skip to content

Department of Land Economy

Environment, Law & Economics

Summary of Research Interests

  • UK / US real estate markets
  • Real Estate Investment Trusts (REITs)
  • Asset pricing during periods of high uncertainty
  • (Tail) dependence of financial assets
  • Sensitivity to systematic risk factors



Prof. Colin Lizieri and Prof. Stephen Satchell


Start Date

Easter 2019

End Date

Lent 2022



Clare College



Ph.D. Candidate, University of Cambridge (2019–present)

  • Dissertation title: Real Estate Investment Trusts in the mixed-asset portfolio: Systematic characteristics of REITs on segment level

MPhil Real Estate Finance, University of Cambridge (2016–2017)

  • Dissertation title: ‘The Diversification Benefit of Real Estate in Times of Crises – Essential Misconceptions of the Dynamics of Real Estate Investment Trusts in Bear Markets
  • Investment Property Forum Best Dissertation Prize
  • Douglas Blausten Prize

BSc Business Administration, WHU – Otto Beisheim School of Management (2013–2016)

  • Dissertation title: The Effect of R&D Intensity Volatility on Performance – A Comparison Between Family Firms and Non-Family Firms
  • Concentration: Financial Economics
  • DAAD Scholarship


Professional Experience

  • Associate, McKinsey & Company, Inc. (2017–2019)


Internships and Volunteer Experience

  • Intern (Economic Department), German Embassy Kenya (2017)
  • Financial Analyst Intern (Investment Management), Goldman Sachs (2016)
  • Summer Analyst (M&A), BNP Paribas (2015)


Maximilian Georg Exler

Contact Details

Email address: