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Department of Land Economy

Environment, Law & Economics


Real Estate Finance

Corporate Finance



Key publications: 

Ataullah, A., Coleman, S., Le, H.,  & Wang, Z. (2023). Social Capital, Environmental Justice and Carcinogenic Waste Releases: US County-level Evidence (1998-2019). Regional Studies, Forthcoming. (ABS 4)


Mansley, N., Wang, Z., Weng, X.,  & Zhang, W. (2023). Good Growth, Bad Growth: Market Reaction to Capital Raising for REIT Expansion. International Review of Financial Analysis, 102499. (ABS 3)


Ma, Y., Sha, Y., Wang, Z.,  & Zhang, W. (2023). The Effect of the Policy Mix of Green Credit and Government Subsidy on Environmental Innovation.  Energy Economics, 106512. (ABS 3)


Ma, Y., Fu, Z., Jiang, W., Liu, Y., & Wang, Z. (2022). The Impact of China’s Overseas Emigration Network on Outward Foreign Direct Investment. Emerging Markets Finance and Trade, 1-12. (ABS 2)


Ataullah, A., Le, H., Wang, Z., & Wood, G. (2022). Corporate diversification and downsizing decisions: International evidence from sharp and sudden performance shocks. International Review of Financial Analysis82, 102203. (ABS 3)


Sha, Y., Bu, Z., & Wang, Z. (2022). What drives the distress risk–return puzzle? A perspective on limits of arbitrage. International Journal of Finance & Economics. (ABS 3)


Mansley, N., & Wang, Z. (2021). Long lease real estate–a revised role for real estate in pension fund portfolios. Journal of Property Investment & Finance. (ABS 1)


Fuerst, F., Mansley, N., & Wang, Z. (2021). Do specialist funds outperform? Evidence from European non-listed real estate funds. Research in International Business and Finance58, 101434. (ABS 2) – won Nick Tyrrell’s 2021 Prize


Zhang, W., Sun, T., Ma, Y., & Wang, Z. (2021). CONTENT OF IMPLIED VOLATILITY OF S&P 500: MODEL-FREE VERSUS MODEL-BASED. Romanian Journal of Economic Forecasting24(1), 109. (ABS 1)


Zhang, W., Sun, T., Goh, P. H. L., Wang, Z., & Mansley, N. (2021). Can rainmakers justify their pay? The role of investment banks in REIT M&As. International Journal of Strategic Property Management25(4), 254-266. (ABS 2)


Ma, Y., Ahmad, F., Liu, M., & Wang, Z. (2020). Portfolio optimization in the era of digital financialization using cryptocurrencies. Technological Forecasting and Social Change161, 120265. (ABS 3)


Mansley, N., Tiffany, C. M., & Wang, Z. (2020). Risk classification of Asian real estate funds and their performance. Pacific-Basin Finance Journal, 101400. (ABS 2)


Sha, Y., Kang, C., & Wang, Z. (2020). Economic policy uncertainty and mergers and acquisitions: Evidence from China. Economic Modelling89, 590-600. (ABS 2)


Sha, Y., Wang, Z., Bu, Z., & Mansley, N. (2020). Does default risk matter for investors in REITs. International Journal of Strategic Property Management24(5), 365-378. (ABS 2)


Zhang, W., Sun, T., Wang, Z., Kumar, V.R., & Ma, Y. (2019). Does Faith Have Impact on Investment Return: Evidence From REITs. International Journal of Strategic Property Management, 23(6), 378-389. (ABS 2)


Ambrose, B. W., Fuerst, F., Mansley, N., & Wang, Z. (2019). Size effects and economies of scale in European real estate companies. Global Finance Journal, 42, 100470 (ABS 2)


Banerji, S., Ventouri, A., & Wang, Z. (2014). The sovereign spread in Asian emerging economies: The significance of external versus internal factors. Economic Modelling, 36 566-576. (ABS 2)

Other publications: 


Selected funded research projects

Real Estate in a Mixed-Asset Portfolio: The Impact of Market Uncertainty and Uncertainty Aversion. The European Public Real Estate Association (EPRA), 2021.

Long-term value methodologies in real estate lending analysis.Investment Property Forum (IPF), 2020

Performance of specialist funds versus generalists funds. The European Association of Investors in Non-listed Real Estate Vehicles (INREV), 2018

Managing Currency risk in real estate investment.Investment Property Forum (IPF), 2018

Currency risk management for investors in Asia Pacific non-listed real estate funds.The Asian Association of Investors in Non-listed Real Estate Vehicles (ANREV), 2018

Accessing Size Effect and Economies of Scale in European Real Estate Companies, European Public Real Estate Association (EPRA) 2017



Teaching and Supervisions


RM02 – Further topics in quantitative methods

Zilong is interested in supervising new PhD students in real estate finance.

Dr Zilong  Wang

Contact Details

Email address: 
(01223) 337165