Brent W. Ambrose

Professor of Real Estate, Program Director, Director of Ph.D. Program, Director of Borrelli Institute for Real Estate Studies

Department Risk Management
Office Address 381 Business Building
Phone Number 814-867-0066
Email Address bwa10@psu.edu

Download Vita Google Scholar Personal Website

Brent W. Ambrose

Professor of Real Estate, Program Director, Director of Ph.D. Program, Director of Borrelli Institute for Real Estate Studies

Department Risk Management
Office Address 381 Business Building
Phone Number 814-867-0066
Email Address bwa10@psu.edu

Download Photo Download Vita Google Scholar Personal Website

Dr. Ambrose is the Jason and Julie Borrelli Faculty Chair in Real Estate, Professor, Director of the Borrelli Institute for Real Estate Studies, and Director of the Smeal College Ph.D. Program at the Pennsylvania State University Smeal College of Business. Prior to joining Penn State University, he held faculty appointments at the University of Kentucky, and the University of Wisconsin-Milwaukee. From 1997 to 1998, he was a Visiting Associate Professor and Research Fellow at the University of Pennsylvania Wharton School of Business and a Visiting Economist with the US Department of Housing and Urban Development in 1991.

In 2010, Dr. Ambrose was elected President of the American Real Estate and Urban Economics Association (AREUEA). In 2016, he received AREUEA’s George Bloom Award for outstanding contributions to the field of real estate academics. He is a Faculty member and Fellow of the Weimer School of Advanced Studies in Real Estate and Land Economics at the Homer Hoyt Advanced Studies Institute, a Fellow of the Real Estate Research Institute, and in 2006 was appointed a Fellow of the FDIC Center for Financial Research. Dr. Ambrose is Editor-in-Chief of the Journal of Real Estate Finance and Economics was co-editor of Real Estate Economics from 2015 to 2020. He is also a member of the advisory board of the Real Estate Research Institute.

Dr. Ambrose has published over 75 refereed articles in the fields of real estate and finance. His work appears in The Journal of Finance, The Review of Economics and Statistics, The Review of Financial Studies, The Journal of Money Credit and Banking, The Journal of Financial Intermediation, The Journal of Real Estate Finance and Economics, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, Real Estate Economics, Review of Finance, Regional Science and Urban Economics, Journal of Urban Economics, Journal of Macroeconomics, and Journal of Housing Economics. He also co-edited Household Credit Usage: Personal Debt and Mortgages, published by Palgrave/MacMillian. According to Google Scholar, his work has generated over 5,000 citations and Research Papers in Economics (RePEc) places him in the top fifth percentile for economic research impact and productivity.[1]

Dr. Ambrose specializes in real estate finance, corporate finance, and fixed income security analysis. His research interests include issues related to Real Estate Investment Trusts (REITs), loss mitigation programs associated with mortgage default and foreclosure, Government Sponsored Enterprises (GSEs), fixed-income securities, and consumer credit contracts. He has consulted with the U.S. Department of Housing and Urban Development, the U.S. Department of the Treasury, and the Congressional Budget Office on several occasions regarding issues concerning FHA mortgage default and foreclosure, economically targeted assets, privatization of Fannie Mae and Freddie Mac, and the GSEs’ affordable housing goals. He holds a Ph.D. and M.B.A. from the University of Georgia and a B.S. in Business from Wake Forest University.

[1] As of September 6, 2021 and based on data from 62,679 authors worldwide. (http://repec.org/)

Expertise

Real Estate Finance.

Education

Ph D, Real Estate (Finance), The University of Georgia, 1989

MBA, Real Estate (Corporate Finance and Investments), The University of Georgia, 1987

BS, Business (History), Wake Forest University, 1986

Courses Taught

FIN 470 – R Est and Cap Mkts (3)
Analysis of publicly-traded real estate of both the equity, (REITs) and debt (MBSs) sides. The course also provides international perspectives. FIN 470 / RM 470 Real Estate and Capital Markets (3) The objectives of this course are to expose the student and explore the issues associated with the analysis of "public" ("Wall Street") real estate, including both equities (such as Real Estate Investment Trusts or REITs) and debt vehicles (such as Mortgage-Backed Securities or MBSs). In addition, the course will focus on the increasingly globalization of real estate capital markets as the real estate sector becomes integrated into the global financial system. The differences between private and public real estate analysis will also be explored, including the suitability of traditional asset pricing models for real estate analysis. Topics include the growing impact of institutional real estate forces on the real estate sector, the use of modern financial economics methods to real estate including the concept of market efficiency, modern portfolio theory applications, market measures of risk and return, the use of option-based models, and other advances. The rise of Wall Street's interest in real estate securities is an important institutional development and serves as the underlying background for the analysis of MBSs using fixed-income security techniques. As globalization has spread, the real estate sector has moved with these changes and prospects for a global real estate market are examined and evaluated. This course serves as a compliment to FIN 460, which emphasizes traditional financial analyses of individual real estate projects. In FIN 470, real estate securities are viewed as a natural extension towards the complete integration of real estate and capital markets. In this sense, these courses will enable traditional and modern analyses of the real estate sector for years to come.

REST 570 – Institutional REST Investment (2)
This course covers the convergence of real estate and the capital markets. It is designed to expose students to the structure, analysis, and valuation of a variety of real estate securities including: residential mortgage backed securities (MBS), collateralized mortgage obligations (CMOs), commercial mortgage backed securities (CMBS), and real estate investment trusts (REITs). The course also focuses on the role of real estate as a specific asset class in modern portfolio theory. After successfully completing this course, students will have a practical foundation for applying rigorous empirical methods in research to topics related to project level valuation and investment, the role of debt (capital structure), analysis of mortgages, private and public equity investment in real estate, and the role of real estate in portfolio allocation models.

REST 596 – Individual Studies (Variable)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.

REST 890 – Colloquium (1)
Continuing, professionally oriented seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

RM 470 – R Est and Cap Mkts (3)
Analysis of publicly-traded real estate of both the equity, (REITs) and debt (MBSs) sides. The course also provides international perspectives. FIN 470 / RM 470 Real Estate and Capital Markets (3) The objectives of this course are to expose the student and explore the issues associated with the analysis of "public" ("Wall Street") real estate, including both equities (such as Real Estate Investment Trusts or REITs) and debt vehicles (such as Mortgage-Backed Securities or MBSs). In addition, the course will focus on the increasingly globalization of real estate capital markets as the real estate sector becomes integrated into the global financial system. The differences between private and public real estate analysis will also be explored, including the suitability of traditional asset pricing models for real estate analysis. Topics include the growing impact of institutional real estate forces on the real estate sector, the use of modern financial economics methods to real estate including the concept of market efficiency, modern portfolio theory applications, market measures of risk and return, the use of option-based models, and other advances. The rise of Wall Street's interest in real estate securities is an important institutional development and serves as the underlying background for the analysis of MBSs using fixed-income security techniques. As globalization has spread, the real estate sector has moved with these changes and prospects for a global real estate market are examined and evaluated. This course serves as a compliment to FIN 460, which emphasizes traditional financial analyses of individual real estate projects. In FIN 470, real estate securities are viewed as a natural extension towards the complete integration of real estate and capital markets. In this sense, these courses will enable traditional and modern analyses of the real estate sector for years to come.

BA 595 – Internship (2)
Supervised off-campus, nongroup instruction, including field experiences, practicums, or internships. Written and oral critique of activity required.

REST 590 – COLLOQUIUM (1)
Continuing seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

RM 494H – Research Project (Variable)
Supervised honor student research projects identified on an individual or small-group basis.

FIN 597 – Special Topics (1.5)
Formal courses given on a topical or special interest subject which may be offered infrequently; several different topics may be taught in one year or term.

REST 597 – Special Topics (Variable)
Formal courses given on a topical or special interest subject which may be offered infrequently; several different topics may be taught in one year or term.

R EST 596 – Individual Studies (3)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.

R M 496 – Independent Studies (2)
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.

RM 496 – Indep Studies (1)
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.

FIN 494H – Research Projects (3)
Supervised student activities on research projects identified on an individual or small-group basis.

R EST 597A – Special Topics in Real Estate (3)
This course will survey readings in the modern theory of real estate and finance.

R M 494H – Honors Research Project (3)
Supervised honor student research projects identified on an individual or small-group basis.

R EST 570 – Institutional Real Estate Investment (2)
A survey of the latest developments of real estate as an institutional investment.

B A 596 – Individual Studies (variable)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall outside the scope of formal courses.

R EST 600 – Thesis Research (variable)

R EST 601 – Ph.D. Dissertation Full-Time

R EST 597B – Real Estate Research (2)
This will be an advanced course in Real Estate for Ph D students.

R EST 420 – Analysis of Real Estate Markets (3)
Historical performance, land use issues, market valuation, real estate development, public policy issues.

Selected Publications

Ambrose B. W., Coulson N., Yoshida J., "Housing Rents and Inflation Rates." Journal of Money, Credit and Banking, vol. 55, no. 4, 2023, pp. 975-992

Ambrose B. W., Han Y., Korgaonkar S., Shen Y. L., "Information in Financial Contracts: Evidence from Securitization Agreements." Journal of Financial and Quantitative Analysis, 2022

Ambrose B. W., Agarwal S., Lopez L., Xiao X., "Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-Backed Securities." American Economic Journal: Economic Policy, 2022

Ambrose B. W., Agarwal S., Diop M., "Minimum Wages Increases and Eviction Risk." Journal of Urban Economics, vol. 129, 2022

Ambrose B. W., Steiner E., "Economic Fundamentals, Capital Expenditures and Asset Dispositions." Journal of Real Estate Finance and Economics, vol. 64, 2022, pp. 361–378

Ambrose B. W., Hendershott P. H., Ling D. C., McGill G. A., "Homeownership and Taxes: How the TCJA Altered the Tax Code’s Treatment of Housing." Real Estate Economics, vol. 50, no. 5, 2022, pp. 1167-1200

Ambrose B. W., Shen Y., "Past Experiences and Investment Decisions: Evidence from Real Estate Markets." Journal of Real Estate Finance and Economics, vol. 66, 2021, pp. 300-326

Agarwal S., Ambrose B. W., Yildirim Y., Zhang J., "Risk Retention Rules and the Issuance of Commercial Mortgage Backed Securities." Journal of Real Estate Finance and Economics, 2021

Ambrose B. W., Diop M., "Information Asymmetry, Regulations, and Equilibrium Outcomes: Theory and Evidence from the Housing Rental Market." Real Estate Economics, vol. 49, 2021, pp. 74-110

Ambrose B. W., Conklin J., Lopez L., "Does Borrower and Broker Race Affect the Cost of Mortgage Credit?." Review of Financial Studies, vol. 34, no. 2, 2021, pp. 790–826, nam10.safelinks.protection.outlook.com/?url=http%3A%2F%2Ftrack.smtpserver.email%2F9032119%2Fc%3Fp%3DBXo8Kt1GB5ICSZiiV4FV0yMQ2ZlMkltOkLEvrfr3_Xu9OIBpHgT2ObW4DYHN_GnH1AHbxiX43EoC01L-Vtf

Ambrose B. W., Agarwal S., Yao V., "Can Regulation De-bias Appraisers?." Journal of Financial Intermediation, vol. 44, 2020, pp. 100827

Ambrose B. W., Agarwal S., Yao V., "Lender Steering in Residential Mortgage Markets." Real Estate Economics, vol. 48, no. 2, 2020, pp. 446-475

Ambrose B. W., Diop M., Thibodeau M., D'Lima W., "Risk and Performance of Mutual Funds’ Securitized Mortgage Investments." Journal of Real Estate Finance and Economics, vol. 59, 2019, pp. 515–548

Ambrose B. W., Mansley N., Fuerst F., Wang Z., "Assessing Size Effects and Economies of Scale in European Real Estate Companies." Global Finance Journal, vol. 42, 2019, pp. 100470, doi.org/10.1016/j.gfj.2019.04.004

Ambrose B. W., Emmerling T., Huang H., Yildirim Y., "Capital Structure and the Substitutability versus Complementary Nature of Leases and Debt." Review of Finance, vol. 23, no. 3, 2019, pp. 659-695

Ambrose B. W., Yuan Z., "Pricing Government Credit: A New Method For Determining Government Risk Exposure." Federal Reserve Bank of New York Economic Policy Review, vol. 24, no. 3, 2018, pp. 41-62

Ambrose B. W., Yoshida J., Coulson N., "Reassessing Taylor Rules Using Housing Rent Data." Journal of Macroeconomics, vol. 56, 2018, pp. 243-257

Ambrose B. W., Agarwal S., "Evidence of the Effect of Advertising on Home Equity Decisions." (Elgar), 2018, pp. 122–152, www.elgaronline.com/view/edcoll/9781849805674/9781849805674.00012.xml

Ambrose B. W., Shafer M., Yildirim Y., "The Impact of Tenant Diversification on Spreads and Default Rates for Mortgages on Retail Properties." Journal of Real Estate Finance and Economics, vol. 56, no. 1, 2018, pp. 1-32

Ambrose B. W., Diop M., Yoshida J., "Product Market Competition and Corporate Real Estate Investment under Demand Uncertainty." Real Estate Economics, vol. 45, no. 3, 2017, pp. 521-590

Agarwal S., Ambrose B. W., Chomsisengphet S., Liu C., "Joint Liability Lending and Credit Risk: Evidence from the Home Equity Market." Journal of Housing Economics, vol. 32, 2016, pp. 47-66

Ambrose B. W., Conklin J. N., Yoshida J., "Credit Rationing, Income Exaggeration, and Adverse Selection in the Mortgage Market." Journal of Finance, vol. 71, no. 6, 2016, pp. 2637-2685

Ambrose B. W., D'Lima W., "Real Estate Risk and Hedge Fund Returns." Journal of Real Estate Finance and Economics, vol. 52, no. 3, 2016, pp. 197-225

Ambrose B. W., Coulson N., Yoshida J., "The Repeat Rent Index." Review of Economics and Statistics, vol. 97, no. 5, 2015, pp. 939-950, dx.doi.org/10.1162/REST_a_00500

Ambrose B. W., Yavas A., Sanders A., "Servicers and Mortgage-Backed Securities Default: Theory and Evidence." Real Estate Economics, vol. 44, no. 2, 2015, pp. 462-489

Ambrose B. W., Case B., Ong S. E., "Introduction to the Special Issue." REAL ESTATE ECONOMICS, vol. 43, no. 1, 2015, pp. 1-7

Agarwal S., Ambrose B. W., Yildirim Y., "The Subprime Virus." REAL ESTATE ECONOMICS, vol. 43, no. 4, 2015, pp. 891-915

Ambrose B. W., Diop M., "Spillover Effects of Subprime Mortgage Originations: The Effects of the Single-family Mortgage Credit Expansion on the Multifamily Rental Market." Journal of Urban Economics, vol. 81, 2014, pp. 114-135

Ambrose B. W., Conklin J. N., "Mortgage Brokers, Origination Fees, Price Transparency and Competition." Real Estate Economics, vol. 41, no. 3, 2014

Ambrose B. W., Eichholtz P., Lindenthal T., "House Prices and Fundamentals: 355 Years of Evidence." Journal of Money, Credit and Banking, vol. 45, 2013, pp. 477-491

Ambrose B. W., King D., Cheng Y., "The Financial Crisis, Temporary Liquidity Guarantee Program, and the Impacts on the Fixed-Income Markets." Journal of Fixed Income, vol. 23, no. 2, 2013, pp. 5-26

Ambrose B. W., "Do Bubbles Always Pop?." Real Estate Research @ Penn State, 2012, pp. 4-7

Ambrose B. W., Cai K., Helwege J., "Fallen Angels and Price Pressure." Journal of Fixed Income, vol. 21, no. 3, 2012, pp. 74-86

Ambrose B. W., "Strange Days Indeed." Real Estate Research @ Penn State, 2012, pp. 2-4

Ambrose B. W., Buttimer, Jr. R., "The Adjustable Balance Mortgage: Reducing the Value of the Put." REAL ESTATE ECONOMICS, vol. 40, no. 3, 2012, pp. 536-565

Ambrose B. W., Buttimer, Jr R. J., "The Adjustable Balance Mortgage: Reducing the Value of the Put"." Real Estate Economics, vol. 40, no. 2, 2012, pp. 536-565

Agarwal S., Ambrose B. W., Chomsisengphet S., Sanders A. B., "Thy Neighbor’s Mortgage: Does Living in a Subprime Neighborhood Affect One’s Probability of Default?." REAL ESTATE ECONOMICS, vol. 40, no. 1, 2012, pp. 1-22

Agarwal S., Ambrose B. W., Chomsisengphet S., Liu C., "The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market." JOURNAL OF MONEY CREDIT AND BANKING, vol. 43, no. 4, 2011, pp. 633-655

Agarwal S., Ambrose B. W., Huang H., Yildirim Y., "The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence." JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, vol. 46, no. 2, 2011, pp. 553-584

Agarwal S., Ambrose B. W., Chomsisengphet S., Sanders A. B., "Thy Neighbor's Mortgage: Does Living in a Subprime Neighborhood Effect One's Probability of Default?." Real Estate Economics, vol. 40, no. 1, 2011, pp. 1-22

Agarwal S., Ambrose B. W., Huang H., Yildirim Y., "The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence." Journal of Financial and Quantitative Analysis, vol. 46, no. 2, 2011, pp. 553-584

Agarwal S., Ambrose B. W., Chomsisengphet S., Liu C., "The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Market." Journal of Money, Credit and Banking, vol. 43, no. 4, 2011, pp. 633-655

Ambrose B. W., Bian X., "Stock Market Information and REIT Earnings Management." Journal of Real Estate Research, vol. 21, no. 1, 2010, pp. 101-137
2009 Best Paper Award at the Structural Issues Facing Real Estate Investment Trusts Conference, Baruch College, New York, NY.

Ambrose B. W., "The Home Building Industry: How did we get here?." Real Estate Research@ Penn State, 2010

Ambrose B. W., Bian X., "Stock Market Information and REIT Earnings Management." JOURNAL OF REAL ESTATE RESEARCH, vol. 32, no. 1, 2010, pp. 101-137

Ambrose B. W., Lee D. W., "REIT Capital Budgeting and Equity Marginal q." REAL ESTATE ECONOMICS, vol. 37, no. 3, 2009, pp. 483-514

Ambrose B. W., Lee D. W., "REIT Capital Budgeting and Marginal Q." Real Estate Economics, vol. 37, no. 3, 2009, pp. 583-514

Ambrose B. W., "The 'Current' REIT Paradox." Real Estate Research@ Penn State, 2009

Ambrose B. W., Yildirim Y., "Credit risk and the term structure of lease rates: A reduced form approach." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 37, no. 3, 2008, pp. 281-298

Ambrose B. W., Peek J., "Credit Availability and the Structure of the Homebuilding Industry." REAL ESTATE ECONOMICS, vol. 36, no. 4, 2008, pp. 659-692

Ambrose B. W., Lusht K., "Overview of the Commercial Real Estate Industry." National Association of Real Estate Investment Trusts (NAREIT), 2008

Ambrose B. W., Cai N., Helwege J., "Forced Selling of Fallen Angels." Journal of Fixed Income, vol. 18, no. 1, 2008, pp. 72-85

Ambrose B. W., Yildirim Y., "Credit Risk and the Term Structure of Lease Rates: A Reduced Form Approach." Journal of Real Estate Finance and Economics, vol. 37, no. 3, 2008, pp. 281-298

Ambrose B. W., Peek J., "Credit Availability and the Supply of Residential Structures." Real Estate Economics, vol. 36, no. 4, 2008, pp. 659-692
2008 Edwin Mills Award for Best Paper in Real Estate Economics.

Agarwal S., Ambrose B. W., Chomsisengphet S., "Determinants of Automobile Loan Default and Prepayment." Federal Reserve Bank of Chicago Economic Perspectives, vol. 3Q, 2008, pp. 17-28

Ambrose B. W., Cassidy H., Yang T., "The Measurement of Mortgage Credit Risk in the United States: Implications for Emerging Mortgage Markets." U.S. Department of Housing and Urban Development, 2007

Ambrose B. W., Boyle P., Cassidy H. J., Yang T., "Mortgage Insurance: An Evaluation of Methods of Determining Capital Requirements.." IFE Group White Paper, 2007

Ambrose B. W., Lee D. W., Peek J., "Industry Comovement after Joining an Index: Spillovers of Nonfundamental Effects.." Real Estate Economics, vol. 35, no. 1, 2007, pp. 57-90

Ambrose B. W., Lee D. W., Peek J., "Comovement after joining an index: Spillovers of nonfundamental effects." REAL ESTATE ECONOMICS, vol. 35, no. 1, 2007, pp. 57-90

Agarwal S., Ambrose B. W., "HOUSEHOLD FINANCE AND THE FINANCIAL DECISION-MAKING PROCESS." 2007, pp. 3-9

Agarwal S., Ambrose B. W., "Household Finance and the Financial Decision Making Process.." Household Credit Usage: Personal Debt and Mortgages, (Palgrave/MacMillian), 2007

Agarwal S., Ambrose B. W., Chomsisengphet S., "ASYMMETRIC INFORMATION AND THE AUTOMOBILE LOAN MARKET." 2007, pp. 93-116

Agarwal S., Ambrose B. W., Household Credit Usage: Personal Debt and Mortgages, (Palgrave/MacMillian), 2007

Agarwal S., Ambrose B. W., Chomsisengphet S., Liu C., "An empirical analysis of home equity loan and line performance." JOURNAL OF FINANCIAL INTERMEDIATION, vol. 15, no. 4, 2006, pp. 444-469

Agarwal S., Ambrose B., Liu C., "Credit lines and credit utilization." JOURNAL OF MONEY CREDIT AND BANKING, vol. 38, no. 1, 2006, pp. 1-22

Ambrose B., Buttimer R., "GSE impact on rural mortgage markets." REGIONAL SCIENCE AND URBAN ECONOMICS, vol. 35, no. 4, 2005, pp. 417-443

Ambrose B. W., "Forced development and urban land prices." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 30, no. 3, 2005, pp. 245-265

Ambrose B., Sanders A., "Legal restrictions in personal loan markets." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 30, no. 2, 2005, pp. 133-151

Ambrose B., LaCour-Little M., Huszar Z., "A note on hybrid mortgages." REAL ESTATE ECONOMICS, vol. 33, no. 4, 2005, pp. 765-782

Ambrose B., Highfield M., Linneman P., "Real estate and economies of scale: The case of REITs." REAL ESTATE ECONOMICS, vol. 33, no. 2, 2005, pp. 323-350

Ambrose B., Thibodeau T., "Have the GSE affordable housing goals increased the supply of mortgage credit?." REGIONAL SCIENCE AND URBAN ECONOMICS, vol. 34, no. 3, 2004, pp. 263-273

Ambrose B., LaCour-Little M., Sanders A., "The effect of conforming loan status on mortgage yield spreads: A loan level analysis." REAL ESTATE ECONOMICS, vol. 32, no. 4, 2004, pp. 541-569

Ambrose B., Sanders A., "Commercial mortgage-backed securities: Prepayment and default." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 26, 2003, pp. 179-196

Ambrose B., Benjamin J., Chinloy P., "Bank and nonbank lenders and the commercial mortgage market." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 26, no. 1, 2003, pp. 81-94

Ambrose B., Kim S., "Modeling the Korean chonsei lease contract." REAL ESTATE ECONOMICS, vol. 31, no. 1, 2003, pp. 53-74

Ambrose B., Warga A., "Measuring potential GSE funding advantages." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 25, 2002, pp. 129-150

Ambrose B., King T., "GSE debt and the decline in the treasury debt market." JOURNAL OF MONEY CREDIT AND BANKING, vol. 34, 2002, pp. 812-839

Ambrose B., Hendershott P., Klosek M., "Pricing upward-only adjusting leases." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 25, no. 1, 2002, pp. 33-49

Ambrose B., Pennington-Cross A., Yezer A., "Credit rationing in the US mortgage market: Evidence from variation in FHA market shares." JOURNAL OF URBAN ECONOMICS, vol. 51, no. 2, 2002, pp. 272-294

Ambrose B., Buttimer R., Thibodeau T., "A new spin on the jumbo/conforming loan rate differential." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 23, no. 3, 2001, pp. 309-335

Ambrose B., Capone C., Deng Y., "Optimal put exercise: An empirical examination of conditions for mortgage foreclosure." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 23, no. 2, 2001, pp. 213-234

Ambrose B., LaCour-Little M., "Prepayment risk in adjustable rate mortgages subject to initial year discounts: Some new evidence." REAL ESTATE ECONOMICS, vol. 29, no. 2, 2001, pp. 305-327

Ambrose B., Pennington-Cross A., "Local economic risk factors and the primary and secondary mortgage markets." REGIONAL SCIENCE AND URBAN ECONOMICS, vol. 30, no. 6, 2000, pp. 683-701

Ambrose B., Buttimer R., "Embedded options in the mortgage contract." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 21, no. 2, 2000, pp. 95-111

Ambrose B., Capone C., "The hazard rates of first and second defaults." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 20, no. 3, 2000, pp. 275-293

Ambrose B., Ehrlich, SR, Hughes W., Wachter S., "REIT economies of scale: Fact or fiction?." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 20, no. 2, 2000, pp. 211-224

Ambrose B., Goetzmann W., "Risks and incentives in underserved mortgage markets." JOURNAL OF HOUSING ECONOMICS, vol. 7, no. 3, 1998, pp. 274-285

Ambrose B., Capone C., "Modeling the conditional probability of foreclosure in the context of single-family mortgage default resolutions." REAL ESTATE ECONOMICS, vol. 26, no. 3, 1998, pp. 391-429

Ambrose B., Buttimer R., Capone C., "Pricing mortgage default and foreclosure delay." JOURNAL OF MONEY CREDIT AND BANKING, vol. 29, no. 3, 1997, pp. 314-325

Ambrose B., Capone C., "Cost-benefit analysis of single-family foreclosure alternatives." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 13, no. 2, 1996, pp. 105-120

Ambrose B., Benjamin J., Chinloy P., "Credit restrictions and the market for commercial real estate loans." REAL ESTATE ECONOMICS, vol. 24, no. 1, 1996, pp. 1-22

Ambrose B., Warga A., "Pricing effects in Fannie Mae agency bonds." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 11, no. 3, 1995, pp. 235-249

Ambrose B. W., SPRINGER T., "SPATIAL VARIATION OF NONMETROPOLITAN INDUSTRIAL-LOCATION." JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, vol. 7, no. 1, 1993, pp. 17-27

Ambrose B. W., MEGGINSON W., "THE ROLE OF ASSET STRUCTURE, OWNERSHIP STRUCTURE, AND TAKEOVER DEFENSES IN DETERMINING ACQUISITION LIKELIHOOD." JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, vol. 27, no. 4, 1992, pp. 575-589

Ambrose B. W., WINTERS D., "DOES AN INDUSTRY EFFECT EXIST FOR LEVERAGED BUYOUTS." FINANCIAL MANAGEMENT, vol. 21, no. 1, 1992, pp. 89-101

Ambrose B. W., ANCEL E., GRIFFITHS M., "THE FRACTAL STRUCTURE OF REAL-ESTATE INVESTMENT TRUST RETURNS - THE SEARCH FOR EVIDENCE OF MARKET-SEGMENTATION AND NONLINEAR DEPENDENCY." JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION, vol. 20, no. 1, 1992, pp. 25-54

Ambrose B. W., MONE M., "A TEST OF THE EFFICIENCY OF PARAMETER-ESTIMATION FROM CROSS-SECTION TIME-SERIES DATA WITH RANDOMLY MISSING DATA." 1991, pp. 748-750

Research Impact and Media Mentions

"Penn State/ACY Alternative Inflation Index", Forbes, Journal or Magazine, www.forbes.com/sites/greatspeculations/2023/05/06/the-seeds-of-deflation--sewn-by-the-fed/?sh=3fee22f546d6

"The Impact of Student Loan Debt on Small Business Formation", Wall Street Journal, Newspaper, www.wsj.com/articles/how-student-loan-debt-or-not-having-it-shapes-lives-11669575228?st=p1h22ronwefo2ik&reflink=desktopwebshare_permalink

"The Impact of Student Loan Debt on Small Business Formation", The Atlantic, Journal or Magazine, www.theatlantic.com/ideas/archive/2022/08/biden-student-debt-cancelation-stiglitz/671228/

"The Impact of Student Loan Debt on Small Business Formation", FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most, Internet, www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

"Do minimum-wage increases benefit low-income households?", Washington Post, Newspaper, www.washingtonpost.com/business/2021/03/03/15-minimum-wage-black-hispanic-women/

"Do Minimum Wage Increases Benefit Low-Income Households? Evidence from the Performance of Residential Leases", Backyard Next City on Housing Equity, Internet, nextcity.org/daily/entry/research-15-minimum-wage-affordable-housing-crisis

"Penn State Approved as 25th University Program to Meet AQB Qualifying Education Requirements", CISON PR Newswire, Newspaper, www.prnewswire.com/news-releases/penn-state-approved-as-25th-university-program-to-meet-aqb-qualifying-education-requirements-301216412.html

"Appraisal Foundation approves Penn State Smeal real estate master's program", Penn State News, Newspaper

"Penn State/ACY Alternative Inflation Index", Monthly Update of Penn State/ACY Inflation Index, Internet, sites.psu.edu/inflation/

"Penn State/ACY Inflation Index suggests inflation rate has stabilized", Penn State News, Newspaper, news.psu.edu/story/627802/2020/08/07/society-arts-and-humanities/penn-stateacy-inflation-index-suggests-inflation

"Uncovering racial disparities in mortgage markets", Penn State News, Newspaper, news.psu.edu/story/626593/2020/07/23/research/uncovering-racial-disparities-mortgage-markets

"Homer Hoyt May Session", May Session of the Weimer School at Homer Hoyt, Real Estate Research Conference

"Changing how government assesses risk may ease extreme financial event fallout", Penn State News, Internet, news.psu.edu/story/556522/2019/01/30/research/changing-how-government-assesses-risk-may-ease-extreme-financial?utm_source=newswire&utm_medium=email&utm_term=556712_HTML&utm_content=01

"White mortgage agents may charge minority borrowers higher mortgage fees 5", Penn State News, Internet, news.psu.edu/story/555287/2019/01/22/research/white-mortgage-agents-may-charge-minority-borrowers-higher-mortgage

"Panel Discussion: Development in College Towns", Institute for Real Estate Studies, IRES Networking Event

"Inflation: It's now what it appears to be!", Webinar hosted by Smeal Alumni Career Services, Internet

"Smeal research reveals alternative inflation rate may offer more accurate economic guidance", Smeal News, Internet, news.smeal.psu.edu/news-archive/2018/smeal-research-reveals-alternative-inflation-rate-may-offer-more-accurate-economic-guidance

"Researchers suggest one important change to more accurately measure inflation", MarketWatch, Internet, www.marketwatch.com/story/how-this-one-monthly-cost-might-be-skewing-inflation-data-2018-05-31?link=MW_latest_news

"Alternative inflation rate may offer more accurate economic guidance", ScienceDaily, Internet, www.sciencedaily.com/releases/2018/05/180531114646.htm

"Alternative inflation rate may offer more accurate economic guidance", EurekAlert, Internet, www.eurekalert.org/pub_releases/2018-05/ps-air053018.php

"Alternative inflation rate may offer more accurate economic guidance", Phys.org, Internet, phys.org/news/2018-05-alternative-inflation-accurate-economic-guidance.html?&campaign_name=third-party-newsflo&dgcid=raven_md_feed_email

"Alternative inflation rate may offer more accurate economic guidance", Penn State News, Internet, news.psu.edu/story/522058/2018/05/24/research/alternative-inflation-rate-may-offer-more-accurate-economic

"The CPI And Housing Prices", Seeking Alpha, Internet, seekingalpha.com/article/4173463-cpi-housing-prices

"The Consumer Price Index May Be Getting Inflation Wrong", Bloomberg Businessweek, Journal or Magazine, www.bloomberg.com/news/articles/2018-05-02/the-consumer-price-index-may-be-getting-inflation-wrong

"What will happen to PPL Plaza?", The Morning Call, Newspaper, www.mcall.com/business/real-estate/mc-biz-plaza-at-ppl-center-talen-uncertain-future-20170816-story.html

"PPL Plaza falls deeper into default", Morning Call, Newspaper, www.mcall.com/business/real-estate/mc-ppl-plaza-default-deepens-20170221-story.html

Editorships

Journal of Real Estate Finance and Economics, Co-Editor, August 2021 - Present

Journal of Real Estate Portfolio Management, Editorial Board, June 2016 - July 2019

Real Estate Economics, Co-Editor, (www.areuea.org/publications/ree/), January 2015 - December 2020
Served as Managing Editor (2015, 2016, 2020)

Real Estate Economics -- REIT Special Issue, Co-Editor, September 2012 - December 2013

The International Real Estate Review, Editorial Board, January 2007 - Present

Real Estate Economics, Editorial Board, January 2000 - Present

The Journal of Real Estate Research, Editorial Board, January 1999 - Present

The Journal of Real Estate Finance and Economics, Editorial Board, January 1997 - Present