Professor
Department of Finance

Simon Stevenson

757-683-3559
https://www.simonstevenson.org/

2045 CONSTANT HALL
NORFOLK, 23529

Simon Stevenson joined the Strome College of Business as the Robert M. Stanton Endowed Chair of Real Estate & Economic Development in 2021. Originally from the UK, Simon has previously held faculty positions at the University of Washington, University of Reading, City University of London and University College Dublin. He has published over 80 papers in journals such as the Journal of International Business Studies, Real Estate Economics, Journal of Real Estate Finance & Economics, Urban Studies, Journal of Housing Economics, Journal of International Money & Finance, Journal of Real Estate Research and Regional Studies.

Contracts, Grants and Sponsored Research

Stevenson, S., Lee, C. and Cho, H. "The Impact of Futures Trading on the Linkages Between European Publicly Listed Real Estate and Direct Real Estate" $20,000. Other. - September 2019
Akimov, A., Lee, C. and Stevenson, S. "The Sensitivity of European Publically Listed Real Estate to Interest Rates" $20,000. Other. - March 2014
Stevenson, S. and Matysiak, G. "Re-Assessing the Accuracy of UK Property Forecasts" $100,000. Other. - 2013
Stevenson, S., Nanda, A., Mouzakis, F. and Akimon, A. "Re-Examining Real Estate as an Inflation Hedge" $30,000. Other. - November 2013
Brooks, C., Stevenson, S., Ward, C. and Kappou , K. "The Performance Effects of Index Composition Changes" $16,000. Other. - April 2012
Stevenson, S. "Panel Modelling of the Finish Real Estate Market" $10,000. Commercial. - December 2007
Stevenson, S. "Evaluating Private Real Estate Fund Performance" $17,500. Other. - February 2007
Stevenson, S. and Key, T. "Decomposing the Yield on Residential Investments" $10,000. Commercial. - February 2006
Stevenson, S. and Young, J. "Pricing Policy in the Irish Mortgage Market" $15,000. Commercial. - June 2004
Stevenson, S. "Forecasting Estimates of the Residential Property Market in Greater Dublin" $12,500. Commercial. - February 2004
Stevenson, S. "Market Conditions in the Irish Housing Market: An Assessment of Fundamental Values and Speculative Behaviour" $17,500. Other. - October 2003
Stevenson, S. "Real Estate Portfolio Construction and Indexing" $10,000. Other. - 2002
Stevenson, S. "The Short-Term Impact of the Bacon Report" $3,000. Other. - 1999

Expertise

Real Estate
Real Estate Investment, REITs, Housing Economics
Finance
Portfolio Management, International Finance

Research Interests

Real Estate Capital Markets, REITs, Housing Economics, Real Estate Portfolio Management, International Finance, Forecasting

Articles

Alfalah, A., D'Arcy, E. and Stevenson, S. Constructing House Price Indices in an Emerging Market. Journal of Real Estate Literature.
Alfalah, A., D’Arcy, E., Heinig, S. and Stevenson, S. Housing Affordability in a Resource Rich Economy: The Case of Kuwait. International Journal of Housing Markets & Analysis 16 (2) , pp. 336-353.
Katyoka, M. and Stevenson, S. Volatility Transmission: Evidence from U.K. REIT & Stock Market Volatility. Journal of Real Estate Portfolio Management.
Stevenson, S. A., Krystalogianni, A., Mouzakis, F. and Young, J. (2023). An Asymmetric Panel Error-Correction Model of the Australian Office Market. Journal of Real Estate Portfolio Management 29 (1) , pp. 29-42.
Lee, C., Stevenson, S. and Cho, H. (2022). Listed Real Estate Futures Trading, Market Efficiency, and Direct Real Estate Linkages: International Evidence. Journal of International Money & Finance 127 , pp. 102693 .
Alfalah, A., Stevenson, S. and D'Arcy, E. (2022). The Portfolio Advantages of Sukuk: Dynamic Correlations between Bonds and Sukuk. Journal of Asian Finance, Economics and Business 9 (4) , pp. 13-28.
Alfalah, A., D’Arcy, E., Heinig, S. and Stevenson, S. (2022). Modelling Housing Market Fundamentals and the Response to Economic and Political Events: Empirical Evidence from Kuwait. International Journal of Housing Markets & Analysis 15 (4) , pp. 736-761.
Martins, A. Miguel., Serra , A., Martins, F. Vitorino. and Stevenson, S. (2021). EU Housing Markets Before Financial Crisis of 2008: The Role of Institutional Factors and Structural Breaks. Journal of Housing and the Built Environment 36 , pp. 867-899.
Martins, A. Miguel ., Serra, A., Martins, F. Vitorino. and Stevenson, S. (2020). House Price Dynamics and Bank Herding: European Empirical Evidence. Journal of Real Estate Research 42 (3) , pp. 365-396.
Martins, A. Miguel., Serra, A. and Stevenson, S. (2019). Determinants of Real Estate Bank Profitability. Research in International Business and Finance 49 , pp. 282-300.
Lee, C. and Stevenson, S. (2019). Interest Rate Sensitivity in European Public Real Estate Markets. Journal of Real Estate Portfolio Management 25 (2) , pp. 138-150.
Ametefe, F. Kwakutse., Devaney, S. and Stevenson, S. (2019). Optimal Composition of Hybrid/Blended Real Estate Portfolios. Journal of Property Investment & Finance 37 (1) , pp. 20-41.
Martins, A. Miguel ., Serra, A., Martins, F. Vitorino. and Stevenson, S. (2019). Residential Property Loans and Bank Performance during Property Price Booms: Evidence from Europe. Annals of Economics and Finance 20 (1) , pp. 247-295.
Farrelly, K. and Stevenson, S. (2019). The Risk and Return of Private Equity Real Estate Funds. Global Finance Journal 42 , pp. 1-13.
(2018). A Comparative Analysis of the Accuracy and Uncertainty in Real Estate and Macroeconomic Forecasts. Journal of Real Estate Research 40 (3) , pp. 309-346 .
Lee, C., Stevenson, S. and Lee, M. (2018). Low Frequency Volatility of Real Estate Securities and Macroeconomic Risk. Accounting and Finance 58 (S1) , pp. 311-342.
Stevenson, S. (2016). Macro-Economic and Financial Determinants of Comovement across Global Real Estate Security Markets. Journal of Real Estate Research 38 (4) , pp. 595-623.
Farrelly, K. and Stevenson, S. (2016). Performance Drivers of Private Real Estate Funds. Journal of Property Research 33 (3) , pp. 214-235.
Akimov, A., Hutson, E. and Stevenson, S. (2016). The Interaction of Volatility, Volume and Skewness: Empirical Evidence form REITs. Journal of Real Estate Portfolio Management 22 (1) , pp. 1-18.
Papastamos, D., Matysiak, G. and Stevenson, S. (2015). Assessing the Accuracy and Dispersion of Real Estate Investment Forecasts. International Review of Financial Analysis 42 , pp. 141-152.
Akimov, A., Stevenson, S. and Zagonov, M. (2015). Public Real Estate and the Term Structure of Interest Rates: A Cross-Country Study. Journal of Real Estate Finance and Economics 51 (4) , pp. 503-540.
Akimov, A., Stevenson, S. and Young, J. (2015). Synchonisation in Metropolitan Housing Market Cycles: An Empirical Investigation of Australia. Urban Studies 52 (9) , pp. 1665-1682.
Stevenson, S. and Young (2015). The Probability of Sale and Price Premiums in Withdrawn Auctioned Properties. Urban Studies 52 (2) , pp. 279-297.
Stevenson, S. and Young, J. (2015). The Role of Undisclosed Reserves in English Open Outcry Auctions. Real Estate Economics (2) , pp. 375–402.
Stevenson, S. and Young, J. (2014). A Multiple Error-Correction Model of Housing Supply. Housing Studies 29 (3) , pp. 362-379.
Stevenson, S., Akimov, A., Hutson, E. and Krystalo (2014). Concordance in Global Office Market Cycles. Regional Studies 48 (3) , pp. 456-470.
Lee, C., Stevenson, S. and Lee, M. (2014). Futures Trading, Spot Price Volatility and Market Efficiency: Evidence from European Real Estate Securities Futures. Journal of Real Estate Finance and Economics 48 (2) , pp. 299-322.
Brooks, Kappou, K., Stevenson, S. and Ward, C. (2013). The Performance Effects of Composition Changes on Sector Specific Indices: The Case of European Listed Real Estate. International Review of Financial Analysis 29 , pp. 132-142.
Chong, J., Krystalogianni, A. and Stevenson, S. (2012). Dynamic Correlations between REIT Sub-Sectors and the Implications for Diversification. Applied Financial Economics 22 (13) , pp. 1089-1109.
Bredin, D., O'Reilly, G. and Stevenson, S. (2011). Monetary Policy Transmission and Real Estate Investment Trusts. International Journal of Finance & Economics 16 (1) , pp. 92-102.
Stevenson, S., Young, J. and Gurdgiev, C. (2010). A Comparison of the Appraisal Process for Auction and Private Treaty Residential Sales. Journal of Housing Economics 19 (2) , pp. 157-166 .
Anim-Odame, W., Key, T. and Stevenson, S. (2010). Ghanaian Transaction Based Residential Indices. International Journal of Housing Markets and Analysis 3 , pp. 216-232.
Hutson, E. and Stevenson, S. (2010). Openess and Foreign Exchange Exposure: A Multi-Country Firm Level Analysis. Journal of International Business Studies 41 (1) , pp. 105-122.
Anim-Odame, W., Key, T. and Stevenson, S. (2010). Residential Market Development in Sub-Saharan Africa. International Journal of Housing Markets and Analysis 3 (4) , pp. 308-326.
Chong, J., Miffre, J. and Stevenson, S. (2009). Conditional Correlations and Real Estate Investment Trusts. Journal of Real Estate Portfolio Management 15 , pp. 173-184.
Chong, C., Gerlach, R., Stevenson, S., Wilson, P. J. and Zurbruegg, R. (2009). Equity and Fixed Income Markets as Drivers of Securitised Real Estate. Review of Financial Economics 18 (2) , pp. 103-111.
Anim-Odame, W., Key, T. and Stevenson, S. (2009). Measures of Real Estate Values from Land Registration and Valuation systems in Emerging Economies: The Case of Ghana. Journal of Real Estate Literature 17 (1) , pp. 63-84.
Hutson, E. and Stevenson, S. (2008). Asymmetry in REIT Returns. Journal of Real Estate Portfolio Management (2) , pp. 105-123.
Stevenson, S. (2008). Modelling Housing Market Fundamentals: Empirical Evidence of Extreme Market Conditions. Real Estate Economics 36 (1) , pp. 1-29.
Cotter, J. and Stevenson, S. (2008). Modelling Long Memory in REITs. Real Estate Economics 36 (3) , pp. 533-554.
Jackson, C., Stevenson, S. and Watkins, C. (2008). NY-LON: Does a Single Cross-Continental Office Market Exist ?. Journal of Real Estate Portfolio Management 14 , pp. 79-92.
Stevenson, S. (2007). A Comparison of the Forecasting Ability of ARIMA Models. Journal of Property Investment & Finance 25 (3) , pp. 223-240.
Stevenson, S., Wilson, P. J. and Zurbruegg, R. (2007). Assessing the Time-Varying Interest Rate Sensitivity of Real Estate Securities. European Journal of Finance 13 (8) , pp. 705-715.
Stevenson, S. (2007). Exploring the Intra-Metropolitan Dynamics of the London Office Market. Journal of Real Estate Portfolio Management 13 (2) , pp. 93-98.
Stevenson, S. and Young, J. (2007). Forecasting Housing Supply: Empirical Evidence from the Irish Market. European Journal of Housing Policy (1) , pp. 1-17 .
Wilson, P. J., Stevenson, S. and Zurbruegg, R. (2007). Foreign Property Shocks and the Impact on Domestic Securitized Real Estate Markets: An Unobserved Components Approach. Journal of Real Estate Finance & Economics 34 (3) , pp. 407-424.
Wilson, P. J., Stevenson, S. and Ralf Zurbruegg, R. (2007). Measuring Spillover Effects across Asian Property Stocks. Journal of Property Research 24 (2) , pp. 123-138.
Bredin, D., O'Reilly, G. and Stevenson, S. (2007). Monetary Shocks and REIT Returns. Journal of Real Estate Finance & Economics 35 (3) , pp. 315-331.
Lee, S. and Stevenson, S. (2007). The Substitutability of REITs and Value Stocks. Applied Financial Economics 17 (7) , pp. 541-557.
Cotter, J. and Stevenson, S. (2007). Uncovering Volatility Dynamics in Daily REIT Returns. Journal of Real Estate Portfolio Management (2) , pp. 119-128.
Cotter, J. and Stevenson, S. (2006). A Multivariate Analysis of REIT Volatility. Journal of Real Estate Finance & Economics 32 (3) , pp. 305-325.
Lee, S. and Stevenson, S. (2006). Real Estate in the Mixed-Asset Portfolio: The Question of Consistency. Journal of Property Investment & Finance 24 (2) , pp. 123-135.
Stevenson, S. (2006). The Abnormal Performance of UK Utility Privatisations. Studies in Economics and Finance (3) , pp. 164-184.
Stevenson, S. and Young, J. (2006). “Precious y Comportamientos Especulativos en Mercados Inmobiliarios” (Speculative Behavior in Housing Markets: An International Perspective). Papeles de Economia Espanola (Spanish Economic Papers) 109 , pp. 14-26.
Lee, S. and Stevenson, S. (2005). Real Estate Portfolio Construction and Estimation Risk. Journal of Property Investment & Finance 23 , pp. 234-253.
Lee, S. and Stevenson, S. (2005). Testing the Statistical Significance of Regional & Sector Diversification. Journal of Property Investment & Finance 23 (5) , pp. 391-411.
Lee, S. and Stevenson, S. (2005). The Case for REITs in the Mixed-Asset Portfolio in the Short and Long Run. Journal of Real Estate Portfolio Management 11 (1) , pp. 55-80.
Stevenson, S. (2004). A Performance Evaluation of Portfolio Managers: Tests of Micro & Macro Forecasting. European Journal of Finance 10 (5) , pp. 391-411.
Stevenson, S. (2004). House Price Diffusion and Inter-Regional and Cross-Border House Price Dynamics. Journal of Property Research 21 (4) , pp. 301-320.
Stevenson, S. (2004). New Empirical Evidence on Heteroscedasticity in Hedonic Housing Models. Journal of Housing Economics 13 (2) , pp. 135-153.
Stevenson, S. (2004). Testing the Statistical Significance of Real Estate in an International Mixed-Asset Portfolio. Journal of Property Investment & Finance 22 (1) , pp. 11-24.
Stevenson, S. and Young, J. (2004). Valuation Accuracy: A Comparison of Residential Guide Prices & Auction Results. Property Management 22 (1) , pp. 45-54.
Stevenson, S. and McGrath, O. (2003). A Comparison of Alternative Rental Forecasting Models: Empirical Tests on the London Office Market. Journal of Property Research 20 (3) , pp. 235-260.
Berry, J., McGreal, S., Stevenson, S., Young, J. and Webb, J. (2003). Estimation of Apartment Submarkets. Journal of Real Estate Research 25 (2) , pp. 159-170.
Lee, S. and Stevenson, S. (2003). Tests of the Micro & Macro Forecasting Ability of Real Estate Funds. Journal of Property Research 20 (3) , pp. 207-234.
Lee, S. and Stevenson, S. (2003). Time-Weighted Portfolio Optimisation. Journal of Property Investment & Finance 21 (3) , pp. 233-249.
Stevenson, S. (2002). An Examination of Volatility Spillovers in REIT Returns. Journal of Real Estate Portfolio Management 8 (3) , pp. 229-238.
Stevenson, S. (2002). Ex-ante and ex-post Performance of Optimal REIT Portfolios. Journal of Real Estate Portfolio Management 8 (3) , pp. 199-207.
Stevenson, S. (2002). The Sensitivity of European Bank Stocks to Interest Rate Changes. Multinational Finance Journal 6 (3/4) , pp. 223-249.
Stevenson, S. (2001). Bayes-Stein Estimators & International Real Estate Asset Allocation. Journal of Real Estate Research 21 (1) , pp. 89-103.
Stevenson, S. (2001). Emerging Markets, Downside Risk and the Asset Allocation Decision. Emerging Markets Review 2 (1) , pp. 50-66.
Stevenson, S. (2001). Evaluating the Investment Attributes & Performance of Property Companies. Journal of Property Investment & Finance 19 (3) , pp. 251-266.
Berry, J., McGreal, S., Stevenson, S. and Young, J. (2001). Government Intervention and its Impact on the Housing Market in Greater Dublin. Housing Studies 16 (6) , pp. 755-769.
Stevenson, S. (2001). Re-Examination of the Inflation-Hedging Ability of Real Estate Securities: Empirical Tests using International Orthogonalized & Hedged Data. International Real Estate Review 4 (1) , pp. 26-41.
Mark, S. Hoven., Childs, P. and Stevenson, S. (2001). Tax Policies and Residential Mobility. International Real Estate Review 4 (1) , pp. 94-116.
Garvey, R., Santry, G. and Stevenson, S. (2001). The Linkages Between Real Estate Securities in Asia & the Pacific-Rim. Pacific-Rim Property Research Journal 7 (4) , pp. 240-257.
Stevenson, S. (2001). The Long-Term Advantages to Incorporating Indirect Securities in Direct Real Estate Portfolios. Journal of Real Estate Portfolio Management 7 (1) , pp. 5-16.
Stevenson, S. (2000). A Long Term Analysis of Regional Housing Markets & Inflation. Journal of Housing Economics 9 (1) , pp. 24-39.
Stevenson, S. (2000). Constraining Optimal Portfolios & The Effect on Real Estates Allocation. Journal of Property Investment & Finance 18 (4) , pp. 488-506.
Stevenson, S. (2000). Contagion Effects & Intra-Industry Information Transfers: The Example of Olympia & York. 81.“Contagion Effects & Intra-Industry Information Transfers: The Example of Olympia & York”, Journal of Property Research, 2000, 17:2, 133-146. 17 (2) , pp. 133-146.
Stevenson, S. (2000). International Real Estate Diversification: Empirical Tests using Hedged Indices. Journal of Real Estate Research 19 (1) , pp. 105-131.
Stevenson, S. (2000). The Efficiency of the ISEQ Index: Empirical Tests using Daily Data. Irish Accounting Review 7 (1) , pp. 109-136.
Murray, L. (1999). An Examination of the Inflation Hedging Ability of Irish Real Estate. Journal of Real Estate Portfolio Management 5 (1) , pp. 59-69.
Stevenson, S. (1999). Real Estate's Role in an International Multi-Asset Portfolio: Empirical Evidence using Irish Data. Journal of Property Research 16 (3) , pp. 219-242.
Stevenson, S. (1999). The Performance & Inflation Hedging Ability of Regional Housing Markets. Journal of Property Investment & Finance 17 (3) , pp. 239-260 .
Stevenson, S. (1998). The Timing & Selection Ability of Fund Managers: Parametric & Non-Parametric Tests. Irish Accounting Review 5 (2) , pp. 66-88.
Stevenson, S. (1997). Irish Commercial Property as a Portfolio Asset: Its Contribution to Risk Reduction. Journal of Property Valuation & Investment 15 (4) , pp. 337-354.
Stevenson, S., Kinsella, R. P. and O'Healai, R. (1997). Irish Property Funds: Empirical Evidence on Market Timing & Selectivity. Irish Business & Administrative Research 18 (1) , pp. 163-176.

Book Chapters

Bond, S. and Stevenson, S. (2018). Risk Management The Routledge Companion to Real Estate Investment New York, NY: Routledge.
Stevenson, S. (2011). The Dynamics of the Irish Housing Market Global Housing Markets: Crises, Policies, and Institutions Hoboken, NJ: John Wiley.
Stevenson, S. (2008). The Development of Real Estate Investment Trusts The Introduction of REITs in Europe: A Global Perspective.
Stevenson, S. (2008). The US REIT Market The Introduction of REITs in Europe: A Global Perspective.
Santry, G. and Stevenson, S. (2000). The Impact of Monetary Union on Diversification Opportunities in European Capital Markets EMU, Financial Markets and the Outside World Dordrecht: Kluwer Academic Publishers.
Stevenson, S. and Ryan, P. (1997). Irish Financial Data Sources Business Research Methods: Strategies, Techniques & Sources Dublin: Oak Tree Press.

Presentations

Akimov, A., Stevenson, S. and Young, J. (April 7, 2022). Commonalities & Synchronisation across U.S. Office Markets Paper American Real Estate Society Annual Meeting Bonita Springs, Florida.
  • 2018: Nick Tyrrell Research Prize for 2018, Investment Property Forum, INREV and the Society of Property Researchers
  • 2015: Best Referred Paper, 2015 Pacific-Rim Real Estate Society Annual Conference, Pacific-Rim Real Estate Society
  • 2006: International Real Estate Society Achievement Award, 2006, International Real Estate Society
  • 2001: Best International Investment/Portfolio Management Paper, 2001 American Real Estate Society Annual Meeting, American Real Estate Society
  • 2001: Best Investment Paper, 2001 European Real Estate Society Annual Conference, European Real Estate Society
  • 2000: Best International Investment/Portfolio Management Paper, 2000 American Real Estate Society Annual Meeting, American Real Estate Society
  • 1999: Best International Investment/Portfolio Management Paper, 1999 American Real Estate Society Annual Meeting, American Real Estate Society

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