Real Estate Economics Names Ambrose Study Best Paper
UNIVERSITY PARK, PA (January 22, 2009) – A paper co-authored by Brent Ambrose, Chaired Professor of Insurance and Real Estate at Penn State's Smeal College of Business, was recently named the 2008 Edwin Mills Best Paper in Real Estate Economics.
The award honors "Credit Availability and the Structure of the Homebuilding Industry," co-authored by Ambrose and Joe Peek of the University of Kentucky, as the most outstanding paper published in the journal in 2008. The authors received the honor this month in San Francisco at the annual meeting of the American Real Estate and Urban Economics Association, which publishes Real Estate Economics.
Their paper investigates disruptions to the homebuilding industry as a result of fluctuations in the availability of bank credit. They find that when bank capital gets tight, large privately held homebuilders lose market share to public homebuilders due to the latter's access to public capital markets and the fact that banks are more likely to loan to less-risky and more-transparent public entities.
Ambrose joined the Smeal faculty in 2006, from the University of Kentucky, where he held the Kentucky Real Estate Professorship and served as director of the Center for Real Estate Studies and professor of finance. He previously served on the faculty at the University of Wisconsin-Milwaukee and was a visiting associate professor and research fellow at the Wharton School of Business.
Ambrose holds an M.B.A. and Ph.D. from the University of Georgia and a bachelor's degree from Wake Forest University.