About
This project on real estate risk and return draws on the experience of real estate finance and financial history and makes a contribution to the understanding of the long-run performance characteristics of real estate, putting this asset class on a level playing field with stocks, bonds and collectibles where comprehensive long-run performance data already exist.
Property is a major asset class in institutional investment portfolios alongside stocks and bonds. However, in contrast to those assets, there is little empirical evidence on the long-run risk and return characteristics of property. The objective of this project is to construct a novel and unique data set on investment properties in the UK held by long-term institutional investors and to analyse its long-run performance.
The project is led by Professor David Chambers (University of Cambridge) and Professor Eva Maria Steiner (Penn State Smeal College of Business). It has been supported by the Isaac Newton Trust, St Johns College Cambridge, and the Cambridge Endowment for Research and an individual donor.
Related paper
Accominotti O, Cen J and Degorce V, ‘Covered Interest Parity: The Long Run Evidence’ (paper presented at the NBER conference, 7 July 2025), f226460.pdf