Stephen Lee

Senior Teaching Fellow in Voluntary Sector Management at Bayes Business School

Schools

  • Bayes Business School

Links

Biography

Bayes Business School

Stephen Lee is a Senior Lecturer in Real Estate Finance at the Cass Business School, 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 100 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 90 conference papers at conferences in Europe, the USA and Asia. At Cass 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/Professions

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

Journal Articles (74)

  • Jadevicius, A. and Lee, S. (2017). UK REITs don’t like Mondays. Journal of Property Investment and Finance, 35(1), pp. 58–74. doi:10.1108/JPIF-03-2016-0021.
  • Lee, S. (2017). Convergence in the UK direct real estate market. Journal of Property Investment and Finance, 35(4), pp. 382–396. doi:10.1108/JPIF-06-2016-0043.
  • Lee, S. (2017). Mind the gap in REITs. Journal of Real Estate Portfolio Management, 23(1), pp. 1–5.
  • Lee, S. (2016). REITs and the Taper Tantrum. Journal of Property Investment and Finance, 34(5), pp. 457–464. doi:10.1108/JPIF-03-2016-0020.
  • Lee, S. (2016). Distance and diversification. Journal of European Real Estate Research, 9(2), pp. 183–192. doi:10.1108/JERER-02-2016-0010.
  • Lee, S. and Morri, G. (2015). Real estate fund active management. Journal of Property Investment and Finance, 33(6), pp. 494–516. doi:10.1108/JPIF-06-2014-0043.
  • 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.
  • 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.
  • Lee, S.L. (2012). Education briefing. Journal of Property Investment & Finance, 30(6) . doi:10.1108/jpif.2012.11230faa.003.
  • 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.
  • Lee, S. (2012). The Performance Gap in UK Property Returns. Journal of European Real Estate Research .
  • 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.
  • 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.
  • Byrne, P. and Lee, S. (2011). Institutional Real Estate Investment: a Rational 'Regional' Interpretation? Urban Studies .
  • Lee, S. (2011). The Benefits of Public and Private Real Estate. Journal of property Investment and Finance .
  • Lee, S. and Byrne, P. (2011). Concentration in the Institutional Market for Office Property in England and Wales. Journal of Property Research .
  • Byrne, P. and Lee, S. (2011). The Relative Importance of Sectors and Regional Factors in UK Real Estate Portfolio Construction. Journal of property research .
  • 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.
  • 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.
  • Lee, S. (2010). Private real estate: risk diversifier, return enhancer or both? Journal of European Real Estate Research .
  • 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.
  • 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.
  • 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.
  • 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.
  • Lee, S. (2009). The Big Picture. IPE Real Estate magazine, 2009(January/February) .
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Lee, S. and Stevenson, S. (2003). Time weighted portfolio optimisation. Journal of Property Investment & Finance, 21(3), pp. 233–249. doi:10.1108/14635780310481667.
  • 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.
  • Lee, S. (2003). Mean Reversion and the Predictability of Real Estate Betas. Journal of the Academy of Finance, 1(1), pp. 53–60.
  • 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.
  • Lee, S. (2003). Correlation Shifts and Real Estate Portfolio Management. Journal of Real Estate Portfolio Management, 9(1), pp. 45–58.
  • 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.
  • 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.
  • 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.
  • 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.
  • Byrne, P.J. and Lee, S. (2001). Risk reduction and real estate portfolio size. Managerial and Decision Economics, 22(7), pp. 369–379.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Lee, S. (1999). Style Analysis and Property Fund Performance. Journal of Property Investment and Finance, 17(2), pp. 145–156. doi:10.1108/14635789910258534.
  • 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.
  • 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.
  • 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.
  • 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.
  • Lee, S. (1997). The Components of Property Fund Performance. Journal of Real Estate Portfolio Management, 3(2), pp. 97–105.
  • 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.
  • 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.
  • 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.
  • 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.
  • Lee, S. (1991). The Performance of Pooled Property Funds, 1977-1987. Journal of Australasian Property Research, 1(1), pp. 31–37.
  • Lee, S. (1989). Property Returns in a Portfolio Context. Journal of Valuation, 7(3), pp. 248–258. doi:10.1108/EUM0000000003266.
  • Lee, S. (1988). Diversification Pays. Pensions World .
  • Lee, S. (1987). Required Property Returns. Pensions World .
  • 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.
  • 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.
  • Lee, S. (1979). Are the Days of the Jobber Numbered. Bankers Magazine .
  • Lee, S. and Ward, C.W.R. (1978). The Function of the Negotiated Secondary Capital Market. Investment Analyst pp. 5–13

Course Directorship

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

Subject/Academic Leadership

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

Editorial Activities (6)

  • Journal of Property Investment and Finance, Member of Editorial Board, 2011 – present.
  • Journal of European Real Estate Research, Referee, 2009 – present.
  • Regional Science, Referee, 2000 – present.
  • Journal of Property Investment and Finance, Referee, 1995 – present.
  • Journal of Property Research, Referee, 1995 – present.
  • Journal Real Estate Portfolio Management, Referee, 1995 – present.

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