Draft:Dennis Capozza
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Dennis R. Capozza (born October 31, 1945) is an American economist whose research focuses on real estate economics, urban economics, and finance.[1][2][3] He is professor emeritus of finance at the University of Michigan's Ross School of Business.[4] He has served as president of the American Real Estate and Urban Economics Association (AREUEA) in 2005.[5] He was editor of Real Estate Economics from 1991 to 1997.[6]
He received the George Bloom Award from AREUEA in 1998 and in 2005.[7] He also received the American Real Estate Society's David Ricardo Medal in 2011.[8]
He is also a Homer Hoyt Fellow[9], Wells Fargo Scholar and Urban Land Institute Fellow.[10]
Education and career
[edit]Capozza received a Bachelor of Arts in economics from the University of Pennsylvania in 1967 and a PhD in economics from Johns Hopkins University in 1972. During his graduate studies, he received a National Defense Education Act fellowship and a Resources for the Future fellowship.[11]
Capozza began his academic career at the University of Southern California in 1971, serving as assistant professor and later associate professor of finance and business economics.In 1979, he joined the University of British Columbia, initially as a visiting scholar and later as professor of commerce and business administration.[12]
Capozza joined the University of Michigan in 1989 as professor of finance and held the Stephen M. Ross Chair in Real Estate Finance until 2003.[10] He subsequently held the Dale Dykema Professorship of Business Administration. He has also been a visiting scholar at the Massachusetts Institute of Technology Center for Real Estate and Columbia University.[1]
Research
[edit]Capozza's research has focused on the application of economic and financial theory to real estate and urban markets. His work includes research on urban land development, spatial competition, housing prices, mortgage default, and REIT valuation.[13]
With Robert W. Helsley, Capozza developed models of urban land prices and city growth that incorporated the timing of land conversion and expectations of future growth. Their 1989 paper, “The Fundamentals of Land Prices and Urban Growth”, divided urban land value into components associated with agricultural rent, conversion costs, accessibility, and expected future rent growth.[14]
Selected publications
[edit]- Capozza, Dennis; Li, Yuming (1994). "The Intensity and Timing of Investment: The Case of Land". The American Economic Review. 84 (4). American Economic Association: 889–904. ISSN 0002-8282.
- Bradley, Michael; Capozza, Dennis R.; Seguin, Paul J. (1998). "Dividend Policy and Cash‐Flow Uncertainty". Real Estate Economics. 26 (4): 555–580. doi:10.1111/1540-6229.00757. ISSN 1080-8620.
- Capozza, Dennis R.; Seguin, Paul J. (1996). "Expectations, efficiency, and euphoria in the housing market". Regional Science and Urban Economics. 26 (3–4): 369–386. doi:10.1016/0166-0462(95)02120-5.
- Capozza, Dennis R.; Seguin, Paul J. (2000-03-01). "Debt, Agency, and Management Contracts in REITs: The External Advisor Puzzle". The Journal of Real Estate Finance and Economics. 20 (2): 91–116. doi:10.1023/A:1007869019657. ISSN 1573-045X.
- Capozza, Dennis R.; Sick, Gordon A. (1991-06-01). "Valuing long-term leases: The option to redevelop". The Journal of Real Estate Finance and Economics. 4 (2): 209–223. doi:10.1007/BF00173125. ISSN 1573-045X.
References
[edit]- 1 2 "Professor Says Mortgage Interest Deduction Is Outdated, Inefficient". Tax Notes.
- ↑ "Mortgage defaults at lowest levels in five years". Phys.org.
- ↑ Golobay, Diana. "Solutions aren't easy for underwater mortgages". HousingWire. Retrieved 2026-08-30.
- ↑ Guarnieri, Anthony. "Regents Roundup — September 2015 | The University Record". record.umich.edu. Retrieved 2026-08-30.
- ↑ "Past Presidents". www.areuea.org. Retrieved 2026-08-30.
- ↑ Capozza, Dennis R.; Megbolugbe, Isaac F. (1994). "Editors' Introduction". Real Estate Economics. 22 (2): 197–203. doi:10.1111/1540-6229.00632. ISSN 1080-8620.
- ↑ "George Bloom Service Award". www.areuea.org. Retrieved 2026-08-30.
- ↑ Pyhrr, Stephen A.; Seiler, Michael J.; Wofford, Larry E. (2011). "Influencing Real Estate Thought and Decision Making Through Research and Education: The Past, Present, and Future of ARES". The Journal of Real Estate Research. 33 (2). American Real Estate Society: 127–178. ISSN 0896-5803.
- ↑ "1991 Class | The Hoyt Group". Retrieved 2026-08-30.
- 1 2 "Dennis R. Capozza". websites.umich.edu. Retrieved 2026-08-31.
- ↑ "Dennis R. Capozza". websites.umich.edu. Retrieved 2026-09-02.
- ↑ Didier, Cossin. "Dennis R. Capozza, Member - Fitch Academic Advisory Board, Fitch Ratings Inc". www.walkersresearch.com. Retrieved 2026-09-02.
- ↑ Dykema, Dale L. "Ann Arbor Single Family Residence Feasibility Study". Parabola Architecture + Development. Retrieved 2026-09-02.
- ↑ Capozza, Dennis R.; Helsley, Robert W. (1989). "The fundamentals of land prices and urban growth". Journal of Urban Economics. 26 (3). Elsevier: 295–306.
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