McKay Price, the associate professor in the finance department, sits at his desk on Thursday, April 20, 2017 in Rauch Business Center. Price was recently ranked No. 12 worldwide for his contributions to the field of real estate from 2012 to 2016. (Aminat Ologunebi/B&W Staff)

Professor McKay Price ranks No. 12 worldwide in real estate


McKay Price, an associate professor in the finance department, ranked No. 12 worldwide in real estate for his contributions to the field.

The rankings are released based on work demonstrated over a four-year time period. Price, who was previously ranked No. 31 in the 2011-15 period, said individuals receive their rankings based on the number of articles they publish regarding real estate and the most noteworthy contributions in their academic journals during that time.

Price said he primarily writes journal articles. He said having more articles in print allows textbooks to include more knowledge regarding the field and synthesizes them into comprehensive information.

“It’s like breakfast cereal,” Price said jokingly. “Each individual contribution, or flake, will eventually fill you up.”

According to, Georgette Phillips, the dean of the College of Business and Economics, said Price’s ranking is impressive. She said Lehigh’s real estate minor is one of the most popular among undergraduates, and Price has contributed a large body of work to enhance the business college experience for students and professors alike.

“Our research profile shines so much brighter,” Phillips said. “Professor Price is a great resource for students — he has practiced real estate in the real world. He brings the industry to the classroom, in addition to his Ph.D in finance.”

Referencing a bell curve, Price said he ended up at Lehigh because its students seemed of higher quality to him.

“While there are smart people everywhere at every school, I found Lehigh to be a very special place with very special students,” Price said. “We have access to everything here, including a short drive to both New York City and Philadelphia. It’s cool because most students will end up working and living in one of those cities after they graduate.”

Price said he is equally passionate about his teaching and research. He primarily studies real estate investment trusts, or REIT. He said he enjoys getting to learn new things every day and connect his students to what he’s learning.

REITs, the central focus of Price’s research, are companies that generate income by producing real estate.

“Companies can go out and buy these properties, such as a Manhattan office building,” Price said. “What I have learned and what I have researched is that we ourselves can learn how to buy shares and indirectly buy stock ourselves.”

Price studies both theoretical and empirical models in his research. Theoretical theories consist of studying and creating models, while empirical research tests them in the field. He said he specifically studies the tax structure around REITs and tests it empirically.

Price has an undergraduate degree in finance from the University of Utah as well as advanced degrees in both finance and real estate, respectively, from MIT and Florida State University. He managed the commercial real estate development process for Target in Washington D.C., Boston and Philadelphia for six years.

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