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) 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
  • Léonore Raguideau-Hannotin, Deputy Head of Office – Financial Sector Economic Analysis Unit
  • 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



Launched by the Institut Louis Bachelier and the French Treasury, ReFinE is an academic research network of excellence dedicated to real estate and related financial issues. It aims to promote and enrich scientific research at the French and European level on the links between real estate and finance by integrating the physical nature of assets (location and geographical diversification, fixed costs, irreversibility).

This commercial real estate research network is supported by the French Association of Real Estate Investment Companies (ASPIM), the company iread (real estate research studies and data analysis) and the stock market and real estate index provider MSCI. In this context, the ReFinE network is launching its 2nd Call for Projects. It is open to the entire academic community without restriction in terms of academic disciplines. The projects selected will mainly focus on themes considered to be of major interest. However, other themes may be selected according to their relevance or innovative character.

The selected projects will benefit from a research grant of up to 4000 euros, seminars and conferences organised by the Institute in the framework of the network. The teams whose projects are selected will have access to the data collected in this framework.

The selection of projects is intended to be broadly open and aims to ensure that the partners making their data available are of academic interest and scientific quality. The selected project leaders undertake to develop their project in conjunction (meetings, seminars, ad hoc exchanges) with the other members of the network as well as with the actors of the real estate market and the public authorities involved in the network. Where appropriate, responses to the call for projects may mention existing links that could be strengthened within the framework of the project presented.

The Themes:


  • Climate and real estate issues
  • Land use and development
  • Determinants of land use change between commercial, residential and other uses
  • Spatial interactions between residential and commercial property
  • Differentiated effects of land artificialisation according to the nature of the construction
  • Links between social and private housing markets
  • City centres and commercial property peripheries
  • Effects of globalisation on residential mobility and social mix


  • Diversification properties of commercial and residential property in financial asset portfolios
  • Grey discount or green premium: comparative performance of real estate asset classes (office, retail, industrial, residential, services)
  • Smart betas” strategies applied to real estate


  • Evaluation of macroprudential policies in residential real estate
  • Portfolio management of institutional investors: taking into account environmental and climate constraints
  • Public policy, incentives and energy transition
  • Effects of aid to the stone or aid to the person
  • Design of land and property taxation (local tax competition) and national taxation (IFI and ISF)


For more information and submission of applications (in French), click here



Scientific officer

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Economic Partners