ÿþ<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns:st1="urn:schemas-microsoft-com:office:smarttags" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 12"> <meta name=Originator content="Microsoft Word 12"> <link rel=File-List href="index_files/filelist.xml"> <link rel=Edit-Time-Data href="index_files/editdata.mso"> <!--[if !mso]> <style> v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML);} </style> <![endif]--> <title>Personal Page</title> <o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags" name="State"/> <o:SmartTagType 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mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="19458"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body bgcolor=white lang=EN-US link=blue vlink=blue style='tab-interval:.5in' width=750 topmargin=0 leftmargin=0> <div class=Section1> <div> <p class=MsoNormal><br> <a href="http://www.psu.edu/"><span style='color:#3300CC;mso-no-proof:yes; text-decoration:none;text-underline:none'><img border=0 width=499 height=85 id="_x0000_i1032" src="http://cac.psu.edu/webtemplates/images/mark.gif" alt="Penn State Official Sheild"></span></a><o:p></o:p></p> <div align=center><!-- This table is used to align all the contents of this web page --> <table class=MsoNormalTable border=0 cellpadding=0 width=550 style='width:412.5pt; mso-cellspacing:1.5pt;mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'><!-- This table contains the personal information for the web page owner --><!-- Please change the contents of the table as marked to your own information --> <div align=center> <table class=MsoNormalTable border=1 cellspacing=4 cellpadding=0 width=545 style='width:408.75pt;mso-cellspacing:3.0pt;background:white;border:outset 4.5pt; mso-yfti-tbllook:1184;mso-padding-alt:3.0pt 3.0pt 3.0pt 3.0pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td colspan=2 style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal><span lang=FR style='mso-ansi-language:FR'>Brent W. Ambrose, Ph.D. <br> </span><i>Smeal Professor of Real Estate <br> Director, Institute for Real Estate Studies<o:p></o:p></i></p> <p class=MsoNormal><i>The <st1:place w:st="on"><st1:PlaceName w:st="on">Pennsylvania</st1:PlaceName> <st1:PlaceType w:st="on">State</st1:PlaceType> <st1:PlaceType w:st="on">University</st1:PlaceType></st1:place><o:p></o:p></i></p> </td> <td rowspan=6 style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal align=center style='text-align:center'><span style='color:black'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal><b>Address</b><span style='color:black'><o:p></o:p></span></p> </td> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal>Institute for Real Estate Studies</p> <p class=MsoNormal>The <st1:place w:st="on"><st1:PlaceName w:st="on">Smeal</st1:PlaceName> <st1:PlaceType w:st="on">College</st1:PlaceType></st1:place> of Business</p> <p class=MsoNormal>The <st1:place w:st="on"><st1:PlaceName w:st="on">Pennsylvania</st1:PlaceName> <st1:PlaceType w:st="on">State</st1:PlaceType> <st1:PlaceType w:st="on">University</st1:PlaceType></st1:place></p> <p class=MsoNormal><st1:place w:st="on"><st1:City w:st="on">University Park</st1:City>, <st1:State w:st="on">PA</st1:State> <st1:PostalCode w:st="on">16802</st1:PostalCode></st1:place> </p> </td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal><b>Office Address</b><span style='color:black'><o:p></o:p></span></p> </td> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal>368 Business Building <span style='color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal><b>Phone</b><span style='color:black'><o:p></o:p></span></p> </td> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal>814-867-0066<span style='color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal><b>Fax</b><span style='color:black'><o:p></o:p></span></p> </td> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal>814-865-6284 <span style='color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5;mso-yfti-lastrow:yes'> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal><b>E-Mail</b><span style='color:black'><o:p></o:p></span></p> </td> <td style='padding:3.0pt 3.0pt 3.0pt 3.0pt'> <p class=MsoNormal><a href="mailto:bwa10@psu.edu">bwa10@psu.edu</a><span style='color:black'><o:p></o:p></span></p> </td> </tr> </table> </div> <p class=MsoNormal><o:p>&nbsp;</o:p></p> <p><a href="#research">Research Interests</a> | <a href="#education">Education</a> | <a href="#publications">Working Papers &amp; Publications</a> | <a href="#affiliations">Professional Affiliations </a>| <a href="#courses">Courses Taught</a> | <a href="brent_w_ambrose_cv.pdf">C.V.</a></p> <div class=MsoNormal align=center style='text-align:center'> <hr size=4 width="100%" noshade style='color:#000066' align=center> </div> <h2>Research Interests<a name=research></a> </h2> <blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'> <p class=MsoNormal>Real Estate Capital Markets</p> <p>Corporate Finance</p> <p>Investments </p> </blockquote> <div class=MsoNormal align=center style='text-align:center'> <hr size=4 width="100%" noshade style='color:#000066' align=center> </div> <h2>Education<a name=education></a></h2> <blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'> <p class=MsoNormal>Doctor of Philosophy, THE <st1:PlaceType w:st="on">UNIVERSITY</st1:PlaceType> OF <st1:PlaceName w:st="on">GEORGIA</st1:PlaceName>, <st1:place w:st="on"><st1:City w:st="on">Athens</st1:City>, <st1:State w:st="on">GA</st1:State></st1:place>; Major: Real Estate, Minor: Finance; August, 1989.</p> <p>Dissertation: <i style='mso-bidi-font-style:normal'>The Impact of Corporate Real Estate on the Takeover Market<o:p></o:p></i></p> <p>Master of Business Administration, THE <st1:PlaceType w:st="on">UNIVERSITY</st1:PlaceType> OF <st1:PlaceName w:st="on">GEORGIA</st1:PlaceName>, <st1:place w:st="on"><st1:City w:st="on">Athens</st1:City>, <st1:State w:st="on">GA</st1:State></st1:place>; Major Concentrations: Real Estate, Corporate Finance, and Investments; June, 1987. </p> <p>Bachelor of Science, <st1:PlaceName w:st="on">WAKE</st1:PlaceName> <st1:PlaceType w:st="on">FOREST</st1:PlaceType> <st1:PlaceType w:st="on">UNIVERSITY</st1:PlaceType>, Winston <st1:City w:st="on"><st1:place w:st="on">Salem</st1:place></st1:City>, NC; Major: Business, Minor: History; May, 1986.</p> <p><o:p>&nbsp;</o:p></p> <p style='text-align:justify'><o:p>&nbsp;</o:p></p> <p><o:p>&nbsp;</o:p></p> </blockquote> <p class=MsoNormal align=center style='text-align:center'><o:p>&nbsp;</o:p></p> <div class=MsoNormal align=center style='text-align:center'> <hr size=4 width="100%" noshade style='color:#000066' align=center> </div> <h2>On-line Data Appendices</h2> <h2 style='margin-left:.5in'><i style='mso-bidi-font-style:normal'><span style='font-size:12.0pt;font-weight:normal;mso-bidi-font-weight:bold'><a href="House%20Prices%20and%20Fundamentals%20On-line%20Appendices.pdf">House Prices and Fundamentals: 355 Years of Evidence  On-line Appendices</a><o:p></o:p></span></i></h2> <h2 align=center style='text-align:center'> <hr size=4 width="100%" noshade style='color:#000066' align=center> </h2> <h2>Working Papers &amp; Publications<a name=publications></a></h2> <blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'>Select Working Papers:<o:p></o:p></b></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'> <a href="http://www.personal.psu.edu/bwa10/workingpapers/Ambrose_Bian_Baruch_6.pdf">Stock Market Information and REIT Earnings Management</a>, with Xun Bian.<o:p></o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'> <a href="workingpapers/ARM_11-2010.pdf">Does It Pay to Read Your Junk Mail? Evidence of the Effect of Advertising on Home Equity Decisions</a>, with Sumit Agarwal.<o:p></o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal> <a href="http://www.personal.psu.edu/bwa10/workingpapers/House%20Prices%20and%20Fund.pdf">House Prices and Fundamentals: 355 Years of Evidence</a>, with Piet Eichholtz and Thies Lindenthal.</p> <p class=MsoNormal><o:p>&nbsp;</o:p></p> <p class=MsoNormal> <a href="http://www.personal.psu.edu/bwa10/workingpapers/Ambrose%20Sanders%20Yavas%20010909.pdf">CMBS Special Servicers and Adverse Selection in Commercial Mortgage Markets: Theory and Evidence</a> with Anthony Sanders and Abdullah Yavas.</p> <p class=MsoNormal><o:p>&nbsp;</o:p></p> <p class=MsoNormal> <a href="http://www.personal.psu.edu/bwa10/workingpapers/RERI%20-%20Secured%20Debt%20(2009-03-31).pdf">Secured Debt and Corporate Performance: Evidence From REITs</a>, with Shaun Bond and Joseph Ooi.</p> <p class=MsoNormal><o:p>&nbsp;</o:p></p> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'>Publications:<o:p></o:p></b></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'>Ambrose, Brent W. and Richard J. Buttimer, Jr.,  <a href="ambrose_buttimer_new_mortgage-122210.pdf">The Adjustable Balance Mortgage: Reducing the Value of the Put</a>, <i style='mso-bidi-font-style:normal'>Real Estate Economics</i> (Forthcoming).<o:p></o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'>Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet, and Chunlin Liu,  <a href="http://www.personal.psu.edu/bwa10/workingpapers/The_Role_of_Soft_Information_in_Dynamic_Contract_Settings.pdf">The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Market</a>, <i style='mso-bidi-font-style:normal'>Journal of Money, Credit and Banking</i> (Forthcoming).<o:p></o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'>Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet, and Anthony B. Sanders,  <a href="workingpapers/alt4_REE.pdf">Thy Neighbor s Mortgage: Does Living in a Subprime Neighborhood Effect One s Probability of Default?</a> <i style='mso-bidi-font-style:normal'>Real Estate Economics</i> (Forthcoming).<o:p></o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'>Agarwal, Sumit, Brent W. Ambrose, Hongming Huang, and Yildiray Yildirim,  </span><a href="workingpapers/Term_Structure_of_Lease_Rates_JFQA_revision_2c.pdf">The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence</a>, <i style='mso-bidi-font-style: normal'>Journal of Financial and Quantitative Analysis</i> (Forthcoming).<br> <span style='letter-spacing:-.15pt'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <p class=MsoNormal>Ambrose, Brent W. and Xun Bian,  Stock Market Information and REIT Earnings Management, <i style='mso-bidi-font-style:normal'><span style='letter-spacing:-.15pt'>Journal of Real Estate Research</span></i><span style='letter-spacing:-.15pt'> (2010) 21:1 101-137.<o:p></o:p></span></p> <p class=MsoNoSpacing align=center style='text-align:center'><i style='mso-bidi-font-style:normal'>2009 Best Paper Award at the Structural Issues Facing Real Estate Investment Trusts Conference, Baruch College, New York, NY.<o:p></o:p></i></p> <p class=MsoNormal><o:p>&nbsp;</o:p></p> <p class=MsoNormal>Ambrose, Brent W. and Dong Wook Lee,  REIT Capital Budgeting and Marginal <i>Q,</i> <i style='mso-bidi-font-style:normal'>Real Estate Economics</i> (2009) 37:3 583-514.</p> <p class=MsoNormal style='margin-left:.5in'><o:p>&nbsp;</o:p></p> <p class=MsoNormal>Ambrose, Brent W. and Yildiray Yildirim,  Credit Risk and the Term Structure of Lease Rates: A Reduced Form Approach, <i style='mso-bidi-font-style:normal'>Journal of Real Estate Finance and Economics</i> (2008) 37:3 281-298.</p> <p class=MsoNormal style='margin-left:.5in'><o:p>&nbsp;</o:p></p> <p class=MsoNormal>Ambrose, Brent W., Nianyum (Kelly) Cai, and Jean Helwege,  Forced Selling of Fallen Angels, <i style='mso-bidi-font-style:normal'>Journal of Fixed Income</i> (2008) 18:1, 72-85.</p> <p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent: -.5in;mso-hyphenate:none;tab-stops:-.5in 0in'><span style='letter-spacing: -.15pt;mso-bidi-font-weight:bold'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='margin-left:1.15pt;text-align:justify;text-indent: -1.15pt;mso-hyphenate:none;tab-stops:-.5in 0in'><span style='letter-spacing: -.15pt;mso-bidi-font-weight:bold'>Ambrose, Brent W. and Joe Peek,  Credit Availability and the Supply of Residential Structures, <i style='mso-bidi-font-style: normal'>Real Estate Economics</i> (2008) 36:4, 659-692.<o:p></o:p></span></p> <p class=MsoNormal align=center style='margin-left:.5in;text-align:center; text-indent:-.5in;mso-hyphenate:none;tab-stops:-.5in 0in'><i style='mso-bidi-font-style:normal'><span style='letter-spacing:-.15pt; mso-bidi-font-weight:bold'>2008 Edwin Mills Award for Best Paper in Real Estate Economics </span><span style='letter-spacing:-.15pt'><o:p></o:p></span></i></p> <p class=MsoNormal><span style='letter-spacing:-.15pt'><span style='mso-tab-count:1'>            </span></span></p> <p class=MsoNormal>Ambrose, Brent W., Dong Wook Lee, and Joe Peek,  Industry Comovement After Joining an Index: Spillovers of Nonfundamental Effects, <i style='mso-bidi-font-style:normal'>Real Estate Economics</i> (2007) 35:1, 57-90.</p> <p>Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet, and Chunlin Liu,  An Empirical Analysis of Home Equity Loan and Line Performance, <i style='mso-bidi-font-style:normal'>Journal of Financial Intermediation</i> (2006) 15, 444-469.</p> <p>Agarwal, Sumit, Brent W. Ambrose, and Chunlin Liu,  Credit Lines and Credit Utilization, <i style='mso-bidi-font-style:normal'>Journal of Money, Credit and Banking </i>Volume 38, Number 1 (February 2006), 1 - 22.</p> <p>Ambrose, Brent W.,  A Hazard Rate Analysis of Leavers and Stayers in Assisted Housing Programs, <i style='mso-bidi-font-style:normal'>CityScape: A Journal of Policy Development and Research</i>, 8:2 (2005) 69-94. </p> <p>Ambrose, Brent W., Michael Lacour-Little, and Anthony Sanders,  Does Regulatory Capital Arbitrage, Reputation, or <st1:Street w:st="on"><st1:address w:st="on">Information Asymmetry Drive</st1:address></st1:Street> Securitization? , <i style='mso-bidi-font-style:normal'>Journal of Financial Services Research</i>, 28:1/2 (2005) 113-133.</p> <p>Ambrose, Brent W., Michael LaCour-Little, and Zsuzsa Huszar,  A Note on Hybrid Mortgages, <i style='mso-bidi-font-style:normal'>Real Estate Economics</i>, 33:4 (2005) 765-782.</p> <p>Ambrose, Brent W., and Richard J. Buttimer, Jr.,  GSE Impact on Rural Mortgage Markets , <i style='mso-bidi-font-style:normal'>Regional Science and Urban Economics</i>, 35:4 (2005) 417-433.</p> <p>Ambrose, Brent W.,  Forced Development and Urban Land Prices, <i style='mso-bidi-font-style:normal'>Journal of Real Estate Finance and Economics</i>, 30:3 (2005) 245-265.</p> <p>Ambrose, Brent W., Michael J. Highfield, and Peter Linneman,  Real Estate and Economies of Scale: The Case of REITs, <i style='mso-bidi-font-style: normal'>Real Estate Economics</i>, 33:2 (2005).</p> <p>2003 Southern Finance Association Outstanding Paper in Real Estate Research</p> <p>Ambrose, Brent W., and Anthony Sanders,  Legal Restrictions in Personal Loan Markets, <i style='mso-bidi-font-style:normal'>Journal of Real Estate Finance and Economics</i>, 30:2 (2005) 133-151.</p> <p>Ambrose, Brent W., Michael Lacour-Little, and Anthony Sanders,  The Effect of Conforming Loan Status on Mortgage Yield Spreads: A Loan Level Analysis, <i style='mso-bidi-font-style:normal'>Real Estate Economics</i>, 32:4 (2004) 541-569.</p> <p>Ambrose, Brent W., and Thomas G. Thibodeau,  Have the GSE Affordable Housing Goals Increased the Supply of Mortgage Credit? , <i style='mso-bidi-font-style: normal'>Regional Science and Urban Economics</i>, 34 (2004) 263-273.</p> <p>Ambrose, Brent W., and Sunwoong Kim,  Modeling the Korean Chonsei Lease Contract, <i style='mso-bidi-font-style:normal'>Real Estate Economics</i>, 31:1 (2003) 53-74.</p> <p>Ambrose, Brent W., and Anthony Sanders,  Commercial Mortgage Backed Securities: Prepayment and Default, <i style='mso-bidi-font-style:normal'>Journal of Real Estate Finance and Economics</i>, 26:2/3 (2003) 175-192. </p> <p>Ambrose, Brent W., Peter Chinloy, and John Benjamin,  Bank and Nonbank Lenders in the Commercial Mortgage Market, <i style='mso-bidi-font-style: normal'>Journal of Real Estate Finance and Economics</i>, 26:1 (2003) 81-94. </p> <p>Ambrose, Brent W., and Arthur Warga,  Measuring Potential GSE Funding Advantages, <i style='mso-bidi-font-style:normal'>Journal of Real Estate Finance and Economics</i>, 25:2 (2002) 129-150.</p> <p>Ambrose, Brent W., and Tao-Hsien Dolly King,  GSE Debt and the Decline in the Treasury Debt Market, <i style='mso-bidi-font-style:normal'>Journal of Money, Credit and Banking</i> 34:3 (2002) 812-839.</p> <p>Ambrose, Brent W., Patric H. Hendershott, and Malgorzata Klosek,  Pricing Upward-Only Adjusting Leases, <i style='mso-bidi-font-style:normal'>Journal of Real Estate Finance and Economics</i>, 25:1 (2002) 33-49. </p> <p>Ambrose, Brent W., Anthony Pennington-Cross, and Anthony Yezer,  Credit Rationing in the <st1:place w:st="on"><st1:country-region w:st="on">US</st1:country-region></st1:place> Mortgage Market: Evidence From Variation in FHA Market Shares, <i style='mso-bidi-font-style:normal'>Journal of Urban Economics</i>, 51 (2002) 272-294.</p> <p>Ambrose, Brent W., Richard J. Buttimer, and Thomas Thibodeau,  A New Spin on the Jumbo/Conforming Loan Rate Differential, <i style='mso-bidi-font-style: normal'>Journal of Real Estate Finance and Economics</i>, 23:3 (2001) 309-335.</p> <p>Ambrose, Brent W., Charles A. Capone, Jr., and Yongheng Deng,  Optimal Put Exercise: An Empirical Examination of Conditions for Mortgage Foreclosure, <i style='mso-bidi-font-style:normal'>Journal of Real Estate Finance and Economics</i>, 23:2 (2001) 213-234.</p> <p>Ambrose, Brent W. and Michael LaCour-Little,  Prepayment Risk in Adjustable Rate Mortgages Subject to Initial Year Discounts: Some New Evidence, <i style='mso-bidi-font-style:normal'>Real Estate Economics</i>, 29:2 (2001) 305-328.</p> <p>Ambrose, Brent W., and Peter Linneman,  Organizational Structure and REIT Operating Characteristics, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Research</i> 21:3 (2001) 141-162.</p> <p>Ambrose, Brent W., and Anthony Pennington-Cross,  Local Economic Risk Factors and the Primary and Secondary Mortgage Markets, <i style='mso-bidi-font-style: normal'>Regional Science and Urban Economics</i>, 30:6 (2000) 683-701.</p> <p>Ambrose, Brent W., and Richard J. Buttimer, Jr.,  Embedded Options in the Mortgage Contract, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Finance and Economics</i>, 21:2 (2000) 95-111.</p> <p>Ambrose, Brent W. and Charles A. Capone, Jr.,  The Hazard Rates of First and Second Default, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Finance and Economics</i>, 20:3 (2000) 275-293.</p> <p>Ambrose, Brent W., Steven R. Ehrlich, William T. Hughes, and Susan M. Wachter,  REIT Economies of Scale: Fact or Fiction, <i style='mso-bidi-font-style: normal'>The Journal of Real Estate Finance and Economics</i>, 20:2 (2000) 211-224.</p> <p>Ambrose, Brent W. and William N. Goetzmann,  Risks and Incentives in Underserved Mortgage Markets, <i style='mso-bidi-font-style:normal'>Journal of Housing Economics</i>, 7:3 (1998) 274-285.</p> <p>Ambrose, Brent W. and Charles A. Capone, Jr.,  Modeling the Conditional Probability of Foreclosure in the Context of Single-Family Mortgage Default Resolutions, <i style='mso-bidi-font-style:normal'>Real Estate Economics</i>, 26:3 (1998) 391-429.</p> <p>Ambrose, Brent W., Richard J. Buttimer, Jr., and Charles A. Capone, Jr.,  Pricing Mortgage Default and Foreclosure Delay, <i style='mso-bidi-font-style: normal'>Journal of Money, Credit, and Banking</i>, 29:3 (August 1997) 314-325.</p> <p>Ambrose, Brent W. and Arthur Warga,  Yield Bogeys, <i style='mso-bidi-font-style: normal'>Financial Analyst Journal</i>, (September/October 1996) 63-68.</p> <p>Ambrose, Brent W. and Charles A. Capone, Jr.,  Cost-Benefit Analysis of Single Family Mortgage Foreclosure Alternatives, <i style='mso-bidi-font-style: normal'>The Journal of Real Estate Finance and Economics</i>, 13:2 (1996) 105-120. </p> <p>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.</p> <p>Ambrose, Brent W. and Charles A. Capone, Jr.,  Do Lenders Discriminate in Processing Defaults? , <i style='mso-bidi-font-style:normal'>Cityscape: A Journal of Policy Development and Research</i> 2:1, (1996) 89-98.</p> <p>Ambrose, Brent W., John Benjamin, and Peter Chinloy,  Credit Restrictions and the Market for Commercial Real Estate Loans, <i style='mso-bidi-font-style: normal'>Real Estate Economics</i>, 24:1, (1996) 1-22.</p> <p>Ambrose, Brent W. and Arthur Warga,  Pricing Effects in <st1:place w:st="on"><st1:PlaceName w:st="on">Fannie</st1:PlaceName> <st1:PlaceName w:st="on">Mae</st1:PlaceName> <st1:PlaceName w:st="on">Agency</st1:PlaceName></st1:place> Bonds, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Finance and Economics</i>, 11, (1995) 235-249.</p> <p>Ambrose, Brent W., William T. Hughes and Patrick Simmons,  Policy Questions Concerning Minority-White Differences in Home Loan Rejection Rates, <i style='mso-bidi-font-style:normal'>Journal of Housing Research</i>, Volume 6, Number 1, (1995) 115-135.</p> <p>Ambrose, Brent W. and Thomas M. Springer,  Rural Industrial Location: The Impact of Firm Size, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Research</i>, Volume 8, Number 3, (Summer 1993) 387-400.</p> <p>Ambrose, Brent W. and Hugh Nourse,  Factors Influencing Capitalization Rates, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Research</i>, Volume 8, Number 2, (Spring 1993) 221-237.</p> <p>Ambrose, Brent W. and Thomas M. Springer,  Spatial Variation of Non-Metropolitan Industrial Location, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Finance and Economics</i>, Volume 6, Number 1, (August 1993) 289-299.</p> <p>Ambrose, Brent W., Esther Ancel and Mark Griffiths,  Fractal Structure In The Capital Markets: Revisited, <i style='mso-bidi-font-style:normal'>Financial Analyst Journal</i>, (May/June 1993) 73-77.</p> <p>Ambrose, Brent W., and William L. Megginson,  The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition Likelihood, <i style='mso-bidi-font-style:normal'>The Journal of Financial and Quantitative Analysis</i>, Volume 27, Number 4, (December 1992) 575-590. Abstracted in <i style='mso-bidi-font-style:normal'>Review for CFOs &amp; Investment Bankers</i>, Volume 4, Number 6, (April 1993) 6-7.</p> <p>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, <i style='mso-bidi-font-style:normal'>Journal of the American Real Estate and Urban Economics Association</i>, Volume 20, Number 1, (Spring 1992) 25-54.</p> <p>Ambrose, Brent W. and Drew B. Winters,  Does the Industry Effect for Leveraged Buyouts Exist? , <i style='mso-bidi-font-style:normal'>Financial Management</i>, Volume 21, Number 1, (Spring 1992) 89-101.</p> <p>Ambrose, Brent W.,  Corporate Real Estate's Impact on the Takeover Market, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Finance and Economics</i>, Volume 3, Number 4, (1990) 307-322. </p> <p>1990 Industrial Development Research Council Manuscript Prize  Best Paper Award. </p> <p>Ambrose, Brent W.,  An Analysis of the Factors Affecting Light Industrial Property Valuation, <i style='mso-bidi-font-style:normal'>The Journal of Real Estate Research</i>, Volume 5, Number 3, (Fall 1990) 355-370.</p> </blockquote> <div class=MsoNormal align=center style='text-align:center'> <hr size=4 width="100%" noshade style='color:#000066' align=center> </div> <h2>Professional Affiliations<a name=affiliations></a></h2> <blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'> <p class=MsoNormal>American Real Estate and Urban Economics Association (AREUEA):</p> <p class=MsoNormal style='margin-left:.5in'>President, 2010.</p> <p class=MsoNormal style='margin-left:.5in'>First Vice President, 2009, </p> <p class=MsoNormal style='margin-left:.5in'>Second Vice President, 2008, </p> <p class=MsoNormal style='margin-left:.5in'>Board of Directors, 2007-2009,</p> <p class=MsoNormal style='margin-left:.5in'>Executive Vice President, 1996-2004</p> <p class=MsoNormal style='margin-left:.5in'><o:p>&nbsp;</o:p></p> <p class=MsoNormal>Real Estate Research Institute: </p> <p class=MsoNormal style='margin-left:.5in'>Secretary/Treasurer, 2008-2010, </p> <p class=MsoNormal style='margin-left:.5in'>Board of Directors, 2005-2009 </p> <p class=MsoNormal style='margin-left:.5in'>Advisory Board, 2000-2005, 2009-- </p> <p class=MsoNormal><o:p>&nbsp;</o:p></p> <p class=MsoNormal>Editorial Board Member:</p> <p class=MsoNormal style='margin-left:.5in'><i style='mso-bidi-font-style: normal'>Real Estate Economics</i>, 2000-</p> <p class=MsoNormal style='margin-left:.5in'><i style='mso-bidi-font-style: normal'>The Journal of Real Estate Finance and Economics,</i> 1997-</p> <p class=MsoNormal style='margin-left:.5in'><i style='mso-bidi-font-style: normal'>The Journal of Real Estate Research</i>, 1999-</p> <p class=MsoNormal style='margin-left:.5in'><i style='mso-bidi-font-style: normal'>The Journal of Business Research</i>, 1994-1997</p> </blockquote> <div class=MsoNormal align=center style='text-align:center'> <hr size=4 width="100%" noshade style='color:#000066' align=center> </div> <h2>Courses Taught<a name=courses></a></h2> <blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'> <p class=MsoNormal>R EST 420: Real Estate Markets</p> <p>R EST 470 / FIN 470 Real Estate Capital Markets</p> <p>R EST 570 Institutional Real Estate Investment </p> <p>R EST 597B Seminar in Real Estate</p> </blockquote> <div class=MsoNormal align=center style='text-align:center'> <hr size=4 width="100%" noshade style='color:#000066' align=center> </div> <p align=center style='text-align:center'><!--#include virtual="http://cac.psu.edu/webtemplates/footer.html" --><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:#000066'><br> <br> <!-- CHANGE this to your own Penn State userid or other email address -->Page maintained by: <a href="mailto:bwa10@psu.edu">bwa10@psu.edu</a></span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><o:p>&nbsp;</o:p></p> </td> </tr> </table> </div> <p class=MsoNormal><o:p>&nbsp;</o:p></p> </div> <p class=MsoNormal><o:p>&nbsp;</o:p></p> </div> </body> </html>