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Professor Gianluca Marcato

Head of Department: Real Estate & Planning

Director: INREV-Henley Certificate for Non-Listed Real Estate Investment
Director: Henley Business School PhD and DBA Programmes
Professor of Finance and Real Estate

Gianluca Marcato004 75eh8ywhn

Specialisms

  • Household finance (mortgages), 
  • Asset pricing; IPOs, 
  • Real estate finance, 
  • Real options, 
  • Sustainability

Location

HBS 219, Whiteknights Campus

Gianluca Marcato is Professor of Finance and Real Estate and Director of the PhD and DBA Programmes at Henley Business School (University of Reading).

Gianluca is also Director of the INREV/Henley Certificate in European Non-Listed Real Estate Investment, Visiting Professor at the University of Amsterdam and at the Center for Real Estate and Environmental Economics at NTNU Business School (Norway). After his 3 year tenure as AREUEA board member, he continues to serve on the International Committee. Previously, he worked at Cass Business School and Bocconi University and was Visiting Fellow at NYU and LSE.

His research interests lie in household finance, asset pricing, IPOs and real estate finance. He is a recipient of several research grants from institutions and industry bodies and has published his work in various journals including Journal of Corporate Finance, Real Estate Economics and Journal Real Estate Finance and Economics.

As a consultant in the real estate industry, he led the introduction of a new real estate index and bench-marking service for MSCI/IPD in Italy, created the Jones Lang LaSalle style index, and worked for several other companies on issues such as performance measurement, investment and securities appraisal, portfolio management and real estate finance. He also developed a series of executive training for companies (e.g. Prudential, Generali, Bloomberg) and collaborated with the Bank of Italy to train supervisors and consult on the establishment of a new national legislation for real estate funds.

Qualifications

  • PhD in Finance (Cass Business School)
  • MSc in Real Estate Investment (Cass Business School)
  • BSc in Business and Administration, Major: Corporate Finance (Bocconi University)
  • Chartered Institute for Securities & Investment (CISI), Member
  • Financial Conduct Authority (FCA): Certificate for Corporate Finance Representatives

Current and recent PhD students

Carlos Garcia: Real Estate Investor Behaviour, Role of 'Flippers' in the Real Estate Market. Lead supervisor

Shotaro Watanabe: Strategic default in the U.S. housing market and household portfolio choice. Lead supervisor

Fengting Zhang: Media effects on real estate and financial markets. Lead supervisor.

Rohit Lalit Bajaj: Board Gender Diversity, Firm Value and Performance. Co-supervisor.

Qi Dong: Board reforms and IPO underpricing. Co-supervisor.

Reference: Brounen, D., Marcato, G. and Op 't Veld, H. (2020) Pricing ESG equity ratings and underlying data in listed real estate securities. Sustainability. ISSN 2071-1050 (In Press)
Reference: Ling, D. C., Marcato, G. and Zheng, C. (2020) Does asset location and concentration explain REIT IPO valuation? Real Estate Economics. ISSN 1540-6229 doi: https://doi.org/10.1111/1540-6229.12327
Reference: Marcato, G. and Nanda, A. (2020) Asymmetric patterns of demand-supply mismatch in real estate. Journal of Real Estate Finance and Economics. ISSN 1573-045X (In Press)
Reference: Marcato, G. , Sebehela, T. and Campani, C. H. (2019) Exchange options in the REIT industry. Advances in Investment Analysis and Portfolio Management, 9. pp. 217-252. ISSN 1556-5068 doi: https://doi.org/10.6291/AIAPM.201912_9.0008
Reference: Marcato, G. , Milcheva, S. and Zheng, C. (2018) Market integration, country institutions and IPO underpricing. Journal of Corporate Finance, 53. pp. 87-105. ISSN 0929-1199 doi: https://doi.org/10.1016/j.jcorpfin.2018.10.002
Reference: Marcato, G. , Sebehela, T. and Campani, C. H. (2018) Volatility smiles when information is lagged in prices. North American Journal of Economics and Finance, 46. pp. 151-165. ISSN 1062-9408 doi: https://doi.org/10.1016/j.najef.2018.03.004
Reference: Brounen, D., Marcato, G. and Silvestri, E. (2019) Price-signaling and return-chasing: international evidence from maturing REIT markets. Real Estate Economics, 47 (1). pp. 314-357. ISSN 1540-6229 doi: https://doi.org/10.1111/1540-6229.12247
Reference: Das, P. K., Freybote, J. and Marcato, G. (2015) An investigation into sentiment-induced institutional trading behavior and asset pricing in the REIT market. Journal of Real Estate Finance and Economics, 51 (2). pp. 160-189. ISSN 1573-045X doi: https://doi.org/10.1007/s11146-014-9490-z
Reference: Marcato, G. , Milcheva, S. and Zheng, C. (2018) Urban economic openness and IPO underpricing. Journal of Real Estate Finance and Economics, 56 (3). pp. 325-351. ISSN 1573-045X doi: https://doi.org/10.1007/s11146-017-9613-4
Reference: Ametefe, F., Devaney, S. and Marcato, G. (2016) Liquidity review: dimensions, causes, measures and empirical applications in real estate markets. Journal of Real Estate Literature, 24 (1). pp. 1-29. ISSN 0927-7544
Reference: Marcato, G. and Nanda, A. (2016) Information content and forecasting ability of sentiment indicators: case of real estate market. Journal of Real Estate Research, 38 (2). pp. 165-203. ISSN 0896-5803
Reference: Marcato, G. and Nanda, A. , (2012) Asymmetric response of demand-supply mismatch to investor's sentiment. Working Papers in Real Estate & Planning. 03/12. Working Paper. University of Reading, Reading. pp29.
Reference: Ling, D. C., Marcato, G. and McAllister, P. , (2008) The dynamics of asset prices and transaction activity in illiquid markets: the case of private commercial real estate. Working Papers in Real Estate & Planning . 11/08. Working Paper. University of Reading, Reading. pp30.
Reference: Fuerst, F. and Marcato, G. , (2009) Style analysis in real estate markets: beyond the sectors and regions dichotomy. Working Papers in Real Estate & Planning. 01/09. Working Paper. University of Reading, Reading. pp27.
Reference: Gabrieli, T. and Marcato, G. , (2010) Real options and game theoretical approaches to real estate development projects: multiple equilibria and the implications of different tie-breaking rules. Working Papers in Real Estate & Planning. 09/10. Working Paper. University of Reading, Reading. pp33.
Reference: Marcato, G. and Nanda, A. , (2011) Can sentiment surveys pre-empt real estate market activities? Working Papers in Real Estate & Planning. 14/11. Working Paper. University of Reading, Reading. pp35.
Reference: Marcato, G. , Lizieri, C. and Ogden, P. (2007) Pricing inefficiencies in real estate swaps. In: 14th Annual European Real Estate Society Conference, 27-30 Jun 2007, London, UK. (Unpublished)
Reference: Baum, A. , Lizieri, C. M. and Marcato, G. , (2006) Pricing property derivatives: an initial review. Report. Investment property forum, London. pp46.
Reference: Ling, D. C., Marcato, G. and McAllister, P. (2009) Dynamics of asset prices and transaction activity in illiquid markets: the case of private commercial real estate. Journal of Real Estate Finance and Economics, 39 (3). pp. 359-383. ISSN 1573-045X doi: https://doi.org/10.1007/s11146-009-9182-2
Reference: Fuerst, F. and Marcato, G. (2009) Style analysis in real estate market: beyond the sector and region dichotomy. Journal of Portfolio Management, 35 (5). pp. 104-117. ISSN 0095-4918
Reference: Marcato, G. , Lizieri, C. , Baum, A. and Ogden, P. (2008) Pricing inefficiencies in private real estate markets using total return swaps. In: AREUEA Conference, 4-6 June 2008, Istanbul, Turkey.
Reference: Marcato, G. and Ward, C. (2007) Back from beyond the bid-ask spread: estimating liquidity in international markets. Real Estate Economics, 35 (4). pp. 597-620. ISSN 1080-8620 doi: https://doi.org/10.1111/j.1540-6229.2007.00202.x
Reference: Marcato, G. and Key, T. (2007) Smoothing and implication for asset allocation choices. Journal of Portfolio Management, 33 (5). pp. 85-99. ISSN 0095-4918 doi: https://doi.org/10.3905/jpm.2007.698909
Reference: Marcato, G. (2004) Style analysis in real estate markets and the construction of value and growth indices. Journal of Real Estate Portfolio Management, 10 (3). pp. 203-215. ISSN 1083-5547
Reference: Booth, P. and Marcato, G. (2004) The measurement and modelling of commercial real estate performance. British Actuarial Journal, 10 (1). pp. 5-61. ISSN 1357-3217
Reference: Booth, P. and Marcato, G. (2004) The dependency between returns from direct real estate and returns from real estate shares. Journal of Property Investment and Finance, 22 (2). pp. 147-161. ISSN 1463-578X doi: https://doi.org/10.1108/14635780410536151
Reference: Marcato, G. and Tira, G. (2011) European CMBS pricing: bond, mortgage and real estate characteristics. Journal of Portfolio Management, 37 (5). pp. 137-153. ISSN 0095-4918 doi: https://doi.org/10.3905/jpm.2011.37.5.137
Reference: Bond, S. A., Hwang, S. and Marcato, G. (2012) An analysis of commercial real estate returns: an anatomy of smoothing in asset and index returns. Real Estate Economics, 40 (4). pp. 637-661. ISSN 1540-6229 doi: https://doi.org/10.1111/j.1540-6229.2011.00327.x
Reference: Gabrieli, T. and Marcato, G. , (2009) Real options and game theoretical approaches to real estate development projects: multiple equilibria and the implications of different tie-breaking rules. Working Papers in Real Estate & Planning. 05/09. Working Paper. University of Reading, Reading. pp32.
Reference: Fuerst, F. and Marcato, G. , (2010) Re-thinking commercial real estate market segmentation. Working Papers in Real Estate & Planning. 12/10. Working Paper. University of Reading, Reading. pp21.
Reference: Marcato, G. and Ward, C. , (2007) Back from beyond bid-ask spread: estimating liquidity in international markets. Working Papers in Real Estate & Planning. 07/07. Working Paper. University of Reading, Reading. pp38.
Reference: Fourt, R., Marcato, G. and Ward, C. , (2007) Real option pricing in mixed-use development projects. Working Papers in Real Estate & Planning. 09/07. Working Paper. University of Reading, Reading. pp31.
Reference: Marcato, G. and Ward, C. , (2006) Back from beyond the bid-ask spread: perspectives on liquidity. Working Papers in Real Estate & Planning. 15/06. Working Paper. University of Reading, Reading. pp42.
Reference: Bond, S. S., Hwang, S. and Marcato, G. , (2006) An analysis of commercial real estate returns: is there a smoothing puzzle? Working Papers in Real Estate & Planning. 17/06. Working Paper. University of Reading, Reading. pp34.
Reference: Marcato, G. and Key, T. (2005) Direct investment in real estate. Journal of Portfolio Management, 31. pp. 55-69. ISSN 0095-4918 doi: https://doi.org/10.3905/jpm.2005.593888
Reference: Lizieri, C. , Marcato, G. , Ogden, P. and Baum, A. (2010) Pricing inefficiencies in private real estate markets using total return swaps. Journal of Real Estate Finance and Economics, 45 (3). pp. 774-803. ISSN 1573-045X doi: https://doi.org/10.1007/s11146-010-9268-x