Dr Masaki Mori

Associate Professor in Real Estate Finance and Investment

Dr Masaki Mori

Dr Masaki Mori

Director: MSc Real Estate Finance programme
Real Estate & Planning
HBS 218, Whiteknights Campus
+44(0)118 378 6657



Masaki Mori has international research and education experience in Real Estate Finance and Investment. His research appears in international journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, and Journal of Behavioural Finance. Prior to joining the University of Reading, Masaki Mori was a manager at Nomura Asset Management (Japan), an Associate Professor of Finance at the International University of Japan (IUJ), and an Assistant Professor at the National University of Singapore (NUS). He also served as an Associate Dean of Graduate School of International Management of IUJ. He has taught real estate and finance courses such as Real Estate Finance and Mortgage Banking, Investment, Portfolio Management, Derivatives Markets, and Debt Securities Markets for undergraduate and graduate students as well as for business professionals. He was awarded University-level and School-level teaching excellence awards at NUS. He is a recipient of the Fulbright Scholarship.


  • PhD, Real Estate, Georgia State University (U.S.A.)
  • BA, Finance, Keio University (Japan)
  • Chartered Member of the Securities Analysts Association of Japan (CMA)


Real Estate and Financial Investments; Real Estate Investment Trusts; House Price Dynamics

Selected Research Grants

Effects of REIT Ownership on Acquisition Premiums and Property Performance of Industrial Properties. 2015-2016. Contract value S$100,600. PI (NUS-JTC i3 Centre Research Grant).

Corporate Governance and Investor Attention: Evidence from Japanese REITs. Funded by NUS 2012-2014. Contract value S$100,201. PI (MOE AcRF Tier1).

Information Diffusion in the U.S. REIT Market. Funded by NUS 2011-2013. Contract value S$47,252. PI (start-up fund at NUS).

Proposal of Weather Derivatives for the Risk Management of Local Businesses. Funded by Niigata Prefecture, Japan. 2008-2009. Contract value US$10,000. PI.


View a full list of Dr Masaki Mori's Publications

Key Publications

Ooi, J.T.L., Mori, M. & Wong, W.C. (2018). Rationale Behind IPO Underpricing: Evidence from Asian REIT IPOs. Real Estate Economics (forthcoming).

Tang, C. K., & Mori, M. (2017). Sponsor Ownership in Asian REITs. Journal of Real Estate Finance and Economics, 55(3), 265-287. doi:10.1007/s11146-016-9577-9

Lee, K. O., & Mori, M. (2016). Do Conspicuous Consumers Pay Higher Housing Premiums? Spatial and Temporal Variation in the United States. Real Estate Economics, 44(3), 726-763. doi:10.1111/1540-6229.12115

Mori, M. (2015). Information Diffusion in the US Real Estate Investment Trust Market. Journal of Real Estate Finance and Economics, 51(2), 190-214. doi:10.1007/s11146-014-9464-1

Mori, M., Ooi, J. T. L., & Wong, W. C. (2014). Do Investor Demand and Market Timing Affect Convertible Debt Issuance Decisions by REITs?. Journal of Real Estate Finance and Economics, 49(4), 524-550. doi:10.1007/s11146-013-9443-y

Mori, M., & Ziobrowski, A. J. (2011). Performance of Pairs Trading Strategy in the U.S. REIT Market. Real Estate Economics, 39(3), 409-428. doi:10.1111/j.1540-6229.2010.00302.x