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Tim Riddiough

Timothy Riddiough

James A. Graaskamp Chair in Real Estate
5262D Grainger Hall

About Timothy

Timothy Riddiough holds the James A. Graaskamp Chair and is a professor in the Department of Real Estate and Urban Land Economics at the Wisconsin School of Business. He served as department chair of Real Estate and Urban Land Economics from 2018-2022, and as the academic director of the Graaskamp Center for Real Estate from 2004-2009 and from 2014-2017. He 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. Riddiough is the past recipient of the American Real Estate and Urban Economics Association best dissertation and best paper awards, and is a fellow at the Homer Hoyt Institute for Advanced Studies and the Real Estate Research Institute. He was President of the American Real Estate and Urban Economics Association in 2012. Professor Riddiough earned his Ph.D. from the University of Wisconsin–Madison in 1991 and was a tenured professor at MIT prior to returning to Madison in 2001.

Selected Accepted Journal Articles

Riddiough, T. & Steiner, E. (2017). Financial Flexibility and Manager-Shareholder Conflict: Evidence from REITs Real Estate Economics

Selected Published Journal Articles

Riddiough, T. & Wiley, J. (2022). Private Funds for Ordinary People: Fees, Flows and Performance Journal of Financial and Quantitative Analysis

Riddiough, T. (2021). Pension Funds and Private Equity Real Estate: History, Performance, Pathologies, Risks Handbook of Real Estate and Macroeconomics

Riddiough, T. (2020). Finanial Flexibility and Manager-Shareholder Conflict: Evidence from REITs Real Estate Economics

Riddiough, T. (2019). Editor’s Introduction: Special Issue on Real Estate Investment Trusts Real Estate Economics

Riddiough, T. & Thompson, H. (2018). When Prosperity Merges Into Crisis: The Decline and Fall of Ohio Life and the Panic of 1857 American Nineteenth Century History

Riddiough, T. & Mello, A. & Riddiough, T. (2018). Real Assets, Collateral, and the Limits of Debt Capacity Real Estate Economics

Riddiough, T. (2014). The First Foreclosure Crisis: Wisconsin Farmers, Western Railroads and Eastern Money Wisconsin Magazine of History

Riddiough, T. (2014). A Global Tour of Commercial Property and REIT Markets International Real Estate Review

Riddiough, T. (2014). Percentage Rents and Stand-Alone Property: Share Contracting as a Barrier to Entry Journal of Real Estate Research

Riddiough, T. (2013). Securitization and the Supply Cycle: Evidence from the REIT Market Journal of Portfolio Management

Riddiough, T. (2013). Can Securitization Work: Evidence from the U.S. REIT Market Journal of Portfolio Management

Riddiough, T. & Ciochetti, B. (2006). Theory and Evidence on the Resolution of Financial Distress Review of Financial Studies

Practitioner-Oriented Publications

Riddiough, T. (2014). Capital Structure and Firm Performance EPRA News

Riddiough, T. (2012). Securitization and the Commercial Property Cycle

Presentations

International AREUEA (2022) Whither Weather: High Temperature, Climate Change and Mortgage Default

International AREUEA Conference (2022) Deciphering Private Equity Incentive Contracting and Fund Leverage Choice

Journal of Law, Finance and Accounting (2022) Deciphering Private Equity Incentive Contracting and Fund Leverage Choice

European Financial Management Association (2022) Deciphering Private Equity Incentive Contracting and Fund Leverage Choice

Boston Fed Conference on Leverage and the Macroeconomy (2021) Collateral Reallocation in Commercial Real Estate

Fixed Income and Financial Institutions (2016) Liquidity Provision, Credit Risk and the Bond Spread

Annual Finance Conference (2015) Liquidity Provision, Credit Risk and the Bond Spread

Conference on Real Estate Finance (2015) A Theory of Subprime Lending, with Applications to the Rise and Fall of the Subprime Conduit Mortgage Market

International Real Estate Studies Annual Conference (2015) A Theory of Subprime Lending, with Applications to the Rise and Fall of the Subprime Conduit Mortgage Market

Israel Summer Real Estate Symposium (2014) Private Equity for the Common Man

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

AREUEA Presidential Address (2013) 19th Century Sub-Prime Mortgage Securitization, Appraisal Error, and the First Foreclosure Crisis

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

Undergraduate Courses

Real Estate Finance (RES 410), Spring 2002.
Evaluating the role of financing and leverage in real estate investment analysis; identifying alternative types of financing; valuation of financial structure; sources of equity financing for real estate; mortgage securitization and the operaion of secondary mortgage markets.

Real Estate Finance (RES 410), Spring 2004.
Evaluating the role of financing and leverage in real estate investment analysis; identifying alternative types of financing; valuation of financial structure; sources of equity financing for real estate; mortgage securitization and the operaion of secondary mortgage markets.

Graduate Courses

Readng&Rsch-Real Estate PhD (RES 999), Fall 2008.
Individual work suited to the needs of Ph.D. students may be arranged both during regular sessions and during the intersession periods.

Smr-Urban Land Econ PhD (RES 978), Fall 2008.
Continuation of Urb R Pl/Real Est 977.

Sem- Urban Land Econ PhD (RES 977), Spring 2011.

Ph.D. course in real estate finance (RES 899), Fall 2008.

Adv Real Est Finance Theory (RES 870), Spring 2009.
Theory of real estate financial markets as applied to the pricing of residential and commercial mortgages. Intensive analysis of the real estate securitization process. A critical examination of REITs and equity interests in commercial real estate.

Advanced Real Estate Finance Theory (RES 870), Spring 2007.
Theory of real estate financial markets as applied to the pricing of residential and commercial mortgages. Intensive analysis of the real estate securitization process. A critical examination of REITs and equity interests in commercial real estate.

Adv Real Est Finance Theory (RES 870), Spring 2008.
Theory of real estate financial markets as applied to the pricing of residential and commercial mortgages. Intensive analysis of the real estate securitization process. A critical examination of REITs and equity interests in commercial real estate.

Applied Real Estate Securities Analysis (RES 799), Fall 2014.

Applied Real Estate Securities Analysis (RES 799), Spring 2015.

Commercial Real Estate Finance (RES 770), Fall 2011.
This is a capstone course focused on advanced topics in commercial real estate finance. The course is broken into three parts: 1) Financial Derivatives, 2) Risk Management, and 3) Structured Finance. Lectures will address relevant topic areas and develop

Commercial Real Estate Finance (RES 770), Fall 2010.
Theory of real estate financial markets as applied to the pricing of residential and commercial mortgages. Intensive analysis of the real estate securitization process. A critical examination of REITs and equity interests in commercial real estate.

Contemporary Topics (RES 765), Fall 2003.

Contemporary Topics (RES 765), Fall 2004.

Contemporary Topics (RES 765), Fall 2005.

Real Estate Equity Investment (RES 740), Spring 2015.

Real Estate Equity Investment (RES 740), Spring 2002.
Fitting investment strategy to context of physical property, leverage, form of ownership, income tax and management alternatives. Emphasis is on analysis of limited partnerships, trusts, corporate real estate enterprises, and securitization to fund real estate.

International Real Estate (RES/INT 730), Fall 2008.

Real Estate Finance (RES 710), Fall 2006.
Evaluating the role of financing and leverage in real estate investment analysis; identifying alternative types of financing; valuation of financial structure; sources of equity financing for real estate; mortgage securitization and the operaion of secondary mortgage markets.

Real Estate Finance (RES 710), Fall 2004.
Evaluating the role of financing and leverage in real estate investment analysis; identifying alternative types of financing; valuation of financial structure; sources of equity financing for real estate; mortgage securitization and the operaion of secondary mortgage markets.

Real Estate Finance (RES 710), Fall 2003.
Evaluating the role of financing and leverage in real estate investment analysis; identifying alternative types of financing; valuation of financial structure; sources of equity financing for real estate; mortgage securitization and the operaion of secondary mortgage markets.

Real Estate Finance (RES 710), Fall 2001.
Evaluating the role of financing and leverage in real estate investment analysis; identifying alternative types of financing; valuation of financial structure; sources of equity financing for real estate; mortgage securitization and the operaion of secondary mortgage markets.

Real Estate Finance (RES 710), Fall 2007.
Evaluating the role of financing and leverage in real estate investment analysis; identifying alternative types of financing; valuation of financial structure; sources of equity financing for real estate; mortgage securitization and the operaion of secondary mortgage markets.

Learning/Teaching Oriented Publications

Riddiough, T. (2012). The First Sub-Prime Mortgage Crisis and Its Aftermath BIS Papers: Property Markets and Financial Stability

Riddiough, T. (2011). ” Can Securitization Work: Economic, Structural, and Policy Considerations” Journal of Portfolio Management

Professional Organizations

Real Estate Research Institute

Bank for International Settlements

American Real Estate and Urban Economics Association

Editorial and Reviewing Activities

Journal of Real Estate Portfolio Management – Since January 2015
Editorial Board Member

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