Timothy (Tim) Riddiough holds the E.J. Plesko Chair and is a professor in the Department of Real Estate and Urban Land Economics at the Wisconsin School of Business. Riddiough served as the director of the Graaskamp Center for Real Estate from 2004-2009.
From 1994 to 2001 Riddiough was at MIT as an assistant and associate tenured professor, and from 1991 to 1994 he was an assistant professor at the University of Cincinnati.
Riddiough was the 2012 president of the American Real Estate and Urban Economics Association (AREUEA). He has been active in AREUEA for many years, serving on the board of directors several times.
He is on the editorial board of Real Estate Economics, and I for several years served as editor of Real Estate Finance. He currently serves on the editorial boards of five other real estate-related journals.
His honors and awards include winning the best dissertation and best paper awards from AREUEA, being named a founding fellow at the Real Estate Research Institute, and a fellow at the Homer Hoyt Institute for Advanced Studies.
Riddiough is best known for his work on credit risk in mortgage lending, mortgage securitization, real options, REIT investment and corporate finance, and land use regulation.
He has published in Real Estate Economics, Journal of Urban Economics, Journal of Real Estate Finance and Economics, Review of Financial Studies, Journal of Quantitative Financial Analysis, and the Journal of Financial Intermediation. His current research interests are focused on the financial crisis of 2007-08, economic development of debt markets, and optimal contract design.
Riddoiugh is an active participant in the commercial real estate industry, speaking often on the financial crisis, and was recently named to NAREIT’s investment advisory council. He is also active with the Pension Real Estate Association and the Commercial Mortgage Securities Association. He advises several real estate organizations on investment and risk management issues, and has served as an expert economic consultant on numerous legal matters involving real estate finance and investment issues.
He received his Ph.D. from the University of Wisconsin–Madison.
Selected Accepted Journal Articles
Riddiough, T. (2013). Can Securitization Work: Evidence from the U.S. REIT Market.
Journal of Portfolio Management
In light of recent experience we ask whether there are any measurable economic “goods” associated with real estate securitization. To this end, we analyze securitized equity interests in commercial property (the so-called listed REIT market), with a particular focus on the U.S. experience. A comparison of the recent U.S. housing and commercial property market cycles reveals some similarities but more importantly some stark differences. Differential performance is largely attributable to excess housing supply relative to balanced supply realized on the commercial property side of the market. We conjecture that an important contributing factor to the muted commercial property supply response was the “civilizing influence” of the REIT sector. A formal test of the conjecture is applied, with results that suggest the REIT market indeed moderated supply outcomes in the U.S. Relationships between the REIT market and new construction are generally weaker in other analyzed countries, where we attribute this finding to structural differences. We conclude that securitization can work, but that attention to structural detail is essential in order to maximize the benefits associated with creating a transparent and liquid market for securitized investment interests.
Riddiough, T. (2012). The First Foreclosure Crisis: Wisconsin Farmers, Western Railroads and Eastern Money. Wisconsin Magazine of History
Selected Published Journal Articles
Riddiough, T., , & Ciochetti, B. (2006). Theory and Evidence on the Resolution of Financial Distress. Review of Financial Studies
(19), 1357-1397. doi:10.1093/rfs/hhj031.
Riddiough, T. (2012). Securitization and the Commercial Property Cycle.
AREUEA ( 2013 ) Governance and Design of Structured Securities
AREUEA ( 2013 ) Securitization and the Commercial Property Cycle
Georgia State University ( 2013 ) Collateral and the Limits of Debt Capacity
University of Southern California ( 2013 ) Collateral and the Limits of Debt Capacity
City University of Hong Kong ( 2012 ) Collateral and the Limits of Debt Capacity
International AREUEA ( 2012 ) Collateral and the Limits of Debt Capacity
International AREUEA ( 2012 ) Deja vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857
Syracuse University ( 2012 ) Collateral and the Limits of Debt Capacity
AREUEA Meetings ( 2011 ) "Collateral and Debt Capacity in the Optimal Capital Structure"
FMA Asia-Pacific Meetings ( 2011 ) "Collateral an dDebt Capacity in the Optimal Capital Structure"
National University of Singapore Conference on Real Estate ( 2011 ) "Collateral an dDebt Capacity in the Optimal Capital Structure"
UC-Irvine ( 2011 ) "Collateral an dDebt Capacity in the Optimal Capital Structure"
University of Miami ( 2011 ) "Collateral an dDebt Capacity in the Optimal Capital Structure"
Numerous ( 2010 ) Can Securitization Work?
Numerous ( 2010 ) Collateral and Debt Capacity in the Optimal Capital Structure
American Real Estate and Urban Economics Association