I am a Clinical Professor of Finance, at the Cox School of Business, Southern Methodist University.

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E-mail: tobias_dot_muhlhofer_at_gmail_dot_com

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Here is a link to my CV.

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My research interests lie in real estate finance, as well as in empirical asset pricing.


Papers:

• Alternative Benchmarks for Evaluating Mutual Fund Performance. Joint with Jay Hartzell and Sheridan Titman. Published in Real Estate Economics, 38(1), Spring 2010, 121-154.
  Please contact me if you would like data for the characteristic-based benchmarks from this paper.

• Why do REIT Returns Poorly Reflect Property Returns? Unrealizable Appreciation Gains due to Trading Constraints as the Solution to the Short-Term Disparity. Published in Real Estate Economics, 41, 2013, 814-857.

• Market Timing and Investment Selection: Evidence from Real Estate Investors. Joint with Yael Hochberg. Published in Journal of Financial and Quantitative Analysis, December 2017, 52(6), 2643-2675..

• They Would if They Could: Assessing the Bindingness of the Property Holding Constraints for REITs. Published in Real Estate Economics, 47(2), Summer 2019, 431-477..

• Heuristic Fund Allocation Decisions Joint with Alok Kumar, and Ravi Sastry. Revise and Resubmit, Financial Management.

• Leverage Cycles in a Mature Asset Class: New Evidence from Commercial Property Markets Joint with Bob Connolly. Revise and Resubmit, Real Estate Economics.

• Do Stock Prices Move too Much to be Justified by Changes in Cash Flows? New Evidence from Parallel Asset Markets. Joint with Andrey Ukhov.

• Assessing Proxies for Market Prices of Thinly Traded Assets with Scheduled Cash Flows. Joint with Wally Boudry, Crocker Liu, and Walt Tourous.

• The Influence of Benchmarking on Portfolio Choices: The Effect of Sector Funds. Joint with Jay Hartzell and Sheridan Titman.

• Capital-Market Competitiveness and Managerial Investment Decisions: Evidence from Commercial Real Estate. Joint with Yael Hochberg.

• Trading Constraints and the Investment Value of Real Estate Investment Trusts: An Empirical Examination. Doctoral thesis, London School of Economics.

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Teaching:

• Updates coming soon!