JOHN Y. CAMPBELL

Morton L. and Carole S. Olshan Professor of Economics at Harvard University

The American Real Estate Society (ARES) is pleased to announce that John Y. Campbell, the Morton L. and Carole S. Olshan Professor of Economics at Harvard University, has been awarded the 2026 Michael J. Seiler Behavioral Research Commendation, created to attract and encourage top researchers from a wide array of disciplines to focus their research efforts towards expanding knowledge in the area of behavioral real estate. Professor Campbell will be given the award and the monetary prize at the 2026 ARES Annual Meeting in San Destin, FL, from March 24-28, 2026.

Professor Campbell has published over 100 articles in top Finance and Economics journals on various aspects of finance and macroeconomics, including fixed-income securities, equity valuation, portfolio choice, and household finance. His books include Fixed: Why Personal Finance is Broken and How to Make It Work for Everyone (with Tarun Ramadorai, PUP 2025) and The Econometrics of Financial Markets (with Andrew Lo and Craig MacKinlay, PUP 1997).

John Campbell served as President of the American Finance Association in 2005. He is a Research Associate and former Director of the Program in Asset Pricing at the National Bureau of Economic Research (NBER), a Fellow of the Econometric Society and the American Academy of Arts and Sciences, a Corresponding Fellow of the British Academy and Honorary Fellow of Corpus Christi College, Oxford, and holds honorary doctorates from BI Norwegian Business School, the University of Maastricht, the University of Paris Dauphine, and Copenhagen Business School. Campbell co-founded and serves on the board of Arrowstreet Capital, LP, a Boston-based quantitative asset management company.

View full press release.

The 2022 ARES Annual Meeting was a great success, and we are pleased to announce that we are now accepting nominations for the 2022 Manuscript Awards. Chris Manning has arranged for 22 outstanding Manuscript Awards covering a wide range of real estate areas and topics of interest. A listing of the award categories is provided below and in the linked PDF document.

• Apartments, $1000 sponsored by National Multifamily Housing Council (NMHC)
• Best Practitioner Research (Non-residential), $2,500 sponsored by BOMA International (New category in 2021)
• Corporate Real Estate, $1000 sponsored by CoreNet Global
• CoStar Data, $2,500 sponsored by the CoStar Group for a paper on any topic using CoStar data
• Housing, $2,500 sponsored by the Lucas Institute for Real Estate Development and Finance at Florida Gulf Coast University
• Innovative Thinking “Thinking Out of the Box” (any topic), $1000 sponsored by Greenfield Advisors, Inc.
• Marc Louargand Best Research Paper by a Practicing Professional (any category), $1,500 sponsored by the James R. Webb ARES Foundation. Qualification for this award requires that 50% or more of the authors be industry professionals and not hold full-time academic appointments.
• Property/Asset Management, $1,500 sponsored by the Institute of Real Estate Management (IREM)
• Real Estate Brokerage/Agency, $2,500 sponsored by Keller Williams (a new ARES prize sponsor in 2021)
• Real Estate Cycles, $2,500 sponsored by Pyhrr/Born Trust for Real Estate Cycle Research
• Real Estate Education, $1000 sponsored by Dearborn Real Estate Education
• Real Estate Finance, $1000 sponsored by Real Capital Analytics (RCA)
• Real Estate Investment, $1,500 sponsored by The CCIM Institute
• Real Estate Investment Trusts, $1000 sponsored by the National Association of Real Estate Investment Trusts (NAREIT)
• Real Estate Market Analysis, $1000 sponsored by the Texas Tech Rawls College of Business
• Real Estate Valuation, $1000 sponsored by the Appraisal Institute (AI)
• Seniors Housing, $1000 sponsored by the National Investment Center for Seniors Housing and Care (NIC)
• Spatial Analytics/GIS Applications, $1000 sponsored by the Gazarian Real Estate Center in the Craig School of Business at California State University, Fresno
• Sustainable Real Estate, $1000 sponsored by USAA Real Estate
• Urban Design and Development, $2,000 sponsored by Go High Capital (New category in 2021)

Manuscript nomination is made by the contact author for the paper. Authors interested in pursuing a manuscript prize will submit their nomination(s) via our online nomination form by July 1, 2022.

Completed manuscripts are required. All copies of submitted manuscripts must be in a PDF format. Awards will be announced Fall 2022.

Good luck and best wishes.

Sincerely,

Philip Seagraves
American Real Estate Society President
Real Estate Program Director
Associate Professor
Middle Tennessee State University
(404) 808-0376
philip.seagraves@mtsu.edu

Congratulations to Kelsea Wong from Villanova University, and Salome Richalet from the Ecole hoteliere de Lausanne, the 2021 Alpha Sigma Gamma Students of the Year.

For more info, checkout ASG's Student of the Year page.

This issue, guest edited by Michael Lacour-Little, Senior Director of Economic and Strategic Research at Fannie Mae, focuses on the effects, both direct and indirect, of flooding and other natural disasters on properties, markets, and households.

Contributing researchers from both academic and governmental institutions represent diverse expertise in real estate, risk management, finance and economics, consumer protection, housing policy, urban studies, and business.

Articles include:

• Introduction: Natural Disasters and the Housing Market - Michael LaCour-Little
• Flood Risk and the U.S. Housing Market - Carolyn Kousky, Howard Kunreuther, Michael LaCour-Little & Susan Wachter
• From Bad to Worse: Natural Disasters and Financial Health - Caroline Ratcliffe, William Congdon, Daniel Teles, Alexandra Stanczyk & Carlos Martín
• Spatial Spillovers in the Pricing of Flood Risk: Insights from the Housing Market - Carolin Pommeranz & Bertram I. Steininger
• Flood Damage and Mortgage Credit Risk: A Case Study of Hurricane Harvey - Carolyn Kousky, Mark Palim & Ying Pan
• Do Areas Affected by Flood Disasters Attract Lower-Income and Less Creditworthy Homeowners? - Dimuthu Ratnadiwakara & Buvaneshwaran Venugopal
• Deductible Choice in Flood Insurance: Who Chooses the Maximum? - Timothy Dombrowski, R. Kelley Pace, Dimuthu Ratnadiwakara & V. Carlos Slawson, Jr.

About Fannie Mae

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. Fannie Mae partners with lenders to create housing opportunities for families across the country, and drives positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com.

See full press release here.

Press Release: ARES 2020 Awards

Alpha Sigma Gamma Recognizes 2020 Students of the Year

Senior Named "Student of the Year" by American Real Estate Society

Christina Klass received her undergraduate degree at the Ecole hôtelière de Lausanne (EHL) in 2017, where she currently serves as an academic assistant giving student tutorials, preparing class material and coaching student groups in case study projects.  She graduated with high honors and as the second best student of her intake. During her studies, she completed two six months internships, an operational one at the Ritz Carlton Berlin and an internship in finance at the Dolder Grand in Zurich.  Starting in September 2018, Christina will begin working as a real estate trainee at the Swiss investment company Patrimonium. 

Alec Ball is a recent graduate of the Honors College at the College of Charleston, where he majored in Finance and minored in Real Estate.  During his studies, he was a member of the William Aiken Fellows Society, a society composed of the top 1% of students in the College. He was also involved in the College’s Leadership Certificate Program and the campus chapter of Reformed University Fellowship. During his senior year, Alec completed an extensive thesis detailing the relationship between cryptocurrency valuations and investor awareness. Beyond academics, Alec completed internships with John Hancock, Ferrer Commercial Real Estate Advisors, and RSN Promotions. Alec ultimately hopes to pursue a career in real estate investments.

Cayman Seagraves recently completed his undergraduate degree at Middle Tennessee State University, where he graduated Cum Laude as a Real Estate Finance major.  He was awarded the Buchanan Fellowship upon his arrival at MTSU, which is the top scholarship offered by the University's Honors College.  While completing his degree, Cayman served as president of the Blue Raider Real Estate Club and was the first MTSU student to receive the Argus software certification.  He also received his real estate license and worked in industry as a sales agent.  Cayman is now continuing his education as a Finance Ph.D. student at Florida State University, and he plans to pursue a career in academia upon completion of the degree.

BH&J Buy vs. Rent Index Shows All Signs Pointing Toward a Peak in the U.S. Real Estate Cycle

Current signs indicate that most U.S. housing markets are approaching a peak in the real estate cycle, but there’s little evidence to suggest prices will plummet as they have in the past, according to the latest national index produced by Florida Atlantic University and Florida International University faculty. Read the most recent report here.