Xie, Lingshan;
(2025)
Essays on Current Issues in Real Estate and Infrastructure Finance.
Doctoral thesis (Ph.D), UCL (University College London).
Abstract
This thesis contributes to the literature by highlighting the behavioral dimensions of investor reactions in real asset markets and by offering empirical insights into how investors navigate unprecedented disruptions and evolving norms under uncertainty. It empirically explores three case studies which all relate to unexpected shocks and changing narratives in the economy: the Covid-19 pandemic, the resulting surge of work-from-home (WFH), and the rise in narrative around climate change compliance and environmental sustainability for corporations. An overarching research question posited by this thesis is: How investors in real asset markets respond to structural shifts. Covid-19, WFH and climate change all relate to relatively sudden changes in the structure of the market which have impacted the pricing of real assets. The analysis begins by examining how the stock market responded to the shocks of Covid-19 infection disclosures. It then expands to explore the broader behavioral shifts emerged during the pandemic — WFH. As the future likelihood of remote or hybrid work remains uncertain, the analysis investigates how public WFH announcements serve as key signals to influence investor expectations about the long-term likelihood of continued remote working and consequently valuation of REITs associated with WFH announcers. In parallel, the pandemic highlighted the importance of ESG, as firms with stronger ESG profiles demonstrated enhanced resilience and better risk mitigation during the pandemic. This growing focus on ESG and the rising narrative surrounding climate change compliance led the analysis to examine how investors value sustainability characteristics in investment opportunities. Throughout the thesis, investor reactions to shocks and evolving norms are examined through the lens of behavioral finance. It provides insights into the behavioral drivers behind investment decisions, demonstrating how investor reactions and decisions may be influenced by heuristics, signaling motives, and herding.
| Type: | Thesis (Doctoral) |
|---|---|
| Qualification: | Ph.D |
| Title: | Essays on Current Issues in Real Estate and Infrastructure Finance |
| Language: | English |
| Additional information: | Copyright © The Author 2025. Original content in this thesis is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) Licence (https://creativecommons.org/licenses/by-nc/4.0/). Any third-party copyright material present remains the property of its respective owner(s) and is licensed under its existing terms. Access may initially be restricted at the author’s request. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10208817 |
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