Roy Black

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

  • Atlanta GA

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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Emory University, Goizueta Business School

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Biography

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

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

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Areas of Expertise

Real Estate Finance
Real Estate Attorney
Business Administration
Real Estate Market Analysis

Publications

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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Research Spotlight

1 min

What are the pros and cons of landing Amazon HQ2?

Thursday Atlanta appeared on the shortlist for Amazon's second corporate headquarters. What would that mean for the city? Two Goizueta experts break down the finance and the real estate angles. Source:

Roy BlackRaymond Hill

In the News

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

Georgia Public Broadcasting  online

2021-08-10

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

2021-05-10

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

2021-04-21

“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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