Faculty Publications

Kiefer, H., Mayock, T. "Why Do Models That Predict Failure Fail?". J Real Estate Finan Econ (2025). https://doi.org/10.1007/s11146-025-10021-y

Kiefer, L., Kiefer, H., & Mayock, T. (2025). Transaction costs, mortgage rate heterogeneity, and the failure to refinance. Real Estate Economics, 1–35. https://doi.org/10.1111/1540-6229.12529

• Read, D.C., Sedgwick, D. Managing the threat of decoupling in the U.S. affordable housing industry. J Hous and the Built Environ (2024)
• Leland, S., & Read, D. C. (2024). Public perceptions of for-profit and nonprofit affordable rental housing providers. Community Development, 1–13.
• Robert, J. G., Zaldivar, M. R., Ajao, H., & Yang, Z. (2024). Enhancing Real Estate Data Analytics Education with Digital Badges. Journal of Real Estate Practice and Education, 26(1). 
• Emily L. Pakhtigian, Sonia Aziz, Kevin J. Boyle, Ali S. Akanda, S.M.A. Hanifi, Early warning systems, mobile technology, and cholera aversion: Evidence from rural Bangladesh, Journal of Environmental Economics and Management, Volume 125, 2024
• Thomy, B., Morrison, M., Duncan, R., Bark, R.H., Boyle, K.J. & Birtles, P.J. (2024) Investigating revealed preferences for urban waterway conditions: A hedonic property valuation study. Australian Journal of Agricultural and Resource Economics, 68, 253–269.
• Weng, Weizhe, Kelly M. Cobourn, Armen R. Kemanian, Kevin J. Boyle, Yuning Shi, Jemma Stachelek, and Charles White. 2024. “ Quantifying Co-Benefits of Water Quality Policies: An Integrated Assessment Model of Land And Nitrogen Management.” American Journal of Agricultural Economics 106(2): 547–572.
• Mayock, Tom and Vosters, Kelly, (2024) Educational Achievement Gains Afforded by Moving to Single-Family Rentals.
• Mayock, Tom and Vosters, Kelly, (2024) Single-Family Rentals as a Pathway for Access to High-Performing Public Schools.
• Cashman, G. D., Harrison, D. M., Sheng, H., & Wall, J. (2024). To Change or Not to Change: The Informativeness of REIT Annual Reports. Journal of Real Estate Research, 1–43
• Xiao, Xue, Climate Transition Risk and Commercial Real Estate (2024).
• Agarwal, Sumit, Brent W. Ambrose, Luis A. Lopez, and Xue Xiao. 2024. "Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-Backed Securities." American Economic Journal: Economic Policy, 16 (3): 95–132

• Cifci, E., Tidwell, A., Clements, J., & Jauregui, A. (2023). Housing Performance and the Electorate. Journal of Real Estate Research.
  
• Dempsey, S. J., & Sheng, H. (2023). Dividend change announcements, ROE, and the cost of equity capital. International Review of Financial Analysis, 86, 102506.
• Mamun, S., Castillo-Castillo, A., Swedberg, K., Zhang, J., Boyle, K. J., Cardoso, D. S., Kling, C. L., Nolte, C., Papenfus, M., Phaneuf, D. J., & Polasky, S. (2023). Valuing water quality in the United States using a national dataset on property values. Proceedings of the National Academy of Sciences of the United States of America, 120(15).
• Nolte, C., Boyle, K. J., Chaudhry, A. M., Clapp, C. M., Guignet, D., Hennighausen, H., Kushner, I., Liao, Y., Mamun, S., Pollack, A., Richardson, J. J., Sundquist, S., Swedberg, K., & Uhl, J. (2023). Data Practices for Studying the Impacts of Environmental Amenities and Hazards with Nationwide Property Data. Land Economics, 102122-0090R.
• Robert, J., & Zahirovic-Herbert, V. (2023). The Influence of TIF Overlay Zoning on Residential Real Estate Prices. Journal of Housing Research, 1–17.
• Swedberg, K., Cardoso, D. S., Castillo-Castillo, A., Mamun, S., Boyle, K. J., Nolte, C., Papenfus, M., & Polasky, S. (2023). Spatial heterogeneity in hedonic price effects for lake water quality. Land Economics, 102122-0086R.
• Weng, W., Yan, L., Boyle, K. J., & Parsons, G. R. (2023). COVID-19 and visitation to Central Park, New York City. PLOS ONE, 18(9), e0290713. 

• Cashman, G. D., Harrison, D. M., & Sheng, H. (2022a). Does Options Trading Activity benefit REITs? Journal of Real Estate Research, 1–35.
• Cashman, G. D., Harrison, D. M., & Sheng, H. (2022b). Short sales, short risk, and return predictability in Asia-Pacific real estate markets. Pacific-basin Finance Journal, 73, 101775.
• Cashman, G. D., Harrison, D. M., & Sheng, H. (2022c). Short selling and options trading: A tale of two markets. Journal of Financial Research, 45(2), 313–338.
• Harrison, D. M., & Sheng, H. (2022). Pandemic proof property companies. The Journal of Real Estate Portfolio Management, 28(2), 109–138.
• Li, X., Boyle, K. J., Preisser, E. L., Holmes, T. P., & Orwig, D. A. (2022). Property value effects of the Hemlock wooly adelgid infestation in New England, U.S.A. Ecological Economics, 194, 107354.
• Mayock, T., & Shi, L. (2022). Adverse selection in the market for mortgage servicing rights. Journal of Housing Economics, 58, 101858.
• Morrison, M. A., Boyle, K. J., Thomy, B., Burton, M., & Xu, W. (2022). Enhancing urban stream values: the case of the Cooks and Georges River catchments. Journal of Water Resources Planning and Management, 148(11).
• Read, D. C., Robert, J., & Galford, G. (2022). Resident service coordinators as an underutilized resource in the design and development of affordable housing. Journal of Community Practice, 30(2), 143–154.
• Robert, J. (2022). Note: A call for research into Low-Income Housing’s growing insurance problem. Journal of Housing, 31(2), 241-246.
• Sheng, H. (2022). Option measures and stock characteristics. Finance Research Letters, 44, 102058.
• Swedberg, K., Boyle, K. J., Stachelek, J., Ward, N. K., Weng, W., & Cobourn, K. M. (2022). Examining implicit price variation for lake water quality. Water Economics and Policy. 

• Luo, S., Tidwell, A., & Clements, S. (2021). Does political uncertainty affect residential development? Journal of Real Estate Finance and Economics, 65(4), 572–592.
• Mayock, T., & Tzioumis, K. (2021). New construction and mortgage default. Journal of Banking and Finance, 133, 106276.
• Robert, J., & Hanton, L. (2021). Collaborating with Industry to Improve Undergraduate Real Estate Education: Recommendations to Enhance Guest Speaking Activities. Journal of Real Estate Practice and Education, 23(1), 10–19.
• Robert, J., & O’Neill, J. W. (2021). Evaluating Hotel Time-To-Delivery (TTD): influencing factors and financial performance. Journal of Real Estate Literature.
• Robert, J., & Zahirovic-Herbert, V. (2021). The influence of privately initiated rezoning on housing prices. International Journal of Housing Markets and Analysis, 15(3), 592–612.
• Robert. J. (2021). General liability insurance & crime scores: Caution advised for the multifamily property industry. Real Estate Issues, 45(5), 1-5.

• Agarwal, S., Bw, A., La, L. F., & Xiao, X. (2020). Pandemic Risk Factors and the Role of Government Intervention: Evidence from COVID-19 and CMBS Mortgage Performance. Social Science Research Network.
• Bishop, K. C., Kuminoff, N. V., Banzhaf, H. S., Boyle, K. J., Von Gravenitz, K., Pope, J. C., Smith, V. K., & Timmins, C. (2020). Best practices for using hedonic property value models to measure willingness to pay for environmental quality. Review of Environmental Economics and Policy, 14(2), 260–281.
• Cashman, G. D., Harrison, D. M., & Sheng, H. (2020). Underpriced REITs: The Long & The Short of It. Journal of Real Estate Literature, 28(1), 112–129.
• Fisher, P. J., & Read, D. C. (2020). Learning about Networking from Women in the Commercial Real Estate Industry. Journal of Real Estate Practice and Education, 22(1), 13–21.
• Read, D. C., & Sanderson, D. (2020). Obstacles to comprehensive real estate asset management. Journal of Financial Management of Property and Construction, 26(1), 49–62.
• Sanderson, D., & Read, D. C. (2020). Recognizing and realizing the value of customer-focused property management. Property Management, 38(5), 749–764.
• Weng, W., Boyle, K. J., Farrell, K. J., Carey, C. C., Cobourn, K. M., Dugan, H. A., Hanson, P. C., Ward, N. K., & Weathers, K. C. (2020). Coupling natural and human models in the context of a lake ecosystem: Lake Mendota, Wisconsin, USA. Ecological Economics, 169, 106556.
• Zillante, A., Read, D. C., & Seiler, M. J. (2020). Assembling land for urban revitalization in the presence of linchpin parcels and information asymmetries: An experimental investigation. Land Use Policy, 99, 104981. 

• Boyle, K. J., Boatwright, J., Brahma, S., & Xu, W. (2019). NIMBY, not, in siting community wind farms. Resource and Energy Economics, 57, 85–100.
• Cashman, G. D., Harrison, D. M., Seiler, M. J., & Sheng, H. (2019). The Relation between Intrafirm Distances and Information Opacity: Evidence from Stock Market Liquidity. Journal of Real Estate Research, 41(4), 639–668.
• Li, X., Holmes, T. P., Boyle, K. J., Crocker, E., & Nelson, C. D. (2019). Hedonic Analysis of Forest Pest Invasion: the Case of Emerald Ash Borer. Forests, 10(9), 820.
• Li, P., & Mayock, T. (2019). Mortgage characteristics and the racial incidence of default. Journal of Housing Economics, 46, 101655.
• Read, D. C. (2019). Does the commercial real estate industry need “more pussy on the block?” Property Management, 37(5), 627–637.
• Read, D. C., & Carswell, A. T. (2019). Is property management viewed as a value-added service? Property Management, 37(2), 262–274.
• Read, D. C., Fisher, P. J., & Juran, L. (2019). How do women maximize the value of mentorship? Insights from mentees, mentors, and industry professionals. Leadership & Organization Development Journal, 41(2), 165–175.
• Read, D. C., Leland, S., & Pope, J. V. (2019). Views from the Field: Economic Development Practitioners’ Perceptions About Public-Private Real Estate Partnerships. Urban Affairs Review, 56(6), 1876–1900.
• Read, D. C., Sanderford, A. R., & Skuzinski, T. (2019). The bounded and pragmatic consultant: Fiscal impact analysts as rational actors. Planning Practice and Research, 34(4), 475–488.
• Read, D. C., Skuzinski, T., & Sanderford, A. R. (2019). Increasing the understanding of fiscal impact analysis to help real estate developers more effectively manage process risk. Journal of Real Estate Literature.
• Zillante, A., Read, D. C., & Seiler, M. J. (2019). Using prospect theory to better understand the impact of uncertainty on real estate negotiations. Journal of Real Estate Research, 41(1), 75–106. 

• Banerjee, O., Boyle, K., Rogers, C., Cumberbatch, J., Kanninen, B., Lemay, M. H., & Schling, M. (2018). Estimating benefits of investing in resilience of coastal infrastructure in small island developing states: An application to Barbados. Marine Policy, 90, 78–87.
• Cashman, G. D., Harrison, D. M., & Sheng, H. (2018). Option trading and REIT returns. Real Estate Economics, 49(1), 332–389.
• Glennon, D., Kiefer, H., & Mayock, T. (2018). Measurement error in residential property valuation: An application of forecast combination. Journal of Housing Economics, 41, 1–29.
• Ihlanfeldt, K. R., & Mayock, T. (2018a). Affordable housing and the socioeconomic integration of elementary schools. Journal of Real Estate Finance and Economics, 58(4), 567–595.
• Ihlanfeldt, K. R., & Mayock, T. (2018b). School segregation and the foreclosure crisis. Regional Science and Urban Economics, 68, 277–290.
• Mayock, T., & Malacrida, R. S. (2018). Socioeconomic and racial disparities in the financial returns to homeownership. Regional Science and Urban Economics, 70, 80–96.
• Read, D. C., & Sanderford, A. R. (2018). Sustaining sustainability in large real estate investment management firms. The Journal of Real Estate Portfolio Management, 24(1), 19–33.
• Ro, S., Gallimore, P., Clements, S., & Fan, G. (2018). Herding Behavior among Residential Developers. Journal of Real Estate Finance and Economics, 59(2), 272–294. 

• Cashman, G. D., Harrison, D. M., Seiler, M. J., & Sheng, H. (2017). The impact of geographic and cultural dispersion on information opacity. Journal of Real Estate Finance and Economics, 59(2), 166–208.
• Clements, S., Tidwell, A., & Jin, C. (2017). Futures markets and real estate public equity: Connectivity of lumber futures and Timber REITs. Journal of Forest Economics, 28, 70–79.
• Hughen, W. K., & Read, D. C. (2017). Analyzing form-based zoning’s potential to stimulate mixed-use development in different economic environments. Land Use Policy, 61, 1–11.
• Read, D. C., Goss, R. C., & Hopkins, E. A. (2017). STRATEGIC BUSINESS DEVELOPMENT AND CLIENT PROSPECTING IN THE THIRD-PARTY APARTMENT MANAGEMENT INDUSTRY. International Journal of Strategic Property Management, 21(4), 346–356.
• Read, D. C., & Leland, S. (2017). Toward understanding another gender gap: how women in economic development perceive access to capital. Journal of Women, Politics & Policy.
• Read, D. C., & Sanderford, D. (2017a). Examining five common criticisms of Mixed-Income housing development found in the real estate, public policy, and urban planning literatures. Journal of Real Estate Literature, 25(1), 31–48.
• Read, D. C., & Sanderford, D. (2017b). Innovation Districts at the Cross road of the Entrepreneurial City and the Sustainable City. Journal of Sustainable Real Estate, 9(1), 131–152.
• Read, D. C., & Sanderford, D. (2017c). Making places and making tradeoffs: mixed-income housing development in practice. Journal of Place Management and Development, 10(5), 461–478.
• Sanderford, A. R., Read, D. C., Xu, W., & Boyle, K. J. (2017). Obtaining differentiation premiums in the presence of fee regulation in the residential real estate appraisal industry. Housing Policy Debate, 27(5), 698–711. 

• Hopkins, E. A., Read, D. C., & Goss, R. C. (2016). Promoting sustainability in the United States multifamily property management industry. Journal of Housing and the Built Environment, 32(2), 361–376.
• Read, D. C., Hopkins, E. A., & Goss, R. C. (2016). Working effectively with asset managers and institutional groups. Property Management. 
• Siriwardena, S. D., Boyle, K. J., Holmes, T. P., & Wiseman, P. E. (2016). The implicit value of tree cover in the U.S.: A meta-analysis of hedonic property value studies. Ecological Economics, 128, 68–76. 

• Andersson, F., & Mayock, T. (2015). The microdynamics of household credit use through a boom–bust cycle. Journal of Housing Economics, 27, 22–36.
• Cashman, G.D., Harrison, D.M., & Sheng, H. (2015). Political Risk and the Cost of Capital in Asia-Pacific Property Markets. International Real Estate Review, 18(3), 331-364.
• Dempsey, S. J., Harrison, D. M., & Sheng, H. (2015). Core earnings uncertainty, dividend change announcements and the reduction of covariance component risks. Journal of Business Finance & Accounting, 42(9–10), 1075–1120.
• Dymond, R. L., Boyle, K., Beliveau, Y. J., Goss, R. C., Kumar, R., & Wiseman, E. (2015). Development of an interdisciplinary undergraduate program in Real Estate: Breaking down university silos. Journal of Real Estate Practice and Education.
• Ihlanfeldt, K. R., & Mayock, T. (2015). Foreclosures and local government budgets. Regional Science and Urban Economics, 53, 135–147.
• Kiefer, H., Kiefer, L. C., & Mayock, T. (2015). Should we Fear the Shadow? House Prices, Shadow Inventory, and the Nascent Housing Recovery. Journal of Real Estate Finance and Economics, 52(3), 272–321.
• Mayock, T. (2015). Wages, housing prices and commutes. Real Estate Economics, 44(1), 258–300.
• Read, D. C., & Leland, S. (2015). A gendered perspective on local economic development: differences in the perceived importance of public services in the business recruitment process. Administration & Society, 51(2), 175–196.
• Tanellari, E., Bosch, D. J., Boyle, K., & Mykerezi, E. (2015). On consumers’ attitudes and willingness to pay for improved drinking water quality and infrastructure. Water Resources Research, 51(1), 47–57.
• Zhang, C., Boyle, K. J., & Kuminoff, N. V. (2015). Partial identification of amenity demand functions. Journal of Environmental Economics and Management, 71, 180–197. 

• Andersson, F., & Mayock, T. (2014a). How does home equity affect mobility? Journal of Urban Economics, 84, 23–39.
• Andersson, F., & Mayock, T. (2014b). Loss severities on residential real estate debt during the Great Recession. Journal of Banking and Finance, 46, 266–284.
• Boatwright, J., Stephenson, K., Boyle, K., & Nienow, S. (2014). Subdivision infrastructure affecting storm water runoff and residential property values. Journal of Water Resources Planning and Management, 140(4), 524–532.
• Cohen, J., Blinn, C. E., Boyle, K. J., Holmes, T. P., & Moeltner, K. (2014). Hedonic Valuation with Translating Amenities: Mountain Pine Beetles and Host Trees in the Colorado Front Range. Environmental and Resource Economics, 63(3), 613–642.
• Ihlanfeldt, K. R., & Mayock, T. (2014a). The impact of REO sales on neighborhoods and their residents. Journal of Real Estate Finance and Economics, 53(3), 282–324.
• Ihlanfeldt, K. R., & Mayock, T. (2014b). The Variance in Foreclosure Spillovers across Neighborhood Types. Public Finance Review, 44(1), 80–108.
• Li, X., Preisser, E. L., Boyle, K. J., Holmes, T. P., Liebhold, A. M., & Orwig, D. A. (2014). Potential social and economic impacts of the Hemlock woolly Adelgid in Southern New England. Southeastern Naturalist. 

• Ihlanfeldt, K. R., & Mayock, T. (2013). Housing Bubbles and Busts: The role of Supply Elasticity. Land Economics, 90(1), 79–99. 

• Clements, S., Ziobrowski, A. J., & Holder, M. E. (2011). Lumber futures and timberland investment. Journal of Real Estate Research, 33(1), 49–72.
• Gibler, K. M., & Clements, J. S. (2011). Testing a forecast model to predict movement of older Americans into retirement housing. International Journal of Housing Markets and Analysis, 4(1), 18–30. 

• Boyle, K. J., Kuminoff, N. V., Zhang, C., Devanney, M., & Bell, K. P. (2010). Does a property-specific environmental health risk create a “neighborhood” housing price stigma? Arsenic in private well water. Water Resources Research, 46(3).
• Cashman, G. D., Harrison, D. M., Seiler, M. J., & Sheng, H. (2016). Cross-Border investment and firm liquidity. The Journal of Real Estate Portfolio Management, 22(2), 105–127.
• Ihlanfeldt, K. R., & Mayock, T. (2010a). Crime and housing prices. In Edward Elgar Publishing eBooks.
• Ihlanfeldt, K. R., & Mayock, T. (2010b). Information, search, and house prices: revisited. Journal of Real Estate Finance and Economics, 44(1–2), 90–115.
• Ihlanfeldt, K. R., & Mayock, T. (2010c). Panel data estimates of the effects of different types of crime on housing prices. Regional Science and Urban Economics, 40(2–3), 161–172.
• Sah, V., Gallimore, P., & Clements, J. S. (2010). Experience and real estate investment decision‐making: a process‐tracing investigation. Journal of Property Research, 27(3), 207–219.
• Zhang, C., & Boyle, K. J. (2010). The effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values. Ecological Economics, 70(2), 394–404.
• Zhou, X., & Clements, S. (2010). The inflation hedging ability of real estate in China. The Journal of Real Estate Portfolio Management, 16(3), 267–277. 

• Cheung, R., Ihlanfeldt, K. R., & Mayock, T. (2009a). The incidence of the land use Regulatory tax. Real Estate Economics, 37(4), 675–704.
• Cheung, R., Ihlanfeldt, K. R., & Mayock, T. (2009b). The regulatory tax and house price appreciation in Florida. Journal of Housing Economics, 18(1), 34–48.
• Ihlanfeldt, K. R., & Mayock, T. (2009). Price discrimination in the housing market. Journal of Urban Economics, 66(2), 125–140.
• Neumann, B. C., Boyle, K. J., & Bell, K. P. (2009). Property price effects of a national wildlife refuge: Great Meadows National Wildlife Refuge in Massachusetts. Land Use Policy, 26(4), 1011–1019.
• Rabianski, J., Gibler, K. M., Clements, S., & Tidwell, O. A. (2009). Mixed-Use Development and Financial Feasibility: Part I - Economic and Financial Factors. Real Estate Issues, 34(1), 11-17.
• Rabianski, J., Gibler, K. M., Clements, S., & Tidwell, O. A. (2009). Mixed-Use Development and Financial Feasibility: Part II - Physical, Phasing, Design and Public Policy Factors. Real Estate Issues, 34(2), 1-5.
• Rabianski, J., Gibler, K. M., Tidwell, O. A., & Clements, J. S. (2009). Mixed-Use Development: a call for research. Journal of Real Estate Literature, 17(2), 205–230. 

• Gibbs, J. P., Halstead, J. M., Boyle, K. J., & Huang, J. (2002). An hedonic analysis of the effects of lake water clarity on New Hampshire lakefront properties. Agricultural and Resource Economics Review, 31(1), 39–46.
• Paterson, R. W., & Boyle, K. J. (2002). Out of sight, out of mind? Using GIS to incorporate visibility in hedonic property value models. Land Economics, 78(3), 417–425. 

• Boyle, K. J., & Taylor, L. O. (2001). Does the Measurement of Property and Structural Characteristics Affect Estimated Implicit Prices for Environmental Amenities in a Hedonic Model? Journal of Real Estate Finance and Economics, 22(2/3), 303–318.
• Poor, P. J., Boyle, K. J., Taylor, L. O., & Bouchard, R. (2001). Objective versus Subjective Measures of Water Clarity in Hedonic Property Value Models. Land Economics, 77(4), 482–493. 

• Michael, H. J., Boyle, K. J., & Bouchard, R. (2000). Does the Measurement of Environmental Quality Affect Implicit Prices Estimated from Hedonic Models? Land Economics, 76(2), 283. 

• Boyle, K. J., Poor, P. J., & Taylor, L. O. (1999). Estimating the Demand for Protecting Freshwater Lakes from Eutrophication. American Journal of Agricultural Economics, 81(5), 1118–1122.