Research Areas

Spatial Dynamics & Asset Pricing

Spatial dynamics can affect both households and investors and subsequently the price of companies and real assets. What goes beyond a mere headquarter location of the company is identifying the relevant locations for the performance. It it is essential to account for distance in order to extract additional information from real assets that was not possible to capture so far. 

Volatility and the cross-section of real estate equity returns during Covid-19, SSRN Working paper.


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.

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.

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.


Affordable Housing

The topic of affordable housing is assessed from an institutional and finance point of view. While being a form of real estate, affordable housing is a form of social infrastructure which is closely linked to public financing and political economy. In particular, this research area looks into the financial vehicles for the affordable housing provision internationally, in the UK, and in London more specifically. It focuses on the role of institutional investors in the rental market and organisations in charge of the provision of social housing. Through close collaboration with major providers of affordable housing such as public institutions and institutional investors, we aim to provide impactful research and applied solutions to the UN sustainable development goals in particular addressing poverty and sustainable cities and communities as well as well-being, reduced inequalities and  infrastructure.

Multifamily Rental Housing Performance and Externalities from Local Housing Unaffordability (with M. McCollum), SSRN Working Paper.

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.

Monetary Policy, Banking and Financial Market Regulation

Monetary policy, financial market regulation and the real estate market (including housing) are highly interlinked as shown during the Global Financial Crisis and the subsequent regulation on the markets. We contribute to the existing literature by stressing out the role of the real estate market - both residential and commercial. The real estate market is an important channel of transmission of monetary policy and credit market shocks and thus needs a particular consideration, especially accounting for the illiquidity and heterogeneity of the real estate assets.

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.

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.

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.

A Bank Lending Channel or a Credit Supply Shock?, 2013, Journal of Macroeconomics, 37, 314-332.

Cross-Country Effects of Regulatory Capital Arbitrage, 2013, Journal of Banking & Finance, 37 (12), 5329-5345.

Capital Flows

This research area deals with the challenging task of capturing capital flows into real estate. It looks at drivers of capital flows and their economic impact. In particular relevant for real estate is the issue with liquidity especially taking a global perspective on it.

Market Integration, Country Institutions and IPO Underpricing (with G. Marcato and C. Zheng), Journal of Corporate Finance, 2018, 53, 87-105.

Urban Economic Openness and IPO Underpricing (with C. Zheng and G. Marcato), Journal of Real Estate Finance and Economics, 2018, 56(3), 325-351.

Cross-Border Capital Flows into Real Estate (with A. Baum and F. Fuerst), Real Estate Finance, 2014, 31(3), 103-122.

© 2018 by Stanimira Milcheva 

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