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GIACOMO MORRI

SDA Associate Professor of Practice
Department of Finance

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Courses a.y. 2019/2020

10420 REAL ESTATE FINANCE
10929 FINANZA AZIENDALE [CORPORATE FINANCE]
11457 REAL ESTATE INVESTMENTS
11799 ANALISI FINANZIARIA E VALUTAZIONE DI INVESTIMENTO PER LE AZIENDE TURISTICHE [FINANCE AND REAL ESTATE FOR TOURISM]
20261 REAL ESTATE FINANCE

Courses previous a.y.


Biographical note

www.giacomomorri.info
www.linkedin.com/in/giacomo-morri-0596b2/
www.sdabocconi.it/en/faculty/giacomo-morri

 

Born in Rimini on June 18th, 1975.

Degree in Business Management, Bocconi University, Milan (Italy), 2000. Visiting Scholar in the Real Estate Department of the University of Reading (UK), 2004-2005. PhD in Corporate Finance, University of Trieste (Italy), 2006. RICS Member (Royal Institution of Chartered Surveyors), Assessor and Registered Valuer. Italian chartered accountant and statutory auditor.


Academic CV

Faculty Deputy and Associate Professor of Practice in Corporate Finance and Real Estate at SDA Bocconi School of Management and Real Estate Finance lecturer at Bocconi University. He was director of the Master in Real Estate, of the Executive Master in Corporate Finance and Banking and he was in charge of real estate executive education.

Past President and Board Member of the European Real Estate Society. He was visiting scholar in the Department of Real Estate at the University of Reading and a visiting researcher at Cass Business School, City University London. He was visiting professor at the MBA in Hospitality Management IMHI at ESSEC Business School and is currently visiting professor at ISSEG University of Lisbon.

Qualified for the role of Associate Professor, scientific sector 13/B4 (Economics of Financial Intermediaries and Corporate Finance), National Scientific Qualification, The Italian Ministry of Education, universities and research (MIUR).

He is a freelancing advisor for several real estate companies and asset managers, and he is the non-executive director at UnipolSai Investimenti SGR. He serves in the advisory board for several real estate funds. Italian chartered accountant and statutory auditor, expert in real estate litigation and valuation. He is Member, Registered Valuer and Assessor of the Royal Institution of Chartered Surveyors.


Research areas

He is Past president and a board member of the European Real Estate Society.

Member of the Advisory Editorial Board of the Journal of European Real Estate Research. Member of the Editorial Committee of the magazine Territorio Italia.

Research topics: Corporate Finance, Financial Markets, Finance for real estate markets and investments, Real estate valuation, Real estate financing, Real estate funds and REITs, Capital Structure, NAV discount.


Publications



SELECTED PUBLICATIONS

Books

–  Giacomo Morri, Fabrizio Trimarchi, “Hotel Investment & Valuation”, EGEA, 2020

–  Giacomo Morri, Paolo Benedetto, “Commercial Property Valuation: methodologies and cases”, Wiley, 2019

– Giacomo Morri, Paolo Benedetto, “Valutazione Immobiliare – Metodologie e casi”, EGEA, 2017
– Giacomo Morri, Antonio Mazza, “Property Finance: An International Approach”, WILEY, 2015 (Chinese Edition by China Citic Press, 2017)
– Giacomo Morri, Antonio Mazza, “Finanziamento immobiliare”, EGEA, 2010
– Martin Hoesli, Giacomo Morri, “Investimento immobiliare”, Hoepli, 2010

Chapters in books

·         Niccolò Cusumano, Giacomo Morri, Veronica Vecchi “Designing a PPP beyond legal procedures – The case of Fahrenheit Resort” in “The Italian Model of Management: A Selection of Case Studies” Edited by Luigi Serio, February 2016, Greenleaf Publishing ISBN 978-1-78353-426-5 pp. 72-82

·         Giacomo Morri, Federico Soffietti “Valutazioni economiche rispetto alla certificazione applicate alle varie fasi del processo edilizio” in “Introduzione alla certificazione LEED ®: progetto, costruzione, gestione”, di Pavesi, A.S., Verani, E., Maggioli Editore 2012, pp. 205-236, ISBN 978-88-387-7184-7

·         Giacomo Morri, “Titoli azionari quotati – SIIQ” in “La consulenza immobiliare nel Private Banking”, di Zanaboni B., Oriani M., Il Sole 24 Ore, 2011, pp.179-180, ISBN 9788863451399

·         Losa, Angioletti, Spinelli, Guzzonato, “Glossario Immobiliare – Real Estate Dictionary”, Il Sole 24 Ore, 2009 – Coordinamento Scientifico: Giacomo Morri, Luciano Capaldo, Andrea Ciaramella

·         Giacomo Morri, “Property company valuation and strategic purposes: the Metrovacesa Case”, in “Cases in Management (Indian & International Perspective)”, a cura di Vimi Jham, Bindu Gupta, Poonam Garg, 2009, Biztantra (ISBN: 978-81-7722-993-6)

·         Giacomo Morri, “Un modello economico di analisi per il mercato immobiliare”, in “Finanza immobiliare”, di Armando Borghi, EGEA, 2009

·         Giacomo Morri, “Un indice immobiliare indiretto: l’Indice BNL dei fondi immobiliari quotati”, in “Principi metodologici per la costruzione di indici dei prezzi nel mercato immobiliare”, a cura di Vincenzo Del Giudice e Maurizio d’Amato, Maggioli Editore, 2008

·         Giacomo Morri, “Valutazione immobiliare secondo il criterio economico”, in “La Stima degli Immobili Ordinari, Speciali e dei Beni Pubblici”, a cura di M. Brischetto, A. Pavan, C. Picco U. Visconti di Massino, Maggioli Editore, 2006

·         Maurizio L. Lombardi, Giacomo Morri, “La valutazione degli investimenti alberghieri”, in “Finanza e Credito nel Settore turistico-alberghiero”, a cura di M. Antonioli e G. Torluccio, Bononia University Press, 2005

·         G. Albertalli, G. Morri e A. Pavan, “Residenze universitarie: da ‘dormitorio’ a ‘campus’ attraverso l’investimento privato”, in Quaderno AICI Giovani, N°1, 2005

·         Giacomo Morri, “Porta Vittoria”, in “Finanza aziendale – Casi e applicazioni”, a cura di M. Dallocchio e A. Previtero, McGraw-Hill, Milano, 2004

·         Cesare Ferrero, Giacomo Morri, “Lingotto 2006”, in “Finanza aziendale – Casi e applicazioni”, a cura di M. Dallocchio e A. Previtero, McGraw-Hill, Milano, 2004

·         Giacomo Morri, Alberto Dell’Acqua, “Sardinia Hotel”, in “Finanza aziendale – Casi e applicazioni”, a cura di M. Dallocchio e A. Previtero, McGraw-Hill, Milano, 2004

·         Armando Borghi, Federico Chiavazza, Giacomo Morri, “Parcheggi Brescia”, in “Finanza aziendale – Casi e applicazioni”, a cura di M. Dallocchio e A. Previtero, McGraw-Hill, Milano, 2004

Case Study

·         Marco Denari, Giacomo Morri, “Project Vantage”, 2020, in The Case Center SDA Bocconi Collection

·         Giacomo Morri, Alberto Maria Ghezzi, Leonardo Luca Etro, “Beni Stabili SpA Siiq - Strategic and Financial Planning in the Real Estate Industry”, 2018, in The Case Center SDA Bocconi Collection

 

Articles on peer reviewed journals

·         Yener Coskun, Isil Erol, Giacomo Morri, (2020), “Why do Turkish REITs Trade at Discount to Net Asset Value?”, Empirical Economics

·         Giacomo Morri, Karoline Jostov, (2018), “The effect of leverage on the performance of real estate companies: A pan-European post-crisis perspective of EPRA/NAREIT index”, Journal of European Real Estate Research, Vol. 11 Issue: 3, pp.284-318, https://doi.org/10.1108/JERER-01-2018-0004

·         Yener Coskun, Burak Sencer Atasoy, Giacomo Morri and Esra Alp, (2018), “Wealth Effects on Household Final Consumption: Stock and Housing Market Channels” International Journal of Financial Studies, 6(2), 57; https://doi.org/10.3390/ijfs6020057

·         Giacomo Morri, Edoardo Parri, (2017), “US REITs capital structure determinants and Financial Economic Crisis effects”, Journal of Property Investment & Finance, Vol. 35 Issue: 6, pp.556-574, https://doi.org/10.1108/JPIF-07-2016-0055

·         Giacomo Morri, Dejan Djukic, Federico Chiavazza, (2017), “Corporate Real Estate and performance: evidence from Italian manufacturing sectors”, Journal of Corporate Real Estate, Forthcoming www.emeraldinsight.com/doi/abs/10.1108/JCRE-07-2016-0026

·         Giacomo Morri, Marco Ravetta, (2017), “Real Estate Crowdfunding”, Territorio Italia, Forthcoming http://dx.doi.org/10.14609/Ti_2_16_1e (English Version) http://dx.doi.org/10.14609/Ti_2_16_1i (Italian Version)

·         Giacomo Morri, Federico Romito, (2017) “An international analysis of time varying beta risk in listed real estate securities”, Journal of Property Investment & Finance, Vol. 35 Issue: 2, pp.116-134, https://doi.org/10.1108/JPIF-07-2016-0052

·         Giacomo Morri, Alessandro Baccarin, (2016), “European REITs NAV discount: do investors believe in property appraisal?”, Journal of Property Investment & Finance, Vol. 34 Iss 4 http://dx.doi.org/10.1108/JPIF-09-2015-0068

·         Stephen Lee, Giacomo Morri, (2015), “Real estate fund active management”, Journal of Property Investment & Finance, Vol. 33 Iss. 6 pp. 494 – 516 http://dx.doi.org/10.1108/JPIF-06-2014-0043

·         Giacomo Morri, Andrea Artegiani, (2015) “The effects of the global financial crisis on the capital structure of EPRA/NAREIT Europe index companies”, Journal of European Real Estate Research, Vol. 8 Iss: 1, pp.3 – 23 DOI http://dx.doi.org/10.1108/JERER-04-2014-0017 Awarded by Emerald as “2016 Highly Commended Award”

·         Rick Fedrizzi, Giacomo Morri, Angela Silvia Pavesi, Federico Soffietti, Elena Verani, (2014) “A value creation tool in the sustainable building field: the LEED certification”, Territorio Italia, Numero 1 http://dx.doi.org/10.14609/Ti_1_14_3e (English version) “Uno strumento per la creazione di valore nella realizzazione di edifici sostenibili: la certificazione LEED”, http://dx.doi.org/10.14609/Ti_1_14_3i (Italian version)

·         Giacomo Morri, Federico Soffietti, “Greenbuilding sustainability and market premiums in Italy”, Journal of European Real Estate Research, Vol. 6 No. 3, 2013

·         Giacomo Morri, Stephen Lee, “The Performance of Italian Real Estate Mutual Funds”, Journal of European Real Estate Research, Vol. 2 No. 2, 2009

·         Giacomo Morri, Paolo Benedetto “Leverage and NAV Discount: evidence from Italian real estate investment funds”, Journal of European Real Estate Research, Vol. 2 No. 1, 2009

·         Giacomo Morri, Fabio Cristanziani “What determines the capital structure of real estate companies ? An analysis of the EPRA/NAREIT EUROPE INDEX”, Journal of Property Investment & Finance, Vol. 27, No. 4, 2009

·         Giacomo Morri, Alessandro Erbanni, “Diversificazione del rischio nella gestione di portafogli immobiliari: analisi della performance dei REITs americani”, Finanza Marketing e Produzione, EGEA, No.3, 2008

·         Giacomo Morri, Christian Beretta “The capital structure determinants of REITs. Is it a peculiar industry?”, Journal of European Real Estate Research, Vol. 1 No. 1, 2008, pp. 6-57. Winner of the Gerald Brown Memorial Prize for the Best Paper on Indirect Property Investment presented at ERES 2007 Conference

·         Giacomo Morri, Stefano Giambelli, “Does the purpose of acquisition of a property company affect the stand alone value?”, Finanza Marketing e Produzione, EGEA, 1 – 2005

·         Giacomo Morri, Alessia Bezzecchi “Il puzzle dell’indebitamento nelle property company”, Economia & Management, Etas, Milano, Marzo/Aprile 2005

·         Cesare Ferrero, Giacomo Morri, “Indici nel mercato immobiliare e benchmark di performance ”, Finanza Marketing e Produzione, EGEA, 2 – 2004

·         Giacomo Morri, “Performance e sconto per i fondi immobiliari italiani”, Economia & Management, Etas, Milano, Marzo/Aprile 2004

·         Giacomo Morri, “Finanziarizzazione e indici del mercato immobiliare”, Economia & Management, Etas, Milano, Maggio/Giugno 2002

·         Giovanni Maria Paviera, Giacomo Morri, “Un nuovo strumento per la dismissione dei patrimoni pubblici: il fondo immobiliare con apporto”, Economia & Management, Etas, Milano, Luglio/Agosto 2001

Conference Papers

·         Giacomo Morri, WenWen Liu, (2017) “US REITs’ Returns Sensitivity to Interest Rates after the Global Financial Crisis”, SSRN, http://ssrn.com/abstract=3007609

·         2017 European Real Estate Society, Annual Meeting, Delft, Netherlands. Paper presented: Giacomo Morri, Ugo Perini, “The determinants of European non-listed real estate funds’ performance”

·         2015 European Real Estate Society, Annual Meeting, Istanbul, Turkey. Paper presented: Giacomo Morri, Alessandro Baccarin, “European REITs NAV Discount: do investors believe in property appraisal?”

·         2014 European Real Estate Society, Annual Meeting, Bucarest, Romania. Presentazione del paper: Giacomo Morri, Andrea Artegiani, “Global Financial Crisis effects on the Capital Structure of Epra/Nareit Europe Index companies”

·         2013 European Real Estate Society, Annual Meeting, Vienna, Austria. Presentazione del paper: Stephen Lee, Giacomo Morri, “Real Estate Fund Active Management”

·         2012 European Real Estate Society, Annual Meeting, Edimburgo, Scozia. Presentazione del paper: Giacomo Morri, Roberto Lupieri “NAV discount analysis using the appraisal reduction”

·         2011 European Real Estate Society, Annual Meeting, Eindhoven, Olanda. Presentazione del paper: Giacomo Morri, Paolo Benedetto, “Teaching real estate finance with cases: SUNLIGHT VILLAGE case study”

·         2010 European Real Estate Society, Annual Meeting, Milano, Italia. Presentazione del paper: Antonella Mazzeo, Giacomo Morri, “A Medium Term Add In Proposal For Green Property Appraisal”

·         2009 European Real Estate Society, Annual Meeting, Stoccolma, Svezia.

·         2008 European Real Estate Society, Annual Meeting, Cracovia, Polonia. Presentazione del paper: Giacomo Morri, Stephen Lee “The Performance of Italian Real Estate Funds “

·         2007 American Real Estate Society, Annual Meeting, San Francisco, USA. Presentazione del paper: “ The Capital Structure Determinants of REITs: Is it a Peculiar Industry? “

·         2006 American Real Estate Society, Annual Meeting, Key West, USA. Presentazione del paper: Giacomo Morri, “Leverage and NAV Discount in Italian Real Estate Funds”

·         2005 American Real Estate Society, Annual Meeting, Santa Fè, USA. Presentazione del paper: Giacomo Morri, Stefano Giambelli “Drivers and Pricing in a Property Company Acquisition”

·         2005 European Real Estate Society, Annual Meeting, Dublino, Irlanda. Presentazione del paper: Giacomo Morri, Patrick McAllister, Charles Ward, “Explaining deviations from NAV in UK property companies: rationality and sentimentality”

·         2004 European Real Estate Society, Annual Meeting, Milano, Italia. Presentazione dei paper: Cesare Ferrero, Giacomo Morri, “Real estate indexes and performance benchmarks”, 11th ERES Conference, Milan 2004, CD ROM (ISBN 88-901694-0-0)

Other publications

English

·         Giacomo Morri, Paolo Benedetto “Seasonal sales coming soon for foreign investors in Italian real estate – Guest Column”, Property Investor Europe, n° 259, June 2012

·         Giacomo Morri, “Could the stock market breathe new life into Italian real estate funds? – Guest Column”, Property Investor Europe, n° 232, November 2011

·         Giacomo Morri, “Italian REITs, property funds are stirring again post crisis – Guest Column”, Property Investor Europe, n° 197, February 2011

·         Giacomo Morri, “PIE Italia launched as Italy’s listed companies struggle with bail-outs”, Property Investor Europe, n.137, 5 October 2009

·         Giacomo Morri, “Italian RE funds offer potential investor returns above 15% IRR”, Property Investor Europe, n.123, 1 June2009

·         Giacomo Morri, “Italian real estate funds: Supervised internally and externally”, Property Investor Europe, n.119, 9 May 2009

·         Giacomo Morri, “Annual results tell true impact of crisis on Italian real estate”, Property Investor Europe, n.115, 6 April 2009

·         Giacomo Morri, “Introduction to the Italian Real Estate Investment Funds”, in Economia Immobiliare, n.36 – II Sem. 2008

Italian

·         Giacomo Morri, “Inrev, ritorni stabili e sostenibilità sono i driver dell’asset allocation”, Il Sole 24 Ore On-line, 17 dicembre 2019

·         G. Morri, P. Benedetto, “Il real estate sceglie le città”, Economia & Management, 1/2019

·         Giacomo Morri, “Conviene aderire alle OPA sui fondi?”, Milano Finanza, 09-07-2016

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