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Cambridge Endowment for Research in Finance (CERF)


Eva Steiner

Title of research: Real Estate and Leverage: in Good Times and in Bad

Debt plays a crucial role in real estate investment  given the suitability of real assets as collateral. However, the drivers of capital structure choices in real estate investment trusts (REITs) remain unclear. At the same time, the fall out from the recent global financial crisis shows the economic cost of sub-optimal REIT capital structure. In the first part of my proposed research programme, I will empirically evaluate the efficiency of REIT capital structure choices throughout the market cycle, with a view to deriving implications for risk and capital management strategies.

Research Update - Report March 2016

Research Update - Report September 2015

Research Update - Report April 2015

Research Update - Report 2014