of Empirical Finance
Published Year: 2017
Authors: Atanas Mihov, Andy Naranjo


REIT Leverage and Return Performance: Keep Your Eye on the Target
Journal: Real Estate Economics
Published Year: 2016
Authors: Emanuela Giacomini, David Ling, Andy Naranjo


Borrowing beyond Borders: Foreign Assets, Lender Choice, and Loan Pricing in the Syndicated Bank Loan Market
Journal: Journal of Corporate Finance
Accepted Year: 2016
Authors: Andy Naranjo


Cloud Computing Spot Pricing Dynamics: Latency and Limits to Arbitrage
Journal: Information Systems Research
Accepted Year: 2016
Authors: Hsing Cheng, Zhi Li, Andy Naranjo


Customer-base Concentration and the Transmission of Idiosyncratic Volatility Along the Vertical Chain
Journal: Journal of Empirical Finance
Accepted Year: 2016
Authors: Atanas Mihov, Andy Naranjo


Exodus from Sovereign Risk: Global Asset and Information Networks in the Pricing of Corporate Credit Risk
Journal: Journal of Finance
Accepted Year: 2016
Authors: Andy Naranjo


Credit Availability and Asset Pricing Dynamics 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


Exodus from Sovereign Risk: Global Asset and Information Networks in the Pricing of Corporate Credit Risk
Journal: The Journal of Finance
Published Year: 2016
Authors: Jongsub Lee, Andy Naranjo, STACE SIRMANS


Research Note—Cloud Computing Spot Pricing Dynamics: Latency and Limits to Arbitrage
Journal: Information Systems Research
Published Year: 2016
Authors: Hsing Cheng, Zhi Li, Andy Naranjo


Borrowing beyond Borders: Foreign Assets, Lender Choice, and Loan Pricing in the Syndicated Bank Loan Market
Journal: Journal of Corporate Finance
Authors: Andy Naranjo


CDS Momentum: Slow Moving Credit Ratings and Cross-Market Spillovers
Journal: Journal of Financial and Quantitative Analysis
Authors: Jongsub Lee, Stace Sirmans, Andy Naranjo


Corporate International Diversification and Firm Return Volatility
Journal: Journal of Accounting & Economics
Authors: Atanas Mihov, Andy Naranjo


Credit Availability and Asset Pricing Spirals in Illiquid Markets
Journal: Journal of Money, Credit and Banking
Accepted Year: 2015
Authors: Andy Naranjo


Equity and Credit Market Integration around the Globe
Journal: Unknown
Authors: Andy Naranjo


Going abroad in a Risky World: Cash Flow Diversification, Institutional Frictions, and Corporate Leverage
Journal: Unknown
Authors: Andy Naranjo


MSA Geographic Allocations, Property Selection, and Performance Attribution in Public and Private Real Estate Market Returns
Journal: Real Estate Economics
Accepted Year: 2015
Authors: Andy Naranjo


Online Crowdfunding and Market Integration: Lending Beyond State Borders
Journal: Unknown
Authors: Kenny Cheng, Zhi Li, Andy Naranjo


REIT Leverage and Return Performance: Keep your Eye on the Target
Journal: Real Estate Economics
Authors: David Ling, Emanuela Giacomini, Andy Naranjo


Related Securities and the Cross-section of Stock Return Momentum
Journal: Unknown
Authors: Andy Naranjo


Setting the Stage ahead of the Earnings Spotlight: Media Coverage, Analysts Revisions, and the Post-Earnings Announcement Drift
Journal: Unknown
Authors: Diana Shao, Andy Naranjo


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


Internet Appendix for 'Exodus from Sovereign Risk:Global Asset and Information Networks in the Pricing of Corporate Credit Risk'
Journal: SSRN Electronic Journal
Published Year: 2015
Authors: Jongsub Lee, Andy Naranjo, Stace Sirmans


MSA Geographic Allocations, Property Selection, and Performance Attribution in Public and Private Real Estate Markets
Journal: SSRN Electronic Journal
Published Year: 2015
Authors: David Ling, Andy Naranjo, Benjamin Scheick


Leverage and Returns: A Cross-Country Analysis of Public Real Estate Markets
Journal: The Journal of Real Estate Finance and Economics
Published Year: 2015
Authors: Emanuela Giacomini, David Ling, Andy Naranjo


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


CDS Momentum: Slow Moving Credit Ratings and Cross-Market Spillovers
Journal: SSRN Electronic Journal
Published Year: 2014
Authors: Jongsub Lee, Andy Naranjo, Stace Sirmans


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


Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests
Journal: Journal of Corporate Finance
Published Year: 2014
Authors: Richard Borghesi, Joel Houston, Andy Naranjo


Introduction to the Special Issue
Journal: The Journal of Real Estate Finance and Economics
Published Year: 2013
Authors: Wayne Archer, David Ling, Andy Naranjo


The Exodus from Sovereign Risk: Sovereign Ceiling Violations in Credit Default Swap Markets
Journal: SSRN Electronic Journal
Published Year: 2013
Authors: Jongsub Lee, Andy Naranjo, Stace Sirmans


Government Procurement, Political Connections and Firm Value
Journal: Unknown
Authors: Jongsub Lee, Kwang Lee, Andy Naranjo


Multi-market Trading and Funding Liquidity Risk
Journal: Unknown
Authors: E. Dudley, Andy Naranjo


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
Published Year: 2012
Authors: David Ling, Michael Ryngaert, Andy Naranjo


Information, uncertainty, and behavioral effects: Evidence from abnormal returns around real estate investment trust earnings announcements
Journal: Journal of International Money and Finance
Published Year: 2012
Authors: Frank Gyamfi-yeboah, David Ling, Andy Naranjo


What Motivates Corporate Managers to Make Socially Responsible Investments?
Journal: SSRN Electronic Journal
Published Year: 2012
Authors: Richard Borghesi, Joel Houston, Andy Naranjo


Real Estate Ownership, Leasing Intensity, and Value: Do Stock Returns Reflect a Firm’s Real Estate Holdings?
Journal: The Journal of Real Estate Finance and Economics
Published Year: 2012
Authors: David Ling, Andy Naranjo, Michael Ryngaert


Expected Returns, Volatility, and Credit Market Frictions
Journal: Unknown
Authors: M. Nimalendran, S. Sardarli, Andy Naranjo


Derivative usage and firm value: The influence of agency costs and monitoring problems
Journal: Journal of Corporate Finance
Published Year: 2010
Authors: Larry Fauver, Andy Naranjo


Derivative Usage and Firm Value: The Influence of Agency Costs and Market Imperfections
Journal: Journal of Corporate Finance
Published Year: 2010
Authors: Larry Fauver, Andy Naranjo


Public and Non-Public Information in Credit Ratings
Journal: Unknown
Authors: M. Livingston, M. Nimalendran, L. Zhou, Andy Naranjo


Risk Factor and Industry Effects in the Cross-Country Comovement of Momentum Returns
Journal: Journal of International Money and Finance
Published Year: 2010
Authors: B. Porter, Andy Naranjo


The Determinants and Time-Variation of Price Discovery: S&P 500 SPDRs, Futures, and Options
Journal: Unknown
Authors: T. Barkely, M. Nimalendran, Andy Naranjo


Where's the Liquidity? Information and Trading Costs in Asset Pricing
Journal: Unknown
Authors: T. Barkely, M. Nimalendran, Andy Naranjo


Spillover effects of domestic law enforcement policies
Journal: International Review of Law and Economics
Published Year: 2010
Authors: Alberto Naranjo


Risk factor and industry effects in the cross-country comovement of momentum returns
Journal: Journal of International Money and Finance
Published Year: 2010
Authors: Andy Naranjo, Burt Porter


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


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


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


Commercial Real Estate Valuation: Fundamentals Versus Investor Sentiment
Journal: The Journal of Real Estate Finance and Economics
Published Year: 2009
Authors: Jim Clayton, David Ling, Andy Naranjo


Split Bond Ratings and Rating Migration
Journal: Journal of Banking & Finance
Published Year: 2008
Authors: M. Livingston, L. Zhou, Andy Naranjo


Split bond ratings and rating migration
Journal: Journal of Banking & Finance
Published Year: 2008
Authors: Miles Livingston, Andy Naranjo, Lei Zhou


Commercial Real Estate Valuation: Fundamentals Versus Investor Sentiment
Journal: SSRN Electronic Journal
Published Year: 2008
Authors: Jim Clayton, David Ling, Andy Naranjo


Asset Opaqueness and Split Bond Ratings
Journal: Financial Management
Published Year: 2007
Authors: M. Livingston, L. Zhou, Andy Naranjo


Including Emerging Markets in International Momentum Investment Strategies
Journal: Emerging Markets Review
Published Year: 2007
Authors: B. Porter, Andy Naranjo


Value, Survival, and the Evolution of Firm Organizational Structure
Journal: Financial Management
Published Year: 2007
Authors: R. Borghesi, J. Houston, Andy Naranjo


Asset Opaqueness and Split Bond Ratings
Journal: Financial Management
Published Year: 2007
Authors: Miles Livingston, Andy Naranjo, Lei Zhou


Value, Survival, and the Evolution of Firm Organizational Structure
Journal: Financial Management
Published Year: 2007
Authors: Richard Borghesi, Joel Houston, Andy Naranjo


Including emerging markets in international momentum investment strategies
Journal: Emerging Markets Review
Published Year: 2007
Authors: Andy Naranjo, Burt Porter


Title: Unknown
Journal: Revista de Indias
Published Year: 2007
Authors: Consuelo Naranjo Orovio


Borrowing Beyond Borders: The Geography and Pricing of Syndicated Bank Loans
Journal: SSRN Electronic Journal
Published Year: 2007
Authors: Joel Houston, Jennifer Itzkowitz, Andy Naranjo


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


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


Asset Opaqueness, Split Bond Ratings, and Rating Migration
Journal: SSRN Electronic Journal
Published Year: 2005
Authors: Miles Livingston, Andy Naranjo, Lei Zhou


Cross-Country Evidence on the Value of Corporate Industrial and International Diversification
Journal: Journal of Corporate Finance
Published Year: 2004
Authors: L. Fauver, J. Houston, Andy Naranjo


Cross-country evidence on the value of corporate industrial and international diversification
Journal: Journal of Corporate Finance
Published Year: 2004
Authors: Larry Fauver, Joel Houston, Andy Naranjo


Cross-Country Comovement of Momentum Returns
Journal: SSRN Electronic Journal
Published Year: 2004
Authors: Andy Naranjo, R. Porter


Capital Market Development, International Integration, Legal Systems, and the Value of Corporate Diversification: A Cross Country Analysis
Journal: Journal of Financial and Quantitative Analysis
Published Year: 2003
Authors: L. Fauver, J. Houston, Andy Naranjo


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


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


Capital Market Development, International Integration, Legal Systems, and the Value of Corporate Diversification: A Cross-Country Analysis
Journal: The Journal of Financial and Quantitative Analysis
Published Year: 2003
Authors: Larry Fauver, Joel Houston, Andy Naranjo


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


The Effects of Purchases of Mortgages and Securitization by Government Sponsored Enterprises on Mortgage Yield Spreads and Volatility
Journal: Journal of Real Estate Finance and Economics
Published Year: 2002
Authors: A. Toevs, Andy Naranjo


Capital Market Development, Integration, Legal Systems, and the Value of Corporate Diversification: A Cross-Country Analysis
Journal: SSRN Electronic Journal
Published Year: 2002
Authors: Larry Fauver, Joel Houston, Andy Naranjo


Estimating Returns on Commercial Real Estate: A New Methodology Using Latent Variable Models
Journal: Real Estate Economics
Accepted Year: 2000
Authors: Andy Naranjo


Government Intervention and Adverse Selection Costs in Foreign Exchange Markets
Journal: Review of Financial Studies, The
Published Year: 2000
Authors: Andy Naranjo


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


Time Variation of Ex-dividend Day Stock Returns and Corporate Dividend Capture: A Re- examination
Journal: Journal of Finance
Published Year: 2000
Authors: M. Nimalendran, M. Ryngaert, Andy Naranjo


Time Variation of Ex-Dividend Day Stock Returns and Corporate Dividend Capture: A Reexamination
Journal: The Journal of Finance
Published Year: 2000
Authors: Andy Naranjo, Mahendrarajah Nimalendran, Mike Ryngaert


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


Government Intervention and Adverse Selection Costs in Foreign Exchange Markets
Journal: Review of Financial Studies
Published Year: 2000
Authors: Andy Naranjo, Mahendrarajah Nimalendran


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


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


Stock Returns, Dividend Yields, and Taxes
Journal: The Journal of Finance
Published Year: 1998
Authors: Andy Naranjo, Mahendrarajah Nimalendran, Mike Ryngaert


Stock Returns, Dividend Yields and Taxes
Journal: Journal of Finance
Published Year: 1998
Authors: M. Nimalendran, M. Ryngaert, Andy Naranjo


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


Financial Market Integration Tests: An Investigation Using U.S. Equity Markets
Journal: Journal of International Financial Markets, Institutions & Money
Published Year: 1997
Authors: A. Protopapadakis, Andy Naranjo


Financial market integration tests: an investigation using US equity markets
Journal: Journal of International Financial Markets, Institutions and Money
Published Year: 1997
Authors: Andy Naranjo, Aris Protopapadakis