Brent Ambrose

Smeal Professor of Risk Management , Director, Institute for Real Estate Studies , Director, PhD Program
Department: Risk Management, Institute for Real Estate Studies, PhD Program
Office: 381 Business Building
Phone: 814-867-0066
Fax: 814-865-6284
Member of Faculty Since: 2006


Brent W. Ambrose is the Smeal Professor of Real Estate, Director of the Institute for Real Estate Studies, and Director of the Smeal College Ph.D. Program at the Smeal College of Business at the Pennsylvania State University.  Prior to joining Penn State University, Dr. Ambrose was the Director of the Center for Real Estate Studies and Professor of Finance at the University of Kentucky where he held the Kentucky Real Estate Professorship.  In addition, Dr. Ambrose was an Associate Professor at the University of Wisconsin-Milwaukee where he directed the UWM real estate program, and from 1997 to 1998 he was a Visiting Associate Professor and Research Fellow at the University of Pennsylvania Wharton School of Business. In 2010, Dr. Ambrose was President of the American Real Estate and Urban Economics Association (AREUEA) and served as the Executive Vice President of AREUEA from 1996 to 2003. In 2003, he was elected a Fellow of the Weimer School of Advanced Studies in Real Estate and Land Economics at the Homer Hoyt Advanced Studies Institute. In 2004, he was elected a Fellow of the Real Estate Research Institute and in 2006 he was appointed a Fellow of the FDIC Center for Financial Research.  Currently, Dr. Ambrose is the co-editor of Real Estate Economics (the journal of the American Real Estate and Urban Economics Association) and serves on the editorial boards of the Journal of Real Estate Finance and Economics, the Journal of Real Estate Research, and the International Real Estate Review, and is a member of the board of directors for the Real Estate Research Institute and the American Real Estate and Urban Economics Association.

 Dr. Ambrose specializes in real estate finance, corporate finance, and fixed income security analysis.  His research interests include issues related to Real Estate Investment Trusts (REITs), loss mitigation programs associated with mortgage default and foreclosure, Government Sponsored Enterprises (GSEs), fixed-income securities, and consumer credit contracts.  Dr. Ambrose has consulted with the U.S. Department of Housing and Urban Development and the Congressional Budget Office on several occasions regarding issues concerning FHA mortgage default and foreclosure, economically targeted assets, privatization of Fannie Mae and Freddie Mac, and the GSEs’ affordable housing goals.  Dr. Ambrose has published over 55 refereed articles in the fields of real estate and finance.  His work appears in the Review of Economics and Statistics,The Journal of Money Credit and Banking, The Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, Journal of Financial Services Research, The Journal of Real Estate Finance and Economics, Financial Management, Financial Analysts Journal, Real Estate Economics, Regional Science and Urban Economics,  Journal of Real Estate Research, Journal of Urban Economics, Journal of Housing Economics, Journal of Housing Research, The Wharton Real Estate Review, and Cityscape:  A Journal of Policy Development and Research.  In addition, Dr. Ambrose is co-editor of Household Credit Usage: Personal Debt and Mortgages, published by Palgrave/MacMillian.  Dr. Ambrose holds a Ph.D. and M.B.A. from the University of Georgia and a B.S. in Business from Wake Forest University.


Fixed Income Securities, Corporate Finance
Real Estate Finance

Publication List

Ambrose, Brent W., James N. Conklin, and Jiro Yoshida, "Credit Rationing, Income Exaggeration, and Adverse Selection in the Mortgage Market", Journal of Finance, 2015, Forthcoming,

Ambrose, Brent W. and Richard J. Buttimer, Jr.,, "The Adjustable Balance Mortgage: Reducing the Value of the Put", Real Estate Economics, 2012, 40, 536-565.

Ambrose, Brent W., and Moussa Diop, "Spillover Effects of Subprime Mortgage Originations: The Effects of the Single-family Mortgage Credit Expansion on the Multifamily Rental Market", Journal of Urban Economics, 2014, 81, 114-135.

Agarwal, S., B.W. Ambrose, S. Chomsisengphet, and C. Liu, "The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Market", Journal of Money, Credit and Banking, October 2011, 43, 633-655.

Agarwal, Sumit, Brent W. Ambrose, Hongming Huang, and Yildiray Yildirim, "The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence", Journal of Financial and Quantitative Analysis, February 2011, 46, 553-584.

Ambrose, Brent W., Michael Lacour-Little, and Anthony Sanders, "Does Regulatory Capital Arbitrage, Reputation, or Information Asymmetry Drive Securitization?", Journal of Financial Services Research, January 2005, 28, 113-133.

Ambrose, Brent W., and Richard J. Buttimer, Jr., "GSE Impact on Rural Mortgage Markets", Regional Science and Urban Economics,, January 2005, 35, 417-433.

Ambrose, Brent W, "Forced Development and Urban Land Prices", Journal of Real Estate Finance and Economics, January 2005, 30, 245-265.

Ambrose, Brent W., Dong Wook Lee, and Joe Peek, "Industry Comovement After Joining an Index: Spillovers of Nonfundamental Effects", Real Estate Economics, January 2007, 35, 57-90.

Ambrose, Brent W. and Joe Peek, "Credit Availability and the Supply of Residential Structures", Real Estate Economics, 2008, 36, 659-692.

Media Mention

Advertising Dollars,  CNN


Real Estate Economics


Ph.D., Real Estate, University of Georgia, 1989

M.B.A, Finance, University of Georgia, 1987

B.S., Business, Wake Forest University, 1986


REST/FIN 4, Real Estate and Capital Markets

REST 570, Real Estate Investment