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Roy Black - Emory University, Goizueta Business School. Atlanta, GA, US

Roy Black

Professor Emeritus in the Practice of Finance | Emory University, Goizueta Business School


Prof. Black is a Professor in the Practice of Finance and Director of the Real Estate Program at Goizueta Business School.





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Roy T. Black, who taught part-time at Goizueta since 1999, joined the Goizueta faculty full-time in Summer 2007 to spearhead the Real Estate program. During his tenure at Goizueta, Black has seen his typical class size of 30 students and his load of one or two courses a year swell to the establishment of a program. He has a JD from Woodrow Wilson College of Law, an MS in Real Estate from Georgia State University, and a PhD in Business Administration from the University of Georgia. Prior to entering academia, he spent 15 years as a real estate attorney. He is also a Georgia licensed real estate broker and a Georgia Registered Appraiser. Dr. Black has authored or coauthored 27 articles in refereed Academic and professional journals.

Education (4)

University of Georgia: PhD, Business Administration 1991

Finance, real estate

Georgia State: Master's, Real Estate 1986

Woodrow Wilson College of Law: JD, Law 1974

Cornell University: BA, English 1969

Specialization: Theater Arts (Film)

Areas of Expertise (4)

Real Estate Finance

Real Estate Attorney

Business Administration

Real Estate Market Analysis

Publications (5)

Corporate real estate as a human resource management tool

Journal of Corporate Real Estate

2006 Purpose The purpose of this paper is to explore how a firm can incorporate real estate strategy with its core strategy, using the workspace to support its human resource objectives. The intent is to examine how important the quality of the workplace is to employees and the resulting impact it can have on productivity, loyalty, satisfaction, and retention in a knowledge industry. Design/Methodology/Approach The study uses a survey to gather data on employee opinions about the importance and quality of workplace features. Responses are compared for statically significant differences using ANOVA among groups of employees to determine if opinions differ by sex, position in the firm, and location among newer and older facilities. The results are evaluated in the context of the firm's core strategy and objectives. Findings The results indicate that employees at Alston & Bird, LLC, the law firm studied, are satisfied with the overall quality of their workspace. However, differences exist between workers in different positions and among locations. The firm's most valuable workers, the attorneys, appear to be most satisfied. Specialized spaces (day care center, dining room), carry more importance among employee groups the firm especially wants to recruit and retain. Originality/Value The paper illustrates how workspace initiatives as part of a corporate real estate strategy can support a knowledge firm's core strategy and objectives. It demonstrates how a firm can link corporate and real estate strategies to boost productivity, employee loyalty, employee satisfaction and retention.

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Agency Risks in Outsourcing Corporate Real Estate Functions

Journal of Real Estate Research

2004 Firms outsource business functions to focus on core competencies and cut operating expenses. However, companies must consider agency costs in determining the optimal staffing/outsourcing balance. Analysis of the views of corporate real estate managers and real estate service providers indicate that although they share a common vision of the role of corporate real estate, providers focus more on traditional real estate tasks than on corporate business strategy. The optimum balance of staffing/outsourcing may consist of a corporate real estate staff that understands the overall corporate strategy and devotes its resources to strategic planning, program development, contracting, and monitoring outsourced tasks.

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Expert property negotiators and pricing information, revisited

Journal of Property Valuation and Investment

1997 Builds on a previous study and examines the influence of asking prices as anchors in the real property negotiating process. Previous studies have shown that the human mind uses short cuts (heuristics) in process information. Describes a study which gives further evidence that negotiators familiar with real property will, in many cases, devalue cognitively difficult pricing information and base their negotiation expectations on the seller’s asking price. Concludes that the seller’s asking price is thus a potential source of bias.

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A Note on Ranking Real Estate Research Journals

Real Estate Economics

1996 An understanding of how thirty real estate journals are perceived for promotion and tenure and for professional applicability was sought by surveying members of the two most important real estate academic organizations. Several subgroup comparisons were made revealing some common perceptions but a significant amount of disagreement as well. Among findings robust across the surveyed community were that the Journal of the American Real Estate and Urban Economics Association (changed to Real Estate Economics in 1995) is the most important outlet for promotion and tenure and the Appraisal Journal is the most important outlet for professional applicability. Two distinct journal groupings emerged: an academic group composed of eight journals and a professional group of twenty.

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The use of information versus asking price in the real property negotiation process

Journal of Property Research

1996 This paper examines the use of asking price in the real property negotiation process and whether it can potentially bias results. Theoretical work on the limited processing capacity of the human mind suggests the research hypothesis that negotiators will devalue difficultly processed critical information in favour of cognitive shortcuts (called heuristics) such as asking price. The analysis of data gathered through a series of experiments revealed that the manipulation of asking price led to the manipulation of both buyer opening offer and eventual settlement prices, thus indicating the use of asking price as a shortcut and its strong potential as an agent for bias.

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Research Spotlight

In the News (3)

Should First-Time Homeowners Buy In Georgia’s Hot Real Estate Market?

Georgia Public Broadcasting  online


The reason for the skyrocketing prices is because of the overwhelming demand for houses in the state and across the country, according to Roy Black, a finance professor at Emory University’s business school. “We’ve got a classic supply and demand imbalance,” Black said. “There was very little construction during COVID, so there’s a lot of houses that didn’t get built that should have gotten built. We don’t have the adequate supply to meet the current demand.”

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Why are home prices so high?

11Alive  online


It began over a decade ago during the Great Recession when home building ground to a halt. “There was three or four years when there was very little building going on,” says Roy Black of Emory’s Goizueta Business School. “So we missed adding to the stock of houses at that point.” Building slowed again during the pandemic further limiting the supply as millennials enter the housing market.

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A year into the pandemic, metro Atlanta’s real-estate and development industry is damaged, uneven, relatively strong, and absolutely killing it

Atlanta Magazine  online


“The Atlanta market is kind of like the old joke about averages: To the man who has his head in a refrigerator and his rear-end in an oven—on average, it’s room temperature,” says Emory University finance professor Roy Black, director of Goizueta Business School’s real-estate program. “The real estate’s generally doing well in areas where the money flows.” Black grades Atlanta’s recovery as a B+, so far.

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