Phone:

+91-79-7152 4858

Email:

prashantd@iima.ac.in

Website:

https://prashantdas.com/

Prof. Prashant Das

Finance and Accounting

Prashant Das is an Associate Professor of Real Estate Finance at the Indian Institute of Management, Ahmedabad (IIMA).


Earlier, he served as an Associate Professor of Real Estate Finance and the acting Director of Real Estate, Finance & Economics (REFE) Institute at EHL Lausanne, Switzerland. At EHL, he served on the Academic Board beyond teaching Master’s and Bachelor’s level courses in real estate finance, appraisal and investment. He has been a visiting faculty at various universities in China, and Romania; and an executive education consultant in Switzerland and the UK.


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, CMBS, hotels and apartments in particular), behavioral real estate and sustainability. He has a special interest in real estate markets of India.


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

 

Educational Qualifications

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

2013

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

2008

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

2005

Academic Affiliation

 

Professional Affiliation

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

 

  • Jaypee Business School, India
  • 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

 

Teaching

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

Area of Research

  • Commercial Real Estate (Private Equity, REIT, CMBS, Sustainability, Hotels)
  • Sentiments
  • Valuation
  • Real Estate in India

Current Research

Publications

RESEARCH PAPERS

Publication in Peer-Reviewed Journals

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

*Won Practitioner Research (Conference) Award, American Real Estate Society (2019)
*Won the Best Paper (Conference) Award, American Real Estate Society (2017)

  • 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
  • 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
  • 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]

*Earlier version won the Nambiar Developers Best Paper Award in Real Estate at the Asian Real Estate Society Conference (2016), Bangalore

  • 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]

      *Earlier version won the Best Paper (Conference) Award, American Real Estate Society

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

*Won the Best Paper of the Year (Journal) Award, 2015

  • 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.

      *Won the Best Paper (Conference) Award, American Real Estate Society

Other peer-reviewed Journal Publications

  • Frutig, B. & Das, P. (2020). ‘Does Geographic Diversification Reduce Systematic Risk in Hotel REITs?’ Journal of Hospitality Financial Management 28(1). 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
  • Das, P. & Thomas, C.R. (2016). ‘Strategic Development of REITs in India. Journal of Real Estate Literature, Vol 24 No. 1 pp 105-131.
  • 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.
  • Robinson, S.; Singh, A.J. & Das, P. (2016), ‘Financial Impact of LEED and Energy Star Certifications on Hotel Revenues’. Journal of Hospitality Financial Management.

      *Won Practitioner Research (Conference) Award, American Real Estate Society (2016)
      *Won the Best Paper (Conference) Award, American Real Estate Society (2015)

  • 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
  • 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.

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

Books / Chapters

  • Book (co-edited): ‘Real Estate in South Asia,’ (edited volume) with R. Aroul & J. Freybote, Routledge Publications, UK, 2019
    • Book chapter [peer reviewed]: ‘Economics of Real Estate Knowledge in South Asia: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan & Sri Lanka’ with P. Varga & E M’Seddi
    • Book chapter [peer reviewed]: ‘REITs in India: A Story Still Unfolding’ with C.Thomas
    • Book chapter [peer reviewed]: ‘A Macroeconomic Summary of South Asia: A Real Estate Perspective: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan & Sri Lanka’ with Y. Chen
  • Book (co-authored): ‘Real Estate Finance in India,’ with D. Sharma, SAGE, India, 2014
  • Book Chapter [peer-reviewed]: ‘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
  • Book Chapter: ‘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

  • 2018: Developed Natural Vacancy Rate Indices across global markets for STR (London, UK & Nashville, USA): STR London
  • 2012: Conducted a study of real estate credit rating system in the United States for Korea Research Institute for Human Settlements, with V. Singh

Faculty / Management Development Workshops

  • 2019 (Sep): ‘Integration of Retail Business in Multi-Use Real Estate Development’. EHL Lausanne

Audience: HEMBA Senior executive cohort, CEIBS

  • 2019 (Dec): ‘How to Develop Courses that Matter.’ EHL Lausanne

Audience: Faculty members. Guilin Tourism University, China

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

Audience: Directors of Finance from global Dorchester Collection Luxury Hotels facilities

International / Industry Engagements

  • 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), August 2017

 

 

SERVICES

Board Memberships

  • Member- Editorial Board:  Journal of Property Research (Taylor & Francis, UK), June 2020-onwards
  • Member- Editorial Board: Journal of Sustainable Real Estate (Taylor & Francis, UK), Jan 2020-onwards
  • Member of the Academic Board: @ EHL Lausanne: 2018-onwards
  • Invited to serve on the Advisory Board of a US-based Hotel Fund (to be launched), USA, 2018

Journal Refereeing

[Ranked globally top 5% of referees (by merit) | Publons, a peer review sharing platform]
Journal of Real Estate Finance and Economics ● Journal of Real Estate Research ● Journal of Property Research ● Real Estate Economics ● Journal of Regional Sciences ● Urban Studies ● Tourism Management ● International Journal of Hospitality Management ● International Journal of Built Environment and Asset Management ● Cornell Hospitality Quarterly ● Journal of Real Estate Portfolio Management ● International Journal of Housing Markets and Analysis ● Journal of Behavioral and Experimental Finance ● Sustainability ● International Journal of Contemporary Hospitality Management ● Acta Structilia ● Routledge Publications, U.K. (for book proposals) ● IIM Ahmedabad Case Center

Invited Scientific Jury Services

  • 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, 2014
  • Best manuscript award jury member (specific category), ARES, 2013

Leadership SERVICES

  • Acting Director: Real Estate, Finance &  Economics Institute @ EHL Lausanne: 2018-onwards
    • Led & delivered executive education workshops
    • Set up an International Board of Advisors
    • Organized webinars
    • Facilitated index development by the school
  • Co-Convener: HFE Conference @ EHL Lausanne, 2020 (Canceled due to COVID-19) and 2019
  • Area Chair- Lodging Real Estate: American Real Est. Soc. 2020 (Canceled due to COVID-19)
  • Session Chair
    • European Real Estate Society Conference, ESSEC Paris (2019)
    • American Real Estate Society Conference, Bonita Springs FL (2018)

Invited Keynote Lectures / Speeches

  • ‘Three Mantras of Success’, Bachelors’ Graduation Speech, EHL Switzerland, Jul 24 2020
  • ‘Five Common Mistakes in Hotel Valuation’ (Keynote), RICS Switzerland, Zürich, Jan 2020
  • ‘Pricing Anything in Commercial Real Estate’ (Keynote), NMIMS Mumbai, Dec 2019
  • ‘Hedonic Valuation for Commercial Real Estate’ (Keynote), RICS SBE Mumbai, Aug 2019
  • ‘Hotel Valuation using Hedonic Models’ (Keynote), RICS Switzerland, Bern, Oct 2018
  • ‘Pursuit of Wealth’ (Keynote), Exec. MBA Graduation Speech, EHL Switzerland, Aug 2018
  • ‘Pursuit of Happiness’ (Keynote), Exec. MBA Graduation Speech, EHL Switzerland, Aug 2017
  • ‘Pricing Anything in Commercial Real Estate’ (Keynote), RICS School, Noida, India, 2017
  • ‘A Primer on Real Estate for Architects’ (Keynote), IIT Roorkee, Jan. 2015

Invited Seminars

  • ‘Behavioral Explanation to Spatial Dependence’(Seminar), Univ. of Reading (UK), Feb 2020
  • ‘Behavioral Explanation to Spatial Dependence’(Seminar), Univ. of Manchester (UK), Feb 2020
  • ‘Behavioral Explanation to Spatial Dependence’ (Seminar), IIM Bangalore, Dec 2018
  • ‘Determinants of Homeownership in India’ (Seminar), IIM Bangalore, 2013

Webinars

  • ‘Covid19: Hotels and Commercial Real Estate’, Indian School of Hospitality, Apr 2020
  • Host: ‘Commercial Real Estate in the Covi-19 Era’, REFE Institute (EHL Lausanne), Apr 2020

Awards & Honors

Research Awards

  • Red Pen Award from The Journ. of Real Est. Portfolio Mgmt. for excellence in refereeing services (2019)
  • Practitioner Research Award from the American Real Estate Society (2019)
  • Best paper award (apartment category) from the American Real Estate Society (2018)
  • Nambiar Developers Award for Best Paper in Real Estate from the Asian Real Est. Soc. (2016)
  • Practitioner Research Award from the American Real Estate Society (2016)
  • Paper of the Year award from Journal of Real Estate Research (2015)
  • Best paper award (sustainability category) from the American Real Estate Society (2015)
  • Best paper award (office category) from the American Real Estate Society (2012)
  • Best paper award (apartment category) from the American Real Estate Society (2011)
  • Nominated for the “Researcher of the Year” Award by peers at EHL (2015-20, each year)

Teaching Awards, Certifications & Training

  • Excellence Diploma for teaching in the PGP program: ASE University (Bucharest)
  • Nominated for the “Teacher of the Year” Award by students and peers at EHL (2017, 18, 19)
  • Earned the GTA Teaching Excellence Award at the Georgia State Univ. Atlanta, USA (2012)
  • Attended the Harvard Case Method Teaching Seminar, Univ. of Vienna, (2016)
  • Earned the Teaching Certificate (Attestation Pédagogique) by HES.SO Switzerland
  • Completed the Robinson College of Business Teaching Seminar, GSU Atlanta USA (35 hours)
  • Participated in over 20 pedagogic workshops  (60+ hours) organized by EHL: 2013-now

SCHOLARSHIPS & Honors

  • PREA Scholarship: Pension Real Estate Association, Hartford CT, 2012
  • Travel Award, RERI Conference, DePaul University, Chicago, IL 2012
  • Colquitt ‘Buck’ Chandler Scholarship (Georgia State University), 2011-2013
  • John H. Cowart Scholarship (Georgia State University), 2010-11
  • Alpha Sigma Gamma (the International Real Estate Society) Honors, 2011
  • Phi Beta Delta (by invitation: scholarly achievement in international education ) Honors, 2010
  • President (elected), International Graduate Student Association, Texas A&M University, 2008
  • Full Merit Scholarship, Indian Institute of Technology, 2000-04

Thoughts

 

Staging Enabled