Published Papers

“Geographic Allocations, Property Selection, and Performance Attribution in Public and Private Real Estate Markets” (with Andy Naranjo and Benjamin Scheick), forthcoming, Real Estate Economics.

“Credit Availability and Asset Pricing in Illiquid Markets: Evidence from Commercial Real Estate Markets” (with Andy Naranjo, and Benjamin Scheick), forthcoming, Journal of Money, Credit, and Banking.

“Toward an Understanding of Fannie Mae’s Penetration of the Multifamily Housing Finance Market” (with Wayne Archer), September 23, 2013.

“Explaining House Price Dynamics: Isolating the Role of Non-Fundamentals” (David Ling with Joseph T. L. Ooi and Thao T. T. Le), Journal of Money, Credit, and Banking, forthcoming.

“Leverage, Volatility, and Returns: A Cross-Country Analysis of Public Real Estate Markets (Emanuela Giacomini and Andy Naranjo and David Ling), forthcoming, Journal of Real Estate Finance and Economics. (Partially funded by a grant from the European Public Real Estate Association.)

“Returns and Information Transmission Dynamics in Public and Private Real Estate Markets” (David Ling with Andy Naranjo), Real Estate Economics, forthcoming 2014. (Partially funded by a research grant from the National Association of Real Estate Investment Trusts).

“Investor Sentiment, Limits to Arbitrage, and Private Market Returns” (Andy Naranjo, David Ling, and Benjamin Scheick), Real Estate Economics, forthcoming. (Partially funded by a competitive research grant from the Real Estate Research Institute).

“Shareholder Composition, Share Turnover, and Returns in Volatile Markets: The Case of International REITs” (David Ling, Dirk Brounen and Nils Kok), Journal of International Money and Finance, Vol. 31, No. 7 (2012).

“Short Sales and Fundamental Value: Explaining REIT Premiums to NAV” (David Ling, Dirk Brounen and Melissa Porras Prado), Real Estate Economics, Vol. 41, No. 3 (2013).

“Information, Uncertainty, and Behavioral Effects: Evidence from US REIT Earnings Announcements” (David Ling with Frank Gyamfi-Yeboah and Andy Naranjo), Journal of International Money and Finance Vol. 31, No. 7 (2012).

“Real Estate Ownership, Leasing Intensity and Value: Do Stock Returns Reflect a Firm’s Real Estate Holdings” (David Ling with Andy Naranjo and Michael Ryngaert), Journal of Real Estate Finance and Economics, Vol. 44, No. 2 (2012).

“Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions” (David Ling with Melina Petrova), Journal of Real Estate Finance and Economics, Vol. 43, No. 1 (2011).

“Ownership Duration in the Residential Housing Market: The Influence of Tenure, Cycles and Neighborhood Factors (Brent Smith, David Ling and Wayne Archer), Journal of Real Estate Finance and Economics, Vol. 40, No. 1 (2010).

“The Dynamics of Asset Prices and Transaction Activity in Illiquid Markets: The Case of Private Commercial Real Estate” (David Ling with Gianluca Marcato and Pat McAllister), Journal of Real Estate Finance and Economics, Vol. 39, No. 3 (2009).

“Liquidity of Property Shares: An International Comparison,” (David Ling with Dirk Brounen and Piet Eichholtz), Real Estate Economics, Vol. 37, No. 2 (2009).

“Commercial Real Estate Valuation: Fundamentals versus Investor Sentiment (Jim Clayton, Andy Naranjo, and David Ling), Journal of Real Estate Finance and Economics, Vol. 38, No. 1, pgs.5-37 (2009).

“Institutional Capital Flows and Return Dynamics in Private Commercial Real Estate Markets” (with Jeff Fisher, Andy Naranjo, and David Ling), Real Estate Economics, Vol. 37, No. 1, pgs. 85-116 (2009).

“Avoiding Taxes at Any Cost: The Economics of Tax-Deferred Real Estate Exchanges” (David Ling with Milena Petrova), Journal of Real Estate Finance and Economics, Vol. 36, No. 4 (2007).

“The Variation of Homeowner Tax Preferences by Income, Age, and Leverage” (David Ling and Gary McGill), Real Estate Economics, forthcoming 2007.

“Indices for Investment Benchmarking and Return Performance Analysis in Private Real Estate” (David Geltner and David Ling), International Real Estate Review, Vol. 10, No. 1, pgs. 113-138 (2007).

“Trading Intensity and Real Estate Performance” (Dirk Brounen, Piet Eichholtz, and David Ling), Journal of Real Estate Finance and Economics, forthcoming 2007.

“Considerations in the Design and Construction of Investment Real Estate Research Indices” (David Geltner and David Ling), Journal of Real Estate Research, Vol. 28, No. 2, pgs. 411-444 (2006).

“Theory and Evidence on the Resolution of Financial Distress” (David Brown, Brian Ciochetti and Tim Riddiough), Review of Financial Studies, 2006, 19: 1357-1398.

“Do Real Estate Ownership and Leasing Decisions Affect a Retail Firm’s Stock Market Risk and Return?” (David C. Ling, Michael Ryngaert and Andy Naranjo), Journal of Shopping Center Research, forthcoming 2006.

“Dedicated REIT Mutual Fund Flows and REIT Performance” (David Ling and Andy Naranjo), Journal of Real Estate Finance and Economics, Vol. 32, No. 4 (2006).

“A Random Walk Down Main Street: Can Experts Predict Returns on Commercial Real Estate?” (David C. Ling), Journal of Real Estate Research, Vol. 27, No. 2 (2005). Abstracted in the CFA Digest, November 2005.

“Modeling Spatial Variations in the Selling Price of Housing: A Variable Interaction Approach” (T. Fik, David C. Ling and G. Mulligan), Real Estate Economics, Vol.31, No. 4, 2003.

“Unsecured Debt Financing by Real Estate Investment Trusts” (David Brown and Tim Riddiough), Real Estate Economics, forthcoming 2003.

“Explaining Location Patterns of Suburban Offices” (Wayne Archer and Marc T. Smith), Real Estate Economics, 31:2, 139-164, 2003.

“Household Income, Termination Risk and Mortgage Pricing” (Wayne Archer, David Ling, and Gary McGill), Journal of Real Estate Finance and Economics, Vol. 27, No. 1 (2003).

“The Dynamics of REIT Capital Flows and Returns” (David Ling and Andy Naranjo), Real Estate Economics, Vol. 31, No. 1 (2003).

“Determinants of Multifamily Mortgage Default Rates: Evidence From FDIC Mortgage Pools” (Wayne Archer, P. Elmer, David Ling and D. Harrison), Real Estate Economics, Vol. 30, No. 3 (2002).

“Call Options and Liquidations in Commercial Real Estate Debt Financing” (David Brown), Real Estate Economics, Vol. 30 (2002).

“Mitigating Information Externalities in Mortgage Markets: The Role of Government Sponsored Enterprises” (D. Harrison, Wayne R. Archer, David Ling, and Marc T. Smith), Cityscape: A Journal of Policy Development and Research, Vol. 6, No 1 (2002).

“Prepayment Risk and Lower Income Mortgage Borrowers,” (Wayne Archer, David Ling, and Gary McGill), in Low-Income Homeownership: Examining the Unexamined Goal, Nicolas P. Retsinas and Eric S. Belsky, eds., Washington, D.C.: Brookings Institution Press, Co-published with the Joint Center for Housing Studies, Harvard University. 2002.

“Commercial Real Estate Return Performance: A Cross-Country Analysis” (David Ling and A. Naranjo), Journal of Real Estate Finance and Economics, Vol. 24, No. 1 (2002).

“Ideal Research and Benchmark Indexes in Private Real estate: Some Conclusions From the RERI/PREA Technical Report” (David Geltner and David Ling), Real Estate Finance, Vol. 17, No. 4 (Winter 2001).

“Benchmarks and Index Needs in the US Private Real Estate Industry: Trying to Close the Gap” (D. Geltner and David Ling), PREA (A quarterly publication of the Pension Real Estate Association), Winter 2001.

“Estimating Returns on Commercial Real Estate: A New Methodology Using Latent Variable Models” (David Ling, Andy Naranjo and M. Nimalendran), Real Estate Economics, Vol. 28, No. 2 (Summer 2000)

“The Predictability of Equity REIT Returns: Time Variation and Economic Significance” (David Ling, Andy Naranjo and Michael Ryngaert), Journal of Real Estate Finance and Economics, Vol. 20, No. 2, March 2000.

“Liquidity and Liquidation: Evidence from Real Estate Investment Trusts” (David Brown), Journal of Finance, 2000, 55: 469-486.

“The Determinants of Expected Returns on Mortgage-Backed Securities: An Empirical Examination of Option Adjusted Spreads” (David Brown), Journal of Fixed Income, 1999, 9: 8-18.

“The Integration of Commercial Real Estate Markets and Stock Markets” (David Ling and Andy Naranjo), Real Estate Economics,Vol. 27, No.3, (Fall) 1999.

“The Effects of Property, Owner, Location and Tenant Characteristics on Multifamily Profitability” (A. Bogdon and David Ling), Journal of Housing Research, Vol. 9, No. 2, 1998.

“The Fundamental Determinants of Commercial Real Estate Returns” (David Ling and A. Naranjo), Real Estate Finance, Winter 1998.

“Evidence on the Demand for Mortgage Debt by Owner-Occupants” (David Ling and G. McGill), Journal of Urban Economics, Vol. 44, No. 3, November 1998.

“Information Externalities and Home Mortgage Underwriting” (David Ling and S. Wachter), Journal of Urban Economics, Vol. 44, No. 3, November 1998.

“Cross-Tenure Differences in Home Maintenance and Appreciations” (D. Gatzlaff, R. Green, and David Ling), Land Economics, Vol. 43, No. 3, August 1998.

“Demographic Versus Option-Driven Mortgage Terminations” (Wayne. Archer, David Ling, and G. McGill), Journal of Housing Economics, Vol. 6, No. 2, June 1997.

“The Three Dimensions of Real Estate Markets: Linking Space, Capital, and Property Markets” (Wayne Archer and David Ling) Real Estate Finance, Fall 1997.

“Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs” (David Ling and M. Ryngaert), Journal of Financial Economics, Vol. 43, No. 3, 1997.

“Economic Risk Factors and Commercial Real Estate Returns” (David Ling and A. Naranjo), Journal of Real Estate Finance and Economics, Vol. 14, No. 3, May 1997.

“Measuring the Importance of Location in Residential House Price Appreciation” (W. Archer, D. Gatzlaff, and David Ling), Journal of Urban Economics, Vol. 40, No. 3, November 1996.

“Retail Site Selection Using GIS: An Introduction to Methods, Models, and Data Sources,” (David Ling and G. Smersh), Megatrends in Retail Property, ed. by J. Benjamin, 1996.

“The Effects of Alternative Interest Rate Processes on the Valuation of Mortgage Securities” (Wayne Archer and David Ling), Journal of Housing Research, Vol. 6, No. 2, 1995.

“The Effect of Income and Collateral Constraints on Residential Mortgage Terminations,” (Wayne Archer, David Ling, and G. McGill), Regional Science and Urban Economics, Vol. 26, 1996.

“Measuring Changes in Local House Prices: An Empirical Investigation of Alternative Methodologies” (D. Gatzlaff and David Ling), Journal of Urban Economics, Vol. 35, 1994.

“Office Buildings and the Role of Downtown in the Polycentric City” (Wayne Archer and Marc T. Smith),” Real Estate Issues, Vol. 19, No. 1, 1-6, 1994.

“The Price of Owner-Occupied Housing Services: 1973-1989” (David Ling), Real Estate Research Issues, ed. By J. DeLisle and J. Sa-Aadu, Kluwer Academic Publishers, Vol. 1, 1994.

“The Valuation of Income Properties in Overbuilt Markets” (David Ling), Appraisal Journal, June 1993.

“Pricing Mortgage-Backed Securities: Integrating Optimal Call and Empirical Models of Prepayment” (Wayne and David Ling), Journal of the American Real Estate and Urban Economics Association, Winter 1993.

“The Preferential Income Tax Treatment of Owner-Occupied Housing: Who Really Benefits?” (J. Follain, David Ling, and G. McGill), Housing Policy Debate, Volume 4, 1993.

“Mortgage-Backed Futures and Options” (David Ling), Journal of the American Real Estate and Urban Economics Association, Spring 1993.

“Probabilistic Valuation Models and Income Tax Asymmetries With an Application to the Analysis of Passive Loss Restrictions” (David Ling), Journal of Real Estate Research, Spring 1993.

“Why Do Suburban Offices Cluster?” (Wayne Archer and Marc T. Smith), Geographical Analysis, Vol. 25, No. 1, 53-64, 1993.

“An Empirical Investigation of the Contingent Claims Approach to Pricing Residential Mortgage Debt” (M. Giliberto and David Ling), Journal of the American Real Estate and Urban Economics Association, Fall 1992.

“Linkages Among Capitalization Rates, Discount Rates and Real Estate Cycles” (David Ling and H. Smith), Real Estate Issues, Fall/Winter 1992.

“Implementing Discounted Cash Flow Valuation Models: What is the Correct Discount Rate?” (David Ling), Appraisal Journal, April 1992.

“Filtering in Office Markets: Evidence From Medium-Sized Cities” (Wayne and Marc T. Smith), Journal of Real Estate Research, Vol. 7, No. 2, 125-138, 1992.

“Real Estate Markets since 1980: What Role Have Tax Changes Played?” (J. Follain, P. Hendershott, and David Ling), National Tax Journal, September 1992.

“Real Estate Values, Federal Income Taxation, and the Importance of Local Market Conditions” (David Ling), Journal of American Real Estate and Urban Economics Association Journal, Spring 1992.

“Low Income Housing Tax Credits: Does Targeting Limit Their Use to High Income Counties?” (David Ling and M. Smith), Journal of Housing Economics, 1991.

“Zero Coupon Syndicates and the Timing of Cash Distributions to Partnership Investors” (Wayne Archer, J. Sa-Aadu and James D. Shilling), Journal of Property Finance, pages 365-377, Winter 1990-1991.

“Measuring the Size and Distributional Effects of Home Owner Tax Preferences,” (David Ling and G. McGill), Journal of Housing Research, Volume 3, 1992.

“The Federal Tax Subsidy to Housing and the Reduced Value of the Mortgage Interest Deduction,” (J. Follain and David Ling), National Tax Journal, June 1991.

“Optimal Call Strategies, Transaction Costs, and the Market Value of Corporate Debt” (David Ling), Financial Review, November 1991.

“The Role of Visual Presence in Urban Office Location and Office Market Behavior,” (Wayne Archer, D. Gatzlaff and Marc T. Smith), Research in Real Estate, Vol. 3, pages 13-25, JAI Press, 1990.

“Valuing Mortgages With Built-in Refinancing Options: A Contingent Claim Analysis,” (M. Giliberto and David Ling), Housing Financing Review, Fall 1989.

“Optimal Mortgage Refinancing with Stochastic Interest Rates,” (A. Chen and David Ling), Journal of the American Real Estate and Urban Economics Association, Fall 1989.

“Discounted Cash Flow Analysis and Unpredictable Cash Flows,” (Wayne Archer and J. Douglas Timmons), Real Estate Review, Vol. 18, No. 3, 26-31, 1988.

“Market Analysis Precedes the Income Property Loan” (Wayne Archer), Outlook of Federal Home Loan Bank System, Vol. 4, No. 2, 21-22, 1988.

“Another Look at Tenure Choice, Inflation, and Taxes,” (J. Follain and David Ling), Journal of the American Real Estate and Urban Economics Association, Fall 1988.

“Homeownership Rates of Married Couples: An Econometric Investigation,” (D. Haurin, P. Hendershott, and David Ling), Housing Finance Review, June 1988.

“Another Look at Mortgage Revenue Bonds,” (Davd Ling and M. Smith), Journal of Policy Analysis and Management, Spring 1988.

“Understanding the Real Estate Provisions of Tax Reform: Motivation and Impact,” (J. Follain, P. Hendershott, and David Ling), National Tax Journal, September, 1987. (Reprinted in the Monthly Digest of Tax Articles, August 1988.)

“Choosing Among Alternative Financing Structures: The Developer’s Dilemma,” (David Ling and R. Peiser), Real Estate Review, Summer 1987.

“The Impact of the 1986 Tax Reform Act on Real Estate,” (J. Follain, P. Hendershott, and David Ling), Real Estate Review, Spring, 1987.

“Effects on Real Estate,” (J. Follain, P. Hendershott, and David Ling), in Evaluating Tax Reform, J. Pechman (ed.), Brookings Institution, 1987.

“Likely Impacts of the Administration’s Tax Proposals and H.R. 3838,” (P. Hendershott and David Ling), in Tax Reform and Real Estate, J. Follain (ed.), The Urban Institute, 1986.

“Retail Leasehold Interests: A Contingent Claim Analysis,” (R. Chiang, T. Lai, and David Ling), Journal of the American Real Estate and Urban Economics Association, Summer 1986.

“Tax Reform and Housing,” (P. Hendershott and David Ling), National Tax Journal, Proceedings, Issues in the Tax Treatment of Housing of the 77th Annual Conference of the National Tax Association – Tax Institute of America, 1985.

“Valuing Depreciable Real Estate: A New Methodology,” (David Ling and M. Whinihan), Journal of the American Real Estate and Urban Economics Association, Summer 1985.

“Prospective Changes in Tax Law and the Value of Depreciable Real Estate,” (P. Hendershott and David Ling), Journal of the American Real Estate and Urban Economics Association, Fall 1984.

“The Application of At-Risk Rules to Real Estate Investments” (David Ling), Real Estate Securities Journal, December 1985.

“Changes in Real Estate Cost Recovery Periods, Property Values and Real Rents,”(P. Hendershott and David Ling), Appraisal Journal, October 1985.

“The Treasury’s Tax Reform Proposal and Housing,” (P. Hendershott and David Ling), Tax Notes, March 11, 1985.

“The Likely Impact of the Treasury Tax Reform Plan on Housing,” (P. Hendershott and David Ling), Quarterly Review (published by the Federal Home Loan Bank of Cincinnati), Vol. 1, 1985.

“Trading and the Tax Shelter Value of Depreciable Real Estate,” (P. Hendershott and David Ling), National Tax Journal, June 1984.