Spencer J. Couts

University of Southern California - Sol Price School of Public Policy

Los Angeles, CA 90089-0626

United States

USC Lusk Center of Real Estate

650 Childs Way

Los Angeles, CA 90089

United States

  • University of Southern California - Sol Price School of Public Policy

  • USC Lusk Center of Real Estate

SCHOLARLY PAPERS

8

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5,106

TOTAL CITATIONS

8

Scholarly Papers (8)

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1.

Unsmoothing Returns of Illiquid Funds

Kenan Institute of Private Enterprise Research Paper No. 20-05, USC Lusk Center of Real Estate Working Paper Series, Fisher College of Business Working Paper No. 2024-03-002, Charles A. Dice Working Paper No. 2024-02, The Review of Financial Studies, forthcoming
Number of pages: 107 Posted: 27 Feb 2020 Last Revised: 08 Feb 2024
Spencer J. Couts, Andrei S. Gonçalves and Andrea Rossi
University of Southern California - Sol Price School of Public Policy, Ohio State University (OSU) - Fisher College of Business and University of Arizona - Department of Finance
Downloads 1,751 (21,779)

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Illiquidity, Return Unsmoothing, Performance Evaluation, Hedge Funds, Commercial Real Estate

2.

The Subjective Risk and Return Expectations of Institutional Investors

Fisher College of Business Working Paper No. 2023-03-014, Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2023, Charles A. Dice Center Working Paper No. 2023-14
Number of pages: 109 Posted: 25 May 2023 Last Revised: 10 Dec 2024
Spencer J. Couts, Andrei S. Gonçalves and Johnathan Loudis
University of Southern California - Sol Price School of Public Policy, Ohio State University (OSU) - Fisher College of Business and University of Notre Dame - Mendoza College of Business
Downloads 1,459 (28,766)
Citation 3

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Institutional Investors, Subjective Beliefs, Subjective Expected Returns, Subjective Risk, Subjective Risk Premia

3.

Liquidity Transformation Risks and Stabilization Tools: Evidence from Open-end Private Equity Real Estate Funds

USC Lusk Center of Real Estate Working Paper Series
Number of pages: 66 Posted: 30 Aug 2019 Last Revised: 15 Mar 2025
Spencer J. Couts
University of Southern California - Sol Price School of Public Policy
Downloads 647 (88,672)
Citation 3

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Fair Valuation, Financial Fragility, NAV-timing, Real Estate

4.

A First Look at the Historical Performance of the New NAV REITs

Fisher College of Business Working Paper No. 2024-03-001, Charles A. Dice Center Working Paper 2024-01
Number of pages: 78 Posted: 12 Jan 2024 Last Revised: 25 Feb 2025
Spencer J. Couts and Andrei S. Gonçalves
University of Southern California - Sol Price School of Public Policy and Ohio State University (OSU) - Fisher College of Business
Downloads 509 (120,003)

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Real Estate Investment Trusts, Risk-Adjusted Performance, Portfolio Allocation, Individual Investors

5.

Institutional Investors' Subjective Risk Premia: Time Variation and Disagreement

Fisher College of Business WP No. 2024-03-017 and Charles A. Dice Center WP No. 2024-17
Number of pages: 77 Posted: 22 Aug 2024
Spencer J. Couts, Andrei S. Gonçalves, Yicheng Liu and Johnathan Loudis
University of Southern California - Sol Price School of Public Policy, Ohio State University (OSU) - Fisher College of Business, Ohio State University (OSU) and University of Notre Dame - Mendoza College of Business
Downloads 293 (225,595)

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Institutional Investors, Subjective Beliefs, Subjective Risk Premia

6.

Valuation Estimates and Return Smoothing: Evidence from Private Equity Real Estate Assets

Number of pages: 48 Posted: 17 Jan 2024
Spencer J. Couts
University of Southern California - Sol Price School of Public Policy
Downloads 228 (288,320)

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Commercial Real Estate, Illiquid Assets, Return Smoothing

7.

How do non-core allocations affect the risk and returns of private real estate funds?

USC Lusk Center of Real Estate Working Paper Series, 2020
Number of pages: 52 Posted: 17 Jun 2020 Last Revised: 01 Feb 2022
Spencer J. Couts
University of Southern California - Sol Price School of Public Policy
Downloads 188 (345,714)
Citation 1

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Asset Pricing, Risk Factors, Factor Loadings, Commercial Real Estate

8.

A Theory of Managing the Liquidity Transformation Risks from Stale Pricing

Number of pages: 15 Posted: 01 Apr 2025
Spencer J. Couts
University of Southern California - Sol Price School of Public Policy
Downloads 31 (1,033,481)
Citation 1

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JEL Classification: G11, G12, G13, G14, G17, G23, R33 Fair Valuation, Financial Fragility, NAV-timing, Real Estate