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Professor Desmond Tsang's paper "Quality of Life and Earnings Management: Do Firms at Less Desirable Locations Manipulate Earnings More Aggressively?" with co-author Jing Zhang was awarded the 2017 ARES Manuscript Prize in the category of Innovative Thinking "Thinking Out of the Box" presented at the ARES Annual Conference.

Founded in 1985, the American Real Estate Society (ARES), is an association of real estate thought leaders. Members are drawn from academia and the profession at large, both in the United States and internationally. Its mission is to research and promote education in real estate, improve communication and exchange of information in real estate and allied matters among college/university faculty and practicing professionals, and facilitate the association of academic, practicing professional, and research persons in the area of real estate.