Tony Ciochetti, Ph.D.

Elmo James Burke Jr. Chair in Real Estate Finance and Development
Executive Director Embrey Real Estate Finance and Development Program

Degrees

  • Ph.D. University of Wisconsin-Madison
  • M.S. University of Wisconsin-Madison
  • B.S. University of Oregon

About

Dr. Tony Ciochetti is the Elmo James Burke Jr. Chair in Real Estate Finance and Development at The UTSA College of Business. Dr. Ciochetti came to UTSA from the Massachusetts Institute of Technology, where he was the Thomas G. Eastman Chair and chairman of the Center for Real Estate. Prior to his appointment at MIT, Dr. Ciochetti was the director of the Center for Real Estate Development and a professor of finance at the University of North Carolina in Chapel Hill. Dr. Ciochetti received his B.A. in Finance from the University of Oregon, and both his M.S. and Ph.D. in Real Estate and Urban Land Economics from the University of Wisconsin-Madison. Prior to his academic career, Dr. Ciochetti spent 12 years in the private sector in the areas of commercial real estate development and consulting.

Dr. Ciochetti was instrumental in helping create a new graduate program in real estate finance and development at Cambridge University and was a visiting professor there for nine years. He has created or taught courses in real estate finance and development at MIT, University of Pennsylvania, Cambridge University, University of Wisconsin-Madison, Indiana University and the University of North Carolina-Chapel Hill. Dr. Ciochetti also teaches executive courses on topics such as real estate development, portfolio and asset management and asset securitization for both industry and academic organizations. His research has appeared in leading scholarly journals including Real Estate Economics, the Journal of Real Estate Finance and Economics and the Journal of Real Estate Research.

Dr. Ciochetti is the former president of the Real Estate Research Institute, where he is also an academic fellow and serves on the Board of Directors of Real Estate Economics. He also serves on the editorial and advisory boards of Real Estate Finance and CMBS World. He regularly consults on behalf of investment banks, rating agencies, institutional clients and development companies and has been active as a board member on a number of commercial real estate companies.

Research Interests

  • Commercial mortgage credit risk
  • Role of real estate within pension plan portfolios

Selected Publications

  • “Zipf’s Law: The Case of International Real Estate,” (with James D. Shilling), Journal of Real Estate, Vol. 2, 2015, pp. 91-110.
  • “The Role of Public Markets in International Real Estate Diversification,” (with Rose Lai and James D. Shilling), International Real Estate Review, Vol. 18, No. 2, 2015, pp. 155-175.
  • “Are Commercial Mortgage Defaults Affected by Tax Considerations?” with Hoon Cho and James D. Shilling, Journal of Real Estate Finance and Economics, forthcoming, Online DOI: 10.1007/S11145-011, May 17, 2011.
  • “Carbon Markets: A Hidden Source for Commercial Real Estate,” with Aaron G. Binkley, Journal of Sustainable Real Estate, Vol. 2, No. 1, 2010, pp. 67-90.
  • “Energy Efficiency Investments: Do They Pay?” with Mark D. McGowan, Journal of Sustainable Real Estate, Vol. 2, No. 1, 2010, pp. 305-334.
  • “Loss Recovery, Realized Excess Returns and Credit Rationing in the Commercial Mortgage Markets,” with James D. Shilling, Journal of Real Estate Finance and Economics, Vol. 34, 2007, pp. 425-445.
  • “Theory and Evidence on the Resolution of Financial Distress,” with David T. Brown, and Timothy J. Riddiough, Review of Financial Studies, Vol. 19, Winter 2006, pp. 1357-1397.
  • “A Proportional Hazards Model of Commercial Mortgage Default and Originator Bias,” with Yongheng Deng, Gail Lee, James D. Shilling and Rui Yao, Journal of Real Estate Finance and Economics, Vol. 27, 2003, pp. 5-23.
  • “The Termination of Commercial Mortgage Contracts through Prepayment and Default: A Proportional Hazard Approach with Competing Risks,” with Yongheng Deng, Bin Gao and Rui Yao, Real Estate Economics, Vol. 30, 2002, pp. 595-634.
  • “Characteristics of Institutional Investment in Real Estate Investment Trusts,” with Timothy M. Craft and James D. Shilling, Real Estate Economics, Vol. 30, 2002, pp. 567-593.
  • “Pension Plan Real Estate Investment in an Asset/Liability Framework,” with Gregory C. Chun and James D. Shilling, Real Estate Economics, Vol. 23, 2000, pp. 467-491.