Eva Maria Steiner

Color portrait of Eva Maria Steiner

Associate Professor of Real Estate, King Family Early Career Professor

Department Risk Management
Office Address 331 Business Building
Phone Number 814-863-1228
Email Address ems6770@psu.edu

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Eva Steiner is an Associate Professor of Real Estate at the Penn State Smeal College of Business. Prior to joining Smeal, she was an assistant professor of real estate at Cornell University. She obtained her MPhil and PhD degrees from the University of Cambridge, UK.

Expertise

Real Estate Finance and Economics

Education

Ph D, Land Economy, University of Cambridge, 2014

M Phil, Real Estate Finance, University of Cambridge, 2008

BA, Business Administration, University of Heilbronn, 2006

Courses Taught

REST 550 – CONTEMP REST ISSUES (2)
This course surveys important issues in real estate markets, including special characteristics of real estate markets, valuation of real properties, mortgage mechanics and calculations, valuing investment opportunities, financing corporate real estate, financing project development, and the secondary mortgage marketAfter taking this course, students will be able to:1. Demonstrate understanding of basic features of real estate markets;2. Value real estate using the sales comparison approach and the income approach;3. Conduct mortgage-related calculations and make mortgage-financing decisions;4. Calculate before and after tax cash flows from income properties;5. Make investment decisions for income properties, and conduct sensitivity analysis;6. Conduct sensitivity analysis, partition Internal Rate of Return (IRR), and apply the real option approach in making investment decisions;7. Make real-estate-related decisions for non-real estate firms;8. Demonstrate understanding of the financing of project development;9. Know cash-flow mechanics and risk-sharing attributes of some mortgage-backed securities,10. Demonstrate understanding of Real Estate Investment Trusts (REITs) and their role in real estate investment

REST 890 – Colloquium (1)
Continuing, professionally oriented seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

RM 450 – Cont Iss R Est Mkt (3)
Historical performance, land use issues, market valuation, real estate development, public policy issues.

REST 590 – COLLOQUIUM (1)
Continuing seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

Selected Publications

Campello M., Connolly R., Kankanhalli G., Steiner E., "Do Real Estate Values Boost Corporate Borrowing? Evidence from Contract-Level Data." Journal of Financial Economics, vol. 144, no. 2, 2022, pp. 611-644
Ambrose B. W., Steiner E., "Economic Fundamentals, Capital Expenditures and Asset Dispositions." Journal of Real Estate Finance and Economics, vol. 64, 2022, pp. 361-378
Fisher G., Steiner E., Titman S., Viswanathan A., "Location Density, Systematic Risk, and Cap Rates: Evidence from REITs." Real Estate Economics, vol. 50, no. 2, 2022, pp. 366-400
Boudry W., Connolly R., Steiner E., "What Happens During Flight to Safety: Evidence from Public and Private Real Estate Markets." Real Estate Economics, vol. 50, no. 1, 2022, pp. 147-172
Chambers D., Spaenjers C., Steiner E., "The Rate of Return on Real Estate: Long-Run Micro-Level Evidence." Review of Financial Studies, vol. 34, no. 8, 2021, pp. 3572-3607
Riddiough T., Steiner E., "Financial Flexibility and Manager-Shareholder Conflict: Evidence from REITs." Real Estate Economics, vol. 48, no. 1, 2020, pp. 200-239
Alcock J., Steiner E., "Fundamental Drivers of Dependence in REIT Returns." Journal of Real Estate Finance and Economics, vol. 57, no. 1, 2018, pp. 4-42
Pavlov A., Steiner E., Wachter S., "REIT Capital Structure Choices: Preparation Matters." Real Estate Economics, vol. 46, no. 1, 2018, pp. 160-209
Pavlov A., Steiner E., Wachter S., "The Consequences of REIT Index Membership for Return Patterns." Real Estate Economics, vol. 46, no. 1, 2018, pp. 210-250
Alcock J., Steiner E., "The Interrelationships between REIT Capital Structure and Investment." Abacus, vol. 53, no. 3, 2017, pp. 371-394
Alcock J., Steiner E., "Unexpected Inflation, Capital Structure and Real Risk-Adjusted Firm Performance." Abacus, vol. 53, no. 2, 2017, pp. 273-298
Pavlov A., Steiner E., Wachter S., "Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities." Real Estate Economics, vol. 43, no. 1, 2015, pp. 241-270
Alcock J., Steiner E., Tan K., "Joint Leverage and Maturity Choices in Real Estate Firms: The Role of the REIT Status." Journal of Real Estate Finance and Economics, vol. 48, no. 1, 2014, pp. 57-78
Alcock J., Glascock J., Steiner E., "Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence." Journal of Real Estate Finance and Economics, vol. 47, no. 3, 2013, pp. 434-465
Alcock J., Baum A., Colley N., Steiner E., "The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds." Journal of Portfolio Management, vol. 39, no. 5, 2013, pp. 99-110

Research Impact and Media Mentions

"Quoted on REIT structure", Bloomberg Law, Internet
"Interview", Trepp Wire, Podcast
"Interview", REIT Magazine, Journal or Magazine
"Media mention for book chapter in The Intelligent REIT Investor Guide", Seeking Alpha, Internet
"Media mention for Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy", Deutsche Bank CIO Brief, Internet
"Media mention for Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy", UN Environment Program, Internet
"Media mention for Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy", Federal Reserve Bank of Richmond, Internet
"Media mention for Quantitative Easing and Agency MBS Investment and Financing Choices by Mortgage REITs", Federal Reserve Bank of Dallas News, Internet
"Media mention for The Rate of Return on Real Estate: Long-Run Micro-Level Evidence", Bloomberg, Internet
"Media mention for The Rate of Return on Real Estate: Long-Run Micro-Level Evidence", The Economist, Journal or Magazine
"Media mention for Do Dual-Branded Hotels Outperform Single-Branded Hotels?", Hospitality Net, Internet
"Media mention for Do Dual-Branded Hotels Outperform Single-Branded Hotels?", Hotel Online, Internet
"Media mention for Do Dual-Branded Hotels Outperform Single-Branded Hotels?", Hotel News Resource, Internet
"Interview", REIT Magazine, Journal or Magazine
"Media mention for Quantitative Easing and Agency MBS Investment and Financing Choices by Mortgage REITs", Central Banking Publications, Internet
"Media mention for REIT Capital Structure Choices: Preparation Matters", Seeking Alpha, Internet
"Interview", REIT Magazine, Journal or Magazine
"Media mention for The Consequences of REIT Index Membership for Return Patterns", Nareit Developments, Internet
"Media mention for Agency, Financial Flexibility, and Firm Value: Evidence from REITs", IPE Real Estate Magazine, Journal or Magazine
"Media mention for The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds", Institutional Portfolio Research Practical Applications, Journal or Magazine
"Media mention for The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds", Journal of Private Equity, Journal or Magazine

Editorships

Journal of Real Estate Finance and Economics, Editorial Board, January 2021 - January 2023
Real Estate Economics, Editorial Board, January 2021 - January 2023