Thomas Vincent 1 July, 1999

Aloha Ladies and Gentlemen,

Our "International Real Estate I" session is scheduled for Saturday, January 8, 2005 at 8:00 a.m. in Loews (hotel)/ Congress B (room) as part of the AREUEA annual conference, (Saturday through Monday) January 7- 9 to be held in Philadelphia, Pennsylvania. Enclosed is a listing of presenters and discussants, a session schedule and the papers and/or abstracts submitted for presentation at the session. Please check to see that all of your personal information is correct as listed. Session information is also posted on the AREUEA website: go to http://www.areuea.org/conferences/ and then click on "Annual Meeting". The listings are organized by date, time and then alphabetically by participating organization.

The format for the session is as follows:

Paper presentations: no more than 20 minutes
Discussant comments: no more than 5 minutes
Rebuttal by presenters: 1-2 minutes
Remaining time: devoted to questions, answers, and comments

Each author should send the final version of the paper to his or her discussant, as well as all other participants in the session no later than December 5, 2004. According to the ASSA, each person in our session must register for the meetings and pay the registration fee (translation: no arbitrage is allowed). Identification badges are required for admission to sessions and activities. If you have any questions, please feel free to contact me. Mahalo (thank you).

Me ka `oiã`i`o,
(with sincerity)
Crocker H. Liu
Associate Professor of Finance
New York University, Stern School of Business

ALLIED SOCIAL SCIENCE ASSOCIATIONS, January 7-9, 2005, Philadelpha, Pennsylvania

Day: Monday Time: 8:00 a.m. Date: January 8, 2005
Location: Loews (hotel)/Congress B (room)
Association American Real Estate and Urban Economics Association

Session Title: International Real Estate I

Presiding: Crocker H. Liu, New York University

     ELAINE M. WORZALA, University of San Diego, ROBERT JOHNSON, University of San Diego, and LUC
     SOENEN, California Polytechnic University --What Role Can Options Play in Currency Hedging for an International
     Real Estate Investment

    JOSEPH T.L. OOI, National University of Singapore, C.F. SIRMANS, University of Connecticut, and GEOFFREY K.
    TURNBULL, Georgia State University--Price Formation under Small Numbers Competition: Evidence from Land
    Auctions in Singapore

    PETER ENGLUND, Stockholm School of Economics, AKE GUNNELIN, Royal Institute of Technology, PAT
    HENDERSHOTT, Aberdeen, and BO SODERBERG, Royal Institute of Technology--Adjustment in Commercial
    Property Markets

ASHOK BARDHAN and ROBERT EDELSTEIN, University of California, Berkeley--Globalization and Real Estate
Returns

Discussants:

    ALAN ZIOBROWSKI, Georgia State University
    DAN QUAN, Cornell University
    PIET EICHHOLTZ, University of Maastricht
    JARL KALLBERG, New York University

Presiding: Crocker H. Liu

Batting Order: Email all participants

Order	Presenter	Discussant
1	Elaine M. Worzala (contact), Robert Johnson, and Luc Soenen. "What Role Can Options Play in Currency Hedging for an International Real Estate Investment" Elaine M. Worzala (contact) Research Director, Real Estate Institute University of San Diego 5998 Alcala Park San Diego, CA 92110-2492 Phone: (619) 260-7939 Fax: (619)260-7496 Email: eworzala@sandiego.edu Robert Johnson Professor, Economics 5998 Alcala Park San Diego, CA 92110-2492 Phone: (619) 260-4849 Fax: (619)260-7496 Email: johnson@sandiego.edu Luc Soenen Professor, Finance California Polytechnic University San Luis Obispo, CA Phone: (805)756-2821 Fax: Email: lsoenen@calpoly.edu	Alan Ziobrowski Department of Real Estate MSC 4A1476 Georgia State University 33 Gilmer Street SE Unit 4 Atlanta GA 30303-3084 Phone: (404) 651-4610 Fax: (404) 651-3396 email: REDAJZ@langate.gsu.edu
2	Joseph T.L. Ooi, C.F. Sirmans, and Geoffrey K. Turnbull (contact). "Price Formation under Small Numbers Competition: Evidence from Land Auctions in Singapore" Joseph T.L. Ooi Office: SDE1-05-14 Telephone: (65) 6874 3564 Facsimile: (65) 6774 8684 Email: rstooitl@nus.edu.sg C.F. Sirmans University of Connecticut 2100 Hillside Road-Unit 1041 Storrs, Connecticut 06269-1041 Phone: (860)486-3227 Fax: (860)486-0349 Email: cf@sba.uconn.edu Geoffrey K. Turnbull Department of Economics Georgia State University University Plaza Atlanta, GA 30303-3083 Phone: (404)651-0419 Fax: (404)651-2737 Email: gturnbull@gsu.edu	Daniel Quan Cornell University Financial Management Department 435D Statler Hall, Ithaca, NY, 148530000 Phone: (607)255-6404 Fax: (607)255-1277 E-mail: dq22@cornell.edu
3	Peter Englund, Ake Gunnelin, Pat Hendershott (contact), and Bo Soderberg. "Adjustment in Commercial Property Markets" Peter Englund Stockholm School of Economics - Department of Economics P.O. Box 6501 Sveavagen 65 S-113 83 Stockholm, Sweden Phone: (46) 8-736-9154 Fax: Email: peter.englund@hhs.se Ake Gunnelin Royal Institute of Technology SE 100 44 Stockholm, Sweden Phone: (44) 8-790-8982 Fax: Email: ake.gunnelin@infra.kth.se Patric Hendershott University of Aberdeen - Centre for Property Research Aberdeen AB24 2UF, Scotland Phone: (218) 963-1393 Fax: Email: p.hendershott@abdn.ac.uk, phh3939@uslink.net Bo Soderberg Royal Institute of Technology SE 100 44 Stockholm, Sweden Phone: (44) 8-790-8982 Fax: Email: boe@kth.se	Piet M. A. Eichholtz University of Maastricht (formerly University of Limburg) - Limburg Institute of Financial Economics (LIFE) P.O. Box 616 6200 MD Maastricht, Netherlands +31 43 3883648 (Phone) +31 43 3258530 (Fax) Email: P.Eichholtz@BERFIN.unimaas.nl
4	Ashok Bardhan and Robert Edelstein (contact), University of California, Berkeley--Globalization and Real Estate Returns Ashok Bardhan University of California, Berkeley - Fisher Center for Real Estate and Urban Econ Haas School of Business, F602 Berkeley, CA 94720-1900 United States Phone: (510)643-6105 Fax: (510)643-7357 E-mail: bardhan@haas.berkeley.edu Robert Edelstein University of California, Berkeley - Fisher Center for Real Estate and Urban Econ Haas School of Business, F602 Berkeley, CA 94720-1900 United States Phone: (510)643-6105 Fax: (510)643-7357 Email: edelstei@haas.berkeley.edu	Jarl Kallberg New York University Stern School of Business Management Education Center 44 West 4^th Street, Suite 9-190 NY, NY 10012-1126 Phone: (212) 998-0339 Fax: (212) 995-4233 Email: jkallber@stern.nyu.edu