Dr Masaki Mori

Masaki Mori

Dr Masaki Mori

Associate Professor

Expertise

Behavioral research
Conspicuous consumption and housing market
Investment strategies and risk management
Real estate investment trusts (REITs)
Real Estate Finance

Biography

Dr. Mori has international educational and research experience in Real Estate Finance and Investment in Japan, U.S., Singapore, U.K., and Switzerland. Masaki Mori is constantly ranked as one of the world academic leaders in the area of Real Estate. Prior to joining EHL, Masaki Mori was manager at Nomura Asset Management, Associate Professor of Finance at International University of Japan, Assistant Professor at National University of Singapore, and Associate Professor of Real Estate Finance and Investment at University of Reading.

He also served as Associate Dean of Graduate School of International Management of IUJ and Program Director of Master in Real Estate Finance at Reading. He has taught Real Estate and Finance courses such as Real Estate Finance and Mortgage Banking, Investment, Portfolio Management, Derivatives Markets, and Debt Securities Markets for undergraduate and graduate students as well as for business professionals. He was awarded University-level and School-level teaching excellence awards at NUS. He is the recipient of a Fulbright Scholarship.

Awards

Real Estate Academic Leadership (REAL) Author Ranking: #24 out of 925 authors (Journal of Real Estate literature (2020), 28(2)) Real Estate Academic Leadership (REAL) Author Ranking: #22 out of 914 authors (Journal of Real Estate literature (2019), 27(2)) Real Estate Academic Leadership (REAL) Author Ranking: #23 out of 878 authors (Journal of Real Estate literature (2018), 26(2)) Real Estate Academic Leadership (REAL) Author Ranking: #34 out of 888 authors (Journal of Real Estate literature (2017), 25(2)) University Teaching Excellence Award 2014/2015, National University of Singapore (NUS) School Teaching Excellence Award 2015/2016, 2014/2015, 2013/2014 NUS Aareal Award of Excellence in Real Estate Research, Best Research Paper, awarded €4000 (with Ong, Seow Eng and Li, Qing), Real Estate Management Institute, Germany (2014) FULBRIGHT Graduate Study Award, The Japan-United States Educational Commission (2002-2006)

Education

Doctor of Philosophy in Business Administration, Real Estate, Georgia State University, U.S.A
Bachelor of Arts, Political Management, Keio University, Japan

Courses Taught

BACHELOR OF SCIENCE IN INTERNATIONAL HOSPITALITY MANAGEMENT
• Real Estate Finance
MASTER'S IN GLOBAL HOSPITALITY BUSINESS
• Hospitality real estate finance and investments
MASTER IN HOSPITALITY MANAGEMENT
• Valuation of Hotel Real Estate Investments

Teaching Location

EHL Campus Lausanne
EHL Campus (Singapore)

Academic Publications

Academic publications from Masaki Mori

Article

The revival of business groups’ risk sharing : evidence from Japanese real estate investment trust market

We examine the business groups’ risk-sharing hypothesis in the Japanese Real Estate Investment Trust (REIT) market in which the unique external management system seems to be reinforcing power relationships among firms affiliated with the modern...

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Journal publications

Mori, M., Ong, S.E., & Ooi, J.T.L. (2025). The Revival of Business Groups’ Risk Sharing: Evidence from Japanese Real Estate Investment Trust Market. Journal of Real Estate Finance and Economics, 71, 385-419. https://doi.org/10.1007/s11146-021-09874-w

Pollock, M., Mori, M., & Wu, Y. (2024). Herding and reverse herding in US housing markets: new evidence from a metropolitan-level analysis. Regional Studies, 58(11), 2099-2114. https://doi.org/10.1080/00343404.2024.2325613

Lee, K. O., & Mori, M. (2021). Conspicuous consumption and household indebtedness. Real Estate Economics, 49(S2), 557-586. https://doi.org/10.1111/1540-6229.12305

Li, Q., Ling, D. C., Mori, M., & Ong, S. E. (2020). The Wealth Effects of REIT Property Acquisitions and Dispositions: The Creditors’ Perspective. Journal of Real Estate Finance and Economics, 60, 308-337. https://doi.org/10.1007/s11146-018-9677-9

Ooi, J.T.L., Mori, M., & Wong, W.C. (2019). Rationale Behind IPO Underpricing: Evidence from Asian REIT IPOs. Real Estate Economics, 47(1), 104-137. https://doi.org/10.1111/1540-6229.12243

Tang, C. K., & Mori, M. (2017). Sponsor Ownership in Asian REITs. Journal of Real Estate Finance and Economics, 55(3), 265-287. https://doi.org/10.1007/s11146-016-9577-9

Lee, K. O., & Mori, M. (2016). Do Conspicuous Consumers Pay Higher Housing Premiums? Spatial and Temporal Variation in the United States. Real Estate Economics, 44(3), 726-763. https://doi.org/10.1111/1540-6229.12115

Tang, C. K., Mori, M., Ong, S. E., & Ooi, J. T. L. (2016). Debt Raising and Refinancing by Japanese REITs: Information Content in a Credit Crunch. Journal of Real Estate Finance and Economics, 53(2), 141-161. https://doi.org/10.1007/s11146-014-9459-y

Mori, M. (2015). Information Diffusion in the US Real Estate Investment Trust Market. Journal of Real Estate Finance and Economics, 51(2), 190-214. https://doi.org/10.1007/s11146-014-9464-1

Mori, M., Ooi, J. T. L., & Wong, W. C. (2014). Do Investor Demand and Market Timing Affect Convertible Debt Issuance Decisions by REITs?. Journal of Real Estate Finance and Economics, 49(4), 524-550. https://doi.org/10.1007/s11146-013-9443-y

Mori, M., & Ziobrowski, A. J. (2011). Performance of Pairs Trading Strategy in the U.S. REIT Market. Real Estate Economics, 39(3), 409-428. https://doi.org/10.1111/j.1540-6229.2010.00302.x

Mori, M., Diaz, J., Ziobrowski, A. J., & Rottke, N. B. (2010). Psychological and Cultural Factors in the Choice of Mortgage Products: A Behavioral Investigation. Journal of Behavioral Finance, 11(2), 82-91.