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Hendershott presents paper, receives award

Patric H. Hendershott of Nisswa recently attended the annual meetings of the American Real Estate Society in Denver, where he presented a paper, "How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades."...

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Patric H. Hendershott of Nisswa recently attended the annual meetings of the American Real Estate Society in Denver, where he presented a paper, "How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades."

He also received the Richard Ratcliff Award "in recognition of his innovative and extensive research on housing markets and residential mortgage finance."

Hendershott has had an illustrious U.S. career, largely at Purdue University and Ohio State University (he held the Galbreath Chair in Real Estate from 1981-2000). He was a part-time director of housing and real estate finance research at Price Waterhouse for four years and was an active participant with the National Bureau of Economic Research for decades during which he organized real estate conferences.

He was president of the American Real Estate and Urban Economics Association (AREUEA) in 1985, served on its board of directors for 13 years, received its George Bloom Award in 1991 for outstanding contributions to the field of real estate and had a special issue of the AREUEA Journal in 2007 in honor of his scholarly contributions.

He currently is a senior research fellow at the Institute for Housing Studies at DePaul University.

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In 2000, Hendershott accepted a part-time chair in property economics and finance at the University of Aberdeen in Scotland, which he held for 11 years (and still has an honorary appointment in the Business School).

While there, he presented numerous papers at meetings of the European Real Estate Society (including a keynote address) and served for five years on the Advisory Committee of the Cambridge-Maastrict Symposium Series, in which he participated. He also organized two real estate conferences on the Isle of Skye.

Hendershott has been active in Australasia. During 2001-03, he was a part-time professor of real estate finance at the University of Melbourne. In 1989, he was a Fulbright Senior Research Scholar in Sydney (he was a member of the Fulbright Senior Awards Committee for Australasia during 1996-98), taught at Bond University in 1991 and was a visiting scholar at the Australian National University (1992) and the University of Auckland (1996).

In 2009, AREUEA published Hendershott's paper that documented authors' contributions to research. He was fourth most influential, was the second most published in the AREUEA Journal-Real Estate Economics during 1973-2008, was tied with four others as the most published international authors, and had the most highly referenced papers.

Hendershott was also the seventh most published author in the Journal of Finance during its first 40 years.

Because of his research, the American Real Estate Society awarded him the David Richardo Medal for Outstanding and Long-term Influence on the field of Property Economics and Finance in 2007 and the Richard Ratcliff Award in Recognition of his Innovative and Extensive Research on Housing Markets and Residential Mortgage Finance in 2016.

Hendershott has been an associate editor of nine different journals. He was co-editor of Real Estate Economics for four years and has been North-American editor and deputy editor of the Journal of Property Research (JPR).

He currently is associate editor of the Journal of Real Estate Research and the Journal of Housing Research and deputy editor of the JPR.

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