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April 2003

Research Sponsors Meeting

Research Sponsors and Executive Committee Members gathered in New York City on February 11 at the Algonquin Hotel to hear Dr. Olivia Mitchell discuss, "Paths to Reforming Social Security." Dr. Mitchell is International Foundation of Employee Benefit Plans Professor in the Department of Risk and Insurance and Executive Director of the Pension Research Council at Wharton. She served on the President’s Commission to Strengthen Social Security. She provided fascinating insights into why reform efforts have failed, and what needs to be done to make them work. Dr. Mitchell is also is a winner of the TIAA-CREF/Paul A. Samuelson Award for Outstanding Scholarly Writings on Lifelong Financial Security.

The luncheon program continued with a review of our current research by Christopher Mayer, Associate Professor of Real Estate, The Wharton School. Professor Mayer addressed pricing in the real estate market today, particularly the disconnect between what some buyers are willing to pay for office buildings (over $600/sf for top midtown buildings) and the big discounts to net asset value for many office REITs. He also offered an historical perspective on differences between public and private valuation of assets, and described how the public and private markets interact with each other.

This program is designed to increase the interaction and discussion between faculty and Research Sponsors. The Sponsors meet at least twice a year, at various venues, and receive an update on specific research initiatives for their comment and discussion. In so doing, they ensure that our dynamic research agenda encompasses topics of particular interest to those on the front line of the profession. If you would like to know more about becoming a Zell/Lurie Real Estate Center Research Sponsor, please contact Janice Leberman


Wharton