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November, 2017

Piet M.A. Eichholtz

VITA

Office address:

Limburg Institute of Financial Economics

Maastricht University

P.O. Box 616

6200 MD Maastricht

The Netherlands

Phone: (+31) 43 388 3838

Mobile: (+31) 650 215 650

Fax: (+31) 43 388 4875

E-mail: p.eichholtz at maastrichtuniversity.nl

PERSONAL

Born December 6th, 1962

Citizen of the Netherlands

Married to Margo Kraaij

Three children

EDUCATION

1990-1993 Maastricht University, Ph.D. in Finance.

Thesis: 'Real Estate Diversification'.

Thesis advisors: Prof. C.C.P. Wolff and Prof. J.H.W. Goslings.

1988-1990 Maastricht University, Ph.D. Course Series in Finance.

1982-1988 University of Amsterdam, M.A. in Economics.

Specialization: International Economics and International Finance.

PROFESSIONAL EXPERIENCE, academic

2014 - Secretary of the board of the MeJudice Foundation, the Netherlands’ platform

for economic policy debate.

2013 - 2017 Chairman of the Studium Generale Committee, Maastricht University

2013 - 2016 Board member, American Real Estate and Urban Economics Association.

Chairman, membership committee

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2013 Member of the NWO-MAGW VIDI committee

2010, 2011 Member of the NWO-MAGW VICI committee

2006 - 2009 Fellow of the World Demographic Association, Switzerland.

2005 - 2014 Chairman of the Finance Department, Maastricht University.

2005 - 2008 Senior Researcher, Netspar, the Netherlands.

2000 - Fellow of the Homer Hoyt Institute, United States.

1998 - Professor of Real Estate Finance, Maastricht University.

1997 - Fellow of The Maastricht School of Economics, Technology and

Organizations METEOR, Maastricht University.

1996 - 2005 Professor of Real Estate Finance and Chair of the Property Finance Group,

University of Amsterdam.

1996 - 1998 Associate Professor of Finance, Maastricht University.

1994 - 1995 Assistant Professor of Finance, Maastricht University.

1994 Postdoctoral Research Fellow, Maastricht University.

1991 Visiting Scholar, Kenan Flagler Graduate School of Business, University of

North Carolina, United States.

PROFESSIONAL EXPERIENCE, non-academic

2016 - Member of the Investment Advisory Committee, Pension Fund Construction

Industry

2015 - Member of the “College van Advies Vermogensbeheer”, Stichting Elisabeth

Strouven

2013 - Co-founder of Examen voor Jou, the online education tool for high school

exam preparation

2011 - 2014 Board member and co-founder of GRESB, the Global Real Estate

Sustainability Benchmark

2011 - 2014 Honorary member of the Royal Institution of Chartered Surveyors

2011 - 2012 Member of the Real Estate Industry Council, World Economic Forum

2010 - 2015 Member of the Investment Committee, Loyalis

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2007 - 2013 Board member of Universiteitsfonds Limburg, Maastricht University’s

endowment fund

2007 - 2012 Member of the Research Council of NAREIT, the National Association of

Real Estate Investment Trusts, United States

2007 - 2012 Non-Executive Director, Investment Property Databank Holding, United

Kingdom

2007 - 2010 Member of the Management Board of EPRA, the European Public Real Estate

Association

2004 - Founding Partner of Finance Ideas

2004 Property advisor to the United Nations Good Offices Mission on Cyprus

2004 - 2011 Member of the Advisory Board, Redevco

2004 - 2011 Member of the Advisory Board, RO Groep

2004 - 2010 Member of the Investment Committee, KLM Pension Funds

2004 - 2007 Member of the Investment Advisory Committee, Servatius

2003 - Member of the housing market advisory council, Bouwfonds Property

Development

2002 - 2009 Academic Fellow of the Urban Land Institute

2001 - 2007 Member of the board of commissioners, AEDEX, Dutch social housing

performance index. Chairman of the board since 2004.

2003 - 2004 Member of the board of commissioners, Oppenheim Immobilien

Kapitalanlagen Gesellschaft.

2001 - 2004 Affiliated with Kempen & Co Corporate Finance.

2000 - 2001 Research Director and co-founder, M2Match.

1996 - 2001 Senior Partner and co-founder, Global Property Research. GPR provides data

and consultancy about publicly listed real estate investment companies all over

the world.

1999 - 2001 Member of the board of commissioners, Nieuwe Steen Investments.

1999 - 2001 Member of the board of commissioners, ROZ-IPD property index.

1994 - 1995 Property Consultant, Business Advisory Group, Nationale Investeringsbank.

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1989 - 1992 Economist, ABP Strategic Investment Policy Group. The ABP is the pension

fund for civil servants in the Netherlands and among the largest institutional

investors in the world.

TEACHING

Active involvement in the teaching at the Faculty of Economics and Business Administration

of Maastricht University from 1988 onwards.

Coordinator and teacher of the courses:

- Financing Emerging Economies (Second year Bachelor course, international

finance specific for emerging markets), 2016 - .

- Negotiation Analysis (MBA course, negotiation theory and practice), 2004 -

2007.

- Real Estate Finance and Investments (MSc course), 2002 – 2015.

- PhD Presentation Skills Training, 2001 - 2005.

- Institutional Investors (MSc course, real estate investments and asset-liability

management), 1993 - 2000.

- Value Based Management (MSc course, corporate valuation and financial

management), 2000.

- Finance (Second year Bachelor course, basic corporate finance and

investments), 1989-1991.

Teacher of the courses:

- International Financial Management (Third year Bachelor course,

international corporate finance), 1998 - 1999.

- Organization of Financial Markets (MSc course, market microstructure,

trading systems and pricing), 1997 - 1999.

- Financial Management II (Third year Bachelor course, fixed income

investments and cash management), 1991-1997.

- Financial Management I (Third year Bachelor course, corporate finance and

equity investments), 1990-1994.

- The Economics Game (First year Bachelor course, interactive simulation of

macro-economy), 1990-1995.

Responsible for all the real estate courses at the Faculty of Economics and Econometrics of

the University of Amsterdam between 1996 and 2005. Creator of the MSc in Real Estate

Finance at that university in 2003.

Co-ordinator and lecturer in the courses:

- Real Estate Investments (Master course, advanced real estate finance and

economics), 1997 - 2005.

- Real Estate Finance and Economics (Master course, advanced real estate

economics), 1996 - 2005.

EXECUTIVE TEACHING

Negotiation and Influencing, the UM-DASCAM program, Brussels, 2017.

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Investment Product Development and Housing, UM course for ABP-Loyalis, 2017, 2015.

Finance for the Family, for the Amsterdam Institute of Finance, 2015, 2016.

Finance for Lawyers, for the Amsterdam Institute of Finance, 2003 - 2013.

Financing Social Housing, for the Erasmus/SBV Executive Social Housing Course, 2003.

Pension Governance, for Erasmus Executive Development, 2003.

Real Estate Portfolio Management, for the executive Masters in Real Estate program of the

University of Antwerp, Antwerp, 2000 - 2008.

Foundations of Finance, for the Amsterdam Institute of Finance, 1998 - 2011.

Real Estate Portfolio Management, for Sociaal Fonds Bouwnijverheid, 2000, for Delta Lloyd

Asset Management, 1999, and for ING Real Estate and Amvest, 1998.

Housing Portfolio Management, for Vesteda, 1997.

Real Estate Portfolio Management, for the executive Masters in Real Estate program of the

Amsterdam School of Real Estate, Amsterdam, 1997 - 2003.

Real Estate Portfolio Management, for the Amsterdam Institute of Finance, 1994 - 2007.

International Real Estate Investments, for the real estate portfolio management group of the

ABP, 1995.

Finance and Econometrics, for the real estate portfolio management group of the ABP, 1995.

International Real Estate Investments, for executive MSc students in property finance at the

City University Business School in London, United Kingdom, 1993, 1994, 1995.

Basics of Financial Management, for the Lodz executive course, Poland, 1992 and 1993.

Portfolio Theory, for the internal accounting department of the ABP, Heerlen, the

Netherlands, 1991.

INTERNATIONAL ACADEMIC PUBLICATIONS

“Corporate Diversification and the Cost of Capital: The Case of REIT Mortgages and Bank

Loans”, with I. Demirci and E. Yönder, forthcoming, Journal of Real Estate Finance and

Economics, 2017. (Funded by a grant from the US Real Estate Research Institute).

“Predicting Land Assembly; Amsterdam 1832-2015”, with T. Lindenthal and D. Geltner,

forthcoming, Regional Science and Urban Economics, 2017.

“Energy Efficiency and Economic value in Affordable Housing”, with A. Chegut, and R.

Holtermans, Energy Policy, 2016.

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“The Economic Effects of Owner Distance and Local Property Management in U.S. Office

Markets”, with R. Holtermans and E. Yönder, Journal of Economic Geography, 2016.

“Ecological Responsiveness and Corporate Real Estate”, with J. Quigley and N. Kok,

Business and Society, 2016. (Best paper award, Academy of Management Conference, 2009)

“Fundamentals or Trends: A Long-term Perspective on House Prices”, with R. Huisman and

R. Zwinkels, Applied Economics, 2015.

“Intermediated Investment Management in Private Markets: Evidence from Pension Fund

Investments in Real Estate”, with A. Andonov and N. Kok, Journal of Financial Markets,

2015 (RERI Grant Project).

“CEO Overconfidence, REIT Investment Activity, and Performance”, with E. Yönder, Real

Estate Economics, 2015 (Best Doctoral Paper, UCLA Behavioral Finance Conference, 2012).

“Spatial Dependence in International Office Markets”, with A. Chegut and P. Rodrigues,

Journal of Real Estate Finance and Economics, 2015.

“Demographics, Human Capital, and the Demand for Housing”, with T. Lindenthal, Journal

of Housing Economics, 2014. (Best paper award, European Business School, 2010)

“Maastricht-NUS-MIT Conference 2011 and 2012: Introduction to the Special Issue”, Journal

of Real Estate Finance and Economics, 2014.

“Real Option Value over a Housing Market Cycle”, with J. Clapp and T. Lindenthal, Regional

Science and Urban Economics, 2014.

“Inflation Protection from Home Ownership; Long-Run Evidence, 1814-2008”, with D.

Brounen, S. Straetmans and M. Theebe, Real Estate Economics, 2014.

“The London Commercial Property Price Index”, with A. Chegut and P. Rodrigues, Journal

of Real Estate Finance and Economics, 2013.

“Supply, Demand, and the Value of Green Buildings”, with A. Chegut and N. Kok, Urban

Studies, 2013.

“The Economics of Green Building”, with N. Kok and J, Quigley, Review of Economics and

Statistics, 2013. (Best paper award, United Nations Principles for Responsible Investment,

2010).

“A Global Perspective on Pension Fund Investments in Real Estate”, with A. Andonov and N.

Kok, Journal of Portfolio Management, 2013. (RERI Grant Project; Winner Nick Tyrrell

Memorial Award 2013).

“House Prices and Fundamentals: 355 Years of Evidence”, with Brent Ambrose and Thies

Lindenthal, Journal of Money, Credit and Banking, 2013.

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Commercial Real Estate Analysis and Investments, 3rd

Edition, with D. Geltner, N. Miller, and

J. Clayton, Southern Publishing, 2013.

“Portfolio Greenness and the Financial Performance of REITs”, with N. Kok and E. Yönder,

Journal of International Money and Finance, 2012 (Winner of the FIR-PRI Award for best

article 2013).

“Green Building Finance and Investments: Practice, Policy and Research”, with J.M. Quigley,

European Economic Review, 2012.

“The Amsterdam Rent Index: The Housing Market and the Economy 1550-1850”, with S.

Straetmans and M. Theebe, Journal of Housing Economics, 2012.

“How Green is Your Property Portfolio? The Global Real Estate Sustainability Benchmark”,

with R. Bauer, N. Kok, and J. Quigley, Rotman International Journal for Pension

Management 2011.

Prolonged crisis: housing in Germany and Berlin, with T. Lindenthal, in A. Bardok, R.

Edelstein, and C. Kroll (eds.): Global Housing Markets: Crises, Institutions and Policies,

John Wiley & Sons, New Jersey, 2011.

House prices and market institutions; the Dutch experience, with D. Brounen, in A. Bardok,

R. Edelstein, and C. Kroll (eds.): Global Housing Markets: Crises, Institutions and Policies,

John Wiley & Sons, New Jersey, 2011.

“Property Market Transparency and the Costs of International Investment”, with Nils Gugler

and Nils Kok, Journal of Real Estate Finance and Economics, 2011.

“Real Estate, Governance, and the Crisis”, with Nils Kok and Erkan Yönder, In: Institutional

Investors, Risk/Return and Corporate Governance Failures: Practical Lessons from the

Global Financial Crisis, University of Pennsylvania Press, 2011.

“Doing Well by Doing Good; Green Office Buildings”, with N. Kok and J. Quigley,

American Economic Review, 2010.

“Corporate Governance and Firm Valuation: The REIT Effect”, with R. Bauer and N. Kok,

Real Estate Economics, 2010.

“The Liquidity of Property Shares; An International Comparison”, with D. Brounen and D.

Ling, Real Estate Economics, 2009.

“Option Trading and Individual Investor Performance”, with R. Bauer and M. Cosemans,

Journal of Banking and Finance, 2009. (Selected as one of the 50 best articles published in

2009 in management: Emerald Management Reviews Citation of Excellence)

“Who Rents Green? Real Property and Corporate Social Responsibility, with N. Kok and J.

Quigley, Academy of Management Best Paper Proceedings, 2009.

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“Executive Compensation in U.K. Property Companies”, with N. Kok and R. Otten, Journal

of Real Estate Finance and Economics, 2008.

“How Does the Market for Corporate Control Function for Property Companies”, with N.

Kok, Journal of Real Estate Finance and Economics, 2008.

“Corporate Real Estate and Corporate Takeovers; European Evidence”, with D. Brounen and

M. van Dijk, Journal of Real Estate Research, 2008.

“Who Should Own Senior Housing?”, with N. Kok and B. Wolnicki, Journal of Real Estate

Portfolio Management, 2007.

“Trading Intensity and Real Estate Performance”, with D. Brounen and D. Ling, Journal of

Real Estate Finance and Economics, 2007.

Commercial Real Estate Analysis and Investments, 2nd

Edition, with D. Geltner, N. Miller and

J. Clayton, Southern Publishing, 2006.

“Corporate Real Estate and Stock Performance in the International Retail Sector”, with D.

Brounen and G. Colliander, Journal of Corporate Real Estate, 2005.

“Demographics and the International Office Markets; Consequences for Property Portfolios”,

with D. Brounen, Journal of Real Estate Portfolio Management, 2004.

“Corporate Real Estate Ownership Implications: International Performance Evidence”, with

D. Brounen, Journal of Real Estate Finance and Economics, 2004.

“Development Involvement and Property Share Performance; International Evidence”, with

D. Brounen, Journal of Real Estate Finance and Economics, 2004.

“Property, Common Stock, and Property Shares”, with D. Brounen, Journal of Portfolio

Management, 2003.

“New Directions in Real Estate Finance and Investment”, with K. Patel, Journal of Real

Estate Finance and Economics, 2003.

“Initial Public Offerings of European Property Companies”, with D. Brounen, Journal of Real

Estate Finance and Economics, 2002.

“Going Public in the European Property Share Market”, with D. Brounen, Real Estate

Finance, 2001.

“Capital Structure Theory; Evidence from Security Offerings of European Property

Companies”, with D. Brounen, Real Estate Economics, 2001.

“Testing International Real Estate Investment Strategies", with C.G. Koedijk and M.

Schweitzer, Journal of International Money and Finance, 2001.

“The Cross Section of Global Property Share Returns”, with R. Huisman, in J. Brown and C.

Liu (eds.), A Global Perspective on Real Estate Cycles, Kluwer Academic Press, 2000.

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“REIT Performance: Does Managerial Specialization Pay?”, with M. Schweitzer and H. Op ‘t

Veld, in P. Harker and S. Zenios (eds.), The Performance of Financial Institutions,

Cambridge University Press, 2000.

“Should Real Estate Investment Companies Be Involved in Development?”, with D. Brounen

and P. Kanters, Real Estate Finance, Winter 1999

“Going International; Liquidity and Pricing in the Largest Interational Markets”, with H. Op ‘t

Veld and S. Vestbirk, Real Estate Finance, Fall 1999.

“Continental Factors in International Real Estate Returns", with R. Huisman, C.G. Koedijk

and L. Schuin, Real Estate Economics, 1998.

“Introducing A New Global Real Estate Securities Index: The GPR 250 Index”, with N. De

Graaf, H. Op ‘t Veld and W. Kastrop, Real Estate Finance, Spring 1998.

“How to Invest Internationally? Region and Property Type on A Global Scale”, Real Estate

Finance, Fall 1997.

“Real Estate Securities and Common Stocks: A First International Look”, Real Estate

Finance, Spring 1997.

“A Long Run House Price Index: The Herengracht Index, 1628-1973”, Real Estate

Economics, Summer 1997.

“The Stability of the Covariances of International Property Share Returns”, Journal of Real

Estate Research, 1996.

“The Global Real Estate Securities Market”, with C.G. Koedijk, Real Estate Finance, Spring

1996.

“Property Shares, Appraisals, and the Stock Market: An International Perspective”, with D.J.

Hartzell, Journal of Real Estate Finance and Economics, March 1996.

“Does International Diversification Work Better for Real Estate than for Stocks and Bonds?”,

Financial Analysts Journal, January/February 1996.

“Regional Economic Stability and Mortgage Default Risk in the Netherlands”, Real Estate

Economics, Winter 1995.

“International Real Estate Securities Indexes”, with C.G. Koedijk, Real Estate Finance,

Winter 1995.

“Diversification by Property Type and Region”, with M. Hoesli, B. MacGregor and N.

Nanthakumaran, Journal of Property Finance, Volume 6, Number 3, 1995.

“Globalization of Real Estate Markets?”, with R.T. Lie, in M. Hoesli and B. Thion (eds.),

Evaluation et indicateurs de prix en immobilier, Les Editions Notariat Services, Groupe ESC,

Bordeaux, 1995.

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Real Estate Diversification, doctoral dissertation, Maastricht University, 1994.

“Index-Linked Bonds in a Liability Framework”, with W.A.F.M. Naber and V.L.M.C. Petri,

Journal of Fixed Income, December 1993.

“Economic Diversification in European Real Estate Portfolios”, with D.J. Hartzell and A.K.

Selender, Journal of Property Research, May 1993.

OTHER PUBLICATIONS

“Residential Investment in International Markets,” with Daan van Everdingen and Kasper van

Zundert, IPF Short Paper 21, November 2014.

“Pensioenfondsen zijn goed in staat zelf te beleggen”, with Aleksander Andonov and Nils

Kok, MeJudice, 2012.

“Maak pensioenfinanciering uit het eigen huis mogelijk …”, Economisch Statistische

Berichten, 2011.

“De duurzaamheid van de vastgoedsector”, with R. Bauer and N. Kok, Economisch

Statistische Berichten, 2010.

“Crisis op de woningmarkt”, with M. Cosemans, Economisch Statistische Berichten, 2009.

“Demografische krimp en woningprijzen”, with T. Lindenthal, Economisch Statistische

Berichten, 2009.

“Green buildings make cents”, with N.Kok, Property Research Quarterly, 2008. Winner

VOGON PropertyNL Award for best paper.

“Demografie en de vraag naar woningen”, with T. Lindenthal, Beleid & Maatschappij, 2008.

“Behoeftes en belemmeringen in de woningbouw: een lange termijn perspectief”, with T.

Lindenthal, Preadvies, Koninklijke Vereniging voor de Staathuishoudkunde, 2008.

“Optimale financiering van zorgvastgoed”, with N. Kok, Economisch Statistische Berichten,

2007.

“Does Trading Increase Real Estate Portfolio Performance?”, IPE Real Estate, September

2007.

“De prestaties van particuliere beleggers”, with R. Bauer and M. Cosemans, Economisch

Statistische Berichten, 2007.

“Senior housing developments in the United States; The positive side of changing

demographics”, with N. Kok, Europe Real Estate Yearbook, 2007.

“Woningmarktbeleid moet integraal op de schop”, Tijdschrift voor Politieke Economie, 2006.

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“De reinigende werking van overnames in de vastgoedmarkt”, with N. Kok, Economisch

Statistische Berichten, 2006.

“Demographics and the Demand for Alternative Property Products”, IPE Real Estate,

September 2006.

“Property Compensation in Cyprus”, European Human Rights Cases, April 2006.

“Dirigistisch woningmarktbeleid moet op de schop”, Christen Democratische Verkenningen,

2006.

“Een AFM voor de vastgoedmarkt”, Justitiële Verkenningen, 2006.

“Privatisering loont voor luchthavens”, with R. van Ouwerkerk, Economisch Statistische

Berichten, 2006.

“Demographics and the Demand for Belgian Real Estate”, with N. Kok, Belgium Real Estate

Yearbook, 2006.

“The real liquidity of European Real Estate Shares”, with D. Brounen, Europe Real Estate

Yearbook, 2006.

“Beloning in Vastgoedfondsen: Loon naar Werken?”, with N. Kok, Property Research

Quarterly 3, 2005.

“Vastgoedbeleggen: Bouwen, Beheren, of Beide?”, with D. Brounen, 2004.

“The Outlook for Global Office Markets in Ageing Societies”, with D. Brounen, Australian

Property Journal, July 2004.

“Huren op de Amsterdamse woningmarkt: bericht uit het verre verleden”, in S. Kesenne and

C. Reyns (eds.) Kwantitatief bekeken, Garant, Antwerpen, 2004.

“Corporate Real Estate: Global Trends and Performance Effects”, with D. Brounen, Wharton

Real Estate Review, 2004.

“Vastgoedmarkt kraakt onder demografische druk”, with D. Brounen, Economisch

Statistische Berichten, April 2004.

“Global trends in corporate real estate”, with D.Brounen, Europroperty, 2003.

“Wereldwijde trends in ondernemingsvastgoed”, with D. Brounen, PropertyNL Research

Quarterly, 2003.

“Corporaties moeten woningen verkopen”, Economisch Statistische Berichten, July 2003.

“Vastgoed, een modern bedrijfsdilemma”, with D. Brounen, Vastgoedmarkt, July 2003.

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“Vastgoed, een modern bedrijfsdilemma”, with D. Brounen, Economisch Statistische

Berichten, June 2003.

“Meer kantoren dan banen”, Economisch Statistische Berichten, December 2002.

“Woningbouwcorporaties zijn aan modernisering toe”, with J. Conijn, J. Hakfoort and K.

Koedijk, Economisch Statistische Berichten, May 2002.

“Geen paniek over pensioenfondsen”, with K. Koedijk and R. Otten, Economisch Statistische

Berichten, January 2002.

“Iedereen een eigen huis”, in: Kalshoven en Van Dalen, Meesters van de welvaart, 2002.

“Vastgoedbeleggen en projectontwikkeling. Combineren of niet?”, with D. Brounen,

Expertise, Januari 2002.

“Projectontwikkelende belegger beter af”, with D. Brounen, Economisch Statistische

Berichten, October 2001

“Restructuring the European Property Share Market”, with K. Koedijk, Fastighets Världen,

2001.

“Sectorspecialisatie loont”, with K. Koedijk, Economisch Statistische Berichten, July 2001.

“De vastgoedwereld heeft een online marktplaats nodig”, Vastgoedmarkt, mei 2001.

“Woningen in de pensioenportefeuille”, with H. Hilverink en M. Theebe, Economisch

Statistische Berichten, September 2000.

“Makelaar.com”, Economisch Statistische Berichten, September 2000.

“De eeuw van het aandeel”, with K. Koedijk and R. Otten, Economisch Statistische Berichten,

January 2000.

“Risicobeheersing op de woningmarkt”, with M. Theebe, Bank- en Effectenbedrijf,

July/August 1999.

“Oorlog en de woningmarkt; drie eeuwen huishuren in Amsterdam”, with M. Theebe, Index,

April 1999.

Vastgoed met verbeelding: Wat kan de Nederlandse vastgoedwereld leren van de Verenigde

Staten?, with H. Op ’t Veld, 1999.

“Zo vast als een huis”, with M. Theebe, Economisch Statistische Berichten, January 1999.

“Vastgoed, aandelen en vastgoedaandelen”, VOGON Journaal, 1998.

“Internationale diversificatie voor Nederlandse vastgoedbeleggers”, with R. Huisman, H. Op

’t Veld en L. Schuin, Bedrijfskunde, 1998.

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“Het risico van een eigen huis”, Economisch Statistische Berichten, October 1997.

Het risico van een eigen huis, inaugural lecture, Universiteit van Amsterdam, 1997.

“De internationale vastgoedmarkt”, with N. de Graaf, Economisch Statistische Berichten,

May 1997.

“Een opknapbeurt voor het pensioensysteem", with W. Buijink, C.G. Koedijk and S. Maijoor,

Economisch Statistische Berichten, June 1996.

“De waarde van vastgoed-aandelen: van private naar publieke markt", with P.R.S.

Wittendorp, in: L.B. Uittenbogaard en G.A. Vos, Waardebepaling vastgoed; enkele actuele

ontwikkelingen, June 1996.

Pensioenen voor de toekomst: Naar meer keuzevrijheid en transparantie, with C.G. Koedijk,

May 1996.

“Meer transparantie, meer prestatiegerichtheid", with C.G. Koedijk, Economisch Statistische

Berichten, May 1996.

“De prestaties van pensioenverzekeraars", with C.G. Koedijk, Economisch Statistische

Berichten, April 1996.

“Het lange termijn rendement van Nederlandse obligaties, 1814-1994", with C.G. Koedijk,

Economisch Statistische Berichten, April 1996.

“Cycli op de vastgoedmarkten", Economisch Statistische Berichten, March 1996.

“De vijf bouwstenen van de financiële economie en hun relevantie voor de Nederlandse

vastgoedmarkt", with A. Jaffe, VOGON Journaal, October 1995.

“Continentale factoren in vastgoedrendementen?", with C.G. Koedijk en Ch. van Tilburg,

VBA Journaal, September 1995.

“Woonfondsen: een revolutie op de huizenmarkt", with D. Geltner, Economisch Statistische

Berichten, August 1995.

“Vastgoed en de performance van vastgoedfondsen", Economisch Statistische Berichten,

August 1995.

“Real Estate Diversification", in: L.B. Uittenbogaard (ed.), Vastgoed als Wetenschap,

Stichting voor Beleggings- en Vastgoedkunde, 1995.

“Buitenlands vastgoed reduceert risico", with C.G. Koedijk, M. Schoten and Ch. van Tilburg,

Economisch Statistische Berichten, January 1995.

“Vastgoed op de lange termijn, 1630 - 1974", with G. Opsteeg, Economisch Statistische

Berichten, September 1994.

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“Regionaal risico in de hypotheekgarantie", with J.J.A. Aussems, Economisch Statistische

Berichten, February 1994.

“In vastgoed beleggen: direct of via de beurs?", with N. Tates, VBA Journaal, December

1993.

“Een rekenkamer voor deregulering", with C.G. Koedijk, Economisch Statistische Berichten,

December 1993.

“Diversificatie via de pensioenverzekering", Economisch Statistische Berichten, September

1993.

Beleggen in vastgoed, with N. Tates, Wolters Noordhoff, March 1993.

“Beleggen in onroerend goed in Nederland, naschrift", with N. Tates, Economisch Statistische

Berichten, May 1993.

“Beleggen in onroerend goed in Nederland", with N. Tates, Economisch Statistische

Berichten, January 1993.

“Asset Allocatie Software: Inventarisatie en Beoordeling", with C.C.P. Wolff, Bedrijfskunde,

1990.

PAPERS SUBMITTED FOR PUBLICATION

“The Economics of Residential Solar Water Heaters in Emerging Economies: The Case of

Turkey”, with E. Aydin and E. Yönder, Energy Economics, 2017.

“Environmental Performance and the Cost of Capital: Evidence from Commercial Mortgages

and REIT Bonds”, with N. Kok, R. Holtermans and E. Yönder, Journal of Financial and

Quantitative Analysis, 2017.

“Dirty Electricity, Clean Electricity, and Local House Prices”, with N. Kok, M. Langen, and

D. van Vulpen, Journal of Regional Science, 2017.

“The Price of Innovation: An Analysis of the Marginal Cost of Green Building?”, with A.

Chegut and N. Kok, second round, American Economic Review, 2017.

INTERVIEWS AND PROFESSIONAL PUBLICATIONS

Interviews with RTL Nieuws, Algemeen Dagblad, Elsevier, Volkskrant, Financieele Dagblad,

Newsweek, Libelle, The New York Times, New York Times Magazine, The International

Herald Tribune, Bloomberg, Zembla, Nova, VPRO Television, BNR News Radio, L1, NRC

Handelsblad, Intermediair, De Telegraaf, Building Business, VastgoedMarkt, De Limburger.

Professional publications in a number of Dutch newspapers, magazines and websites,

including MeJudice, NRC Handelsblad, Volkskrant, Trouw and Het Financieele Dagblad.

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Subjects: housing, commercial real estate, mortgages, pensions, government regulation and

deregulation.

A column in Beleggers Belangen, a weekly Dutch investment magazine, on the scientific

aspects of investment. Subjects: stock, bond and real estate investments, mutual funds,

performance measurement, market efficiency (1995-2000).

A column in Elan, the magazine of the Dutch center for directors and commissioners.

Subjects: the economy, investments (1999-2001).

WORK IN PROGRESS

“Global Pension Fund Investments in Emerging Markets: Do They Add Value?”, with A.

Andonov, 2017.

“Getting Low from Getting High? The External Effects of Coffee Shops on House Prices”,

with E. Aydin, M. Langen and N. Kok, 2017.

“The Spell of the Home Purchase Price through the Centuries”, with T. Lindenthal, 2017.

“500 Years of Housing Rents in European Cities”, with M. Korevaar and T. Lindenthal, 2017.

“On the Economics of Health in Homes”, with E. Aydin, N. Kok and J. Palacios, 2017.

“Over-optimism in Commercial Real Estate Transactions”, with E. Yönder, 2016 (Funded by

a grant from the US Real Estate Research Institute).

“The Value-Added of Commercial Real Estate Brokers”, with R. Holtermans, 2017.

“Conflicts of Interest in Commercial Real Estate Brokerage”, with R. Holtermans, 2017.

“Healthy Classrooms and Pupil Performance”, with N. Kok and J. Palacios, 2017.

“Moving to Productivity”, with N. Kok and J. Palacios, 2017.

“The Split-Incentive Effect in Residential Sustainability Investments”, with Erdal Aydin and

Rogier Holtermans, 2017.

“The Role of Corporate Political Contributions in the Allocation of Government

Procurements”, with O. Floroiu, 2015.

“The Portfolio Implications of Home Ownership”, with F. de Roon and K. Koedijk, 2011.

“Testing the Monocentric City Model on a Monocentric City: Amsterdam 1550 – 1850”, with

M. Theebe, 2004.

CASES

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Rodamco's Investment Strategy, 2005; Real estate investment strategy case.

The inflation protection from real estate, 2002.

The International Real Estate Investment Strategy of the ABP, 1994; Real estate investment

strategy case.

Your Neighbourhood Shopping Center, 1993; Real estate valuation case.

The Interest Rate Risk of J.P. Morgan, 1991; Interest rate risk management case.

PROFESSIONAL ACTIVITIES

Journals

Associate editor of the Journal of Housing Economics, 2011 -.

Guest editor of a special section of the European Economic Review devoted to the Berkeley-

ECCE Green Building Finance and Investments Conference, 2011.

Associate editor of Real Estate Economics, 2007 -.

Associate editor of the Journal of Real Estate Finance and Economics, 2002 -.

Guest editor of a special annual issue of the Journal of Real Estate Finance and Economics,

devoted to the papers presented at the Maastricht-NUS-MIT Real Estate Finance and

Investment Symposium, 2000 - 2016.

Associate editor of Real Estate Finance, 1998 - 2002.

Associate editor of the Journal of Property Research, 1996 - 2002.

Regular referee for Real Estate Economics, Journal of Housing Economics, Journal of

Economic Geography, Journal of Real Estate Finance and Economics, Journal of Real Estate

Research, Urban Studies, Journal of Environmental Economics and Management, Regional

Science and Urban Economics, Review of Financial Studies, Journal of Finance, Journal of

Regional Science, Journal of International Money and Finance.

Conferences

Co-chair of the ECCE-MIT conference “Green and Healthy Homes; Exploring Finance,

Investments, and Outcomes”, Maastricht, 2016.

Co-organizer of the 2014 European FMA Conference, Maastricht University, 2014

Co-chair of the Berkeley-ECCE conference on “Green Building Finance and Investments”,

University of California at Berkeley, 2009, Maastricht University, 2011, Boston, 2012,

Maastricht University, 2014.

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Co-chair of the Maastricht-MIT-NUS Real Estate Finance and Investment Symposium,

alternating between Maastricht, MIT and NUS, 2007 - 2015.

Member of the organizing committee of the ProBanker Conference on Banking, Maastricht

University, 2005, and Bocconi, 2006.

Co-chair of the Maastricht-Cambridge Real Estate Finance and Investment Symposium,

alternating between Maastricht and Cambridge University, 2000 - 2006.

Member of the program committee of the 2000 convention of the American Real Estate and

Urban Economics Association and the European Network for Housing Research, Sweden.

Chairman of the organizing and program committee of the 1998 joint convention of the

European Real Estate Society and the American Real Estate and Urban Economics

Association, Maastricht.

Member of the program committee of the 1996 international convention of the American Real

Estate and Urban Economics Association, Orlando.

Member of the organizing committee of the LIFE/MARC/ESB symposium: 'Choice and

Accountability in the Dutch Pension System', The Hague, May 1996.

Member of the program committee of the 1994 annual convention of the European Real

Estate Society, Amsterdam.

Member of the organizing committee of the LIFE/OCFEB symposium: 'Deregulation in the

Netherlands: Economic Challenges for the New Government', The Hague, May 1994.

Member of the organizing committee of the annual conventions of the VOGON, the

association of Dutch real estate researchers, Amsterdam, 1992-1997.

Member of the program committee of the 1991 annual convention of the American Real

Estate and Urban Economics Association, New Orleans.

Commissioned research projects

Co-author (with M. Francke) of “De beoordeling van de RVB taxatiemethode op de

Waddeneilanden,” A report for the Dutch ministry of internal affairs, 2015.

Co-authors (with D. Brounen and T. Berkhout) of “Schoon Schip; Advies van de

grondwaardecommissie Eeuwigdurende Erfpacht”, a consultancy project for the city of

Amsterdam, 2015.

Co-author (with R. Bauer and N. Kok) of “Environmental Performance: A Global Perspective

on Commercial Real Estate”, a commissioned research project for APG, PGGM, and USS,

2010.

Co-author (with M. Cosemans) of “De NHG in Crisistijd”, a commissioned research project

for the Stichting Waarborgfonds Eigen Woningen, 2009.

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Co-author (with N. Kok) of “The EU REIT and the Internal Market for Real Estate”, a

commissioned research project for the European Property Federation (EPF), the Urban Land

Institute (ULI), the Royal Institution of Chartered Surveyors (RICS) and a number of other

leading property federations, 2007.

Responsible for the making of the LIFE Global Real Estate Securities Indices and Database

(with C.G. Koedijk), a commissioned research project funded by a group of real estate

portfolio managers, 1994-1996.

Co-author (with C.G. Koedijk) of “Pensioenen voor de toekomst”, a proposal for reform of

the Dutch pension system, commissioned by the Dutch ministry of Economic Affairs, March

1996.

Consultant (with C.C.P. Wolff) for a major Dutch asset manager about the possibilities and

usefulness of computer-aided investing, 1989.

Ph.D. Students

Ph.D. advisor to M. Stroom, 2017 -.

Ph.D. advisor to N. Mimiroglu, 2017 -.

Ph.D. advisor to M. Korevaar, 2016 -.

Ph.D. advisor to J. Palacios Temprano, 2015 -.

Ph.D. advisor to M. Langen, 2015 -.

Ph.D. advisor to M. Godard, 2015 -.

Ph.D. advisor to P. Gerhard, 2012 -.

Ph.D. advisor to R. Holtermans, 2012 - 2016. Currently postdoc at USC.

Ph.D. advisor to O. Floroiu, 2011 - 2015.

Ph.D advisor to A. Chegut, 2009 - 2013. Currently research scientist at MIT.

Ph.D advisor to A. Andonov, 2009 - 2014. Currently assistant professor at Erasmus

University Rotterdam.

Ph.D. advisor to K. Dinh, 2009 - 2014.

Ph.D. advisor to E. Yönder, 2009 - 2013. Currently assistant professor at Özyegin University

Istanbul.

Ph.D. advisor to S. Chaudry, 2008 - 2013. Currently assistant professor at University of

Birmingham.

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Ph.D advisor to P. Smeets, 2007 - 2012. Currently associate professor at Maastricht

University.

Ph.D. advisor to T. Lindenthal, 2006 - 2011. Currently assistant professor at University of

Cambridge.

Ph.D. advisor to M. Cosemans, Maastricht University, 2005 - 2010. Currently assistant

professor at Erasmus University Rotterdam.

Ph.D. advisor to N. Kok, Maastricht University, 2004 - 2008. Currently associate professor at

Maastricht University.

Ph.D. advisor to I. de Wit, Maastricht University, 2001 - 2007.

Ph.D. advisor to A. Hordijk, Maastricht University, 1999 - 2005. Retired as full professor at

Tilburg University.

Ph.D. advisor to D. Brounen, University of Amsterdam, 1999 - 2003. Currently full professor

at Tilburg University.

Ph.D. advisor to M. Theebe, University of Amsterdam, 1997 - 2002. Currently assistant

professor at University of Amsterdam.

Ph.D. advisor to M. Schweitzer, Maastricht University, 1996 - 2000.

Other activities

Member of the external evaluation committee of the Department of Real Estate of the

National University of Singapore, 2015.

Member of the Editorial Advisory Board of Observant, Maastricht University’s weekly

magazine, 2013 - .

Member of the advisory board of the Master of Real Estate Program at the University of

Antwerp, Belgium, 2001 - 2008.

Member of the board of the Amsterdam School of Real Estate, 1996 - 2001.

Member of the course program committee of International Business Studies, Faculty of

Economics and Business Administration, Maastricht University, 1996 - 1999.

Secretary of the board of the VOGON, the association of Dutch real estate researchers, 1993-

1994. Board member, 1994 - 2000.

Member of the international taskforce of the American Real Estate and Urban Economics

Association, 1998.

Member of the Faculty Council, Faculty of Economics and Business Administration,

Maastricht University, 1998-1999.

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Member of the Human Resource Strategy committee, Faculty of Economics and Business

Administration, Maastricht University, 1997-1998.

Member of the board of the European Real Estate Society, 1997-1998.

Member of the Small Business program committee, Faculty of Economics and Business

Administration, Maastricht University, 1997 - 1999.

Chairman of the organizing committee of the Lodz executive course, Poland, 1992 and 1993.

GRANTS AND AWARDS

NWO Talent Grant for research project “Time, memory and prospect theory: Long-term

evidence from asset markets”, with Matthijs Korevaar, 2016.

Research grant, Real Estate Research Institute, Chicago, 1994, 1996, 1998, 2000, 2004, 2008,

2011, 2013, 2016.

IP Real Estate Gold Award for Best Investment Consultant, 2015, for Finance Ideas.

Winner of the FIR-PRI Award for best article, 2013, for “Portfolio Greenness and the

Financial Performance of REITs”, with N. Kok and E. Yönder.

Nick Tyrrell Memorial Award, 2013, for “A Global Perspective on Pension Fund Investments

in Real Estate”, with A. Andonov and N. Kok.

IP Real Estate Platinum Award for Outstanding Industry Contribution, 2012, for the Global

Real Estate Sustainability Benchmark.

Research Grant, International Center for Pension Management, Rotman School, Toronto,

2011.

IPE Real Estate Platinum Award for Outstanding Industry Contribution, 2010, for “How

Green is Your Property Portfolio? The Environmental Performance of Commercial Real

Estate”, joint with N. Kok, R. Bauer and J. Quigley.

Best Dutch Mortgage Product of the Year award, 2010, for the Starters Renteregeling,

developed with Finance Ideas.

Best paper award, United Nations Principles for Responsible Investment, 2010, for

“Sustainability and the Dynamics of Green Building”, with N. Kok and J. Quigley.

Best paper award, European Business School, Germany, 2010, for “Demographics, Human

Capital and Housing Demand” , with T. Lindenthal.

Best paper award, Academy of Management Conference, 2009, for “Who Rents Green? Real

Property and Corporate Social Responsibility”, with J. Quigley and N. Kok.

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Best Dutch real estate paper award, the Dutch Association of Real Estate Researchers, 2009,

for “Green buildings make cents”, joint with N. Kok.

Best MSc Teacher in Business and Economics, 2007-2008, Maastricht University

Media Award, Faculty of Economics and Business, Maastricht University, 2008.

Best Teacher in the Postgraduate Controllers Program, 2005-2006, Maastricht University.

Best MBA Teacher, 2004-2005, Maastricht University.

Third Prize, Best paper of the year award, Dutch Association of Real Estate Researchers,

Amsterdam, 2004.

Third prize in Robeco portfolio management competition, Brussels, 1997.

Research grant, Institute for Quantitative Investment Research, Frankfurt, 1994, 1996.

Dissertation grant, Staal Stichting, Amsterdam, 1993.

Various travel grants of NWO, The Hague, 1991-1993.

SELECTED SPEECHES AND PRESENTATIONS

AEA Annual meeting, Philadelphia, 2018

ReCapNet Conference, Mannheim, 2017

AREUEA International Meeting, Alicante, 2016

University of Cambridge, 2015

University of Antwerp, Antwerp, 2014

Free University Amsterdam, Amsterdam, 2014

University of St Gallen, St Gallen, 2014

University of Bonn, Bonn, 2013

London School of Economics, London, 2013

CPB, The Hague, 2013

Utrecht University, Utrecht, 2013

Netspar Pension Fund Seminar, Maastricht 2012

European Real Estate Society keynote speech, Eindhoven, 2011

Maastricht University’s Green Building Finance Conference, Maastricht, 2011

Massachusetts Institute of Technology, Boston, 2010

Regional Science Association, Utrecht, 2010

University of California at Berkeley, Berkeley, 2009.

Provada, Amsterdam, Netherlands, 2009.

IPD European Strategies Conference, Barcelona, Spain, 2009.

Real Estate Research Institute, Chicago, United States, 2009.

EPRA Annual Conference, Stockholm, Sweden, 2008.

International AREUEA Meeting, Istanbul, Turkey, 2008

IPD European Strategies Conference, Berlin, Germany, 2008

Wharton, White Center, Philadelphia, USA, 2008

MIT/Cambridge/Maastricht symposium, MIT, Cambridge, United States, 2007

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Harvard University, Cambridge, United States, 2007

Erasmus University Rotterdam, 2007

Universiteit van Amsterdam, Amsterdam, 2007

Financial Times Asset Management Conference, Frankfurt, Germany, 2007.

IPD European Strategies Conference, Geneva, Switzerland, 2007.

American Real Estate and Urban Economics Association, Chicago, USA, 2007.

Massachusetts Institute of Technology, Cambridge, USA, 2006.

EPRA Annual Conference, Budapest, Hungary, 2006.

IPD European Strategies Conference, Lisbon, Portugal, 2006.

VGM Symposium, The Hague, Netherlands, 2006.

American Real Estate and Urban Economics Association, Boston, USA, 2006.