Shaun Bond

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: Asian 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"
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