
»Faculty & Staff
At the Hayden School of Real Estate, our faculty and staff are dedicated to advancing real estate education through industry expertise, research, and student support. With experience spanning development, investment, policy, and beyond, they bring real-world knowledge into the classroom and mentorship to every student. Explore our directory to connect with the people who make our programs thrive.

His career has encompassed brokerage, leasing, marketing, and property operations, and—most notably—originating institutional debt and equity investments totaling over $8 billion. During his tenure at Affinius/USAA, the firm’s assets under management grew from approximately $3 billion to over $60 billion.
Mr. Ames served for many years on the Board of Directors of NAIOP Southern California,
including two terms as chapter president (2011–2012), and has been on the NAIOP Inland
Empire Board of Directors for the past decade. He holds an MBA from the University
of Southern California, a Bachelor of Arts from California State University, Fullerton,
and the CCIM designation.
Connect with Steven
Faculty

Hank Adler
MBA, University of California, Los Angeles
A former tax partner at Deloitte & Touche, Mr. Adler’s research has been published
by The Wall Street Journal, Tax Notes, Prentice Hall, and Tax Magazine. His interests include theories of taxation and board governance.
Expertise: Accounting; Individual and Corporate Taxes; Board of Directors; Real Estate Tax

David Berkovitz
Professor Berkovitz has led a private law practice for many years, specializing in contracts, real estate, and other areas of law.
Expertise: Contracts; Real Estate; Civil Litigation

Dr. Gabriele Camera
Ph.D., University of Iowa
Gabriele Camera earned a Ph.D. from the University of Iowa and an M.A. from Miami University. His research
explores how institutions foster cooperation in society and spans economic theory, experimental economics, and monetary economics. His work has been
published in Econometrica, the American Economic Review, and the Proceedings of the National Academy of Sciences.

Tim Frenzel
MS in Artificial Intelligence, University of Texas at Austin
Tim Frenzel has nearly 20 years of experience in finance, with a specialization in data science, AI, and quantitative
modeling. His work focuses on AI-driven alpha generation, risk analytics, and predictive
modeling, and he has managed $1.6 billion across multi-asset and hedge fund strategies. He also teaches machine learning and
quantitative finance.
Expertise:Data Science; Real Estate Analytics; Artificial Intelligence; Quantitative Finance; Risk Management; Algorithmic Trading

Dr. Jessica Kim-Gina
Ph.D., Wharton School, University of Pennsylvania
Jessica Kim-Gina earned a Ph.D. and M.S. from the Wharton School and a Master's in Law from the University of Pennsylvania. Her research examines the economic effects of
inter-firm information sharing, financial reporting, and corporate intangibles. She previously taught at UCLA Anderson and held positions at Cornell University and
Goldman Sachs.
Expertise: Financial Accounting; Real Estate Investments; Information Economics; Corporate Intangibles; Intellectual Property

Joel Kotkin
Joel Kotkin is the Presidential Fellow in Urban Futures at Chapman University and Executive Director of the Center for Demographics and Policy. He is an internationally recognized authority on global economic, political, and social trends and the author of The Coming of Neo Feudalism and The New Class Conflict. He also serves as executive editor of NewGeography.com and writes regularly for national and international publications.
Expertise: Urban Futures; Demographics; Global Trends; Economic and Social Analysis; Policy Research

Fadel Lawandy
MBA, Norwich University
Fadel Lawandy is Director of the C. Larry Hoag Center for Real Estate and Finance, and a Professor
of Finance and Real Estate at Chapman University. His work spans banking, investment
management, and private equity, and he helped establish Chapman’s CUCA100 and CUOC25 equity indices. He holds a B.S./B.A. from Chapman University
and an MBA from Norwich University and serves on multiple boards.

Dr. Mitchell Warachka
Ph.D., Cornell University
Dr. Warachka earned his Ph.D. from Cornell University and an MBA from the University of Chicago.
His research focuses on asset pricing and household finance, with publications in
leading finance journals, including the Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Management Science. He has taught corporate finance, derivatives, and international finance in the U.S.,
China, and Singapore.
Other Researchers

Dr. Vernon Smith
Ph.D., Harvard University
Dr. Smith earned the 2002 Nobel Prize in Economics for his pioneering work in experimental economics. He has published hundreds of articles and books on capital theory, finance, natural resource economics, and experimental economics. He has served or currently serves on the board of editors of the American Economic Review, The Cato Journal, Journal of Economic Behavior and Organization, the Journal of Risk and Uncertainty, Science, Economic Theory, Economic Design, Games and Economic Behavior, and the Journal of Economic Methodology. He is a past president of the Public Choice Society, the Economic Science Association, and the Association for Private Enterprise Education.
Dr. Smith co-authored “Rethinking Housing Bubbles: The Role of Household and Bank
Balance Sheets in Modeling Economic Cycles,” which documented the link between housing
bubbles and the Great Depression, as well as other deep recessions, over more than
100 years of data.
Dr. Smith is a distinguished fellow of the American Economic Association, an Andersen
Consulting Professor of the Year, and the 1995 Adam Smith Award recipient conferred
by the Association for Private Enterprise Education. He was elected a member of the
National Academy of Sciences in 1995 and received Caltech's Distinguished Alumni Award
in 1996

Dr. James L. Doti
Dr. Doti earned a Ph.D. from the University of Chicago and served as President of Chapman University for 25 years. For nearly 50 years, he has published his legendary economic forecast through the A. Gary Anderson Center for Economic Research. He is the leading expert in regional economic forecasting, as well as the foremost authority on real estate market conditions. Dr. Doti has published several books, including the recently published “Using Data Analytics to Drive Transformational Change: The Chapman University Model”. He has published numerous op-ed pieces, including in the Wall Street Journal.
Expertise: Econometrics; Macroeconomics Forecasting; Real Estate Market Conditions

Dr. Mark DeSantis
Ph.D., University of Pittsburgh
Dr. DeSantis is an Associate Professor of Finance with a Ph.D. and M.A. from the University
of Pittsburgh. His research focuses on behavioral finance, including asset price dynamics,
market efficiency, and factors influencing traders’ earnings. Prior to his academic career, he worked as a consultant for Deloitte Consulting.

Dr. Steven Gjerstad
Ph.D., University of Minnesota
Steven Gjerstad is a Presidential Fellow in the Economic Science Institute at Chapman University with a Ph.D. and M.A. from the
University of Minnesota. His research focuses on experimental economics, market self-regulation,
and the application of AI in financial markets. He has published inGames and Economic Behavior, Economic Theory, and the Journal of Economic Dynamics and Control. Dr. Gjerstad co-authored with Nobel Laureate Vernon Smith “Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets inModeling Economic Cycles”.
Expertise: Experimental Economics; Real Estate Bubbles; Market Self-Regulation; AI in Finance; Financial Crises; Time Series Analysis

Dr. Prashanth Nyer
Ph.D., University of Michigan
Dr. Nyer is a Professor of Marketing with a Ph.D. from the University of Michigan.
His research focuses on consumer behavior, including satisfaction, attitude change,
and cross-cultural differences, and has been published in journals such as the Journal of the Academy of Marketing Science and the International Journal of Research in Marketing. He has taught marketing and advertising management and previously worked in product
management in the consumer products and industrial electronics industries. Dr. Nyer is also an expert on the economics of residential solar panels.
Expertise: Consumer Behavior; Customer Satisfaction; Economics of Residential SolarPanels; Marketing Management; Advertising; Cross-Cultural Marketing

Dr. Raymond Sfeir
Ph.D., University of California, Santa Barbara
Raymond Sfeir is Director of the A. Gary Anderson Center for Economic Research at
Chapman University, with a Ph.D. in Economics from the University of California, Santa
Barbara. He teaches microeconomics, statistics, and forecasting, and his research
focuses on operations research, capital asset pricing, and applied economics. Dr. Sfeir produces the economic forecasts for California, Orange County, and the Inland
Empire, and conducts the quarterly survey of purchasing managers in California. His macroeconomic forecasting work focuses on real estate market conditions, construction activity, and mortgage rates, as well
as indicators of employment and economic growth.
Expertise: Economic Forecasting; Real Estate Market Conditions; Applied Economics; Operations Research; Capital Asset Pricing; Statistics

Marshall Toplansky
MBA, Harvard University
With an MBA from Harvard University, Marshall Toplansky teaches and researches analytics, AI, and machine learning, focusing on strategies
that drive competitive advantage and economic growth. Previously, he co-founded two
companies, led KPMG’s Lighthouse Center of Excellence in Data and Analytics, and was
inducted into the Computer Industry Association's Technology Hall of Fame.Professor Toplansky is a Research Fellow of the Center for Demographics and Policy, with research focusing on the economic vitality and housing markets in California housing markets, economic vitality, public policy to promote innovation, and demographic and migration trends in the
United States.
Expertise: Analytics; Artificial Intelligence; Housing Market Trends;Machine Learning; Business Strategy; Data-Driven Decision Making
Staff

Steven Ames

Mahnaz Asghari

Karolina Krautstenglova

Richard Ramirez
Student Ambassadors
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Email: realestate@chapman.eduMS in Real Estate
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