Real Estate Finance


REFI is a master course in which participants will be educated in a wide range of investment topics relating to real estate and mortgage assets. The course is applied in nature in that the actual practices of real estate professionals are taught and discussed. Some of the topics included in this course are: real estate in the mixed-asset portfolio; real estate performance measurement, real estate equity securitization, and the surge and fall in mortgage-backed securities . The primary objectives of the course are to link the real estate markets to the financial markets, giving full attention to the theoretical real estate investment issues involved.

General characterization





Responsible teacher

Melissa Porras Prado


Weekly - Available soon

Total - Available soon

Teaching language





  • DiPasquale, D., W.C. Wheaton. 1992. The Markets for Real Estate Assets and Space: A Conceptual Framework. Journal of American Real Estate and Urban Economics Association. V20, 1 pp. 181-197
  • Hudson-Wilson et al. 2005. Why Real Estate? Journal of Portfolio Management 31(5). 12-21
  • Case, K.E., J.M. Quigley and R.J. Shiller. 2005. Comparing Wealth Effects: The Stock Market versus the Housing Market. Advances in Macroeconomics. Vol 5 (1)
  • McAllister, P., A. Baum, N. Crosby, P. Gallimore and A. Gray. 2003. Appraiser behavior and appraisal smoothing: some qualitative and quantitative evidence, Journal of Property Research 20(3). 261-80
  • Case. B, H.O. Pollakowski and S.M. Wachter. 1991. On Choosing Among House Price Index Methodologies. Real Estate Economics 19(3). 286-307
  • Geltner, D. 1993. Estimating Market Values from Appraised values without Assuming an Efficient Market. Journal of Real Estate Research 12(2). 325-45
  • Stevenson, S. 2000. International Real Estate Diversification: Empirical Tests using Hedged Indices. Journal of Real Estate Research 19(1). 105-31
  • Giliberto, 1993, Measuring Real Estate Returns: The Hedged REIT Index, Journal of Portfolio Management.
  • Brounen, D., S. de Koning. 2012. 50 Years of Real Estate Investment Trusts: An International Examination of the Rise and Performance of REITs. Journal of Real Estate Literature 20, 2, 197-222.
  • Pagliairi, J.L., K.A. Scherer, R.T. Monopoli. 2003. Public versus Private Real Estate Equities. Journal of Portfolio Management, 101-11
  • Pagliairi, J.L., K.A. Scherer, R.T. Monopoli. Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison. Real Estate Economics; Spring 2005; 33, 1
  • Barkham, R.J. and C.W.R. Ward. 1999. Investor Sentiment and Noise Traders: Discount to Net Asset Value in listed Property Companies in the U.K., Journal of Real Estate Research 18(2), 291-312
  • Teaching method

    Classes are devoted to the presentation of the material by the instructor and to application of the material in the form of an assigment. There will be readings available online of scientific journals.

    Evaluation method

  • Final exam 70% (compulsory);
  • Group assignment 20%;
  • In-class presentations 10%.
  • Subject matter

    Real Estate System

    Real Estate Performance

    Real Estate Securitization


    Portfolio Allocation

    Real Estate Derivatives

    Debt Securitization: MBS, pass-through, CMBS

    Subprime Crises