Curiculum Vitate - Stanimira Milcheva
Education & Qualifications
Postgraduate Certificate of Academic Practice (PGCAP), University of Reading, 2016
Postgraduate certificate for fellowship of the U.K. Higher Education Academy, 2015
Doctorate in Economics (dr. rer. pol.), University of Regensburg, 2013
Diplom in Economics, University of Mannheim, 2009
The Bartlett School of Construction and Project Management, University College London, since June 2017
Associate Professor in Real Estate and Infrastructure Finance
Since 2019 Deputy Director of Research
2017-2019 PhD Programme Director (Departmental Graduate Tutor)
Affordable Housing Theme Leader
Past academic positions
Henley Business School, University of Reading, June 2013 – June 2017
Assistant Professor in Real Estate Finance and Economics
Programme director, BSc Investment and Finance into Property
Deputy programme director, MSc Real Estate Programme
Centre of Finance, University of Regensburg, 2009-2013
Teaching and research fellow in Real Estate Finance and Economics
Centre for European Economic Research, Mannheim, 2008-2009
Research assistant at the department for International Financial Markets
Research visit, University of North Carolina (US), July 2018, March 2019
Visiting associate professor, RWTH Aachen (Germany), 2015-16 and 2017-18.
Visiting research fellow, University of Cambridge (UK), August – October 2012
Study abroad, Universidad Pública de Navarra (Spain), January – June 2007
Publications in peer-reviewed academic journals
Distance to Headquarter and Real Estate Equiy Performance (with Y. Yildirim and B. Zhu). Journal of Real Estate Finance and Economics, published online 27 may 2020.
Bank Liquidity Management through the Issuance of Bonds in the Aftermath of the Global Financial Crisis (with H. Falkenbach and H. Markmann), Research in International Business and Finance, 2019, 48, 32-47.
Why do Natives and Non-natives Have Different Housing Outcomes? Evidence from Britain (with O. Oladiran and A. Nanda), International Journal of Housing Markets and Analysis, forthcoming.
Market Integration, Country Institutions and IPO Underpricing (with G. Marcato and C. Zheng), Journal of Corporate Finance, 2018, 53, 87-105.
Asset Pricing, Spatial Linkages and Contagion in Real Estate Stocks (with B. Zhu), Journal of Property Research, 2018, 35(4), 271-295.
The Pricing of Spatial Linkages in Companies’ Underlying Assets (with B. Zhu), Journal of Real Estate Finance and Economics, online 3 July 2018.
Spatio-temporal effects of an urban development announcement and its cancellation on house prices – A quasi-natural experiment (with D. Hyun), Journal of Housing Economics. 2019, 43, 23-36.
Spatial Dependence in Apartment Transaction Prices During Boom and Bust (with D. Hyun), Regional Science and Urban Economics, 2018, 68, 36-45.
Is Financial Regulation Good or Bad for Real Estate Companies? - An Event Study (with M. Hoesli and A. Moss), Journal of Real Estate Finance and Economics, online 12 October 2017.
Urban Economic Openness and IPO Underpricing (with C. Zheng and G. Marcato), Journal of Real Estate Finance and Economics, 2018, 56(3), 325-351.
Spatial Linkages in Listed Property Returns in Tranquil and Distressed Periods (with B. Zhu), Journal of Real Estate Portfolio Management, 2016, 22(2), 129–146.
Bank Integration and Comovements across Housing Markets (with B. Zhu), 2016, Journal of Banking & Finance, 72S, S146–S171.
The Housing Market Channel of Monetary Policy Transmission in the Euro Area (with S. Sebastian), Journal of European Real Estate Research, 2015, 9(1), 76-97.
Cross-Border Capital Flows into Real Estate (with A. Baum and F. Fuerst), Real Estate Finance, 2014, 31(3), 103-122.
Cross-Country Effects of Regulatory Capital Arbitrage, Journal of Banking & Finance, 2013, 37(12), 5329-5345.
A Bank Lending Channel or a Credit Supply Shock?, Journal of Macroeconomics, 2013, 37, 314-332.
The Housing Market as a Channel of Transmission from Monetary Policy to Consumption and Investment (with S. Sebastian), 2012, in Urban Horizons, Patrizia
Papers under review
Preferences of Institutional Investors in Commercial Real Estate (with D. Cvijanovic and A. van de Minne), SSRN Working Paper.
Spatial Linkages and Asset Pricing (with B. Zhu).
Volatility and the cross-section of real estate equity returns during Covid-19, SSRN Working paper.
Renter Protection and Institutional Investment in Multifamily Rental Housing (with M. McCollum), SSRN Working Paper.
Information Asymmetries, Financial Constraints and Institutional Investment: Evidence from the Real Estate Market (with D. Cvijanovic and A. van de Minne), SSRN Working Paper.
Housing Affordability - Determinants and Policy Lessons (with J. Luque and S. Malpezzi).
Conferences and invited talks
Chen Zheng, graduated in 2018. Assistant professor at University of Reading.
Dongwoo Hyun, graduated in 2018, on the job market.
Olayiwola Oladiran, since 2016.
Qe He, since 2017.
Yunlong Huang, since 2017.
Thomas Weston, since 2018.
Lingshan Xie, since 2019.
Frank Ametefe, 2016, University of Reading. Re-Visiting the Asset Allocation Decision in Real Estate: The Case of Defined Benefit versus Defined Contribution Pension Funds.
Hayoung Kim, 2018. London School of Economics, Empirical Essays on the Roles of News Media in an Urban Economy.
Winner 2018 Asian Real Estate Society (AsRES) Royal Institution of Chartered Surveyors (RICS) Best Paper Award for “Spatial dependence in apartment transaction prices during boom and bust”.
Best manuscript prize for 'Thinking Out of the Box' sponsored by The Homer Hoyt Institute for the paper presented at
the American Real Estate Society’s 31th Annual Meeting, 2015
Runner-up in the Best Research Output Prize by the University of Reading Research Endowment Trust Fund, 2015
Best paper award for “Cross-Border Capital Flows into Real Estate”, DTZ Research, 2013
Runner-up prize in literature, 1998
Sponsorship by the International Association for Research in Income and Wealth to attend the 2012 IARIW Conference
Travel grant for the ERES and ARES conferences 2012 by the Gesellschaft für Immobilienforschung Gif e.V., 2012
ARES Sponsorship to attend the 2012 ARES conference, 2012
Tuition fees scholarship by the University of Mannheim, 2008
Editorial and Refereeing
Journal of Banking & Finance, Journal of Macroeconomics, Journal of European Real Estate Research, International Journal of Strategic Property Management, Empirical Economics, Journal of Real Estate Portfolio Management, Journal of Housing Economics, Land Use Policy, Statistics, Journal of Economic Dynamics and
Control, Journal of Applied Geography, International Review of Economics and Finance, Structural Change and Economic Dynamics, Sustainability, Finance Research Letters, European Journal of Finance, Housing Studies.
Fellow of the UK Higher Education Academy (HEA)
American Real Estate and Urban Economic Association (AREUEA)
International Project Finance Association (IPFA)
Society for Property Researchers (SPR)
Construction Industry Research and Information Association (CIRIA)
Chartered Institute of Securities and Investment (CISI)
American Real Estate Society (ARES)
European Real Estate Society (ARES)
University College London
BCPM0016: Financing Infrastructure: Fundamentals and Innovations in Funding and Financing
BCPM0019: Infrastructure as an Asset Class
BCPM0006: The Economics of Speculative Property Development
University of Reading
RE3ISM: Investment Strategy and Management
REMB37: Real Estate Finance
RE3IVP: Projects in Investment and Finance
REMF22: MSc Dissertations
REMF41: Real Estate Finance and Debt Markets
REMB22: Real Estate Portfolio Management
RE2PREP: Projects in Real Estate and Planning
RE1PREP: Projects in Real Estate and Planning
Investment Property Forum, Executive Education
IPF2: Investment Valuation and Portfolio Theory
IPF8: Portfolio Management
International Real Estate Business School (IREBS) Executive Education
Real Estate Finance
RWTH Aachen, Germany
Applied Portfolio Management
University of Regensburg, Germany
MSc Real Estate Investment Seminars
Innovative approaches in teaching
Designed a technology enhanced learning tool REFinGame to support student learning and interaction
Use of mobile apps (e.g. Socrative) to support student learning and interaction
Use of Connect and LearnSmart platforms for periodic student assessment
Use of Facebook & Tweeter for interactive learning
Organiser of the conference: The Case of Affordable Housing: a global perspective on financing and institutional ownership, September 2019.
Organiser of the symposium "The Case of Affordable Housing - Private Sector Investment in Affordable Housing", June 2018
Local organizing committee member for the International American Real Estate and Urban Economic Association Conference 2014
Involved in the organization of the 18th Annual Meeting of the German Finance Association 2011, 6th IREBS Conference on Real Estate Economics and Finance 2013
Office, Stata, Eviews, Jmulti, Gauss, Matlab, Oxmetrics, Latex, Thomson Reuters Datastream, Bloomberg, SNL Financial, Bankscope, SAP R3.
Spanish, German, English, Bulgarian (all at a proficiency level)
Last update: October 2018