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2011 Faculty & Staff News

Longwood professors earn recognition from the Journal of Real Estate Research

April 29, 2011

Longwood University

Longwood professors Dr. Bennie Waller, associate professor of finance and real estate, and Dr. Ray Brastow, associate professor of economics, have authored a research paper that has been recognized as the best paper of 2010 in the Journal of Real Estate Research (JRER). The paper, also co-authored with Dr. Ken Johnson of Florida International University and titled "Listing Contract Length and Time on Market," empirically investigates the effect of a longer listing contract on the length of time it takes to sell a home. Brastow and Waller teach in Longwood's College of Business and Economics and Waller is chair of the Department of Accounting, Economics, Finance, and Real Estate.

"This is the first study to empirically demonstrate that when a seller signs a longer listing contract with a real estate broker, their home takes longer to sell," said Brastow. "In our research, this result is shown to exist controlling for characteristics of the home, the surrounding neighborhood, and the real estate market."

The authors, who will share a cash award, were recognized in Seattle during the American Real Estate Society annual meetings in April. Twenty papers were published in the JRER in 2010 and the award was based on voting by the Journal's subscribers. 

"The JRER actually publishes a small percentage of the papers that are submitted to it, so to even have our paper accepted for publication was a real honor," said Waller. "To be recognized as the best of the JRER's twenty papers in 2010 is especially gratifying.  The award is validation of the fact that we are producing research that is valuable to the academics and real estate professionals who subscribe to the Journal."

The JRER is recognized as one of the most influential academic journals in the field of real estate economics and finance and is one of six journals published by the American Real Estate Society.  Quoting from the Society's web site:  "The American Real Estate Society's flagship journal, the Journal of Real Estate Research (JRER), provides valuable insight into issues in real estate for practitioners and academics alike."  

This article can be accessed at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1617763.