Professor Gianluca Marcato

Professor of Finance and Real Estate

Professor Gianluca Marcato

Professor Gianluca Marcato

Henley Business School Director: PhD and DBA Programmes
Director: INREV-Henley Certificate for Non-Listed Real Estate Investment
Real Estate & Planning
HBS 219, Whiteknights Campus
+44 (0) 118 378 8178



Gianluca Marcato is Professor of Finance and Real Estate and Director of the PhD and DBA Programmes and the INREV-Henley Certificate in European Non-Listed Real Estate Investment at Henley Business School, University of Reading. Currently he also holds a position as Visiting Professor at the University of Amsterdam (UvA). He is AREUEA board member, serving in the International (chair) and Membership Committees. Previously, he worked at Cass Business School and Bocconi University and was visiting fellow at NYU and LSE.

His research interests lie in asset pricing, mortgages, portfolio management, sustainability and real estate finance and he is a recipient of several research grants from institutions and industry bodies. He has published work in several journals including 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 benchmarking 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.


  • PhD in Finance
  • MSc in Real Estate Investment
  • Chartered Institute for Securities & Investment (CISI), Member
  • Financial Conduct Authority (FCA): Certificate for Corporate Finance Representatives


Asset Pricing, Mortgages, Portfolio Management, Liquidity, Real Options, Sustainability.

Current PhD students

Michelle Tong: Three Essays on Early Termination of the Commercial Mortgages. First supervisor

Sariye Akcay: Housing Price Cycles in a European Perspective. First supervisor

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


View a full list of Dr Gianluca Marcato's Publications

Key publications

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

Brounen, D., Marcato, G. and Silvestri, E. (2018) Price-signaling and return-chasing: international evidence from maturing REIT markets. Real Estate Economics. ISSN 1540-6229 (In Press)

Marcato, G., Sebehela, T. and Campani, C. H. (2018) Volatility smiles when information is lagged in prices. North American Journal of Economics and Finance. ISSN 1062-9408 (In Press)

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:

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

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