Faculty research provides new perspectives on industry challenges, energizes curriculum development, prompts compelling case study creation, and influences policy decisions and solutions.

Our research focuses on understanding the determinants of commercial property capital expenditure decisions, on constructing price indices for illiquid assets (commercial and residential real estate), and modeling spatial and temporal variations in house prices.

Our faculty frequently partner with distinguished industry professionals who bring relevant, real-time experience to the classroom setting. Lecturers include experts in the areas of architecture, development, engineering, and law.

Working Papers:

  • “Stochastic Volatility and Asset Pricing Puzzles”, revision requested at Journal of Finance (Tim McQuade)
  • “Who Creates New Firms when Local Opportunities Arise?” (Tim McQuade, Emanuele Colonnelli, and Davide Malacrino), revision requested at Journal of Financial Economics (Tim McQuade)
  • “The Contribution of Immigrants to Innovation in the United States” (Tim McQuade with Shai Bernstein, Rebecca Diamond, and Beatriz Pousada), Charles River Associates Award for the Best Paper on Corporate Finance, WFA 2019
  • “Who Benefits from Rent Control? The Equilibrium Consequences of San Francisco’s Rent Control Expansion” (Tim McQuade with Rebecca Diamond and Franklin Qian)
  • “Consumption Responses to the Affordable Care Act: Evidence from Bank and Credit Card Data” (Tim McQuade with Rebecca Diamond, Michael Dickstein, and Petra Persson)

CUREC Research

Do Value-added Real Estate Investments Add Value?
Do Value-added Real Estate Investments Add Value?

Dec. 14, 2015

Authors: Liang Peng and Thomas G. Thibodeau Not really. This paper compares the unlevered returns on value added and core investments of private commercial real estate equity in the National Council of Real Estate Investment Fiduciaries (NCREIF) database. We use capital expenditures on building improvements to identify value added investments,...

Neighborhood Attributes and House Price Risk
Neighborhood Attributes and House Price Risk

Jan. 24, 2015

Authors: Liang Peng and Thomas G. Thibodeau Idiosyncratic risk in house prices is important to homeowners as it directly affects uncertainty in home value appreciation. This paper empirically examines whether this risk is systematically related to the level of house price, household income, and contemporaneous average home value appreciation of...

The Effect of Airport Closure on Housing Prices
The Effect of Airport Closure on Housing Prices

Dec. 14, 2014

Author: Chen Huo, Thomas G. Thibodeau and Ron Throupe This paper analyzes the effect of a major airport closure on house prices. Because of the unique history and proximity to housing, the closure of the Stapleton International Airport in Denver CO allows for the study of house prices before and...

Housing Bubble
Housing Bubble

Dec. 14, 2012

Author: Thomas G. Thibodeau Status: Published Publication: Encyclopedia of Housing 2nd Edition (2012) Many places across the globe experienced house price bubbles during the first seven years of this century. A May 2003 article in The Economist titled Castles in Hot Air identified “six countries where houses appear to be...