Coe College, B.A.
Indiana University, M.B.A., D.B.A.

Research Interests

Institutional financing of real estate
Real financial options
Valuation of commercial real estate

Stephen F. Thode has been director of the Murray H. Goodman Center for Real Estate Studies since the center's creation in 1988. He was appointed director of ire@l - Integrated Real Estate at Lehigh - in 2005. He is responsible for execution of all Goodman Center programs and activities including teaching, research, and professional interactions. He teaches Real Estate Finance, Corporate Financial Management and Real Estate Investing, and supervises all aspects of ire@l.

Professor Thode has published numerous articles on Finance and Real Estate topics and is the recipient of the 1999 American Real Estate Society prize for best paper in Real Estate Finance. His ongoing research and consulting focuses on institutional financing of real estate and the valuation of real property. He was elected a Fellow of the American Real Estate Society in 1996, and is past president of the Real Estate Center Directors' and Chairholders' Association - an international society with more than 125 academic and practitioner members.

Professor Thode earned a Bachelor of Arts degree in Economics in 1973 and was elected to Omicron Delta Epsilon, the national Economics honor society that same year. He was awarded the Master of Business Administration degree in 1979, and the Doctor of Business Administration degree in 1980 - both from the Indiana University Graduate School of Business. He was elected to Beta Gamma Sigma - the national Business honor society - in 1979. Prior to joining the Finance faculty at Lehigh in 1982, he was a Member of the Technical Staff in the Financial Modeling Group at Bell Laboratories in Murray Hill, New Jersey.


  • Shilling, James D. , Tammie X. Simmons-Mosley, and Stephen F. Thode, "Stand-Alone Centers Occupied by Big-Box Retailers," The Journal of Portfolio Management, Special Issue 2005, pp. 124-133.
  • Kish, Richard J. and Stephen F. Thode, "The Impact of Political Control on United States Investment Returns 1926-1999," Journal of Investing, Volume 11, Number 4, 2002, pp. 43-54.
  • Thode, Stephen F., Larry J. Taylor and James M. Maskulka, "Information Asymmetries in the Pricing of Fine Wines," International Journal of Wine Marketing, Volume 14, Number 2, 2002, pp. 5-13.
  • Thode, Stephen F., "CMOs, Duration Risk and a New Mortgage," Journal of Real Estate Research, Volume 18, Number 1/2, Spring 2000, pp 83-118. Winner of the 1999 American Real Estate Society/Fannie Mae Foundation prize for best paper in Real Estate Finance.