Dr. Anthony N. Pennington-Cross Marquette University Curriculum Vitae OFFICE ADDRESS: Department of Finance Marquette University 606 N. 13 th Street Milwaukee, WI 53233 (414) 288-1452 anthony.pennington-cross@marquette.edu Education Ph D, The George Washington University, 1997. Major: Urban and Regional Economics Dissertation Title: Simultaneous Equations Model of Metropolitan Area Development and Spatial Interaction BA, Oberlin College, 1988. Major: Economics Professional Experience Academic - Post-Secondary Chair Of Finance Department, Marquette University. (May 15, 2014 - Present). Professor, Marquette University. (August 2012 - Present). Associate Professor, Marquette University. (September 2006 - August 2012). Adjunct Professor, Saint Louis University. (2005). Adjunct Professor, George Washington University. (1996). Adjunct Professor, University of Maryland Baltimore County. (1996). Professional Consulting Senior Economist, Federal Reserve Bank of St. Louis. (August 2004 - August 2006). Senior Economist, Office of Federal Housing Enterprise Oversight. (November 2000 - June 2004). Director of Research, Research Institute for Housing America. (January 2000 - November 2000). Post Doctoral Fellow, Zell Lurie Real Estate Center, The Wharton School, Univerity of Pennsylvania. (September 1998 - December 1999). Senior Associate, Standard & Poor s/dri. (January 1997 - August 1998). business association, Metropolitan Milwaukee Association of Commerce, Milwaukee. (May 1, 2015 - May 14, 2015). Courses Taught TEACHING Marquette University ECON 6995, Independent Study in Economics, Graduate. FINA 3001, Intro to Financial Management, Undergraduate.
FINA 4002, Commercial Real Estate Finance (Cross-list: REAL 4002 101), Undergraduate. FINA 6995, Independent Study in Finance, Graduate. REAL 3001, Intro to Commerical Real Estate, Undergraduate. REAL 3986, Internship Work Period, Undergraduate. REAL 4986, Real Estate Internship-Grading, Undergraduate. REAL 4995, Ind Study in Real Estate:, Undergraduate. Other BUAD 259, Seminar in Finance, Graduate. BUAD 6995, Independent Study in Business, Graduate. FINA 180, Intro Financial Mgmt, Undergraduate. FINA 189, Issues In Finance (Cross-list: REAL 151 1001), Undergraduate. FINA 3001, Intro to Financial Management, Undergraduate. FINA 4002, Commercial Real Estate Finance (Cross-list: REAL 4002 101), Undergraduate. FINA 6995, Independent Study in Finance, Graduate. REAL 105, Intern Grading Period, Undergraduate. REAL 150, Prin/Comm Real Estate Devel, Undergraduate. REAL 4995, Ind Study in Real Estate:, Undergraduate. Directed Student Learning Master's Essay Supervisor, Kyle Koller (August 15, 2015 - December 1, 2015). Directed Individual/Independent Study, David Reidel (August 20, 2014 - December 12, 2014). Directed Individual/Independent Study, Michael Hudson (August 20, 2014 - December 12, 2014). Master's Essay Supervisor, Meghan Brown (January 15, 2014 - May 1, 2014). Directed Individual/Independent Study, Meghan Brown (September 15, 2013 - May 1, 2014). Master's Essay Supervisor, Brian Jones (May 1, 2013 - December 1, 2013). Master's Essay Supervisor, Sergio Garate (September 2011 - August 2013). Directed Individual/Independent Study, Maria Ibanez (January 15, 2010 - May 5, 2010). Directed Individual/Independent Study, Maria Ibanez (September 1, 2009 - December 1, 2009). Directed Individual/Independent Study, William McDonald (January 15, 2009 - May 5, 2009). SCHOLARLY ACTIVITY Publications and Other Intellectual Contributions Journal Article, Academic Journal, Refereed Clark, D., Pennington-Cross, A. (2016). Industrial Property Rents in the Chicago Metropolitan Area. Regional Science and Urban Economics, 56, 34-45. www.sciencedirect.com/science/article/pii/s0166046215000824 [Link] Pennington-Cross, A., Garate, S. (2014). Measuring the Impact of Agglomeration on Productivity: Evidence from Chilean Retailers. Urban Studies, 51 (8), 1653-1671. Quercia, R., Pennington-Cross, A., Tian, C. Y., Differential Impacts of Structural and Cyclical Unemployment on Mortgage Default and Prepayment. To appear in Journal of Real Estate Finance and Economics. Pennington-Cross, A., Ibanez, M. (2013). Commercial Property Rent Dynamics U.S. Metropolitan Areas: An Examinationof Offcie, Industrial, Flex, and Retail Space. Journal of Real Estate Finance and Economics, 46 (2), 232-259.
Pennington-Cross, A., Bostic, R., Chomsisengphet, S., Engel, K., McCoy, P., Wachter, S. (2012). Mortgage Product Substitution and State Anti-Predatory Lending Laws: Better Loans and Better Borrowers? Atlantic Economic Journal, 40 (3), 273-294. Pennington-Cross, A., Quercia, R., Tian, C. Y. (2012). Mortgage Default and Prepayment Risks among Low and Moderate Income Households. Real Estate Economics. Pennington-Cross, A., Ho, G. (2010). The Termination of Subprime Hybrid and Fixed Rate Mortgages. Real Estate Economics, 38 (3), 399-426. Pennington-Cross, A. (2010). The Duration of Foreclosures in the Subprime Mortgage Market: A Competing Risks Model with Mixing. Journal of Real Estate Finance and Economics, 40 (2), 109-129. Pennington-Cross, A., Ho, G. (2008). Predatory Lending Laws and the Cost of Credit. Real Estate Economics, 36 (2), 175-211. Pennington-Cross, A., Bostic, R., Engel, K., McCoy, P., Wachter, S. (2008). State and Local Anti- Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms. Journal of Economics and Business, 60 (1-2), 47-66. Pennington-Cross, A., Danis, M. (2008). The Delinquency of Subprime Mortgages. Journal of Economics and Business, 60 (1-2), 67-90. Pennington-Cross, A., Chomsisengphet, S. (2007). Subprime Refinancing: Equity Extraction and Mortgage Termination. Real Estate Economics, 35 (2), 233-263. Pennington-Cross, A., Ho, G. (2007). The Varying Effects of Predatory Lending Laws on High-Cost Mortgage Applications. Federal Reserve Bank of St. Louis Review, 89 (139-59). Pennington-Cross, A., Chomsisengphet, S. (2006). Evolution of the Subprime Mortgage Market. Federal Reserve Bank of St. Louis Review, 88 (1), 31-56. Pennington-Cross, A., Ho, G. (2006). The Impact of Local Predatory Lending Laws on the Flow of Subprime Credit. Journal of Urban Economics, 60 (2), 210-228. Pennington-Cross, A. (2006). The Value of Foreclosed Property. Journal of Real Estate Research, 28 (2), 193-214. Pennington-Cross, A., Danis, M. (2005). A Dynamic Look at Subprime Loan Performance. The Journal of Fixed Income, 15 (1), 28-39. Pennington-Cross, A., Nichols, J., Yezer, A. (2005). Borrower Self-Selection, Underwriting Costs, and Subprime Mortgage Credit Supply. Journal of Real Estate Finance and Economics, 30 (2), 197-219. Pennington-Cross, A., Dreiman, M. (2004). Alternative Methods of Increasing the Precision of Weighted Repeat Sales House Prices Indices. The Journal of Real Estate Finance and Economics, 28 (4), 299-318. Pennington-Cross, A. (2002). Credit History and the Performance of Prime and Nonprime Mortgages. The Journal of Real Estate Finance and Economics, 27 (3), 279-302. Pennington-Cross, A., Ambrose, B., Yezer, A. (2002). Credit Rationing in the U.S. Mortgage Market: Evidence Based on Variations in FHA Market Shares. Journal of Urban Economics, 51 (2), 272-294. Pennington-Cross, A. (2002). Subprime Lending In the Primary and Secondary Mortgage Market. Journal of Housing Research, 13 (1), 31-50.
Pennington-Cross, A., Hu, D. (2001). The Evolution of Real Estate in the Economy. Journal of Real Estate Portfolio Management, 7 (2), 169-76. Pennington-Cross, A., Nichols, J. (2000). Credit History and the FHA-Conventional Choice. Real Estate Economics, 28 (2), 307-336. Pennington-Cross, A., Yezer, A. (2000). FHA in the New Millennium. Journal of Housing Research, 11 (2), 357-372. Pennington-Cross, A., Ambrose, B. (2000). Local Economic Risk Factors on the Primary and Secondary Mortgage Markets. Regional Science and Urban Economics, 30 (6), 683-702. Pennington-Cross, A. (1997). Measuring External Shocks to the City Economy: An Index of Export Prices and Terms of Trade. Real Estate Economics, 25 (1), 105-128. Book, Chapter in Scholarly Book-New, Refereed Pennington-Cross, A., Bostic, R., Engel, K., McCoy, P., Wachter, S. (2009). In Belsky, E., and R. Essene (Ed.). The Impact of State Anti-Predatory Lending Laws: Policy Implications and Insights. Understanding Consumer Credit (pp. 138-169): Brooking and Harvard Joint Center Press. Journal Article, In-House Journal, Refereed Pennington-Cross, A., Hollar, M., Yezer, T. (2008). Measuring the Drivers of Metropolitan Growth: The Export Price Index. Cityscape, 10 (3), 145-151. Internal Grants Grant Pennington-Cross, A. (Principal), "The Effects of Entry on Output and Productivity: Evidence from Chilean Supermarkets," Sponsored by Research Grant for Summer 2013 Miles Grant, College of Business Administration, $4,250.00. (June 2013 - August 2013). Intellectual Contributions under Review Journal Article, Academic Journal, Refereed Presentations Pennington-Cross, A., The Value of Delay, Preemption, and Irreversible Investments: Empirical Evidence for Commersial Property Markets. Pennington-Cross, A., Smith, B., Early Termination of Small Loans in the Multifamily Mortgage Market. Pennington-Cross, A., Garate, S., Entry and Co-Location: Evidence from Chilean Retailers. National/International Academic Pennington-Cross, A. (Presenter & Author), Garate, S. (Author Only), American Real Estate Society (ARES) Annual Conference, "Entry and Co-Location: Evidence from Chilean Retailers," ARES, Sanibel Florida. (April 17, 2015). Pennington-Cross, A. (Presenter & Author), Garate, S. (Author Only), AREUEA National Conference, "Entry and Co-Location: Evidence from Chilean Retailers," Washington DC. (May 29, 2014).
Pennington-Cross, A., Homer Hoyt Special Topics, "Discussion of Fannie and Freddie data sources and research possibilites," Florida, West Palm Beach. (May 16, 2014). Pennington-Cross, A., Real Estate Research Institutue, "Comments on Lender Expectations and Real Estate Dynamics," Real Estate Research Institutue, Chicago, IL. (April 30, 2014). Pennington-Cross, A., The 2014 Critical Issues in Real Estate Symposiu, "Comments on: The Microdynamics of the Household Balance Sheet in a Boom-Bust Cycle," Florida State Univ and the OCC, Tallahassee. (April 26, 2014). Pennington-Cross, A. (Presenter & Author), Garate, S. (Author Only), AREUEA National Conference, "Measuring the Impact of Agglomeration on Chilean Supermarket Productivity," Washington DC. (May 31, 2013). Pennington-Cross, A. (Presenter & Author), garate, s. (Author Only), Homer Hoyt Special Topics Seminar, "Measuring the Impact of agglomeration on Chilean supermarket productivity," Homer Hoyt Institute, West Palm Beach FL. (May 18, 2013). Pennington-Cross, A. (Presenter & Author), Quercia, R. (Author Only), Tian, C. Y. (Presenter & Author), Critial Issues in real estate symposium, "Differential Impacts of Structural and Cyclical Unemployment," Florida State Univ and Univ. of Florida, Tallahassee, Florida. (May 5, 2013). Pennington-Cross, A. (Presenter & Author), Clark, D. (Author Only), Homer Hoyt Institute, "Industrial Property Rents in the Chicago Metro Area," Homer Hoyt Institute, West Plam Beach, Florida. (January 19, 2013). Pennington-Cross, A. (Presenter & Author), Clark, D. (Author Only), Allied Social Science Association - AREUEA session - January 2013, "Industrial Property Rents in the Chicago Metropolitan Area," American Real Estate and Urban Economics Association, San Diego, CA. (January 4, 2013). Pennington-Cross, A. (Presenter & Author), Quercia, R. (Author Only), Tian, C. Y., Homer Hoyt Special Topic Seminar, "Differential Impacts of Structural and Cyclical Unemployment," Homer Hoyt Institute, West Plam Beach, Florida. (May 2012). Pennington-Cross, A. (Presenter & Author), Quercia, R. (Author Only), Tian, C. Y. (Author Only), Allied Social Science Association - AREUEA session - January 2013, "Differential Impacts of Structural and Cyclical Unemployment on Mortgage Default and Prepayment," American Real Estate and Urban Economics Association, San Diego, CA. (January 2012). Pennington-Cross, A. (Presenter & Author), Clark, D. (Author Only), Homer Hoyt Institute - Fellows Meeting, "Industrial Property Rents in the Chicago Metropolitan Area," Homer Hoyt Institute, West Palm Beach, Florida. (January 2012). Pennington-Cross, A., 72nd International Atlantic Economic Conference, "Product Innovation & Mortgage Selection in the Subprime Era," International Atlantic Economic Conference, Washington DC. (October 22, 2011). Pennington-Cross, A., Fall 2011 Research Symposium New Research on Sustainable Mortgages and Access to Credit, "Mortgage Default and Prepayment Risks among Moderate and Low Income Households," Consumer Finance Protection Bureau, Washington DC. (October 6, 2011). Pennington-Cross, A., AREUEA -Asian Real Estate Society Joint International Conference, "Mortgage Default and Prepayment Risks among Moderate and Low Income Households," AREUEA -Asian Real Estate Society, Jeju, Korea. (July 13, 2011).
Pennington-Cross, A., American Real Estate and Urban Economics Association Mid-Year Conference, "Mortgage Default and Prepayment Risks among Moderate and Low Income Households," AREUEA, Washington DC. (June 3, 2011). Pennington-Cross, A., MIT/NUS/MU Symposium, "Commercial Property Rent Dynamics in U.S. Metrpolitan Areas: An Examination of Offcie, Industrial, Flex, and Retail Space," MIT, National University of Singapore, Maastricht Univ., MIT. (November 2010). Pennington-Cross, A., AREUEA International Conference, "The Value of Delay, Preemption, and Irreversible Investments: Empirical Evidence for Commercial Property Markets," AREUEA -- Eramus University, Rotterdam, Netherlands. (June 2010). Pennington-Cross, A., American Real Estate and Urban Economics Association Annual Conference, "Mortgage Product Substitution and State Predatory Lending Laws: Better Loans or Better Borrowers?." (January 2010). Regional and Other Academic Pennington-Cross, A. (Presenter & Author), garate, s. (Author Only), MU seminar series, "Chilean Supermarkets and entry," MU, Milwaukee WI. (September 20, 2013). Clark, D. (Presenter & Author), Pennington-Cross, A. (Author Only), Graduate students at GWU Urban Sustainability Program, "Transportation and Industrial Property Rents in the Chicago Metropolitan Area," GWU, Washington DC. (April 4, 2013). Pennington-Cross, A. (Presenter & Author), Smith, B. (Author Only), USC Lusk Center for Real Estate research seminar, "Early termination of small loans in the multifamily mortgage market," USC Lusk Center for Real Estate research, Los Angees. (February 1, 2013). Clark, D. (Presenter & Author), Pennington-Cross, A. (Author Only), 51st Southern Regional Science Association Annual Meeting, "Industrial Property Rents in the Chicago Metropolitan Area," Southern Regional Science Association, Charlotte, NC. (March 22, 2012). Non-Academic Pennington-Cross, A. (Presenter Only), Wisconsin Realtors Association - Management Conference, "Keynote Speaker -- " The good, the bad and the ugly: The capital, housingand employment markets?," Wisconsin Realtors Association, Pewaukee WI. (December 12, 2013). Pennington-Cross, A. (Presenter Only), American Society of Appraisers, Wisconsin Chapter #57, "Economic Review," American Society of Appraisers, Milwaukee WI. (March 8, 2013). Pennington-Cross, A., Appraisal Institute of Wisconsin Year in Review, "Keynote Speaker: Market Economic Review," Wisconsin Chapter of the Appraisal Institute, Milwaukee Wisconsin Club. (December 9, 2011). Pennington-Cross, A., Appraisal Institute Meeting, "A Look at Economic Conditions & Real Estate," Appraisal Institute, Milwaukee Wisconsin Club. (May 6, 2011). Professional Affiliations and Editorial Board Service American Real Estate Society. (January 2013 - Present). Executive Board Member 2010--2015, American Real Estate and Urban Economics Association. (1996 - December 2015).
Editorial Review Board Member, Journal of Real Estate Finance and Economics. (September 2014 - Present). Professional Service Officer, Treasurer, Center for International Health, Milwaukee, Wisconsin. (June 2014 - Present). Reviewer, Journal Article, Journal Referee Reports. (January 2010 - Present). Member, American Real Estate and Urban Economics Association. (January 1995 - Present). Officer, Secretary, American Real Estate and Urban Economics Association. (January 2010 - December 2015). Member, Center for Responsible Lending (CRL) Research Advisor Council (RAC), Washington, DC. (January 2007 - December 2015). Committee Member, Ford Foundation, New York City, NY. (August 24, 2010). Department Service ACADEMIC AND UNIVERSITY SERVICE Faculty Advisor, Advisory Board for the Center for Real Estate. (January 2014 - Present). Committee Chair, Real Estate Assessment Leader. (January 2010 - August 2015). Faculty member, Transwestern. (June 12, 2015). Faculty member, Chicago Real Estate event. (April 29, 2015). Faculty Advisor, ICSC (International Council Shopping Centers). (April 17, 2015 - April 20, 2015). Faculty Advisor, Eisenberg Foundation trip. (April 5, 2015 - April 6, 2015). Faculty member, Real Estate Alumni Event. (February 21, 2015). Faculty member, Faculty Retreat. (January 9, 2015). dealt with failing structors, Failing instructors. (October 2014 - December 2014). Faculty representative, Johnson Financial Lunch. (December 4, 2014). Attendee, Alumni Event, Milwaukee Bucks Basketball Game. (December 3, 2014). Faculty Advisor, Case competition (Real Estate Advanced Analysis) Interviewing. (November 2014). Getting this started and discussions with Accounting department, Coordination of FINA 3001. (March 2014 - September 2014). Attendee, Power Breakfast. (September 19, 2014). Faculty Advisor, Site Tour: Sage on Jackson. (September 16, 2014). Faculty Advisor, Office of Public Affairs: Presentation of Neighborhood. (June 26, 2014). Committee Member, Real Estate Round Table -- Organized by Chris Stolarski. (June 16, 2014). Attendee, Summer Preview, Parent Preview Lunch. (June 13, 2014). Faculty Advisor, Participate in Interviews for Real Estate Center Director. (January 2014 - May 2014). Faculty Mentor, Site Tour: Green Bay Area. (March 28, 2014). Committee Member, Real Estate Curriculum Review Meetings. (September 2012 - March 2013). Committee Member, Finance Assessment Reporter. (September 2010 - December 2011). Accompany students on trip, Internationa Council of Shopping Centers (ICSC) ReCon Annual Conference. (May 22, 2011 - May 24, 2011). Attendee, Student Organization Event, Visit Miron Construction. (November 5, 2010). Attendee, Student Organization Event, Site Visits in Chicago. (October 14, 2010). Attendee, Student Organization Event, Site Visit: Point on the River, Mandel group, Milwaukee. (September 17, 2010). Attendee, Student Organization Event, Real Estate Club Kickoff Event. (September 9, 2010). Introduced and welcomed participants, Law School Tour Presentation. (August 5, 2010). Presented students who won honors in real estate, Honors Ceremony Presentation. (May 2010). College Service Committee Chair, Banking Program. (January 15, 2015 - Present).
Committee Member, Deans Executive Council. (May 2014 - Present). Speaker, Honors Ceremony Presenter. (April 10, 2011 - Present). Committee Member, Promotion and Tenure. (September 2012 - May 2014). Committee Chair, Faculty Research Support Committee. (October 1, 2010 - October 2012). Committee Member, Research Committee. (September 1, 2011 - December 15, 2011). Committee Member, Ad Hoc Core Committee. (April 12, 2011). Committee Member, Undergraduate Committee. (January 2010 - May 2010). University Service Committee Member, PARC - Near West Side initiative. (May 2015 - Present). Committee Member, University Core of Common Studies. (January 15, 2013 - August 15, 2015). AWARDS AND HONORS Best retail manuscript prize, American Real Estate Society Annual Conference. (August 13, 2015). 2010 Edwin Mills Paper of the Year, American Real Estate and Urban Economics Association. (January 8, 2011).