Tibor and Sheila Hollo School of Real Estate

Faculty Research

This area is devoted to summarizing the published and forthcoming research of our Real Estate faculty.  Enclosed, you will find links to individual summaries (Abstracts) of our faculty’s research with references to the journals in which the full manuscripts can be located.  Topics of research include, but are not limited to, analysis of Real Estate Investment Trusts (R.E.I.T), pricings effects for both residential and commercial property, duration and probability of transaction analysis, and brokerage literature.  The summaries are arranged chronologically.

Beracha, E. and K. H. Johnson, Lessons from Over 30 Years of Buy versus Rent Decisions: Is the American Dream Always Wise?, Real Estate Economics, Forthcoming.

Hardin III, W. G., M. D. Hill, and G. Wayne Kelly, The Value of REIT Liquidity, Journal of Real Estate Finance and Economics, forthcoming.

Goodwin, K. W., L. V. Zumpano, K. H. Johnson, Minimum Service Requirements, Limited Service Brokers and Menuing of Services, Journal of Real Estate Finance and Economics, Forthcoming.

An, H., W. G. Hardin III, and Z. Wu. Information Asymmetry and Corporate Liquidity Management: Evidence from Real Estate Investment Trusts, Journal of Real Estate Finance and Economics, forthcoming.

J. D. Benefield, C. L. Cain, and K. H. Johnson, Pictorial Representation in a Multiple Listing Service and Its Impact on Property Price and Marketing Time. Journal of Real Estate Finance and Economics, Forthcoming.

Hardin III, W. G., and M. D. Hill, REIT Capital Structure and Bank Debt, Journal of Real Estate Research, forthcoming.

Hardin III, W. G., X. Jiang and Z. Wu, REIT Stock Prices and Inflation: Inflation Hedge or Inflation Illusion?, Journal of Real Estate Finance and Economics, forthcoming.

Brastow, R., K.H. Johnson, and B.D. Waller, On the Likelihood of a Transaction and the Amount of Time Provided the Broker to Sell Property, Journal of Housing Research, Forthcoming.

Wiley, J.A., J.D. Benefield, and K.H. Johnson, Green Design and the Market for Commercial Office Space, Journal of Real Estate Finance and Economics, 2010, 41:2, 228 – 243.

R. Brastow, Waller, B. D., and K. H. Johnson, Listing Contract Length and Listing Duration, Journal of Real Estate Research, 2010, 32:3, 271 -288.

Chang, C.H., D. Dandapani, and K.H. Johnson, Flood Zone Uncertainty and the Likelihood of Marketing Success, Journal of Housing Research, 2010, 19:2, 171 – 184.

Salter, S.P., K.H. Johnson, and E.W. King, Listing Specialization and Pricing Precision, Journal of Real Estate Finance and Economics, 2010, 40:3, 245 – 259.

Hardin III, W. G. and Z. Wu. Banking Relationships and REIT Financing Policies, Real Estate Economics, 2010, 38:2, 257-284.

Hardin III, W. G., and Z. Wu, Bank Mergers, REIT Loan Pricing, and Takeover Likelihood, Journal of Real Estate Finance and Economics, 2010, 38:3, 275-301.

Chan, K. C., W. G. Hardin III and Liano, Author Order Conditions and Co-Authorship in Real Estate Journals, Journal of Real Estate Literature, 2010, 18:1, 41-51.

Hardin, W.G, K.H. Johnson, and Z. Wu, Brokerage Intermediation in the Commercial Property Market, Journal of Real Estate Research, 2009, 31:4, 397 – 420.

Johnson, K. H. and T. M. Springer, Editors’ Summary of NAR Special Issue Manuscripts, Journal of Housing Research, 2009, 18:2, 95 – 98.

Zumpano, L.V., K.H. Johnson, and R.I. Anderson, Determinants of Real Estate Agent Compensation Choice. Journal of Housing Research, 2009, 18:2, 195 – 207.

Johnson, K.H., J.D. Benefield, and J.A. Wiley, Architectural Review Boards and Their Impact on Property Price and Time on Market. Journal of Housing Research, 2009, 18:1, 1 – 18.

Hardin III, W. G., M. J. Highfield, M. D. Hill and G. W. Kelly, The Determinants of REIT Cash Holdings, Journal of Real Estate Finance and Economics, 2009, 39:1, 39-57.

Hardin III, W. G., Matt D. Hill and J. Hopper, The Impact of Ownership on Property Level Performance: the Case of REITS, Journal of Real Estate Research, 2009, 31:3, 285-306.

Yu, H.C., K.H. Johnson, and Hsieh, D.T., Public Debt, Bank Debt, and Non-Bank Private Debt in Emerging and Developed Financial Markets, Banks and Bank Systems, 2008, 3:4, 4 -- 11.

Riddiough, Timothy, Financial Constraints, Liquidity Management, and Investments, Real Estate Economics, 2009, 37:3, 447-481.

Johnson, K.H., L.V. Zumpano, and R.I. Anderson, Intra-firm Real Estate Brokerage Compensation Choices and Agent Performance, Journal of Real Estate Research, 2008, 30:4, 423 - 440.

Hardin III, W. G., K. Liano and K. C. Chan, Finance Editorial Board Membership and Research Productivity, Review of Quantitative Finance and Accounting, 2008, 33:3, 225-240.

Hardin III, W. G., and Z. Wu, Clientele Effects, REITs, and Acquisition Pemiums, Journal of Real Estate Portfolio Management, 2008, 14:4, 375-384.

Benjamin, John D., P. Chinloy, W.G. Hardin III and Z. Wu, Clientele Effects and Condo Conversions, Real Estate Economics, 2008, 36:3, 611-634.

Hardin III, W. G., and M. D. Hill, REIT Dividend Determinants: Excess Dividends and Capital Markets, Real Estate Economics, 2008, 36:2, 349-369.

Chan, K. C., W. G. Hardin III, K. Liano, and Z. Yu, The Internationalization of Real Estate Research, Journal of Real Estate Research, 2008, 30:1, 91-125.

Hardin III, W. G., Hill, M., Liano, K. and C. E. Beauchamp, The Finance and Real Estate Publications of Real Estate Editorial Board Members, Journal of Real Estate Literature, 2008, 16:1, 23-31.
Johnson, K.H., and J.A. Wiley, 1031 Exchanges and the Sale of Commercial Office Properties, Journal of Real Estate Portfolio Management, 2007, 14:3, 379 – 388.

Johnson, K.H., J.A. Wiley, and Z. Wu, On the Relationship between Commercial Property Price and Its Selling Time, Journal of Real Estate Portfolio Management, 2007, 13:4, 379-388.

Johnson, K.H., J.D. Benefield, and J.A. Wiley, The Probability of Sale for Residential Real Estate, Journal of Housing Research, 2007, 16:2, 131-142.

Salter, S.P., K.H. Johnson, and J.R. Webb, Theory of the Real Estate Brokerage Firm: A Portfolio Approach, Journal of Real Estate Portfolio Management, 2007, 13:2, 129-137.

Salter, S.P., K.H. Johnson, and W.P. Spurlin, Off-Dollar Pricing, Residential Property Price and Marketing Time, Journal of Housing Research, 2007, 16:1, 33-46.

Johnson K.H., L.V. Zumpano and R.I. Anderson, Listing Specialization and Residential Real Estate Licensee Income, Journal of Real Estate Research, 2007, 29:1, 75-89.

Benjamin, John D., P. Chinloy and W.G. Hardin III, Institutional-Grade Properties: Performance and Ownership, Journal of Real Estate Research, 2007, 29:3, 219-240.

Hardin III, W. G., K. Liano and K. Chan, A Citation Proportions Evaluation of Real Estate Research, Journal of Real Estate Literature, 2007, 15:3, 383-396.

Hardin III, W. G., K. Liano, G. Huang and G. L. Nagel, REITs, Decimalization, and Ex-Dividend Stock Prices, Journal of Real Estate Finance and Economics, 2007, 34:4, 499-511.

Weeks, H. S., J. H. Finch and W. G. Hardin III, Endowed Real Estate Positions and the Faculty Who Hold Them, Journal of Real Estate Practice and Education, 2007, 10:1, 61-79.

Benjamin, John D., P. Chinloy and W.G. Hardin III, Local Presence, Scale and Vertical Integration: Brands and Signals, Journal of Real Estate Finance and Economics, 2006, 33:4, 389-402.

Hardin III, W. G., and Jon Carr, Retail Property Segmentation: Neighborhood and Community Centers, Journal of Real Estate Research, 2006 28:2, 167-192.

Hardin III, W. G., Beauchamp, C. E., Liano, K. and M. Hill, Research and Real Estate Editorial Board Membership, Journal of Real Estate Practice and Education, 2006, 9:1, 1-18.

Hardin III, W. G., K. Liano and K. Chan, Influential Journals, Institutions and Researchers in Real Estate, Real Estate Economics, 2006, 34:3, 457-478.

Johnson, K.H., T.M. Springer and C.M. Brockman, Not for Sale Properties: Price Effects of
Non-Traditionally Broker-Marketed Properties, Journal of Real Estate Finance and Economics, 2005, 31:3, 331-343.

Hardin III, W. G., K. Liano and G. Huang, Real Estate Investment Trusts and Calendar Anomalies Revisited, International Real Estate Review, 2005, 8:1, 83-94.

Hardin III, W. G., and Jon Carr, Retail Property Segmentation: Neighborhood and Community Centers, Journal of Shopping Center Research, 2005, 12:1, 77-101. Invited republication.

Hardin III, W. G., and P. Cheng, Farmland Investment: A Mean-Semivariance Approach, Journal of Real Estate Portfolio Management, 2005, 11:2, 187-196.

Hardin III, W. G., K. Liano and G. Huang, REIT Stock Splits and Market Efficiency, Journal of Real Estate Finance and Economics, 2005, 30:3, 297-315.

S.P. Salter, K.H. Johnson and R.I. Anderson, What is A Warranty Worth? Homeowner Warranties’ Impact on Property Salability, Appraisal Journal, 2004, 72:4, 355-362.

Johnson, K.H., R.I. Anderson, and J.D. Benefield, Salesperson Bonuses and Their Impact on Residential Property Price and Duration, Journal of Real Estate Practice and Education, 2004, 7:1, 1-14.

Zhao, Xiaofeng, K. Liano and W. G. Hardin III, Presidential Election Cycles and the Turn-of-the-Month Effect, Social Science Quarterly, 2004, 85:4, 958-973.

Zumpano, L.V., S. Hartley, and K.H. Johnson, The Problem of Indoor Mold for Portfolio and Property Managers, Journal of Real Estate Portfolio Management, 2003, 9:2, 187-191.

Zumpano, L.V., K.H. Johnson, and R.I. Anderson, Internet Use and Real Estate Brokerage Market Intermediation, Journal of Housing Economics, 2003, 12, 134-150.

Zumpano, L.V. and K.H. Johnson, Real Estate Broker Liability and Property Condition Disclosure, Real Estate Law Journal, 2003, 31:4, 285-302.

Hardin III, W. G., and P. Cheng, Security, Gated Communities, and Apartment Rents, Journal of Real Estate Research, 2003, 25:2, 145-158.

Gordon, B.L., S. P. Salter, and Johnson, K. H., Difficult to Show Properties and Utility Maximizing Brokers, Journal of Real Estate Research, 2002, 23:1/2, 111-127.

Hardin III, W. G., K. Liano and G. Huang, The Ex-Dividend Day Pricing of REITs, Real Estate Economics, 2002, 30:4, 533-549.

Hardin III, W., M. L. Wolverton and J. Carr, The Determinants of Community Center Rents, Journal of Shopping Center Research, 2002, 9:1, 48-69. Invited republication.

Hardin III, W., M. L. Wolverton and J. Carr, The Determinants of Community Center Rents, Journal of Real Estate Research, 2002, 23:1/2, 163-178.

Hardin III, W. G., and P. Cheng, Farmland Investment under Conditions of Certainty and Uncertainty, Journal of Real Estate Finance and Economics, 2002, 25:1, 81-98.

Johnson, K. H., S. P. Salter, L. V. Zumpano, and R. I. Anderson, Exterior Insulation and Finish Systems: The Effect on Residential Housing Prices and Marketing Time, Journal of Real Estate Research, 2001, 22:3, 289-311.

Hardin III, W. G., and M. L. Wolverton, Neighborhood Center Image and Rents, Journal of Real Estate Finance and Economics, 2001, 23:1, 31-46.

Johnson, K. H., R. I. Anderson, and J. R. Webb, The Capitalization of Seller Paid Concessions, Journal of Real Estate Research, 2000, 19:3, 287-300.

Hardin III, W. G., Practical Experience, Expectations, Hiring, Promotion and Tenure: A Real Estate Perspective, Journal of Real Estate Practice and Education, 2000, 3:1, 17-34.

Hardin III, W. and M. L. Wolverton, Micro-Market Determinants of Neighborhood Center Rental Rates, Journal of Real Estate Research, 2000, 20:3, 299-322.

Hardin III, W. G., and M. L. Wolverton, Equity REIT Property Acquisitions: Do Apartment REITs Pay a Premium?, Journal of Real Estate Research, 1999, 17:1/2, 113-126.

Wolverton, M. L., W. G. Hardin III and P. Cheng, Disaggrgation of Local Apartment Market by Unit Type, Journal of Real Estate Finance and Economics, 1999, 19:3, 113-126.

Hardin III, W. G., Behavioral Research into Heuristics and Bias as an Academic Pursuit: Lessons from other Disciplines and Implications for Real Estate, Journal of Property Investment and Finance, 1999, 17:4, 333-352.

Hardin III, W. G., Executive Compensation in EREITs: EREIT Size Is But One Determinant, Journal of Real Estate Research, 1998, 16:3, 153-160.

Wolverton, M. L., P. Cheng and W. G. Hardin III, Real Estate Risk Reduction Through Intra-city Diversification, Journal of Real Estate Portfolio Management, 1998, 4:1, 35-42.

Hardin III, W. G., and S. A. Aycock, Organized Home, Disorganized Deal: Challenges, Risks and Returns in Non-Credit Retail Development, Journal of Real Estate Practice and Education, 1998, 1:1, 81-91.

Hardin III, W. G., Heuristic Use, Credit Constraints, and the Real Estate Lending Process, Journal of Property Valuation and Investment, 1997, 15:3, 245-255.

Hardin III, W. G., and M. L. Wolverton. "The Relationship Between Foreclosure Status and Apartment Prices," Journal of Real Estate Research, 1996, 12:1, 101-109.

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