The Bartlett School of Construction and Project Management

Dr Stanimira Milcheva

Dr Stanimira Milcheva

Associate Professor

The Bartlett Sch of Const & Proj Mgt

Faculty of the Built Environment

Joined UCL
30th Jun 2017

Research summary

Topics for PhD applicants

My research areas are summarised below. I am looking for any PhD applicants in the areas below. Relevant field for research students' supervision include real estate finance, real estate economics, urban economics, investment and asset pricing, housing, corporate finance, big data, mortgage markets, and similar topics.

The Role of Spatial Dynamics in (Asset) Pricing

Spatial dynamics can affect both households and investors and subsequently the price of companies and real assets. What goes beyond a mere headquarter location of the company is identifying the relevant locations for the performance. It it is essential to account for distance in order to extract additional information from real assets that was not possible to capture so far. 

Asset Pricing, Spatial Linkages and Contagion in Real Estate Stocks (with B. Zhu), Journal of Property Research, forthcoming.

The Pricing of Spatial Linkages in Companies’ Underlying Assets (with B. Zhu), Journal of Real Estate Finance and Economics, 2018, online 3 July 2018.

Spatio-temporal effects of an urban development announcement and its cancellation on house prices – A quasi-natural experiment (with D. Hyun), Journal of Housing Economics. forthcoming.

Spatial Dependence in Apartment Transaction Prices During Boom and Bust (with D. Hyun), Regional Science and Urban Economics, 2018, 68, 36-45.

Affordable Housing

We assess the vehicles for the affordable housing provision. From an institutional investor’s point of view, while being a form of real estate, affordable housing is closely linked to public finance and should be viewed rather as social infrastructure, the provision of which has been enabled via public subsidies and grants. Through close collaboration with stakeholders such as public institutions and institutional investors, we aim to provide relevant and applied research solutions to the global social challenges of our society.

Multifamily Rental Housing Performance and Externalities from Local Housing Unaffordability (with M. McCollum), SSRN Working Paper.

Monetary Policy, Banking and Financial Market Regulation

Monetary policy, financial market regulation and the real estate market (including housing) are highly interlinked as shown during the Global Financial Crisis and the subsequent regulation on the markets. We contribute to the existing literature by stressing out the role of the real estate market - both residential and commercial.

Is Financial Regulation Good or Bad for Real Estate Companies? - An Event Study (with M. Hoesli and A. Moss), Journal of Real Estate Finance and Economics, 2017, forthcoming.

Bank Integration and Comovements across Housing Markets (with B. Zhu), 2016, Journal of Banking & Finance, 72S, S146–S171.

A Bank Lending Channel or a Credit Supply Shock?, 2013, Journal of Macroeconomics, 37, 314-332.

Cross-Country Effects of Regulatory Capital Arbitrage, 2013, Journal of Banking & Finance, 37 (12), 5329-5345.

Capital Flows

This research area deals with the challenging task of capturing capital flows into real estate. It looks at drivers of capital flows and their economic impact. In particular relevant for real estate is the issue with liquidity especially taking a global perspective on it.

Market Integration, Country Institutions and IPO Underpricing (with G. Marcato and C. Zheng), Journal of Corporate Finance, forthcoming.

Urban Economic Openness and IPO Underpricing (with C. Zheng and G. Marcato), Journal of Real Estate Finance and Economics, 2017, forthcoming.

Market Integration, Country Institutions and IPO Underpricing (with G. Marcato and C. Zheng), Journal of Corporate Finance, forthcoming.

Teaching summary

I teach a popular module that all MSc students can take called The Economics of Speculative Property Development (CM6).

I teach two modules on the Infrastructure Investment and Finance MSc programme: Financing Infrastructure and Infrastructure as an Asset Class.


University of Reading
PGCAP, Education | 2016
Higher Education Academy
FHEA, Education | 2015
Universitat Regensburg
PhD, Economics | 2013
University of Mannheim
Dipl., Economics | 2009


Dr Stanimira Milcheva is an associate professor in Real Estate and Infrastructure Finance at the University College London. Previously, she worked at Henley Business School at the University of Reading and at the University of Regensburg. Stani has undergraduate and graduate degrees in Economics from the University of Mannheim and a PhD in Economics from the University of Regensburg.
Stani's research interest is in real estate investment and finance, housing, and infrastructure finance.
She has published in highly ranked and field journals, including the Journal of Corporate Finance, the Journal of Banking and Finance, Regional Science and Urban Economics, the Journal of Real Estate Finance and Economics, the Journal of Macroeconomics, Journal of Housing Economics, Real Estate Finance, Journal of European Real Estate Research, Journal of Real Estate Portfolio Management. She has presented at numerous real estate and finance conferences and symposiums such as the Allied Social Sciences Association (ASSA) & American Real Estate and Urban Economics Association (AREUEA), the National and International AREUEA meetings, symposiums organised by the University of Hong Kong, the University of Cambridge, National University of Singapore, Florida State University and Florida University, etc. She has served as a referee for the Journal of Banking & Finance, Journal of Macroeconomics, Journal of European Real Estate Research, International Journal of Strategic Property Management, Empirical Economics, Journal of Real Estate Portfolio Management, the Journal of Housing Economics and others. Stani has been awarded various prizes for research including winner of the Asian Real Estate Society (AsRES) Royal Institution of Chartered Surveyors (RICS) Best Paper Award, best research output for 'Thinking out the Box' by the Homer Hoyt Institute, best research output by Cushman and Wakefield, and best research output by the University of Reading Research Endowment Trust Fund.