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Faculty & Research

Faculty & Research

Prashant Das

Biography

Prashant Das is an Associate Professor of Real Estate (Finance & Accounting Area) at the Indian Institute of Management, Ahmedabad (IIMA). Earlier, he served as an Associate Professor of Real Estate Finance, the Director of Real Estate Institute and a member of the Academic Board at EHL Lausanne, Switzerland. Before Switzerland, He taught courses at the Robinson College of Business, Georgia State University Atlanta (USA) as a PhD fellow. He has been a visiting faculty at various universities in China, India and Romania; and an executive education consultant in India, Switzerland and the UK. He has been supervising/examining PhD theses in the US, UK, and South Africa.

Prashant has been engaged with the industry through various consulting assignments. He has also engaged with various government bodies of India on regulatory and implementation-related matters.

At IIMA he developed ISALPI an Agri Land Price Index and IAIAI, a Fine Art price Index. He has twice earned both the Practitioner Research Award from the American Real Estate Society and the best paper award from the Journal of Real Estate Research. In addition, he has earned eight internationally competitive research awards and teaching awards in USA, and Romania.

Prashant has authored several research papers for international journals and co-authored/edited three books for SAGE, Routledge and Kendall Hunt Publications. He is currently working on two books on real estate.

Since 2020, he has been serving on the editorial boards of the Journal of Property Research (Taylor & Francis, UK) and the Journal of Sustainable Real Estate (American Real Estate Society). His research interests include commercial real estate (private equity, REITs, MBS, and hotels), behavioural real estate and sustainability. He has a special interest in real estate markets of India.

Prashant received his Ph.D. from Georgia State University, Atlanta; M.S. from Texas A&M University (College Station, USA) and B.Arch. from IIT Roorkee (India). Earlier, he served on managerial and engineering roles with several firms/organizations including HCL Infosystems Ltd. and Tata Consultancy Services.
 

Area

Primary Area : Finance and Accounting

Secondary Area : Centre for Management in Agriculture

Contact

Email : prashantd@iima.ac.in

Phone : +91-79-7152 4858

Secretary : Hena Nair

Phone : +91-79-7152 7914

Website : Personal Website

Education

Doctor of Philosophy , Business / Real Estate, Georgia State University, Atlanta, USA, 2013

Master of Science, Land Development, Texas A&M University, College Station, USA, 2008

Bachelor of Architecture, Indian Institute of Technology (IIT), Roorkee, India, 2005

Teaching

  • Real Estate (Principles, Finance, Investment, Valuation, Development, Capital Markets, REIT)
  • Financial Management
  • Applied Financial Econometrics

Research Area

Commercial Real Estate (Private Equity, REIT, CMBS, Sustainability, Hotels)

Sentiments

Valuation

Real Estate in India

Professional Experience

Associate Professor of Real Estate Finance, Indian Institute of Management, Ahmedabad, 2020 – now

Associate Professor of Real Estate Finance, EHL Lausanne, Switzerland, 2018 – 2020

Acting Director, Real Estate, Finance & Econ. Institute

Member, Academic Board

Executive Education Course Leader

Visiting Faculty, Bucharest Univ. of Economic Studies (ASE), Romania

Visiting Faculty, Jaypee Business School, India

Visiting Faculty, Beijing Hospitality Institute, China

Assistant Professor of Real Estate Finance, EHL Lausanne, Switzerland, 2013 – 2017

Graduate Teaching Associate (Independent teaching responsibility), Robinson College of Business, Georgia State University, Atlanta, USA, 2010 – 2013

Associate (National) Product Manager, HCL Infosystems Ltd., New Delhi, India, 2007– 2007

Assistant Systems Engineer, Tata Consultancy Services Ltd., Mumbai, India, 2005 – 2007

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Journals

Das, P., Kozorez, E. and Thakare, R. (2020). How to Address the Sensitivity of Commercial Real Estate Valuation to Holding Period. Real Estate Finance. Forthcoming

Das, P., Blal, I. & Freybote, J. (2020). ‘The Importance of Micro-Location for Pricing Real Estate Assets. Journal of Real Estate Portfolio Management. Forthcoming

Frutig, B. & Das, P. (2020). ‘Does Geographic Diversification Reduce Systematic Risk in Hotel REITs?’ Journal of Hospitality Financial Management 28(1). Forthcoming

Blengini, I. & Das, P. (2020). ‘Why A New Name? The Role of Asset Characteristics and Broad Market Trends in Predicting Brand Affiliation Change in Hotels.’ Cornell Hospitality Quarterly, [SSCI]. Forthcoming

Poretti, C. & Das, P. (2020). ‘What Explains Differing Holding Periods Across Hotel Investments? A Hazard Rate Framework’. International Journal of Hospitality Management, [SSCI] Vol 89

Das, P. & Freybote, J. (2020). ‘Investor Sentiment and Prepayment Hazard: The Case of Multifamily MBS Loans’ Journal of Real Estate Research, [SSCI] Forthcoming

Das, P., Füss, R.; Hanle, B. & Russ, I. (2020). ‘The Cross-Over Effect of Irrational Investor Sentiments in Commercial and Residential Real Estate Markets.’ Journal of Banking and Finance, [SSCI] Vol 114

Agarwal, M. & Das, P. (2019). Green Hotels: An Overview. Boston Hospitality Review (peer-reviewed). Winter 2019

Das, P., Coulson, E. & Ziobrowski, A., (2019) ‘Caste, Faith and Gender: Determinants of Homeownership in India’. Journal of Real Estate Finance & Economics, [SSCI] 59 (1) pp 27-55.

Das, P.; Smith, P. & Gallimore, P. (2018). ‘Pricing Extreme Attributes in Commercial Real Estate: The Case of Hotel Transactions’. Journal of Real Estate Finance & Economics, 57 (2), pp 264-296 [SSCI]

Robinson, S.; Singh, A.J. & Das, P. (2016), ‘Financial Impact of LEED and Energy Star Certifications on Hotel Revenues’. Journal of Hospitality Financial Management.

Low, W.; Das, P. & Piffaretti, C. (2016). ‘The Role of Hotels in Mixed Asset Portfolios: Revisiting the Asset-Heavy versus Asset-Light Debate’. International Journal of the Built Environment and Asset Management, 1(4), 273-292.

Das, P. & Thomas, C.R. (2016). ‘Strategic Development of REITs in India. Journal of Real Estate Literature, Vol 24 No. 1 pp 105-131.

Das, P., & Ziobrowski, A. (2015). The relationship between Indian realty stocks and online searches. Journal of Emerging Market Finance, (lead article) 14(1), 1-19

Sah, V., Zhou, X., & Das, P. (2015). Does index addition add any new information? Evidence from REIT dividend forecasts. Journal of Property Research, 32(1), 33-49.

Das, P., Freybote, J., & Marcato, G. (2015). An investigation into sentiment-induced institutional trading behavior and asset pricing in the REIT market. Journal of Real Estate Finance and Economics, 51(2) pp 160-189. [SSCI]

Das, P. (2015). Revisiting the Hotel Capitalization Rate, International Journal of Hospitality Management, 46 (2015) 151–160. [SSCI

Das, P., Ziobrowski, A., & Coulson, E. (2015). Online information search, market fundamentals and apartment real estate. Journal of Real Estate Finance and Economics, 51(4), pp 480-502. [SSCI]

Das, P., & Wiley, J. A. (2014). Determinants of premia for energy-efficient design in the office market. Journal of Property Research, 31(1), 64-86

Chinloy, P., Das, P., & Wiley, J. A. (2014). Houses and apartments: similar assets, different financials*. Journal of Real Estate Research, (lead article) 36(4), 409-433. [SSCI]

Das, P., Sah, V., Sharma, D., Singh, V., & Galuppo, L. (2013). Real Estate Development Process in India. Journal of Real Estate Literature, 21(2), 271-292.

Das, P., Tidwell, A., & Ziobrowski, A. (2011). Dynamics of green rentals over market cycles: Evidence from commercial office properties in San Francisco and Washington DC. Journal of Sustainable Real Estate, lead article, 3(1), 1-22

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Books

'Real Estate in South Asia,’ (edited volume) with R. Aroul & J. Freybote, Routledge Publications, UK, 2019

‘Real Estate Finance in India,’ with D. Sharma, SAGE, India, 2014

Chapters

‘A Macroeconomic Summary of South Asia: A Real Estate Perspective: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan & Sri Lanka’ with Y. Chen

‘REITs in India: A Story Still Unfolding’ with C.Thomas

‘Economics of Real Estate Knowledge in South Asia: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan & Sri Lanka’ with P. Varga & E M’Seddi

‘Minimizing the Cost of Capital in Hotel Investments’, with G. Bodenmann, Book: Holistic Optimization Techniques in the Hospitality, Tourism, and Travel Industry, IGI Global Publishers, USA, 2017

‘Residential Real Estate in China, Past, Present & Future’, Book: Corporate Counsel's Guide to Doing Business in China, Thomson West Reuters Press, USA, 2009

Consulting

Developed Natural Vacancy Rate Indices across global markets for STR, London, UK & Nashville, USA, 2018

Conducted a study of real estate credit rating system in the United States, Korea Research Institute for Human Settlements, 2012

‘Integration of Retail Business in Multi-Use Real Estate Development’, EHL Lausanne, 2019

‘How to Develop Courses that Matter.’, EHL Lausanne, 2019

‘Financial Agility for Hotel Managers.’ , Coworth Park/ London (UK), 2019

Co-authored a white paper on Hotel Valuation for the Royal Inst. of Chartered Surveyors, Switzerland

Invited by the Securities and Exchange Board of India to critique the REIT regulation, Mumbai, 2015

Invited for feedback on the business school at Jaypee Business School, Noida (India), 2017

Member- Editorial Board: Journal of Property Research, Taylor & Francis, UK, 2020

Member- Editorial Board: Journal of Sustainable Real Estate, Taylor & Francis, UK, 2020

Member of the Academic Board: EHL Lausanne, 2018

Invited to serve on the Advisory Board of a US-based Hotel Fund, USA, 2018

Best manuscript award jury member, specific category, , ARES, 2017

Best manuscript award jury member, specific category ARES, 2016

Best manuscript award jury member, specific category ARES, 2016

Best manuscript award jury member, (specific category), ARES, 2014

Best manuscript award jury member, specific category ARES, 2013

Acting Director: Real Estate, Finance & Economics Institute, 2018

Led & delivered executive education workshops

Set up an International Board of Advisors

Organized webinars

Facilitated index development by the school

Co-Convener: HFE Conference, 2020

Area Chair- Lodging Real Estate: American Real , 2020

Session Chair

European Real Estate Society Conference, ESSEC Paris, 2019

American Real Estate Society Conference, Bonita Springs FL, 2018

‘Three Mantras of Success’, Bachelors’ , Graduation Speech, EHL Switzerland, 2020

‘Five Common Mistakes in Hotel Valuation’, RICS Switzerland, 2020

‘Pricing Anything in Commercial Real Estate’, NMIMS Mumbai, 2019

‘Hedonic Valuation for Commercial Real Estate’, RICS SBE Mumbai, 2019

‘Hotel Valuation using Hedonic Models’, RICS Switzerland, 2018

‘Pursuit of Wealth’ , Exec. MBA Graduation Speech, Switzerland

‘Pursuit of Happiness’, Exec. MBA Graduation Speech, 2017

‘Pricing Anything in Commercial Real Estate’, RICS School, Noida, 2017

‘A Primer on Real Estate for Architects’, IIT Roorkee, 2015

‘Behavioral Explanation to Spatial Dependence’, Univ. of Reading (UK), 2020

‘Behavioral Explanation to Spatial Dependence’, Univ. of Manchester, 2020

‘Behavioral Explanation to Spatial Dependence’ , IIM Bangalore, 2018

‘Determinants of Homeownership in India’, IIM Bangalore, 2013

Covid19: Hotels and Commercial Real Estate’, Indian School of Hospitality, 2020

‘Commercial Real Estate in the Covi-19 Era’,, REFE Institute, 2020

Awards & Honors

2019 - Red Pen Award from The Journ. of Real Est. Portfolio Mgmt. for excellence in refereeing services(2019)

2019 - Practitioner Research Award from the American Real Estate Society (2019)

2018 - Best paper award (apartment category) from the American Real Estate Society (2018)

2016 - Nambiar Developers Award for Best Paper in Real Estate from the Asian Real Est. Soc.(2016)

2016 - Practitioner Research Award from the American Real Estate Society (2016)

2015 - Paper of the Year award from Journal of Real Estate Research (2015)

2015 - Best paper award (sustainability category) from the American Real Estate Society (2015)

2012 - Best paper award (office category) from the American Real Estate Society (2012)

2011 - Best paper award (apartment category) from the American Real Estate Society (2011)

2015-20 - Nominated for the “Researcher of the Year” Award by peers at EHL (2015-20)

2015 - Excellence Diploma for teaching in the PGP program: ASE University (Bucharest) (2015)

2017, 18, 19 - Nominated for the “Teacher of the Year” Award by students and peers at EHL (2017, 18, 19)

2012 - Earned the GTA Teaching Excellence Award at the Georgia State Univ. Atlanta, USA (2012)

2016 - Attended the Harvard Case Method Teaching Seminar, Univ. of Vienna (2016)

2015 - Earned the Teaching Certificate (Attestation Pédagogique) by HES.SO Switzerland (2015)

2014 - Completed the Robinson College of Business Teaching Seminar, GSU Atlanta USA (35 hours) (2014)

2013-now - Participated in over 20 pedagogic workshops (60+ hours) organized by EHL: (2013-now)

2012 - PREA Scholarship: Pension Real Estate Association, Hartford CT (2012)

2012 - Travel Award, RERI Conference, DePaul University, Chicago, IL (2012)

2011-2013 - Colquitt ‘Buck’ Chandler Scholarship (Georgia State University) (2011-13)

2010-11 - John H. Cowart Scholarship (Georgia State University) (2010-11)

2011 - Alpha Sigma Gamma (the International Real Estate Society) Honors (2011)

2010 - Phi Beta Delta (by invitation: scholarly achievement in international education ) Honors

2008 - President (elected), International Graduate Student Association, Texas A&M University (2008)

2000-04 - Full Merit Scholarship, Indian Institute of Technology (2000-04)

2017 - Best Paper (Conference)

IIMA