Penn State Official Sheild

Brent W. Ambrose, Ph.D.
Smeal Professor of Real Estate
Director, Institute for Real Estate Studies

The Pennsylvania State University

 

Address

Institute for Real Estate Studies

The Smeal College of Business

The Pennsylvania State University

University Park, PA 16802

Office Address

368 Business Building

Phone

814-867-0066

Fax

814-865-6284

E-Mail

bwa10@psu.edu

 

Research Interests | Education | Working Papers & Publications | Professional Affiliations | Courses Taught | C.V.


Research Interests

Real Estate Capital Markets

Corporate Finance

Investments


Education

Doctor of Philosophy, THE UNIVERSITY OF GEORGIA, Athens, GA; Major: Real Estate, Minor: Finance; August, 1989.

Dissertation: The Impact of Corporate Real Estate on the Takeover Market

Master of Business Administration, THE UNIVERSITY OF GEORGIA, Athens, GA; Major Concentrations: Real Estate, Corporate Finance, and Investments; June, 1987.

Bachelor of Science, WAKE FOREST UNIVERSITY, Winston Salem, NC; Major: Business, Minor: History; May, 1986.

 

 

 

 


On-line Data Appendices

House Prices and Fundamentals: 355 Years of Evidence – On-line Appendices


Working Papers & Publications

Select Working Papers:

Stock Market Information and REIT Earnings Management,” with Xun Bian.

 

Does It Pay to Read Your Junk Mail? Evidence of the Effect of Advertising on Home Equity Decisions,” with Sumit Agarwal.

 

House Prices and Fundamentals: 355 Years of Evidence,” with Piet Eichholtz and Thies Lindenthal.

 

CMBS Special Servicers and Adverse Selection in Commercial Mortgage Markets: Theory and Evidence” with Anthony Sanders and Abdullah Yavas.

 

Secured Debt and Corporate Performance: Evidence From REITs,” with Shaun Bond and Joseph Ooi.

 

Publications:

Ambrose, Brent W. and Richard J. Buttimer, Jr., “The Adjustable Balance Mortgage: Reducing the Value of the Put,” Real Estate Economics (Forthcoming).

 

Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet, and Chunlin Liu, “The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Market,” Journal of Money, Credit and Banking (Forthcoming).

 

Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet, and Anthony B. Sanders, “Thy Neighbor’s Mortgage: Does Living in a Subprime Neighborhood Effect One’s Probability of Default?Real Estate Economics (Forthcoming).

 

Agarwal, Sumit, Brent W. Ambrose, Hongming Huang, and Yildiray Yildirim, “The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence,” Journal of Financial and Quantitative Analysis (Forthcoming).
 

Ambrose, Brent W. and Xun Bian, “Stock Market Information and REIT Earnings Management,” Journal of Real Estate Research (2010) 21:1 101-137.

2009 Best Paper Award at the Structural Issues Facing Real Estate Investment Trusts Conference, Baruch College, New York, NY.

 

Ambrose, Brent W. and Dong Wook Lee, “REIT Capital Budgeting and Marginal Q,Real Estate Economics (2009) 37:3 583-514.

 

Ambrose, Brent W. and Yildiray Yildirim, “Credit Risk and the Term Structure of Lease Rates: A Reduced Form Approach,” Journal of Real Estate Finance and Economics (2008) 37:3 281-298.

 

Ambrose, Brent W., Nianyum (Kelly) Cai, and Jean Helwege, “Forced Selling of Fallen Angels,” Journal of Fixed Income (2008) 18:1, 72-85.

 

Ambrose, Brent W. and Joe Peek, “Credit Availability and the Supply of Residential Structures,” Real Estate Economics (2008) 36:4, 659-692.

2008 Edwin Mills Award for Best Paper in Real Estate Economics

           

Ambrose, Brent W., Dong Wook Lee, and Joe Peek, “Industry Comovement After Joining an Index: Spillovers of Nonfundamental Effects,” Real Estate Economics (2007) 35:1, 57-90.

Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet, and Chunlin Liu, “An Empirical Analysis of Home Equity Loan and Line Performance,” Journal of Financial Intermediation (2006) 15, 444-469.

Agarwal, Sumit, Brent W. Ambrose, and Chunlin Liu, “Credit Lines and Credit Utilization,” Journal of Money, Credit and Banking Volume 38, Number 1 (February 2006), 1 - 22.

Ambrose, Brent W., “A Hazard Rate Analysis of Leavers and Stayers in Assisted Housing Programs,” CityScape: A Journal of Policy Development and Research, 8:2 (2005) 69-94.

Ambrose, Brent W., Michael Lacour-Little, and Anthony Sanders, “Does Regulatory Capital Arbitrage, Reputation, or Information Asymmetry Drive Securitization?”, Journal of Financial Services Research, 28:1/2 (2005) 113-133.

Ambrose, Brent W., Michael LaCour-Little, and Zsuzsa Huszar, “A Note on Hybrid Mortgages,” Real Estate Economics, 33:4 (2005) 765-782.

Ambrose, Brent W., and Richard J. Buttimer, Jr., “GSE Impact on Rural Mortgage Markets”, Regional Science and Urban Economics, 35:4 (2005) 417-433.

Ambrose, Brent W., “Forced Development and Urban Land Prices,” Journal of Real Estate Finance and Economics, 30:3 (2005) 245-265.

Ambrose, Brent W., Michael J. Highfield, and Peter Linneman, “Real Estate and Economies of Scale: The Case of REITs,” Real Estate Economics, 33:2 (2005).

2003 Southern Finance Association Outstanding Paper in Real Estate Research

Ambrose, Brent W., and Anthony Sanders, “Legal Restrictions in Personal Loan Markets,” Journal of Real Estate Finance and Economics, 30:2 (2005) 133-151.

Ambrose, Brent W., Michael Lacour-Little, and Anthony Sanders, “The Effect of Conforming Loan Status on Mortgage Yield Spreads: A Loan Level Analysis,” Real Estate Economics, 32:4 (2004) 541-569.

Ambrose, Brent W., and Thomas G. Thibodeau, “Have the GSE Affordable Housing Goals Increased the Supply of Mortgage Credit?”, Regional Science and Urban Economics, 34 (2004) 263-273.

Ambrose, Brent W., and Sunwoong Kim, “Modeling the Korean Chonsei Lease Contract,” Real Estate Economics, 31:1 (2003) 53-74.

Ambrose, Brent W., and Anthony Sanders, “Commercial Mortgage Backed Securities: Prepayment and Default,” Journal of Real Estate Finance and Economics, 26:2/3 (2003) 175-192.

Ambrose, Brent W., Peter Chinloy, and John Benjamin, “Bank and Nonbank Lenders in the Commercial Mortgage Market,” Journal of Real Estate Finance and Economics, 26:1 (2003) 81-94.

Ambrose, Brent W., and Arthur Warga, “Measuring Potential GSE Funding Advantages,” Journal of Real Estate Finance and Economics, 25:2 (2002) 129-150.

Ambrose, Brent W., and Tao-Hsien Dolly King, “GSE Debt and the Decline in the Treasury Debt Market,” Journal of Money, Credit and Banking 34:3 (2002) 812-839.

Ambrose, Brent W., Patric H. Hendershott, and Malgorzata Klosek, “Pricing Upward-Only Adjusting Leases,” Journal of Real Estate Finance and Economics, 25:1 (2002) 33-49.

Ambrose, Brent W., Anthony Pennington-Cross, and Anthony Yezer, “Credit Rationing in the US Mortgage Market: Evidence From Variation in FHA Market Shares,” Journal of Urban Economics, 51 (2002) 272-294.

Ambrose, Brent W., Richard J. Buttimer, and Thomas Thibodeau, “A New Spin on the Jumbo/Conforming Loan Rate Differential,” Journal of Real Estate Finance and Economics, 23:3 (2001) 309-335.

Ambrose, Brent W., Charles A. Capone, Jr., and Yongheng Deng, “Optimal Put Exercise: An Empirical Examination of Conditions for Mortgage Foreclosure,” Journal of Real Estate Finance and Economics, 23:2 (2001) 213-234.

Ambrose, Brent W. and Michael LaCour-Little, “Prepayment Risk in Adjustable Rate Mortgages Subject to Initial Year Discounts: Some New Evidence,” Real Estate Economics, 29:2 (2001) 305-328.

Ambrose, Brent W., and Peter Linneman, “Organizational Structure and REIT Operating Characteristics,” The Journal of Real Estate Research 21:3 (2001) 141-162.

Ambrose, Brent W., and Anthony Pennington-Cross, “Local Economic Risk Factors and the Primary and Secondary Mortgage Markets,” Regional Science and Urban Economics, 30:6 (2000) 683-701.

Ambrose, Brent W., and Richard J. Buttimer, Jr., “Embedded Options in the Mortgage Contract,” The Journal of Real Estate Finance and Economics, 21:2 (2000) 95-111.

Ambrose, Brent W. and Charles A. Capone, Jr., “The Hazard Rates of First and Second Default,” The Journal of Real Estate Finance and Economics, 20:3 (2000) 275-293.

Ambrose, Brent W., Steven R. Ehrlich, William T. Hughes, and Susan M. Wachter, “REIT Economies of Scale: Fact or Fiction,” The Journal of Real Estate Finance and Economics, 20:2 (2000) 211-224.

Ambrose, Brent W. and William N. Goetzmann, “Risks and Incentives in Underserved Mortgage Markets,” Journal of Housing Economics, 7:3 (1998) 274-285.

Ambrose, Brent W. and Charles A. Capone, Jr., “Modeling the Conditional Probability of Foreclosure in the Context of Single-Family Mortgage Default Resolutions,” Real Estate Economics, 26:3 (1998) 391-429.

Ambrose, Brent W., Richard J. Buttimer, Jr., and Charles A. Capone, Jr., “Pricing Mortgage Default and Foreclosure Delay,” Journal of Money, Credit, and Banking, 29:3 (August 1997) 314-325.

Ambrose, Brent W. and Arthur Warga, “Yield Bogeys,” Financial Analyst Journal, (September/October 1996) 63-68.

Ambrose, Brent W. and Charles A. Capone, Jr., “Cost-Benefit Analysis of Single Family Mortgage Foreclosure Alternatives,” The Journal of Real Estate Finance and Economics, 13:2 (1996) 105-120.

Ambrose, Brent W. and Arthur Warga, “Implications of Privatization: The Costs to FNMA and FHLMC,” in U.S. Department of Housing and Urban Development, Studies on Privatizing Fannie Mae and Freddie Mac, (May 1996) 169-204.

Ambrose, Brent W. and Charles A. Capone, Jr., “Do Lenders Discriminate in Processing Defaults?”, Cityscape: A Journal of Policy Development and Research 2:1, (1996) 89-98.

Ambrose, Brent W., John Benjamin, and Peter Chinloy, “Credit Restrictions and the Market for Commercial Real Estate Loans,” Real Estate Economics, 24:1, (1996) 1-22.

Ambrose, Brent W. and Arthur Warga, “Pricing Effects in Fannie Mae Agency Bonds,” The Journal of Real Estate Finance and Economics, 11, (1995) 235-249.

Ambrose, Brent W., William T. Hughes and Patrick Simmons, “Policy Questions Concerning Minority-White Differences in Home Loan Rejection Rates,” Journal of Housing Research, Volume 6, Number 1, (1995) 115-135.

Ambrose, Brent W. and Thomas M. Springer, “Rural Industrial Location: The Impact of Firm Size,” The Journal of Real Estate Research, Volume 8, Number 3, (Summer 1993) 387-400.

Ambrose, Brent W. and Hugh Nourse, “Factors Influencing Capitalization Rates,” The Journal of Real Estate Research, Volume 8, Number 2, (Spring 1993) 221-237.

Ambrose, Brent W. and Thomas M. Springer, “Spatial Variation of Non-Metropolitan Industrial Location,” The Journal of Real Estate Finance and Economics, Volume 6, Number 1, (August 1993) 289-299.

Ambrose, Brent W., Esther Ancel and Mark Griffiths, “Fractal Structure In The Capital Markets: Revisited,” Financial Analyst Journal, (May/June 1993) 73-77.

Ambrose, Brent W., and William L. Megginson, “The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition Likelihood,” The Journal of Financial and Quantitative Analysis, Volume 27, Number 4, (December 1992) 575-590. Abstracted in Review for CFOs & Investment Bankers, Volume 4, Number 6, (April 1993) 6-7.

Ambrose, Brent W., Esther Ancel and Mark Griffiths, “Fractal Structures in Real Estate Investment Trust Returns: The Search for Evidence of Market Segmentation and Non-linear Dependency,” Journal of the American Real Estate and Urban Economics Association, Volume 20, Number 1, (Spring 1992) 25-54.

Ambrose, Brent W. and Drew B. Winters, “Does the Industry Effect for Leveraged Buyouts Exist?”, Financial Management, Volume 21, Number 1, (Spring 1992) 89-101.

Ambrose, Brent W., “Corporate Real Estate's Impact on the Takeover Market,” The Journal of Real Estate Finance and Economics, Volume 3, Number 4, (1990) 307-322.

1990 Industrial Development Research Council Manuscript Prize – Best Paper Award.

Ambrose, Brent W., “An Analysis of the Factors Affecting Light Industrial Property Valuation,” The Journal of Real Estate Research, Volume 5, Number 3, (Fall 1990) 355-370.


Professional Affiliations

American Real Estate and Urban Economics Association (AREUEA):

President, 2010.

First Vice President, 2009,

Second Vice President, 2008,

Board of Directors, 2007-2009,

Executive Vice President, 1996-2004

 

Real Estate Research Institute:

Secretary/Treasurer, 2008-2010,

Board of Directors, 2005-2009

Advisory Board, 2000-2005, 2009--

 

Editorial Board Member:

Real Estate Economics, 2000-

The Journal of Real Estate Finance and Economics, 1997-

The Journal of Real Estate Research, 1999-

The Journal of Business Research, 1994-1997


Courses Taught

R EST 420: Real Estate Markets

R EST 470 / FIN 470 Real Estate Capital Markets

R EST 570 Institutional Real Estate Investment

R EST 597B Seminar in Real Estate




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