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Nafeesa Yunus, Ph.D.

Associate Professor of Finance and Real Estate
Harry Y. Wright Chair

Department of Finance and Economics
Office: Business Center 411
Phone: 410.837.4979
Personal Web Site:


  • Ph.D., University of Texas at Arlington
  • M.B.A., Indiana University of Pennsylvania
  • B.S., Indiana University of Pennsylvania
  • Bio

    Dr. Nafeesa Yunus earned her B.S. and MBA in Finance from Indiana University of Pennsylvania and a Ph.D. in Finance (minor in Real Estate) from the University of Texas at Arlington. She joined UB in Fall 2008. Dr. Yunus’s research interests revolve around Financial econometrics, Globalization of capital markets, Macro aspects of financial markets and instruments, International finance, Financial contagion, International real estate investments, Portfolio strategy and the U.S. housing market. She has published nine articles in reputable academic journals including Real Estate Economics (2 papers), Journal of Real Estate Finance and Economics, Journal of International Financial Markets Institutions and Money (2 papers), Journal of Real Estate Research, Journal of Property Research, Journal of Property Investment and Finance and the Journal of Multinational Financial Management. Dr. Yunus has taught several preparations at UB both online and face to face at the Graduate and Undergraduate levels. They include: (1) Real Estate Finance (FIN 471) Face to Face, (2) Real Estate Investments (FIN 470) Face to Face, (3) Real Estate Principles and Transactions (REED 312) Face to Face (4) Financial Management (FIN 331) Online and Face to Face (5) Graduate level Financial Management (FIN 504) Online (6) Real Estate Investments (FIN 750) and (7) Graduate level Corporate Finance (FIN 640). She will be teaching Real Estate Market Analysis course (REED 475) in Spring 2015. Dr. Yunus serves and has served on various committees at UB including the Undergraduate curriculum committee, the Faculty development committee, the Civility committee, University research council. She is an active reviewer who serves on the editorial boards of the Journal of Property Research and the Journal of Real Estate and Portfolio Management. Website:

  • Research Interests

  • Teaching Interests

  • Recent Publications

    Intellectual Contributions

    Refereed Journal Articles

    Yunus, N. (2019). Dynamic linkages among U.S. real estate sectors before and after the housing crisis (forthcoming). The Journal of Real Estate Finance and Economics, forthcoming.

    Yunus, N. (2018). Transmission of shocks across global real estate and equity markets: An examination of the 2007-2008 housing crisis.. Applied Economics. 50. 3899-3922.

    Yunus, N. (2016). Modeling interactions among the housing market and key U.S. sectors. Journal of Property Research. 33(2), 121-146.

    Yunus, N. (2015). Trends and convergence in global housing markets.. Journal of International financial markets institutions and money. 36.


    Yunus, N. American Real Estate Society, "“does the choice of index matter when examining the long-run and short-run Attributes of commercial real estate?," Coronado (San Diego), CA. (2017).

    Yunus, N. American Real Estate Society, "Transmission of Shocks Across Real Estate and Equity Markets During Periods of Economic Crises."," Denver, Colorado. (2016).

    Yunus, N. American Real Estate Society, "Modeling interactions among the housing market and key U.S. sectors," (2015).

    Contracts, Grants and Sponsored Research

    Yunus, Nafeesa , "Summer research grant" Sponsored by (2016).

    Yunus, Nafeesa , "REACH award for paper Gold in multi-asset-class portfolios" Sponsored by (2017).

    Research in Progress

    "Analyzing co-movements among states and cities." (On-Going)

    "Analyzing housing market dynamics: A copula approach" (On-Going)

    "Common stochastic trends in emerging housing markets." (On-Going)

    "Convergence of real interest rates: A global perspective." (On-Going)

    "Dynamic interactions among US sectors." (Writing Results)

    "Gold in multi-asset-class portfolios" (Writing Results)

    "Portfolio development strategies for the long-run investor." (On-Going)

    "Portfolio diversification benefits across emerging markets: Evidence based on regime switching models." (On-Going)

    "Reaction of stock prices to dividend shocks: A comparative analysis." (On-Going)

    "The long-run impact of global securitized real estate within the global equity portfolio." (Writing Results)

    "Time-varying attributes of commercial real estate indexes" (Writing Results)

    "Volatility clustering across international stock markets during chaotic market environments (analyzing data) ."