Home page
ع
Resources for Current Students, Faculty and Staff
Webmail Directory Catalog Banner Canvas Moodle
Primary Navigation Background
Quick Links / AUC Directory, Faculty Directory
headshot of a man smiling

Hany Guirguis

  • Position: Professor
  • Department: Mohamed Shafik Gabr Department of Economics
Brief Biography

Hany S. Guirguis is a professor of economics at the Mohamed Shafik Gabr Department of Economics within the Onsi Sawiris School of Business. Guirguis formerly served as the dean of the O’Malley School of Business at Manhattan University, where he held the Ambassador Charles A. Gargano Endowed Chair. A proud alumnus of The American University in Cairo, Guirguis earned his doctorate in applied econometrics and macroeconomics from the University of Oregon. Over a distinguished career spanning more than 25 years, he has held academic appointments at prestigious institutions such as Columbia University, Baruch College and the CUNY Graduate Center, and has published more than 50 peer-reviewed articles in applied econometrics, financial modeling and real estate finance.

His notable leadership achievements include serving as the chairperson of the Department of Economics and Finance at Manhattan University for eight years. During this time, he successfully aligned the finance curriculum with the CFA Program Candidate Body of Knowledge, launched a double major in economics and finance, and played a significant role in the school earning AACSB Accreditation. As dean, he further drove innovation by launching a masters in analytics,finance and marketing and expanding industry partnerships.

A recipient of numerous research grants from organizations such as the Ford Foundation, NAIOP and the National Association of Real Estate Investment Trusts, Guirguis has also prepared the NAIOP quarterly forecast of office and industrial space since 2012. His current research is unique for its integration of economics with sophisticated mathematical, statistical and computer techniques to address complex global challenges, including the use of alternative data in asset management, price discovery in G7 countries and advancing methods for forecasting home prices and global inflation.

Research Interest

  • Econometrics

  • Monetary Policy 

  • Real Estate Finance

  • Financial Modeling

Education
  • PhD in Macroeconomics and Econometrics, University of Oregon, 1994
  • Master of Business Administration in Finance and Investment, Baruch College, 1998
  • Master of Science in Economics, University of Oregon, 1992
  • Master of Arts in Economics, American University in Cairo, 1989
  • Bachelor of Arts in Accounting and Business Administration, University of Helwan, Cairo, 1985
  • Guirguis, H., & Rogoff, E. (1998). On the impact of fixed supply: The case of the New York City taxicab industry. Journal of Transportation, Logistics, and Policy, 65, 370–386.
  • Curcio, R. J., & Guirguis, H. (Winter 2026). Diversification gains from including leveraged real estate ETFs in leveraged mixed asset ETF portfolios. Real Estate Finance, 42, 157–177.
  • Guirguis, H. S., Machol, C., & Brady, P. (Forthcoming). Inflation and price discovery in advanced economies. Journal of Applied Economics.
  • Suen, T. S., Kakolyris, A., Guirguis, H., & Yucetepe, K. (Forthcoming). Asset managers opportunities and challenges in the world of alternative data. Encyclopedia of Monetary Policy, Financial Markets and Banking.
  • Guirguis, H., Muller, G., Dutra, V., & Jafek, R. (Forthcoming). Advances in forecasting home prices. Computational Economics.
  • Giannikos, C. I., Guirguis, H., Kakolyris, A., & Suen, T. S. (Forthcoming). When to hedge the downside risk? Risks.
  • Guirguis, H., Jang, I. S., Kakolyris, A., Park, B., & Suen, T. S. (Forthcoming). Utilizing Vestly, a stock trading game, to create a competitive alternative data strategy. The Journal of Financial Data Science.
  • Giannikos, C., Guirguis, H., & Koimisis, G. (2024). The importance of income uncertainty on the relationship of inequality with the equity risk premium. International Journal of Business Economics, 23, 71–86.
  • Guirguis, H., Donlon, T., McCarthy, M., Mehovic, A., & Metha, R. (2023). The future of the labor force: A quantitative examination of the drivers of female labor force participation and total fertility rate in developed economies. Applied Economics. https://doi.org/10.1080/00036846.2023.2244248
  • Curcio, R., & Guirguis, H. (2023). Equity real estate leveraged exchange-traded-funds: Long-term results, pandemic recovery. Real Estate Finance.
  • Guirguis, H., Dutra, V., & McGreevy, Z. (2022). The impact of global economies on US inflation: A test of the Phillips curve. Journal of Economics and Finance, 46, 575–592.
  • Guirguis, H., & Suen, T. S. (2022). Advances in estimating the Phillips curve. Journal of Applied Economics, 25, 621–642.
  • Anderson, R., Guirguis, H., & Loviscek, L. (2021). Do preferred REITs have portfolio enhancement attributes? An empirical investigation. The Journal of Real Estate Finance and Economics.
  • Anderson, J., Anderson, R., Guirguis, H., Propper, S., & Seiler, M. (2021). Time-varying correlations of REITs and implications for portfolio management. Journal of Real Estate Research, 43, 317–334.
  • Anderson, J., Guirguis, H., & Harris, J. (2020). Cross border investing activities – Return enhancing or return destruction? Journal of Real Estate Portfolio Management, 26, 170–185.
  • Guirguis, H., & Trieste, J. (2020). Measuring the impact of monetary policy on mortgage rates. Journal of Real Estate Research, 42, 285–313.
  • Anderson, J., Guirguis, H., Propper, S., & Spizman, J. (Winter 2019). Examining the portfolio impact of a new and burgeoning asset class on real estate portfolios: Open-end debt funds. Real Estate Finance, 35, 196–202.
  • Anderson, R. I., Guirguis, H., & Turnbull, G. K. (2018). Focus or generalize: Real estate agent effort allocation and compensation. International Journal of Business and Economics, 17, 25–42.
  • Boney, V., Guirguis, H., & Giannikos, C. (2018). Pricing dynamics between single stock futures and the spot. International Journal of Business and Economics, 17, 179–191.
  • Guirguis, H. G., Mueller, G. R., Harris, J., & Mueller, A. G. (2017). Did increase in large bank concentration of US mortgage loan originations explain rising originator profits? International Real Estate Review, 20, 325–347.
  • Guirguis, H. G., Suen, M., Beckers, S., & Theodore, T. (2017). What is value in an equity market. Journal of Investment Management, 15, 53–70.
  • Anderson, R. I., Curcio, R. J., & Guirguis, H. (2017). On the use of US Treasury futures and futures options to hedge risk in portfolios of mortgage REITs. Real Estate Finance, 33, 155–167.
  • Boney, V., Guirguis, H., & Moura, M. (2016). Examining the dynamic nature of spillover between the US and Brazilian equity markets. Journal of Business and Economics, 7, 249–258.
  • Anderson, R. I., Curcio, R. J., & Guirguis, H. (Winter 2015). On the use of leverage-inverse ETFs to hedge risk in publicly traded mortgage portfolios. The Journal of Index Investing, 6, 40–57.
  • Anderson, R. I., Curcio, R. J., & Guirguis, H. (Fall 2014). Managing risk in the real estate through the use of leverage and inverse ETFs. Real Estate Finance, 63–77.
  • Anderson, R. I., Curcio, R. J., & Guirguis, H. (Summer 2014). Stock price volatility of banks and other financials emanating from the inception of leveraged, inverse, and traditional ETFs. The Journal of Index Investing, 5, 12–31.
  • Giannikos, C., Guirguis, H., & Schizas, P. (2014). Hedge funds and the housing bubble. Applied Financial Economics, 24, 1063–1073.
  • Giannikos, C. I., Guirguis, H., & Suen, T. S. (Fall 2013). Trading credit default swap (CDS) spread as an equity investment strategy. Journal of Derivatives, 21, 27–48.
  • Boney, V., Guirguis, H., & Muller, G. (2013). Did intraday trading by leveraged and inverse leveraged ETFs create excess price volatility? A look at REITs and the broad market. Journal of Real Estate Portfolio Management, 19, 1–16.
  • Anderson, R., Boney, V., & Guirguis, H. (2012). The impact of switching regimes and monetary shocks: An empirical analysis of REITs. Journal of Real Estate Research, 34, 157–182.
  • Anderson, R. I., Boney, V., Curcio, R. J., & Guirguis, H. (2012). Leveraged, inverse, and traditional ETFs: The impact on real estate stock price volatility. Applied Financial Economics, 22, 709–722.
  • Anderson, R. I., Curcio, R. J., & Guirguis, H. (2012). Should tracking error prevent the use of leverage ETFs in the real estate portfolio? The Journal of Index Investing, 3, 75–95.
  • Giannikos, C. I., Guirguis, H., & Suen, T. S. (2012). Modeling the blind principal bid basket trading cost. European Financial Management, 18, 271–302.
  • Guirguis, H., Suen, M., & Theodore, T. (2012). Timing the value style index in a Markov regime-switching model. Journal of Investment Management, 10, 52–64.
  • Bali, R., & Guirguis, H. (2007). Extreme observations and nonnormality in ARCH and GARCH. International Review of Economics and Finance, 16, 332–346.
  • Giannikos, C., & Guirguis, H. (2007). A note on the effect of the expected changes in monetary policy on long-term interest rates. Journal of Applied Economics, 10, 99–114.
  • Giannikos, C., Gracia, L., & Guirguis, H. (2007). Asset pricing in the Spanish housing market. Journal of Housing Research, 16, 83–95.
  • Giannikos, C., Gracia, L., & Guirguis, H. (2007). Price and volatility spillovers between large and small cities: A study of the Spanish market. Journal of Real Estate Portfolio Management, 13, 311–316.
  • Anderson, R. I., Giannikos, C. I., & Guirguis, H. (2006). Market fundamentals and the forecastability of the regional housing prices: An empirical investigation. Forecasting Letters, 1, 14–26.
  • Guirguis, H., & Vogal, R. (2006). Asymmetry in regional real house prices. Journal of Real Estate Portfolio Management, 12, 293–298.
  • Anderson, R. I., Giannikos, C. I., & Guirguis, H. (2005). The US housing market: Asset pricing forecasts: Using time-varying coefficients. Journal of Real Estate Finance and Economics, 30, 33–53.
  • Felder, F., & Guirguis, H. (2005). Accounting for extreme values in GARCH forecasts of day-ahead electricity prices. KIEE International Transactions on Power Engineering, 5, 300–302.
  • Guirguis, H., & Schmidt, M. (2005). Output variability and the money-output relationship. International Journal of Business and Economics, 4, 51–64.
  • Bali, R., & Guirguis, H. (2004). An analysis of the equity risk premium. The Journal of Asset Management, 4, 348–360.
  • Bali, R., & Guirguis, H. (2004). An analysis of the return dependence between large and small capitalization stocks. Journal of Business and Economics Research, 2, 67–70.
  • Danthine, J. P., Donaldson, J. B., Giannikos, C. I., & Guirguis, H. (2004). On the consequences of state-dependent preferences for the pricing of financial assets. Finance Research Letters, 1, 143–153.
  • Felder, F., & Guirguis, H. (2004). Further advances in forecasting day-ahead electricity prices using time series models. IEEE Transaction on Power Systems, 4, 159–166.
  • Guirguis, H., & Rogoff, E. (2004). Strategies and impacts of new drug introduction: The case of hemophilia treatment. Journal of Health Care Finance, 31, 1–12.
  • Abdulahad, F., & Guirguis, H. (2003). The living wage and the effects of real minimum wages on part-time and teen employment. Employee Responsibilities and Rights Journal, 15, 1–9.
  • Giannikos, C. I., Guirguis, H., & Ozenbas, D. (2003). Is volatility of equity markets a volume story? A non-parametric analysis. International Journal of Business and Economics, 2, 49–55.
  • Guirguis, H., Myung-Soo, & Rogoff, E. (2003). The upward spiral of drug costs: A longitudinal study of drugs used in the treatment of clinical laboratory. Clinical Laboratory, 49, 71.
  • Guirguis, H., & Rogoff, E. (2002). Legalized price-fixing: How a government program to lower drug does the opposite. Forbes, 48.
  • Guirguis, H., Myung-Soo, & Rogoff, E. (2002). The upward spiral of drug costs: A longitudinal study of drugs used in the treatment of hemophilia. Journal of Thrombosis and Hemostasis, 88, 545–553.
  • Guirguis, H., Onochie, J., & Rosen, H. (2001). The post-offering performance of IPOs in the health care industry. Journal of Economics and Finance, 25, 194–205.
  • Guirguis, H. (1999). Properly estimating the liquidity effect: Why accounting for stationarity and outliers is important. Journal of Economics and Business, 51, 303–314.