Stani Milcheva
Research Areas
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.
The Maturing Shared Ownership Market: A Data-led Analysis, October 2023, report funded by Sage Housing.
Scoping Report for the Evaluation of the Affordable Homes Programme 2021-2026. August 2022, report for Department for Levelling Up, Housing and Communities (DLUHC).
How `Bad' is Renter Protection for Institutional Investment in Multifamily Housing? (with M. McCollum), Journal of Housing Economics, 2023, Volume 59, Part A, 101912.
Transaction Taxes and Housing Market Dynamics: New Evidence from a Quasi-Natural Experiment (with Y. Huang), SSRN Working Paper.
To Rent or To Own? The Effect of Additional Transaction Tax on Buy-to-Let Housing Market (with H. Lai), SSRN paper.
Term Structure of Discount Rates: Evidence from UK Repeat Sales Housing (with H. Lai), SSRN paper.
The Price–Time-on-Market Puzzle Revisited: Evidence from Big Data (with Y. Huang), July 2021, SSRN paper.
Double or Quits: The influence of longer-term grant funding on affordable housing supply, September 2020.
Report for National Housing Federation, CASE Housing Associations, and Shelter.
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, 2019, 12(2), 298-329.
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.
Market Microstructure & Institutional Investors
The theme looks at the role of institutional investors for market microstructure and talks about segmentation on real estate markets. We also look at issues for real assets such as illiquidity and measuring risk on such markets.
Preferences of Institutional Investors in Commercial Real Estate (with D. Cvijanovic and A. van de Minne); Journal of Real Estate Finance and Economics, 2022, 65, 321-359.
A New Framework for Risk Indices in Illiquid Markets (with D. Cvijanovic and A. van de Minne), R&R.
Impart of Institutional Investors on Real Estate Risk (with D. Cvijanovic and A. van de Minne), May 2021. RERI funded project.
Does Investor Size Matter? Evidence from Commercial Real Estate Transactions (with D. Cvijanovic and A. van de Minne), SSRN Working Paper.
Real Assets Finance
This is a major theme in my research and focusses on finance and investment concepts for real assets. This includes real estate, infrastructure and private funds (Private Equity, Venture Capital).
ESG Investors and Local Greenness: Evidence from Infrastructure Deals (with L. Xie), SSRN Working Paper.
Performance Drivers in Private Infrastructure Funds (with M. Haran and D. Lo), Real Estate Finance, 2021, Summer.
Bridging the Gap - Enhancing Private Investment in Future Infrastructure Provision, May 2020. Report for the Royal Institution of Chartered Surveyors (RICS).
Urban Economic Openness and IPO Underpricing (with C. Zheng and G. Marcato), Journal of Real Estate Finance and Economics, 2018, 56(3), 325-351.
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.
Cross-Border Capital Flows into Real Estate (with A. Baum and F. Fuerst), Real Estate Finance, 2014, 31(3), 103-122.
Financial Economics, Banking & Regulation
Monetary policy, banking and financial market regulation 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 housing market as a channel of transmission given housing is the biggest asset in households' portfolio. 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.
Market Integration, Country Institutions and IPO Underpricing (with G. Marcato and C. Zheng), Journal of Corporate Finance, 2018, 53, 87-105.
Bank Integration and Comovements across Housing Markets (with B. Zhu), 2016, Journal of Banking & Finance, 72S, S146–S171.
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.
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.
Regional development and carbon emissions in China (with J. Zheng, Z. Mi, D. Coffman, Y. Shan, D. Guan, S. Wang), Energy Economics, 2019, 18, 25-36.
This paper won the Energy Economics award for most cited paper in 2020.
Covid and Work from Home
More recently, I have looked at the role of Covid for real estate markets and how work from home has affected real estate.
Volatility and the Cross-Section of Real Estate Equity Returns during COVID-19, Journal of Real Estate Finance and Economics, 2022, 65, 293-320.
Work from Home and Commercial Real Estate – Evidence from Stock Markets (with L. Xie), SSRN Working Paper.
Proximity to COVID-19 Cases and REIT Equity Returns (with L. Xie), SSRN Working Paper.
Asset Pricing and Spatial Linkages
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.
Distance to Headquarter and Real Estate Equity Performance (with Y. Yildirim and B. Zhu). Journal of Real Estate Finance and Economics, October 2021, Vol. 63 Issue 3, 327-353.
Spatial Dependence in Asset Pricing (with B. Zhu), R&R.
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.
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.
Real Estate Investment and Urban Density: Exploring the Polycentric Urban Region Using a Topological Lens (with K. Pain, S. Shi, D. Black, J. Blower, A. Hunt, B. Crawford, N. Dale, S. Doolin, S. Manna), 2023, Territory, Politics, Governance, 11(2).