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Wharton News Award to New Faculty Member, Fernando FerreiraAssistant Professor of Real Estate Fernando Ferreira's dissertation was selected as a co-winner of the National Tax Association 2004 Outstanding Doctoral Dissertation Award. He received an award and presented his paper "Essays on Household Sorting and Valuation of Housing Amenities" at the "Frontiers of Public Finance" session at the 97th Annual Conference on Taxation in Minneapolis on Thursday, November 11-12, 2004.Nakahara on Golf and TravelAsuka Nakahara, Associate Director of the Zell/Lurie Real Estate Center and Lecturer at the Wharton School, was extensively quoted, and his biography highlighted, in the October cover story of PGA Magazine "The Influence of Travel on PGA Professionals" (pp. 24-38). Nakahara predicts "an overall decline in resort and residential (golf) courses over the next few years" because of the expense of building and operating them, rising interest rates, competition from public and daily-fee courses, and oversupply.Panelist, Moderator, Author – Joseph GyourkoJoseph Gyourko, the Martin Bucksbaum Professor of Real Estate & Finance and Director of the Zell/Lurie Real Estate Center, participated in two panels, "The Overabundance of Capital" and "Offshoring: Myth or Reality?", at the Urban Land Institute Fall Meeting, Plenary Session, in New York City on November 4, 2004. He was also the panel moderator for "Emerging Trends in Real Estate 2005," at the Philadelphia Urban Land Institute District Council, Philadelphia, November 9, 2004.Professor Gyourko wrote an article describing real estate investments available to smaller investors in "The newest mainstream asset class: real estate" published in Wealth Management magazine (3rd Quarter 2004). "Real estate can now be considered an investable asset class, just like more traditional classes such as stocks and bonds," writes Gyourko. Susan Wachter on the Current Housing MarketSusan Wachter, the Richard B. Worley Professor of Financial Management and Professor of Real Estate and Finance, presented a paper "Resolving failed banks: A model for the resolution of failed GSE's?" at the Atlanta Federal Reserve Bank Conference on Financial Stability, on Sept 4, 2004.An expert in real estate finance, Professor Wachter was cited in numerous media reports concerning the US housing market: "Stumped by the housing market? Conflicting news about the real estate market might just be a reflection of the market itself" CNN Money (10/28/04); "Marketplace" Minnesota Public Radio (10/1/04); "US house prices seen stable after run-up" Reuters News (9/13/04); and an interview about the surge in the real-estate market, MSNBC (9/10/04). First-Year MBA Student in the News"Real estate, it seems, is all the rage in business schools these days," according to a CNN/Money.com article which quoted Wharton Deputy Vice Dean Peggy Lane Bishop and first year Wharton MBA student Ephram Lustgarten. Lustgarten and his Wharton teammates went on to capture first place at the third annual "Real Estate Challenge".Summers on Philadelphia's Tax Reform ProposalsAnita A. Summers, Emeritus Professor of Public Policy, Management, Real Estate, and Education, was cited in a Philadelphia Inquirer article (9/24/04) entitled "City Tax Solution Expertly Ignored" about the tortured history of tax reform proposals in Philadelphia.Rybczynski – His Latest Book Review and InterviewsA book review by Witold Rybczynski, the Martin & Margy Meyerson Professor of Urbanism, of "The Architecture of Humanism: A Study in the History of Taste" appeared in the New York Review of Books. (Vol. 51, No. 16, 10/21/04). Prof. Rybczynski discussed his role on the national Commission of Fine Arts in the current issue of The Pennsylvania Gazette (Nov/Dec. 2004).The New York Times Op-Ed writer David Brooks' column on voter turnout in exurbia cited Rybczynski's observation that "America's population is decentralizing faster than any other society's in history. People in established suburbs are moving out to vast sprawling exurbs that have broken free of the gravitational pull of cities and now exist in their own world and beyond," The New York Times (11/9/04). International Housing FinanceThe Croatian Banking Journal (September 2004) featured a special article on the International Housing Finance Program. The IHFP's research work on Housing Finance Subsidies in Emerging Economies was discussed by our affiliated faculty Dr. Douglas Diamond during a Conference on Housing Finance in Transition Economies in Budapest, Hungary this summer.Drs. Marja Hoek-Smit, International Housing Finance Program's Director was the keynote speaker for the National Workshop on Housing Finance, Capital Markets and Social Policy in Cartagena, Columbia. The title of the talk was "The Devil's Advocate View on Housing Finance Subsidies." In September, Hoek-Smit was in Mexico working on the unification of the Mexican housing subsidy system on behalf of the World Bank. On November 9th, Hoek-Smit delivered an invited presentation on "Housing Finance and Housing Affordability" for the Conference on Housing Finance & Turkey organized by the Capital Markets Board of Turkey and the Organization of Real Estate Investment Companies.
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