Joseph Pagliari
Clinical Professor of Real Estate
Joseph Pagliari
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Joseph Pagliari
Research
Research
Selected Working Papers & Presentations
:
2026: “The Evolution of Institutional Real Estate.”
2026: “Some Thoughts on REITs.”
2025: "A Robust Examination of the Systematic and Unsystematic Risks of Private Core Real Estate"
2025: "Potential Changes to the Taxation of Carried Interests in Commercial Real Estate.”
2025: "How Levered Promotes Harm Investors"
{Forthcoming in the 2025 special issue of the
Journal of Portfolio Management
– subject to a few additional editorial revisions}.
2023: "Technical Notes: Diversification v. Leverage"
2023: "Some Additional Thoughts on Real Estate Pricing"
2022: “High-Yield Lending’s Characteristics as a Function of Asset-Level Volatility”
CRE Finance Council (CREFC) paper
Supporting Excel file (
no warranties or representations are made as to the accuracy of these calculations
)
2021: “Are the Gateway Markets Overpriced?”
Full Paper
Abbreviated Paper
(Institutional Real Estate, Inc.)
2021: "The Discount to Replacement Cost: A Necessary But Insufficient Condition."
2020: "Some Simple Thoughts on the Inherent Tradeoffs Inherent in Mitigating the Effects of the Corona Virus,"
2019: "Thoughts on the Looming Pension Problems Facing Chicago, Cook County and Illinois,"
2019: "Another Look at Private Real Estate Returns by Strategy"
{to be published, subject to revision, in the special PREA-sponsored real estate issue of the
Journal of Portfolio Management
}.
2019: "Levered Equity Returns in the Presence of Risky Debt: An Application to Private Real Estate".
2017: "High-Yield Lending: It's Good Until It's Not"
{to be published, subject to revision, in the special PREA-sponsored real estate issue of the
Journal of Portfolio Management
}.
2017: "Some Thoughts on Real Estate Pricing"
{to be published, subject to revision, in the special PREA-sponsored real estate issue of the
Journal of Portfolio Management}
.
2015: "Principal/Agent Issues in Real Estate Funds and Joint Ventures"
{published in the special PREA-sponsored real estate issue of the
Journal of Portfolio Management
}.
2015: "Long-Run Investment Horizons and Mixed-Asset Portfolio Allocations"
{a revised version has been published in
Real Estate Economics
}.
2015: "Real Estate Returns by Strategy: Have Value-Added and Opportunistic Funds Pulled Their Weight?"
{forthcoming in
Real Estate Economics
}.
2013: "An Overview of Fee Structures in Real Estate Funds and Their Implications for Investors"
{PREA-sponsored dedicated research on investment management fees}.
Capital Idea #14
"In Commercial Real Estate, Less Risk Could Mean Higher Returns"
Independent Studies
General Growth Properties
Case Study
Sears Tower
Case Study
Booth-Published Articles & Podcasts
Chicago Booth Review Podcast (2025):
"Is Atlanta a Better Real-Estate Investment than New York?"
Promarket (2023):
"Evaluating Concerns of Collapsing Commercial Real Estate Prices"
Promarket (2023):
"The Macroeconomic Implications of Falling Real Estate Prices"
Chicago Booth Review (2020):
"No One Has All the Answers: COVID-19 Policy"