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Tobias  Mühlhofer

Tobias Mühlhofer

Research Associate Professor, Finance

Research Interests

Real estate finance; empirical asset pricing; and mutual funds

Featured Publications

  • Hochberg, Yael and Tobias Mühlhofer (2016). "Market Timing and Investment Selection: Evidence from Real Estate Investors." Forthcoming, Journal of Financial and Quantitative Analysis.

    Mühlhofer, Tobias (2015), “They Would if They Could: Assessing the Bindingness of the Property Holding Constraints for REITs,” Real Estate Economics, forthcoming.

    Mühlhofer, Tobias (2013), “Why do REIT Returns Poorly Reflect Property Returns? Unrealizable Appreciation Gains due to Trading Constraints as the Solution to the Short-Term Disparity,” Real Estate Economics, Vol. 41, 814-857.

    Hartzell, Jay and Tobias Mühlhofer and Sheridan Titman (2010), “Alternative Benchmarks for Evaluating Mutual Fund Performance.” Real Estate Economics, 38(1), Spring 2010, 121-154.

Teaching and Professional Experience

  • Research Associate Professor, Finance, Miami Herbert Business School, 2015 - Present
  • Visiting Assistant Professor, Research Economist, University of Texas at Austin McCombs School of Business, 2009 - 2010, 2013 - 2015
  • Assistant Professor, Indiana University Kelley School of Business, 2007 - 2013
  • Research Fellow, Lecturer, University of Texas at Austin McCombs School of Business, 2005 - 2007
  • Class Teacher, London School of Economics, 2002 - 2005


  • Commercial real estate
  • Performance of delegated money management


  • Ph.D., Real Estate Finance, London School of Economics, 2006
  • M.S., Real Estate Economics and Finance, London School of Economics, 2002
  • B.A., Economics, Mathematics, Music, Yale University, 2001

Honors and Awards

  • Outstanding Referee, Real Estate Economics, 2014
  • Research Prize Recipient, Real Estate Research Institute, 2012 - 2013, 2010 - 2011, 2008 - 2009, 2006 - 2007
  • Orange Jackets Outstanding Professor award, University of Texas, 2009
  • Best Dissertation Award, American Real Estate and Urban Economics Association, 2006
Tobias  Mühlhofer


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