Christopher J. Mayer

Paul Milstein Professor of Real Estate

Finance and Economics

Senior Vice Dean

Dean's Office

BS, University of Rochester, 1987; PhD, MIT, 1993

Joined CBS in 2003

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Christopher Mayer

Office
101 Uris

Phone
212-854-4221

E-mail
cm310@columbia.edu

Fax
212-932-0545

Teaching and research interest

Professor Mayer is Senior Vice Dean and Paul Milstein Professor of Real Estate at Columbia Business School. He is also Research Director of the Paul Milstein Center for Real Estate, Visiting Scholar at the Federal Reserve Bank of New York, and Research Associate at the National Bureau of Economic Research. Professor Mayer serves on the Board of Editors of Real Estate Economics and Journal of Urban Economics and is a Fellow of the Homer Hoyt Institute. He also works as part-time research director and member of the Board of Directors of Oak Hill REIT Management, a REIT hedge fund. Dr. Mayer previously held positions at The Wharton School, the University of Michigan, and the Federal Reserve Bank of Boston. He holds a BA in Math and Economics from the University of Rochester and a PhD in Economics from MIT.

Professor Mayer’s research explores a variety of topics in real estate, including real estate cycles, capital markets, housing, public and private real estate values, and debt securitization. He has also written on the market for reverse mortgages, the link between local government activities and housing values, and the economics of airline congestion. His research has been funded by the National Science Foundation, the Government of Canada, and the Real Estate Research Institute, among others. He has authored many scholarly articles on these subjects and is frequently quoted in the national media, including the Wall Street Journal, New York Times, ABC (Nightly News, 20/20, Nightline), National Public Radio, CNN, and CBS TV. Professor Mayer frequently comments on real estate for Bloomberg Television and CNBC.

Honors and awards

  • National Science Foundation
    Award 0214410--joint with Todd Sinai--$337,000; Economics of Air Travel: Network Effects, Congestion, and Scheduling Delays, 2002-2004
  • Ballard Teaching Award
    The Wharton School-Real Estate Department, May, 2000.
  • Social Science Research Council, Government of Canada
    (Equivalent to the US National Science Foundation), with Tsur Somerville, Grant for "The Relationship Between Ownership, Financing, and Development of Multi-Family Housing in Vancouver," 1999.
  • Sherman Fellowship
    University of Rochester, given every 2 years to "The Most Outstanding Economics Student," 1987.

Journal articles

Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions In Journal of Economic Perspectives (2005) Coauthor(s): Christopher Mayer, Todd Sinai

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Network Effects, Congestion Externalities, and Air Traffic Delays: Or Why Not All Delays Are Created Evil In American Economic Review (2003) Coauthor(s): Christopher Mayer, Todd Sinai

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Regulation and Capitalization of Environmental Amenities: Evidence From the Toxic Release Inventory in Massachusetts In Review of Economics and Statistics (2003) Coauthor(s): Linda Bui, Christopher Mayer

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Government Regulation and Changes in the Affordable Housing Stock In Economic Policy Review (2003) Coauthor(s): Christopher Mayer, C. Somerville

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Dividend Taxes and Share Prices: Evidence From Real-Estate Investment Trusts In Journal of Finance (2003) Coauthor(s): Christopher Mayer

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Loss Aversion and Seller Behavior: Evidence from the Housing Market In Quarterly Journal of Economics (2001) Coauthor(s): David Genesove, Christopher Mayer

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Property Tax Limits, Local Fiscal Behavior, and Property Values: Evidence from Massachusetts Under Proposition 2 1/2 In Journal of Public Economics (2001) Coauthor(s): Katherine Bradbury, Christopher Mayer, Karl Case

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Land Use Regulation and New Construction In Regional Science and Urban Economics (2000) Coauthor(s): Christopher Mayer, C. Somerville

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Residential Construction: Using the Urban Growth Model to Estimate Housing Supply In Journal of Urban Economics (2000) Coauthor(s): Christopher Mayer, C. Somerville

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Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market In Journal of Urban Economics (1998) Coauthor(s): Gary Engelhardt, Christopher Mayer

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Assessing the Performance of Real-Estate Auctions In Real Estate Economics (1998) Coauthor(s): Christopher Mayer

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Equity and Time to Sale in the Real Estate Market In American Economic Review (1997) Coauthor(s): David Genesove, Christopher Mayer

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Reverse Mortgages and the Liquidity of Housing Wealth In AREUEA Journal (1994) Coauthor(s): Christopher Mayer, Katerina Simons

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Working Papers

The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers In (2008) Coauthor(s): Christopher Mayer, Tomasz Piskorski, Alexei Tchistyi

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Subprime Mortgages: What, Where, and to Whom? In (2007) Coauthor(s): Christopher Mayer, Karen Pence

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Agency Conflicts, Asset Substitution, and Securitization In Working paper (2007) Coauthor(s): Christopher Mayer, Yingjin Hila Gan

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Irreversible Investment, Real Options, and Competition: Evidence From Real-Estate Development In Working Paper (2006) Coauthor(s): Laarni Bulan, Christopher Mayer, C. Somerville

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Why Do Households Without Children Support Local Public Schools? Linking House Price Capitalization to School Spending In Working paper (2006) Coauthor(s): Christian Hilber, Fannie Mae, Christopher Mayer

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Superstar Cities In Working papers (2006) Coauthor(s): Christopher Mayer, Todd Sinai, Joseph Gyourko

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What Can We Learn About the Sensitivity of Investment to Stock Prices with a Better Measure of Tobin's q? In Working paper (2006) Coauthor(s): Christopher Mayer

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Why Do Airlines Schedule Their Flights to Systematically Arrive Late? In Working paper (2003) Coauthor(s): Christopher Mayer, Todd Sinai

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The Effects of Share Prices Relative to Fundamental Value on Stock Issuances and Repurchases In Working paper (2003) Coauthor(s): Christopher Mayer

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