Prof.dr. Dirk Brounen

Prof.dr. Dirk Brounen

Full Professor
Expert areas: Finance (Behavioural Finance, Capital Markets, Corporate Finance, Financial Analysis, International Finance, Risk Management), Real Estate (Assessment, Investments, Performance Management)

As a professor at Tilburg University, Dirk Brounen researches the international real estate markets and in particular; the risk and return of real estate investments, the added value of real estate sustainability, and the importance of financial planning. His research results have been published in international journals such as: The European Economic Review, RAND Journal of Economics, and Real Estate Economics. He also teaches various financial real estate courses in various courses and is the author of the popular book “Nooit Meer Slapend Arm”.

In addition to his academic work, Dirk is active as an advisor to pension funds, investors, ministries, and regulators, among others, and he enjoys giving lectures about his research on various stages. He also links theory with everyday practice within the university. To this end, he has set up the TIAS real estate LAB, in which, together with partners from the market, he discusses the substantive real estate debate for a wide audience in a playful and entertaining way via livestream webinars and podcasts. See


  • Aydin, E., Brounen, D., & Erhün, A. (2023). Measuring the solar rebound effect. Forthcoming in: Energy Economics.
  • Li, Q., Brounen, D.,  Li, J., & Wei, X. (2022). Social interactions and Chinese households’ participation in the risky financial market. Forthcoming in: Finance Research Letters.
  • Li, Q., Brounen, D., & Wei, X. (2022). The effect of housing wealth on household portfolio choice. Forthcoming in: Annals of Economics and Finance
  • Brounen, D., Marcato, G., & Op’t Veld, H. (2021). Pricing ESG equity ratings and underlying data in listed real estate securities. Sustainability13(4), 2037.
  • Brounen, D., Groh, A.M. and Haran. M. (2020). The Value Effects of Green Retrofits, Journal of European of Real Estate Research, Vol. 13 No. 3, pp. 301-319.
  • Aydin, E., Brounen, D., & Kok, N. (2020). The capitalization of energy efficiency: Evidence from the housing market. Journal of Urban Economics117.
  • Aydin, E., Correa, S. B., & Brounen, D. (2019). Energy performance certification and time on the market. Journal of Environmental Economics and Management98.
  • Aydin, E., and Brounen. D. (2019). The Impact of Policy on Residential Energy Consumption. Energy, 169, pp. 115-129.
  • D. Stevens, H. Adan, D. Brounen, W. de Coo, F. Fuerst, D. Kavarnou, and R. Singh. (2019). Risks and Uncertainties Associated with Residential Energy Efficiency Investments, Real Estate Finance, 35(4), pp. 249-262.
  • Brounen, D., Marcato, G., and Silvestri, E. (2019). Price signaling and return chasing: International evidence from maturing REIT markets, Real Estate Economics, 47(1), 314-357.
  • Aydin, E., D. Brounen, N. Kok. (2018). Information provision and energy consumption: Evidence from a field experiment. Energy Economics,71, pp. 403-410.
  • Aydin, E., D. Brounen, and N. Kok. (2017). Energy efficiency and household behavior: the rebound effect in the residential sector, the Rand Journal of Economics, 48, pp. 749-782.
  • Brounen, D., & Koedijk, C. (2017). Nooit meer slapend arm: Actieplan voor een financieel fitte toekomst. Business Contact.
  • Brounen, D., C.G. Koedijk and R. Pownall. (2016). Household Financial planning and savings Behavior. Journal of International Money and Finance, 69, pp. 95-107.
  • “Van index, via indicatie naar inzicht” in De Vastgoedindex op waarde geschat, edited by Tom Berkhout, Stichting ROZ Vastgoedindex, Voorburg, 2016.