Dennis R. Capozza 

University of Michigan Business School 
Ann Arbor, MI 48109-1234 
(313) 764-1269 
(313) 7634 2557 FAX


Ph.D. (Economics), Johns Hopkins University, 1972 
B.A. (Economics), University of Pennsylvania, 1967 


  • University of Michigan Business School, Ann Arbor, MI Professor of Finance and Ross Professor of Real Estate Finance 
Fall, 1991 
  • Massachusetts Institute of Technology, Center for Real Estate Visiting Professor 
  • University of British Columbia, Faculty of Commerce and Business Administration, Vancouver, B.C. Canada. Professor of Commerce and Business Administration and 

  • Philip H. White Professor of Urban Land Economics 
  • U.S. Department of Housing and Urban Development, Washington, D.C. 

  • Visiting Scholar, Housing Finance Section, Policy Development and Research 
  • University of Southern California, School of Business, Los Angeles, CA. 

  • Assistant Professor (1971-77) and Associate Professor (1977-79) of Finance and Business Economics 



"Sequential Development," with K. Amin, J. of Urban Economics, 34(2), September 1993, 142-158. 

"Design of Anomalies Funds: Concepts and Experience," with W. Ziemba, Handbook of Analyst Forecasting and Asset Allocation, JAI Press, Greenwich, CT, 1993. 

"The Risk Structure of Land Markets," with G. Sick, J. of Urban Economics, 35(3), May 1993, 297-319. 

"The Intensity and Timing of Investment: The Case of Land" with Yuming Li, American Economic Review, 84, 4, September 1994, 889-904. 

"Contract Design for Problem Asset Disposition," with L. Benveniste, R. Kormendi, and W. Wilhelm, J. of the American Real Estate and Urban Economics Association, (now Real Estate Economics), 22, 1, 1994, 149-166. 

"Race, Redlining, and Residential Mortgage Loan Performance: Comment," J. of Real Estate Finance and Economics, 9, 1994, 295- 298. 

"Property Type, Size, and REIT Value" with S. Lee. J. of Real Estate Research, 10:4, Fall, 1995, 363-379. 

"Expectations, Efficiency, and Euphoria in the Housing Market," (70K) with P. Seguin, Regional Science and Urban Economics, 1996. 

"Portfolio Characteristics and Net Asset Values in REITs," with S. Lee, Canadian Journal of Economics, 29, 1, April, 1996, S520-526. 

"Mortgage Default in Local Markets", with D. Kazarian and T. Thomson, Real Estate Economics, 26:4, 1997, 631-656. 

"The Conditional Probability of Default," with D. Kazarian and T. Thomson, Real Estate Economics, 26:3, 1998, 359-90. 

"Managerial Style and Firm Value", with P. Seguin, Real Estate Economics, 26:1,1998 131-150. 

"Dividend Policy and Cash Flow Uncertainty,"with M. Bradley and P. Seguin, Real Estate Economics, 26:4, 1998 555-80. 

"Debt, Agency, and Management Contracts in REITs: The External Advisor Puzzle", with P. Seguin, J. of Real Estate Finance and Economics, forthcoming. 

"Focus Transparency and Value: The REIT Evidence," with P. Seguin, Real Estate Economics, Winter, 1999.

“Debt without Taxes: Capital Structure at REITs”, with P Seguin, Real Estate Finance, Spring 2001.

“Why Focus Matters,” with P. Seguin, Real Estate Finance, Winter, 2001, 17:4,  7-15.

“Residential Investment and Interest Rates: An Empirical Test of Development as a Real Options,” with Y. Li, Real Estate Economics, 2001, 29:3.

“Optimal Land Development Decisions,” with Yuming Li, J. of Urban Economics, 2002, forthcoming.

“The Value of Liquidity,” with L. Benveniste and P. Seguin, Real Estate Economics, 2001, 29:4.


"Inside Ownership and REIT Value," with P. Seguin


"Risk Index," Real Estate Capital Markets Report, Summer, 1992. 

"Alternative Reverse Mortgage Designs," Proceedings of Reverse Mortgage Roundtable, FNMA, March, 1993. 

"Risky Business: Real Estate into the Next Century," Into the Public Markets: Real Estate and the New Financial Era, MIT, 1995.