"Best Manuscript" prize for Real Estate & Planning's Dr Stanimira Milcheva
2 September 2015
Another research award for Real Estate & Planning staff
Dr Stanimira Milcheva, from the School of Real Estate & Planning, has been awarded a "Best Manuscript" prize for a paper she presented at the American Real Estate Society’s conference earlier this year.
The prize was for the category "Innovative Thinking: Thinking Out of the Box” and is sponsored by The Homer Hoyt Institute. Stani's paper, which was co-authored by Dr Bing Zhu of the University of Regensburg, is entitled "Asset Pricing, Spatial Linkages and Contagion in Real Estate Stocks". The paper captures the spatial linkages between the stock prices of real estate companies in an asset pricing context in order to account for contagion effects during crisis periods. The authors found that during turmoil periods about one half of the total risk in investing in real estate companies can be attributed to contagion effects and can thus lower the diversification benefits in a portfolio context.