Howard Phillips Eminent Scholar Chair and Professor of Real Estate 2010 NAIOP Research Foundation Distinguished Fellow Homer Hoyt Fellow

Transcription

1 RANDY I. ANDERSON, Ph.D., CRE Dr. P. Phillips School of Real Estate College of Business Administration PO Box Orlando, FL Office Phone: (407) Fax: (407) Current: The University of Central Florida Orlando, FL Howard Phillips Eminent Scholar Chair and Professor of Real Estate 2010 NAIOP Research Foundation Distinguished Fellow Homer Hoyt Fellow Dr. Anderson is responsible for growing the real estate program at the University of Central Florida including the development of the Professional MS in Real Estate. Dr. Anderson conducts research in the real estate and finance fields where he publishes extensively in both practitioner and academic journals. Dr. Anderson is a co-editor of the Journal of Real Estate Portfolio Management and sits on numerous editorial boards. He serves as the Director of the Dr. P. Phillips Institute for Research and Education in Real Estate and is the advisor of the UCF Student Real Estate Club. Dr. Anderson is regularly featured on Channel 13 giving economic and real estate market commentary. Dr. Anderson also gives speeches to local and national real estate groups and acts as a frequent contributor to the local news media. Dr. Anderson sits on the University Foundation Investment Sub-Committee, the Florida Association of Realtors Education Foundation Advisory Board, and the Central Florida Commercial Association of Realtors Board of Directors (ex-officio) Current: Consultant/Investor Winter Park, FL Dr. Anderson performs consulting and advisory work focusing on large institutional clients. Dr. Anderson also owns general partner interests in commercial real estate, primarily apartments in the Southeast as well as ownership of a private equity capital firm via a joint venture with the Blackstone Group.

2 CNL Financial Group Orlando, FL President CNL Real Estate Advisors Chief Economist CNL Financial Group Dr. Anderson served as President of CNL Real Estate Advisors in Orlando where he was responsible for overseeing CNL s non-reit real estate transactions; including research, origination, acquisition, finance and management. Under Dr. Anderson, CNL Real Estate Advisors was the most successful start-up in CNL s history and transacted at a run rate of nearly $700 million of real estate deals per year. Dr. Anderson also served as the Chief Economist for the holding company where he was responsible for economic, real estate, and equity market research, strategy, and forecasting. Dr. Anderson also developed and implemented a real estate education program for CNL associates that ranged from detailed real estate analysis to personal finance strategies Florida International University Miami, FL Ryder Eminent Scholar Chair Director of the MS International Real Estate & Professor of Finance Dr. Anderson was responsible for developing the MS in international real estate and teaching courses in real estate, financial institutions, and corporate finance. Dr. Anderson conducted research projects in the real estate area and published extensively in both practitioner and academic journals. He served as the director of the student real estate club and developed an internship program. Dr. Anderson provided consulting services to residential and commercial real estate brokerage firms, hotels, and development companies The Marcus and Millichap Company Palo Alto, CA Chief Economist Director of Research Dr. Anderson provided strategic guidance to all of the subsidiaries of the Marcus and Millichap Companies and their partners, which includes economic forecasts for the national economy and the twelve Western US MSAs, including employment and household forecasts. More tactically, Dr. Anderson provided real estate rent and vacancy forecasts for these markets and their corresponding submarkets for all property types and built Go Packets for use in investment committee meetings and determined the research position and vote for each deal. He also produced internal and external research reports on issues of interest to their clients, firm, and the industry. He managed a large research staff and oversaw maintenance of proprietary databases.

3 The City University of New York Baruch College New York, NY William Newman Chair of Real Estate Finance Academic Director of the William Newman Real Estate Programs Dr. Anderson was responsible for developing the real estate programs at the undergraduate and graduate levels and teaching courses in real estate, financial institutions, and corporate finance. He conducted research projects in the real estate area and published extensively in both practitioner and academic journals. Dr. Anderson developed a seminar and conference series in conjunction with the Newman Real Estate Institute, founded a student real estate club, and coordinated an extensive internship program Prudential Financial Prudential Real Estate Investors Parsippany, NJ Vice President- Investment Research Dr. Anderson provided portfolio allocations by both property type and economic region for a REIT mutual fund, formulated portfolio strategies for domestic and international clients, analyzed U.S. market cycles, ranked/targeted U.S. real estate markets for investment purposes, monitored international real estate markets, performed portfolio attribution analysis, and conducted economic cluster and diversification studies. He assisted in maintaining the largest proprietary institutional real estate equity database in the United States and produced internal and external research reports on markets and issues of interest to clients, firms, and the industry. Dr. Anderson participated in the marketing process via presentations to leading industry groups, academic research groups, and clients Seton Hall University South Orange, NJ Associate Professor of Finance Director of Financial Institutions Concentration Dr. Anderson was responsible for developing the financial institutions concentration and teaching courses in real estate, financial institutions, and corporate finance at both the undergraduate and graduate levels. He conducted research projects in the real estate area and published extensively in both practitioner and academic journals. He maintained contract consulting position

4 with the Alabama Center for Education and Research and developed and taught real estate pre-licensing and continuing education courses Assistant Professor of Finance and Real Estate Publications: Books: Dr. Anderson taught undergraduate and graduate courses in real estate, finance, risk and insurance, statistics, and economics at Samford University, the University of Louisiana-Monroe, and Grambling State University. He conducted research projects in the real estate/finance area and published extensively in academic journals. He was awarded Mortar Board Professor of the Year in the School of Business at the University of Louisiana-Monroe based on teaching and service, and received recognition for best paper awards at the American Real Estate Society. Individual Investing Made Simple, 2003, Philip Leaf Publishing and Double Day, with Anthony Loviscek. Papers in Professional Journals: Papers in Revision 1 How are Stock Price Synchronicity and Firm-Specific Information Correlated? 2010, under second-round of review at Journal of Financial Markets, with Evans and Xing. The Impact of Corporate Diversification on Firm Risk 2010, under second-round of review at Review of Quantitative Finance and Accounting, with Stowe and Xing. Extreme Risk Measures for International REIT Markets 2010, under second-round of review at Journal of Real Estate Finance and Economics, with Jian. Monetary Shocks, Volatility Regimes, and Inflation: An Empirical Analysis of REIT Behavior 2010, Revise and Resubmit at Journal of Real Estate Research, with Boney and Guirguis. Common and Separating REIT Efficient Frontiers: A New Flexible Bayesian Approach 2010, Revise and Resubmit at Journal of Real Estate Research, with Lewis. 1 Numerous completed papers under review and working papers not listed here but available upon request.

5 Accepted Papers (60) International Real Estate Portfolio Construction: Conditional and Unconditional Methods, Journal of Real Estate Portfolio Management, Forthcoming January 2010, with Xing, Mueller, and Hurst. (59) Performance differences in property-type diversified versus specialized real estate investment trusts (REITs). Review of Financial Economics, 18: , with Benefield and Zumpano. (58) Determinants of Real Estate Agent Compensation Choice. Journal of Housing Research, 18: , 2009, with Zumpano and Johnson. (57) Intra-firm Real Estate Brokerage Compensation Choices and Agent Performance, Journal of Real Estate Research, Vol. 30 No. 4, 2008, with Johnson and Zumpano. (56) Johnson K.H., L.V. Zumpano and R.I. Anderson, The Role of Listing Specialization in Residential Real Estate Licensee Income, Journal of Real Estate Research, 2007, 29:1, 75-89, with Johnson and Zumpano. (55) Searching for Information Content: Portfolio Performance of The 100 Best Stocks You Can Buy. Journal of Financial and Economic Practice, 8 (Fall 2007), 1-14, with Loviscek and Yi. (54) Does the Composition of the Market Portfolio Matter for Performance Rankings of Post 1986 Equity Real Estate Investment Trusts?, Journal of Real Estate Portfolio Management, 13: , 2007 with Benefield and Zumpano. (53) Brockman, Christopher M., Randy I. Anderson, and Robert W. McLeod, 2006, A Relative Efficiency Approach to Modern Performance Measurement using Data Envelopment Analysis, Journal of Financial Education, 32 (Spring), (52) Market Fundamentals and the Forecastability of the Regional Housing Prices: An Empirical Investigation, Forecasting Letters, Vol. 1:14-26, 2006, with Giannikos and Guirguis. (51)The labor leisure choice in executive compensation plans: Does too much pay reduce REIT performance? Journal of Economics and Business, Volume 57, Issue 2, March-April 2005, Pages , with Scott and Webb. (50)Quality of Care and Nursing Home Cost-Efficiency Research, The Journal of Real Estate Literature. Volume 13, Number 3, 2005: pp , with Webb and Weeks. (49)The US Housing Market: Asset Pricing Forecasts: Using Time Varying Coefficients, Journal of Real Estate Finance and Economics, Vol. 30, No. 1, 2005, with Giannikos and Guirguis.

6 (48)REIT Returns and Pricing: The Small Cap Value Stock Factor, Journal of Property Research, 22: , 2005., with Sharma, Clayton, and McKinnon.(Best paper European Real Estate Society). (47)Retail Property Portfolio Risk: Evidence from REIT Portfolios, Journal of Shopping Center Research 12:1, 2005, with Springer. (46)In Search of Information Content: Portfolio Performance of The 100 Best Stocks to Own in America. Financial Services Review,14, pp (Cited as recommended reading in the CFA Digest for financial analysts.), 20005, with Loviscek. (45)A Non-Parametric Examination of Real Estate Mutual Fund Efficiency, International Journal of Business and Economics (2004), 3:3, , with Brockman, Giannikos, and McLeod. (44) Production Efficiency in the Austrian Insurance Industry Journal of Risk and Insurance, with Ennsfellner and Lewis. (43)Hedging Model Risk, The Quarterly Review of Economics and Finance, 44 (5), p , Dec 2004, with Gianetti and Clark. (42)S.P. Salter, K.H. Johnson and R.I. Anderson, What is A Warranty Worth? Homeowner Warranties Impact on Property Salability, Appraisal Journal, 2004, 72:4, , with Salter and Johnson. (41)Salesperson Bonuses and Their Impact onf Residential Property Price and Time on the Market, Journal of Real Estate Practice and Education. (Winner of Best Paper American Real Estate Society Brokerage Division 2003). 7: 1-14, 2004, with Benefield and Johnson, summarized in Jack C. Harris, Spotlight on Agency, Tierra Grande: Journal of the Real Estate Center at Texas A&M University, Volume 11, Number 2. (40)Mezzanine Finance and Small Businesses, Global Business and Economic Review., Volume 5, Number 1 June 2003, with Clark. (39)Internet Use and Buyer Search Duration, Journal of Housing Economics, with Zumpano, and Johnson. Volume 12 Issue 2, June Listed as #13 th most requested article (38)Portfolio Implications of Apartment Investing, Journal of Real Estate Research, with McLemore, Conner and Liang., Volume 25, Number 2, (37)Nursing Home Efficiency and Quality, Journal of Real Estate Research, with James Webb and Shelton Weeks, and Brad Hobbs. (Winner of Best Paper American Real Estate Society Senior Housing Division, 2002). Volume 25 Number 1, (36)REIT Selection and Portfolio Construction: Using Operating Efficiency as an

7 Indicator of Performance, Journal of Real Estate Portfolio Management 9:1, 2003 (with R. Anderson) [Abstracted in CFA Digest, Feb. 2004] (35)REIT Portfolio Construction and Performance, Journal of Real Estate Portfolio Management, with Thomas Springer. (Winner of Best Paper American Real Estate Society REITs Division, 2002)., Volume 9, Number 1, January-April (34)The Growth and Performance of International Public Real Estate, Journal of Real Estate Portfolio Management, with Glen Mueller. (Invited to Give Paper at Harvard University, Fall 2002).Volume 8, Number 4, (33)A Bayesian Analysis of REIT Performance, Journal of Real Estate Finance and Economics, 2003, Vol 26 (1) Article 4, with Springer and Lewis. (32)Technical efficiency and economies of scale: A non-parametric analysis of REIT operating efficiency; European Journal of Operational Research, Amsterdam; June 16, 2002; Vol. 139, Issue 3; pg. 598, with Fok, Springer, and Webb. (31)Are REIT CEOs Rewarded for Performance? Another Look; Journal of Real Estate Portfolio Management, Boston; Jul-Sep 2001; Vol. 7, Iss. 3; pg. 247, 6 pgs, with Scott and Loviscek. (30)Mature and Yet Imperfect: Real Estate Capital Market Arbitrage; Journal of Real Estate Portfolio Management, Boston; Jul-Sep 2001; Vol. 7, Iss. 3; pg. 281, 8 pgs. (29)The Mezzanine Investment Market: Between and Beyond Debt and Equity, Real Estate Finance Journal, Winter 2002, 5-12, with Conner and Liang. (28)Deriving REIT Returns by Economic Location, Real Estate Finance, Fall 2001, Vol. 18 (3), 14-19, with Liang and Shain. (27)Divers of Commercial Mortgage Opportunities, Real Estate Finance, 2001, Vol. 18, No. 2, pp , with Conner and Hess. (26)Mezzanine Investment Opportunities, Institutional Real Estate Letter, June 2001, with Conner and Liang. (25)Exterior Insulation and Finish Systems: The Effect on Residential Housing Prices and Marketing Time, Journal of Real Estate Research. Vol 22 (3), , with Johnson, Salter, and Zumpano. (24)Size, Growth, Leverage, and the Great REIT Divide, Institutional Real Estate Letter. 2001, Vol 24, pp 53-60, with Conner and Liang. (23)Economics Value AddedTM and Alabama Community Banks: A New Look at Performance, Southern Business and Economic Journal, 2001, Vol 24, pp 53-60, with

8 Reburn. (22)Measuring the Managerial Efficiency of International Non-profit Organizations: An Alternative Framework, International Journal of Management, 2001, Vol.18(2), pp , with Clark. (21)Problem-Based Learning in Real Estate Education, Journal of Real Estate Practice and Education.2001, Vol. 3(1), pp 35-45, with Loviscek. (20)The Efficiency of Residential Real Estate Brokerage Firms: A Stochastic Frontier Approach, Journal of Real Estate Research. 2000, Vol. 20(1), pp , with Lewis and Zumpano. (19)Real Estate Education and Brokerage Performance, Journal of Real Estate Research, 2000, Vol 20,(1) , with James Webb. (18)The Capitalization of Seller Paid Concessions, Journal of Real Estate Research.2000, Vol. 19 No 3, pp , with Johnson and Webb. (17)Residential Real Estate Brokerage Efficiency From a Cost and Profit Perspective, Journal of Real Estate Finance and Economics Vol. 16 No.3, pp , with Lewis and Zumpano. (16)The Residential Real Estate Brokerage Industry: An Overview of Past Performance and Future Prospects. Journal of Real Estate Research, 2000, Vol 19 (2) , L. Zumpano and H. Elder. (15)Operating Efficiencies in Real Estate: A Critical Review of the Literature Review, Journal of Real Estate Literature, Vol. 8, No. I 2000, with Lewis and Springer. (14)A Bayesian Examination of Corporate Travel Management Departments, International Journal of Transport Economics and Policy, January 2000, with Lewis. (13)An Advance Linear-Programming Examination of Hotel Performance, American Business Review. January 2000, Vol. 18, No. 1, pp40-48, with Scott. (12)An Analysis of Affinity Programs: The Case of Real Estate Brokerage Participation, Financial Services Review, 1999, Vol. 18, No 3, pp , with Lewis. (11)Residential Real Estate Brokerage Efficiency and the Implications of Franchising: A Bayesian Approach, Real Estate Economics, 1999, Vol.27, No.3, pp , with Lewis. (10)The Efficiency of Corporate Travel Management Departments: An Empirical Investigation, Journal of Travel Research, 1999, Vol. 37, No.3, pp67-72, with Lewis and Parker.

9 (9)The Efficiency of Nursing Home Chains and the Implications of Non-Profit Status, Journal of Real Estate Portfolio Management,1999, Vol. 5, No.3, pp , with Lewis and Webb. (8)Hotel Efficiency: A Stochastic Frontier Approach, International Journal of Hospitality Management, 1999, Vol. 18 No.1, pp 45-57, with Fish and Michello. (7)Computer Anxiety and Employee Performance: A Theoretical Note, International Journal of Management, 1999, Vol. 16, No. 2, pp , with Lewis. (6)Measuring the Efficiency of Residential Real Estate Brokerage Firms: An Application of the Data Envelopment Analysis, Journal of Estate Research,1998, Vol. 16, No. 2,pp , with Fok, Elder, and Zumpano. (5)The Efficiency of Franchising in the Real Estate Market, Journal of Consumer Marketing, 1998, Vol. 15, No. 4, pp , with Fok, Zumpano, and Elder. (4)The Efficiency of Franchising in the Residential Real Estate Market: A Stochastic Frontier Examination, Central Business Review, 1998, Vol. 17. No. 1, pp (3)Relative Performance and Compensation of University Faculty Members, Regional Business Review, 1998, Vol. 17, No. 1 pp , with Melancon. (2)The Direct Relationship Between Public Debt and Deficits and Economics Growth from , Business and Economics Review,1997,Vol. 21, No 2, with Gibson. (1)An Applications of Merton s Poisson Jump-Diffusion Option Pricing Model to Crop Yield Insurance Futures, Journal of Business and Economics Studies, 1997, Vol. 4, No. 2, pp 11-22, with Dondlinger. Industry Publications: Jobs in the Year 2005: How Will Rural Illinois Communities Fare?, Rural Research Report, Winter 1994-Vol. 4, Issue 2. The Efficiency of Small Businesses in the Northeast Louisiana: An Empirical Investigation, 1997, The Louisiana Small Business Development Center. Affinity Programs and Firm Profitability: An Examination of Real Estate Brokerage. The Alabama Center for Real Estate Research and Education Center Exterior Insulation and Finish Systems: What Brokers Need to Know. Alabama Real Estate Research and Education Center Asia Outlook Prudential Real Estate Investors

10 Dimensions in REIT Pricing. Prudential Real Estate Investors Mezzanine Investments: Opportunities Between Debt and Equity, Prudential Real Estate Investors, Predicting ACLI Loan Demand, Prudential Real Estate Investors, Imputing REIT Returns, Prudential Real Estate Investors, Global Timber Investing, Prudential Real Estate Investors, Apartment Investing Gimme Shelter, Prudential Real Estate Investors, Inside Ownership and REIT Performance- Is More Always Better?, Prudential Real Estate Investors, Real Estate Capital Markets Arbitrage, Prudential Real Estate Investors, Office Market Dynamics: Structural Changes in Employment in an Increasingly Productive Economy, NAIOP,with Springer. Conference Presentations: Price Discovery and the Dynamics Among Private Real Estate: REITs, Stock, and Bonds: A Re-examination. Presented at the 2009 Financial Management Association Annual Meeting, with Guirguis, H., and Shilling, J. Flood Zone Status Uncertainty and Pricing Discounts. Presented at the 2009 American Real Estate Society Annual Meeting, with Salter, S. and King, E. Real estate investment trust property type diversification: worse than naïve. Presented at the 2009 American Real Estate Society Annual Meeting. (with Benefield, J. and Guirguis, H.) Performance Differences in Property-Type Diversified versus Specialized Real Estate Investment Trusts, European Real Estate Society Conference, Does the Composition of the Market Portfolio Matter for Performance Rankings of Post Equity Real Estate Investment Trusts?,Southern Finance Association The Impact of Real Estate Investment Trust Property Type Diversification on Executive Compensation, American Real Estate Society, The Impact of Real Estate Investment Trust Property Type Diversification on Executive Compensation, Southern Finance Association, 2005.

11 Real Estate Investment Trust Property Type Diversification: Worse Than Naïve?, Financial Management Association, Return Performance in Property Type Diversified and Specialized Real Estate Investment Trusts: A Portfolio Comparison, presented at the Third Annual Research Symposium sponsored by the Centre for Real Estate Research, Smurfit School of Business, University College Dublin in Dublin, Ireland. Retail Property Portfolio Risk: Evidence from REIT Portfolios, American Real Estate Society, Johnson K.H., L.V. Zumpano and R.I. Anderson, The Role of Listing Specialization in Residential Real Estate Licensee Income American Real Estate Society (2005). Real Estate Investment Trust Property Type Diversification: Worse Than Naïve?, Southern Finance Association, Assisted Living Facility Efficiency, American Real Estate Society, Constructing International Real Estate Portfolios: Conditional and Unconditional Techniques, American Real Estate Society, The Impact of Homeowner Warranties, American Real Estate Society, Determinants of Residential Real Estate Broker Compensation, American Real Estate Society, Determinants of Residential Real Estate Broker Compensation, AREUEA International, Privatization and Real Estate, European Real Estate Society, The Theory of the Real Estate Firm: A Portfolio Approach, Financial Management Association, The Efficiency of REITs and Real Estate Mutual Funds, Southern Finance Association, Efficiency and Agent Composition A Bayesian Stochastic Frontier Approach, Academy of Financial Services The Theory of the Real Estate Firm: A Portfolio Approach, Academy of Financial Services, Best Stocks to Own in America Yes or No, Academy of Financial Services, 2002

12 The Future of the Manhattan Office Market, Newman Real Estate Institute, The Growth and Performance of Public Real Estate, Harvard University, Nursing Home Quality, Chain Affiliation and Performance, American Real Estate Society, REIT Selection and Portfolio Construction: A Data Development Approach, American Real Estate Society, Internet Use and Real Estate Brokerage Market Intermediation, American Real Estate and Urban Economics Association Theory of the Real Estate Brokerage Firm: A Portfolio Approach, American Real Estate and Urban Economics Association Determinants of REIT Pricing Dispersions, American Real Estate Society, The Efficiency of the Nursing Home Sector, American Real Estate Society, Internet Use and Search Time, American Real Estate Society, Austrian Insurance Cost Performance: A Bayesian Approach, Academy of Economics and Finance Annual Meeting, Economies of Scope Within a Bayesian Context: A Residential Real Estate Brokerage Firm Application. Academy of Economics and Finance Annual Meeting, X-Efficiencies and Economics of Scale for Mutual Funds by Fund Type, Financial Management Association Meeting. The Residential Real Estate Market: An Analysis of Revenues and Cost Conditions Over The Last Decade. American Real Estate Society, Technical Efficiency and Economics of Scale: Non-Parametric Analysis of REIT Operating Efficiency, American Real Estate Society, Managerial Efficiency in the Assisted Living Market, American Real Estate Society, A Bayesian Analysis of REIT Performance. Midwest Economics Meeting, A Seller s Reservation Net and Final Selling Price: A New Approach to Hedonic Pricing, Academy of Economics and Finance Meeting, Residential Brokerage Efficiency from Both a Cost and Profit Perspective, American

13 Real Estate Society, Regulation and Stock Price Announcements Effects in the Insurance Industry, Southern Risk and Insurance Meeting, Efficiency Measurement Techniques: Differing Outcomes in Small Data Sets, Missouri Valley Economics Meeting, The Efficiency of Small Business in the Retail Sector: An Empirical Investigation, Academy of Economics and Finance, Efficiency Scores as a Predictor of Small Firm Survival: A Stochastic Frontier Approach, Southwestern Economics Association, Measuring X-Efficiency Levels in the Residential Real Estate Market: A Stochastic Frontier Approach, American Real Estate Society Meeting, Measuring the Efficiency of Residential Real Estate Brokerage Firms: An Application of the Data Envelopment Analysis, Financial Management Association Meeting, 1997 Measuring X-Efficiency levels in the Residential Real Estate Market: A Stochastic Frontier Approach. Southwestern Society for Economists Economies of Scope and X-Inefficiency in the Residential Real Estate Brokerage Market. American Real Estate Society Meeting, 1996 An Alternative to the Iowa Corn Yield Insurance Futures and Futures Options Contracts. Southwestern Finance Association Meeting. The Explanatory Power of Expense-Preference Behavior in Mega-Bank Consolidations. The Effect of Sector Based Beta Coefficients as a one Parameter Measure for Fund Forecasting: An Application of the Single Index Model. Academy of Financial Services Meeting, The Direct Relationship Between Public Debt and Deficits and Economic Growth from Southern Economics Association Meeting Are the Benefits of International Diversification Declining? An Empirical Investigation. Mid-West Finance Association Meeting Awards and Honors: NAIOP Research Grant Homer Hoyt Fellow 2009 CRE Designation 2009 Kinnard Scholar 2007

14 Consensus Researcher of the Month, Prudential Real Estate Investors Faculty Achievement Award Research Productivity ( ) Baruch College Best Paper Award (2003) Senior Housing Division of NIC $1,000 Best Paper Award (2003) American Real Estate Society/Brokerage $1,000 Best Paper Award (2002) American Real Estate Society/ Senior Housing $1,000 Best Paper Award (2002) American Real Estate Society/ REITs $1,000 Best Paper Award (1999) American Real Estate Society/Brokerage $1,000 Best Paper Award (1999) American Real Estate Society/Senior Housing $1,000 Mortar Board Outstanding Professor, College of Business, University of Louisiana- Monroe ( ) Beta Gamma Sigma (1997), The University of Alabama Department nominee for university Graduate Student of the Year ( ), The University of Alabama Presidential Fellowship (1993), The University of Alabama B.B. Comer Fellowship ( ), The University of Alabama Council of President s Research Committee ( ), The University of Alabama Liaison to the graduate school ( ), The University of Alabama Outstanding Finance Student (1991), North Central College Presidential Scholar ( ), North Central College Offices in Professional Societies: Former Executive Director American Real Estate Society Former Co-editor Journal of Real Estate Literature (Dissertations Section Completed) Co-editor Journal of Real Estate Portfolio Management Panelist American Real Estate Society, Southern Finance and Harvard Session Chair Numerous Academic Meetings Reviewer All top real estate journals Program Committee Academy of Financial Services Other Activities: Speaker at Industry Functions, Distinguished Lecturer at Harvard and Johns Hopkins. Personal: Born May 5, 1968 in Spring Valley, Illinois Married to Jennifer Thomas Anderson, Children (2) Jackson and Ava Anderson Education: The University of Alabama, Finance, Ph.D. December, 1996 GPA-4.0/4.0, Beta Gamma Sigma Dissertation Title: X-Inefficiencies in the Residential Real Estate Brokerage Market: An Empirical Investigation

15 Chairman: Leonard V. Zumpano North Central College, Finance, 1991, BA GPA-4.0/4.0, Outstanding Finance Student Lund University, Sweden, 1990, General Studies International Exchange Program References: On Request