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
PO Box 117168
Gainesville, FL 32611

(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


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


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 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


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


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


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


Corporate Socially Responsible Investments: CEO Altruism, Reputation, and Shareholder Interests
Journal: Journal of Corporate Finance
Published Year: 2014
Authors: Joel Houston, Rick Borghesi, Andy Naranjo


Leverage and Returns: A Cross-Country Analysis of Public Real Estate Markets
Journal: Journal of Real Estate Finance and Economics
Published Year: 2014
Authors: Andy Naranjo


Returns and Information Transmission Dynamics in Public and Private Real Estate Markets
Journal: Real Estate Economics
Published Year: 2014
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


Investor Sentiment, Limits to Arbitrage, and Private Market Returns
Journal: Real Estate Economics
Published Year: 2013
Authors: David Ling, Ben Scheick, 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


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


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


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


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


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