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E.V. Williams Center for Real Estate Research

Forward thinking research is fundamental to the real estate faculty at Old Dominion University. Our faculty are leaders in their respective fields, bringing their ground-breaking research into the classroom in an accessible and applied context, helping students to fully engage with the subject matter and develop analytical problem solving skills. The core real estate faculty are augmented by a number of colleagues across the Strome College of Business and the University who undertake research on real estate related issues. ODU faculty regularly publish in leading international journals.

Our research mission is to be a thought leader in the delivery of research that address the challenges facing real estate, and the broader urban economy, in the 21st century. The academic research undertaken by our faculty is complimented by the applied research produced under the auspices of the E.V. Williams Center for Real Estate. At its heart, our research strategy is to not only be at the forefront of academic debate but also being a valued resource for industry professionals and policy makers. The delivery of high quality industry facing research is therefore core to our mission, and we do not view this as being mutually exclusive to the delivery of academic research of the absolute highest quality.

Research Themes & Publications

Commercial Real Estate Markets

Representative Publications

Papastamos, D., Matysiak, G. & Stevenson, S. (2018). A Comparative Analysis of the Accuracy and Uncertainty in Real Estate and Macroeconomic Forecasts, Journal of Real Estate Research, 40:3, 309-346. https://doi.org/10.1080/10835547.2018.12091503

Stevenson, S., Akimov, A., Hutson, E. & Krystalogianni, A. (2014). Concordance in Global Office Market Cycles, Regional Studies, 48:3, 456-470. https://doi.org/10.1080/00343404.2013.799763

Stevenson, S. (2007). Exploring the Intra-Metropolitan Dynamics of the London Office Market, Journal of Real Estate Portfolio Management, 13:2, 93-98. https://doi.org/10.1080/10835547.2007.12089774

Sustainability & Resilience

Representative Publications

Komarek, T.M. & Filer, L. (2020). Waiting After the Storm: The Effect of Flooding on Time on the Housing Market in Coastal Virginia, Applied Economics Letters, 27:4, 298-301. https://doi.org/10.1080/13504851.2019.1616047

Zhang, L. & Leonard, T. (2019). Flood Hazards Impact on Neighborhood House Prices, Journal of Real Estate Finance and Economics, 58:4, 656-674. https://doi.org/10.1007/s11146-018-9664-1

Zhang, L. (2016). Flood Hazards Impact on Neighborhood House Prices: A Spatial Quantile Regression Analysis, Regional Science and Urban Economics, 60, 12-19. https://doi.org/10.1016/j.regsciurbeco.2016.06.005

Real Estate Finance & Investment

Representative Publications

Farrelly, K. & Stevenson, S. (2019). The Risk and Return of Private Equity Real Estate Funds, Global Finance Journal, 42, 1-13. https://doi.org/10.1016/j.gfj.2019.04.005

Papastamos, D., Matysiak, G. & Stevenson, S. (2015). Assessing the Accuracy and Dispersion of Real Estate Investment Forecasts, International Review of Financial Analysis, 42, 141-152. https://doi.org/10.1016/j.irfa.2015.01.014

Martins, A.M., Serra, A.P., Martins, F.V. & Stevenson, S. (2020). House Price Dynamics and Bank Herding: European Empirical Evidence, Journal of Real Estate Research, 42:3, 365-396. https://doi.org/10.1080/08965803.2020.1840897

Martins, A.M., Serra, A.P. & Stevenson, S. (2019). Determinants of Real Estate Bank Profitability, Research in International Business and Finance, 49, 282-300. https://doi.org/10.1016/j.ribaf.2019.04.004

Housing Economics

Representative Publications

Arndt, A., Harrison, D., Lane, M., Seiler, M. & Selier, V. (2017). Real Estate Agent Target Marketing: Are Buyers Drawn Towards Particular Real Estate Agents? Journal of Housing Research, 26:1, 39-52. https://doi.org/10.1080/10835547.2017.12092127

Leonard, T., Yang, X. & Zhang, L. (2021). The Impact of Land Use Regulation Across the Conditional Distribution of Home Prices: An Application of Quantile Regression for Group-Level Treatments, The Annals of Regional Science, 66:3, 655-676. https://doi.org/10.1007/s00168-020-01032-z

Peng, L. & Zhang, L. (2021). House Prices and Systematic Risk: Evidence from Microdata, Real Estate Economics, 49:4, 1069-1092. https://doi.org/10.1111/1540-6229.12277

Stevenson, S. & Young, J. (2015). The Role of Undisclosed Reserves in English Open Outcry Auctions, Real Estate Economics, 43:2, 375-402. https://doi.org/10.1111/1540-6229.12072

Zhang, L. & Leonard, T. (2021). External Validity of Hedonic Price Estimates: Heterogeneity in the Price Discount Associated with Having Black and Hispanic Neighbors, Journal of Regional Science, 61:1, 62-85. https://doi.org/10.1111/jors.12502

Zhang, L. & Yi, Y. (2018). What Contributes to the Rising House Prices in Beijing? A Decomposition Approach, Journal of Housing Economics, 41, 72-84. https://doi.org/10.1016/j.jhe.2018.04.003

Capital Markets

Representative Publications

Akimov, A., Stevenson, S. & Zagonov, M. (2015). Public Real Estate and the Term Structure of Interest Rates: A Cross-Country Study, Journal of Real Estate Finance and Economics, 51:4, 503-540. https://doi.org/10.1007/s11146-014-9492-x

Lee, C.L., Stevenson, S. & Cho, H. (2022). Listed Real Estate Futures Trading, Market Efficiency and Direct Real Estate Linkages: International Evidence, Journal of International Money & Finance, forthcoming. https://doi.org/10.1016/j.jimonfin.2022.102693

Lee, C.L., Stevenson, S. & Lee, M.L. (2018). Low Frequency Volatility of Real Estate Securities and Macroeconomic Risk, Accounting and Finance, 58, 311-342. https://doi.org/10.1111/acfi.12288

Lee, C.L., Stevenson, S. & Lee, M.L. (2014). Futures Trading, Spot Price Volatility and Market Efficiency: Evidence from European Real Estate Securities Futures, Journal of Real Estate Finance and Economics, 48:2, 299-322. https://doi.org/10.1007/s11146-012-9399-3

Stevenson, S. (2016). Macro-Economic and Financial Determinants of Comovement across Global Real Estate Security Markets, Journal of Real Estate Research, 38:4, 595-623. https://doi.org/10.1080/10835547.2016.12091458

Urban Economics

Representative Publications

Leonard, T., Yang, X., Zhang, L. & Reed, C. (2020). Impact of Property Tax Abatement on Employment Growth, Economic Development Quarterly, 34:2, 209-221. https://doi.org/10.1177%2F0891242420911712

Leonard, T., Jha, N. & Zhang, L. (2017). Neighborhood Price Externalities of Foreclosure Rehabilitation: An Examination of the Neighborhood Stabilization Program, Empirical Economics, 52:3, 955-975. https://doi.org/10.1007/s00181-016-1194-1

Lim, S.H. & Zhang, L. (2017). Does Casino Development Have a Positive Effect on Economic Growth? Growth and Change, 48:3, 409-434. https://doi.org/10.1111/grow.12182

Wagner, G.A., Komarek, T.M. & Martin, J. (2017). Is the Light Rail "Tide" Lifting Property Values? Evidence from Hampton Roads, VA, Regional Science and Urban Economics, 65, 25-37. https://doi.org/10.1016/j.regsciurbeco.2017.03.008

Hodge, T.R. & Komarek, T.M. (2016). Capitalizing on Neighborhood Enterprise Zones: Are Detroit Residents Paying for the NEZ Homestead Exemption? Regional Science and Urban Economics, 61, 18-25. https://doi.org/10.1016/j.regsciurbeco.2016.09.001

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