Mahsa Memarian

As a PhD candidate in Financial Management, my research interest lies in the intersection of Real estate, Asset Pricing and Corporate Finance. In particular, I study urban economy in U.S. market, and I analyse the effect of urban characteristics of the area in which firms are located on their stock return.

My background is in Mechanical Engineering and I also worked for a while as an engineer for an engineering and construction Company in oil, gas and petrochemical industries. Furthermore, I did a master in Socio-Economic System Engineering (SESE) which is an interdisciplinary field in economics, finance, and management. Prior to my academic career, I got involved in industry and organizations to get some work experience in this field. I was a market research specialist for one of the major producers of electrical motors in Iran.

• Memarian, M., Vergara-Alert, C., Urban Density and Firms’ Stock Returns.

In this paper, we study the impact of the urban density on the U.S. firms’ stock returns.
Firms located in dense urban areas present higher productivity due to the flow of ideas and innovation in these areas. Through this productivity channel, urban density characteristics of the areas where firms are located affect their stock returns. We use high-resolution satellite images from Google Earth to develop an exogenous measure of potential density increase (PDI) for the 95 largest metropolitan statistical areas (MSA) in the U.S. This measure represents the proportion of area in the total area within 1 hour drive from the center of the MSA that could rapidly increase its density. We find that firms located in areas with high potential density increase present lower stock returns: On average, a 1% higher PDI of an MSA results in a 2.9% lower excess stock return of firms located in this MSA.

I will be available for interviews at the 2017 EFMD @Solvay Job Fair in Brussels, 2017 Spanish Economic Association meeting in Barcelona and the 2018 AFA meetings in Philadelphia.

Mahsa Memarian

PhD Candidate

Academic Area

Financial Management

Dissertation Director

Prof. Carles Vergara-Alert


• MS Socio-Economic System Engineering-Economics and Finance (Sharif University of Technology, Iran)
• BS Mechanical Engineering (University of Tehran, Iran)

Research Interests

Real Estate, Asset Pricing, Corporate Finance

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