Terry Vaughn Grissom Ph.D.
Lecturer of Real Estate
University of Ulster, Jordanstown
School of Built Environment
Doctor of Philosophy (Ph.D.): In Business, majoring in Real Estate and Urban Land Economics. Internal and external minors were in Finance/Risk Management and Civil-Environmental Engineering. Graduated with Distinction from the University of Wisconsin, Madison, in 1981. It was stated by the Dean of the Business School, that it was the first noted Ph.D. to graduate with Distinction in his 20 years at Wisconsin. Real Estate Advisor: Dr. James Graaskamp, Urban Land Economics Advisor: Dr. Richard Andrews; Finance Advisor: Dr. Howard Thompson, Risk Management Advisors: Dr. William Scheel and Dr. Dan Anderson and Civil and Environmental Engineering; Engineering Advisor: Dr. Ralph Keifer.
Master of Science (M.S.): In Real Estate Appraisal and Investment Analysis, University of Wisconsin, Madison, 1979.
Master of Business Administration (M.B.A.): In Finance, Real Estate and Urban Affairs, Georgia State University, Atlanta, 1974.
Bachelor of Science in Business and Economics (BSBE); Business Economics, University of Kentucky, Lexington, 1970.
Academic and Professional Development Studies:
Post Doctoral work at Texas A&M University in Econometrics and Statistics:
• Econometrics Forecasting and Structural Analysis with Roy Gilbert (Graduate Assistant for Kmenta during his Ph.D.)
• Spatial Economics-Microeconomics of the Firm in Economic Space, (with Melvin Greenhut noted economic theorist in spatial and industrial economic development and economic advisor to President Richard Nixon).
• Nonparametric Statistics
• Time-series Analysis
Post Doctoral and Professional Economic and Finance Courses:
• Advanced Statistical Techniques for Economic Forecasting, National Association of Business Economist (NABE). Instructor was Francis Diebold
• Performance measurement and index construction to assist asset class determination, while on the Performance Standards Committee and as Education Chairman for The National Counsel of Real Estate Investment Fiduciaries (NCREIF).
• AMIR requirements and compliance for Equity Investment Advisors, Portfolio Management and Pension Fund Management, as component on the Research Committee and as Education Chairman for The National Counsel of Real Estate Investment Fiduciaries (NCREIF) and Pension Real Estate Association (PREA).
• Business Valuation and Rate Development Using: Sharpe CAPM, APT (Ross model) and Fama- French Beta model and alternative split rate models. Price-Waterhouse, Financial Service Industry Practice, Educational Division for CPA and CFA educational credits.
• Business Development and Client Risk Management Analysis. Price-Waterhouse, Financial Service Industry Practice, Educational Division for CPA and CFA educational credits.
• How to Find and Use Economic Statistics, National Association of Business Economist (NABE) (2006). Noted instructor included Maurine Haver, Katherine Abraham, Catherine Mann and John Silva.
Real Estate Related Intensive Courses (Appraisal Institute: Society of Real Estate Appraisers).
Principles of Appraisal, Appraisal Institute
Urban Property Appraisal (Case Study Course), Appraisal Institute
Litigation Appraisal, Appraisal Institute
Income Capitalization (Ellwood), Appraisal Institute
301 Course on Advanced Real Estate Analysis (Market Analysis, Statistical Analysis and Income Feasibility); Society of Real
Rural Appraisal and Farm Management, Association of Farm Managers and Rural Appraisers
Civil and Environmental Engineering Courses for PE and CEU credits:
• Project Development Feasibility Analysis (University of Wisconsin – College of Engineering Professional Accreditation Courses)
• Valuation Engineering and Cost Analysis (Marshall Valuation, Boeckh Valuation Services, Dodge Cost Services and Means Cost Estimation Manual).
• Soil Analysis and Government Soil Survey Mapping, ASFMRA, University of Kentucky – Extension
Terry V. Grissom was a Full Professor of Real Estate and Urban Land Economics at Georgia State University, Atlanta in the Robinson College of Business, teaching or having taught Real Estate Financing (Mortgages and Capital Markets), Real Estate Finance and Mortgage Banking, Management of Real Estate Assets, Equity Investment, Urban Land Economics, Components and Foundations of Real Estate Development, Real Estate Project Management and Development Strategies and the Physical Dimensions of Real Estate (soil and site analysis, construction management, construction materials, architectural styles, function and structural analysis). Dr. Grissom also teaches International Real Estate and Portfolio Analysis, City Development and Growth, Urban and Regional Analysis and Research in Real Estate Finance and Land Economics. Dr. Grissom has over thirty years of real estate, finance, economic and general business experience, including consulting, appraising and business development. He has worked for over ten years in institutional investment research and portfolio analysis. Dr. Grissom’s research has focused on international, national and regional markets for various property types and economic, the economics of sustainable development and urban development. Prior to a full tenured position, Grissom was an Associate Professor of Real Estate at GSU. Dr. Grissom has also taught Business and Real Estate Development (BUS 688) at the Goizuetta School of Business at Emory University and Investment Analysis in the Graduate Program in Facilities Management, School of Architecture, at Georgia Technological Institute. The Emory courses are taught under a mutually advantageous contract between the Emory and GSU Masters programs (five courses). The Georgia Tech courses are under the University Systems Regent’s mission of cross-university educational services.
Professional courses developed for Georgia State in conjunction with firms, industries and professional groups include abridged curriculums of development, investment, financing, management, market analysis and corporate real estate for companies such as Beers Engineering and Construction. These courses were designed to enable their engineers and architects to interact with the development and financial clients and industry sectors. A full curriculum was developed on real estate finance, capital market operations, portfolio management, valuation, site selection and property analysis, cost estimation and other courses was developed for the national operation of Lend Lease (called Lend Lease University). Lend Lease is an Australian based company sponser of the London Olympics) dealing with international asset investment and management. Lend Lease purchased several American companies, such as Equitable Investments, Yarmouth Advisory, Bovis Development and Construction. Other programs were developed for Yarmouth, DeLoitte, and Price-Waterhouse Cooper among other companies. A series of CEU and professional related courses have been developed in conjunction with the Real Estate Department’s Alumni Association and the Georgia Graduate Realtors Institute (GRI) which has resulted in two Endowed Chairs for the Department.
Prior to his tenure at GSU, Grissom was Vice-President of Investment Research for Equitable Real Estate Investment Management, an institutional investment advisory for pension funds, insurance companies and other financial institutions. Research concentrations resulting from this institutional experience links topics in the areas of capital markets, economic analysis of urban markets (for geographic and economic based diversification), insurance company mixed asset investment/portfolio activities and general portfolio analysis, management and asset allocation. The research department was defined by a Chinese wall constructed between itself and in-house portfolio and fund managers. This separation allowed data development, contribution to indices and increased efficiencies of data sharing with competitors, such as Prudential Investments, LaSalle Partners, JMB, Heitman, RREEF, etc. This industry level coordination allowed the research department of competitive firms to function as a portfolio advisory for research driven investment funds in a more efficient market structure. Examples of clients were Ford Pension Fund, Ohio State Teachers Pension Fund, CALPERS, CALSTERS, ARGUS (Shell Oil Company’s Pension Advisory), and AXA insurance amongst others.
From 1992 through October 1994 was the National Research Director (NRD) for Price Waterhouse’s Financial Services Industry Practice. This practice division deals with business development and the needs of finance service companies, capital markets, insurance companies and real estate enterprises. The research department dealt with Real Estate Advisory/Valuation Groups (under audit and tax services units) conducting economic research on investment markets, institutional investment, REITs, portfolio analysis and real estate market analysis across urban areas. During this period Grissom developed econometric models used for real property and capital asset analysis and the debenture bond liabilities used in Macy’s bankruptcy and workout (Federated bail-out). He (in conjunction with Salomon Brothers), also derived investment models for analyzing non-performing thrift’s assets disposition and their merger into a functioning financial institution. Other work experience involved portfolio and valuation assignments for IBM, UBS, Heitman, JMB, Equitable Insurance, North Western Life, etc.
From 1987 to 1992, was an Associate Research Economist for the Real Estate Center at Texas A&M University concentrating on commercial and urban real estate markets, market cycles, land price indices, market segmentation and geographic/economic diversification potential for a portfolio of properties in the urban areas of Texas. The underlying strategy was to document and support the capacity to invest and hedge within the state during an economic correction and to identify regional and statewide growth potential.
From 1986 to 1987 was Acting Director of the Real Estate Program housed in the Finance Department at the University of Texas, Austin.
From 1980 to 1987 was an Assistant Professor of Finance at the University of Texas, Austin, teaching undergraduate and graduate courses in Principles, Real Estate and Urban Development, Appraisal, Investment, Real Estate Development Strategies and Regional and Urban Economic Analysis and Small Business Valuation.
In 1979 was a Senior Lecturer at The University of Wisconsin, Madison, teaching the graduate and undergraduate Real Estate Process (investment feasibility and development courses).
From 1977 through 1979 was an instructor for the University of Wisconsin-Extension teaching courses in Principles of Appraisal (101) and Income Property Appraisal (201), which counted towards the Society of Real Estate Appraisers’ professional designations (SRA, SRPA and SREA). During this period he also taught the Real Property Investment Analysis course for the U.W. Extension.
From 1974 to 1979 was a partner in Real Estate Market Analysts (REMA) an appraisal, market and investment analysis concern in Glasgow, Kentucky. This consulting activity overlapped with graduate school in Wisconsin.
From 1975 through 1976 was Coordinator of Real Estate Programs at Western Kentucky University, holding the position established by the Kentucky State Real Estate Commission. In addition to the responsibilities of teaching, the Coordinator was required to write-up a two to four year degree program in Real Estate and Land Development.
From 1974 into 1975 was an Adjunct Professor of Real Estate for Western Kentucky University, teaching courses in Real Estate Appraisal, Marketing, Principles of Real Estate, and Real Estate Economics.
From 1973 to 1974 was employed with International Appraisal and Research Group, Inc., in Atlanta, Georgia as an income property appraiser and feasibility analyst.
From 1972 through 1973 served as a Right-of-Way Appraiser for the Department of Transportation, State of Georgia, Metropolitan Division, Atlanta, Georgia.
From 1970 into 1972, served as a salesman and staff appraiser with Bailey and Grissom Realty, Glasgow, Kentucky.
Professional Associations and Memberships
Fellow in the Homer Hoyt Institute and Weimer School of Advanced Studies in Real Estate and Land Economics.
Member American Real Estate and Urban Economics Association
Member National Association of Business Economist
Member in American Real Estate Society
Member and active participant in the International Real Estate Society (associated with both the American Real Estate Society and the American Real Estate and Urban Economics Association), and the European Real Estate Society
Author of Visitation Certification Report for Accreditation conducted for the Society of Accredited Real Estate Programs (SAREP) concerning the European Business School (EBS) located in Oestrich-Winkel (Johannesburg), Germany. SAREP is associated with the International Real Estate Society and American Real Estate Society.
Representation of the Georgia State University MSRE joint degree program with the European Business School Graduation Ceremonies of EBS, (in conjunction with Thunderbird International Business School- European Campus and the College of Business, University of Pittsburgh)
American Society of Real Estate Counselors (CRE designation)
Appraisal Institute (MAI designation)
Editorial Board - Journal of Real Estate Research
Editorial Board - Journal of Real Estate Education and Practice
Editorial Board - Journal of Real Estate Portfolio Management
Reviewer Journal of Real Estate Finance and Economics
Editor and Reviewer Journal of Applied Real Property Analysis
Editor, Special Monograph Series on Real Estate Education Around the World
Director American Real Estate Society (1996-2001)
Editor, Journal of Real Estate Research, 1998-1999
Assistant Editor, Journal of Real Estate Research, 1986-1988
Designated Member, Appraisal Institute, MAI, SRPA
Designated Member, American Society of Real Estate Counselors (CRE)
Education Chairman, National Council of Real Estate Investment Fiduciaries (NCREIF)
Chairman, National Curriculum Committee, Appraisal Institute
Chairman, National Education Committee, Appraisal Institute
Chairman, Research Advisory Board - Appraisal Institute
Member, Regional Ethics Committee, Appraisal Institute
Member, Research Committee Appraisal Institute
National Co-Chairman with Charles Wurtzebach for the Joint Meeting of the Pension Real Estate Association (PREA) and NCREIF, 1995.
Faculty, Appraisal Institute
Chairman, Vice-Chairmen and Member Curriculum Committee, Appraisal Institute
Member Education Committee, Appraisal Institute
President, Vice-President, Treasurer and Secretary, and President Ex-Officio, South Texas Chapter, Appraisal Institute.
Member, National Academic Liaison Committee, Appraisal Institute
Member, National Standards and Ethics Committee
Editorial Board, Appraisal Journal
First Program Chairman, ARES
Discussion Leader, Youth Advisory Council to Society of Real Estate Appraisers
Honors and Awards
2007-2008 “Best Real Estate Finance Paper,” presented at the ARES meetings in San Francisco April 2008. Sponsored by Federal National Mortgage Association (FANNIE MAE) with ChangHa Jin. (Forthcoming: International Real Estate Review)
Elected as Fellow of the Center of Advanced Studies in Real Estate, the Homer Hoyt Institute, 1999.
Director, American Real Estate Society, 1997-2001
Editorial Board, Journal of Real Estate Research 1997-2001.
Editorial Board, Journal of Real Estate Education and Practice, 1997-99.
Co-Chairman and Program Planner, Joint Meeting PREA and NCREIF, Spring 1995
Editorial Board, Journal of Real Estate Portfolio Management 1994-95.
Recipient of the Wiley Manuscript Award in Publication/Research (1992) for best article in the 1991 volumes of the Journal of Real Estate Research, “Highest and Best Use: The Evolving Paradigm.”
Appointed member of the National Examination Task Force of the Qualifications Board of the Appraisal Foundation. The Task Force was concerned with the weighting of the topical areas and body of knowledge to be considered in state certification exams (for real estate appraisers). Failure in compliance would result in Federal action and assigned to address the issues of ethics and professional standards.
Recipient of a Real Estate Research Institute (RERI) grant for research on Real Estate Portfolio Timing, 1991, (with Jack Harris).
President’s Award and Testimonial from the South Texas Chapter of the Appraisal Institute.
Editorial Board, Journal of Real Estate Research, 1988-91.
Editorial Board, Appraisal Journal, 1988-92.
Co-Editor “The Special Issue on Valuation” for the Journal of Real Estate Research, 1989-90.
Recipient of the “George L. Schmutz Memorial Award” in Recognition of a special contribution to the advancement of appraisal knowledge through the article “Value Definition: Its Place in the Appraisal Process,” presented in New Orleans 1986, for 1985 article.
Plaque of Appreciation as instructor and course developer in the SOARS Program of the Real Estate Center, Texas A&M University (1984). SOARS was an Executive Development Program, structured like the national banking schools as held at the University of Wisconsin, SMU and LSU.
Dissertation Award 1982, presented by the American Real Estate and Urban Economics Association: Analysis of the Appraisal Process as Applied to Land Corridors.
Graduate with Distinction 1981, University of Wisconsin, Doctor of Philosophy in Business.
Recipient of the 1976 scholarship awarded by the American Society of Counselors of Real Estate.
Awarded the American Institute of Real Estate Appraisers’ National Academic Scholarship, 1973-74 (while at Georgia State University) and again for 1976-77 (while at the University of Wisconsin).
Dr. Grissom has published over 100 academic and professional articles, monographs and working papers in his career to this point. He has also authored, co-authored and edited four books concerning real estate appraisal and investment analysis, market analysis, and real estate development and land economics. He has also authored chapters in books on real estate development, investment analysis, business and property valuation techniques and education theory and practice for both academics and practitioners in domestic and international audiences. Publications are listed by sector and time frame in the sections following the breakdown of research in process.
“The Mixed Asset Portfolio for Asia-Pacific Markets,” with Jin and Ziobrowski (2007/8), In this study, mixed-asset portfolios were constructed containing real estate, common stock, and bond investments from various Asian-Pacific countries. The countries of particular interest include six economically developing countries: China, Indonesia, Malaysia, the Philippines, South Korea, and Thailand, and five developed countries: Singapore, Japan, Hong Kong, Australia, and New Zealand. The time period is 1998–2005. Upon close examination of these portfolios, it becomes clear that currency risk is a larger concern when investing in countries with emerging markets in comparison to countries with already developed markets. Despite the currency risk, the results of this study show that mixed-asset portfolios from countries with emerging economies have outperformed the assets of developed countries for moderate and aggressive investors targeting Asian-Pacific countries. Journal of Real Estate Portfolio Management, 13:3, 249
“Property Economics: Growth Theory and Valuation of Sustainable Development Options,” (2005), RICS Research Paper Series, The foundation of this study is the specification and treatment of property as a resource. This specification differs from the treatment of property as an interchangeable commodity in traditional development. The treatment if land as a commodity is based on the assumption of a constant fixed stock with a high elasticity of substitution allowing it to be immediately transferred and consumed in alternative uses in each production period. The sustainable criterion of treating property as a resource to be managed over time requires the consideration of property valued in the form of a Ricardian quasi-rent as suggested by Baker and Sa-Adu (2004). A Ricardian format offers an alternative measure of property growth theory to that of the fixed stock of a commodity reflected in the bulk of the literature. The ability to value the difference between the development processes of sustainable and traditional development allows the choice between them to be based on the valuation of the price of switching between development options. The three-stage model employed is applied to property resources and decision criteria of the UK and the USA.
Research and Publications in process
The following articles are in process and are focused on using Financial Economics paradigms to address issues of real estate investment and portfolio analysis and management, sustainable development and business development decisions as the exercise of real options.
1. “Valuation Theory, the Marshallian Synthesis and Implications to Mark-to-Market
Measurements,” This study distinguishes between value and valuation theory as specified by Wendt (1974) and Grissom (1981, 1985) and investigates Marshall’s synthesis and hierarchal structure of price, capitalization, and cost as a theoretical premise and techniques of valuation. Marshall’s hierarchal theory is contrast with the acceptance in current practice as to what Wendt termed the theory of equivalence between market price, normal value and long-term normal price. Focusing on the application of these economic theories to real assets across spatially defined markets in the U.S., this study empirically illustrates the implication of theoretically distinct approaches to valuation and their differences in units of measurement to the current debate on cost/historical price of rules based accounting versus mark-to-market economic principle based accounting standards. This paper is to be presented at the national meeting of the American Real Estate Society in April 2008.
2. “Integrating Arrow Securities and von Neumann Processes in Index Decomposition Using
Optimal Control Models.” Despite convenient access for members and academic researchers
to the data set comprising the NCREIF index, the bulk of the public and many investors can only employ the aggregated index data. This construct allows the index to be used as a market benchmark proxy measure that fits accepted reduced form asset pricing models. By construction this creates an incomplete market structure that limits the measurement of risk and the specification of diversification benefits that is central to market based pricing techniques employed by investors. This is a major problem for property investment given that the asset is often sought for its diversification benefits, with an emphasis for this diversification often determined by the effects of geographic differences on measures of risk and return. Empirical tests of these factors in capital analysis and basic pricing techniques suggest these benefits are limited in contrast to the expectations specified by financial, land and real estate economic theory. To be submitted to B. E. Journal of Theoretical Economics
3. “Developing Capitalization Rates for Sustainable Development Projects,” This study
structures sustainable development on the sustainable criterion as identified by Grissom (2005) to integrate the traditional Inwood and Hoskold premises with Solow’s (1954) resource valuation model to derive application capitalization models to offset thin market data. This is to be presented April 2008 at the Panel on Corporate Sustainable and Green Development at the ARES meetings. It will be submitted to the Journal of Property Investment and Finance (UK publication).
4. “Mark-to-Market Valuation: Integrating Dynamic Cash Flow Analysis with Stable Valuation
Models,” with Wincott. This study builds on the reasonableness measures developed by Wincott, Hoover and Grissom (1996), by expanding on the K factor equation used to equate discounted cash flow analysis to a stabilized value estimate based on direct capitalization. The contributions of this study allow a period by period equation of DCF analysis and accrual valuation models separating out the effect of not only procedural and assumption differences, but also allows for the time frame need to achieve convergence. This approach allows for the linking of cash flow analysis with alternative value premises expanding the application of principle based mark-to-market standards and techniques, using Lagrangian multipliers to equate the difference in valuation assumptions associated with specific value premises and valuation techniques. The approach presented also allows the extraction of variables accounting for timing differences endogenous in distinct value premises and valuation procedure in the form of stochastic discount factors. Combining these insights enables the use of alternative and appropriate mark-to-market standards, including risk parameters not apparent in an appraisal’s singular determinant value estimate ignoring perceptional as well as fundamental differences in valuation procedures. To be submitted to the Journal of Real Estate Portfolio Management.
Presentations being developed into article submissions.
Financial Economic Research: This research focuses on financial economic topics and the treatment of real estate as a distinct asset class.
1. International Diversification, Structural Form and Incomplete Market Puzzles,
Presented at the American Real Estate Society (ARES) held at Key West, April 2006. To be
2. Risk Decomposition in International Real Estate Analysis. Presented at IRES in University of New Brunswick, 2004. This paper is being modified using the characteristic line (market model) to develop endogenous variables to use in Fama’s decomposition model seeking to delineate systematic effects within the uninsured idiosyncratic risk measures.
4. The Implications of Divergence in Capital and Real Estate Market Structures to
Economic Analysis, to be sent to Journal of Urban Economics, or Journal of Regional Science or Land Economics. This research will focus on the delineation and/or integration of financial and real/commodity assets.
5. Arbitrage Potential and Multiple Risk Analysis of International Real Estate Security Returns,
Proceedings of the European Real Estate Society, available from the University of Glasgow.
UK, 2002. The existing work will be broken into three papers, two addressing alternative
predictive pricing models and the third measuring the significance of diverse pricing
6. Exchange Rate Regime Impacts on Real Estate Securities Returns: The Euro Conversion,
Grisham’s Law and the Law of One Price, Proceedings of the European Real Estate Society, available from the Swedish Business School, Helsinki, Finland (2003). This research is being expanded to capture the impact of the US dollars’ decline in relation to the Law of One Price and associated arbitrage affects.
Development, Land Economics and Valuation Research: These articles focus on development strategies and land, spatial, valuation and development economics
7. Real Estate Market Imperfections: Implications of Divergent Market Structure to Asset Class Analysis.” This research investigates the impact of market and product imperfections on the market structure of office property in distinct geographic markets. 25 cities or regions/MSAs are studied for segmented and/or integrated effects on return, diversification of risks and structural form.
8. Spatial Arbitrage Approach to the Complexities of Land Rent Analysis,” to be sent to
Journal of Urban Economics, or Journal of Regional Science or Land Economics. This article is being restructured from the basis of the primary research presented at the RICs Foundation convened at Oxford 2001 and entitled to allow the integration of Ricardian and site rent theory given the constraints of the objective statement of the “sustainable criterion.”
9. Economic Implications of Sustainable Development: An International Comparison,” Proceedings of the Skye Conference, sponsored by the RICs Foundation, University of Aberdeen and University of Reading (2003). Objective is to integrate monetary effects into sustainable development strategies to assist in intergenerational allocation and value decisions. This presentation was altered to become the RICs 2005 publication. The remaining issues are to link to profit differences and address the nature of capital flow differences given development options.
10. An Alternative Measure of Land as a Factor of Production in the Theory of Distribution of National Accounts, this research proposes and economic measure of land in the theory of distribution reflecting the reduction in the available stock resulting from urbanization effects within a national market. This approach treats land and economic space available for development, production and consumption as a depleting resource and not the renewable commodity with fixed capacity used in macroeconomic models.
Grissom, Terry V. “Real Estate Market Imperfections: Implications of Divergent Market
Structure to Asset Class Analysis Journal of Real Estate Research, 2004.
"A Global Real Estate Discipline: A Historic and Philosophic Perspective," Research
Issues in Real Estate, monograph series, publication of American Real Estate Society
(ARES). With DeLisle. This study investigates the historical and philosophical
foundation for real estate academics, focusing on the impact of philosophers,
theoreticians, methodologists and practitioners over time. The Journal
of Real Estate Practice and Education, 2003
"Behavioral Research in Real Estate: A Search for the Boundaries," Journal of
Real Estate Practice and Education. With Black, Brown, Diaz and Gibler. 2002
Grissom, Terry “Valuation for Portfolio Analysis: Incorporating Risk Measurement and Market
Structure into the Appraisal Process,” Research Issues in Real Estate, monograph series,
publication of. American Real Estate Society (ARES), 2001
Grissom, Terry V and James DeLisle “The Analysis of Real Estate Cycles, Regime Segmentation and Structural Change Using Multiple Indices,”, Journal of Real Estate Research, 18:1, 1999, 97-129.
Oppenheimer, Peter and T.V. Grissom, “Frequency Space Correlation Between REITs and Capital Market Indices,” Journal of Real Estate Research, 12:1, 1999, pp. 291-309.
Grissom, Terry V and James DeLisle (1998), “Alternative Total Return Series for Direct Real Estate Investment,” Journal of Real Estate Portfolio Management
Grissom, Terry (1998), “Changing Capital Markets 4 Quad Model,” Journal of Corporate Real Estate, a publication of the National Association of Corporate Real Estate Executives, now CoreNet, a global association of corporate real estate executives, industrial and economic developers.
“Institutional Real Estate Analysis,” Real Estate Issues, April 1996. Pp. 31-37.
“Market Profile for Dublin Ireland,” Market Profiles , Urban Land Institute, April 1996.
“Superior Real Estate Investment Performance: Enigma of Illusion? A Critical Review of the Literature,” JAI Press: Monograph Series in Real Estate Research, (with Liu and Hartzell),1995, pp. 59-82.
“The Search for a Discipline: The Philosophies and the Paradigms,” JAI Press: Monograph Series in Real Estate Research, (with Liu ), 1994.
“The Role of Co-Skewness in Pricing of Real Estate,” The Journal of Real Estate Finance and Economics, 5:3, (September 1992) out in 1993, pp. 299-319, (with Liu and Hartzell).
“Forecasting Office Space Demand and Office Space per Worker Estimates,” Society of Industrial and Office Realtor’s Professional Report, 1992 (with Ragas).
“The Spatial Equilibrium of Intra-Regional Rates of Return and the Implications of Real Estate Portfolio Diversification,” Journal of Real Estate Research, 7:1,(Winter 1991) published 1992, pp. 59-71 (with Wang and Webb).
“Solvency, an Alternative to Value in a Downmarket,” Texas Real Estate Investor News, December 1991, p.10.
“Houston Office Prices (Index),” Texas Real Estate Investor News, October 1991, p.5.
“Valuation Without Comparables,” The Appraisal Journal, 59:2, 1991 (with Diaz).
“The Impact of Rental Properties on Value of Single-Family Residences,” Journal of Urban Economics, 1991 (with Wang, Webb and Spellman).
“The Functional Relationship and Use of Going-in, Going-out Capitalization Rates,” Journal of Real Estate Research , 5:2, Summer 1990, pp. 231-246 (with Wang and Chan).
“The Impact of Market Imperfections on Real Estate Returns and Optimal Investment Portfolios,” Journal of the American Real Estate and Urban Economics Association, 18:4, Winter 1990, pp. 453-478 (with Liu and Hartzell).
“Appraisal: An Introduction,” Special Issue on Valuation for the Journal of Real Estate Research, 5:1, Spring 1990, pp. v-viii.
“Highest and Best Use: The Evolving Paradigm,” Journal of Real Estate Research, 5:1, Spring 1990, pp. 17-32 (with Dotzour, Pearson and Liu).
“The Integration of the Real Estate Market and the Stock Market: Some Preliminary Evidence,” The Journal of Real Estate Finance and Economics, 3:3, September 1990, pp. 261-282 (with Liu, Hartzell and Greig).
“The Composition of the Market Portfolio and Real Estate Investment Performance,” American Real Estate and Urban Economics Association Journal, 18:1, Spring 1990, pp. 49-75, (with Liu, Hartzell and Greig).
“Understanding Appraisal Reports,” Appraisal Review Journal, 11:3, Summer 1989, p. 16-27 (with Harris).
“Using a Loaded Capitalization Rate to Estimate Property Taxes in Various Income Models,” The Appraisal Journal, 63:3, July 1989, pp. 406-412, (with Kimball).
“Diversification Works in Real Estate, Too,” Journal of Portfolio Management, 13:2, 1987, pp. 66-71, (with Kuhle and Walthers).
“An Approach to Industrial Real Estate Market Segmentation and Valuation Using the Arbitrage Pricing Paradigm,” American Real Estate and Urban Economics Association Journal, 15:3, Fall 1987, pp. 199-219 (with Liu and Hartzell).
“Matched Pairs Analysis Program and Compliance with FHLBB Memorandum R-41b/c,” Appraisal Journal, January 1987, ( with Robinson and Wang).
“Real Estate Syndication: An Analysis of Real Estate Investments with Multiple Equity Problems,” Appraisal Journal, July 1986.
“Appraisal and Feasibility Models,” Appraisal Journal, April 1986.
“Value Concepts: The Argument Forms and Market Structure,” Appraisal Journal, April 1986.
“Reversion Risk Index: Ranking Using Traditional Appraisal Technique, “ Appraisal Journal, January 1986, (with Kuhle).
“The Economic Structure of Real Estate Syndication and Its Impact on Real Estate Assets,” The Real Estate Securities Journal, Fall 1985.
“Education for Fixed Asset Management: A Statistical Analysis,” Journal of the Asset Institute, Fall 1985.
“Hedging Real Estate Construction Loans Through Interest Rate Options,” The Journal of Real Estate Development, Fall 1985, (Kuhle and Walthers).
“Future Market Value,” Appraisal Journal, April 1986.
“Value Definition: Its Place in the Appraisal Process,” Appraisal Journal, April 1985.
“A Mortgage Underwriting Model for Negative Amortization Mortgage, “Appraisal Review Journal, Fall 1984, (with Wurtzebach).
“Introduction to Appraisal Review: A Philosophical Base,” Appraisal Review Journal, Fall 1984.
“An Acid Test for the Analysis of Real Estate Syndications,” The Real Estate Securities Journal,
“A Feasibility Process: The Benefits of Land Economics and Risk Management,” Appraisal Journal, July 1984.
“Analyzing Real Estate Investments: A Solvency and Risk Technique,” Appraisal Review Journal, Winter 1984.
“Real Estate Analysis with an International Perspective,” The International Real Estate Journal, Spring 1984.
“An Alternative Cash Flow Method for Real Estate Analysis,” The Real Estate Appraiser and Analyst, Winter 1983.
“Space-Time Segmentation Technique (ST2): A New Approach to Market Analysis, “ Real Estate Issues, Fall 1983.
“Most Probable Use: Land Use Determination Under Uncertainty,” Appraisal Review Journal, Spring 1983.
“Nominal Versus Real Prices in Real Estate: A Long Term Perspective,” Appraisal Review Journal, Spring 1983, (with Kuhle).
“The Semantics Debate: Highest and Best Use Versus Most Probable Use,” Appraisal Journal, January 1983.
“Most Probable Use: Land Use Determination Under Uncertainty,” Proceedings of the Federation International Geographers, Summer 1982.
“Income Property Analysis for Small Investor,” The Real Estate Market Advisor, January 1982.
White Papers and Monographs for Price Waterhouse
“Long Term Real Estate Returns and a Comparison to Other Capital Markets,” Price Waterhouse Monograph on Risk and Return in Capital Markets, 1994.
“REITs and Repeats,” Price Waterhouse Monograph with synopsis to be published in Real Estate Update, 1993-1994. Reports the history and changing nature of REITs, their structure and yield performance compared to other investments.
“REITs and Real Estate, “ Price Waterhouse Monograph to be published in PW’s Real Estate Update, 1994-1995. Investigates the mix of property types underlying the trust members of NAREIT.
Real Estate Center Publications (Texas A&M University)
Real Estate Center Journal:
“Case Study Reveals Rental Housing Impact,” 5:1, October 1990.
“Austin’s Investment Options Limited,” 5:1, October 1990.
“San Antonio Markets,” 4:4, July 1990.
“Houston’s Investment Potential,” 4:3, April 1990.
“Diversification Potential in City Submarkets: Dallas Investment Opportunities,” 4:1, October 1989.
“Ignoring Market Invites Disaster,” 3:3, May 1989.
“Solvency: Key to Risk Management,” 3:2, February 1989.
“Urban Land Market Analysis,” 3:2, February 1989.
“Workouts in a Down Market: The Wraparound Strategy,” 3:2 February 1989.
“Comparable Sales Puzzle: Missing Pieces Challenge Appraisers,” 2:3, May 1988.
“One City, Four Markets: What Cap Rates Tell,” 2:1, September 1987.
“One City, Four Markets: What Cap Rates Tell,” 2:1, (1987).
Real Estate Center Technical Papers
Market Analysis: On-Line Data Sources, 1992
Glossary of Real Estate Appraisal and Investment Terms, 1992.
Real Property and Housing Prices: A Case Study, January 1991, No. 841.
Urban Land Price Indices: Austin, May 1990, No. 754
Land Price Patterns and the Urban Structure: Austin, December 1989, No. 740
Investment Returns and Risk in Metropolitan Texas, August 1989, No. 739
Asset Management in a Down Market: A Suggested Valuation-Underwriting Process, January 1989, No. 679.
Understanding Appraisal Reports, March 1989, No. 642, (with Harris).
Appraising Without Comparables: An Expanded Concept of Appraisal Practice, October 1988, No. 674
Market Segmentation Using Cap Rates, January 1988, No. 604, (with Wang).
Real Estate Center Special Research Projects
White Paper on Strategies and Mission of RTC, 1987.
Land Market Forecast (25 Years) for Galveston Properties in Texas A&M University Systems Portfolio, 1987-88.
White Paper on Complexity Standard to establish the need for appraisal reports to help RTC decision process, 1988.
Review and Management of Appraisals for various property concerns in University’s real estate portfolio, 1988-89.
White Paper on the Economic Impact of Land Values under the Proposed Austin (Sector) Plan (commissioned for Austin Board of Realtors).
Development of Standards and Ethics questions for Texas State Appraisal Certification Exams, 1990.
Book and Book Chapters
Market Analysis for Valuation Appraisals, Appraisal Institute, 1995, with Fanning and Pearson.
Real Estate Valuation: Guide to Investment Strategies, Wiley Publishers, 1991, with Diaz.
Chapter on Sales Comparison Analysis, Real Estate Analysis, edited by Seldin and Boykin, American Society of the Counselors of Real Estate, 1989.
Chapter on Direct Sales Comparison Approach, Real Estate Handbook, edited by Seldin and Boykin, 1988.
Two chapters on Urban Land Economics and Urban Structure Analysis, Modern Real Estate, authors, Wurtzebach and Miles, 1984.
Comment on Value Theory, The Real Estate Valuation Colloquium, editor Kinnard, 1984.
“The Analysis of the Appraisal Process as Applied to Land Corridors, “ A theoretical investigation of Value, Valuation and Appraisal Theory supported by quantitative empirical testing of alternative appraisal models applied in the context of abandoned railroad rights-of-way. This dissertation placed in the AREUEA national dissertation contest sponsored by AREUEA, the Homer Hoyt Institute and the Lincoln Institute of Land Policy.
Professional Courses Written and Taught
Developed the Market Analysis for Real Estate Appraisers course for the Appraisal Institute, 1988, with Fanning and Pearson.
Developed the Subdivision Development course for the Realtors’ Land Institute, 1990.
Real Estate and Fixed Asset Management seminar for the American Bankers Association, 1992.
Business Valuation and Mark to Market Principle Based Valuation Techniques, Appraisal Institute (2006).
Capitalization Theory and Technique, Parts A and B, Appraisal Institute.
Market Analysis for Real Estate Appraisers, Appraisal Institute
Quantitative Analysis Course, Appraisal Institute
Real Estate Investment Course, Appraisal Institute
Subdivision Development Course, Realtors’ Land Institute
Market Analysis Seminar, Appraisal Institute
Risk Analysis Seminar, Appraisal Institute
Survey and Sampling Design Seminar, Appraisal Institute
Real Estate and Fixed Asset Management, American Bankers Association
Income Property Appraisal, 201, Society of Real Estate Appraisers
Principles of Real Estate Appraisal, 101, Society of Real Estate Appraisal
Application in Income Property Appraisal, 202, Society of Real Estate Appraisers
Real Estate Investment Analysis, 301, Society of Real Estate Analysis
Dissertation Chairperson at Georgia State and University of Texas for:
Candidate Topic Position
Peter Oppenheimer Frequency Space Correlation Associate Professor
Between REITs and Capital North Georgia College
Market Indices, and State University
James Lee Kuhle A Decision - Theoretic Full Professor
Portfolio Model for the California State
Selection of Real Estate University, Sacramento
Mark G. Dotzour Quantifying Estimation Associate Professor
Bias in Appraisal, 1987 Wichita State University
Crocker H. Liu* Market Imperfections, Real Estate Finance
Omitted Assets Markets Chair Holder
And Abnormal Real Estate Arizona State University
Returns: A Theoretical and Associate Professor New
Empirical Investigation, 1988 York University
Ko Wang The External Impact of Rental Full Professor
Properties on the Price of California State University,
Single-Family Residences Professors 1988 Fullerton
* Recipient of the Best Dissertation Award from the American Real Estate and Urban Economics Association, 1989.
Dissertation Committee Member:
Candidate Topic Position
Waldo Born A Framework and Model Associate Professor
for the Analysis of Income East Illinois
Producing Real Estate University
Investments under Cyclical
Inflationary Conditions, 1984
John Ramzy Investment Value Analysis Financial Investment
of Discounted Purchase Industry
Money Mortgage, 1984
Currently Chairing Peter Oppenheimer’s dissertation on “REITs as a Hedging Strategy” and functioned as a Reader for Marvin Wolverton’s research on “Behavioral Analysis of Comparable Sales Choice,” Marv is currently a professor at Washington State University. Also a reader for William Hardin’s dissertation on Behavioral Analysis of Bank Investment and Real Estate Department’s Decision Process,” Bill is currently a lecturer at Morehouse College.
Master Report (MBA thesis) Supervised by Topical Groupings:
Urban Land Economics:
Alexander An Assessment of Applicability of the
Sector Theory of Urban Growth to Austin, Texas, 1985
Cantey Harris and Ullman’s Multi-Nuclei
Theory Applied to Austin, Texas, 1985
Spinks Von Thunen’s Bid Rent Curves: An Application to Austin, 1986
Arnow The Multi-Nuclei Theory of Urban Land Development Applied to Houston, Texas, 1987
Withrow Trend Surface Analysis of the Austin Central
Business District, 1984
Bates Decisional Factors in Corporate Location, 1983
Alaimo A Study of Housing Appreciation in Austin, Texas,
Computer Application to Real Estate Investment Issues:
Parten Computer Analysis of Joint Venture Real Estate
Craig Computer Analysis of Real Estate Cash Flows,
Values and Returns Using the IBM Personal
Computer and Lotus 1-2-3, 1985
Katz Real Estate Investment Analysis Using IBM
Personal Computer and Lotus 1-2-3, 1984
Follmer Real Estate Investment Analysis Using Lotus 1-2-3,
Brighten Real Estate Acquisition: Feasibility and Cash Flow
Analysis on the Apple MacIntosh Computer, 1985.
Bradley The Matched Pairs Analysis Program, 1987
Abernathy Mortgage Refinancing - A Computer Model, 1987
Kennedy Real Estate and Tax Reform, 1986
Peppercorn The Impact of the 1986 Tax Reform Act on Passive
Real Estate Investment, 1986
Haley The Effect of Tax Law Changes from 1981 to 1986
On Real Estate Returns from Office Buildings, 1987
Capital Markets, Finance and Investments
Bixby The Real Estate Investment Trust: An Analysis
Of the Resurgence, 1985
Thurner The Effect of Seller Financing on Sales Price, 1984
McLaughlin An Analysis of Properties Acquired by Real Estate
Investment Trusts, 1986
Bryant Real Estate Investment Alternatives: The MLP and
the REIT, 1987
Rachmaninoff Mortgage-Backed Securities: An Overview, 1986
Dugas-Patterson Real Estate Syndication, 1986
Kra Real Estate Syndications: An Economic Analysis,
Martin The Changing Role of Financial Institutions in Real
Estate Development and Joint Ventures, 1984
Collins Corporate Versus MLP, 1987
Masterson Real Estate Market Research Management
Information System: An Integrated Approach, 1986
Marshall Current Construction Lending Techniques: A
Critical Analysis and Review, 1985
Trevino Empirical Analysis of New Company Entrants
Into the Development Industry, 1985
Sullivan Real Estate Investment and Management: Current
Kean Real Estate Joint Ventures: A Legal, Practical and
Economic Analysis, 1985
Heinen An Integrated Real Estate Investment Analysis
Swaringen The Analytical Tools of Risk, 1982
Nieman The Risk Management Crisis of the CATPOOL,
Dezell The Effect of Financing on Real Estate Value and
Market Risk Perceptions, 1983
McCall Risk Management in Commercial Real Estate
Industries and Real Estate:
Schneider The Railroad Industry and its Treatment of Land
Black Hotel Development, 1985
Bell Insurance Company Investments in Real Estate,
Strategy, Feasibility, Development, Appraisal and Specific Property Type Analysis:
Thompson The Art of Real Estate Development: An Analysis
Of the Calibre Company of Texas, Inc. 1987
Melody Structuring Joint Venture Agreements on
Lee Real Estate Development Strategy and Feasibility,
Wendell Feasibility Study: The Transformation of an
Industrial Site into a Coastal Resort, 1985
Ferguson Feasibility Analysis: The Valuation of Coastal
Properties with Unique Physical Attributes, 1986
Freeman Investment in a Warehouse Facility: A Feasibility
Williamson Condominium Conversions in San Antonio: A
Feasibility Study, 1985
Baize Financed Property Valuation Adjustments, 1986
Arnett The Development Process of a Light Industrial Park
In North Austin: A Case Study, 1986
Ramzy 500-502 Oakland: A Contemporary Appraisal, 1982
Villanueva The Appraisal of Maul Hill, 1986
Craig Four Hundred Acres: An Economic Feasibility
James Investment in a Retail Center: A Feasibility Study,
Birchman The Appraisal of 1823 Golden Pheasant Drive,
Research Management at Price Waterhouse (as National Research Director)
Managed five market analysts concerned with supply, demand, capture and absorption calculations for individual properties in the major markets (by office location) of Atlanta, Chicago, Dallas, Houston, Los Angeles and New York. Each analyst then dealt with properties within appropriate regional districts.
Also directed the analysts in updating and maintaining current databases with specific emphasis on capital market rates and yields and demographic data.
Also engaged-in and directed portfolio analysis involving the research assistants and appraisers as a third of my performance requirements.
Finally performed econometrics analysis on the capital market, economic and consulting issues confronted by the firm. Specific examples where the development of a market analysis model for specific properties, yield testing models, the econometrics model used in the Macy’s Bankruptcy Case and a Derived Investment Value used for financial institutions’ disposition decisions.
Research Management and Activities at Equitable Real Estate Investment Management (as Vice-President of Investment Research)
Management and research activities involved participation and contribution in the research, development and writing of segments of Equitable’s 1995 Outlook Report and Emerging Trends (with RERC). Work on the former publication involved broad economic analysis and investigation of equity and debt capital markets.
Specific projects basically can be grouped into fundamental analysis of urban markets and portfolio analysis. The research in urban markets including economic base comparisons and the real estate markets in terms of activity levels and returns. The key issues were regional economic performance and potential for geographic diversification. The portfolio analysis addressed the impact of real estate within mixed asset portfolios and the consideration of optimal real estate property types and geographic combination to allow investment optimizations.
Other short-term projects involved ring studies (trade area analysis for properties), rate studies to set and establish hurdle rates and reserves management, and economic inputs for mortgage rating models.