skip to content

Cambridge Real Estate Research Centre


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 Associate Professor of Real Estate Development at the Technical University of Munich.

Paper 1 “Connected markets through global real estate investments” is accepted and published online in Real Estate Economics .

Paper 2 “Local Beta: Have Location Risks Been Priced in REIT Returns?” is currently being reviewed for publication in a major international real estate journal.

Paper 3, also co-authored with Dorinth van Dijk, examines the impact of ownership on market liquidity in major cities and has been presented at a number of conferences and symposia.

Colin has also been working on three papers with David Allen (Plato Investments) and Steve Satchell (University of Sydney and Trinity College Cambridge).  “In Defense of Portfolio Optimization: What If We Can Forecast?”  was published in the Financial Analysts Journal last year, and has attracted much interest: recently Colin and his colleagues responded to a letter to the editor on the findings.

A second article on non-Normality and VAR "A Comparison of Non-Gaussian VaR Estimation and Portfolio Construction Techniques" has been accepted for for publication in the Journal of Empirical Finance and is, again, available online.  The team are writing a third paper on higher moment risk for submission to a quantitative finance journal later in the summer.

Colin also has an editorial viewpoint thought piece  "Maestros and Mythologies: some lockdown reflections" forthcoming in the Journal of Property Investment & 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.