JEFFREY D. FISHER, Ph.D

Jeffrey D. Fisher, Ph.D. is a Professor Emeritus of Real Estate at the Indiana University Kelley School of Business, a Visiting Professor at Johns Hopkins University.
He is the Research and Education Consultant to the National Council of Real Estate Investment Fiduciaries (NCREIF) and President of the Homer Hoyt Institute.
He and is a member of the advisory committee to the Real Estate Finance and Economics Institute at Ecole hôtelière de Lausanne in Switzerland.

Professor Fisher is a coauthor of Real Estate, 9th edition published by John Wiley and Sons, coauthor of Real Estate Finance and Investments, 14th edition, published by McGraw-Hill, and coauthor of Income Property Valuation published by Dearborn.
His books have been translated into Japanese, Korean and Chinese.

Jeffrey D. Fisher has published numerous articles in journals such as The Journal of the American Real Estate and Urban Economics Association, Journal of Real Estate Finance and Economics, The Journal of Urban Economics, The Journal of Real Estate Research, Journal of Portfolio Management, National Tax Journal, Public Finance Quarterly, The Appraisal Journal, Real Estate Review, The Real Estate Appraiser and Analyst, Real Estate Issues, The New Corporate Finance and the Journal of Property Tax Management.

Education

  • Ohio State University, Ph.D., 1980.

  • Wright State University, M.B.A., 1972.

  • Purdue University, B.S.I.M., 1970.

University Appointments

  • John Hopkins University, 2016 – Present Visiting Professor

  • Indiana University 2011 – Present Professor Emeritus

  • Indiana University, 1996 – 2011

  • Charles Dunn Professor of Finance and Real Estate

  • Indiana University, 1986 – 2011

  • Director, Center for Real Estate Studies

  • Indiana University, 1984 – 1995

  • Associate Professor of Finance and Real Estate

  • Indiana University, 1979 – 1984 Assistant Professor of Real Estate

  • Ohio State University, 1978 – 1979 Lecturer in Real Estate

  • Wittenberg University, 1976 – 1977 Assistant Professor of Business

  • Wright State University, 1973 – 1976 Instructor of Finance and Statistics

Professional Appointments

  • Partner, Pavonis Group LLC Director, RealNex, LLC

  • President and Chair of the Board, Homer Hoyt Institute 2011 to present

  • Consultant to the National Council of Real Estate Investment Fiduciaries, 1999 to present Research Fellow, Real Estate Research Institute 2004 – present

  • Member of the advisory committee to Ecole hôtelière de Lausanne Real Estate Finance and Economics Institute in Switzerland.

  • Member Global Investment Performance Standards (GIPS) Real Estate Workgroup sponsored by the CFA Institute. 2011 to 2015

  • Consultant to Real Capital Analytics 2010 to 2015 Consultant to ARGUS Software 2010 to 2013

  • Director, Pension Real Estate Association (PREA) 2004 – 2011 Research Affiliate, MIT Center for Real Estate, 2004

  • Advisory Board, Sterling Valuation

  • Director, Paul I. Cripe Company, Inc. 1998 – 2005.

  • Director, National Council of Real Estate Investment Fiduciaries (NCREIF), 1991 to 1996. Director, Real Estate Research Institute, 1995 – 1998.

  • Director, MIG Residential Real Estate Investment Trust, 1993 to 1998.

  • President, American Real Estate and Urban Economics Association (AREUEA), 1990. First Vice President, 1989,

  • Second Vice President and Program Chairman, 1988. Secretary-Treasurer, 1984 to 1987.

  • Chairman, Real Estate Center Directors and Chairholders Association, 1986-87.

  • Founding trustee of The Appraisal Foundation, 1987 to 1993. Officer (treasurer) from 1987 to 1990. Served on the task force that developed the content outline for the national appraiser certification exam.

  • Faculty Associate, Lincoln Institute of Land Policy, Cambridge, MA.

  • Member of the Executive Council of the Lamda Alpha International Student Association.

  • Member of the Editorial Board of the “Real Estate Information Technology” section of the Journal of Real Estate Literature.

Honors and Awards

  • Ricardo Award from American Real Estate Society, 2016 for outstanding contributions to real estate research and education.

  • Pioneer Award from American Real Estate Society, 2012 for pioneering contributions to research and education during my career.

  • Legacy Award from American Real Estate Society, 2012 for best paper in the Journal of Real Estate Research during past three years.

  • Richard Ratcliff award from the American Real Estate Society for impact on the real estate profession, April 2007.

  • Excellent Writing Prize awarded by the Real Estate Companies Association of Japan, 2007 for Japanese version of Income Property Valuation textbook.

  • Honorary Fellow in the Japanese Association for Real Estate Securitization, Tokyo, 2006.

  • Martin Katz award for contributions to the valuation literature — awarded by the American Property Tax Association (APTC) 2004.

  • Most Outstanding Paper in 2001 in the Journal of Property Investment and Finance. Counselor of Real Estate (CRE) designation awarded by The Counselors of Real Estate, 2001 Schuyler F. Otteson teaching award, IU Kelley School of Business, 2001.

  • Award for the “best paper presented on real estate investment/portfolio management” received from the American Real Estate Society, 2000.

  • Indiana University Teaching Excellence Recognition Award, 2,000

  • George Bloom Award for “Outstanding Contribution to the Field of Real Estate” received from the American Real Estate and Urban Economics Association, 1999.

  • 1993 Alpha Kappa Psi Alumni Award for Teaching Excellence in Finance in the Indiana University School of Business.

  • PREA / Graaskamp Award for Research Excellence, presented at the Annual Plan Sponsor Real Estate Conference by the Pension Real Estate Association. 1992.

  • Fellow, Weimer School of Advanced Studies in Real Estate and Land Economics, Homer Hoyt Advanced Studies Institute, 1991. (Post Doctoral Award from the Homer Hoyt Institute, 1983).

  • Second place winner of the American Institute of Real Estate Appraisers 1980 Manuscript Competition.

  • Phi Alpha Phi (Finance); Beta Gamma Sigma (Business); Phi Kappa Phi (University)

  • Editorial board; Real Estate Economics.

Published Articles

  • “Portfolio Upside and Downside Risk – Both Matter” (with Joseph D’Alessandro), Journal of Portfolio Management, Special Real Estate Issue 2021.

  • “The Impact of Hurricanes on the Value of Commercial Real Estate” (with Sara Rutledge), Business Economics, 3-202.

  • “Risk Adjusted Attribution Analysis of Real Estate Portfolios” (with Joseph D’Alessandro), Journal of Portfolio Management, Special Real Estate Issue, 2019.

  • “Virtual Technology: The Future Is Now for the Commercial Real Estate Industry,” (with Michael K. Lerg and Demetrios M. Louziotis, Jr.), Real Estate Issues, Special Issue on Global Cities in an Era of Change, 2017.

  • “New NCREIF Value Index and Operations Measures,” (with Michael Young and Joseph D’Alessandro), Journal of Real Estate Literature, Vol 25, No. 1 2017 pp 221-235.

  • “Virtual Reality (VR) coming to the CRE Industry” (with Michael Lerg), Real Estate Review, Summer 2016 Volume 45 Number 2.

  • “Cash Flow Performance of Fannie Mae Multifamily Real Estate: Evidence from Repeated NOI and EGI Indices,” (with Xudong An and David Geltner), Journal of Real Estate Finance and Economics,2016; 52(4), 512-542.

  • “Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation” (with Xudong An, Yongheng Deng, and Maggie (Rong) Hu, Real Estate Economics. Vol. 44; Issue 2 Summer 2016 pages 378-410

  • “Benchmarking and Attracting Institutional Capital to Seniors Housing,” (with Glenn Mueller and Richard Wincott). Journal of Real Estate Research, Vol 19, o 3 2013.

  • “The Walkability Premium in Commercial Property Investing” (with Gary Pivo). Real Estate Economics 39(2), 185-219. 2011

  • “Income, Value and Returns in Socially Responsible Office Properties” (with Gary Pivo) Journal of Real Estate

  • Research, Volume 32: No. 3 – 2010.“Risk and Reasonableness for Non-Market Occupancy: A Second Look During a Real Estate Recession” with Richard Parli. The Appraisal Journal, 2010

  • “Bidder’s Choice Cap Rate Auctions: A New Strategy for Selling Real Estate Portfolios” with Margo Weinstein and Stephen Good, Journal of Real Estate Practice and Education, 2009.

  • “Institutional Capital Flows and Return Dynamics in Private Commercial Real Estate Markets” with David Ling and Andy Naranjo, Real Estate Economics, 2009.

  • “A Cross Sectional Analysis of Cap Rates by MSA”, with Doina Chichernea, Norm Miller, Mike Sklarz and Robert White, Journal of Real Estate Research, Vol. 30, No. 3 2008.

  • “Pricing and Index Considerations in Commercial Real Estate Derivatives,” with David Geltner, Journal of Portfolio Management, Special Real Estate Issue, 2007.

  • “A Quarterly Transactions-Based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand,” with David Geltner and Henry Pollakowski, Journal of Real Estate Finance and Economics, Volume 34, #1, 2007.

  • “Performance of Real Estate Portfolios: A Bootstrapping Approach,” with William Goetzmann, Journal of Portfolio Management, special issue 2005.

  • “New Strategies for Commercial Real Estate Investment and Risk Management: Introducing the NPI-based derivative.” Journal of Portfolio Management, special issue 2005.

  • “Analysis of Economic Depreciation for Multi-Family Property,” with Brent Smith, Jerrold Stern and Brian Webb, Journal of Real Estate Research, Volume 27, Number 4, November 2005.

  • “An Analysis of the Determinants of Transaction Frequency of Institutional Commercial Real Estate Investment Property,” with Dean Gatzlaff, David Geltner and Donald Haurin, Real Estate Economics, June, 2004.

  • “Construction of Real Estate Indices in the U.S.” Proceedings of a joint conference of IMF and BIS on Real Estate Indicators and Financial Stability, held on 27-28 October 2003 at IMF Headquarters Washington D.C.” (2004).

  • “Risk and Reasonableness for Non Market Occupancy, “ with Richard Parli. The Appraisal Journal, April 2003.

  • “Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices,” with Dean Gatzlaff, David Geltner and Donald Haurin, Real Estate Economics, Volume 31, Number 2, Summer 2003.

  • “Real Time Real Estate Valuation,” Journal of Property Investment and Finance, (Vol 20, Issue 5) 2002.

  • “Property Level Benchmarking of Real Estate Development Investments Using the NCREIF Property Index,” Real Estate Finance, Volume 18, Number 4 Winter 2002 (with David Geltner).

  • “Pricing Commercial Mortgage-Backed Securities,” Journal of Property Investment and Finance, (Vol 19 No 6) 2001 (with Clark Maxam). Selected as Most Outstanding Paper for 2001.

  • “NCREIF Executive Summary and Discounted Cash Flow Database,” The Appraisal Journal, Volume LXIX, Number 4, October 2001 (with Ted McWilliams).

  • “Institutional Property Tenure: Evidence from the NCREIF Database” Journal of Real Estate Portfolio Management, Vol 6, No. 4 October – December 2000 (with Michael S. Young).

  • “Is Sector Diversification More Important Than Regional Diversification?” Real Estate Finance Fall 2000 (with Youguo Liang).

  • “Holding Periods for Institutional Real Estate in the NCREIF Database.” Real Estate Finance, Fall 2000. (with Mike Young).

  • “A Repeat Sales Index for Commercial Real Estate – Using Sold Properties in the NCREIF Database,” Real Estate Finance, Summer 2000.”

  • “Commercial Real Estate Equity Returns,” Real Estate Finance, Summer 2000.” With Mike Miles and David Guilkey.

    “Trends in Capitalization Rates from the NCREIF Database: Twenty Years of Sold Properties,” Real Estate Finance, Spring 2000.

  • “De-Lagging the NCREIF Index: Transaction Prices and Reverse-Engineering,” with David Geltner, Real Estate Finance, Spring 2000.

  • “How Reliable are Commercial Appraisals? Another Look,” with Mike E. Miles and R. Brian Webb, Real Estate Finance, Fall 1999.

  • “Real Estate as Part of a Going Concern,” Valuation Insights, Appraisal Institute, 1998.

  • “Evaluating the Risk of Commercial Mortgage-Backed Securities,” (with George Pappadopoulos), Chapter 11,

  • Commercial Mortgage-Backed Securities, ed. by Frank J. Fabozzzi and David P. Jacob, 1998.

  • “Commercial Mortgage-Backed Securities,” (with George Pappadopoulos), Chapter 32, Handbook of Structured Financial Products, ed. by Frank J. Fabozzzi., 1998.

  • “Development of an Effective Rent (Lease) Index for the Chicago CBD,” (with Brian Webb), Journal of Urban Economics, January 1996.

  • “Real Estate Performance Measures,” Real Estate Issues, Vol. 20, Number 3, December 1995.

  • “Cash Flow versus NOI: An Analysis of Capital Expenditures for Malls,” Real Estate Finance, Volume 12, Number 2, Summer, 1995.

  • “Alternative Measures of Real Estate Performance: Exploring the Russell-NCREIF Database,” Real Estate Finance, Volume 11, Number 3, Fall, 1994.

  • “Hybrid Mortgages: A Blend of Debt and Equity,” (with Brian Webb), Real Estate Finance. Volume 11, Number 2, Summer, 1994.

  • “Value Indices of Commercial Real Estate: A Comparison of Index Construction Methods,” (with David Geltner and R. Brian Webb), Journal of Real Estate Finance and Economics, 9:137-164 (1994).

  • “The Role of Commercial Real Estate in a Multi-Asset Portfolio,” (with C.F. Sirmans), Journal of Property Management, January/February 1994.

  • “Effects of Asbestos on Commercial Real Estate: A Survey of MAI Appraisers,” (with George Lentz and Maurice Tse), The Appraisal Journal, October, 1993.

  • “Equilibrium in Commercial Real Estate Markets: Linking Space and Capital Markets,” (with Susan

  • Hudson-Wilson and Charles Wurtzebach), The Journal of Portfolio Management, October, 1993.

  • “Valuation of the Effects of Asbestos on Commercial Real Estate,” (with George Lentz and Maurice Tse),

  • Journal of Real Estate Research, (Vol. 7, No. 3) Summer, 1992.

  • “Integrating Research on Space and Capital Markets,” (1990 Presidential Address to AREUEA), Journal of The American Real Estate and Urban Economics Association (AREUEA Journal), Summer 1992.

  • Reproduced in Classic Readings in Real Estate and Development, edited by Jay M. Stein, Urban Land Institute, 1996.

  • Also reproduced in Contemporary Real Estate Finance: Selected Readings, edited by John B. Major and Fung-Shine Pan, Prentice Hall, 1996.

  • “Issues in Office Market Research,” (with Brian Webb) Journal of The American Real Estate and Urban Economics Association (AREUEA Journal), Summer 1992.

  • “Business Value in Shopping Malls: An Empirical Test,” (with George H. Lentz), Journal of Real Estate Research, Volume 5, Number 1, Spring 1990.

  • “The Business Enterprise Value Component of Operating Properties,” (with William N. Kinnard, Jr.),

  • Journal of Property Tax Management, Panel Publishers, Inc. Volume II, Number 1, 1990.

  • “Rethinking Corporate Real Estate,” (with William Brueggeman and David Porter), Journal of Applied Corporate Finance, Volume 3, Number 1, Spring 1990.

  • “Tax Reform and Organizational Forms for Holding Investment Real Estate: Corporation vs. Partnership,” (with George H. Lentz), Journal of The American Real Estate and Urban Economics Association (AREUEA Journal), Volume 17, Number 3, 1989.

  • “Using Circular Reference in Spreadsheets to Estimate Value,” The Quarterly Byte, Volume 5, Number 4, Fourth Quarter 1989.

  • “Tax Reform and the Value of Real Estate Income Property,” (with George H. Lentz), Journal of The American Real Estate and Urban Economics Association (AREUEA Journal), Summer, 1986.

  • “Tax Incentives for Investment in Nonresidential Real Estate: A Simulation Analysis,” (with George Lentz and Jerrold Stern), National Tax Journal, March 1984.

  • “Anticipated Growth and the Specification of Debt in Real Estate Value Models,” (with Lusht), Journal of The American Real Estate and Urban Economics Association (AREUEA Journal), Spring, 1984.

  • “Real Estate as an Investment Vehicle,” (Part I), Investment Decisions, December 1983. “Real Estate as an Investment Vehicle,” (Part II), Investment Decisions, February 1984. “Real Estate Finding a Home in Pension Portfolios,” Investment Decisions, June 1984.

  • “Building an Equity Real Estate Portfolio,” Investment Decisions, August 1984. “Channeling Funds to Real Estate,” Investment Decisions, October 1984.

  • “A Model for Teaching Investment Analysis,” Journal of Real Estate Education, Summer, 1983. “The Future of Capitalization Rates,” The Real Estate Appraiser and Analyst, Winter, 1982.”

  • “Selecting the Optimal Depreciation Method for Real Estate Investors,” (with Jerrold Stern), Real Estate Issues, 1982.

    “Rental Housing and the Economic Recovery Tax Act of 1981,” (with William Brueggeman and Jerrold Stern), Public Finance Quarterly, April, 1982.

  • “Choosing an Optimal Depreciation Method Under 1981 Tax Legislation,” (with Brueggeman and Stern),

    Real Estate Review, Winter, 1982.

  • “Federal Income Taxes, Inflation and Holding Periods for Income-Producing Property,” (with William Brueggeman and Jerrold Stern), Journal of The American Real Estate and Urban Economics Association (AREUEA Journal), Summer, 1981.

  • “Taxation and Real Estate Valuation,” Research in Real Estate, Volume 1, JAI Press, 1981.

  • “Capitalization Rates and Market Information,” (with Anthony Sanders), The Appraisal Journal, April, 1981.

  • “Mortgage Equity Analysis with a Debt Coverage Constraint,” (with Ken Lusht), The Real Estate Appraiser and Analyst, Fall, 1981.

  • “Ellwood J Factors – A Further Refinement,” The Appraisal Journal, January, 1979.

  • “Dealing with Uncertainty in Income Valuation,” (with Edgar Hemmer), The Appraisal Journal, April, 1978.

  • “How the Tax Law Alters Cash Flow,” (with William Brueggeman) Real Estate Review, Fall. 1977. “Ellwood After Tax – New Dimensions,” The Appraisal Journal

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