Professor Finance and Real Estate
Chair sponsored by PricewaterhouseCoopers
RSM Erasmus University

Office Address:

Rotterdam School of Management
Erasmus University Rotterdam
Burg. Oudlaan 50, Room T9‐55
3062 PA , Rotterdam, the Netherlands
Phone: +31 104082371
Fax: +31 104089017
E‐mail: dbrounen@rsm.nl
www.rsm.nl/realestate

EDUCATION

• 2003
  Ph.D. in Finance - University of Amsterdam
• 2000
  MPhil. in Economics - Tinbergen Institute
• 1999
  MSc. in Economics - Maastricht University

PROFESSIONAL EXPERIENCES

• 2008 - ...
  Professor of Finance and Real Estate
  RSM Erasmus University
• 2005 - 2008
  Associate Professor of Finance and Real Estate
  RSM Erasmus University
• 2003 - 2005
  Assistant Professor of Finance and Real Estate
  RSM Erasmus University
• 2002 - 2003
  Assistant Professor of Finance and Real Estate
  University of Amsterdam
• 2000
  Visiting Scholar
  UC Berkeley
• 2000
  Summer Associate
  McKinsey & Company
• 2000 - 2007
  Freelance consultant for:
  ABP, Amvest, Achmea, AZL, Bouwfonds, Vesteda, VendexKBB

RESEARCH

Research Interests

• Real estate capital markets, REITs, Housing economics

Refereed Journal Articles (Published and Forthcoming)

• “Real Estate Allocations in an ALM Framework,” with M. Porras Prado, and M. Verbeek, Real Estate Economics, forthcoming in 2010
• “Asymmetric Properties of Office Rent Dynamics,” with M. Jennen, Journal of Real Estate Finance and Economics, forthcoming in 2009
• “Measuring the Impact of Terrorist Attacks on Financial Market,” with J. Derwall, European Financial Management, forthcoming in 2009
• “REIT Momentum and the Performance of Real Estate Mutual Funds” with J. Derwall, J. Huij, and W. Marquering, Financial Analyst Journal, 2009, 65(5): 312‐323
• “Liquidity of Property Shares; A Second Look Across Countries,” with P. Eichholtz and D.C. Ling, Real Estate Economics, 2009, 37(3):
• “Clustering Effects on Office Rents: Herding in the Amsterdam Market,“ with M. Jennen, Real Estate Economics, 2009, 37(2):
• “Local Rent Dynamics; A Tale of Eighteen Cities,” with M. Jennen, Journal of Real Estate Finance and Economics, 2009, 38(3):
• “Price Anomalies in the Listed Real Estate Markets,” with Y. Ben‐Hamo, Journal of Real Estate Finance and Economics, 2009, 38(2):
• “Corporate Real Estate and the Takeover Market,” with M. van Dijk and P.M.A. Eichholtz, Journal of Real Estate Research, 2008, 30(3): 293‐313
• “Onroerend Goed als Belegging,” with P. van Gool, P. Jager and R. Weisz, at Wolters Noordhoff, 2008
• “Exploring the European Non‐listed Real Estate Arena,” with H. Op ‘t Veld, and V. Raitio, Journal of Real Estate Portfolio Management, 2008, 13(2): 107‐118
• “Trading Intensity and Real Estate Performance,” with P.M.A. Eichholtz, Journal of Real Estate Finance and Economics, 2006, 35(4): 449‐474
• “Corporate Real Estate Consequences in the International Retail Sector,” with G. Colliander and P.M.A.
  Eichholtz, Journal of Corporate Real Estate, 2005, 7(4): 287‐300
• “Understanding the Real Estate Share Discount: Evidence from the European Listed Real Estate Market,” with M. ter Laak, Journal of Real Estate Portfolio Management, 2005, 11(3): 241‐252
• “Capital Structure Policies in Europe: Survey Evidence,” with A. de Jong and C.G. Koedijk, Journal of Banking and Finance, 2005, 30(5): 1409‐1442
• “Corporate Focus and Stock Performance: Evidence from International Listed Property Markets,” with D. Boer and H. Op ‘t Veld, Journal of Real Estate Finance and Economics, 2005, 31(3): 263‐281
• “Corporate Real Estate Ownership and Firm Performance; International Evidence,” with P.M.A. Eichholtz, Journal of Real Estate Finance and Economics, 2005, 30(4): 429‐445
• “Corporate Finance in Europe; Confronting Theory with Practice,” with A. de Jong and C.G. Koedijk, Financial Management, 2004, 33(4): 71‐102
• “The Outlook for Global Office Markets in Aging Societies,: with P.M.A. Eichholtz, Australian Property
  Journal, 2004 12 (3): 23‐37
• “Demographics and the International Office Markets,” with P.M.A. Eichholtz, Journal of Real Estate Portfolio Management, 2004, 10(3): 231‐243
• “Corporate Real Estate: Global Trends and Performance Effects,” with P.M.A. Eichholtz, Wharton Real Estate Review 9(1): 112‐121
• “Development Involvement and Property Share Performance: International Evidence,” with P.M.A.
  Eichholtz, Journal of Real Estate Finance and Economics, 2004, 29(1): 79‐97
• “Property, Common Stock, and Property Shares,” with P.M.A. Eichholtz, Journal of Portfolio Management, 2003, 28(3): 129‐137
• “High Tech IPOs: A Tale of Two Continents,” with S. Aaij, Journal of Applied Corporate Finance, 2002 15(1): 87‐94
• ”Initial Public Offerings: Evidence from the British, Swedish and French Property Share Markets,” with P.M.A. Eichholtz, Journal of Real Estate Finance and Economics, 2002, 24(1): 103‐117
• “Capital Structure Theory: Evidence from European Property Companies,” with P.M.A. Eichholtz, Real Estate Economics, 2001, 29(4): 615‐632
• “Going Public on the European Property Share Market,” with P.M.A. Eichholtz, Real Estate Finance, 2001, 18(3): 51‐57
• “Information Transparency Pays: Evidence from European Property Shares,” with T. Cools and M. Schweitzer, Real Estate Finance, 2001, 18(2): 39‐49
• “The Effects of Property Development Activities on the Performance of REITs,” with P.M. Kanters and P.M.A. Eichholtz, Real Estate Finance 1999, 16(4): 45‐52

• “The Influence of the Sales Mechanism on Recovery Rates in Residential Mortgage Lending,” with A. Mulder, August 2009 (received a revise and resubmit from Journal of Banking and Finance)
• “Assessing the Accessibility of the Homeownership Market,” with P. Neuteboom, July 2009 (received a
  revise and resubmit from Urban Studies)
• “The Affordability of Houses: A Cross‐country Comparison,” with A. van Dijkhuizen, and P. Neuteboom,
  August 2009 (received a revise and resubmit from Housing Studies)
• “Demographics and Housing Demand: Dutch Cluster Evidence,” with P. Neuteboom, January 2009
  (received a revise and resubmit from Regional Science and Urban Economics)
• “Inflation Protection from Home‐Ownership: Long‐run Evidence,” with P.M.A. Eichholtz and M.A.J. Theebe, under submission
• “Kurtosis and Consequences,” with M. Porras Prado and S. Stevenson, presented at MIT‐NUS‐Maastricht Symposium, Singapore October 2009
• “Traffic Jamming House Prices,” with P. Neuteboom and J. Xu, presented at AREUEA International Meeting, Los Angeles July 2009
• “Short Sales, Limits to Arbitrage and Fundamental Value,” with M. Porras Prado and M. Verbeek, presented at seminars at the University of Cincinnati and at the University of Florida, November 2009
• “The Effects of Shifting Tax Regimes: An International Examination of the REIT Effect,” with S. Korsgaard and R.J.M. Mahieu, presented at the Homer Hoyt Meeting, West Palm Beach June 2009
• “Greening House Prices,” with N. Kok and J. Quigley, presented at the UC Berkeley Green Building
  Symposium, Berkeley December 2009

Work in Progress

• “Countryside Living,” with P. Neuteboom and J. Xu
• “Shareholder Identitity,” with C.G. Koedijk and N. Kok
• “Reconsidering your Company’s Real Estate,” with A. Mulder and W. Verschoor

Recent Non-refereed Popular Publications

• “Eenmaal, andermaal,” with P. Rijk, Property NL Research Quarterly, 2009, 7(2)
• “Het Vintage Effect op de Woningmarkt,” with T. Lam, Building Business, 2008
• “The Ageing‐factor in Housing Market,” with T. Lam, Holland Real Estate Yearbook, 2008
• “De Effectiviteit van de Aftrek,” with P. Neuteboom, Economisch Statistische Berichten (ESB) nr 4529
• “De Grijze Golf in Beeld,” with P. Neuteboom, Tijdschrift voor de Volkshuisvesting, 2007
• “Alternative Real Estate: Including the Residual,” with B. Tiemstra, Holland Real Estate, 2007
• “Langdurige Leegstand in Kantorenmarkt,” with M. Jennen, Property NL, 2007
• “Niet‐genoteerde Vastgoedfondsen” with H. Op ‘t Veld, Property NL Research Quarterly, 2007
• “De Vergrijzende Woningmarkt,” with P. Neuteboom, Economisch Statistische Berichten (ESB) nr 4438.
• “Clustering Pays in the Amsterdam Office Market,” with M. Jennen, Holland Real Estate Yearbook
• “Leegstand in Beeld,” with M. Jennen, NVM Jaarboek, 2006
• “Meer Investeren in Wat er al is,” Bouwfonds NAW, dossier #23, 2006
• “Effecten van Demografie op Vastgoed”, Stedenbouw & Architectuur 23(10), 2006
• “Starters: Facts & Figures,” with P. Neuteboom, Property NL Research Quarterly 5(2), 2006
• “De Veranderende Positie van Starters op de Nederlandse Woningmarkt,” with P. Neuteboom, Tijdschrijft voor Politieke Ekonomie, 2006
• Several interviews in Dutch media like; het Financiële Dagblad, Radio 1, NOS Journaal, Business News Radio, RTL Nieuws, NRC Next, Trouw, de Volkskrant

PROFESSIONAL ACTIVITIES

Recent Conference Presentations

• European Real Estate Symposium, PricewaterhouseCoopers, Berlin, Germany (2009)
• AREUEA International Meeting, Los Angeles, USA (2009)
• Homer Hoyt Institute May Meeting, Weimar School Meeting, West Palm Beach, USA (2009)
• Managing Your Real Estate, PwC/CBRE Symposium, Amsterdam (2009)
• Trends in de Vastgoedmarkt, het Nederlands Vastgoedinstituut, Hilversum, the Netherlands (2008)
• European Real Estate Symposium, PricewaterhouseCoopers, Lissabon, Portugal (2008)
• IPD Residential Investment Conference, IPD, Amsterdam, The Netherlands (2008)
• AREUEA International Meeting, Istanbul, Turkey (2008)
• INREV Annual Conference, Madrid, Spain (2007)
• IPD Residential Investment Conference, IPD, Wiesbaden, Germany (2007)
• ERES Annual Meeting, London, the United Kingdom (2007)
• Provada Masterclass, het Nederlands Vastgoedinstituut, Amsterdam, The Netherlands (2007)
• Sprekende Cijfers, Dynamis, Breukelen, The Netherlands (2006)
• IPD Annual Conference, Copenhagen, Denmark (2005)

Honors and Awards

• Best Professor Award, Rotterdam School of Management (2009)
• Weimer Post‐Doctoral Honoree, Homer Hoyt Institute, West Palm Beach, FL (2009)
• Teacher of the Year Award, Amsterdam School of Real Estate (2007)
• Best Teacher Runner‐up Award, Part‐time program, RSM Erasmus University (2006)
• Impact Award of Erasmus Research Institute in Management (ERIM) (2006)
• Research Grant from PricewaterhouseCoopers (2005)
• Research Grant from The Association of Dutch Real Estate Researchers, VOGON (2005)
• Research Award, Association of Dutch Real Estate Researchers, VOGON (2004)
• Teacher of the Year Award, Amsterdam School of Real Estate (2004)
• Research Grant from the Real Estate Research Institute, RERI, Chicago (2004)
• Research Grant from the Real Estate Research Institute, RERI, Chicago (2000)
• Research Grant from The Association of Dutch Real Estate Researchers, VOGON (2000)
• Research Grant from the dr. Hendrik Muller’s Vaderlandsch Fonds (2000)
• Research Grant from The Netherlands Organization of Scientific Research, NWO (2000)

TEACHING EXPERIENCE

• Corporate Finance (BSc. core course), RSM Erasmus University
• Real Estate Finance and Portfolio Management (MSc. elective), RSM Erasmus University
• Real Estate Markets and Developments (MSc. elective), RSM Erasmus University
• Real Estate Finance for Engineers (MSc. special elective), RSM Erasmus University & TU/e
• Real Estate Finance (MSc. elective), University of Amsterdam
• Foundations of Finance (BSc. core course), University of Amsterdam
• Real Estate Investment Appraisal (Executive education), Amsterdam School of Real Estate
• Real Estate Financial Analysis (Executive education), CFA‐Amsterdam
• Finance for Lawyers (Executive education), Amsterdam Institute of Finance

SERVICES

• Referee for: Real Estate Economics, Journal of Banking and Finance, Urban Studies, Journal of Real Estate Finance and Economics, Journal of Property Research
• PhD Supervisor of: Maarten Jennen, Melissa Porras Prado, Jingnan Xu, Ruben Cox
• Advisor for: Ministry of Urban Planning and Housing, Ministry of Justice, City of Rotterdam, Dutch Parliament
• Treasurer of the Finance Group at the RSM Erasmus University