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Professor Charles Ward

Emeritus Professor of Property Investment and Finance

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  • Capital Markets, Investment Performance, Option Pricing


Whiteknights campus

After graduating from Cambridge University, Charles Ward worked in industry (hotels and printing) for seven years and then became an academic. He has held university posts in Lancaster, Stirling and Reading and has an economics degree from Cambridge, an MA in Finance from Exeter and a PhD from Reading. Before moving to the ICMA centre, he was Professor of Property Investment and Finance in the Department of Real Estate and Planning. His previous post was Professor of Accounting and Finance at Stirling University.

Charles has a long standing association with professional education in Investment, having been the first Chief Examiner of the Society of Investment Analysts – which later became the CFA UK. On moving to Reading, he concentrated on the area of real estate and developed the application of financial models to real estate markets. Amongst his innovative research was the earliest published application of option pricing theory to real estate (1982), the de-smoothing of property investment returns (1987) and the relationship between property returns and inflation (1988). More recent work has been exploring the financial behaviour of property markets, the relationship between property markets and property securities and the pricing of real estate lease contracts.

His research spans a wide range including investment, finance, accounting and real estate and has been published in many journals including the Journal of Financial and Quantitative Analysis, Journal of Business Finance and Accounting, Oxford Bulletin of Economics and Statistics, Journal of Industrial Economics, Journal of Banking and Finance and Journal of Portfolio Management.


MA, (Economics) University of Cambridge;
MA, (Finance and Investment), University of Exeter;
PhD (Property Investment), University of Reading

Turner, N., Cullen, I., Marsh, J., Ward, C. and McAllister, P. Investment Performance and Lease Structure Change in the UK: Research Findings. London: Investment Property Forum, 2005, 78pp.

Lizieri, C. and Ward, C. Financial Innovation in UK Property Markets: A Review of Trends and Prospects. London: Corporation of London, 2004, 116pp.

McCann, P. and Ward, C. Real Estate Rental Payments: Application of Stock-Inventory Modeling.Journal of Real Estate Finance and Economics, 28(2/3), 2004, 273-292.

Collett, D, Lizieri C. and Ward C.W.R. Timing and the Holding Periods of Institutional Real Estate. Real Estate Economics, 31(2), 2003, 205-222

Hendershott, P.H., Hendershott, R.J. and Ward, C.W.R. Corporate Equity and Commercial Property Market 'Bubbles', Urban Studies, 40(5-6), 2003, 993-1009.

Hendershott, P.H. and Ward, C.W.R. Valuing and Pricing Retail Leases with Renewal and Overage Options. Journal of Real Estate Finance and Economics, 26(2/3), 2003, 223-240.

Lizieri, C., McAllister, P. and Ward, C.W.R. Continental Shift? An Analysis of Convergence Trends in European Real Estate Equities. Journal of Real Estate Research, 25(1), 2003, 1-22.