VITAE Ronald Rutherford Bank of America Professor of Finance Finance Department College of Business University of South Florida 4202 East Fowler Avenue, BSN3403 Tampa, FL 33620-5500 Phone: (813) 974-3629 Fax: (813) 974-3084 E-mail: rrutherford@usf.edu Website: http://www.usf.edu/business/contacts/rutherford-ronald.aspx Academic Positions Held: Bank of America Professor of Finance; University of South Florida, August 2015- current. Lykes Chair in Finance & Sustainability; Professor of Finance; University of South Florida, August 2010-2015. E.J. Burke, Jr. Endowed Chair; Professor of Finance; University of Texas, San Antonio, 1996-2010. Ph.D. Advisor in Finance; University of Texas, San Antonio, Spring Semester 2002 and 2002-2003. Gould Mayfield Professor of Real Estate; University of Texas, Arlington, September 1995 to August 1996. Associate Professor of Finance and Real Estate; University of Texas, Arlington, September 1994 to August 1996. Faculty Intern in the Office of the Provost; University of Texas, Arlington, November 1994 to May 1, 1995. Graduate Advisor in Finance and Real Estate; University of Texas, Arlington, June 1990 to August 1996. Assistant Professor of Finance and Real Estate; University of Texas, Arlington, September 1989 to August 1994. Assistant Professor of Finance and Real Estate; Georgia Southern University, September 1988 to July 1989. Education: Ph.D., Real Estate (minor area: Finance) University of Georgia; August 1988, MBA, Finance and Real Estate University of Georgia; August 1986, M.A., Philosophy (Epistemology and Science) University of Arizona; May 1988, M.S., Psychology (Counseling and Experimental) Valdosta State College; Dec. 1981, B.A., Philosophy (Epistemology and Religion) Valdosta State College; June 1980. Journal Publications: 52. Impact of Investors in Distressed Housing Markets. Journal of Real Estate Finance and Economics, forthcoming: Accepted 03.21.2017 (with Marcus T. Allen, Jessica Rutherford, and Abdullah Yavas). 51. The Subsequent Market Value of Former REO Properties. Real Estate Economics, forthcoming: Accepted 05.27.2015 (with Jessica Rutherford, Elizabeth Strom, and Lei Wedge). 50. Open Houses, Virtual Tours, Tour of Homes, and Photographs: Effects of Listing Brokers' Marketing Strategies for Residential Houses, with Marcus T. Allen, Anjelita Cadena, and Jessica Rutherford. Journal of Real Estate Research, Volume 37, Number 3, 2015. Page 1, March 30, 2017
The Discounts Associated with Cash Deals in the Foreclosed Home Submarket, with Paul K. Asabere and Forrest E. Huffman. Journal of Housing Research, Volume 24, Issue 2, 2015. Acquisition of Equity REIT IPOs in the Aftermarket. Managerial Finance, 2013, Vol. 39, No. 8, 737-755 (with John C. Alexander, Ping Cheng and Thomas Springer) Discount Brokerage in Residential Real Estate Markets. Real Estate Economics. Fall 2012, Vol. 40, No. 3, 508-535. (with Abdullah Yavas) The Effects of Estate Sales of Residential Real Estate on Price and Marketing Time. Journal of Real Estate Finance and Economics, November 2012, Vol. 45, No. 4, 965-981. (with Marcus T. Allen and Justin D. Benefield) Quality and Time on the Market, an Empirical Test of Taylor s Theory. Journal of Real Estate Finance and Economics, April 2012, Vol. 44, No. 3, 414-428. (with Jun Chen) Foreclosure, quality and spillover in residential markets. International Journal of Housing Markets and Analysis, Winter? 2012, Vol. 5, No. 1, 53-70. (with Jun Chen) Zillow's Estimate of Single Family Housing Values." The Appraisal Journal, 2010, Winter, Vol. 78, Issue 1, 26-32. (with Daniel Hollas and Thomas Thomson) "The Effect of Development Impact Fees on Housing Values." Journal of Housing Research, 2009, Vol. 18, No. 2, 173-193. (with Jennifer S. Evans-Cowley, Larry J. Lockwood, and Thomas M. Springer) Residential Asking Rents and Time on the Market. Journal of Real Estate Finance and Economics, 2009, Vol. 38, Issue 4, 351-365. (with Marcus T. Allen and Thomas A. Thomson) Evidence of Agency Problems in the Market for Residential Condominiums Journal of Real Estate Finance and Economics, 2007, 35(1), 23-38. (with Thomas M. Springer and Adbullah Yavas) Who you going to call? Performance of Realtors and non-realtors in a MLS Setting. Journal of Real Estate Finance and Economics, 2007, 35(1), 77-93. (with Biqing Huang) Property Assessments and Information Asymmetry in Residential Real Estate. Journal of Real Estate Research, July-September 2006, 28(3), 275-291. (with Fathali Firoozi, Daniel R. Hollas and Thomas A. Thomson) Conflicts between principals and agents: Evidence from residential brokerage. Journal of Financial Economics, June 2005, 76(3), 627-665. (with Thomas M. Springer and Abdullah Yavas) The Effects of the Internet on Marketing Residential Real Estate. Journal of Housing Economics, 76 (2), June 2005, pp. 92-108. (with James S. Ford and Abdullah Yavas) The Impact of Range Pricing on Marketing Time and Transaction Price: A Better Mousetrap for the existing home market? Journal of Real Estate Finance and Economics, August 2005, 31(1), pp. 71-82. (with Marcus T. Allen and Sheri Faircloth) The Effect of Development Impact Fees on Land Values. Growth and Change, Winter 2005, 36(1), pp. 100-112. (with Jennifer S. Evans and Fred A. Forgey) Page 2, March 30, 2017
The Impacts of Contract Type on Broker Performance: Submarkets Effects. Journal of Real Estate Research, 2004, 26 (3), pp. 277-298. (with Thomas M. Springer, and Abdullah Yavas) Salesperson Compensation and Performance in the Housing Market. Journal of the Academy of Finance, Fall 2003, 1(2), pp. 62-71. (with Marcus T. Allen, Sheri Faircloth and Fred A. Forgey) The Trade-off Between the Selling Price of Residential Properties and Time-on-the-Market: The Impact of Price Setting. Journal of Real Estate Finance and Economics, 26(1), January 2003, pp. 95-111. (with Paul M. Anglin and Thomas M. Springer) The Impacts of Contract Type on Broker Performance. Real Estate Economics, The AREUEA Journal, 29(3), Fall 2001, pp. 389-409. (with Thomas M. Springer and Abdullah Yavas) Real Estate Agent Remarks: Help or Hype? Journal of Real Estate Research, 20 (1&2), July-October 2000, pp. 205-215. (with Jerry T. Haag and Thomas A. Thomson) Asset Allocation and the Performance of Real Estate Mutual Funds. Real Estate Economics, The AREUEA Journal, 28(1), Spring 2000, pp. 165-184. (with John G. Gallo and Larry J. Lockwood) The Relationship Between Mortgage Rates and Capital Markets Rates Under Alternative Market Conditions. Journal of Real Estate Finance and Economics, 19(3), November, 1999, pp. 211-221. (with Marcus T. Allen and Marilyn K. Wiley) What Affects Mobile Home Sale Price? The Appraisal Journal, July 1999, pp. 233-237. (with Thomas A. Thomson) Market Structure in the Residential Real Estate Brokerage Market. Journal of Real Estate Research, 14(1&2), 1997, pp. 107-115. (with Fred A. Forgey and Walter E. Mullendore). Reexamining the Impact of Employee Relocation Assistance on Housing Prices. Journal of Real Estate Research, 13(1), 1997, pp. 67-75. (with Marcus T. Allen and Thomas M. Springer) Industrial Warehouse Rents Determinants in D/FW. Journal of Real Estate Research, 13(1), 1997, pp. 47-55. (with Richard J. Buttimer, Jr. and Ron Witten) Determinants of Performance for Mortgage-Backed Securities Funds. Real Estate Economics, The AREUEA Journal, 25(4), Winter 1997, pp. 657-681. (with John G. Gallo, Richard J. Buttimer, Jr., and Larry J. Lockwood) A Comparison of Federal Government Office Rents with Market Rents. Journal of Real Estate Finance and Economics, 15(2), October 1997, pp. 181-192. (with Marcus T. Allen and Larry J. Warner) The Survival of Initial Public Offerings in the Aftermarket. Journal of Financial Research, 20(1), Spring 1997, pp. 93-110. (with Douglas A. Hensler and Thomas M. Springer) The Relationship between Listing Price and Selling Price for Residential Property Sales. Australian Land Economics Review, 3(1), 1997, pp 8-12. (with Fred A. Forgey and Michael I. Hall) Page 3, March 30, 2017
Search and Liquidity in Single-Family Housing. Real Estate Economics, The AREUEA Journal, 24(3), Fall 1996, pp. 273-292. (with Fred A. Forgey and Thomas M. Springer) Determinants of Industrial Property Valuation. Real Estate Economics, The AREUEA Journal, 24(2), Summer 1996, pp. 257-272. (with Larry J. Lockwood) Wealth Effects of Asset Securitization. Journal of Banking and Finance, 20(1), Spring 1996, pp. 151-164. (with Martin J. Herrera and Larry J. Lockwood) Tax Rules and the Sale and Leaseback of Corporate Real Estate. Real Estate Economics, The AREUEA Journal, 23(2), Summer 1995, pp. 207-238. (with Jaime R. Alvayay and Steven W. Smith) Effect of Foreclosure Status on Residential Selling Price. Journal of Real Estate Research, 9(3), Summer 1994, pp. 313-318. (with Fred A. Forgey and Michael L. Vanbuskirk) Valuation Consequences of Master Limited Partnership Formation. Quarterly Journal of Business and Economics, 33(1), Winter 1994, pp. 47-54. (with Thomas M. Springer) The Wealth effects of Real Estate Spinoffs. Journal of Real Estate Research, 8(4), Fall 1993, pp. 597-606. (with Jay N. Ball and Ron J. Shaw) The Wealth Effects of Corporate Real Estate Leasing. Journal of Real Estate Research, 8(4), Fall 1993, pp. 567-578. (with Marcus T. Allen and Thomas M. Springer) Corporate Real Estate Outsourcing: A Survey of the Issues. Journal of Real Estate Research, 8(4), Fall 1993, pp. 525-540. (with Larry B. Kimbler) An Analysis of the Determinants of Industrial Property Valuation. Journal of Real Estate Research, 8(3), Summer 1993, pp. 365-376. (with Francis A. Fehribach and Mark E. Eakin) Industrial Real Estate Prices and Market Efficiency. Journal of Real Estate Research, 8(3), Summer 1993, pp. 377-385. (with William L. Atteberry) Implicit Liquidity Premiums in the Disposition of RTC Assets. Journal of Real Estate Research, 8(3), Summer 1993, pp. 347-363. (with Fred A. Forgey and Paul R. Goebel) Impact of Financing Decision on the Security Returns of Real Estate Corporations. Journal of Real Estate Finance and Economics, 5(4), December 1992, pp. 393-400. (with Marcus T. Allen) The Impact of Sale-Leaseback Transactions on Bondholder and Shareholder Wealth. Review of Financial Economics, 2(1), Fall 1992, pp. 75-80. The Impact of Changes in Advertising Agencies on Corporate Common Stock Prices. Journal of Current Issues and Research in Advertising, 4(1), Spring 1992, pp. 1-8. (with Donald L. Thompson and Robert W. Stone) Empirical Evidence on Shareholder Value and the Sale-Leaseback of Corporate Real Estate. AREUEA Journal, 18(4), Winter 1990, pp. 522-529. Page 4, March 30, 2017
Corporate Real Estate Unit Formation: Rationale, Industry, and Type of Unit. Journal of Real Estate Research, 4(3), Fall 1989, pp. 121-129. (with Robert W. Stone) The Impact of Corporate Real Estate Unit Formation on the Parent Firm's Value. Journal of Real Estate Research, 3(3), Fall 1988, pp. 73-84. (with Hugh O. Nourse) Research Interests: Agency Issues, Real Estate, Foreclosures, Housing Analysis, Corporate Finance, Lease Analysis, Restructuring. Dissertation: The Impact of Corporate Real Estate Unit Formation on the Parent Firm's Value Dr. Hugh Nourse: Dissertation Chair. Submitted Articles under review or revision: Conflicts of interest in residential real estate transactions: New evidence" with Marcus T. Allen; Jessica Rutherford, Ronald Rutherford and Abdullah Yavas. Revise & Resubmit Rand Journal of Economics June 2016. Limited Service Brokerage: Making Sense of an Anomaly with Jessica M. Rutherford and Thomas M. Springer. Under review at Journal of Real Estate Research, 3.14.2017. Grantor Types and MLS versus Non-MLS Price Effects, with Joseph Mohr and Jessica Rutherford, submitted to Journal of Real Estate Research 2.11.2015, Revising; (Article from Joseph Mohr s Dissertation) Cash is King? Price and Clientele Effects. With Biqing Huang, Larry J. Lockwood, and Brooke W. Stanley. Working on 3 rd revision, Journal of Real Estate Research. Current Research topics: Foreclosed Properties at Court Auction, Bank Ask Price, and Buyer Premium, (new topic with completed data collection and initial analysis), with Dr. Jessica Rutherford and Dr. Lei Wedge. Bidding Wars and Price Effects. (Initial analysis, draft not available.) Rents and Investors in Miami-Dade County. With Marcus T. Allen, Jessica Rutherford and Abdullah Yavas. Initial data analysis. Bidder s Curse in Residential Markets? With Jessica Rutherford and Abdullah Yavas, initial results. (Initial analysis, draft not available.) Co-Listing Agency, façade or helpful? Real Estate Commissions in fact! What a small sample tells us. The Survival of IPOs, with Jun Chen, initial draft. Page 5, March 30, 2017
Recent Papers that were presented at National Meetings and Universities 1997-2015: Limited Service Brokerage: Positive Broker Intermediation, with Thomas Springer, Jessica Rutherford and Ronald Rutherford. Presented the 2015 Spring ARES meeting. (Ron Rutherford presented) Real Estate Research Institute Conference presentation: Impact of Large Investors in Distressed Housing Markets? With Marcus T. Allen and Jessica Rutherford and Abdullah Yavas. Article presented by Abdullah Yavas to the Real Estate Research Institute (RERI), April 30, 2015. With Tim Allen, Jessica Rutherford and Abdullah Yavas. It's in the Way that You Use It: Combining Measures of Asset Growth and Gross Profit. Presented at the 2015 Annual Meeting of the Financial Management Association International to be held at Hilton Bonnet Creek Hotel in Orlando, Florida, on October 14-17. With Jun Chen and Joseph Mohr. (Jun Chen Presented the article) Forced Sales, Some Empirical Evidence, American Real Estate Society (ARES) 28 th annual meeting, April 17-21, 2012, St. Pete Beach, FL (J. Rutherford, R. Rutherford, E. Strom, L. Wedge) Session Chair: Session 37: Foreclosure, American Real Estate Society (ARES) 28 th annual meeting, April 17-21, 2012, St. Pete Beach, FL. The Survival of REIT IPOs in the Aftermarket, American Real Estate Society (ARES) 21 st annual meeting, Key West, FL, April 2006 (P. Cheng, and Ronald Rutherford and Thomas M. Springer) Does Above Market Appraisal Predict Residential Foreclosure? Presented at the American Real Estate Society Annual Meeting, Santa Fe, NM, April 2005. Ronald Rutherford and Thomas. A. Thomson. The Impact of Range Pricing on Marketing Time and Transaction Price: A Better Mousetrap for the Existing Home Market? Tim Allen, Sheri Faircloth and Ronald Rutherford. Annual Meeting of the Academy of Finance, Chicago, Illinois, 2004. Salesperson Compensation and Performance in the Housing Market with Sheri Faircloth, Fred Forgey, Ronald Rutherford and Tim Allen. Annual Meeting of the Academy of Finance, Chicago, IL, 2003. E-Commerce and the Real Estate Housing Market: Perceptions of Brokers and Salespersons. James Scott Ford and Ronald C. Rutherford. August 9-11, 2002 Eighth Americas Conference on Information Systems (AMCIS) Conference in Dallas, Texas. Price vs. time: Estimating the trade off within a real estate market. Paul Anglin, Ronald C. Rutherford and Thomas M. Springer. June 26-29, 2001, The 8 th European Real Estate Society Annual Conference, Alicante, Spain. The Impacts of Contract Type on Broker Performance, Ronald C. Rutherford, Thomas M. Springer, and Abdullah Yavas. January 5-8, 2001, the AREUEA meeting, New Orleans, Louisiana. "The Impacts of Contract Type on Broker Performance, Exclusive Agency vs. Exclusive Right-to-Sell", Ronald C. Rutherford, Thomas M. Springer, and Abdullah Yavas. July 26-30 2000, The Fifth Asian Real Estate Society Meeting (AsRES), Beijing, China. Page 6, March 30, 2017
Value Range Marketing and Housing Prices. Marcus T. Allen, Sheri Faircloth and Ronald C. Rutherford. March 29-April 1, 2000, The American Real Estate Society Meeting, Santa Barbara, California. RE/MAX, Superior Compensation, Superior Performance? Marcus T. Allen, Sheri Faircloth, Fred A. Forgey and Ronald C. Rutherford. March 29-April 1, 2000, The American Real Estate Society Meeting, Santa Barbara, California. Price vs. time: A maximum likelihood approach. Paul M. Anglin, Ronald C. Rutherford and Thomas A. Springer. January 7-9 2000, The American Real Estate and Urban Economics Association Annual Meeting, Boston, Massachusetts. Asset Allocation and the Performance of Real Estate Mutual Funds. John G. Gallo, Larry J. Lockwood, and Ronald C. Rutherford. October 6-9, 1999, The Financial Management Association, Orlando, Florida. The Effect of Development Impact Fees on Housing Values. Ronald C. Rutherford and Thomas M. Springer. April 7-10 1999, The American Real Estate Society Meeting, Tampa, Florida. "Conflicts between Principals and Agents: Evidence from the Sale of Agent-Owned Houses?" Ronald C. Rutherford, Thomas M. Springer and Abdullah Yavas. January 5-8 1999, The American Real Estate and Urban Economics Association Annual Meeting, New York, New York. "Conflicts between Principals and Agents: Evidence from the Sale of Agent-Owned Houses?" Ronald C. Rutherford, Thomas M. Springer and Abdullah Yavas. June 17-18, 1998, The Ohio State University Seminar on Brokerage, Columbus, Ohio. Impact Fees, Housing Values and Affordability in Texas. Ronald C. Rutherford and Thomas M. Springer. May 27-28, 1998, The American Real Estate and Urban Economics Association Mid-Year Meeting, Washington, D.C. Asset Allocation and the Performance of Real Estate Mutual Funds. John G. Gallo, Larry J. Lockwood, and Ronald C. Rutherford. April 15-18, 1998, The American Real Estate Society, Monterey, California. Other Presentations Articles - Interviews Analysis 1. Fall 2010: Presentation to SIOR Florida Chapter Fall Meeting. 2. Spring 2011: Presentation to Florida CUREN Dr. Scott Besley presented. 3. Fall 2012: USF: Florida on Track Or Not, The Road to Recovery Short article in International Council of Shopping Centers 2012 ICSC Florida Retail Report Florida Conference August 19-21, 2012. 4. Fall 2012, September 21, 2012 State of Florida Real Estate Presentation to SIOR Florida Fall Chapter Meeting. Page 7, March 30, 2017
Teaching Interests: Corporate Finance, Capital Budgeting/Valuation, Real Estate Finance, Real Estate Principles, Real Estate Investments, and Financial Modeling. Ph.D. Teaching Experience: Research Methodology Research in Real Estate Real Estate Finance Real Estate Investment Real Estate Brokerage/Agency Real Estate Valuation Master's Teaching Experience: Corporate Finance Real Estate Finance Real Estate Investments Financial Modeling Real Estate Valuation Real Estate Market Analysis Undergraduate Teaching Experience: Corporate Finance Real Estate Finance Real Estate Investment Financial Modeling Real Estate Principles International Finance Professional Affiliations: Financial Management Association American Real Estate and Urban Economics Association American Real Estate Society Southwestern Finance Association? Page 8, March 30, 2017
Departmental Committees or Service: USF, Finance Department M.S.R.E Program Fall 2010- Fall 2013 USF, Finance Department Master s Committee Fall 2012 USF, Finance Department Instructor Search Committee, Fall 2012 UTSA, Department Ph.D. Comprehensive Exam Committee (2008) UTSA, Department M.S. Finance Comprehensive Exam Committee (2008) UTSA, Department Faculty Review and Advisory Committee (DFRAC), (2003-2005), Chair 2008-2009. UTSA, Faculty coordinator and program director, Construction Management Program, 1997-2008. UTSA, Department Journal List review committee (Chair) 2005-2007. UTSA, Periodic Performance Evaluation Committee, Chair, 2006-2007, 2000-2001, member 1998-2002, UTSA, Finance Ph.D. Advisor, Spring 2001 and 2002-2003. UTSA, Division Faculty Review and Advisory Committee (DFRAC Chair), 1996-1998, 2000-2001. UTSA, MS Finance Graduate Admissions Committee (member), 1999-2003. UTSA, Division Faculty Review and Advisory Committee (DFRAC member), 1998-2000. UTSA, Division Faculty Advisory Committee (member), 1996-2000, 2003. UTA, Graduate Advisor for the M.S. in Real Estate Program, UTA, 1990-1996. UTA, Computer/Software Committee (Chair) --Department of Finance and Real Estate 1990-1996. UTA, Tutorial Software -- Fall 1992 -- 1996. UTA, Class Scheduling -- Real Estate Programs 1989-1996. UTA, Undergraduate Curriculum -- Real Estate and Finance -- 1990-1996. College Committees or Service: USF, College T&P Committee, Fall 2012-2013, 2015-2016, 2016-2017. USF, College Faculty Executive Committee. 2015 UTSA, College Faculty Review and Advisory Committee (CFRAC). 2005-2007. UTSA, Ph.D./Research Committee (2001-2003) UTSA, College of Business Executive Committee (2001-2002) UTSA, Research Advisory Committee (2000-2003) UTSA, College Faculty Review and Advisory Committee (CFRAC), 1998-2001, Chair 1998-1999. UTSA, College Research Advisory Board (8/2000 - current). UTA, AACSB Intellectual Contributions Committee, Fall 1994 -- Summer 1996. UTA, AACSB Master's Program Committee, Fall 1994 -- Summer 1996. University Committees or Service: UTSA, Faculty Senate, Fall 2005-Spring 2007. UTSA, Faculty Development Leave Committee, (Chair) Fall 2001-Spring 2002. UTSA, Faculty Senate, 2001-2002. UTSA, Committee on Committees, 1999-2002. Page 9, March 30, 2017