Jeffrey D. Fisher, Ph.D. is a Research and Education Consultant to the National Council of Real Estate Investment Fiduciaries (NCREIF) and President of the Homer Hoyt Institute. He is also a founding Partner in the Pavonis Group, LLC and on the board of RealNex, a Pavonis Group affiliate company. He is a Professor Emeritus of Real Estate at the Indiana University Kelley School of Business, a Visiting Professor at Johns Hopkins University, and serves on the advisory board of Sterling Valuation.
Dr. Fisher was a founding trustee of The Appraisal Foundation that was formed in 1987 by the major appraisal organizations as a self-regulatory organization and source of standards for the appraisal industry. He served as President of the American Real Estate and Urban Economics Association (AREUEA) in 1990 and the 1986-87 Chairman of the Real Estate Center Directors and Chairholders' Association. He has worked with many professional organizations to develop and teach courses and seminars including NCREIF, PREA, the Appraisal Institute, the CCIM Institute, NACORE and others.
Dr. Fisher has served on the board of directors of the Pension Real Estate Association, the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Real Estate Research Institute (RERI). He received PREA/Graaskamp Award for Research Excellence from the Pension Real Estate Association and several awards from the American Real Estate Society (ARES) including the Richard Ratcliff award, the Pioneer Award, Recardo Award and the ARES Graaskamp Award. He also received the George Bloom Award from the American Real Estate and Urban Economics Association, the Martin S. Katz Memorial Award from the American Property Tax Council (APTC) and the Dietz award for the best article in the Journal of Performance Measurement.
He has served as an expert witness in court cases for several clients including Inland Steel, Simon Property Group and the Internal Revenue Service (IRS). He has consulted for the Federal Reserve System in Washington, D.C. and the multifamily group of the Federal National Mortgage Association (Fannie Mae). He has appeared on CNBC to discuss real estate investment and is frequently quoted by the media including the Wall Street Journal.
Professor Fisher has a doctorate in Real Estate from Ohio State University. He is a coauthor of Real Estate, 9th edition published by John Wiley and Sons, coauthor of Real Estate Finance and Investments, 19th edition, published by McGraw-Hill, (Mentioned in “The 50 Greatest Commercial Real Estate Books of All Time” by PropModo) and coauthor of Income Property Valuation published by Dearborn. His books have been translated into Japanese, Korean and Chinese.
Dr. Fisher has published numerous articles in journals such as The Journal of the American Real Estate and Urban Economics Association, Journal of Real Estate Finance and Economics, The Journal of Urban Economics, The Journal of Real Estate Research, Journal of Portfolio Management, National Tax Journal, Public Finance Quarterly, The Appraisal Journal, Real Estate Review, The Real Estate Appraiser and Analyst, Real Estate Issues, The New Corporate Finance and the Journal of Property Tax Management.
Education
- PhD, Real Estate, Ohio State University
- MBA, Wright State University
- BS, Industrial Management, Purdue University
Research
Selected Publications
- “Portfolio Upside and Downside Risk – Both Matter” (with Joseph D’Alessandro), Journal of Portfolio Management, Special Real Estate Issue 2021.
- “The Impact of Hurricanes on the Value of Commercial Real Estate” (with Sara Rutledge), Business Economics, 3-202.
- “Risk Adjusted Attribution Analysis of Real Estate Portfolios” (with Joseph D’Alessandro), Journal of Portfolio Management, Special Real Estate Issue, 2019.
- “Virtual Technology: The Future Is Now for the Commercial Real Estate Industry,” (with Michael K. Lerg and Demetrios M. Louziotis, Jr.), Real Estate Issues, Special Issue on Global Cities in an Era of Change, 2017.
- “New NCREIF Value Index and Operations Measures,” (with Michael Young and Joseph D’Alessandro), Journal of Real Estate Literature, Vol 25, No. 1 2017 pp 221-235.
- "Cash Flow Performance of Fannie Mae Multifamily Real Estate: Evidence from Repeated NOI and EGI Indices," (with Xudong An and David Geltner), Journal of Real Estate Finance and Economics, 2016; 52(4), 512-542.
- "Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation" (with Xudong An, Yongheng Deng, and Maggie (Rong) Hu, Real Estate Economics. Vol. 44; Issue 2 Summer 2016 pages 378-410
- “Benchmarking and Attracting Institutional Capital to Seniors Housing,” (with Glenn Mueller and Richard Wincott). Journal of Real Estate Research, Vol 19, o 3 2013.
Working papers
- Risk Adjusted Performance Attribution: A Synthesis of Approaches
- A Comparison of Asian, European and US Open-End Core Fund Indices
- The Impact of Hurricanes on the Value of Commercial Real Estate
Teaching
Current
- Real Estate Funds and Portfolio Management
Honors and distinctions
- PREA/Graaskamp Award for Research Excellence from the Pension Real Estate Association
- Richard Ratcliff award and the Pioneer Award from the American Real Estate Society
- George Bloom Award from the American Real Estate and Urban Economics Association
- Martin S. Katz Memorial Award from the American Property Tax Council