Life After Debt: Coming to Grips with the Funding Gap, (September 2009) As a result of the aggressive lending environment between 2005 and 2008, there is a large body of commercial properties that will not qualify for mortgages sufficient to pay off the existing debt. It is virtually certain that the volume of overlevered real estate will create an enormous amount of distress and turnover in the commercial property market over the next few years. In this paper, we estimate how much capital will be needed to fill the funding gap, or the difference between the size of existing mortgages and the proceeds those properties will qualify for in a less-heated environment.

Sized-Tiered Economic Geography: 2009 Update , (June 2009) This paper updates a previous study that addressed geographical diversity in institutional real estate and how such knowledge can be used to craft a diversified portfolio of assets capable of achieving superior risk-adjusted returns. Real estate investment remains highly concentrated in a handful of markets, which over time do not perform in tandem. As a result, our findings indicate that geographic diversity is highly beneficial as an investment strategy in the long run.

The Financial and Economic Crises of 2008: How Did We Get Here, and How Might We Get Out?, (October 2008) Financial markets are in turmoil, and anger, fear and confusion are running high throughout the country. How did we get into this mess? Who’s to blame?

Looking Beyond The Lamplight - Risk Management in the Wake of the Credit Crisis, (September 2008) The turmoil witnessed in the financial markets in 2007 - 2008 poses special challenges even for sophisticated investors who use intelligent risk management systems.

Mitigating Surplus Volatility With Long-Term Corporate Bonds, (July 2008) Corporate plan sponsors may be forgiven for feeling a bit light-headed. After all, the wild markets of the past few years must feel like a never-ending rollercoaster ride.