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CRERC Research UPDATE May 2020

Although CRERC is in lockdown due to COVID-19 members of the team are still busy working on research papers for publication.

Colin Lizieri has been collaborating on three papers with Dr Bing Zhu, formerly a Visiting Fellow with us for six-months and now Lecturer in Investment and Finance at the University of Reading’s Henley Business School. 

Paper 1 “Connected markets through global real estate investments” is published in the Summer 2020 edition of Real Estate Economics.

Paper 2 “Local Beta: Have Location Risks Been Priced in REIT Returns?” is currently being reviewed for publication in the Journal of Real Estate Finance and Economics.

Paper 3 is still in draft and doesn’t have a target journal yet but focuses on liquidity stocks and transmissions.

Colin has also been working on three papers with David Allen and Steve Satchell.  “In Defense of Portfolio Optimization: What If We Can Forecast?” was published in the Financial Analysts Journal last year, but recently received a Letter to the Editor, which Colin and his colleagues are responding to. 

They are also currently in the process of revising and resubmitting an article on non-Normality and VAR for publication in the Journal of Empirical Finance and writing a paper on higher moment risk for submission to Quantitative Finance.

Thies Lindenthal’s paper “The total return and risk to residential real estate” is being revised and resubmitted to the Review of Financial Studies Journal.  However a version is available as a Working Paper.

His article “Machine Learning, Architectural Styles and Property Values" written with Erik Johnson has been submitted to a special issue of the Journal of Real Estate Finance and Economics and a version is also available as a Working Paper.

Also his paper on housing affordability written in collaboration with Matthijs Korevaar and Piet Eichholtz will be split into two and completed for publication soon: 1) "500 Years of Urban Housing Rents" with a focus on the indices and 2) "The Long-Run Development of Rental Housing Quality, Inequality, and Affordability".

Nick Mansley and Zilong Wang have had their paper on Default Risk in REITs accepted by the International Journal of Strategic Property Management.  Other papers Nick will be focussing on completing soon are one on long-term value and another on secure income property.  While Zilong is working on the Risk Classification of Asian Real Estate Funds.

Thies Lindenthal and Carolin Schmidt are planning their next series of virtual seminars on: 18th June, 2nd July, 16th July and 30th July (4.00-5.00 pm London time): Further information can be found on:

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Applications for 2021-23 will open in September 2020. If you would like details about the 2021-23 course please email

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Interview with MSt graduate Elizabeth Smart

For a snapshot of life in CRERC under lockdown see our latest newsletter

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Mst Graduates 2017 19

Well done to our 2017-19 cohort of the MSt in Real Estate who graduated at the Senate House on Saturday 30th November 2019