An Article by Morri among the Most Consulted in 2016

A RESEARCH ON THE EVOLUTION OF THE FINANCIAL STRUCTURE OF REAL ESTATE INVESTMENT COMPANIES CONDUCTED BY THE SDA PROFESSOR OF FINANCE, AND A COAUTHOR, HAS BEEN AWARDED BY EMERALD AMONG THE HIGHLY COMMENDED PAPERS

The effects of the global financial crisis on the capital structure of EPRA/NAREIT Europe index companies (published in the Journal of European Real Estate Research) is the title of a paper written by Giacomo Morri, a Bocconi Professor, and Andrea Artegiani, which has been awarded by Emerald as one of the Highly commended papers in 2016. “This kind of award is assigned to the most viewed papers. Although publication is already a recognition in itself, the interest shown by the scientific community about the results of the research is even more important”, says Morri, Professor of the Department of Finance and SDA Professor of Accounting, Control, Finance and Real Estate Department.

The article analyzes how European real estate companies have changed their capital structure – i.e. their use of debt - after the global financial crisis. "Before the crisis, the most indebted companies were those for which the cost was lower, while after the crisis, companies showing a greater use of debt carried a higher cost", explains the professor. "Moreover, in a period in which the debt is more expensive and businesses generate lower profits, the debt may continue to be used mainly by larger companies bringing a lower default risk".

In addition to pursuing his research on the capital structure of real estate companies, "with a focus on the American market", adds Morri, he is studying the financial proprieties. “We are also finishing a research on the relationship between fees and performance in closed-end real estate funds and another one on risk diversification effect of indirect real estate investment".

by Benedetta Ciotto