ReFinE (Real estate Finance and Economics network)

Scientific project

ReFinE (Real estate Finance and Economics network)

This project arose from the following observation: commercial real estate is an important specific asset class for investors (institutional investors, unlisted investment funds, listed real estate companies, developers, etc.), but scientific research in this area is still underdeveloped, particularly in France.

Commercial real estate research network

The Institut Louis Bachelier, with the participation of the Directorate General of the Treasury, has launched an academic research network of excellence dedicated to commercial real estate.

The purpose of this research network is to promote and develop scientific research at the French and European levels relating to commercial real estate, i.e. real estate held on behalf of third parties, in particular office space.

The commercial real estate research network, supported by the French Association of Real Estate Investment Companies (ASPIM), the company Iread (Immobilier Recherche Etudes Analyses Data) and the Institut de l’Epargne Immobilière et Foncière (IEIF) will work in partnership with the stock market and real estate index provider MSCI. One of its objectives is to establish more effective dialogue between the public authorities, the real estate industry and scientific research.

Adaptation of governance

In its two years of its existence, ReFinE has grown and the number of projects has proliferated. It is now essential that governance of the network be adapted as well, with it operating on the basis of a two-person team. Kévin Beaubrun-Diant, Scientific Director of ReFinE and Senior Lecturer, Paris-Dauphine PSL University, supported by a steering committee (composed of a representative of each of the founding members), is both the network’s project leader and its academic “voice”. In view of the new directions that the ILB wants ReFinE to take, namely to get closer to real estate practitioners and to open up to European networks, it is important that someone with a different yet complementary profile should join the network alongside the scientific director. Accordingly, Béatrice Guedj, Head of Research & Innovation, Swiss Life Asset Managers, will have, in conjunction with Kévin, the onerous but exciting task of mobilising the real estate industry around the work and new challenges of ReFinE.

Main objectives

  • Mobilisation of high-level researchers in the field of commercial real estate
  • Provision of data for the benefit of the network’s researchers
  • Publications in international scientific journals
  • Building bridges between researchers and real estate professionals
  • Organisation of events (workshops, conferences, symposiums, etc.)
  • Dissemination of the research beyond academia through the popularisation of scholarly work


The governance of the network is structured around three committees with complementary missions.

A Steering Committee responsible for monitoring the progress of the work, composed of nine members:

  • Kevin Beaubrun-Diant, Senior Lecturer, Paris Dauphine University, PSL Research University
  • Jean-Michel Beacco, Director General, Institut Louis Bachelier or Stéphane Buttigieg, Deputy Director, Institut Louis Bachelier representing the Foundation
  • Emmanuel Bétry, Head of the Financial Sector Economic Analysis Unit, Directorate General of the Treasury.
  • Béatrice Guedj, Director of Research and Innovation, Swiss Life REIM
  • Pierre Schoeffler, Senior Advisor IEIF
  • Bertrand Villeneuve, Professor, Paris Dauphine University, PSL Research University

An Orientation Committee responsible for defining the research topics to be called for.

  • Chaired by the representative of the French Directorate General of the Treasury
  • One representative from each of the data providers
  • One representative from each of the founding members of the network

A Scientific Committee responsible for evaluating research projects, composed of four members:

  • Kevin Beaubrun-Diant, Paris-Dauphine PSL University
  • Jean-Charles Bricongne, Banque de France, European Commission
  • Julie Le Gallo, Professor, University of Burgundy Franche-Comté
  • Stéphane Grégoir, Professor and Dean, Toulouse School of Economics



On 30 January 2019 the Institut Louis Bachelier launched an academic research network of excellence dedicated to real estate and related financial concerns (in particular, commercial real estate). Its purpose is to promote and develop scientific research at the French and European levels on the links between real estate and finance by integrating the physical nature of assets (location and geographical diversification, fixed costs, irreversibility).

In pursuit of this goal, the academic research network is based on the agreements that the Institute has signed and will sign with partners, with a view to making their data available for purposes of academic research, and is launching a call for research projects. This call is addressed to the entire relevant academic community without restriction in terms of disciplines. The projects selected will focus on themes deemed to be of major interest (see attached Appendix). Other themes may be selected on the basis of their innovative character and relevance.

The projects selected will be awarded a research grant of up to 4000 euros, along with seminars and conferences organised by the Institute in the framework of the network. Teams whose projects are selected will have access to the data collected with in this framework.  In addition, discussions are under way for a special journal issue.

The selection of projects is intended to be wide-reaching, and aims to assure the partners making their data available of the academic value and quality of the projects. In submitting their application, project leaders, if selected, undertake to develop their project in conjunction (through meetings, seminars, and impromptu discussions) with other members of the network as well as with actors in the real estate market and public authorities involved in the network. Where appropriate, the responses to the call for projects may mention existing links that could be strengthened within the framework of the project presented.

The Themes:


  • Monetary policy, risk premiums in commercial and residential real estate
  • Interactions between real, financial and real estate cycles
  • Internationalisation of real estate cycles
  • Formation and role of anticipation in real estate markets


  • Diversification properties of commercial and residential real estate in financial asset portfolios
  • Potential diversification of commercial and residential real estate in financial asset portfolios
  • Volatility of commercial and residential real estate adjusted for illiquidity effects
  • Substitutability of office space and housing: dynamic interaction of office and residential rents


  • Factorial approach to the performance of real estate markets, comparative dynamics of different types of real estate assets (office space, retail, industrial, residential, services)
  • “Smart beta” strategies applied to real estate


  • Higher order moments in real estate, quantification of extreme risks
  • Fractal approach to real estate markets
  • Application of signal theory to supplement hedonic indices in real estate
  • Construction of hedonic price and rent indices for commercial real estate
  • Identification of geographical areas of tension/high volatility in real estate markets


  • Behavioural finance applied to real estate
  • Agency theory in real estate management


  • Comparative benefits of geographic diversification in a real estate portfolio
  • Regional development and planning in the context of the Greater Paris region
  • Determinants of land use change between commercial, residential and other uses
  • Spatial Interactions between residential and commercial real estate prices
  • Differentiated effects of soil artificialisation depending on the type of construction
  • Links between the social housing market and the private market
  • Commercial real estate in city cores and peripheries (in connection with the small and medium-sized city centre crisis)
  • Effects of globalisation on land values and land uses
  • Delineation of tight and relaxed land and real estate markets


  • Solvency II and the return of insurers to residential real estate
  • Regulatory constraints and optimal portfolio management by institutional investors: consequences for real estate
  • Social housing policy and social diversity
  • Effects of rental investment aid schemes
  • Effects of aid for housing vs. aid to individuals
  • Effects of zoning policies on commercial and/or residential real estate prices
  • Design of land and real estate taxation (competition between local and national (IFI and ISF) taxation)
  • Capture of ground rent


For more information and submission of applications, click on the link below:

Scientific officers

See CV

Partenaires économiques