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


Current Position

  • 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


Visiting positions

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.

​Book chapters

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).

Working papers

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

See here.

Research funding

See here.

PhD Students

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.


PhD Examination

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

Associate editor

Digital Finance

Ad-hoc referee 

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.


Scholarly Memberships

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

BSc Dissertations

MSc Dissertations

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

BSc Investment

BSc Dessertations

MSc Dissertations

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

Conference Organisation

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



Computer Skills

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                                                                 

© 2018 by Stanimira Milcheva 

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