Jim Clayton is an Associate Professor at the University of Cincinnati where he teaches courses in real estate finance, investment and development. He received his Ph.D. in Urban Land Economics in 1994 from the Faculty of Business Administration at the University of British Columbia. He also has an MA degree in Economics from the University of Western Ontario (1988) and an Honours BA in Economics from Queen's University (1987). Jim serves on the editorial board of Real Estate Economics and the advisory board of the Real Estate Research Institute (RERI). Awards and honors include the Journal of Property Research best paper at the 2005 European Real Estate Society meetings, best paper in the Journal of Real Estate Portfolio Management in 2001, best paper in real estate valuation at the 1996 American Real Estate Society meeting, four research grants from the Real Estate Research Institute (RERI), and a Homer-Hoyt Institute post-doctoral fellowship in 2000. His articles have appeared in General