Thomas Vincent 1 July, 1999

Aloha Ladies and Gentlemen,

Our "Commercial Real Estate in the Portfolio" session is scheduled for Saturday, January 5, 2002 at 10:15 a.m. in the Jackson room at the Hilton Hotel as part of the AREUEA annual conference, January 4th - 6th to be held in Atlanta, Georgia. 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.

The format for the session is as follows:

Paper presentations: no more than 15 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 Friday, December 3, 2001. According to Marlene Hight at 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

ALLIED SOCIAL SCIENCE ASSOCIATIONS, January 4-6, 2002, Atlanta, GA

Day: Saturday Time: 10:15 a.m. Date: January 5, 2002
Hotel: Hilton Room: Jackson
Association American Real Estate and Urban Economics Association

Session Title: Commercial Real Estate in the Portfolio

Presiding: Crocker Liu, New York University

Jeffrey Fisher and Seow Eng Ong, Indiana University and National University of Singapore --Valuation of Real Estate
Portfolios

David H. Downs and David W. Sommer, University of Georgia -- The Determinants of Real Estate Allocations for
Life Insurers

Brian Ciochetti and James D. Schilling, University of North Carolina and University of Wisconsin, -- New Evidence
on the Disappearance of Small Cap Premium in Stock Prices

Yuming Fu, University of Wisconsin, Madison -- Re-smoothing Appraisal Returns

Discussants:

Jarl Kallberg, New York University
Jim Clayton,University of Cincinnati
Daniel Quan, Cornell University
Clark Maxam, Montana State University Presiding: Crocker Liu Batting Order: Email all participants

Order	Presenter	Discussant
1	Jeffrey Fisher and Seow Eng Ong "Valuation of Real Estate Portfolios" Indiana University /Natl Univ of Singapore Center for Real Estate Studies Kelley School of Business, Bloomington, IN, 474051701 Phone: (812)855-7794 Fax: (812)855-9472 E-mail: fisher@indiana.edu Email: seong@nus.edu.sg	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
2	David H. Downs and David W. Sommer "The Determinants of Real Estate Allocations for Life Insurers" University of Georgia Terry College of Business 296 Brooks Hall Athens, GA, 30602-6255 Phone: (706)542-4450 Fax: (706)542-4295 E-mail: ddowns@terry.uga.edu Email: dsommer@terry.uga.edu	Jim Clayton University of Cincinnati Department of Finance ML 0195 Cincinnati, OH, 452210195 Phone: (513)556-7077 Fax: (513)-556-4891 E-mail: Jim.Clayton@uc.edu
3	Brian Ciochetti and James D. Shilling, "New Evidence on the Disappearance of Small Cap Premium in Stock Prices" Brian Ciochetti University of North Carolina Kenan-Flagler Business School CB# 3490 McColl Building, Chapel Hill, NC, 275993490 Phone: (919)962-3127 Fax: (919)962-5539 E-mail: b_ciochetti@unc.edu James D. Shilling University of Wisconsin, Center for Urban Land Economics Research 975 University Avenue, Madison, WI, 537061323 Phone: (608)262-8602 Fax: (608)265-2738 E-mail: jshilling@bus.wisc.edu	Daniel Quan Cornell University Financial Management Department 435D Statler Hall, Ithaca, NY, 148530000 Phone: (607)255-6404 Fax: E-mail: dq22@cornell.edu
4	Yuming Fu "Re-smoothing Appraisal Returns" Department of Real Estate School of Design and Environment National University of Singapore 4 Architecture Drive Singapore 117566 Tel : +65 874 5161 Fax : +65 774 8684 Email : rstfuym@nus.edu.sg	Clark L. Maxam Montana State University College of Business 446 Reid Hall Bozeman, MT, 597170000 Phone: (406)994-4692 Fax: (406)994-6206 E-mail: gwin@babson.edu E-mail: seong@nus.edu.sg E-mail: clmaxam@montana.edu