Eva Maria Steiner
Professor of Real Estate
Associate Director of Borrelli Institute for Real Estate Studies
Eva Steiner is the King Professor of Real Estate at the Penn State Smeal College of Business where she also serves as an Associate Director of the Borrelli Institute for Real Estate Studies. Prior to joining Smeal, she was an Assistant Professor of Real Estate at Cornell University. She obtained her M.Phil. and Ph.D. degrees from the University of Cambridge, U.K.
Expertise
Real Estate Finance and Economics
Education
Ph.D. in Land Economy, The University of Cambridge, Department of Land Economy, Cambridge, England, 2014-01-01 M.Phil. in Real Estate Finance, The University of Cambridge, Department of Land Economy, Cambridge, England, 2008-01-01 B.A. in Business Administration, Heilbronn University, Business School, Heilbronn, Germany, 2006-01-01
Courses Taught
REST 550 – CONTEMP REST ISSUES
This course surveys important issues in real estate markets, including special characteristics of real estate markets, valuation of real properties, mortgage mechanics and calculations, valuing investment opportunities, financing corporate real estate, financing project development, and the secondary mortgage marketAfter taking this course, students will be able to:1. Demonstrate understanding of basic features of real estate markets;2. Value real estate using the sales comparison approach and the income approach;3. Conduct mortgage-related calculations and make mortgage-financing decisions;4. Calculate before and after tax cash flows from income properties;5. Make investment decisions for income properties, and conduct sensitivity analysis;6. Conduct sensitivity analysis, partition Internal Rate of Return (IRR), and apply the real option approach in making investment decisions;7. Make real-estate-related decisions for non-real estate firms;8. Demonstrate understanding of the financing of project development;9. Know cash-flow mechanics and risk-sharing attributes of some mortgage-backed securities,10. Demonstrate understanding of Real Estate Investment Trusts (REITs) and their role in real estate investment
REST 590 – COLLOQUIUM
Continuing seminars that consist of a series of individual lectures by faculty, students, or outside speakers.
REST 596 – Individual Studies
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.
REST 890 – Colloquium
Continuing, professionally oriented seminars that consist of a series of individual lectures by faculty, students, or outside speakers.
RM 450 – Cont Iss R Est Mkt
Historical performance, land use issues, market valuation, real estate development, public policy issues.
Selected Publications
Brandeis G., Nyamudeza C., Steiner E., Talbert T. "A New Lease on Life: The Climb Nittany Rock Climbing Gym" Penn State Smeal College of Business, 2026-01-01
Addoum J., Eichholtz P., Steiner E., Yönder E. "Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy" Real Estate Economics, vol. 52, 2024-01-01
Steiner E., Tchistyi A. "Distortionary Effects of PPP Loans on Business Competition: Evidence from the Hotel Industry" Journal of Financial Intermediation, vol. Forthcoming, 2024-01-01
Spaenjers C., Steiner E. "Specialization and Performance in Private Equity: Evidence from the Hotel Industry" Journal of Financial Economics, vol. Forthcoming, 2024-01-01
Campello M., Connolly R., Kankanhalli G., Steiner E. "Do Real Estate Values Boost Corporate Borrowing? Evidence from Contract-Level Data" Journal of Financial Economics, vol. 144, 2022-01-01
Ambrose B. W., Steiner E. "Economic Fundamentals, Capital Expenditures and Asset Dispositions" Journal of Real Estate Finance and Economics, vol. 64, 2022-01-01
Fisher G., Steiner E., Titman S., Viswanathan A. "Location Density, Systematic Risk, and Cap Rates: Evidence from REITs" Real Estate Economics, vol. 50, 2022-01-01
Frame S., Steiner E. "Quantitative Easing and Agency MBS Investment and Financing Choices by Mortgage REITs" Real Estate Economics, vol. 50, 2022-01-01
Boudry W., Connolly R., Steiner E. "What Happens During Flight to Safety: Evidence from Public and Private Real Estate Markets" Real Estate Economics, vol. 50, 2022-01-01
Steiner E. "Breaking Down the REIT Balance Sheet" The Intelligent REIT Investor Guide, 2021-01-01
Chambers D., Spaenjers C., Steiner E. "The Rate of Return on Real Estate: Long-Run Micro-Level Evidence" Review of Financial Studies, vol. 34, 2021-01-01
Riddiough T., Steiner E. "Financial Flexibility and Manager-Shareholder Conflict: Evidence from REITs" Real Estate Economics, vol. 48, 2020-01-01
Alcock J., Steiner E. "Fundamental Drivers of Dependence in Real Estate Returns" Journal of Real Estate Finance and Economics, vol. 57, 2018-01-01
Pavlov A., Steiner E., Wachter S. "REIT Capital Structure Choices: Preparation Matters" Real Estate Economics, vol. 46, 2018-01-01
Pavlov A., Steiner E., Wachter S. "The Consequences of REIT Index Membership for Return Patterns" Real Estate Economics, vol. 46, 2018-01-01
Alcock J., Steiner E. "The Interrelationships between REIT Capital Structure and Investment" Abacus, vol. 53, 2017-01-01
Alcock J., Steiner E. "Unexpected Inflation, Capital Structure and Real Risk-Adjusted Firm Performance" Abacus, vol. 53, 2017-01-01
Chambers D., Dimson E., Segel A., Steiner E. "The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford" Harvard Business School, vol. Case No. 216-086, 2016-01-01
Pavlov A., Steiner E., Wachter S. "Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities" Real Estate Economics, vol. 43, 2015-01-01
Alcock J., Steiner E., Tan K. "Joint Leverage and Maturity Choices in Real Estate Firms: The Role of the REIT Status" Journal of Real Estate Finance and Economics, vol. 48, 2014-01-01
Alcock J., Glascock J., Steiner E. "Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence" Journal of Real Estate Finance and Economics, vol. 47, 2013-01-01
Alcock J., Baum A., Colley N., Steiner E. "The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds" Journal of Portfolio Management, vol. 39, 2013-01-01
Honors and Awards
Edwin Mills Best Paper Award at Real Estate Economics 2024, AREUEA, (2025-12-31)
Real Estate Economics Top-10 Most Cited Articles 2023-2024, AREUEA, (2025-12-31)
Faculty, Weimer School, (2024-12-31)
Real Estate Economics Top-10 Most Cited Articles 2022-2023, AREUEA, (2024-12-31)
Academic Fellow, Hoyt Institute, (2022-12-31)
Post-Doctoral Honoree, Hoyt Institute, (2019-12-31)
Short-Term Visitor, Federal Reserve Bank of New York, (2019-12-31)
Distinguished Research Prize, AREUEA-Nareit Research Conference, (2017-12-31)
Award for Excellence in Real Estate Research, Aareal Bank, (2015-12-31)
Fellow, Cambridge Endowment for Research in Finance, (2014-12-31)
Best PhD Student Paper, AREUEA International Conference, (2012-12-31)
Best Paper on Real Estate Investment, ERES Conference, (2010-12-31)