Shaun Bond
Associate Professor/West Shell, Jr. Chair of Real EstateProfessional Summary
Professor Shaun A. Bond is an associate professor in the Department of Finance and Real Estate at the University of Cincinnati. He holds the West Shell, Jr. Chair in Real Estate and is currently the Director of the UC Real Estate Center. Shaun has an extensive research background in real estate finance and investment, with a special interest in portfolio choice in the context of institutional investment. Research papers have been published on the performance of real estate fund managers, real estate derivatives, liquidity risk, and volatility modeling. Prior to joining the Finance Department at UC, Shaun held an appointment in the Department of Land Economy at the University of Cambridge. In addition, Shaun has been a visiting professor at the Pennsylvania State University and the George Washington University. Shaun holds a PhD and an MPhil in Economics from the University of Cambridge, and an undergraduate degree in Economics from the University of Queensland (awarded with First Class Honors).
In 2011, Shaun was elected to a three-year term on the board of the American Real Estate and Urban Economics Association. He also serves on the advisory board of the Real Estate Research Institute and as a trustee of the Cincinnati chapter of NAIOP. Shaun is a member of the Editorial Boards of Real Estate Economics, the Journal of Property Research, Property Management, and the International Journal of Housing Markets and Analysis. In addition to his academic work, Shaun has also completed research projects for many industry and government groups, including the Investment Property Forum (UK), the European Public Real Estate Association, HM Treasury, and the Real Estate Research Institute.
Contact Information
Phone:
513-556-6965
Fax:
513-556-0979
Teaching Interest
- Real estate finance
- Finance and investments
Research Interest
- Real estate finance
- Financial econometrics
- Risk measurement
Organization:
Smeal College of Business, Penn State Univeristy
Title:
Visiting Associate Professor of Real Estate
End Date:
2008-12-31
Organization:
University of Cambridge
Title:
University Senior Lecturer in Real Estate Finance
End Date:
2008-06-30
Organization:
Pemboke College
Title:
Director of Studies for Land Ecomony
End Date:
2007-06-30
Organization:
UQ Business School, University of Queensland
Title:
Visiting Fellow
End Date:
2006-12-31
Organization:
University of Cambridge
Title:
University Lecturer in Real Estate Finance
End Date:
2005-12-31
Organization:
School of Business and Public Managment, The George Washington University
Title:
Visiting Fellow
End Date:
2002-12-31
Organization:
University of Cambridge
Title:
Univeristy Assistant Lecturer in Real Estate Finance
End Date:
2002-12-31
Organization:
University of Cambridge
Title:
Teaching Assistant
End Date:
1998-12-31
Organization:
Queensland Treasury Department, Australia
Title:
Senior Economist
End Date:
1995-12-31
Organization:
Queensland Treasury Department, Australia
Title:
Econometrician
End Date:
1994-12-31
Name:
IPF-Research Trust Scholar
Year Received:
2006
Organization:
Asain Real Estate Society Annual Conference
Name:
Best Paper Award in Property Management and Sustinable Development
Year Received:
2005
Organization:
Australia PhD Scholarship
Name:
Cambridge Commonwealth Trust
Year Received:
1995
Name:
Overseas Research Studentship
Year Received:
1995
Organization:
University of Cambridge
Major:
Economics
Dissertation:
Dynamic Models of Semi-variance
Completed:
2001
Degree:
Ph D
Organization:
University of Cambridge
Major:
Economics
Completed:
1996
Degree:
Other
Organization:
University of Queensland
Location:
Australia
Major:
Economics/Economic statistics
Completed:
1990
Degree:
Other
Published Contributions
Title:
The Information Content of Real Estate Derivatives
Page(s):
pp 170 - 181
Author(s):
Bond, Shaun
Mitchell, Paul
Mitchell, Paul
Publisher:
The Journal of Portfolio Management
Title:
More Accurate Forecasting – property derivatives or the IPF consensus?
Page(s):
pp 10 - 12
Author(s):
Bond, Shaun
Mitchell, Paul
Mitchell, Paul
Year Published:
2010
Publisher:
Investment Property Focus
Title:
Alpha and Persistence in Real Estate Fund Performance
Page(s):
26
Author(s):
Bond, Shaun
Mitchell, Paul
Mitchell, Paul
Year Published:
2010
Publisher:
Journal of Real Estate Finance and Economics
Publicly available:
Yes
Title:
The Relationship between National Non-Domestic Rates and Rents on Commercial Property: Empirical Evidence from Enterprise Zones
Author(s):
Bond, Shaun
Gardiner, B.
Tyler, P.
Gardiner, B.
Tyler, P.
Year Published:
2008
Publisher:
Cambridge Econometrics
Title:
"Lease Maturity and Initial Rent: Is There a Term Structure for UK Commercial Property Leases"
Author(s):
Bond, Shaun
Loizou, P.
McAllister, P.
Loizou, P.
McAllister, P.
Year Published:
2008
Publisher:
The Journal of Real Estate Finance and Economics
Title:
"Commercial Real Estate: Is a Problem Looming"
Page(s):
270-271
Author(s):
Bond, Shaun
Year Published:
2007
Publisher:
Public Service Review: Central Government
Title:
"Marketing Period Risk in a Portfolio Context: Theory and Empirical Estimates from the UK Commercial Real Estate Market
Page(s):
447-461
Author(s):
Bond, Shaun
Hwang, S.
Lin, Z.
Vandell, K.
Hwang, S.
Lin, Z.
Vandell, K.
Year Published:
2007
Publisher:
Journal of Real Estate Finance and Economics
Title:
"Will Private Equity and Hedge Funds Replace Real Estate in Mixed-Asset Portfolios"
Author(s):
Bond, Shaun
Hwang, S.
Mitchell, P.
Satchell, S.E.
Hwang, S.
Mitchell, P.
Satchell, S.E.
Year Published:
2007
Publisher:
Journal of Portfolio Management
Title:
Asset Allocation in the Modern World
Author(s):
Bond, Shaun
Mitchell, P.
Hwang, S.
Satchell, S.E.
Mitchell, P.
Hwang, S.
Satchell, S.E.
Year Published:
2007
Title:
Alpha and Persistence in UK Property Fund Management
Page(s):
53-79
Author(s):
Bond, Shaun
Mitchell, P.
Mitchell, P.
Year Published:
2007
Publisher:
The Journal of Real Estate Finance and Economics
Title:
"Smoothing Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices"
Page(s):
349-382
Author(s):
Bond, Shaun
Hwang, S.
Hwang, S.
Year Published:
2007
Publisher:
Real Estate Economic
Title:
"A Web of Shocks: Crises Across Asian Real Estate Markets
Page(s):
253-274
Author(s):
Bond, Shaun
Year Published:
2006
Publisher:
Journal of Real Estate Finance and Economics
Title:
"Asymmetry, Loss Aversion and Forecasting"
Page(s):
1809-1830
Author(s):
Bond, Shaun
Satchel, S.E.
Satchel, S.E.
Year Published:
2006
Publisher:
The Journal of Business
Title:
"Optimal Allocation to Real Estate Incorporating Illiquidity Risk."
Page(s):
2-16
Author(s):
Bond, Shaun
Hwang, S.
Richard, K.
Hwang, S.
Richard, K.
Year Published:
2006
Publisher:
Journal of Asset Management
Title:
The Performance and Diversification Benefits of European Public Real Estate Securities
Page(s):
27
Author(s):
Glascock, John
Bond, Shaun
Bond, Shaun
Year Published:
2006
Publisher:
European Public Real Estate Association
Publicly available:
Yes
Title:
"Asymmetry and Downside Risk in Foreign Exchange Markets."
Page(s):
313-332
Author(s):
Bond, Shaun
Satchel, S.E.
Satchel, S.E.
Year Published:
2006
Publisher:
European Journal of Finance
Title:
An Analysis of Risk and Return for European Real Estate
Page(s):
40 pgs.
Author(s):
Glascock, John
Bond, Shaun
Bond, Shaun
Year Published:
2006
Publisher:
Sponsored by EPRA
Title:
"Review of Development Involvement and Property Share Performance"
Author(s):
Bond, Shaun
Prior, B.
Prior, B.
Year Published:
2005
Publisher:
PREA Research Review 2005/ Real Estate Association
Title:
"Should Real Estate Investors Worry About Liquidity Risk"
Page(s):
15-17
Author(s):
Bond, Shaun
Year Published:
2005
Publisher:
Investment Property Focus
Title:
The Performance of European Property Companies - A review of the last Decade"
Author(s):
Bond, Shaun
Glascock, John
Glascock, John
Year Published:
2005
Publisher:
The European Real Estate Year Book 2005/ Real Estate Publishers B.V., The Hague
Title:
The Performance of European Property Companies and the Potential for Investors"
Author(s):
Bond, Shaun
Glascock, John
Glascock, John
Year Published:
2005
Publisher:
EPRA News
Title:
"Defining Liquidity in Property Markets"
Author(s):
Bond, Shaun
Lizieri, C.M.
Lizieri, C.M.
Year Published:
2004
Publisher:
Liquidity in Commercial Property Markets/ Investment Property Forum
Title:
"A Measure of Fundamental Volatility in the Commercial Property Market
Page(s):
577-600
Author(s):
Bond, Shaun
Hwang, S.
Hwang, S.
Year Published:
2003
Publisher:
Real Estate Economics
Title:
"International Real Estate Returns: A Mulitifactor, Multicountry Approach."
Page(s):
481-500
Author(s):
Bond, Shaun
Karolyi, G.A.
Sanders, A.B.
Karolyi, G.A.
Sanders, A.B.
Year Published:
2003
Publisher:
Real Estate Economics
Title:
"The Conditional Distribution of Real Estate Returns: Are Higher Moments Time Varying?"
Page(s):
319-339
Author(s):
Bond, Shaun
Patel, K.
Patel, K.
Year Published:
2003
Publisher:
Journal of Real Estate Finance and Economics
Title:
"Statistical Properties of the Sample Semi-Variance."
Page(s):
219-239
Author(s):
Bond, Shaun
Satchell, S.E.
Satchell, S.E.
Year Published:
2002
Publisher:
Applied Mathematical Finance
Title:
"An Econometric Model of Downside Risk"
Author(s):
Bond, Shaun
Year Published:
1998
Publisher:
Forecasting Volatility in the Financial Markets
Research in progress
Title:
"An Analysis of Commercial Real Estate Returns: Is there a Smoothing Puzzle?"
Title:
"Capital Structure Theories and Real Estate Financing Decisions"
Status:
Writing Results
Title:
"German Open-end Real Estate Funds: Investment Focus and Fund Performance"
Status:
On-Going
Title:
"Modelling the Impact of Rent Volatility on Tenure Choice in the UK"
Status:
On-Going
Title:
Discounts to Net Asset Value for European Property Companies"
Title:
Liquidity Dynamics across Public and Private Markets: The Case of Real Estate
Description:
In this paper we investigate cross-asset liquidity between equity markets and REITs and between REITs and private real estate markets. While many studies have investigated REIT liquidity, and there is an emerging interest in liquidity in the private real estate markets, there appears to be little knowledge of the dynamics of cross-market liquidity. We find lower levels of liquidity for REITs compared to a set of control firms matched on size and book to market ratios. Commonality in liquidity is also lower for REITs than the controls and the overall market. However, we do find an important difference in share turnover for REITs, which appears to have a higher level of commonality than found in other studies. We suggest that this may be due to the financial crisis. Additionally we find evidence of similar time-series variation in liquidity for public and private real estate markets. We also find significant directional causality for most liquidity proxies from the public to private real estate markets. Finally our results show that there is strong contemporaneous correlation between both public and private real estate market liquidity and the term spread and real investment and consumption spending. REIT liquidity also appears sensitive to credit spreads but no association was found to private market liquidity.
Status:
Writing Results
Research Type:
Scholarly
Title:
The Optimal Portfolio Weight fopr Real Estate with Liquidity Risk and Uncertainty Aversion
Organization:
AREUEA
Title:
Did Leveraged ETFs Increase Intraday REIT Volatility during the Crisis
Organization:
FMA
Location:
Denver
Year:
2011
Title:
Did Leveraged ETFs Increase Intraday REIT Volatility During the Crisis?
Location:
University of Southern California
Year:
2011
Title:
Did Leveraged ETFs Increase Intraday REIT Volatility during the Crisis
Organization:
University of Southern California
Location:
Los Angeles
Year:
2011
Title:
Did Leveraged ETFs Increase Intraday REIT Volatility During the Crisis?
Organization:
AREUEA
Location:
Denver, CO
Year:
2011
Title:
Did Leveraged ETFs Increase Intraday REIT Volatility during the Crisis
Organization:
AREUEA, ASSA
Location:
Denver
Year:
2011
Title:
"Do Changes in Illiquidity Affect Investors' Expectations"
Location:
New Orleans
Year:
2008
Title:
"Tax Incidence and Commercial Real Estate Leases"
Location:
New Orleans
Year:
2008
Title:
"The Optimal Time to Sell in Real Estate Portfolio Management
Location:
Boston
Year:
2007
Title:
"An Analysis of Commercial Real Estate Returns: Is There a Smoothing Puzzle?"
Location:
University of North Carolina, Charlotte
Year:
2007
Title:
"An Analysis of Commercial Real Estate Returns: Is There a Smoothing Puzzle?"
Location:
University of Cincinnati
Year:
2007
Title:
"Asset Allocation in the Modern World
Location:
London
Year:
2007
Title:
University of Regensburg Symposium on Real Estate Finance and Economics
Year:
2007
Title:
"An Analysis on Commercial Real Estate Returns: Is There a Smoothing Puzzle?"
Location:
Florida
Year:
2007
Title:
"Asset Allocation in the Modern World"
Year:
2007
Title:
"Adjustments in Property Space Markets"
Location:
Chicago
Year:
2007
Title:
"Conditional Expectations and the Variablility of Equity REIT Returns"
Location:
Chicago
Year:
2007
Title:
"An Analysis of Commercial Real Estate Returns: Is There a Smoothing Puzzle?"
Location:
UQ Business School, University of Queensland
Year:
2006
Title:
"An Analysis of Commercial Real Estate Returns: Is There a Smoothing Puzzle?"
Organization:
Department of Banking and Finance
Location:
Univserity of New South Wales
Year:
2006
Title:
"Lease MAturity and Initial Rent: Is There a Term Structure for UK Commercial Property Leases?"
Location:
Maastricht University
Year:
2006
Title:
"An Analysis of Commercial Real Estate Returns: Is There a Smoothing Puzzle?"
Organization:
Quantitative Finance Research Centre
Location:
University of TEchnology Sydney
Year:
2006
Title:
"An Analysis of Commercial Real Estate Returns: Is There a Smoothing Puzzle?"
Organization:
Hong Knog Unviersity
Location:
National University of Singapore
Year:
2006
Title:
:Evaluationg Unsmoothing Procedures for Appraisal Data
Location:
Boston
Year:
2006
Title:
"Lease MAturity and Intial Rent: Is There a Term Structure for the UK Commercial Property Leases"
Year:
2005
Title:
"Asian Real Estate Markets - Diversification Potential (in good times and bad)
Year:
2005
Title:
"Lease Maturity and Initial Rent: Is There a Term Structure for UK Commercail Property Leases?"
Year:
2005
Title:
"Smoothing, Nonsynchronous Appraisal and Cross-sectional Aggregation in Real Estate Price Indices"
Organization:
Isaac Newton Institute of Mathematical Sciences
Location:
Cambridge
Year:
2005
Title:
"Smoothing, Nonsynchronous Appraisal and Cross-sectional Aggregation in Real Estate Price Indices"
Year:
2005
Title:
"The Economic Advantages of the EuroHypothec (EuroMortgage)"
Organization:
German Mortgage Bankers
Year:
2004
Title:
"Liquidity Risk and Real Estate"
Organization:
Society of Property Researchers - Investment Special Interest Group
Year:
2004
Title:
"Relative Performance of Residential Returns Compared to Other Asset Classes" and "Risk and Returns Expected from PIF's"
Year:
2004
Title:
"European Property Companies: PErformance and Diversification Potential"
Year:
2004
Title:
"A Web of Shocks: Crises Across Asian Real Estate Markets"
Organization:
Department of Geography and Planning
Location:
University of Queensland
Year:
2004
Title:
"Smoothing, Nonsynchronous Appraisal and Cross-sectional Aggregation in Real Estate Price Indices"
Organization:
Department of Finance and Economics
Location:
Queensland University of Technology
Year:
2004
Title:
"Smoothing, Nonsynchronous Appraisal and Cross-sectional Aggregation in Real Estate Price Indices"
Year:
2004
Title:
"A Web of Shocks: Crises Across Asian Real Estate Markets"
Location:
Hong Kong
Year:
2004
Title:
"Asymmetry, Loss Aversion and Forecasting"
Year:
2004
Title:
"Liquidity Risk and Real Estate: A Quantitative Approach to Assessing Risk"
Year:
2004
Title:
"Smoothing, Nonsynchronous Appraisal and Cross-sectional Aggregation in Real Estate Price Indices"
Year:
2004
Title:
"Liquidity Risk and Real Estate: A Quantitative Approach to Assessing Risk"
Year:
2004
Title:
"An Examination of Discounts to Net Asset Value in European Property Companies"
Year:
2003
Title:
"An Examination of Discounts to Net Asset Value in European Property Companies"
Year:
2003
Title:
"An Examination of Discounts to Net Asset Value in European Property Companies"
Year:
2003
Title:
"International Real Estate Returns: A Multifactor, Multicountry Approach"
Organization:
Centre for Real Estate Research
Location:
University College Dublin
Year:
2003
Title:
"Asymmetry, Loss Aversion and Forecasting"
Organization:
George Washington University
Location:
Department of Finance
Year:
2002
Title:
"International Real Estate Returns: A Multifactor, Multicountry Approach"
Year:
2002
Organization:
ESCP-EAP European School of Management
Location:
Paris
Year:
2002
Year:
2001
Title:
"A Measure of Fundamental Volatility in the UK Commercial Property Market"
Year:
2001
Title:
"A Measure of Fundamental Volatility in the UK Commercial Property Market
Year:
2001
Title:
"A Measure of Fundamental Volatility in the UK Commercial Property Market
Year:
2001
Title:
"Are Measures of Downside Risk USeful to Proerty Investors?"
Year:
2000
Title:
"Companies vs Stocks and Gilts in the Period 1970-2000
Year:
2000
Title:
"Asymmetry and Downside Risk in Foreign Exchange Markets"
Organization:
European Financial Management Association
Year:
2000
Title:
"The Conditional Distribution of Real Estate Returns: Are Higher Moments Important?"
Year:
2000
Title:
"Time Varying Skewness and Downside Risk Measurement"
Year:
1999
