Neroli Austin
Assistant Professor of Finance
Ross School of Business, University of Michigan
Research areas:
- Private Markets
- Real Estate
- Law and Finance
Background:
- A.P. at Ross, 2023–present
- PhD in Finance, University of Oxford, 2023
- Economist, Reserve Bank of New Zealand, 2013–2016
- Bachelor of Laws with First Class Honors and
Bachelor of Economics, University of Sydney, 2013
Working Papers
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Keeping Up with the Blackstones: Institutional Investors and Neighbors’ Home Investment
Previously circulated as (2023) “Keeping Up with the Blackstones: Institutional Investors and Gentrification”
·SSRNI study the effect of private equity housing investments on the owner-occupiers around them, proposing a novel channel of investor coordination. Consistent with this coordination channel, I find that: (i) After national news converges on a narrative that institutional investment results in higher prices, a one standard deviation increase in recognizable institutional ownership raises owner-occupiers’ home investments by 3.6%. (ii) Anonymous institutional ownership produces no response. (iii) Around recognizable institutions, the effect grows with the number of surrounding owners. (iv) The induced owner-occupier investment is value-preserving maintenance. The induced investment amounts to $1.3 to $1.6 billion per year.
- Heterogeneous Creditors and Cov-Lite Loans
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Catching a Break: VCs and the Commercialization of Innovation
Draft available upon request
Publications
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Decomposing Value Gains – The Case of the Best Leveraged Buyout Ever
Teaching
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Ross School of Business, University of Michigan
- Real Estate Finance
- Real Estate Capital Markets
- Real Estate Finance and Investment
- Real Estate Finance and Investment I
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University of Oxford
- Head Tutor, Oxford Private Markets Investments Programme
- Head Tutor, Oxford Future of Real Estate Investment Programme
- Teaching Assistant, FinTech
- Teaching Assistant, Big Data