PHD Student - DRM-FINANCE
Title: «Gestions de portefeuilles à risques d’investissement immobilier»
Pau is graduated with a master degree in Industrial Economics, at the University of Carlos III of Madrid. After the master's degree, he enrolled in a Doctoral Program at the University of Paris Dauphine. During three years he combined his studies working as an investment analyst at BNP Paribas Real Estate. Pau BLASI is preparing his PhD in Management Sciences on the analyse of Cognitive and Emotional Bias in Commercial Property Investment.
This research is under the supervision of Dr Arnaud Simon, a Senior Lecturer at the University of Paris Dauphine. The main objective is to analyse how cognitive and emotional biases affect investor decisions when buying or selling office buildings. To meet this aim, this research embarks on a qualitative research. Semi-structured interviews permit to detect and analyse most important biases that appear during the transact. Among different biases discovered, the "Base Case Fallacy" was selected. This bias may appear before the acquisition when investors evaluate the expected performance of a building. A quantitative analysis follows to develop a scale that tries to measure the effect of the bias. The results showed that uncertainty leads some investors to assume that the yield they will obtain at the end of their investment will be equal to that of the initial yield. In other words, some investors believe that market conditions will remain the same as today.