Charles G. Nathanson

Assistant Professor of Finance

Print Overview

Charles G. Nathanson is an Assistant Professor of Finance at the Kellogg School of Management at Northwestern University. He studies asset pricing, with a particular emphasis on the real estate market. His work has focused on how beliefs about price growth drive real estate cycles. In particular, he has examined extrapolative expectations and land market speculation.

Professor Nathanson received his Ph.D. in Economics in 2014 from Harvard University. Prior to graduate study, he worked at the National Economic Council and at Jane Street Capital.

Areas of Expertise
Asset Pricing
Behavioral Finance
Public Finance
Real Estate

Print Vita
Ph.D., 2014, Economics, Harvard University, Harvard University
A.M., 2011, Economics, Harvard University, Harvard University
A.B., 2009, Mathematics, Harvard University, Harvard University, magna cum laude

Academic Positions
Donald P. Jacobs Scholar, Kellogg School of Management, Northwestern University, 2014-present
Assistant Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2014-present

Honors and Awards
Bradley Fellowship, 2012-2014
Price Theory Scholar, Becker-Friedman Institute at the University of Chicago, 2011
Alfred P. Sloan Foundation Research Grant, 2010
Graduate Fellow, Federal Reserve Bank of Boston, 2010-2011
NSF Graduate Research Fellowship, 2010-2013

Print Research
Research Interests
Asset Pricing, Behavioral Finance, Public Finance, and Real Estate

Nathanson, Charles and Edward L. Glaeser. 2017. An Extrapolative Model of House Price Dynamics. Journal of Financial Economics. 126(1): 147-170.
Nathanson, Charles, Edward L. Glaeser, Joseph Gyourko and  Morales. 2014. Housing Dynamics: An Urban Approach. Journal of Urban Economics. 81: 45-56.
Nathanson, Charles, Corina E. Tarnita and Martin A. Nowak. 2009. Calculating Evolutionary Dynamics in Structured Populations. PLOS Computational Biology. 5(12)
Nathanson, Charles and Eric Zwick. Forthcoming. Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market. Journal of Finance.
Nathanson, Charles, Benjamin B. Lockwood and E. Glen Weyl. 2016. Taxation and the Allocation of Talent. Journal of Political Economy. 125(5): 1635-1682.
Working Papers
Crouzet, NicolasIan Dew-Becker and Charles Nathanson. 2017. On the effects of restricting high-frequency investment.
Nathanson, Charles and Ian Dew-Becker. 2017. Directed Attention and Non-Parametric Learning.
DeFusco, AnthonyCharles Nathanson and Eric Zwick. 2017. Speculative Dynamics of Prices and Volume.
Book Chapters
Glaeser, Edward L. and Charles Nathanson. 2015. "Housing Bubbles." In Handbook of Regional and Urban Economics, edited by Gilles Duranton, Vernon Henderson, William Strange, North Holland.

Print Teaching
Teaching Interests
Behavioral Finance, Real Estate
Full-Time / Evening & Weekend MBA
Real Estate Finance and Investments (FINC-454-0)
This course is an introduction to the most fundamental concepts, principles, analytical methods and tools useful for making investment and finance decisions regarding commercial real estate assets. We begin the course by considering investment in fully operational income properties. Later, the course takes a close look at real estate capital structure and operating companies. The course concludes with an examination of commercial real estate financing, with an emphasis on public and private mortgage markets. We will study commercial real estate using the tools and framework of modern corporate finance and investments, while focusing on the institutional features unique to the real estate industry. The course provides the intuitive and analytical underpinnings of property valuation, deal structuring, and debt pricing. As such, it is useful for students with industry experience as well as students without a real estate background who may be interested in learning more about real estate as an asset class or those who are contemplating making future real estate investments, both personally and professionally.