Dr Isil Erol
Associate Professor of Real Estate Finance & Investment
Director of MSc Real Estate Finance Programme
Isil is an Associate Professor of Real Estate Finance & Investment and the director of MSc Real Estate Finance Programme at Henley Business School.
Isil’s research interests are real estate finance (REITs, residential mortgages, option-based mortgage pricing, retail real estate), corporate finance, and housing economics.
Before joining University of Reading, Isil was an Associate Professor of Property Economics at the Queensland University of Technology. Before that, she worked at Ozyegin University Business School and Middle East Technical University and was Visiting Fellow at the University of Adelaide. Isil worked for the World Bank as a real estate consultant, led and collaborated in several research projects funded by the World Bank Group, European Union and The Scientific and Technological Research Council of Turkey on the financialization of housing markets, financing urban transformation projects, housing affordability, the spatial analysis of commercial properties, and pricing fixed-rate mortgage contracts in inflationary economies.
Isil has widely published in several journals including Journal of Housing Economics, Journal of Real Estate Finance and Economics, Urban Geography, Journal of Housing and Built Environment, International Journal of Urban and Regional Research, Journal of Property Investment and Finance.
Doctor of Philosophy (PhD) in Real Estate Finance, 2004, University of Cambridge, England.
Master of Philosophy (MPhil) in Land Economy, 2001, University of Cambridge, England.
Master of Science (MSc) in Economics, 2000, Middle East Technical University, Turkey.
Bachelor of Science (BSc) in City and Regional Planning (Major in Urban Economics), 1998, Middle East Technical University, Turkey.
Erol, I., D. Tirtiroglu, and E. Tirtiroglu (2020) Pricing of IPOs Under Legally Mandated Concentrated Ownership and Commitment Period: Evidence from a Natural Experiment for REITs in Turkey. Journal of Behavioral and Experimental Finance, 25, 100245.
Erol, I. and T. Tyvimaa (2020) Explaining the Premium to NAV in Publicly Traded Australian REITs, 2008 – 2018. Journal of Property Investment & Finance, 38(1), 4-30.
Sokalamis Adu Mcvie, R. Yigitcanlar, T. and I. Erol. (2020) How can contemporary innovation districts be classified? A systematic review of the literature. Land Use Policy, 95, 104595.
Erol, I. (2019) New Geographies of Residential Capitalism: Financialization of Turkish Housing Market Since the Early 2000s. International Journal of Urban and Regional Research, 43(4), 724-740.
Kutlukaya, M. and I. Erol (September 2016), Analysis of Cross-Country Variations in the Depth of European Mortgage Markets. Journal of Housing and the Built Environment, 31(3), 513-543
Cakici, N., Erol, I. & D. Tirtiroglu (March 2014), Tracking the Evolution of Idiosyncratic Risk and Cross-Sectional Expected Returns for US REITs. Journal of Real Estate Finance and Economics, 48(3), 415-440.
Erol, I. and B.A. Ozbakir (2012), Globalizing Polycentricity in Istanbul: Mamdani Type Fuzzy Rule-Based Model of Downtown Office Space Rents. Urban Geography, 33(8), 1212-1248.
Erol, I. and D. Tirtiroglu (July 2011), Concentrated Ownership, No Dividend Pay-out Requirement and Capital Structure of REITs: Evidence from Turkey. Journal of Real Estate Finance and Economics, 43(1-2), 174-204.
Erol, I. and D. Tirtiroglu (2008), The Inflation-Hedging Properties of Turkish REITs. Applied Economics, 40 (20), 2671-2696.
Erol, I. and K. Patel (2007), Pricing the Default Option of Inflation-Indexed Mortgages Using Explicit Finite Difference Method. International Real Estate Review, 10(1), 48-92.
Erol, I. and A. Güzel (2006), The Elasticity of Capital–Land Substitution in the Housing Construction Sector of a Rapidly Urbanized City: Evidence from Turkey. Review of Urban and Regional Development Studies, 18(2), 85-101.
Erol, I. and K. Patel (2005), Default Risk of Wage-Indexed Payment Mortgage (WIPM) Contract in Turkey. Journal of Housing Economics, 14(3), 271-293.
Erol, I. and K. Patel (2004), Housing Policy and Mortgage Finance in Turkey during the Late 1990s Inflationary Period. International Real Estate Review, 7(1), 98-120.