James (Jim) B. Kau

Professor Emeritus and former C. Herman and Mary Virginia Terry Distinguished Chair in Business Administration 1988-2010

  • Professor Emeritus of Real Estate
Office
285 Brooks Hall
310 Herty Drive
Athens, GA 30602
Phone Numbers
Work 706-542-3805
Email Address
Documents
Curriculum Vitae

Education

Degree Field of Study Institution Graduation Year
PhD
  • Economics
University of Washington
1971
MA
  • Economics
University of Washington
1969
BA
  • Mathematics
University of Washington
1967

Research Interests

  • Real Estate Finance and Investment
  • Urban Economics
  • Housing Economics
  • Real Estate Economics
  • Regional Science
  • Public Choice

Areas of Expertise

  • Option pricing
  • Mortgage valuation
  • Public Choice
  • Regional Science
  • Urban Economics

Prior Professional Positions

Organization / Department Title Years of Service
American Heritage Foundation
Adjunct Scholar 1984 to 2014
University of Georgia
C. Herman & Mary Virginia Terry Distinguished Chair of Business Administration 1988 to 2010
UCLA
Visiting Professor 1988 to 1989
University of Georgia
Professor of Real Estate 1980 to 1988
Federal Home Loan Bank of San Francisco
Visiting Scholar 1985 to 1986
Federal Home Loan Bank of San Francisco
Adjunct Scholar 1986 to 1986
Federal Home Loan Mortgage Corporation
Visiting Scholar 1984 to 1985
Federal Home Loan Mortgage Corporation
Adjunct Scholar 1984 to 1985
University of California-Berkeley
Visiting Professor of Finance and Real Estate 1984 to 1985
University of Illinois
Visiting Associate Professor of Finance 1976 to 1977

Awards

Award Name Awarded By Year Awarded
The Pioneer Award
American Real Estate Society
2014
George Bloom Service Award
American Real Estate and Urban Economic Association
2013
The Graaskamp Award
American Real Estate Society
2010
Faculty Research Award
University of Georgia
Terry College of Business
1978
A Fellow
Homer Hoyt Institute
1978

Editorial Appointments

Position Name of Journal Year(s)
Editor
Journal of Real Estate Finance and Economics
1988 - 2014
Editorial Board
Journal of Housing Economics
1997 - 2006
Editor
The Journal of Real Estate Literature
1992 - 2000
Editorial Board
The Journal of Real Estate Research
1992 - 2000
Editorial Board
Journal of Urban Economics
1980 - 1996
Editorial Board
Journal of Regional Science
1984 - 1988
Editor
Real Estate Economics (AREUEA)
1983 - 1987

Selected Publications

Journal Articles

  • Kau, J.B and C.F. Lee. 1976. Capital-Land Substitution and Urban Land Use. Journal Of Regional Science, 16(1):83-92.
  • Kau, J.B. and C.F. Lee. 1976. The Functional Form in Estimating the Density Gradient; An Empirical Investigation. The Journal Of The American Statistical Association, 71(354):326-327.
  • Kau, J.B. and C.F. Sirmans. 1977. The Influence of Information Cost and Uncertainty on Migration. Journal Of Regional Science, 17(1):89-96.
  • Kau, J.B. and P. Rubin. 1978. Voting on Minimum Wages: A Time Series Analysis. Journal Of Political Economy, 86(2):337-342.
  • Kau, J.B. and C.F. Sirmans. 1979. Urban Land Value Functions and the Price Elasticity of Demand for Housing. The Journal Of Urban Economics, 6(4):112-121.
  • Kau, J.B., C.F. Lee and C.F. Sirmans. 1980. A Variable-Elasticity-of-Substitution Production Function and Urban Land Use: A Theoretical and Empirical Investigation. Developments In Urban And Regional Analysis.
  • Kau, J.B. and C.F. Sirmans. 1979. A Recursive Model of the Spatial Allocation of Migrants. Journal Of Regional Science, 19(FEB):47-56.
  • Johnson, L. and J.B. Kau. 1983. Regional Science Programs: A Ranking Based on Publication Performance. Journal Of Regional Science, 23(2):177-186.
  • Kau, J.B., C.F. Lee and C.F. Sirmans. 1979. The Elasticity of Substitution in Urban Housing Production: A VES Approach. Journal Of Urban Economics, 6:47-56.
  • Kau, J.B. and P. Rubin. Self-Interest, Ideology and Voting in Congress. Journal Of Law And Economics.
  • Kau, J.B. and C.F. Sirmans. 1981. The Demand for Urban Residential Land. Journal Of Regional Science, 21(4):519-528.
  • Johnson, S.R. and J.B. Kau. 1980. Urban Spatila Structure: An Analysis with a Varying Coefficient Model. Journal Of Urban Economics, 7(2):141-154.
  • Kau, J.B., D. Keenan and T. Kim. 1993. Transaction Costs, Suboptimal Termination and Default Probabilities. Real Estate Economics, 23:247-263.
  • Kau, J.B., D. Keenan and W. Muller. 1993. An Option-Based Pricing Model of Private Mortgage Insurance. Journal Of Risk And Insurance, 60(2):288-299.
  • Kau, J.B., D. Keenan and W. Muller. 1990. The Analysis and Valuation of Adjustable Rate Mortgages. Management Science, 36(12):1417-1431.
  • Kau, J.B., D. Keenan and W. Muller. 1992. A Generalized Valuation Model for Fixed-Rate Residential Mortgages. Journal Of Money, Credit And Banking, 24(3):279-299.
  • Kau, J.B., D. Keenan, W. Muller and J. Epperson. 1995. The Valuation at Origination of Fixed Rate Mortgages with Default and Prepayment. The Journal Of Real Estate Finance And Economics , 11:5-36.
  • Kau, J.B. and T. Springer. 1992. The Prepayment of Fixed-Rate Mortgages Underlying Mortgage-Backed Securities: A Switching Regimes Analysis. Journal Of Housing Economics, 2:257-275.
  • Kau, J.B. and T. Kim. 1994. Waiting to Default: The Value of Delay. Real Estate Economics, 227:195-207.
  • Kau, J.B., Keenan D. and T. Kim. 1994. Default Probabilities for Mortgages. Journal Of Urban Economics, 35:278-296.
  • Kau, J.B., D. Keenan, W. Muller and J. Epperson. 1993. Option Theory and Floating Rate Securities with a Comparison of Adjustable and Fixed Rate Mortgages. The Journal Of Business, 66:595-618.
  • Kau, J.B. and D. Keenan. 1995. An Overview of the Option-Theoretic Pricing of Mortgages. The Journal Of Housing Research, 6(2).
  • Hilliard, J., J.B. Kau, D. Keenan and W. Muller. 1995. Pricing a Class of American and European Path Dependent Securities. Management Science:282-305.
  • Chen, R., Kau, J.B. and C.F. Lee. 364-377. Structural Shifts in Urban Population Density Gradients: An Empirical Investigation. Journal Of Urban Economics, 13(3):1983.
  • Kau, J.B. and C.F. Sirmans. 1984. Changes in Land Values: 1836-1970. Journal Of Urban Economics, 15(1):18-25.
  • Kau, J.B. and C.F. Sirmans. 1983. Technological Changes and Economic Grwoth in Housing. Journal Of Urban Economics, 13(3):283-295.
  • Kau, J.B. and P. Rubin. 1981. The Size of Government. Public Choice, 37:261-274.
  • Kau, J.B., D. Keenan and P. Rubin. 1982. A General Equilibrium Model of Congressional Voting. Quarterly Journal Of Economics, 97(2):261-274.
  • Kau, J.B. and D. Keenan. 1983. Inflation, Taxes and Housing: A Theoretical Analysis. Journal Of Public Economics, 21:93-104.
  • Hunt, J. and J.B. Kau. 1985. Migration and Wage Growth: A Human Capital Framework. Southern Economic Journal, April.
  • Kau, J.B. and D. Keenan. 1981. On the Theory of Interest Rates, Consumer Durables and the Demand for Housing. Journal Of Urban Economics, 10(3):320-331.
  • Kau, J.B. and D. Keenan. 1980. The Theory of Interest Rates and Housing. Journal Of Financial And Quantitative Analysis, XV(4):833-847.
  • Kau, J.B. and P. Rubin. 1984. Economic and Ideological Factors in Congressional Voting: The 1980 Election. Public Choice, 44:385-388.
  • Kau, J.B., J. Epperson, D. Keenan and W. Muller. 1985. Pricing Default Risk in Mortgages. Real Estate Economics, 13(3):262-272.
  • Kau, J.B., D. Keenan, W. Muller and J. Epperson. 1985. Rational Pricing of Adjustable Rate Mortgages. Real Estate Economics (Areuea), 13(2):117-128.
  • Kau, J.B. 1987. The Valuation and Securitization of Commercial and Multifamily Mortgages. Journal Of Banking And Finance, 11:525-546.
  • Kau, J.B. and C.F. Lee. 1987. Dividend Policy and Payment Behavior of REITs: Theory and Evidence. The Quarterly Review Of Economics And Business, 27(2):6-21.
  • Kau, J.B. 1987. The Political Economy of Urban Land Use. Law And Property Rights.
  • Allen, T. and J.B. Kau. 1991. Contributing Authors and Institutions to the Journal of Urban Economics: 1974-1989. Journal Of Urban Economics, 30:373-384.
  • Kau, J.B. and T. Springer. 1993. An Analysis of Financial and Nonfinancial Prepayment of Debt Securities with a Varying Coefficient Model. The Journal Of Real Estate Research, 8(1):69-86.
  • Kau, J.B. and P. Rubin. 1993. Ideology, Voting and Shirking. Public Choice, 37:151-172.
  • Kau, J.B. and T. Kim. 1993. The Timing of Prepayment: A Theoretical Analysis. The Journal Of Real Estate Finance And Economics , 7(3):221-228.
  • Kau, J.B. and T. Springer. 1992. The Prepayment Option on Mortgage Securities: A Random Coefficient Approach. Review Of Quantitative Finance And Accounting, 2(1):33-45.
  • Kau, J.B., D. Keenan and W. Muller. 1992. The Secondary Mortgage Market. The New Palgrave Dictionary Of Money And Finance.
  • Kau, J.B., D. Keenan and W. Muller. 1991. Designing Commercial Mortgages and Their Mortgaged Backed Securities. Asset Securitization: Theory And Practice In Europe.
  • Chin, L., J.B. Kau, D. Keenan and W. Muller. 1993. A Note on the Resulting Bias of Imposing Expedient Conditions on Mortgage Valuation. Journal Of Housing Economics, 3:77-88.
  • Kau, J.B., D. Keenan and T. Kim. 1995. Self-Interest, Ideology and Logrolling in Congressional Voting. Journal Of Law And Economics, XXII(2):365-384.
  • Buttimer, R., J.B. Kau and C. Slawson. 1997. Option Theory and Price Indices. Journal Of Housing Economics, 6:16-30.
  • Kau, J.B. and D. Keenan. 1996. An Option-Theoretic Model of Catastrophes Applied to Mortgage Insurance. The Journal Of Risk And Insurance, 63(4):639-656.
  • Hilliard, J., J.B. Kau and C. Slawson. 1999. Valuing Prepayment and Default in a Fixed-Rate Mortgage: A Bivariate Binomial Options Pricing Technique. Real Estate Economics, 26(3):431-468.
  • Kau, J.B., and D. Keenan. 1999. Catastrophic Default and Credit Risk for Lending Institutions. Journal Of Financial Services Research, 15(2):87-102.
  • Kau, J.B. and D. Keenan. 2000. Patterns of Rational Default. Journal Of Regional Science And Urban Economics, 29:765-785.
  • Kau, J.B. and D. Keenan. 2001. Liability Distribution for Mortgage Insurance. The Journal Of Risk And Insurance, 68:457-488.
  • Kau, J.B. and P. Rubin. 2002. The Growth of Government: Sources and Limits. Public Choice, 34:330-346.
  • Brunson, A., J.B. Kau and D. Keenan. 2002. A Fixed-Rate Mortgage Valuation Model in Three State Variables. The Journal Of Fixed Income, 11:17-27.
  • Kau, J.B., J. Linck and P. Rubin. 2009. Do Managers Listen to the Market. Journal Of Corporate Finance, 14(4).
  • Grovenstein, R., J.B. Kau and H. Munneke. 2011. Development Value: A Real Options Approach Using Empirical Data. The Journal Of Real Estate Finance And Economics , 43(3):321-335.
  • Kau, J.B., D. Keenan, C. Lyubimov and C. Slawson. 2012. Asymmetric Information in the Subprime Mortgage Market. Journal Of Real Estate Finance And Economics , 44(1,2).
  • Kau, J.B., D. Keenan, C. Lyubimov and C. Slawson. 2011. Subprime Mortgages and Default. Journal Of Urban Economics, 70(2,3):75-87.
  • Kau, J.B., D. Keenan and H. Munneke. 2012. Racial Discrimination and Mortgage Lending. The Journal Of Real Estate Finance And Economics , 45(2):289-304.
  • Eriksen, M., J.B. Kau and D. Keenan. 2013. The Impact of Second Loans on Subprime Mortgage Defaults. Real Estate Economics (Areuea), 41(4):858-886.
  • Kau, J.B., D. Keenan and C. Lyubimov. 2014. First Mortgages, Second Mortgages, and Their Default. The Journal Of Real Estate Finance And Economics , 48(4):Forthcoming.
  • Kau, J.B., S. Buschbom and D. Keenan. Prepayment and Default Risk. Private Real Estate Markets And Investment, Forthcoming:2014.