Gianluca Marcato
Professor of Finance and Real Estate
Head of Department, Real Estate and Planning
Director, Certificate in Government Property Leadership
Director, INREV / Henley Certificate in Non-Listed Real Estate Investment
Pricing and Indexes
Sustainable Insights in Public Real Estate Performance: ESG Scores and Effects in REIT Markets (with D. Brounen and M. Tong), Working Paper
Higher risk driven by less overconfident behaviour: Women on REIT Boards (with R. Bjaj and M. Mori), Working Paper
Women's Home Bias in Property Acquisition: A Risky Approach? (with R. Bjaj and M. Mori), Working Paper
Publications
Pricing ESG Equity Ratings and Underlying Data in Listed Real Estate Securities (with D. Brounen and H. Op 't Veld)
Sustainability, 2021
Abstract: By analyzing the adoption of EPRA’s Sustainability Best Practices Recommendations (sBPR), we examine and discuss the application of transparent Environmental, Social and Governance (ESG) ratings and their interaction with public real estate performance across European markets. Due to increasing concerns about the environment and the impact of investment on society at large, public property companies have made significant progress on improving transparency and enhancing the protection of shareholder value by sharing and reporting ESG best practices. We explore and review the EPRA sBPR database, which is highly useful for investors who are already screening listed real estate companies. Hence, in this project, we carefully study the diffusion process of this new ESG metric as a tool to enhance informational transparency regarding public real estate investment management and assess the effects of this transparency and ESG performance for the real estate stock returns. We find evidence of a sustainability premium that investors are willing to pay to access companies with better sustainable ratings.