REP Research Roundup - April 2026
Departmental News
Meet our Real Estate Finance Modelling Club Founders (REFMC)
Jonah Horne and Dylan Rodwell are MSc Real Estate Finance students who, since arriving at the University, have been sharing their investment modelling experience gained from industry with fellow students through the newly formed REFMC. Over 40 undergraduate and postgraduate students from across Henley Business School convene every Friday to undertake a DCF or data cleansing task devised by the society's founders.
“Each week the sector we model changes, and the complexity increases. Last week we did a multi-let industrial estate with a complex funding package, and next week we’re looking at modelling the acquisition of a PBSA asset as part of a JV structure” explains Jonah.
The society has continued to evolve and a student led lecture series has been launched with weekly homework tasks started this semester. “The homework tasks are pretty tough, we’re always surprised on Monday to hear how many people spent their weekend sweating over a brochure" says Dylan, adding that “with the homework we’re really trying to emulate the day-job of an analyst and make sure we're ready to join an investment fund or brokerage next year”.
Following graduation, Dylan is joining New River REIT as a Graduate Asset Manager, and Jonah is interning with Harrison Street in Private Equity Investment. Jonah and Dylan would like to thank Jane Batchelor, REP Career Consultant and Yuan Zhao, Programme Director, REP for their continuing support of the society.
Research Award for “Excellence in Research by Mentoring and Enabling Colleagues”
Prof. Carlo Corridini was awarded the Henley Award in Research for mentoring and enabling colleagues. Prof Corridini states:
“I’m honoured to receive the Henley research award for excellence in research by mentoring and enabling colleagues, but the real credit goes to the culture we’ve built together.
Collaborative research and discussions are at the heart of our department, and I am very fortunate to work in a collegial environment where support and mentoring are embedded in our daily research endeavours. It is great to be part of this group, and to be able to contribute through my own experience to support others”.
Publications
Daniel, I. D. and Salihu, N. (2026) Socio-political and economic determinants of residential property performance volatility in emerging real estate markets. Real Estate Management and Valuation. (In Press).
Abstract - This study investigates the determinants of residential property performance volatility in an emerging African real estate market, with particular emphasis on the interplay between socio-political unrest, demographic dynamics, and macroeconomic factors. Using a purposive sampling approach, data were obtained from 327 estate surveying and valuation firms across major Nigerian cities through structured questionnaires and expert interviews. Descriptive statistics and Principal Component Analysis (PCA) were employed to identify key drivers of volatility, following a three-stage analytical process involving factorability assessment, component analysis, and eigenvalue validation using Kaiser’s criterion. The findings reveal youth restiveness as the most dominant factor influencing residential property performance, followed by locational characteristics, structural attributes, population growth, and disposable income. Youth restiveness (driven by socio-political instability, unemployment, and economic uncertainty) was found to significantly undermine investor confidence and property values. The study contributes novel empirical insights into how socio-political volatility shapes real estate market behavior in emerging economies. Beyond the Nigerian context, these findings have broader relevance for investors, practitioners, and policymakers, offering a framework for understanding and mitigating market instability while promoting resilient, inclusive, and sustainable real estate investment strategies in similar global markets.
Parker, G. and Dobson, M. (eds.) (2026) Time, politics and place: the temporalities of urban governance. Policy Press, Bristol. (In Press)
Parker, G. and Dobson, M. (2026) Public interest and development viability. Town and Country Planning, 95 (2). pp. 126-131. (In Press)
Makovsky, L. (2026) Is the mixed use city of short distances equally shorter for everybody? evidence from the universe of Czech commuters. Transportation Research Part A. (In Press)
Abstract - Neighbourhoods with mixed land uses have been shown to bring multiple desirable outcomes including reduction in commuting distance, but there is little evidence how effects vary by residents’ characteristics. This paper studies workers’ commuting behaviour by their skill level, and by place of residence depending on its local provision of jobs. I present a simple model which predicts that high-skilled workers are less likely to find a job locally, and instead more likely to commute longer. I study data from the Czech Republic and show that more functionally mixed neighbourhoods on average shorten commuting distances, but this effect is on average by 20% smaller for high-skilled workers when compared to low-skilled. The effect is predominantly driven by neighbourhoods surrounding inner cores of the two biggest cities where the effect for high-skilled is up to 75% smaller compared to low-skilled. Strategy of mixing land uses in the big cities to make jobs more accessible could be thus more successful if it targets low-skilled jobs.
Street, E. and Nicholls, V. (2026) Vision making and values in urban regeneration. Planning Theory (In Press).
Abstract - This paper explores how ideas of value are put to work in the context of town centre regeneration. Taking a grounded theory approach, it presents a narrative account of the first post-war British New Town centre to be comprehensively renewed. More than twenty years in the making, Bracknell’s renewal failed when commercial goals (transactional values) dominated. We show how the Council’s place leadership helped establish a diverse set of principle-based values that public and private project team actors subscribed to and which also generated transactional value. Vision-making processes helped harness these values and transform the project from a property (re)development to a regeneration that sought to create a culturally self-confident place. Our paper contributes to theories of (re)development and value by exploring the role value(s) play(s) in making regeneration distinctive.
PhD News
Shin, G (2026) The Impact of Subsidised Flood Insurance on Real Estate: Evidence from Staggered and Continuous DiD Analysis of Post-Flood Reinsurance Effects. American Real Estate Society Annual Conference, Florida, 28 March, 2026.
Supervisors: Jorn van der Wetering and Xiaolun Yu
