Stephen Lee

Senior Lecturer in Real Estate Finance

Bayes Business School, Faculty of Finance

Contact

Visit Stephen Lee

Room BR5012, Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Stephen Lee is a Senior Lecturer in Real Estate Finance at the Bayes Business School (formerly Cass), Faculty of Finance at the City University London. Prior to joining the faculty Lee was a Lecturer in Real Estate Investment at the University of Reading. He also previously served at the Metropolitan University London (formally the City of London Polytechnic) and was a visiting lecture at the Syracuse University London.

His research focuses on topics on the applications of Modern Portfolio Theory to commercial real estate portfolios. He has published over 70 articles in a number of refereed journals; including the Journal of Property Research, the Journal of Real Estate Portfolio Management, the Journal of Property Investment and Finance, Briefings in Real Estate Finance, and the Journal of Strategic Property Management. Lee has also presented over 100 conference papers at conferences in Europe, the USA and Asia. At Bayes he teaches courses on real estate portfolio investment, corporate real estate and international markets.

His work has been sponsored by the Corporation of London, RICS and INREV. Lee has also received a number of prizes for his work at the American Real Estate Society (ARES)and the European Real Estate Society (ERES. He is currently on the board of the European Real Estate Society (ERES) and International Real Estate Society(IRES). Lee is currently the secretary of the European Real Estate Society.

Memberships of committees

  • Past President, Board Member, European Real Estate Society
  • Board member, International Real Estate Society

Memberships of professional organisations

  • Board Member, International Real Estate Society, Jun 2011 – present
  • Board Member, European Real Estate Society, Jan 2001 – present
  • Member, Amercian Real Estate Society, Jan 1997 – present

Awards

  • European Real Estate Society (2011) IPD Prize Real Estate Investment
    European Real Estate Society Conference 2011, The Performance Gap in UK Property Returns
  • American Real Estate Society (2010) Real Estate Investment/Portfolio Management
    Real Estate Investment/Portfolio Management, sponsored by Property and Portfolio Research, a CoStar Company.
    American Real Estate Society 2010, The Changing Benefit of REITs to the Mixed-Asset Portfolio
  • American Real Estate Society (2003) Real Estate Investment/Portfolio Management
    Real Estate Investment/Portfolio Management, sponsored by RREEF.
    American Real Estate Society 2003, The Persistence of Real Estate Fund Performance.
  • American Real Estate Society Practitioner Research Award
    The Determinants of Realized Correlation of REITs with Stocks and Bonds

Expertise

Primary topics

  • Fund Management
  • Investment Management
  • Investment Theory
  • Portfolio Choice
  • Real Estate Finance

Industries

  • real estate

Research

The case for property
Performance of Pooled Property Funds
Is Real Estate a Return Enhancer or Diversifier?
Sector and Regional Diversification

Research topics

Convergence in European Real Estate Markets

Performance of Pooled Property Funds

Is Real Estate a Return Enhancer or Diversifier?

Sector and Regional Diversification

Publications

Chapters (2)

  1. Lee, S. and Moss, A. (2018). Chapter 1: Critical Contextual Issues in International REITs. In Parker, D. (Ed.), The Routledge REITs Research Handbook Routledge. ISBN 978-1-351-66482-0.
  2. Lee, S. and Moss, A. (2018). Chapter 7: REIT Asset Allocation. In Parker, D. (Ed.), The Routledge REITs Research Handbook Routledge. ISBN 978-1-351-66482-0.

Conference papers and proceedings (105)

  1. Lee, S. (2011). Housing Transaction Costs and Legal Origins. Pacific Rim Real Estate Society Bisbane, Australia.
  2. Lee, S. (2011). The Benefits of Traditional and Non-traditional REITs to Private Real Estate. American Real Estate Society Seattle USA.
  3. Lee, S. (2011). The Performance Gap in UK Property Returns. Abrerdeen University Property Seminar Aberdeen Scotland.
  4. Lee, S. (2011). The Performance Gap in UK Property Returns. European Real Estate Society Eindhoven Netherlands.
  5. Lee, S. (2010). Private Real Estate: Risk Diversifier, Return Enhancer or Both? Academy of Finance Chicago USA.
  6. Lee, S. and D'Arcy, E. (2010). Activity Internationalization in Real Estate Markets. American Real Estate Society Naples Florida.
  7. Lee, S. and Byrne, P. (2010). Sector V�s Regions (Administrative and Economic) in the UK. European Real Estate Society Milan Italy.
  8. Lee, S. (2010). The Benefit of Real Estate to the Australian Mixed-Asset Portfolio. Pacific Rim Real Estate Society Wellington New Zealand.
  9. Lee, S. (2010). The Benefits of Public and Private Real Estate. European Real Estate Society Milan Italy.
  10. Lee, S. (2010). The Changing Benefit of REITs to the Mixed-Asset Portfolio. American Real Estate Society Naples, Florida.
  11. Lee, S. and Srivatsa, R. (2010). European Real Estate Market Convergence. European Real Estate Society Milan Italy.
  12. Lee, S. (2009). Global and Regional Integration in European Real Estate Markets. European Real Estate Society Stockhlom, Sweden.
  13. Hunt, M., Tony, K., Lee, S. and Key, T. (2009). UK Real Estate Fund Performance: An Overview. European Real Estate Society Stockholm, Sweden.
  14. Lee, S. (2009). Are the Returns of the Spanish Real Estate Market Converging with the Rest of Europe? Encuentros de Econom�a Aplicada Madrid, Spain.
  15. Lee, S. (2009). The Extent of Convergence in Asian Real Estate Markets. Pacific Rim Real Estate Society Sydney, Australia.
  16. Lee, S. (2009). The Extent of Convergence in European Real Estate Markets. American Real Estate Society Monterey, California.
  17. Lee, S. (2009). The Public and Private Real Estate Portfolio. Asian Real Estate Socity Los Angeles, USA.
  18. Lee, S. (2009). The Trend in Global and Regional Integration in European Real Estate Markets. The Academy of Finance Chicago USA.
  19. Lee, S. and Higgins, D.M. (2009). Evaluating the Sharpe Performance of the Australian Property Investment Markets. Pacific Rim Real Estate Society Sydney, Australia.
  20. Lee, S.L. (2008). Is the UK Real Estate Market Converging with the Rest of Europe? European Real Estate Society Krakow, Poland.
  21. Lee, S.L. (2008). Optimum Allocation to Real Estate, Private, Public, or Both? Real World Cambridge, England.
  22. Lee, S.L. (2008). Assessing Moves Towards Effective Portfolio Diversification. The Art of Risk Management in Real Estate Portfolios Conference London, Egland.
  23. Lee, S. (2008). Discussion of Long-Horizon Predictability of Equity REIT Returns. Regensburg Conference on Real Estate Economics and Finance Regensburg Germany.
  24. Lee, S.L. (2008). Sharpe Performance by Property. Pacific Rim Real Estate Society Kuala Lumpur, Malaysia.
  25. Lee, S.L. and Byrne, P. (2008). Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales. European Real Estate Society Krakow, Poland.
  26. Lee, S.L. and Andrew, M. (2008). The Integration of Securitised Real Estate Markets in Europe. Asian Real Estate Society Shanghai, China.
  27. Lee, S.L. and Morri, G. (2008). The Performance of Italian Real Estate Mutual Funds. European Real Estate Society Krakow, Poland.
  28. Lee, S. (2007). European Real Estate Diversification. American Real Estate Society San Francisco, California.
  29. Lee, S. (2007). Exchange Rate Risk: Does it Matter to the Portfolio Choice? IPD Conference on Management of Interest and Exchange Rate Risk Frankfurt Germany.
  30. Lee, S. (2007). Modified VAR and the Allocation to Real Estate in the Mixed-asset Portfolio. Regensburg Conference on Real Estate Economics and Finance Regensburg Germany.
  31. Lee, S. (2007). Alternative Investments: Beyond Equities and Bonds. Henry Stewart Conferences: London England.
  32. Lee, S. (2007). Can Real Estate Investor�s Trade on Past Performance? European Real Estate Society London England.
  33. Lee, S. (2007). Real Estate Portfolio Size in a Higher-moment World. Pacific Rim Real Estate Society Perth Australia.
  34. Lee, S. and Byrne, P. (2007). Spatial Concentration in Institutional Investment in the UK: Some comparisons between the Retail and Office Sectors. European Real Estate Society London England.
  35. Lee, S. (2007). The Asymmetry of UK Real Estate Returns. Annual Real Estate Research Symposium, Centre for Real Estate Finance, Cass Business School, City University London England.
  36. Lee, S. and Byrne, P. (2006). Geographical Concentration in the Institutional Market for Office Property in England and Wales. European Real Estate Society Wiemar Germany.
  37. Lee, S. (2006). Property Funds: How Much Diversification is Enough? American Real Estate Society Key West Florida.
  38. Lee, S. (2006). The Impact of Country Risk on International Real Estate Returns. European Real Estate Society Weimar Germany.
  39. Lee, S. (2005). Gauging the Investment Potential of International Real Estate Markets. European Real Estate Society Dublin, Ireland.
  40. Lee, S. (2005). How Often Does Direct Real Estate Increase the Risk-adjusted Performance of the US Mixed-asset Portfolio? American Real Estate Society Sante Fe, New Mexico.
  41. Lee, S., Devaney, S. and Young, M. (2005). Non-Normal Real Estate Return Distributions. American Real Estate Society Santa Fe, New Mexico.
  42. Lee, S. (2005). Does Active Management Add Any Value? Department of Finance, Goethe University Frankfurt Germany.
  43. Lee, S. (2005). Does Active Management Add Any Value? Hong Kong-Singapore Research Symposium Singapore.
  44. Lee, S. and Devaney, S. (2005). Real Estate Portfolio Size and Risk Reduction. European Real Estate Society Dublin Ireland.
  45. Lee, S., Bryne, P. and McCann, P. (2005). Regional Diversification Strategies in UK Commercial Real Estate Portfolios: Evidence and Implications. European Real Estate Society Dublin Ireland.
  46. Lee, S. and Gheno, A. (2005). The Impact of 9/11 on US REIT Returns: Fundamental or Financial? European Real Estate Society Dublin Ireland.
  47. Lee, S. and Gabrielli, L. (2005). The Relative Importance Sector and Regional Factors in Italy. European Real Estate Society Dublin Ireland.
  48. Lee, S. and Stevenson, S. (2005). The Substitutability of REITs and Value Stocks. American Real Estate Society Sante Fe, New Mexico.
  49. Lee, S. and Devaney, S. (2004). Country, Sector and Regional Factors in European Property Returns. European Real Estate Society Milan Italy.
  50. Lee, S. and Stevenson, S. (2004). Real Estate in the Mixed-asset Portfolio: The Question of Consistency. European Real Estate Society Milan Italy.
  51. Lee, S. and Stevenson, S. (2004). The Case for REITs in the Mixed-asset Portfolio in the Short and Long Run. American Real Estate Society Captiva Island Florida.
  52. Lee, S. and Devaney, S. (2004). The Cyclical Behaviour of Sector and Regional Diversification Benefits in the UK. Acadamy of Finance Chicago USA.
  53. Lee, S. and Devaney, S. (2004). The Cyclical Behaviour of Sector and Regional Diversification Benefits: 1987-2002. American Real Estate Society Location: Captiva Island Florida.
  54. Lee, S. (2004). When Do REITs Increase the Performance of Other Assets? Academy of Finance Chicago USA.
  55. Lee, S. (2004). When does Direct Real Estate Improve Portfolio Performance? Pacific Rim Real Estate Society Bangkok Thailand.
  56. Lee, S. (2003). Mean Reversion and the Forecastability of Real Estate Betas: An Empirical Investigation 1987-2002. Asian Real Estate Society Singapore.
  57. Lee, S. (2003). Mean Reversion and the Predictability of Real Estate Betas. Academy of Finance Chicago USA.
  58. Lee, S., Andrew, M. and Devaney, S. (2003). Another Look at the Relative Importance of Sectors and Regions in Determining Property Returns. Dublin Research Symposium Dublin.
  59. Lee, S. and Stevenson, S. (2003). A Meta Analysis of Real Estate Fund Performance. American Real Estate Society Naples Florida.
  60. Lee, S., Andrew, M. and Devaney, S. (2003). Another Look at the Relative Importance of Sectors and Regions in Determining Property Returns. HKU-NUS Symposium on Real Estate Research Singapore.
  61. Lee, S. (2003). The Impact of Real Estate on the Mixed-Asset Portfolio in Periods of Financial Stress. American Real Estate Society Monterey California.
  62. Lee, S. (2003). The Persistence of Real Estate Fund Performance. American Real Estate Society Monterey California.
  63. Lee, S. (2003). The Return due to Diversification of Real Estate to the US Mixed-Asset Portfolio. European Real Estate Society Helsinki Finland.
  64. Lee, S., Stevenson, S. and Newell, G. (2003). The Role of Market Timing and Property Selection in Listed Property Trust Performance. Pacific Rime Real Estate Society Brisbane, Australia.
  65. Lee, S. (2002). European Real Estate Investment and the EURO. SPR/ERES Workshop London England.
  66. Lee, S. (2002). Is there a �Case for Property� all the Time? European Real Estate Society Glasgow Scotland.
  67. Lee, S. (2002). Correlation Shifts and Real Estate Portfolio Management. American Real Estate Society Naples Florida.
  68. Lee, S. (2002). The Distribution of Real Estate Portfolio Betas: An Empirical Analysis. Asian Real Estate Society Seoul, Korea.
  69. Lee, S. (2002). Volatility Persistence and Time-Varying Betas in the UK Real Estate Market. American Real Estate Society Naples Florida.
  70. Lee, S. and Stevenson, S. (2001). Testing the Statistical Significance of Regional and Sector Diversification. American Real Estate Society Coeur d�Alene, Idaho.
  71. Lee, S. and Byrne, P. (2001). The Impact of Portfolio Size on the Variability of the Terminal Wealth of a Real Estate Fund. Cutting Edge.
  72. Lee, S. and Byrne, P. (2001). The Relationship Between Size Diversification and Risk. American Real Estate Society Coeur d�Alene, Idaho.
  73. Lee, S. (2001). The Relative Importance of Sector and Regional Factors in Real Estate Returns. European Real Estate Society Alicante, Spain.
  74. Lee, S. (2001). The Stability of Real Estate Portfolio Betas and the Portfolio Construction Process. Asian Real Estate Society Tokyo, Japan.
  75. Lee, S. and Stevenson, S. (2001). Time-Weighted Portfolio Optimisation. European Real Estate Society Alicante, Spain,.
  76. Lee, S. and Lizieri, C. (2000). A Test of Convergence in the UK Real Estate Market. North American Meeting of the Regional Science Association Chicargo USA.
  77. Lee, S. (2000). Property Fund Investment Flows and Returns. American Real Estate Society San Fransico USA.
  78. Lee, S. and Stevenson, S. (2000). Real Estate Portfolio Construction and Estimation Risk. European Real Estate Society Bordeaux, France.
  79. Lee, S., Andrew, M. and D'Arcy, E. (2000). Residential Property in England: An Assessment of its Potential as an Institutional Investment. American Real Estate Society San Francisco.
  80. Lee, S. and Byrne, P. (2000). Risk Reduction and Real Estate Portfolio Size. Pacific Rim Real Estate Society Sydney Australia.
  81. Lee, S. and Byrne, P. (2000). The Relationship Between Portfolio Size and Risk. Cutting Edge.
  82. Lee, S. (2000). The Risks of Investing in Asian Real Estate Market. Asian Real Estate Society Bejing China.
  83. Lee, S. and Byrne, P. (1999). On the Process of Risk Reduction in the UK Real Estate Market. Cutting Edge Cambridge England.
  84. Lee, S. and Byrne, P. (1999). Portfolio Size and the Reduction of Dispersion: The Case of the United Kingdom Commercial Real Estate Market. American Real Estate and Urban Economics Association and Asian Real Estate Society International Conference Maui, Hawaii.
  85. Lee, S. (1999). The Conditional Performance Of UK Property Funds. American Real Estate Society Tampa Florida.
  86. Lee, S. (1999). The European Real Estate Market. Pacific Rim Real Estate Society Kuala Lumpur, Malaysia.
  87. Lee, S. and Byrne, P. (1998). Risk Reduction in the UK Property Market. Cutting Edge Leicester England.
  88. Lee, S. (1998). Sector and Regional Factors in Real Estate Returns. American Real Estate Society Monterey, California.
  89. Lee, S. (1998). The Inter-Temporal Stability of Real Estate Returns: An Empirical Investigation. European Real Estate Society Maastrich Netherland.
  90. Lee, S. (1998). The Relative Importance of Sectors versus Regions in Determining Property Returns. Pacific Rim Real Estate Society Perth Australia.
  91. Lee, S. and D'Arcy, E. (1997). European Real Estate Portfolio Strategies: A Review of the Options. European Real Estate Society Berlin Germany.
  92. Lee, S. (1997). Performing With Style. American Real Estate Society Sarasota Florida.
  93. Lee, S. and Byrne, P. (1997). Property in the Multi-Asset Portfolio: a MAD Solution. Pacific Rim Real Estate Society Palmerston North, New Zealand.
  94. Lee, S. and Byrne, P. (1997). Real Estate Portfolio Analysis under Conditions of Non-normality: The Case of NCREIF. AREUEA San Francisco California.
  95. Lee, S. and Byrne, P. (1997). Sector versus Regional versus Functional Diversification of UK Real Estate Portfolios: A Mad Solution. European Real Estate Society Berlin Germany.
  96. Lee, S. (1997). The Style of Indirect Property Investment. Cutting Edge Dublin Ireland.
  97. Lee, S. and Byrne, P. (1996). Mean Absolute Deviation Optimisation of Large Real Estate Portfolios. European Real Estate Society Belfast NI.
  98. Lee, S. (1996). The Components of Property Fund Performance. American Real Estate Society Lake Taho California.
  99. Lee, S. (1996). The European Real Estate Market. European Real Estate Society Athens Greece.
  100. Lee, S. (1996). The Performance of Property Funds in a Downside-Risk Framework. International Real Estate Conference Orlando Florida.
  101. Lee, S. and Byrne, P. (1996). UK Sector Versus Regional Diversification: A Mad Solution. The Cutting Edge University of the West of England.
  102. Lee, S. and Bryne, P. (1995). Is There a Place for Real Estate in the Multi-asset Portfolio? American Real Estate Society Hilton Head, South Carolina.
  103. Lee, S. and Byrne, P. (1995). Is There a Place for Real Estate in the Multi-asset Portfolio? International Congress on Real Estate Singapore.
  104. Lee, S. and Byrne, P. (1995). Required Returns for Property in UK Pension Fund Portfolios. European Real Estate Society Stockholm Sweden.
  105. Lee, S. and Byrne, P. (1995). The Future Required Rate of Return by Pension Funds. The Cutting Edge Aberdean Scotland.

Journal articles (77)

  1. Tsolacos, S., Lee, S. and Tse, H. (2023). ‘Space-as-a-service’: A premium to office rents? Journal of European Real Estate Research, 16(1), pp. 64–77. doi:10.1108/jerer-10-2021-0049.

    [publisher’s website]

  2. Lee, S. (2020). Time-Varying Integration of REITs with Stocks: A Kalman Filter Approach. Journal of Real Estate Portfolio Management, 26(2), pp. 150–160. doi:10.1080/10835547.2020.1858009.

    [publisher’s website]

  3. Lausberg, C., Lee, S., Müller, M., Oertel, C. and Schultheiß, T. (2020). Risk measures for direct real estate investments with non-normal or unknown return distributions. Zeitschrift für Immobilienökonomie, 6(1), pp. 3–27. doi:10.1365/s41056-019-00028-x.

    [publisher’s website]

  4. Lee, S. (2017). Convergence in the UK direct real estate market. Journal of Property Investment & Finance, 35(4), pp. 382–396. doi:10.1108/jpif-06-2016-0043.

    [publisher’s website]

  5. Lee, S. and Jadevicius, A. (2017). UK REITs don’t like Mondays. Journal of Property Investment & Finance, 35(1), pp. 58–74. doi:10.1108/JPIF-03-2016-0021.
  6. Lee, S. (2017). Mind the gap in REITs. Journal of Real Estate Portfolio Management, 23(1), pp. 1–5.
  7. Lee, S. (2016). REITs and the Taper Tantrum. Journal of Property Investment & Finance, 34(5), pp. 457–464. doi:10.1108/jpif-03-2016-0020.

    [publisher’s website]

  8. Lee, S. (2016). Distance and diversification. Journal of European Real Estate Research, 9(2), pp. 183–192. doi:10.1108/jerer-02-2016-0010.

    [publisher’s website]

  9. Lee, S. and Morri, G. (2015). Real estate fund active management. Journal of Property Investment & Finance, 33(6), pp. 494–516. doi:10.1108/jpif-06-2014-0043.

    [publisher’s website]

  10. Lee, S. (2014). The Contribution Risk of REITs in the Blended Public and Private Real Estate Portfolio. Real Estate Finance, 31(1), pp. 50–55.
  11. Byrne, P., Jackson, C. and Lee, S. (2013). Bias or rationality? The case of UK commercial real estate investment. Journal of European Real Estate Research, 6(1), pp. 6–33. doi:10.1108/17539261311312960.

    [publisher’s website]

  12. Lee, S.L. (2012). Education briefing. Journal of Property Investment & Finance, 30(6). doi:10.1108/jpif.2012.11230faa.003.

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  13. Srivatsa, R. and Lee, S.L. (2012). European real estate market convergence. Journal of Property Investment & Finance, 30(5), pp. 458–472. doi:10.1108/14635781211256738.

    [publisher’s website]

  14. Lee, S. (2012). The Performance Gap in UK Property Returns. Journal of European Real Estate Research.
  15. Lee, S. and French, N. (2011). The readability of academic papers in the Journal of Property Investment & Finance. Journal of Property Investment and Finance, 29(6), pp. 693–704. doi:10.1108/14635781111171814.
  16. Byrne, P. and Lee, S. (2011). Sector, region or function? A MAD reassessment of real estate diversification in Great Britain. Journal of Property Investment and Finance, 29(2), pp. 167–189. doi:10.1108/14635781111112783.
  17. Byrne, P. and Lee, S. (2011). Institutional Real Estate Investment: a Rational 'Regional' Interpretation? Urban Studies.
  18. Lee, S. (2011). The Benefits of Public and Private Real Estate. Journal of property Investment and Finance.
  19. Lee, S. and Byrne, P. (2011). Concentration in the Institutional Market for Office Property in England and Wales. Journal of Property Research.
  20. Byrne, P. and Lee, S. (2011). The Relative Importance of Sectors and Regional Factors in UK Real Estate Portfolio Construction. Journal of property research.
  21. Lee, S.L. (2010). The changing benefit of REITs to the mixed-asset portfolio. Journal of Real Estate Portfolio Management, 16(3), pp. 201–215.
  22. Byrne, P. and Lee, S. (2010). Spatial concentration in industrial real estate: Institutional investment in England and Wales. Journal of Property Investment & Finance, 28(1), pp. 6–23. doi:10.1108/14635781011020001.
  23. Lee, S. (2010). Private real estate: risk diversifier, return enhancer or both? Journal of European Real Estate Research.
  24. Gabrielli, L. and Lee, S. (2009). The relative importance of sector and regional factors in Italy. Journal of Property Investment and Finance, 27(3), pp. 277–289. doi:10.1108/14635780910951975.
  25. Morri, G. and Lee, S.L. (2009). The performance of Italian real estate mutual funds. Journal of European Real Estate Research, 2(2), pp. 170–185. doi:10.1108/17539260910978472.

    [publisher’s website]

  26. Lee, S.L. (2009). Is the UK real estate market converging with the rest of Europe? Journal of European Real Estate Research, 2(1), pp. 18–32. doi:10.1108/17539260910959536.

    [publisher’s website]

  27. Lee, S. and Byrne, P. (2009). Spatial Concentration in Institutional Investment in the UK: Some Comparisons between the Retail and Office Sectors. Journal of Property Investment and Finance, 27(1), pp. 5–24. doi:10.1108/14635780910926649.
  28. Lee, S. (2009). The Big Picture. IPE Real Estate magazine, 2009(January/February).
  29. Lee, S. and Higgins, D. (2009). Evaluating the Sharpe Performance of the Australian Property Investment Markets. Pacific Rim Property Research Journal, 15(3), pp. 358–370. doi:10.1080/14445921.2009.11104286.

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  30. Kovac, V. and Lee, S. (2008). The specific risk of the UK real estate securities market. Journal of Property Investment & Finance, 26(5), pp. 399–417. doi:10.1108/14635780810900260.

    [publisher’s website]

  31. Devaney, S.P., Lee, S.L. and Young, M.S. (2007). Serial persistence in individual real estate returns in the UK. Journal of Property Investment and Finance, 25(3), pp. 241–273. doi:10.1108/14635780710746911.
  32. Lee, S. and Stevenson, S. (2007). The substitutability of REITs and value stocks. Applied Financial Economics, 17(7), pp. 541–557. doi:10.1080/09603100600706733.
  33. Lee, S. and Devaney, S. (2007). The Changing Importance of Sector and Regional Factors in Real Estate Returns: 1987–2002. Journal of Property Research, 24(1), pp. 55–69. doi:10.1080/09599910701297671.

    [publisher’s website]

  34. Lee, S. (2006). The stability of the co‐movements between real estate returns in the UK. Journal of Property Investment & Finance, 24(5), pp. 434–442. doi:10.1108/14635780610691913.

    [publisher’s website]

  35. Lee, S. and Stevenson, S. (2006). Real estate in the mixed-asset portfolio: The question of consistency. Journal of Property Investment and Finance, 24(2), pp. 123–135. doi:10.1108/14635780610655085.
  36. Young, M.S., Lee, S.L. and Devaney, S.P. (2006). Non‐Normal Real Estate Return Distributions by Property Type in the UK. Journal of Property Research, 23(2), pp. 109–133. doi:10.1080/09599910600800302.

    [publisher’s website]

  37. Gheno, A. and Lee, S.L. (2006). The impact of 9/11 on us reit returns: Fundamental or financial. International Journal of Strategic Property Management, 10(4), pp. 209–216. doi:10.1080/1648715X.2006.9637553.
  38. Lee, S. and Thomas, M. (2006). The Impact of Exchange Rates on International Real Estate Portfolio Allocation. Journal of Real Estate Portfolio Management, 12(3), pp. 277–291.
  39. Lee, S. and Stevenson, S. (2005). Testing the statistical significance of sector and regional diversification. Journal of Property Investment & Finance, 23(5), pp. 394–411. doi:10.1108/14635780510616007.
  40. Lee, S. and Stevenson, S. (2005). Real estate portfolio construction and estimation risk. Journal of Property Investment & Finance, 23(3), pp. 234–253. doi:10.1108/14635780510599458.

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  41. Lee, S. and Stevenson, S. (2005). The Case for REITs in the Mixed-Asset Portfolio in the Short and Long Run. The Journal of Real Estate Portfolio Management, 11(1), pp. 55–80.
  42. Lee, S. and Byrne, P.J. (2005). The Impact of Real Estate on the Terminal Wealth of the U.K. Mixed-Asset Portfolio: 1972-2001. Journal of Real Estate Portfolio Management, 11(2), pp. 133–145.
  43. Lee, S. (2005). The Return Due to Diversification of Real Estate to the US Mixed-Asset Portfolio. The Journal of Real Estate Portfolio Management, 11(1), pp. 19–28.
  44. Byrne, P. and Lee, S. (2004). Different risk measures: different portfolio compositions? Journal of Property Investment & Finance, 22(6), pp. 501–511. doi:10.1108/14635780410569489.

    [publisher’s website]

  45. Lee, S. and Stevenson, S. (2003). Time weighted portfolio optimisation. Journal of Property Investment & Finance, 21(3), pp. 233–249. doi:10.1108/14635780310481667.

    [publisher’s website]

  46. Lee, S. and Stevenson, S. (2003). Empirical Evidence on the Micro and Macro Forecasting Ability of Real Estate Funds. Journal of Property Research, 20(3), pp. 207–234. doi:10.1080/0959991032000162356.
  47. Lee, S. (2003). Mean Reversion and the Predictability of Real Estate Betas. Journal of the Academy of Finance, 1(1), pp. 53–60.
  48. Byrne, P. and Lee, S. (2003). An exploration of the relationship between size, diversification and risk in UK real estate portfolios: 1989-1999. Journal of Property Research, 20(2), pp. 191–206. doi:10.1080/0959991032000112289.

    [publisher’s website]

  49. Lee, S. (2003). Correlation Shifts and Real Estate Portfolio Management. Journal of Real Estate Portfolio Management, 9(1), pp. 45–58.
  50. Lee, S. and Byrne, P.J. (2002). The Impact of Portfolio Size on the Variability of the Terminal Wealth of Real Estate Funds,. Briefings in Real Estate Finance, 1(4), pp. 319–330. doi:10.1002/bref.42.
  51. Lee, S. (2002). The Implications for Real Estate Portfolio Management of Changes in Correlation. Review of the Academy of Finance, 2(1), pp. 36–45.
  52. Lee, S. and Sahi, W. (2001). The Initial Return Performance of UK Property Company IPOs. Journal of Property Investment and Finance, 19(2), pp. 127–138. doi:10.1108/14635780110383677.
  53. Lee, S. (2001). The Relative Importance of Property Type and Regional Factors in Real Estate Returns. Journal of Real Estate Portfolio Management, 7(2), pp. 159–168.
  54. Byrne, P.J. and Lee, S. (2001). Risk reduction and real estate portfolio size. Managerial and Decision Economics, 22(7), pp. 369–379.
  55. Lee, S. and Ward, C.W.R. (2000). Persistence of UK Real Estate Returns: A Markov Chain Analysis. Journal of Asset Management, 1(3), pp. 217–230. doi:10.1057/palgrave.jam.2240022.
  56. Lee, S. and Byrne, P.J. (2000). Risk Reduction in the United Kingdom Property Market. Journal of Property Research, 17(1), pp. 23–46. doi:10.1080/095999100368001.
  57. Lee, S., Brookes, C. and Tsolacos, S. (2000). The Cyclical Relations Between Traded Property Stock Prices and Aggregate Time-series. Journal of Property Investment and Finance, 18(6), pp. 540–564. doi:10.1108/14635780010357532.
  58. Lee, S. and Byrne, P.J. (2000). The Impact of Market Risk on Property Portfolio Risk Reduction. Journal of Property Investment and Finance, 18(6), pp. 613–626. doi:10.1108/14635780010357578.
  59. Lee, S. and Byrne, P.J. (1999). Some Implications of the Lack of a Consensus View of UK Property's Future Risk and Return. Journal of Property Research, 16(3), pp. 257–270. doi:10.1080/095999199368148.
  60. Lee, S. (1999). Style Analysis and Property Fund Performance. Journal of Property Investment and Finance, 17(2), pp. 145–156. doi:10.1108/14635789910258534.
  61. Lee, S. and Byrne, P.J. (1999). The Place of Property in an Australian Multi-Asset Portfolio: A Comparison of the MPT and MAD Optimisation Methods. Australian Land Economics Review, 5(1), pp. 21–28.
  62. Lee, S. and D'Arcy, E. (1998). European Real Estate Portfolio Strategies: A Review of the Options. Journal of Real Estate Portfolio Management, 4(2), pp. 113–123.
  63. Lee, S. and Byrne, P.J. (1998). Diversification by Sector, Region or Function? A Mean Absolute Deviation Optimisation. Journal of Property Valuation and Investment, 16(1), pp. 38–56. doi:10.1108/14635789810205119.
  64. Lee, S. and Byrne, P.J. (1997). Real Estate Portfolio Analysis under Conditions of Non-Normality: The Case of NCREIF. Journal of Real Estate Portfolio Management, 3(1), pp. 37–46.
  65. Lee, S. (1997). The Components of Property Fund Performance. Journal of Real Estate Portfolio Management, 3(2), pp. 97–105.
  66. Lee, S., Byrne, P.J. and French, N.S. (1996). Assessing the Future of Property in the Multi-Asset Portfolio: the Case of UK Pension Funds. Journal of Property Research, 13(3), pp. 197–209. doi:10.1080/09599916.1996.9965068.
  67. Lee, S. and Byrne, P.J. (1995). Is There a Place for Property in the Multi-asset Portfolio? Journal of Property Finance, 6(3), pp. 60–83. doi:10.1108/09588689510101685.
  68. Lee, S. and Byrne, P.J. (1994). Real Estate Portfolio Analysis Using a Spreadsheet Optimiser. Journal of Property Finance, 5(4), pp. 19–31. doi:10.1108/09588689410080266.
  69. Lee, S. and Byrne, P.J. (1994). Computing Markowitz Efficient Frontiers Using a Spreadsheet Optimiser. Journal of Property Finance, 5(1), pp. 58–66. doi:10.1108/09588689410063210.
  70. Lee, S. (1991). The Performance of Pooled Property Funds, 1977-1987. Journal of Australasian Property Research, 1(1), pp. 31–37.
  71. Lee, S. (1989). Property Returns in a Portfolio Context. Journal of Valuation, 7(3), pp. 248–258. doi:10.1108/EUM0000000003266.
  72. Lee, S. (1988). Diversification Pays. Pensions World.
  73. Lee, S. (1987). Required Property Returns. Pensions World.
  74. Lee, S.L. and Ward, C.W.R. (1981). The Investment Performance of Property Unit Trusts Evaluated by Stochastic Dominance. Accounting and Business Research, 11(44), pp. 303–308. doi:10.1080/00014788.1981.9729715.

    [publisher’s website]

  75. Lee, S.L. and Ward, C.W.R. (1980). THE ASSOCIATION OF STOCK MARKET VOLATILITY AND PARALLEL TRADING BY UK INSTITUTIONAL INVESTORS. Journal of Business Finance & Accounting, 7(3), pp. 415–426. doi:10.1111/j.1468-5957.1980.tb00210.x.

    [publisher’s website]

  76. Lee, S. (1979). Are the Days of the Jobber Numbered. Bankers Magazine.
  77. Lee, S. and Ward, C.W.R. (1978). The Function of the Negotiated Secondary Capital Market. Investment Analyst pp. 5–13.

Reports (40)

  1. Lee, S. and Byrne, P. (2010). An economic geography of real estate investment in England and Wales. London: Cass Business School, City University London.
  2. Lee, S., Krystalogianni, A. and Stevenson, S. (2008). Mean-Variance Spanning Tests of Real Estate's Portfolio Contribution. London: Cass Business School, City University London.
  3. Lee, S. (2008). Real Estate Portfolio Size in a Higher Moment World. London: Cass Business School, City University London.
  4. Lee, S. (2008). Sharpe Performance by Property. London: Cass Business School, City University London.
  5. Lee, S. and Byrne, P. (2008). Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales. Reading, UK: University of Reading.
  6. Lee, S. (2008). The Economic Geography of Real Estate Investment in England and Wales. London: Cass Business School, City University London.
  7. Lee, S. and Key, T. (2008). Real Estate Fund Styles..
  8. Lee, S. (2007). Modified VaR and the Allocation to Real Estate in the Mixed-Asset Portfolio. London: Cass Business School, City University London.
  9. Lee, S. and Byrne, P. (2007). Spatial Concentration in Institutional Investment in the UK: Some comparisons between the Retail and Office Sectors. Reading, UK: University of Reading.
  10. Lee, S. (2007). The Asymmetry of UK Real Estate Returns. London, UK: Cass Business School, City University London.
  11. Lee, S. (2007). The Gain from Property Type and Regional Diversification. London: Cass Business School, City University London.
  12. Lee, S. (2007). UK Real Estate Portfolio Allocation Dynamics: 1981-2004. London: Cass Business School, City University London.
  13. Lee, S. (2007). Can Real Estate Investors Trade on Past Performance. London: Cass Business School, City University London.
  14. Lee, S., Kennedy, P. and McAllister, P. (2007). Data Dilemmas in Forecasting European Office Market Rents. Reading: University of Reading.
  15. Lee, S. and Byrne, P. (2006). Geographical Concentration in the Institutional Market for Office Property in England and Wales. Reading, UK: University of Reading.
  16. Lee, S. (2006). Property Funds: How Much Diversification is Enough? Reading, UK: University of Reading.
  17. Lee, S. (2006). The Impact of Country Risk on International Real Estate Returns. Reading, UK: University of Reading.
  18. Lee, S. (2006). Does Active Management Add Any Value? Reading, UK: University of Reading.
  19. Lee, S. (2005). How Often Does Direct Real Estate Increase the Risk-adjusted Performance of the US Mixed-asset Portfolio? Reading, UK: University of Reading.
  20. Lee, S. and Stevenson, S. (2005). The Consistency of Private and Public Real Estate Within Mixed-Asset Portfolios. Reading, UK: University of Reading.
  21. Lee, S. (2005). The Marginal Benefit of Diversification in Commercial Real Estate Portfolios. Reading, UK: University of Reading.
  22. Lee, S. (2005). Gauging the Investment Potential of International Real Estate Markets. Reading, UK: University of Reading.
  23. Devaney, S. and Lee, S. (2005). Real estate portfolio size and risk reduction. University of Reading.
  24. Lee, S. and Devaney, S. (2004). Country, Sector and Regional Factors in European Property Returns. Reading, UK: University of Reading.
  25. Lee, S. (2003). The Impact of Real Estate on the Mixed-Asset Portfolio in Periods of Financial Stress. Reading, UK: University of Reading.
  26. Lee, S. (2003). The Persistence of Real Estate Fund Performance. Reading, UK: University of Reading.
  27. Lee, S., Newell, G. and Stevenson, S. (2003). The Role of Market Timing and Property Selection in Listed Property Trust Performance. Dublin: Centre for Real Estate Research, Graduate Shool of Business, UCDC.
  28. Lee, S. (2003). When Does Direct Real Estate Improve Portfolio Performance? Reading, UK: University of Reading.
  29. Andrew, M., Devaney, S. and Lee, S. (2003). Another Look at the Relative Importance of Sectors and Regions in Determining Property Returns. Henley Business School, Reading University.
  30. Lee, S. (2002). Is there a “case for property” all the time? Reading, UK: University of Reading.
  31. Lee, S. (2002). Volatility Persistence and Time-Varying Betas in the UK Real Estate Market. Reading, UK: University of Reading.
  32. Lee, S. and Stevenson, S. (2002). A Meta Analysis of Real Estate Fund Performance. Reading: University of Reading.
  33. Lee, S. (2001). The Risks of Investing in the Real Estate Markets of the Asian Region. Reading, UK: University of Reading.
  34. Lee, S., Lizieri, C. and Ward, C.W.R. (2001). Financial Innovations in Property Markets: Implications for the City of London. The Corporation of London.
  35. Lee, S. (2000). Property Fund Flows and Returns. Reading, UK: University of Reading.
  36. Lee, S., Lizieri, C. and Ward, C.W.R. (2000). The Time Series Performance of UK Real Estate Indices. Hartford, Connecticut: Real Estate Research Institute.
  37. Lee, S. and Lizieri, C. (1999). Asset allocation, cross-class correlation and the structure of property returns. Reading, UK: University of Reading.
  38. Lee, S. (1998). The Case for Property in the Long Run: A Cointegration Test. Reading, UK: University of Reading.
  39. Lee, S. (1998). The Inter-Temporal Stability of Real Estate Returns: An Empirical Investigation. Reading, UK: University of Reading.
  40. Lee, S. (1998). Comovement in UK Real Estate Sector Returns. Reading, UK: University of Reading.

Scholarly editions (2)

  1. Lee, S. and Devaney, S. (2004). Changes in the Relative Importance of Sector and Regional Factors: 1987-2002.
  2. Devaney, S. and Lee, S. (2003). Changes in the Relative Importance of Sector and Regional Factors: 1987-2002.

Education

Course Directorship

- 2009 - present, MSc Real Estate Investment, Admissions Tutor

Subject/Academic Leadership

- Departmental, exam board and course management meeting
- Dissertaion supervision

Professional activities

Editorial activity (6)

  1. Journal of Property Investment and Finance, Member of Editorial Board, 2011 – present.
  2. Journal of European Real Estate Research, Referee, 2009 – present.
  3. Regional Science, Referee, 2000 – present.
  4. Journal of Property Investment and Finance, Referee, 1995 – present.
  5. Journal of Property Research, Referee, 1995 – present.
  6. Journal Real Estate Portfolio Management, Referee, 1995 – present.

Events/conferences (151)

  1. AREUEA International. (Conference) Alicante Spain (2016).
    Paper: Distance and Diversification
    Author: Lee SL
  2. American Real Estate Society. (Conference) Denver USA (2016).
    Paper: The Determinants of the Realized Correlation of REITs with Stocks and Bonds
    Author: Lee SL
  3. European Real Estate Society. (Conference) Istanbul Turkey (2015).
    Paper: UK REITs Don't Like Mondays
    Author: Jadevicius A
    Co-authors: Lee, S
  4. European Real Estate Society. (Conference) Istanbul Turkey (2015).
    Paper: Herding in the UK Real Estate Market
    Author: Lee S
  5. AREUEA International. (Conference) Reading UK (2014).
    Paper: Tracking Error and Real Estate Fund Performance
    Author: Lee SL
  6. American Real Estate Society. (Conference) San Diego, USA (2014).
    Paper: The Contribution Risk of REITs in the Blended Public and Private Real Estate Portfolio
    Author: Lee SL
  7. European Real Estate Society. (Conference) Vienna, Austria (2013).
    Paper: Real Estate Fund Active Management
    Author: Lee SL
    Co-authors: G Morri
  8. European Real Estate Society. (Conference) Vienna, Austria (2013).
    Paper: The City of London Office Bias
    Author: Lee SL
  9. Academy of Finance. (Conference) Chicago, USA (2013).
    Paper: Naïve Diversification Really is a Free Lunch
    Author: Lee SL
  10. AsRES - AREUEA Conference. (Conference) Singapore (2012). Chair.
  11. European Real Estate Society. (Conference) Edinburgh (2012). Chair and Organising Committee.
  12. European Real Estate Society. (Conference) Edinburgh (2012).
    Paper: The Investment Performance of the Freehold Income Trust
    Author: Lee S
  13. AsRES - AREUEA Conference. (Conference) Singapore (2012).
    Paper: The Effectiveness of Risk Reduction and Diversification in the UK
    Author: Lee S
  14. European Real Estate Society. (Conference) Eindhoven Netherlands (2011). Chair.
  15. American Real Estate Society. (Conference) Seattle USA (2011). Chair.
  16. Aberdeen University Property Seminar. (Seminar) Aberdeen Scotland (2011).
    Paper: The Performance Gap in UK Property Returns
    Author: Lee S.
  17. Pacific Rim Real Estate Society. (Conference) Brisbane, Australia (2011).
    Paper: Housing Transaction Costs and Legal Origins
    Author: Lee S
  18. European Real Estate Society. (Conference) Eindhoven Netherlands (2011).
    Paper: Eindhoven Netherlands
    Author: Lee S
  19. American Real Estate Society. (Conference) Seattle USA (2011).
    Paper: The Benefits of Traditional and Non-traditional REITs to Private Real Estate
    Author: Lee S
  20. Pacific Rim Real Estate Society. (Conference) Bisbane, Australia (2011). Chair.
  21. European Real Estate Society. (Conference) Milan Italy (2010). Chair.
  22. American Real Estate Society. (Conference) Naples, Florida (2010). Chair.
  23. Academy of Finance. (Conference) Chicago USA (2010). Chair.
  24. European Real Estate Society. (Conference) Milan Italy (2010).
    Paper: Sector V’s Regions (Administrative and Economic) in the UK
    Author: Lee S
    Co-authors: Byrne P.
  25. European Real Estate Society. (Conference) Milan Italy (2010).
    Paper: European Real Estate Market Convergence
    Author: Lee S
    Co-authors: Srivatsa R
  26. American Real Estate Society. (Conference) Naples Florida (2010).
    Paper: Activity Internationalization in Real Estate Markets
    Author: Lee S
    Co-authors: D'Arcy E
  27. American Real Estate Society. (Conference) Naples, Florida (2010).
    Paper: The Changing Benefit of REITs to the Mixed-Asset Portfolio
    Author: Lee S
  28. Academy of Finance. (Conference) Chicago USA (2010).
    Paper: Private Real Estate: Risk Diversifier, Return Enhancer or Both?
    Author: Lee S
  29. Pacific Rim Real Estate Society. (Conference) Wellington New Zealand (2010).
    Paper: The Benefit of Real Estate to the Australian Mixed-Asset Portfolio
    Author: Lee S
  30. European Real Estate Society. (Conference) Milan Italy (2010).
    Paper: The Benefits of Public and Private Real Estate
    Author: Lee S
  31. European Real Estate Society. (Conference) Milan Italy (2010).
    Paper: The Readability of Academic Papers in the Journal of Property Investment and Finance
    Author: Lee S
    Co-authors: French, N.
  32. Pacific Rim Real Estate Society. (Conference) Wellington New Zealand (2010). Chair.
  33. Asian Real Estate Society. (Conference) Los Angeles, USA (2009). Chair.
  34. Encuentros de Economía Aplicada. (Conference) Madrid, Spain (2009). Chair.
  35. European Real Estate Society. (Conference) Stockholm, Sweden (2009). Chair.
  36. American Real Estate Society. (Conference) Monterey, California (2009). Chair.
  37. The Academy of Finance. (Conference) Chicago USA (2009). Chair.
  38. The Academy of Finance. (Conference) Chicago USA (2009).
    Paper: The Trend in Global and Regional Integration in European Real Estate Markets
    Author: Lee S
  39. Pacific Rim Real Estate Society. (Conference) Sydney, Australia (2009).
    Paper: The Extent of Convergence in Asian Real Estate Markets
    Author: Lee S
  40. Pacific Rim Real Estate Society. (Conference) Sydney, Australia (2009).
    Paper: Evaluating the Sharpe Performance of the Australian Property Investment Markets
    Author: Lee S
    Co-authors: Higgins, D.M.
  41. European Real Estate Society. (Conference) Stockhlom, Sweden (2009).
    Paper: Global and Regional Integration in European Real Estate Markets
    Author: Lee S.
  42. European Real Estate Society. (Conference) Stockholm, Sweden (2009).
    Paper: UK Real Estate Fund Performance: An Overview
    Author: Hunt M.
    Co-authors: Tony K. and Lee S.
  43. Encuentros de Economía Aplicada. (Conference) Madrid, Spain (2009).
    Paper: Are the Returns of the Spanish Real Estate Market Converging with the Rest of Europe?
    Author: Lee S.
  44. Asian Real Estate Socity. (Conference) Los Angeles, USA (2009).
    Paper: The Public and Private Real Estate Portfolio
    Author: Lee S.
  45. American Real Estate Society. (Conference) Monterey, California (2009).
    Paper: The Extent of Convergence in European Real Estate Markets
    Author: Lee S.
  46. Pacific Rim Real Estate Society. (Conference) Sydney, Australia (2009). Chair.
  47. Gulf Real Estate Fundermentals Confernec. (Conference) Bahrain (2008). Chair and Session/Day Chair.
  48. European Real Estate Society. (Conference) Krakow (2008). Chair.
  49. The Art of Risk Management in Real Estate Portfolios Conference. (Conference) London, England (2008). Invited speaker.
    Paper: Assessing Moves Towards Effective Portfolio Diversification
    Author: Lee S.L.
  50. Regensburg Conference on Real Estate Economics and Finance. (Conference) Regensburg Germany (2008). Invited speaker.
    Paper: Discussion of Long-Horizon Predictability of Equity REIT Returns
    Author: Lee S
  51. Real World. (Conference) Cambridge, England (2008). Invited speaker.
    Paper: Optimum Allocation to Real Estate, Private, Public, or Both?
    Author: Lee S.L.
  52. Pacific Rim Real Estate Society. (Conference) Kuala Lumpur, Malaysia (2008).
    Paper: Sharpe Performance by Property
    Author: Lee S.L.
  53. European Real Estate Society. (Conference) Krakow, Poland (2008).
    Paper: Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales
    Author: Lee S.L.
    Co-authors: Byrne, P.
  54. European Real Estate Society. (Conference) Krakow, Poland (2008).
    Paper: The Performance of Italian Real Estate Mutual Funds
    Author: Lee S.L.
    Co-authors: Morri, G.
  55. European Real Estate Society. (Conference) Krakow, Poland (2008).
    Paper: Is the UK Real Estate Market Converging with the Rest of Europe?
    Author: Lee S.L
  56. Asian Real Estate Society. (Conference) Shanghai, China (2008).
    Paper: The Integration of Securitised Real Estate Markets in Europe
    Author: Lee S.L.
    Co-authors: Andrew, M.
  57. Pacific Rim Real Estate Society. (Conference) Kuala Lumpur, Malaysia (2008). Chair.
  58. European Real Estate Society. (Conference) London England (2007). Chair.
  59. American Real Estate Society. (Conference) San Fransisco California (2007). Chair.
  60. Henry Stewart Conferences:. (Seminar) London England (2007). Invited speaker.
    Paper: Alternative Investments: Beyond Equities and Bonds
    Author: Lee S.
  61. IPD Conference on Management of Interest and Exchange Rate Risk. (Workshop) Frankfurt Germany (2007). Invited speaker.
    Paper: Exchange Rate Risk: Does it Matter to the Portfolio Choice?
    Author: Lee S.
  62. Regensburg Conference on Real Estate Economics and Finance. (Conference) Regensburg Germany (2007). Invited speaker.
    Paper: Modified VAR and the Allocation to Real Estate in the Mixed-asset Portfolio
    Author: Lee S.
  63. Pacific Rim Real Estate Society. (Conference) Perth Australia (2007).
    Paper: Real Estate Portfolio Size in a Higher-moment World
    Author: Lee S.
  64. European Real Estate Society. (Conference) London England (2007).
    Paper: Spatial Concentration in Institutional Investment in the UK: Some comparisons between the Retail and Office Sectors
    Author: Lee S.
    Co-authors: Byrne P.
  65. European Real Estate Society. (Conference) London England (2007).
    Paper: Can Real Estate Investor’s Trade on Past Performance?
    Author: Lee S.
  66. Annual Real Estate Research Symposium, Centre for Real Estate Finance, Cass Business School, City University. (Conference) London England (2007). Invited speaker.
    Paper: The Asymmetry of UK Real Estate Returns
    Author: Lee S.
  67. American Real Estate Society. (Conference) San Francisco, California (2007).
    Paper: European Real Estate Diversification
    Author: Lee S.
  68. Pacific Rim Real Estate Society. (Conference) Fremantle, Western Australia (2007). Chair.
  69. European Real Estate Society. (Conference) Wiemar Germany (2006). Chair.
  70. American Real Estate Society. (Conference) Key West Florida (2006). Chair.
  71. European Real Estate Society. (Conference) Weimar Germany (2006).
    Paper: The Impact of Country Risk on International Real Estate Returns
    Author: Lee S.
  72. European Real Estate Society. (Workshop) Wiemar Germany (2006).
    Paper: Geographical Concentration in the Institutional Market for Office Property in England and Wales
    Author: Lee S.
    Co-authors: Byrne P.
  73. American Real Estate Society. (Conference) Key West Florida (2006).
    Paper: Property Funds: How Much Diversification is Enough?
    Author: Lee S.
  74. European Real Estate Society. (Conference) Dublin Ireland (2005). Chair.
  75. American Real Estate Society. (Conference) Santa Fe New Mexico (2005). Chair.
  76. Department of Finance, Goethe University. (Seminar) Frankfurt Germany (2005).
    Paper: Does Active Management Add Any Value?
    Author: Lee S.
  77. Hong Kong-Singapore Research Symposium. (Workshop) Singapore (2005).
    Paper: Does Active Management Add Any Value?
    Author: Lee S.
  78. European Real Estate Society. (Conference) Dublin Ireland (2005).
    Paper: The Impact of 9/11 on US REIT Returns: Fundamental or Financial?
    Author: Lee S.
    Co-authors: Gheno A.
  79. European Real Estate Society. (Conference) Dublin Ireland (2005).
    Paper: Regional Diversification Strategies in UK Commercial Real Estate Portfolios: Evidence and Implications
    Author: Lee S.
    Co-authors: Bryne P. and McCann P.
  80. European Real Estate Society. (Conference) Dublin Ireland (2005).
    Paper: Real Estate Portfolio Size and Risk Reduction
    Author: Lee S.
    Co-authors: Devaney S.
  81. European Real Estate Society. (Conference) Dublin Ireland (2005).
    Paper: The Relative Importance Sector and Regional Factors in Italy
    Author: Lee S.
    Co-authors: Gabrielli L.
  82. European Real Estate Society. (Conference) Dublin, Ireland (2005).
    Paper: Gauging the Investment Potential of International Real Estate Markets
    Author: Lee S.
  83. American Real Estate Society. (Conference) Santa Fe, New Mexico (2005).
    Paper: Non-Normal Real Estate Return Distributions
    Author: Lee S.
    Co-authors: Devaney s. and Young M.
  84. American Real Estate Society. (Conference) Sante Fe, New Mexico (2005).
    Paper: How Often Does Direct Real Estate Increase the Risk-adjusted Performance of the US Mixed-asset Portfolio?
    Author: Lee S.
  85. American Real Estate Society. (Conference) Sante Fe, New Mexico (2005).
    Paper: The Substitutability of REITs and Value Stocks
    Author: Lee S.
    Co-authors: Stevenson S.
  86. European Real Estate Society. (Conference) Milan Italy (2004). Chair.
  87. American Real Estate Society. (Conference) Captiva Island Florida (2004). Chair.
  88. Pacific Rim Real Estate Society. (Conference) Bangkok Thailand (2004).
    Paper: When does Direct Real Estate Improve Portfolio Performance?
    Author: Lee S.
  89. European Real Estate Society. (Conference) Milan Italy (2004).
    Paper: Real Estate in the Mixed-asset Portfolio: The Question of Consistency
    Author: Lee S.
    Co-authors: Stevenson S.
  90. European Real Estate Society. (Conference) Milan Italy (2004).
    Paper: Country, Sector and Regional Factors in European Property Returns
    Author: Lee S.
    Co-authors: Devaney S.
  91. American Real Estate Society. (Conference) Captiva Island Florida (2004).
    Paper: The Cyclical Behaviour of Sector and Regional Diversification Benefits: 1987-2002
    Author: Lee S.
    Co-authors: Devaney S.
  92. American Real Estate Society. (Conference) Captiva Island Florida (2004).
    Paper: The Case for REITs in the Mixed-asset Portfolio in the Short and Long Run
    Author: Lee S.
    Co-authors: Stevenson S.
  93. Academy of Finance. (Conference) Chicago USA (2004).
    Paper: When Do REITs Increase the Performance of Other Assets?
    Author: Lee S.
  94. Acadamy of Finance. (Conference) Chicago USA (2004).
    Paper: The Cyclical Behaviour of Sector and Regional Diversification Benefits in the UK
    Author: Lee S.
    Co-authors: Devaney S.
  95. Pacific Rim Real Estate Society. (Conference) Bangkok, Thailand (2004). Chair.
  96. European Real Estate Society. (Conference) Helsinki Finland (2003). Chair.
  97. American Real Estate Society. (Conference) Monterery California (2003). Chair.
  98. Pacific Rime Real Estate Society. (Conference) Brisbane, Australia (2003).
    Paper: The Role of Market Timing and Property Selection in Listed Property Trust Performance
    Author: Lee S.
    Co-authors: Stevenson s and Newell G
  99. HKU-NUS Symposium on Real Estate Research. (Conference) Singapore (2003).
    Paper: Another Look at the Relative Importance of Sectors and Regions in Determining Property Returns
    Author: Lee S.
    Co-authors: Andrew M. and Devaney S.
  100. European Real Estate Society. (Conference) Helsinki Finland (2003).
    Paper: The Return due to Diversification of Real Estate to the US Mixed-Asset Portfolio
    Author: Lee S.
  101. Dublin Research Symposium. (Conference) Dublin Ireland (2003). Invited speaker.
    Paper: Another Look at the Relative Importance of Sectors and Regions in Determining Property Returns
    Author: Lee S.
    Co-authors: Andrew, M. and Devaney S.
  102. Asian Real Estate Society. (Conference) Singapore (2003).
    Paper: Mean Reversion and the Forecastability of Real Estate Betas: An Empirical Investigation 1987-2002
    Author: Lee S.
  103. American Real Estate Society. (Conference) Monterey California (2003).
    Paper: The Impact of Real Estate on the Mixed-Asset Portfolio in Periods of Financial Stress
    Author: Lee S.
  104. American Real Estate Society. (Conference) Naples Florida (2003).
    Paper: A Meta Analysis of Real Estate Fund Performance
    Author: Lee S.
    Co-authors: Stevenson S.
  105. American Real Estate Society. (Conference) Monterey California (2003).
    Paper: The Persistence of Real Estate Fund Performance
    Author: Lee S.
  106. Academy of Finance. (Conference) Chicago USA (2003).
    Paper: Mean Reversion and the Predictability of Real Estate Betas
    Author: Lee S.
  107. European Real Estate Society. (Conference) Glasgow Scotland (2002). Chair.
  108. SPR/ERES Workshop. (Workshop) London England (2002). Invited speaker.
    Paper: European Real Estate Investment and the EURO
    Author: Lee S.
  109. European Real Estate Society. (Conference) Glasgow Scotland (2002).
    Paper: Is there a “Case for Property” all the Time?
    Author: Lee S.
  110. Asian Real Estate Society. (Conference) Seoul, Korea (2002).
    Paper: The Distribution of Real Estate Portfolio Betas: An Empirical Analysis
    Author: Lee S.
  111. American Real Estate Society. (Conference) Naples Florida (2002).
    Paper: A Meta Analysis of Real Estate Fund Performance
    Author: Lee S.
    Co-authors: Stevenson S.
  112. American Real Estate Society. (Conference) Naples Florida (2002).
    Paper: Correlation Shifts and Real Estate Portfolio Management
    Author: Lee S.
  113. American Real Estate Society. (Conference) Naples Florida (2002).
    Paper: Volatility Persistence and Time-Varying Betas in the UK Real Estate Market
    Author: Lee S.
  114. European Real Estate Society. (Conference) Alicante Spain (2001). Chair.
  115. European Real Estate Society. (Conference) Alicante, Spain, (2001).
    Paper: Time-Weighted Portfolio Optimisation
    Author: Lee S.
  116. European Real Estate Society. (Conference) Alicante, Spain (2001).
    Paper: The Relative Importance of Sector and Regional Factors in Real Estate Returns
    Author: Lee S.
  117. Cutting Edge. (Conference) (2001).
    Paper: The Impact of Portfolio Size on the Variability of the Terminal Wealth of a Real Estate Fund
    Author: Lee S.
    Co-authors: Byrne P.
  118. Asian Real Estate Society. (Conference) Tokyo, Japan (2001).
    Paper: The Stability of Real Estate Portfolio Betas and the Portfolio Construction Process
    Author: Lee S.
  119. American Real Estate Society. (Conference) Coeur d’Alene, Idaho (2001).
    Paper: Testing the Statistical Significance of Regional and Sector Diversification
    Author: Lee S.
    Co-authors: Stevenson S.
  120. American Real Estate Society. (Conference) Coeur d’Alene, Idaho (2001).
    Paper: The Relationship Between Size Diversification and Risk
    Author: Lee S.
    Co-authors: Byrne P.
  121. Pacific Rim Real Estate Society. (Conference) Sydney Australia (2000).
    Paper: Risk Reduction and Real Estate Portfolio Size
    Author: Lee S.
    Co-authors: Byrne P.
  122. North American Meeting of the Regional Science Association. (Conference) Chicago USA (2000).
    Paper: A Test of Convergence in the UK Real Estate Market
    Author: Lee S.
    Co-authors: Lizieri C.
  123. European Real Estate Society. (Conference) Bordeaux, France (2000).
    Paper: Real Estate Portfolio Construction and Estimation Risk
    Author: Lee S.
    Co-authors: Stevenson S.
  124. Cutting Edge. (Conference) (2000).
    Paper: The Relationship Between Portfolio Size and Risk
    Author: Lee S.
    Co-authors: Byrne P.
  125. Asian Real Estate Society. (Conference) Bejing China (2000).
    Paper: The Risks of Investing in Asian Real Estate Market
    Author: Lee S.
  126. American Real Estate Society. (Conference) San Francisco (2000).
    Paper: Residential Property in England: An Assessment of its Potential as an Institutional Investment
    Author: Lee S.
    Co-authors: Andrew M. D'Arcy E.
  127. American Real Estate Society. (Conference) San Fransico USA (2000).
    Paper: Property Fund Investment Flows and Returns
    Author: Lee S.
  128. Pacific Rim Real Estate Society. (Conference) Sydney, Australia (2000). Chair.
  129. Pacific Rim Real Estate Society. (Conference) Kuala Lumpur, Malaysia (1999).
    Paper: The European Real Estate Market
    Author: Lee S.
  130. Cutting Edge. (Conference) Cambridge England (1999).
    Paper: On the Process of Risk Reduction in the UK Real Estate Market
    Author: Lee S.
    Co-authors: Byrne P.
  131. American Real Estate Society. (Conference) Tampa Florida (1999).
    Paper: The Conditional Performance Of UK Property Funds
    Author: Lee S.
  132. American Real Estate and Urban Economics Association and Asian Real Estate Society International Conference. (Conference) Maui, Hawaii (1999).
    Paper: Portfolio Size and the Reduction of Dispersion: The Case of the United Kingdom Commercial Real Estate Market
    Author: Lee S.
    Co-authors: Byrne P.
  133. Pacific Rim Real Estate Society. (Conference) Perth Australia (1998).
    Paper: The Relative Importance of Sectors versus Regions in Determining Property Returns
    Author: Lee S.
  134. European Real Estate Society. (Conference) Maastrich Netherland (1998).
    Paper: The Inter-Temporal Stability of Real Estate Returns: An Empirical Investigation
    Author: Lee S.
  135. Cutting Edge. (Conference) Leicester England (1998).
    Paper: Risk Reduction in the UK Property Market
    Author: Lee S.
    Co-authors: Byrne P.
  136. American Real Estate Society. (Conference) Monterey, California (1998).
    Paper: Sector and Regional Factors in Real Estate Returns
    Author: Lee S.
  137. Pacific Rim Real Estate Society. (Conference) Palmerston North, New Zealand (1997).
    Paper: Property in the Multi-Asset Portfolio: a MAD Solution
    Author: Lee S.
    Co-authors: Byrne P.
  138. European Real Estate Society. (Conference) Berlin Germany (1997).
    Paper: Sector versus Regional versus Functional Diversification of UK Real Estate Portfolios: A Mad Solution
    Author: Lee S.
    Co-authors: Byrne P.
  139. European Real Estate Society. (Conference) Berlin Germany (1997).
    Paper: European Real Estate Portfolio Strategies: A Review of the Options
    Author: Lee S.
    Co-authors: D'Arcy E
  140. Cutting Edge. (Conference) Dublin Ireland (1997).
    Paper: The Style of Indirect Property Investment
    Author: Lee S.
  141. AREUEA. (Conference) San Francisco California (1997).
    Paper: Real Estate Portfolio Analysis under Conditions of Non-normality: The Case of NCREIF
    Author: Lee S.
    Co-authors: Byrne P.
  142. American Real Estate Society. (Conference) Sarasota Florida (1997).
    Paper: Performing With Style
    Author: Lee S.
  143. The Cutting Edge. (Conference) University of the West of England (1996).
    Paper: UK Sector Versus Regional Diversification: A Mad Solution
    Author: Lee S.
    Co-authors: Byrne P.
  144. International Real Estate Conference. (Conference) Orlando Florida (1996).
    Paper: The Performance of Property Funds in a Downside-Risk Framework
    Author: Lee S.
  145. European Real Estate Society. (Conference) Athens Greece (1996).
    Paper: The European Real Estate Market
    Author: Lee S.
  146. European Real Estate Society. (Conference) Belfast NI (1996).
    Paper: Mean Absolute Deviation Optimisation of Large Real Estate Portfolios
    Author: Lee S.
    Co-authors: Byrne P.
  147. American Real Estate Society. (Conference) Lake Taho California (1996).
    Paper: The Components of Property Fund Performance
    Author: Lee S.
  148. The Cutting Edge. (Conference) Aberdean Scotland (1995).
    Paper: The Future Required Rate of Return by Pension Funds
    Author: Lee S.
    Co-authors: Byrne P.
  149. International Congress on Real Estate. (Conference) Singapore (1995).
    Paper: Is There a Place for Real Estate in the Multi-asset Portfolio?
    Author: Lee S.
    Co-authors: Byrne P.
  150. European Real Estate Society. (Conference) Stockholm Sweden (1995).
    Paper: Required Returns for Property in UK Pension Fund Portfolios
    Author: Lee S.
    Co-authors: Byrne P.
  151. American Real Estate Society. (Conference) Hilton Head, South Carolina (1995).
    Paper: Is There a Place for Real Estate in the Multi-asset Portfolio?
    Author: Lee S.
    Co-authors: Bryne P.