MARK SUNDERMAN, Holder of the Chair Excellence in Real Estate

MARK SUNDERMAN

Holder of the Chair Excellence in Real Estate, Department of Finance

Phone
901.678.5142
Email
msndrman@memphis.edu
Fax
901.678.1714
Office
BA 436
Office Hours
by appointment

Profile

Dr. Mark A. Sunderman joined the faculty at the University of Memphis in 2008. He is a tenured professor and holder of the Morris Fogelman Real Estate Chair of Excellence in the Fogelman College of Business and Economics. He joined the University of Memphis after spending 22 years at the University of Wyoming. His B.S., M.S. and Ph.D. degrees, all in finance, are from the University of Illinois, Urbana-Champaign. His research is primarily in the field of real estate, with a focus on property tax administration, valuation, real estate finance, and the valuation of government grazing leases. Professor Sunderman has published scholarly papers in journals such as the Journal of Real Estate Research, Journal of the American Real Estate and Urban Economics Association, Land Economics, Journal of Real Estate Finance and Economics, Appraisal Journal, and Journal of Risk and Insurance. He also has over 150 presentations at professional meetings, as well as numerous presentations at in house and regional workshops. Dr. Sunderman has been a guest speaker at Indiana State University, DePaul University and West Virginia University.

Dr. Sunderman is renowned for his development and teaching of online instructional programs in real estate, including a Professional Real Estate Certificate program he has developed at the University of Memphis and an online BBA in Finance with a concentration in Real Estate degree. He has also received several awards for online teaching, including the eOT (Excellence in Online Teaching) award from eCollege, the Hollon Family Award for Teaching Excellence in Off-Campus Programs awarded by the University of Wyoming and the Master Educator for Distance Education at the University of Wyoming awarded by WyDEC (Wyoming Distance Education Consortium).

In addition to his teaching and research, he has consulted for the National Park Service and the Ad Valorem Tax Division of the Wyoming Department of Revenue and Taxation, and he has been an expert witness for the Resolution Trust Corporation. Dr. Sunderman is a member of the American Real Estate and Urban Economics Association, Financial Management Association, American Real Estate Society, and the Southern and Southwest Finance Association. He is on the Board of Directors and the Webmaster for the American Real Estate Society. Dr. Sunderman also has professional membership in Lambda Alpha International, Urban Land Institute, International Association of Assessing Officers, Tennessee Chapter of IAAO, and CCIM Institute.

Additional Information

Education

Ph.D. Finance - University of Illinois, Urbana-Champaign, Illinois - 1986
M.S. Finance - University of Illinois, Urbana-Champaign, Illinois - 1976
B.S. Finance - University of Illinois, Urbana-Champaign, Illinois - 1974

Work Experience

Professor and Morris Fogleman Real Estate Chair of Excellence (Tenured), Department of Finance, Insurance and Real Estate - University of Memphis, Memphis, Tennessee - August 2008 to Present

Professor of Finance (Tenured), Department of Economics and Finance - University of Wyoming, Laramie, Wyoming - July 2003 to August 2008

Associate Professor of Finance (Tenured), Department of Economics and Finance - University of Wyoming, Laramie, Wyoming - July 1992 to July 2003

Assistant Professor of Finance (Tenure Track), Department of Business Administration - University of Wyoming, Laramie, Wyoming - August 1986 to July 1992

Graduate Research Assistant , Office of Real Estate Research - University of Illinois, Urbana-Champaign - August 1983 to August 1986

Instructor of Finance, Department of Finance - Illinois State University, Normal, Illinois - August 1978 to August 1983

Instructor of Finance, College of Business - Northwest Missouri State University, Maryville, Missouri - August 1977 to August 1978

Instructor of Business, Social Science Division - Spring Arbor College, Spring Arbor, Michigan - August 1976 to August 1977

Honors/Awards

2014-2015 Teaching and Research Mentoring Award - Research Mentoring Excellence - Fogelman College of Business and Economics - 2015

Best Paper Award - international Conference on Excellence in Research and Education - 2014

Best Manuscript in Real Estate Valuation - American Real Estate Society - 2014

Best Paper Award - Academy of Business Research - 2013

Service Award for the College of Business - College of Business, University of Wyoming - 2008

Chair of the University of Wyoming Faculty Senate - University of Wyoming - 2006 - 2007

Service Award for the College of Business - College of Business, University of Wyoming - 2006

Master Educator for Distance Education at the University of Wyoming - WyDEC (Wyoming Distance Education Consortium) - 2005

Hollon Family Award for Teaching Excellence in Off-Campus Programs - University of Wyoming - 2005

eOT (excellence in online teaching) - eCollege - 2002

Best Manuscript in Agricultural Real Estate Investment - American Real Estate Society Annual Meeting - 1999

Best Manuscript in Agricultural Real Estate Investment - American Real Estate Society Annual Meeting - 1998

Best Manuscript in Farmland Investment - American Real Estate Society Annual Meeting - 1995

Best Manuscript in Farmland Investment - American Real Estate Society Annual Meeting - 1994

Distinguished Research and Development Award - International Association of Assessing Officers - 1992

Distinguished Research and Development Award - International Association of Assessing Officers - 1991

Second place, AREUEA Dissertation Award - American Real Estate and Urban Economics Association - 1988

Morgan L. Fitch Scholarship - Illinois Real Estate Educational Foundation - 1985/86

Teaching Experience

Real Estate Principles - University of Memphis
Managerial Finance - University of Memphis
Real Estate Finance (Undergraduate and Graduate) - University of Memphis
Real Estate Appraisal (Undergraduate and Graduate) - University of Memphis
Real Estate Investment (Undergraduate and Graduate) - University of Memphis
Contemporary Real Estate Theory and Practice (Graduate) - University of Memphis
Corporate Finance (Graduate) - University of Wyoming
Risk Management - University of Wyoming

Student Advising/Mentoring

Graduate Ph.D. Committee - Co-Chair - Evgeny Radetskiy - 2015
Graduate Ph.D. Committee - Member - Pawan Jain - 2013
Graduate Ph.D. Committee - Member - Daewon Kim - 2011

Support

Gift in Kind - Argus Software, Inc. - $1,147,500.00 - 2014/2015 Academic Year

Service

University of Memphis - Member of the "Chair of Excellence Council" - 2014 to Present

University of Memphis - Faculty Advisor - Lambda Alpha Real Estate Student Organization - 2013 to Present

University of Memphis - FIR Department Scholarship Committee - 2012 to Present

University of Memphis - Director of the Online BBA in Finance with a Concentration in Real Estate - 2011 to Present

University of Memphis - Department AID - Department of Finance, Insurance and Real Estate - 2010 to Present

University of Memphis - Director of the Professional Real Estate Certificate Program - 2009 to Present

University of Memphis - Member of the "University of Memphis Disaster Relief Committee" - 2011 - 2012

University of Memphis - Coordinator / Advisor Real Estate M.S. Program - 2008 - 2012

University of Wyoming - Chair of Faculty Senate - 2006 - 2007

American Real Estate Society - Board of Directors - 2014 to Present

Global Economics and Management Review Journal - Editorial Board - 2013 to Present

Appraisal Journal - Academic Review Panel - 2000 to Present

American Real Estate Society - Board of Directors - 2004 to 2009

Center for Internet Technology in Education (CiTE) - Advisory Board - 2000 to 2008

Journal of Real Estate Literature - Associate Editor - 1992 to 1994

Journal Articles

"A Learning-Oriented Decision-Making Process for Real Estate Brokerage Service Evaluation" (with Fernando Ferreira, Ronald Spahr, Audrius Banaitis and Joao Ferreira), Service Business, forthcoming, 2017.

"Hospitality REITs and Market Microstructure" (with Pawan Jain, Spenser Robinson, and Arjun Singh), Journal of Property Investment & Finance, forthcoming, 2017.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" (with Pawan Jain and K. Janean Westby-Gibson), Journal of Real Estate Research, forthcoming, 2017.

"Using Multiple Criteria Decision Analysis (MCDA) to Assist in Estimating Residential Housing Values" (with Fernando Ferreira and Ronald Spahr), International Journal of Strategic Property Management, 20(4): 354-370, 2016.

"Gated Community Premiums and Amenity Differentials in Residential Subdivisions" (with Evgeny Radetskiy and Ronald W. Spahr), Journal of Real Estate Research, 37(3): 405-38, 2015.

"Stock Price Movement around the Merger Announcements: Insider Trading or Market Anticipation?" (with Pawan Jain), Managerial Finance, 40(8): 821-843, 2014.

"The U.S. Housing Finance Debacle, Measures to Assure its Non-Recurrence and Reform of the Housing GSEs" (with Ronald W. Spahr), Journal of Real Estate Research, 36(1): 59-86, 2014.

"Regression Modeling for Vertical and Horizontal Property Tax Inequity" (with John W. Birch), Journal of Housing Research, 23 (1): 89-105, 2014.

"Unique Challenges of Online Teaching" proceedings of the Syllabus2003 meeting published online at Syllabus2003 website, 2003. 

"One Professor's Perspective on Online Education" proceedings of the Syllabus2001 meeting published online at Syllabus2001 website, 2001.

"Junk Bond Pricing of Default Risk" (with Ronald W. Spahr), Merrill Lynch Extra Credit, The Journal of Global High Yield Research, November/December, 19-27, 1994.

"The Effect of Prepayment Modeling in Pricing Mortgage-Backed Securities" (with Ronald W. Spahr and Narendra Kale), 1992 Western Decision Sciences Institute Proceedings, pp. 200 - 205.

"Property Tax Assessment: Measures and Tests of Uniformity Applied to Chicago Condominiums" (with Roger E. Cannaday and Eugene W. Stunard), Illinois Business Review, 44(2): 9 - 12, 1987.

"A Model for Federal Public Land Surface Rights Management" (with Ronald W. Spahr), Journal of Real Estate Research, 31(2): 119-146, 2009.

"Management Policy and Estimated Returns on School Trust Lands" (with Ronald W. Spahr), Journal of Real Estate Finance and Economics, 33(4): 345-362, 2006. 

"Cost-Based Property Tax Inequity: Evidence from Indiana" (with John W. Birch and Brent C. Smith), Appraisal Journal, 74(3):257-266, 2006. 

"A Relationship of Trust: Are State "School Trust Lands" Being Prudently Managed for the Beneficiary?" (with Ronald W. Spahr, and Samual Runyan), Journal of Real Estate Research, 26(4): 345-370, 2004.

"Vertical Inequity in Property Taxation: Neighborhood Based Analysis" (with John W. Birch and Brent C. Smith), Journal of Real Estate Finance and Economics, 29(1): 71-78, 2004.

"Sources of Variation in County Property Tax Inequities" (with Brent Smith and John Birch) Journal of Public Budgeting, Accounting and Financial Management, 15(4): 571-92, 2003.

"Estimating Price Paths for Residential Real Estate" (with John Birch), Journal of Real Estate Research, 25(3): 277-300, 2003.

"Original-Issue Systematic and Default Risk Pricing Efficiency of Speculative Grade Bonds" (with Ronald Spahr and Robert Schwebach), Journal of Risk and Insurance, 69(4): 489-516, 2002.

"Valuation of Land Using Regression Analysis" (with John Birch), Real Estate Valuation: Research Issues in Real Estate, Kluwer Academic Publishers, 8: 325-339, 2002.

"Impact of Ranch and Market Factors on an Index of Agricultural Holding Period Returns" (with Ronald Spahr, John Birch, and Russell Oster), Journal of Real Estate Research, 19(1/2): 209-234, 2000.

"Optimal Trimming of Appraisal-Sale Ratios" (with John Birch), Assessment Journal, 6(4): 25-31, 1999.

"Valuation of Agricultural Property Surrounding a Resort Community" (with Ronald Spahr), Journal of Real Estate Research, 17(2): 227 - 243, 1999.

"Property Tax Inequities on Ranch and Farm Properties" (with Ronald Spahr), Land Economics, 74(3): 374-389, 1998.

"Testing for Outliers in Sales and Appraisal Data" (with John Birch), Assessment Journal, 4(4): 31-38, 1997. 

"Measuring Market Movements in Assessment Districts: Do We Need Subdistricts?" (with John Birch), Assessment Journal, 3(1): 36-42, 1996.

"Additional Evidence on the Homogeneity of the Value of Government Grazing Leases and Changing Attributes for Ranch Value" (with Ronald W. Spahr), Journal of Real Estate Research, 10(5): 601-616, 1995. 

"Equalizing Property Appraisals to Market: Comparing Old and New Methods" (with John W. Birch), Assessment Journal, 2(2):47-53, 1995.

"Valuation of Government Grazing Leases" (with Ronald W. Spahr), Journal of Real Estate Research, 9(2): 179-196, 1994.

"The Effect of Prepayment Modeling in Pricing Mortgage-Backed Securities" (Ronald W. Spahr), Journal of Housing Research, 3(2): 381 - 400, 1992.

"Adjusting for Vertical and Horizontal Inequity: Supplementing Mass Appraisal Systems" (with John W. Birch and Thomas Hamilton), Property Tax Journal, 11(3): 257 - 276, 1992.

"The Effect of the Listing Price on Cash Equivalence" (With Roger Cannaday and Peter Colwell), Appraisal Journal, 60(2): 275 - 282, 1992. 

"Estimating the Importance of Outliers in Appraisal and Sales Data" (with John W. Birch and Thomas Hamilton), Property Tax Journal, 10(4): 361 - 376, 1991.

"Corporate Bond Insurance: Feasibility and Insurer Risk Assessment" (with Ronald W. Spahr and Chukwaka D. Amalu), Journal of Risk and Insurance, 58(3): 418 - 437, 1991.

"Determining the Minimum Sample Size for Assessment and Reappraisal Work" (with John W. Birch and Thomas W. Hamilton), Property Tax Journal, 10(3): 299 - 311, 1991.

"Testing for Vertical Inequity in Property Tax Systems" (with John W. Birch, Roger E. Cannaday and Thomas W. Hamilton), Journal of Real Estate Research, 5(3): 319 - 334, 1990.

"Adjusting for Vertical Inequity in Property Assessment" (with John W. Birch and Thomas W. Hamilton), Property Tax Journal, 9(3): 197 - 211, 1990.

 "The Value of Mortgage Assumptions: An Empirical Test" (with Roger E. Cannaday and Peter F. Colwell), Journal of Real Estate Research, 5(2): 247 - 257, 1990. Reprinted in Contemporary Real Estate Finance: Selected Readings, Prentice Hall, 1996.

 "Components of the Coefficient of Dispersion" (with John W. Birch and Thomas W. Hamilton), Property Tax Journal, 9(2): 127 - 139, 1990.

 "Estimation of Depreciation for Single-Family Appraisals" (with Roger E. Cannaday), Journal of the American Real Estate and Urban Economics Association, 14(Summer): 255 -273, 1986.

Presentations

I have over 150 presentations at professional meetings. These include presentations at meetings hosted by organizations such as the Financial Management Association, American Real Estate and Urban Economics Association, American Real Estate Society, Academy of Financial Services, Western Economics Association, Western Decision Sciences Institute, Southern Finance Association, Syllabus, Center for Internet Technology in Education (CiTE) and the Australasian Finance & Banking Conference. In addition to these presentations, I have numerous presentations at in house and regional workshops.   

Below are my more recent presentations (since 2009): 

"Developing a Neighborhood Blight Index Using Geospatial Analysis and its Impact on Property Values" presented at the American Real Estate Society meeting, March 2016.

"The Geospatial Impact of Crime on Neighborhood Property Values" presented at the American Real Estate Society meeting, March 2016.

"Commonality in Liquidity: International Evidence on the Effect of High Frequency Trading, Investor Behavior, and Market Characteristics" presented at the American Real Estate Society meeting, March 2016.

"A Practical Approach to Reducing Vertical and Horizontal Inequity in Property Tax Assessments" presented at the American Real Estate Society meeting, March 2016.

"Gentrification Identification via Information Asymmetries" presented at the American Real Estate Society meeting, March 2016.

"Controlling Health Insurance Pure Premiums with a Two-Tiered Private/Public Structure" presented at the Southern Finance Association meeting, November 2015.

"The Geospatial Impact of Crime on Neighborhood Property Values" presented at the Southern Finance Association meeting, November 2015.

"The Geospatial Impact of Crime on Neighborhood Property Values" presented at the Financial Management Association meeting, October 2015.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" presented at the Financial Management Association meeting, October 2015.

"Combining Cognitive Maps and MCDA Techniques to Assist in Estimating Residential Housing Values" to be presented at the International Conference on Business and Information, July 2015.

"The Value of Management Efforts in REIT ETFs" presented at the American Real Estate Society meeting, April 2015.

"Reducing Vertical and Horizontal Inequity in Property Tax Assessments" presented at the American Real Estate Society meeting, April 2015.

"The Geospatial Impact of Crime on Neighborhood Housing Values" presented at the American Real Estate Society meeting, April 2015.

"Amenity Price Differentials of Gated Communities in Residential Subdivisions: The Memphis Experience" presented at the Southern Finance Association meetings, November 2014.

"The Impact of Default and Foreclosure on Housing Values" presented at the International Conference on Excellence in Research and Education (CERE, India), May 2014.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" presented at the International Conference on Excellence in Research and Education (CERE, India), May 2014.

"Amenity Price Differentials of Gated Communities in Residential Subdivisions: The Memphis Experience" presented at the International Conference on Excellence in Research and Education (CERE, India), May 2014.

"Commonality in Global Markets' Liquidity: High Frequency Trading, Investor Behavior, and Market Characteristics" presented at the Eastern Finance Association meetings, April 2014.

"Amenity Price Differentials of Gated Communities in Residential Subdivisions: The Memphis Experience" presented at the Eastern Finance Association meetings, April 2014.

"The Impact of Default and Foreclosure on Apartment Rental Rates" presented at the American Real Estate Society meetings, April 2014.

"The Impact of Default and Foreclosure on Housing Values" presented at the American Real Estate Society meetings, April 2014.

"Amenity Price Differentials of Gated Communities in Residential Subdivisions: The Memphis Experience" presented at the American Real Estate Society meetings, April 2014.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" presented at the American Real Estate and Urban Economics Association meetings, January 2014.

"Amenity Price Differentials of Gated Communities in Residential Subdivisions: The Memphis Experience" presented at the Southern Finance Association meetings, November 2013.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" presented at the Southern Finance Association meetings, November 2013.

"Interactive Online Business Courses: Removing 'Distance' from Distance Education" presented at the National Conference on E-Learning and E-Learning Technologies (ELELTECH India), June 2013.

"Interactive Online Business Courses: Removing 'Distance' from Distance Education" presented at the International Conference on Excellence in Research and Education (CERE, India), May 2013.

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" presented at the International Conference on Excellence in Research and Education (CERE, India), May 2013.

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" at the Eastern Finance Association meetings, April 2013.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" presented at the Eastern Finance Association meetings, April 2013.

"Amenity Price Differentials of Gated Communities in Residential Subdivisions: The Memphis Experience" presented at the American Real Estate Society meetings, April 2013.

"Application of Multiple Criteria Decision Analysis (MCDA) to Estimate Residential Real Estate Values" presented at the American Real Estate Society meetings, April 2013.

"Explaining REIT Returns: A Microstructure Perspective" presented at the American Real Estate Society meetings, April 2013.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" presented at the Midwest Finance Association meetings, March 2013.

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" presented at the Southern Finance Association meetings, November 2012.

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" presented at the Financial Management Association meetings, November 2012.

"Teaching on Information Freeway: Developing Interactive Online Business Courses" to be presented at the International Conference on Learning and Administration in Higher Education, May 2012.

"The Value of a Gated Community in Residential Subdivisions: The Memphis Experience" presented at the American Real Estate Society meeting, April 2012.

"REITs and Market Microstructure: A Comprehensive Analysis of Market Quality" presented at the American Real Estate Society meetings, April 2012.

"Using Multiple Criteria Decision Analysis (MCDA) to Assist in Estimating Residential Housing Sale Value" presented at the  American Real Estate Society meetings, April 2012.

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" presented at the Southwest Finance Association meetings, March 2012.

"Teaching on Information Freeway: Developing Interactive Online Business Courses" presented at the IEEE International Conference on Technology Enhanced Education, Amrita University, India, January 2012.

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" presented at the 2nd International Scientific Conference, University of Vlora, Albania, June 2011.

"Estimating Vertical Inequity in Property Taxation" presented at the 2nd International Scientific Conference, University of Vlora, Albania, June 2011.

"Mortgage Credit Default Survival / Hazard Functions: The Memphis Experience," presented at the American Real Estate Society meetings, April 2011.

"U.S. Housing Finance Resolution / Reform of Freddie Mac and Fannie Mae," presented at the American Real Estate Society meetings, April 2011.

"Omitted Variable Bias and Estimates of District Vertical Inequity" presented at the Southern Finance Association meetings, November 2010. 

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" presented at the Nineteenth Annual World Business Congress (Hosted by KTO Karatay University), July 2010. 

"Mortgage Ex Post Default Pure Risk Premiums: The Memphis Experience" presented at the American Real Estate Society meetings, April 2010. 

"Stock Price Movement Around the Merger Announcements: Insider Trading or Market Anticipation?" presented at the Quantitative Methods in Finance Conference, December 2009.

"Mortgage Ex Post Default Pure Risk Premiums: The Memphis Experience" presented at the Southern Finance Association meetings, November 2009.