Curriculum Vitae

Giacomo Morri is Associate Professor of Practice of Corporate Finance & Real Estate at SDA Bocconi School of Management. Since January 2018, he is Corporate Finance and Real Estate Faculty Deputy at SDA Bocconi School of Management. 

He is Contract Professor in the Finance Department at Bocconi University.

At SDA Bocconi, he is Head of “Percorso Real Estate” executive program and he has directed the Master in Real Estate and the Executive Master in Corporate Finance & Banking. He has conducted numerous research, training and consulting projects especially with companies operating in the real estate sector.

His research activities focus on corporate finance and real estate issues, on business and real estatevaluation and structured property financing. Currently, he is working on three main research areas: the analysis of the financial structure, of NAV discount and of governance in real estate investment vehicles (funds, Reits and property company).

He is the author of numerous books and articles on corporate finance issues, with international publications in scientific journals such as Journal of Property Investment & Finance, Journal of European Real Estate Research,Journal of Corporate Real Estate and Finanza Marketing e Produzione. He is editorial board member of scientific journals, including Journal of Real Estate Portfolio Management, Terra Italia and Journal of European Real Estate Research. He has been Visiting Scholar in the Department of Real Estate & Planning at School of Business at Reading University, Visiting Researcher at Cass Business School University (London), Visiting Professor at ISEG University of Lisbon and at the MBA in Hospitality Management IMHI at ESSEC Business School (Paris). He is Past-President of the European Real Estate Society and he is RICS Member, Assessor and Registered Valuer. He serves as independent director on the board of UnipolSai Investimenti SGR and he is on the advisory boards of real estate funds managed by Axa Reim SGR, Generali Real Estate SGR and Prelios SGR.

Giacomo earned a Degree in Business Administration from Bocconi University and a Ph.D. in Corporate Finance from University of Trieste.

 

 

Publications

Books

  • Giacomo Morri, Paolo Benedetto, “Valutazione Immobiliare: metodologie e casi”, EGEA, 2017, www.valutazione-immobiliare.it 
  • Giacomo Morri, Antonio Mazza, “Property finance: an international approach”, Chinese language Edition, China Citic Press, 2017
  • Giacomo Morri, Antonio Mazza, “Property finance: an international approach”, Wiley, 2015, pp. 272, www.morri-mazza.com, ISBN 978-1-118-76440-4
  • Giacomo Morri, Antonio Mazza, “Finanziamento immobiliare”, EGEA, 2010 www.morri-mazza.it 
  • Martin Hoesli, Giacomo Morri, “Investimento immobiliare”, Hoepli, 2010 www.hoesli-morri.it
  • Losa, Angioletti, Spinelli, Guzzonato, “Glossario Immobiliare - Real Estate Dictionary”, Il Sole 24 Ore, 2009 - Coordinamento Scientifico: Giacomo Morri, Luciano Capaldo, Andrea Ciaramella
  • Chapters
  • 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, “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”, 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”, editor Vincenzo Del Giudice and 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”, editor 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”, editor M. Antonioli and 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”, editor M. Dallocchio and A. Previtero, McGraw-Hill, Milano, 2004
  • Cesare Ferrero, Giacomo Morri, “Lingotto 2006”, in “Finanza aziendale - Casi e applicazioni”, editor M. Dallocchio and A. Previtero, McGraw-Hill, Milano, 2004
  • Giacomo Morri, Alberto Dell’Acqua, “Sardinia Hotel”, in “Finanza aziendale - Casi e applicazioni”, editor M. Dallocchio and A. Previtero, McGraw-Hill, Milano, 2004
  • Armando Borghi, Federico Chiavazza, Giacomo Morri, “Parcheggi Brescia”, in “Finanza aziendale - Casi e applicazioni”, editor M. Dallocchio and A. Previtero, McGraw-Hill, Milano, 2004
 

 

Articles (Peered Reviews)

  • 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, Vol. 19 Issue: 3, pp.168-185, https://doi.org/10.1108/JCRE-07-2016-0026 
  • 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, Marco Ravetta, (2017), “Real Estate Crowdfunding”, Territorio Italia, 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, 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 Giacomo Morri, Federico Soffietti, (2013) “Greenbuilding sustainability and market premiums in Italy“, Journal of European Real Estate Research, Vol. 6 No. 3, 2013 pp. 303-332 DOI 10.1108/JERER-06-2013-0011 DOI http://dx.doi.org/10.1108/JERER-04-2014-0017 
  • Giacomo Morri, Federico Soffietti, (2013) “Greenbuilding sustainability and market premiums in Italy“, Journal of European Real Estate Research, Vol. 6 No. 3, 2013 pp. 303-332 DOI 10.1108/JERER-06-2013-0011
  • 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. 3, 2009
  • Giacomo Morri, Alessandro Erbanni, “Diversificazione del rischio nella gestione di portafogli immobiliari: analisi della performance dei REITs americani”, Finanza Marketing e Produzione, EGEA, 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, pp. 6-57
  • 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, March/April 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, March/April 2004 
  • Giacomo Morri, “Finanziarizzazione e indici del mercato immobiliare”, Economia & Management, Etas, Milano, May/June 2002
  • Giovanni Maria Paviera, Giacomo Morri, “Un nuovo strumento per la dismissione dei patrimoni pubblici: il fondo immobiliare con apporto”, Economia & Management, Etas, Milano, July/August 2001
 

 

Other Reviews

  • Giacomo Morri, “Conviene aderire alle OPA sui fondi?”, Milano Finanza, 09-07-2016
  • 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
  • Giacomo Morri, “L’offerta formativa SDA Bocconi per i professionisti del settore immobiliare”, Mediare, 3-2013
  • Giacomo Morri, Paolo Benedetto, “Nuove fonti di debito dai mercati finanziari?”, Economia Immobiliare, n.44 – II Sem. 2012
  • Giacomo Morri, Paolo Benedetto, “Più del mattone poté il fondo immobiliare”, Via Sarfatti 25 - Luglio 2012 (ripubblicato su Il Mondo 20/07/2012), 
  • Giacomo Morri, “La formazione dei professionisti del settore immobiliare”, Mediare, n° 6, 3-2012
  • Giacomo Morri, Paolo Benedetto, “Fondi immobiliari, fra limiti e opportunità”, Mark Up, 11-2011, pag. 30-31
  • Giacomo Morri, “La rinascita dei fondi immobiliari passa per la Borsa?”, Quotidiano Immobiliare, 12 Luglio 2011
  • Giacomo Morri, “Analisi dei fondi alla sfida dell’Appraisal Reduction”, Il Sole 24 Ore, 7 maggio 2011
  • Giacomo Morri, “Effetti della crisi”, Dedalo, Gennaio-Febbraio 2011
  • Giacomo Morri, “ERES 2010 Milano: ricerca e formazione nel settore immobiliare”, n°1-2010, Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, “Housing sociale, impariamo a farlo dall’Olanda”, Via Sarfatti, gennaio/febbraio 2010
  • Giacomo Morri, “La velocità del recupero dipenderà dal credito”, Scenari MARK UP, novembre 2009, pag. 15
  • 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, “Specializzazione e diversificazione dei portafogli immobiliari: quale strategia?” in Speciale RE, n.11, 30/04/2009
  • Giacomo Morri, “Annual results tell true impact of crisis on Italian real estate”, Property Investor Europe, n.115, 6 April 2009
  • Giacomo Morri, “Dall’investimento immobiliare diretto al fondo di fondi”, Via Sarfatti, marzo 2009
  • Giacomo Morri, “Italian real estate shows some resilience to dramatic European slide”, Property Investor Europe, n.107, February 2009
  • Giacomo Morri, “Finanza, vincerà il fondo di fondi”, Milano, Il Sole 24 Ore, 12/12/2008 
  • Giacomo Morri, “Introduction to the Italian Real Estate Investment Funds”, in Economia Immobiliare, n.36 – II Sem. 2008
  • Giacomo Morri, “SIIQ e fondi immobiliari, maneggiare con cura”, n°1-2008, Realty 
  • Giacomo Morri, “Cosa si nasconde dietro un indice immobiliare”, n°12-2007, Realty 
  • Giacomo Morri, “Economic Outlook: primo trimestre 2007”, n°1-2007, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, “Economic Outlook: terzo trimestre 2006”, n°3-2006, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, “Economic Outlook: inizio 2006”, n°1-2006, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, Claudio Guardiano, “Entertainment e shopping: i factory outlet center”, n°1-2006, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, Luca Palazzi, “Nav, i big sono più a sconto”, Milano, Il Sole 24 Ore, 08/10/2005 
  • Giacomo Morri, “Economic Outlook: aggiornamento primo semestre”, n°3-2005, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, Daniela Sanna, “Milano 2016, le Olimpiadi da non perdere” in DEDALO - AIE Milano – June 2005
  • Giacomo Morri, Daniela Sanna, “Grandi eventi e trasformazioni delle città” in DEDALO - AIE Milano – April 2005
  • Giacomo Morri, “Economic Outlook: aggiornamento trimestrale”, n°2-2005, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, “Rischio e rendimento immobiliare: evidenza nel mercato italiano”, n°1-2005, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, “Economic Outlook”, n°1-2005, Rivista del Consulente Tecnico, Maggioli, Rimini 
  • Giacomo Morri, Alessia Bezzecchi, “Il mattone si fa bello con la leva”, 13/11/2004, Il Sole 24 Ore, Milano 
  • Vince Paparo, Giacomo Morri, Hanz G. Chiappetta, “Reit, i nuovi strumenti del private banking”, 10/07/2004, Il Sole 24 Ore, Milano
  • Giacomo Morri, Michele Monterosso, “Negli Usa a lezione di specializzazione”, 02/02/2004, Il Sole 24 Ore, Milano
  • Giacomo Morri, Jon Consolo, “Verso un Nuovo Modello di Gestione degli Stadi” in DEDALO - AIE Milano – January 2004
  • Armando Borghi, Giacomo Morri, “Il confronto con i Reits americani penalizza gli italiani” in RE Real Estate – Mehdit Milano – n° 7 December 2003
  • Giacomo Morri, Daniela Sanna, “Self Storage: gli alberghi delle cose” in DEDALO - AIE Milano – June 2003
  • Giacomo Morri, Daniela Sanna, “Evoluzione della distribuzione commerciale: il factory outlet” in DEDALO - AIE Milano – February 2003
  • Giacomo Morri, Daniela Sanna, “Centri commerciali: il successo della formula” in DEDALO - AIE Milano – January 2003
  • Simone Nanni, Giacomo Morri, “Project financing e opere infrastrutturali” in DEDALO, AIE, Milano, November-December 2002
  • Alberto Dell’Acqua, Giacomo Morri, “L’impatto delle nuove tecnologie nel settore immobiliare” in DEDALO, AIE, Milano, October 2002
  • Giacomo Morri, Cesare Ferrero, “L’evoluzione del settore immobiliare e l’importanza della gestione” in DEDALO, AIE, Milano, September 2002
  • Giacomo Morri, Cesare Ferrero, “L’attività di gestione immobiliare” in DEDALO, AIE, Milano, July/August 2002
  • Giacomo Morri, Cesare Ferrero, “Indici nel mercato immobiliare” in DEDALO, AIE, Milano, May 2002
  • Giacomo Morri, Cesare Ferrero, “Lo spin off immobiliare” in DEDALO, AIE, Milano, April 2002
  • Giacomo Morri, Cesare Ferrero, “Funzionamento e utilizzo degli Osservatori Immobiliari” in DEDALO, AIE, Milano, March 2002
  • “Fondi immobiliari, sprint guidato dal nuovo decreto”, 22/12/2001, Il Sole 24 Ore, Milano
  • Giacomo Morri, Cesare Ferrero, “Securitization nell’attività di dismissione di immobili” in DEDALO, AIE, Milano, February 2002
  • Giacomo Morri, Cesare Ferrero, “Il fondo immobiliare con apporto” in DEDALO, AIE, Milano, January 2002
  • Giacomo Morri, Cesare Ferrero, “Fondi chiusi immobiliari: investimento finanziario e immobiliare” in DEDALO, AIE, Milano, November/December 2001
  • Giacomo Morri, Cesare Ferrero, “Finanza e mercato immobiliare” in DEDALO, AIE, Milano, October 2001
  • Giacomo Morri, Cesare Ferrero, “Abitazione: investimento o bene di consumo?”, in DEDALO, AIE, Milano, September 2001
  • Giacomo Morri, Ginevra Rossi, “Ancora troppa nebbia avvolge gli hedge fund”, Milano, Il Sole 24 Ore, 08/09/2001
  • Ginevra Rossi, Giacomo Morri, “L’hedge fund prima maniera resta ancora il più efficiente”, Milano, Il Sole 24 Ore, 14/07/2001
  • Giacomo Morri, Cesare Ferrero, “Tra settore delle costruzioni e mercato immobiliare” in DEDALO, AIE, Milano, May 2001

Conference Papers

  • Giacomo Morri, Ugo Perini, “The determinants of European non-listed real estate funds’ performance” presented at 22th ERES Conference, Delft, Netherlands, 2017
  • Giacomo Morri, Alessandro Baccarin, “European REITs NAV Discount: do investors believe in property appraisal?” presented at 22th ERES Conference, Istanbul, Turchia 
  • Giacomo Morri, Andrea Artegiani, “Global Financial Crisis effects on the Capital Structure of Epra/Nareit Europe Index companies” presented at 21st ERES Conference, Bucharest, Romania 
  • Stephen Lee, Giacomo Morri, “Real Estate Fund Active Management”, Working Paper, presented at 20th ERES Conference, Vienna 2013 
  • Giacomo Morri, Stephen Lee, “The Performance of Italian Real Estate Mutual Funds”, Working Paper, presented at 15th ERES Conference, Cracow 2008
  • Giacomo Morri, “Leverage and NAV Discount in Italian Real Estate Funds”, Working Paper, presented at 22nd ARES Conference, Key West 2006
  • Giacomo Morri, Patrick McAllister, Charles Ward, “Explaining deviations from NAV in UK property companies: rationality and sentimentality”, Working Paper, presented at 12th ERES Conference, Dublin 2005 
  • Giacomo Morri, Stefano Giambelli “Drivers and pricing in a property company acquisition”, Working Paper, presented at 11st ERES Conference, Milan 2004 
  • Cesare Ferrero, Giacomo Morri, “Real estate indexes and performance benchmarks”, 11st ERES Conference, Milan 2004, CD ROM (ISBN 88-901694-0-0)
 

     

    Director/Coordinator for

    EMPIRE - THE EXECUTIVE MANAGEMENT PROGRAM IN INTERNATIONAL REAL ESTATE

    The EMPIRE Program provides managers the right context, models and knowledge to develop an effective and innovative business strategy in the European real estate market and build concrete management results.

    Duration 9 days
    Start 13 September 2018
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    REAL ESTATE VALUATION AND FINANCING

    Investing in and financing properties is one of the most difficult “games in town”, therefore it is crucial to keep up with the current market changes and challenges to ensure to be able to exploit the opportunities that are still out there. This course has been designed to provide a practical and comprehensive knowledge of the whole subject.

    Duration 5 days
    Start 15 October 2018
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