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
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
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
2009 Best Paper Award at the Structural Issues Facing Real Estate Investment Trusts Conference, Baruch College, New York, NY.
2008 Edwin Mills Award for Best Paper in Real Estate Economics.
Research Impact and Media Mentions
Editorships
Served as Managing Editor (2015, 2016, 2020)