Seiler’s influence is reflected in the second year of ARES recognition

At the 2026 annual meeting of the American Real Estate Society, John Y. Campbell of Harvard University was named the recipient of the Michael J. Seiler Behavioral Research Commendation and delivered the keynote address at the awards luncheon. During the address, Dr. Campbell discussed the future of the mortgage markets and incorporated both the “Lock-in” effect and mortgage defaults, two areas of research where Michael J. Seiler has heavily contributed.

Now in its second year, the commendation continues to build on its original purpose: recognizing scholars whose sustained research advances the understanding of behavioral real estate while drawing new voices into the field.

The award is named for Michael J. Seiler, John and Yvonne Whitcomb Endowed Chair Professor of Finance and Real Estate at William & Mary’s Raymond A. Mason School of Business. Widely recognized for helping establish the academic foundation of behavioral real estate, Seiler has played a central role in shaping the discipline and encouraging interdisciplinary collaboration.

The inaugural award, presented in 2025 to William N. Goetzmann of Yale School of Management, set a strong precedent. Goetzmann was recognized for decades of influential scholarship spanning behavioral finance, market history, and investment theory, reinforcing the award’s emphasis on long-term impact and intellectual breadth.

This year’s recipient continues that trajectory.

Campbell’s career includes more than 100 published articles in finance and economics, with research covering asset pricing, household finance, portfolio choice, and macroeconomics. His work has helped shape how both academics and practitioners approach financial decision-making.

For Seiler, the recognition also carried a personal connection.

While on sabbatical at Harvard in 2019, he regularly attended research seminars at Harvard Business School. Known for active discussion and frequent interruptions, these sessions often challenge speakers in real time. When Campbell presented, however, the dynamic shifted. The room stayed quiet, with attendees listening closely rather than interjecting.

“That’s something you don’t forget,” said Seiler. “In a setting where dialogue is constant, the level of attention he held really stood out.”

That experience adds context to this year’s honor. A scholar whose work commands that level of engagement among peers was selected for an award that reflects Seiler’s own impact on the field.

As the commendation enters its second year, it continues to highlight the growing importance of behavioral perspectives in real estate research. It also reflects the reach of Seiler’s contributions, both through his own scholarship and through the recognition now bearing his name.

For William & Mary’s Raymond A. Mason School of Business, the award represents an ongoing connection to leading voices in finance and economics and a continued role in advancing the study of how behavior shapes real estate markets.