Experience

Publications

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Water Contamination, Land Prices and the Statute of Repose

  Journal of Real Estate Finance and Economics

  We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Water Contamination, Land Prices and the Statute of Repose

  Journal of Real Estate Finance and Economics

  We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

• A Risk Assessment of Intangible Asset Valuation: The Post-Hoc Association between Goodwill Impairments and Risk Hazards in Mergers and Acquisitions

  American Journal of Management

  We tested whether the change from SFAS 141 to SFAS 141r/ASC 805 had any effect on restatements due to goodwill impairment. Our findings suggest that the implementation of SFAS 141r increased the likelihood of a financial restatement by 2.5 times. Board of Director and Audit Committee involvement in the goodwill impairment decision reduced the likelihood of a restatement occurring. Service industry companies were 3.2 times more likely to restate their assets due to goodwill impairment. Companies who were audited by a Big4 firm reduced the odds of restatement.

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Water Contamination, Land Prices and the Statute of Repose

  Journal of Real Estate Finance and Economics

  We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

• A Risk Assessment of Intangible Asset Valuation: The Post-Hoc Association between Goodwill Impairments and Risk Hazards in Mergers and Acquisitions

  American Journal of Management

  We tested whether the change from SFAS 141 to SFAS 141r/ASC 805 had any effect on restatements due to goodwill impairment. Our findings suggest that the implementation of SFAS 141r increased the likelihood of a financial restatement by 2.5 times. Board of Director and Audit Committee involvement in the goodwill impairment decision reduced the likelihood of a restatement occurring. Service industry companies were 3.2 times more likely to restate their assets due to goodwill impairment. Companies who were audited by a Big4 firm reduced the odds of restatement.

• Measurements in Real Estate Academia: Internal Assessment of Learning

  Journal of Real Estate Practice and Education

  This study implements a four-pronged approach to the internal assessment of learning process for a commercial real estate curriculum at a public university in the northeastern United States. With the helpful advice of an advisory council, program faculty and student interns, the process included assessments of the legal and contractual, mortgage and banking, capital markets, and valuation aspects of commercial real estate. It served to both qualify the students’ strengths and weaknesses in an effort to place them in industry positions which fit their skill sets and meet AACSB evaluation requirements. The assessment included a control group and a subsequent treatment group one academic year later with both quantitative and qualitative tests being implemented within the core courses. The treatment group received a modified, enhanced version of the core curriculum. Overall, the results demonstrate dramatic increases in all four core competencies during the one year period which allowed for the confident recommendation and placement of students in industry positions matching their skill sets. This subsequently led to the program’s increased connection and better reputation within the local real estate community.

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Water Contamination, Land Prices and the Statute of Repose

  Journal of Real Estate Finance and Economics

  We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

• A Risk Assessment of Intangible Asset Valuation: The Post-Hoc Association between Goodwill Impairments and Risk Hazards in Mergers and Acquisitions

  American Journal of Management

  We tested whether the change from SFAS 141 to SFAS 141r/ASC 805 had any effect on restatements due to goodwill impairment. Our findings suggest that the implementation of SFAS 141r increased the likelihood of a financial restatement by 2.5 times. Board of Director and Audit Committee involvement in the goodwill impairment decision reduced the likelihood of a restatement occurring. Service industry companies were 3.2 times more likely to restate their assets due to goodwill impairment. Companies who were audited by a Big4 firm reduced the odds of restatement.

• Measurements in Real Estate Academia: Internal Assessment of Learning

  Journal of Real Estate Practice and Education

  This study implements a four-pronged approach to the internal assessment of learning process for a commercial real estate curriculum at a public university in the northeastern United States. With the helpful advice of an advisory council, program faculty and student interns, the process included assessments of the legal and contractual, mortgage and banking, capital markets, and valuation aspects of commercial real estate. It served to both qualify the students’ strengths and weaknesses in an effort to place them in industry positions which fit their skill sets and meet AACSB evaluation requirements. The assessment included a control group and a subsequent treatment group one academic year later with both quantitative and qualitative tests being implemented within the core courses. The treatment group received a modified, enhanced version of the core curriculum. Overall, the results demonstrate dramatic increases in all four core competencies during the one year period which allowed for the confident recommendation and placement of students in industry positions matching their skill sets. This subsequently led to the program’s increased connection and better reputation within the local real estate community.

• Philip Cali, Jr. Launches Non-for-Profit “Pristine Homes” with MSU to Build Affordable Housing in New Jersey

  The Mann Report

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Water Contamination, Land Prices and the Statute of Repose

  Journal of Real Estate Finance and Economics

  We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

• A Risk Assessment of Intangible Asset Valuation: The Post-Hoc Association between Goodwill Impairments and Risk Hazards in Mergers and Acquisitions

  American Journal of Management

  We tested whether the change from SFAS 141 to SFAS 141r/ASC 805 had any effect on restatements due to goodwill impairment. Our findings suggest that the implementation of SFAS 141r increased the likelihood of a financial restatement by 2.5 times. Board of Director and Audit Committee involvement in the goodwill impairment decision reduced the likelihood of a restatement occurring. Service industry companies were 3.2 times more likely to restate their assets due to goodwill impairment. Companies who were audited by a Big4 firm reduced the odds of restatement.

• Measurements in Real Estate Academia: Internal Assessment of Learning

  Journal of Real Estate Practice and Education

  This study implements a four-pronged approach to the internal assessment of learning process for a commercial real estate curriculum at a public university in the northeastern United States. With the helpful advice of an advisory council, program faculty and student interns, the process included assessments of the legal and contractual, mortgage and banking, capital markets, and valuation aspects of commercial real estate. It served to both qualify the students’ strengths and weaknesses in an effort to place them in industry positions which fit their skill sets and meet AACSB evaluation requirements. The assessment included a control group and a subsequent treatment group one academic year later with both quantitative and qualitative tests being implemented within the core courses. The treatment group received a modified, enhanced version of the core curriculum. Overall, the results demonstrate dramatic increases in all four core competencies during the one year period which allowed for the confident recommendation and placement of students in industry positions matching their skill sets. This subsequently led to the program’s increased connection and better reputation within the local real estate community.

• Philip Cali, Jr. Launches Non-for-Profit “Pristine Homes” with MSU to Build Affordable Housing in New Jersey

  The Mann Report

• Economic Value of Modelling Covariance Asymmetry for Mixed-Asset Portfolio Diversification

  Economic Modelling

  Mounting evidence from the literature points to the existence of covariance asymmetry for financial assets. That is, conditional volatility and correlation of financial returns tend to rise more after negative return shocks than after positive ones of the same size. This paper extends the literature by investigating whether investors could gain significant economic benefits from incorporating the feature into mixed-asset portfolio diversifications. We carry out the investigation for a portfolio consisting of US stock, REITs, and the risk-free asset, and find that covariance asymmetry is indeed a value-added feature for mixed-asset diversifications. This conclusion is robust to different portfolio performance metrics and asset allocation periods. More importantly, we demonstrate that the value added by modeling covariance asymmetry is unlikely to be offset by transaction costs. This leads credence to the implementability of a portfolio strategy which embeds the feature of covariance asymmetry. Our findings have important implications for fund managers and their clientele.

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Water Contamination, Land Prices and the Statute of Repose

  Journal of Real Estate Finance and Economics

  We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

• A Risk Assessment of Intangible Asset Valuation: The Post-Hoc Association between Goodwill Impairments and Risk Hazards in Mergers and Acquisitions

  American Journal of Management

  We tested whether the change from SFAS 141 to SFAS 141r/ASC 805 had any effect on restatements due to goodwill impairment. Our findings suggest that the implementation of SFAS 141r increased the likelihood of a financial restatement by 2.5 times. Board of Director and Audit Committee involvement in the goodwill impairment decision reduced the likelihood of a restatement occurring. Service industry companies were 3.2 times more likely to restate their assets due to goodwill impairment. Companies who were audited by a Big4 firm reduced the odds of restatement.

• Measurements in Real Estate Academia: Internal Assessment of Learning

  Journal of Real Estate Practice and Education

  This study implements a four-pronged approach to the internal assessment of learning process for a commercial real estate curriculum at a public university in the northeastern United States. With the helpful advice of an advisory council, program faculty and student interns, the process included assessments of the legal and contractual, mortgage and banking, capital markets, and valuation aspects of commercial real estate. It served to both qualify the students’ strengths and weaknesses in an effort to place them in industry positions which fit their skill sets and meet AACSB evaluation requirements. The assessment included a control group and a subsequent treatment group one academic year later with both quantitative and qualitative tests being implemented within the core courses. The treatment group received a modified, enhanced version of the core curriculum. Overall, the results demonstrate dramatic increases in all four core competencies during the one year period which allowed for the confident recommendation and placement of students in industry positions matching their skill sets. This subsequently led to the program’s increased connection and better reputation within the local real estate community.

• Philip Cali, Jr. Launches Non-for-Profit “Pristine Homes” with MSU to Build Affordable Housing in New Jersey

  The Mann Report

• Economic Value of Modelling Covariance Asymmetry for Mixed-Asset Portfolio Diversification

  Economic Modelling

  Mounting evidence from the literature points to the existence of covariance asymmetry for financial assets. That is, conditional volatility and correlation of financial returns tend to rise more after negative return shocks than after positive ones of the same size. This paper extends the literature by investigating whether investors could gain significant economic benefits from incorporating the feature into mixed-asset portfolio diversifications. We carry out the investigation for a portfolio consisting of US stock, REITs, and the risk-free asset, and find that covariance asymmetry is indeed a value-added feature for mixed-asset diversifications. This conclusion is robust to different portfolio performance metrics and asset allocation periods. More importantly, we demonstrate that the value added by modeling covariance asymmetry is unlikely to be offset by transaction costs. This leads credence to the implementability of a portfolio strategy which embeds the feature of covariance asymmetry. Our findings have important implications for fund managers and their clientele.

• Real Estate Mutual Funds: Efficiency in the Post-Liquidity Crisis Era

  Journal of Business and Economic Research

  This paper investigates real estate mutual fund (REMF) efficiency from the investors’ perspective after the 2008-2009 real estate investment trust (REIT) liquidity crisis. During this time period investors not only regained confidence in REITs, but REMFs as well looking for undervalued assets. Here I employ data envelopment analysis (DEA), a non-parametric statistical procedure which tests whether decision-making units are operating on their efficient frontier, to measure the relative performance of REMFs for the post-crisis years 2010-2015. I find evidence that there were a very high number of inefficient REMFs over the period and that those REMFs deemed inefficient needed to decrease fees significantly given their returns. The main sources of the inefficiency were excessive front load, deferred load, and 12b-1 fees as well as higher levels cash holdings as a percentage of overall assets. This is imperative due to the fact that even though the majority of REMFs are invested in REIT assets, individuals invest in REMFs for their enhanced liquidity when compared to direct REIT investment. If REMFs are to remain competitive as an asset class, they must maintain reasonable expense ratios.

• Academic Briefs: Reviews of Real Estate Based Forensic Accounting

  The Value Examiner

• After Transforming the Region, Hartz is Looking Beyond N.J.

  The Record

• Industry Hopefuls meet Industry Professionals in Career Seminar

  Real Estate NJ

• CPC/Meridia Seminar Focuses of New Jersey Real Estate Trends

  USA Today

• A Review of "SEGREGATED CITY THE GEOGRAPHY OF ECONOMIC SEGREGATION IN AMERICA’S METROS"

  Journal of Real Estate Literature

• New Jersey Developer to Create Affordable-Housing Training Program

  The Wall Street Journal

• A tax Policy of Applying the “Tax at the Top” Approach to Multinational Corporations

  Business and Law Journal

• New Jersey Developer Launches Sustainable Multifamily Housing Non-Profit

  Real Estate Weekly

• Anatomy of a Real Estate Deal

  Commerical Real Estate Women of New Jersey

• Water Contamination, Land Prices and the Statute of Repose

  Journal of Real Estate Finance and Economics

  We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

• A Risk Assessment of Intangible Asset Valuation: The Post-Hoc Association between Goodwill Impairments and Risk Hazards in Mergers and Acquisitions

  American Journal of Management

  We tested whether the change from SFAS 141 to SFAS 141r/ASC 805 had any effect on restatements due to goodwill impairment. Our findings suggest that the implementation of SFAS 141r increased the likelihood of a financial restatement by 2.5 times. Board of Director and Audit Committee involvement in the goodwill impairment decision reduced the likelihood of a restatement occurring. Service industry companies were 3.2 times more likely to restate their assets due to goodwill impairment. Companies who were audited by a Big4 firm reduced the odds of restatement.

• Measurements in Real Estate Academia: Internal Assessment of Learning

  Journal of Real Estate Practice and Education

  This study implements a four-pronged approach to the internal assessment of learning process for a commercial real estate curriculum at a public university in the northeastern United States. With the helpful advice of an advisory council, program faculty and student interns, the process included assessments of the legal and contractual, mortgage and banking, capital markets, and valuation aspects of commercial real estate. It served to both qualify the students’ strengths and weaknesses in an effort to place them in industry positions which fit their skill sets and meet AACSB evaluation requirements. The assessment included a control group and a subsequent treatment group one academic year later with both quantitative and qualitative tests being implemented within the core courses. The treatment group received a modified, enhanced version of the core curriculum. Overall, the results demonstrate dramatic increases in all four core competencies during the one year period which allowed for the confident recommendation and placement of students in industry positions matching their skill sets. This subsequently led to the program’s increased connection and better reputation within the local real estate community.

• Philip Cali, Jr. Launches Non-for-Profit “Pristine Homes” with MSU to Build Affordable Housing in New Jersey

  The Mann Report

• Economic Value of Modelling Covariance Asymmetry for Mixed-Asset Portfolio Diversification

  Economic Modelling

  Mounting evidence from the literature points to the existence of covariance asymmetry for financial assets. That is, conditional volatility and correlation of financial returns tend to rise more after negative return shocks than after positive ones of the same size. This paper extends the literature by investigating whether investors could gain significant economic benefits from incorporating the feature into mixed-asset portfolio diversifications. We carry out the investigation for a portfolio consisting of US stock, REITs, and the risk-free asset, and find that covariance asymmetry is indeed a value-added feature for mixed-asset diversifications. This conclusion is robust to different portfolio performance metrics and asset allocation periods. More importantly, we demonstrate that the value added by modeling covariance asymmetry is unlikely to be offset by transaction costs. This leads credence to the implementability of a portfolio strategy which embeds the feature of covariance asymmetry. Our findings have important implications for fund managers and their clientele.

• Real Estate Mutual Funds: Efficiency in the Post-Liquidity Crisis Era

  Journal of Business and Economic Research

  This paper investigates real estate mutual fund (REMF) efficiency from the investors’ perspective after the 2008-2009 real estate investment trust (REIT) liquidity crisis. During this time period investors not only regained confidence in REITs, but REMFs as well looking for undervalued assets. Here I employ data envelopment analysis (DEA), a non-parametric statistical procedure which tests whether decision-making units are operating on their efficient frontier, to measure the relative performance of REMFs for the post-crisis years 2010-2015. I find evidence that there were a very high number of inefficient REMFs over the period and that those REMFs deemed inefficient needed to decrease fees significantly given their returns. The main sources of the inefficiency were excessive front load, deferred load, and 12b-1 fees as well as higher levels cash holdings as a percentage of overall assets. This is imperative due to the fact that even though the majority of REMFs are invested in REIT assets, individuals invest in REMFs for their enhanced liquidity when compared to direct REIT investment. If REMFs are to remain competitive as an asset class, they must maintain reasonable expense ratios.

• N.J. ‘Gold Coast’ Building Boom Fueled by Economy and Proximity of NYC

  The Star Ledger