James B. Kau

• PhD, Economics, University of Washington, 1971
• MA, Economics, University of Washington, 1969
• BA, Mathematics, University of Washington, 1967

• Option pricing
• Mortgage valuation
• Public Choice
• Regional Science
• Urban Economics
• Real Estate Finance and Investment
• Housing Economics
• Real Estate Economics

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. 1979. Self-Interest, Ideology and Voting in Congress. Journal Of Law And Economics, 52(2):365-384.
• 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 Spatial 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 Growth 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.
• Buschbom, S., J.B. Kau and D. Keenan. 2014. Prepayment and Default Risk. Oxford University Press, Chapter 8:137-156.

Books

• Kau, J.B., C.F. Lee and C.F. Sirmans. 1986. Urban Econometrics: Model Developments and Empirical Results. Research In Urban Economics, 6(JAI Press).
• Kau, J.B. and C.F. Sirmans. 1985. Taxation and Real Estate Investment. Prentice-Hall, Inc., Englewood Cliffs, New Jersey.
• Kau, J.B. and C.F. Sirmans. 1985. Real Estate. Mcgraw-Hill, Inc., New York.
• Kau, J.B. 1983. The Impact of the New Tax Depreciation Laws on Real Estate Small Business. Research Monograph, Center For Business And Economic Studies.
• Kau, J.B. and P. Rubin. 1981. Congressmen, Constituents and Contributions: An Analysis of Determinants of Roll Call Voting in the House of Representatives. Martinas Nijhoff, Publishers, Boston.
• Kau, J.B. and C.F. Sirmans. 1980. Cases in Tax Planning for Real Estate Investing. National Institute For Financial Planning, Salt Lake City, Utah.

• Editor, Journal of Real Estate Finance and Economics, 1988–2018
• Editorial Board, Journal of Housing Economics, 1997–2006
• Editor, The Journal of Real Estate Literature, 1992–2002
• 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

• John M. Quigley Medal for Advancing Real Estate and Urban Economics, 2018 
• 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

• University of Georgia, Terry College of Business, Ph.D Director, 1997 – 2010, University
• University of Georgia, Terry College of Business, Ph.D Coordinator, Department of Insurance, Legal Studies and Real Estate, 1984 – 2010, University
• University of Georgia, University Graduate Council, 1988 – 2010, University
• University of Georgia, Chairperson, Graduate Programs Committee, 1994 – 2010, University
• University of Georgia, Terry College of Business, Computer User’s Advisory Committee, 1980 – 2010, University

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