Articles with Reprints

New NCREIF Indices––New Insights: Part 2

Jeffrey D. Fisher and Michael S. Young. NCREIF Research Corner, National Council of Real Estate Investment Fiduciaries, 2015, June, 1-9.

New NCREIF Indices––New Insights

Jeffrey D. Fisher and Michael S. Young. NCREIF Research Corner, National Council of Real Estate Investment Fiduciaries, 2015, January, 1-7.

Real Estate Return Distributions Using Maximum Likelihood Estimation (MLE): New Technology, New Results

Michael S. Young and Roger J. Brown. Journal of Real Estate Portfolio Management, 2012, 18:1, 23-41.

Coherent Risk Measures in Real Estate Investment

Roger J. Brown and Michael S. Young. Journal of Property Investment & Finance, 2011, 29:4/5, 479-493.

Revisiting Non-Normal Real Estate Return Distributions by Property Type in the U.S.

Michael S. Young. Journal of Real Estate Finance and Economics, 2008, 36:2, 233-248.

Real-Time Valuation: Breathing New Life into Moribund DCF Modeling

Michael S. Young. Journal of Real Estate Practice and Education, 2007, 10:1, 25-40.

Serial Persistence in Individual Real Estate Returns in the U.K.

Steven P. Devaney, Stephen L. Lee, and Michael S. Young. Journal of Property Investment & Finance, 2007, 25:3, 241-273.
2008 "Highly Commended Award" from the Emerald Literati Network.

Non-Normal Real Estate Return Distributions by Property Type in the U.K.

Michael S. Young, Stephen L. Lee, and Steven P. Devaney. Journal of Property Research, June 2006, 23:2, 109-133.

Making Sense of the NCREIF Property Index: A New Formulation Revisited

Michael S. Young. Journal of Real Estate Portfolio Management, 2005, 11:3, 211-223.

Real Estate Performance Attribution: Pure Theory Meets Messy Reality

Michael S. Young and Susan Annis. Journal of Real Estate Research, 2002, 23:1/2, 3-27.
Winner of Prize for "Best Paper Presented by a Practicing Real Estate Professional" at the 2001 Annual Meeting of the American Real Estate Society.

Institutional Property Tenure: Evidence from the NCREIF Database

Jeffrey D. Fisher and Michael S. Young. Journal of Real Estate Portfolio Management, 2000, 6:4, 327-338.
Winner of Prize for "Best Paper Presented on Real Estate Investment / Portfolio Management" at the 2000 Annual Meeting of the American Real Estate Society.

Holding Periods for Institutional Real Estate in the NCREIF Database

Jeffrey D. Fisher and Michael S. Young. Real Estate Finance, Fall 2000, 17:3, 27-34.

REIT Property-Type Sector Integration

Michael S. Young. Journal of Real Estate Research, 2000, 18:1/2, 3-21.
Winner of Prize for "Best Paper Presented by a Practicing Real Estate Professional" at the 1999 Annual Meeting of the American Real Estate Society.

The Predictability of Real Estate Capitalization Rates

Vinod Chandrashekaran and Michael S. Young. March 2000, unpublished manuscript.

Industry Concentration: The Case of Real Estate Investment Trusts

Vinod Chandrashekaran and Michael S. Young. Real Estate Finance, Fall 1999, 16:3, 1-8.

The Magnitude of Random Appraisal Error in Commercial Real Estate Valuation

Richard A. Graff and Michael S. Young. Journal of Real Estate Research, 1999, 17:1/2, 33-54.
Winner of Prize for "Best Paper Presented on Real Estate Valuation" at the 1998 Annual Meeting of the American Real Estate Society.

Measuring Random Appraisal Error in Commercial Real Estate

Michael S. Young and Richard A. Graff. Real Estate Review, Winter 1999, 24:4, 57-62.

Serial Persistence in Disaggregated Australian Real Estate Returns

Richard A. Graff, Adrian Harrington, and Michael S. Young. Journal of Real Estate Portfolio Management, 1999, 5:2, 113-127.

Lessons of the Past: How REITs React in Market Downturns

Michael S. Young. Institutional Real Estate Securities, April 1998, 3, 20-22.

Serial Persistence in Equity REIT Returns

Richard A. Graff and Michael S. Young. Journal of Real Estate Research, 1997, 14:3, 183-214.
Winner of Prize for "Best Paper Presented by a Practicing Real Estate Professional" at the 1997 Annual Meeting of the American Real Estate Society.

The Shape of Australian Real Estate Return Distributions and Comparisons to the United States

Richard A. Graff, Adrian Harrington, and Michael S. Young. Journal of Real Estate Research, 1997, 14:3, 291-308.
Winner of Prize for "Best Paper Presented on International Real Estate Investment / Portfolio Management" at the 1997 Annual Meeting of the American Real Estate Society.

Institutional Investor Impact on Equity REIT Performance

Richard A. Graff and Michael S. Young. Real Estate Finance, Fall 1997, 14:3, 31-39.

Apples to Oranges? The Capitalization versus Expensing Debate and Performance Return Comparisons

Timothy W. Viezer and Michael S. Young. Real Estate Finance, Fall 1997, 14:3, 64-74.

Don't Risk Your Financial Health Without a Second Opinion

Richard A. Graff and Michael S. Young. Institutional Real Estate Securities, May 1997, 2, 19-22.

Performance Persistence in Equity Real Estate Returns

Michael S. Young and Richard A. Graff. Real Estate Finance, Spring 1997, 14:1, 37-42.

Understanding Equity Real Estate Performance: Insights from the NCREIF Property Index

Michael S. Young, David M. Geltner, Willard McIntosh, and Douglas M. Poutasse. Real Estate Review, Winter 1996, 25:4, 4-16.

Capital Expenditures: Be Careful How You Count

Michael S. Young. Journal of Real Estate Portfolio Management, 1996, 2:2, 169-174.

Systematic Behavior in Real Estate Investment Risk: Performance Persistence in NCREIF Returns

Michael S. Young and Richard A. Graff. Journal of Real Estate Research, 1996, 12:3, 369-381.
Winner of Prize for "Best Paper Presented on Real Estate Investment / Portfolio Management" at the 1996 Annual Meeting of the American Real Estate Society.

Real Estate Return Correlations: Real-World Limitations on Relationships Inferred from NCREIF Data

Richard A. Graff and Michael S. Young. Journal of Real Estate Finance and Economics, September 1996, 13:2, 121-142.
Winner of Prize for "Best Paper Presented by a Practicing Real Estate Professional" at the 1994 Annual Meeting of the American Real Estate Society.

The Impact of Real Estate Investment Manager Mergers

Webb Sowden and Michael S. Young. Real Estate Review, Summer 1996, 26:2, 7-13.

Defining Commercial Property Income and Appreciation Returns for Comparability to Stock Market-Based Measures

Michael S. Young, David M. Geltner, Willard McIntosh, and Douglas M. Poutasse. Real Estate Finance, Summer 1995, 12:2, 19-30.

Real Estate is Not Normal: A Fresh Look at Real Estate Return Distributions

Michael S. Young and Richard A. Graff. Journal of Real Estate Finance and Economics, May 1995, 10:3, 225-259.

Why Diversification Doesn't Work

Donald A. King, Jr. and Michael S. Young. Real Estate Review, Summer 1994, 25:2, 6-12.

Drums Along the Efficient Frontier

Michael S. Young and D. Wylie Greig. Real Estate Review, Winter 1993, 22:4, 18-29.

New Measures of Future Property Performance and Risk

D. Wylie Greig and Michael S. Young. Real Estate Review, Spring 1991, 21:1, 17-25.

Other Published Articles

Comparative Investment Performance: Common Stocks versus Real Estate--A Proposal on Methodology
Real Estate Issues, Summer 1977, 2, 30-46.
Evaluating the Risk of Investment Real Estate
The Real Estate Appraiser, September/October 1977, 43, 39-45.
Evaluating Major Investment Properties
____ and Jared Shlaes, The Appraisal Journal, January 1978, 46, 101-111.
The Rezoning Decision: Economic Analysis in an Uncertain Political Climate
The Real Estate Appraiser, March/April 1978, 44, 41-46.
New Shelters in Old Properties: The Tax Reform Act of 1976
____ and Richard J. Roddewig, Real Estate Issues, Winter 1978, 3, 9-30.
Neighborhood Revitalization and the Historic Preservation Incentives of the Tax Reform Act of 1976: Lessons from the Bottom Line of a Chicago Red Brick Three-Flat
____ and Richard J. Roddewig, The Urban Lawyer, Winter 1979, 11, 35-74.
FMRR: A Clever Hoax?
The Appraisal Journal, July 1979, 47, 359-369.
Real Estate Tax Impact of Condominium Conversions: A Chicago Perspective
____ and Richard J. Roddewig, The Appraisal Journal, January 1980, 48, 118-120.
Inflation, Valuation, and the Petersburg Paradox
The Appraisal Journal, January 1980, 48, 85-94.
Ellwood: At Last, The Final Word
The Appraisal Journal, April 1980, 48, 287-289.
Capitalization Rate Adjustments for the Valuation of Leased Real Estate
The Appraisal Journal, July 1980, 48, 392-400.
Rental Rate Adjustments for Multi-Year Leases
Journal of Property Management, November/December 1980, 45, 326-328.
Financing Real Estate Investments of Pension Funds
____, Richard T. Garrigan, and Mark J. Sullivan, Real Estate Review, Winter 1981, 10:4, 57-63.
A Differential Approach to Income Property Valuation: A New Measurement Technique
____ and Stephen G. Sykes, The Appraisal Journal, April 1981, 49, 214-233.
Pension Fund Policy Guidelines for Leveraged Investments
____, Richard T. Garrigan, and Mark J. Sullivan, Journal of Pension Planning and Compliance, May 1981, 7, 194-201.
Where is the Real Estate Software?
____ and Noah D. Shlaes, Journal of Property Management, September/October 1982, 47, 45-46.
Measuring the Performance of Real Estate Assets and Its Managers
Proceedings: Seminar on the Analysis of Security Prices, Center for Research in Security Prices, Chicago, Illinois, November 1982, 27:2, 115-138.
Using Tools of Science in Managing Real Estate Assets
Pension World, December 1982, 23-26.
A Note on the Nonequivalence of NPV and IRR
The Appraisal Journal, July 1983, 51, 459-461.
The Contribution of Real Estate to a Mixed Asset Portfolio
____ and Richard T. Garrigan, Journal of Pension Planning and Compliance, August 1983, 9, 291-302.
Differentiating Between Computer-based Property Management and Asset Management Systems
The Journal of Property Management, September/October 1983, 48, 6-11.
Improving the Marketability of Commercial Real Estate with Computers
Commercial Investment Journal, Winter 1983, 2, 11-14.
Overlooking the Minicomputer May be a Costly Mistake
Journal of Property Management, January/February 1984, 49, 50-51.
Good Users Create Good Software
Journal of Property Management, November/December 1984, 49, 62.
Desktop Presentation Software
The Quarterly Byte, American Institute of Real Estate Appraisers, Third Quarter 1989, 5, 8-11.
Capitalization Rate Differences Among Property Types and Number of Tenants
unpublished article, RARE Investment Advisors, February 1990.
Single-Tenant Properties: The Hidden Opportunity for Institutional Investors
____ and Peter Steil, unpublished article, RARE Investment Advisors, May 1990.
Apartment Index: Gaining Stature
The NCREIF Real Estate Performance Report, National Council of Real Estate Investment Fiduciaries and Frank Russell Company, Second Quarter 1992, 5.
The Retail Sector Revisited and Dissected
____ and Richard Kateley, The NCREIF Real Estate Performance Report, National Council of Real Estate Investment Fiduciaries and Frank Russell Company, First Quarter 1993, 10-13.
Not from the Computer, But from the Manager's Experience and Skill
____ and D. Wylie Grieg, PREA Quarterly, July 1993, 6, 40.
Equity Real Estate Returns: Comparisons [sic] of the Russell-NCREIF Index
Journal of Property Management, March/April 1994, 59, 56-59.
Leases as a Key to Performance and Value: Understanding What You Have Versus What You Hope For
____ and D. Wylie Greig, Chapter 4 in the Handbook of Real Estate Portfolio Management, Dow-Jones Irwin, Homewood, IL, 1995.
Limitations on the Accuracy of Markowitz Optimization: The Efficient Frontier as a Family of Sample Statistics
____, Richard A. Graff, and Ronald J. Schoenberg, unpublished manuscript, March 1995.

Book Reviews

Modern Real Estate Investment, An Institutional Approach
by Stephen E. Roulac, The Appraisal Journal, April 1977, 45, 307-309.
Real Estate Investment and Finance
by Sherman J. Maisel and Stephen E. Roulac, The Appraisal Journal, July 1977, 45, 470-471.
Analyzing Real Estate Opportunities, Market and Feasibility Studies
by Stephen D. Messner, Byrl N. Boyce, Harold G. Trimble, and Robert L. Ward, The Appraisal Journal, April 1978, 46, 312-314.
The Real Estate Investor and the Federal Income Tax
by Gaylon E. Greer, The Appraisal Journal, January 1979, 47, 142-143.
The Real Estate Investment Decision
by Gaylon E. Greer, The Appraisal Journal, July 1980, 48, 465-467.
How to Conduct and Analyze Real Estate Market and Feasibility Studies
by G. Vincent Barrett and John P. Blair, The Appraisal Journal, April 1982, 50, 296-297.
Real Estate Investment Decision Making
by Austin J. Jaffe and C.F. Sirmans, The Appraisal Journal, October 1982, 50, 616-618.
Real Estate Investment; Strategy, Analysis, Decisions
by Stephen A. Phyrr and James R. Cooper, The Appraisal Journal, October 1982, 50, 616-618.


revised: June 21, 2015