Shaun Bond

Headshot of Shaun Bond

Shaun Bond

West Shell, Jr., Chair in Real Estate, Professor, Department of Finance, Real Estate, and Insurance and Risk Management

2362 Carl H. Lindner Hall

513-556-6965

Professor Shaun A. Bond holds the West Shell, Jr., Chair in Real Estate and is a Professor in the Department of Finance and Real Estate at the University of Cincinnati. He is also 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 was previously a trustee of the Cincinnati chapter of NAIOP. 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.

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Teaching Interest

Real estate finance

Finance and investments

Research Interest

Real estate finance

Financial econometrics

Risk measurement

History

Institution: Smeal College of Business, Penn State Univeristy

Title: Visiting Associate Professor of Real Estate

End Date: 2008-12-31

Institution: University of Cambridge

Title: University Senior Lecturer in Real Estate Finance

End Date: 2008-06-30

Institution: Pemboke College

Title: Director of Studies for Land Ecomony

End Date: 2007-06-30

Institution: UQ Business School, University of Queensland

Title: Visiting Fellow

End Date: 2006-12-31

Institution: University of Cambridge

Title: University Lecturer in Real Estate Finance

End Date: 2005-12-31

Institution: School of Business and Public Managment, The George Washington University

Title: Visiting Fellow

End Date: 2002-12-31

Institution: University of Cambridge

Title: Univeristy Assistant Lecturer in Real Estate Finance

End Date: 2002-12-31

Institution: University of Cambridge

Title: Teaching Assistant

End Date: 1998-12-31

Institution: Queensland Treasury Department, Australia

Title: Senior Economist

End Date: 1995-12-31

Institution: Queensland Treasury Department, Australia

Title: Econometrician

End Date: 1994-12-31

Assignments

Director of the UC Real Estate Center

Dates: 2017-08-15 - 2018-08-15

Awards | Honors

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

Education

Institution: University of Cambridge

Major: Economics

Dissertation: Dynamic Models of Semi-variance

Completed: 2001

Degree: Ph D

Institution: University of Cambridge

Major: Economics

Completed: 1996

Degree: Other

Institution: University of Queensland

Location: Australia

Major: Economics/Economic statistics

Completed: 1990

Degree: Other

Published Contributions

Jan DeRoos, Shaun Bond,  (2018). Setting Up a Private Equity Real Estate Fund, Part II. NAIOP Development Magazine, pp 36-38.

Jan DeRoos, Shaun Bond,  (2018). How to Set Up a Private Equity Real Estate Fund - Part I. NAIOP Development Magazine, pp 36-38.

Shaun Bond,  (2017). Viewpoints: The Search for Amazon's Second Headquarters.

Shaun Bond, Chen Xue,  (2017). The cross section of expected real estate returns:  Insights from investment-based asset pricing. Journal of Real Estate Finance and Economics.

Shaun Bond, Avis Devine,  (2016). Incentivizing Green Single-Family Construction:  Identifying Effective Government Policies and Their Features. Journal of Real Estate Finance and Economics, 383-407.

Shaun Bond, Avis Devine,  (2016). Certification Matters:  Green Talk is Cheap Talk. Journal of Real Estate Finance and Economics, 117-140.

Qing Bai, Shaun Bond, Brian Hatch,  (2015). The Impact of Leveraged and Inverse ETFs on Underlying Real Estate Returns. Real Estate Economics, 37-66.

Shaun Bond, Qingqing Chang,  (2013). REITs and the Private Real Estate Market. John Wiley & Sons, 20.

Shaun Bond, Ben Gardiner, Peter Tyler,  (2013). The Impact of Enterprise Zone Tax Incentives on Local Property Markets in England:  Who Actually Benefits?. Journal of Property Research, 67-85.

Shaun Bond, Soosung Hwang, Gianluca Marcato,  (2012). Commercial Real Estate Returns:  An Anatomy of Smoothing in Asset and Index Returns. Real Estate Economics, 637-661.

Shaun Bond, Qingqing Chang,  (2012). Liquidity Dynamics Across Public and Private Markets. Journal of International Money and Finance, 1890-1910.

Shaun Bond, Paul Mitchell,  (2011). The Information Content of Real Estate Derivatives. The Journal of Portfolio Management, pp 170 - 181.

Shaun Bond, Paul Mitchell,  (2010). More Accurate Forecasting – property derivatives or the IPF consensus?. Investment Property Focus, pp 10 - 12.

Shaun Bond, Paul Mitchell,  (2010). Alpha and Persistence in Real Estate Fund Performance. Journal of Real Estate Finance and Economics, 26.

Shaun Bond, B. Gardiner, P. Tyler,  (2008). The Relationship between National Non-Domestic Rates and Rents on Commercial Property:  Empirical Evidence from Enterprise Zones. Cambridge Econometrics.

Shaun Bond, P. Loizou, P. McAllister,  (2008). "Lease Maturity and Initial Rent:  Is There a Term Structure for UK Commercial Property Leases". The Journal of Real Estate Finance and Economics.

Shaun Bond,  (2007). "Commercial Real Estate:  Is a Problem Looming". Public Service Review:  Central Government, 270-271.

Shaun Bond, S. Hwang, Z. Lin, K. Vandell,  (2007). "Marketing Period Risk in a Portfolio Context:  Theory and Empirical Estimates from the UK Commercial Real Estate Market. Journal of Real Estate Finance and Economics, 447-461.

Shaun Bond, S. Hwang, P. Mitchell, S.E. Satchell,  (2007). "Will Private Equity and Hedge Funds Replace Real Estate in Mixed-Asset Portfolios". Journal of Portfolio Management.

Shaun Bond, P. Mitchell, S. Hwang, S.E. Satchell,  (2007). Asset Allocation in the Modern World.

Shaun Bond, P. Mitchell,  (2007). Alpha and Persistence in UK Property Fund Management. The Journal of Real Estate Finance and Economics, 53-79.

Shaun Bond, S. Hwang,  (2007). "Smoothing Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices". Real Estate Economic, 349-382.

Shaun Bond,  (2006). "A Web of Shocks:  Crises Across Asian Real Estate Markets. Journal of Real Estate Finance and Economics, 253-274.

Shaun Bond, S.E. Satchel,  (2006). "Asymmetry, Loss Aversion and Forecasting". The Journal of Business, 1809-1830.

Shaun Bond, S. Hwang, K. Richard,  (2006). "Optimal Allocation to Real Estate Incorporating Illiquidity Risk.". Journal of Asset Management, 2-16.

John Glascock, Shaun Bond,  (2006). The Performance and Diversification Benefits of European Public Real Estate Securities. European Public Real Estate Association, 27.

Shaun Bond, S.E. Satchel,  (2006). "Asymmetry and Downside Risk in Foreign Exchange Markets.". European Journal of Finance, 313-332.

John Glascock, Shaun Bond,  (2006). An Analysis of Risk and Return for European Real Estate. Sponsored by EPRA, 40 pgs.

Shaun Bond, B. Prior,  (2005). "Review of Development Involvement and Property Share Performance". PREA Research Review 2005/ Real Estate Association.

Shaun Bond,  (2005). "Should Real Estate Investors Worry About Liquidity Risk". Investment Property Focus, 15-17.

Shaun Bond, John Glascock,  (2005). The Performance of European Property Companies - A review of the last Decade". The European Real Estate Year Book 2005/ Real Estate Publishers B.V., The Hague.

Shaun Bond, John Glascock,  (2005). The Performance of European Property Companies and the Potential for Investors". EPRA News.

Shaun Bond, C.M. Lizieri,  (2004). "Defining Liquidity in Property Markets". Liquidity in Commercial Property Markets/ Investment Property Forum.

Shaun Bond, S. Hwang,  (2003). "A Measure of Fundamental Volatility in the Commercial Property Market. Real Estate Economics, 577-600.

Shaun Bond, G.A. Karolyi, A.B. Sanders,  (2003). "International Real Estate Returns:  A Mulitifactor, Multicountry Approach.". Real Estate Economics, 481-500.

Shaun Bond, K. Patel,  (2003). "The Conditional Distribution of Real Estate Returns:  Are Higher Moments Time Varying?". Journal of Real Estate Finance and Economics, 319-339.

Shaun Bond, S.E. Satchell,  (2002). "Statistical Properties of the Sample Semi-Variance.". Applied Mathematical Finance, 219-239.

Shaun Bond,  (1998). "An Econometric Model of Downside Risk". Forecasting Volatility in the Financial Markets.

Accepted Contributions

Shaun Bond, Simon Stevenson,  (Accepted). Routledge Companion to Real Estate Investment - Chapter 17 "Risk Management". Routledge.

Shaun Bond, James Shilling, Charles Wurtzebach,  (Accepted). Commercial Real Estate Market Property Level Capital Expenditures: An Options Analysis. Journal of Real Estate Finance and Economics.

Shaun Bond, Suyan Zheng, Yu-Jou Pai, Peng Wang,  (Accepted). Can Dividend Reinvestment Plans Affect Firm Payout Choices? Evidence from Real Estate Investment Trusts. Real Estate Economics.

Research in progress

Title: "Capital Structure Theories and Real Estate Financing Decisions"

Status: Writing Results

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

Presentations

Title: Systematic Mispricing:  Evidence from Real Estate Markets

Organization: University of Sydney

Location: Sydney, Australia

Year: 2018

Title: The Role of Parents on the Homeownership Experience of their Children

Organization: Australian National University

Location: Canberra, Australia

Year: 2018

Title: Systematic Mispricing:  Evidence from Real Estate Markets

Organization: Real Estate Research Institute

Location: Chicago

Year: 2018

Title: Discussion of "US Real Estate Risk Factors"

Organization: Zentrum für Europäische Wirtschaftsforschung GmbH (ZEW)

Location: Mannheim, Germany

Year: 2017

Title: Discussion of "Financial Flexibility and Manager-Sharehold Conflict"

Organization: University of Cambridge, University of Florida, National University of Singapore

Location: Singapore

Year: 2017

Title: The Optimal Portfolio Weight fopr Real Estate with Liquidity Risk and Uncertainty Aversion

Organization: AREUEA

Title: The cross section of expected real estate returns:  Insights from investment-based asset pricing

Organization: The American Real Estate and Urban Economics Association (AREUEA)

Location: Washington DC

Year: 2015

Title: The cross section of expected real estate returns:  Insights from investment-based asset pricing

Organization: The American Real Estate and Urban Economics Association (AREUEA)

Location: Washington DC

Year: 2015

Title: The cross section of expected real estate returns:  Insights from investment-based asset pricing

Organization: The University of Connecticut Real Estate Center

Location: Storrs, CT

Year: 2015

Title: The cross section of expected real estate returns:  Insights from investment-based asset pricing

Organization: Real Estate Research Institute

Location: Chicago

Year: 2014

Title: The Performance of Private Equity Real Estate Funds

Organization: AREUEA

Location: Washington DC

Year: 2012

Title: Liquidity Dynamics Across Public and Private Markets

Organization: University of Tilburg

Location: Tilburg, The Netherlands

Year: 2011

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 Cincinnati

Year: 2007

Title: "An Analysis of Commercial Real Estate Returns:  Is There a Smoothing Puzzle?"

Location: University of North Carolina, Charlotte

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

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