Martin Hoesli

University of Geneva - Geneva School of Economics and Management (GSEM)

Professor of Real Estate Finance

40 Boulevard du Pont d'Arve

Geneva 4, Geneva 1211

Switzerland

Swiss Finance Institute

c/o University of Geneva

40, Bd du Pont-d'Arve

CH-1211 Geneva 4

Switzerland

University of Aberdeen - Business School

Professor of Finance

Edward Wright Building

Dunbar Street

Aberdeen, Scotland AB24 3QY

United Kingdom

  • University of Geneva - Geneva School of Economics and Management (GSEM)

    • Email
    • Tel: +41 22 379 8122
    • Fax: +41 22 379 8104

  • University of Aberdeen - Business School

    • Email
    • Tel: +41 22 379 8122
    • Fax: +41 22 379 8104
SCHOLARLY PAPERS

76

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182

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184

Scholarly Papers (76)

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1.

Monte Carlo Simulations for Real Estate Valuation

FAME Research Paper No. 148
Number of pages: 32 Posted: 08 Aug 2005
Martin Hoesli, Elion Jani and Andre Bender
University of Geneva - Geneva School of Economics and Management (GSEM), University of Geneva - Geneva Finance Research Institute (GFRI) and University of Geneva - Hautes Études Commerciales (HEC-Genève)
Downloads 2,038 (10,596)
Citation 2

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Real estate valuation; Monte Carlo simulations; Adjusted Present Value (APV)

2.

The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data

Downloads 1,722 ( 13,885)
Citation 21

The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data

FAME Research Paper No. 68
Number of pages: 40 Posted: 27 May 2003
Philippe Gaud, Elion Jani, Martin Hoesli and Andre Bender
Rentes Genevoises, University of Geneva - Geneva Finance Research Institute (GFRI), University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva - Hautes Études Commerciales (HEC-Genève)
Downloads 1,697 (13,997)
Citation 25

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Capital structure, dynamic panel data, trade-off theory, pecking order theory

The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data

Number of pages: 16 Posted: 12 Jan 2005
Philippe Gaud, Elion Jani, Martin Hoesli and Andre Bender
Rentes Genevoises, University of Geneva - Geneva Finance Research Institute (GFRI), University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva - Hautes Études Commerciales (HEC-Genève)
Downloads 25 (666,275)

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3.

International Evidence on Real Estate as a Portfolio Diversifier

Downloads 1,701 ( 14,178)
Citation 21

International Evidence on Real Estate as a Portfolio Diversifier

FAME Research Paper No. 70
Number of pages: 47 Posted: 24 Jun 2003
Martin Hoesli, Jon Lekander and Witold Witkiewicz
University of Geneva - Geneva School of Economics and Management (GSEM), Aberdeen Property Investors Nordic Region and Aberdeen Property Investors Nordic Region
Downloads 1,003 (30,618)
Citation 35

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mixed-asset diversification, real estate, portfolio allocations

International Evidence on Real Estate as a Portfolio Diversifier

Journal of Real Estate Research, Vol. 26, No. 2, 2004
Number of pages: 46 Posted: 03 Jan 2007
Martin Hoesli, Jon Lekander and Witold Witkiewicz
University of Geneva - Geneva School of Economics and Management (GSEM), Aberdeen Property Investors Nordic Region and Aberdeen Property Investors Nordic Region
Downloads 698 (50,459)

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mixed-asset portfolio, real estate, diversification, international, domestic

4.

The Interest Rate Sensitivity of Real Estate

Journal of Property Research, Vol. 27, No. 1, pp. 61-85, 2010, Swiss Finance Institute Research Paper No. 10-13
Number of pages: 45 Posted: 23 Mar 2010 Last Revised: 07 Dec 2018
Alain Chaney and Martin Hoesli
Universitiy of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 1,249 (22,631)

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Interest Rate Sensitivity, Duration, Property, DCF, Risk Management

5.

Corporate Cash Holdings and Agency Conflicts

Number of pages: 30 Posted: 13 Jul 2004
Elion Jani, Martin Hoesli and Andre Bender
University of Geneva - Geneva Finance Research Institute (GFRI), University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva - Hautes Études Commerciales (HEC-Genève)
Downloads 1,161 (25,177)
Citation 6

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Cash holdings, ownership structure, agency conflicts, dual class shares, error correction model

6.

Why Do the Swiss Rent?

Downloads 1,089 ( 27,636)

Why Do the Swiss Rent?

Swiss Finance Institute Research Paper No. 07-04
Number of pages: 48 Posted: 22 Feb 2007
Steven C. Bourassa and Martin Hoesli
Florida Atlantic University and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 1,089 (27,215)
Citation 7

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Home ownership, Switzerland

Why Do the Swiss Rent?

Journal of Real Estate Finance and Economics, Forthcoming
Posted: 12 Nov 2009 Last Revised: 07 Apr 2010
Steven C. Bourassa and Martin Hoesli
Florida Atlantic University and University of Geneva - Geneva School of Economics and Management (GSEM)

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Home Ownership, house Prices, Tax Policy, Switzerland

7.

Are REITs Real Estate? Evidence from International Sector Level Data

Swiss Finance Institute Research Paper No. 12-15
Number of pages: 50 Posted: 05 Apr 2012
Martin Hoesli and Elias Oikarinen
University of Geneva - Geneva School of Economics and Management (GSEM) and University of Oulu - Oulu Business School
Downloads 1,009 (30,847)
Citation 15

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Public and Private Real Estate, REITs, Property Type, Dynamics, Leverage, Fundamentals, VECM

8.

The Inflation Hedging Characteristics of U.S. And U.K. Investments: A Multi-Factor Error Correction Approach

Journal of Real Estate Finance and Economics, Vol. 38, No. 2, 2008, Swiss Finance Institute Research Paper No. 06-4
Number of pages: 57 Posted: 21 Jun 2006
Martin Hoesli, Colin Lizieri and Bryan MacGregor
University of Geneva - Geneva School of Economics and Management (GSEM), University of Cambridge - Department of Land Economy and University of Aberdeen - Centre for Property Research
Downloads 951 (33,489)
Citation 3

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Investment Returns, Real Estate, Inflation Hedging, Error Correction Model

9.

What Factors Determine International Real Estate Security Returns?

FAME Research Paper No. 50
Number of pages: 46 Posted: 06 May 2003
Foort Hamelink and Martin Hoesli
Lombard Odier Asset Management (SA) and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 895 (36,452)
Citation 7

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securitized real estate, international diversification, multi-factor model, value/growth

10.

The Maximum Drawdown as a Risk Measure: The Role of Real Estate in the Optimal Portfolio Revisited

FAME Research Paper No. 87
Number of pages: 41 Posted: 22 Jul 2003
Foort Hamelink and Martin Hoesli
Lombard Odier Asset Management (SA) and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 774 (44,485)
Citation 4

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11.

Housing Finance, Prices, and Tenure in Switzerland

Swiss Finance Institute Research Paper No. 09-16
Number of pages: 40 Posted: 21 May 2009 Last Revised: 17 May 2015
Steven C. Bourassa, Martin Hoesli and Donato Flavio Scognamiglio
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Berne, Institut für Finanzmanagement
Downloads 666 (54,324)
Citation 10

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Housing policy, housing finance, house prices, rents, taxation, homeownership, Switzerland

12.

Debt Equity Choice in Europe

Number of pages: 41 Posted: 09 Aug 2005
Philippe Gaud, Martin Hoesli and Andre Bender
Rentes Genevoises, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva - Hautes Études Commerciales (HEC-Genève)
Downloads 584 (64,170)
Citation 12

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dynamic capital structure, debt-equity choice, trade-off, agency, pecking order

13.

The Determinants of Stock Returns in a Small Open Economy

Number of pages: 31 Posted: 06 May 2003
Severine Cauchie, Martin Hoesli and Dušan Isakov
University of Geneva - Geneva Finance Research Institute (GFRI), University of Geneva - Geneva School of Economics and Management (GSEM) and University of Fribourg (Switzerland) - Faculty of Management, Economics and Social Sciences
Downloads 541 (70,692)
Citation 2

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Statistical APT; Macroeconomic APT; Market integration; Risk factors

14.

Mortgage Interest Deductions and Homeownership: An International Survey

Swiss Finance Institute Research Paper No. 12-06
Number of pages: 38 Posted: 12 Feb 2012 Last Revised: 24 Aug 2015
Steven C. Bourassa, Donald R. Haurin, Patric H. Hendershott and Martin Hoesli
Florida Atlantic University, Ohio State University (OSU) - Economics, University of Aberdeen - Aberdeen Business School and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 533 (72,065)
Citation 4

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homeownership, tax policy, house prices

15.

Measuring House Price Bubbles

Downloads 520 ( 74,255)
Citation 2

Measuring House Price Bubbles

Swiss Finance Institute Research Paper No. 16-01
Number of pages: 37 Posted: 16 Jan 2016
Steven C. Bourassa, Martin Hoesli and Elias Oikarinen
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Oulu - Oulu Business School
Downloads 519 (73,647)
Citation 2

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Housing; Bubble; Overvaluation; Asset Pricing; Price-Rent Ratio; Policy Measures

Measuring House Price Bubbles

Real Estate Economics, Vol. 47, Issue 2, pp. 534-563, 2019
Number of pages: 30 Posted: 16 Apr 2019
Steven C. Bourassa, Martin Hoesli and Elias Oikarinen
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Oulu - Oulu Business School
Downloads 1 (893,822)
Citation 2

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16.

Transaction-Based and Appraisal-Based Capitalization Rate Determinants

Swiss Finance Institute Research Paper No. 12-28
Number of pages: 39 Posted: 30 Aug 2012
Alain Chaney and Martin Hoesli
Universitiy of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 452 (87,972)
Citation 5

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Appraisal-Based Capitalization Rates, Transaction-Based Capitalization Rates, Real Estate Risk, Appraisal Smoothing, Valuation

17.

Global Securitized Real Estate Benchmarks and Performance

Journal of Real Estate Portfolio Management, Vol. 15, No. 1, 2009, Swiss Finance Institute Research Paper No. 08-39
Number of pages: 37 Posted: 21 Nov 2008 Last Revised: 25 Sep 2009
Camilo Serrano and Martin Hoesli
IAZI AG - CIFI SA and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 452 (87,972)

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Global Securitized Real Estate, REITs, Benchmark, Index Characteristics

18.

Securitized Real Estate and its Link With Financial Assets and Real Estate: An International Analysis

Journal of Real Estate Literature, Vol. 15, No. 1, 2007
Number of pages: 27 Posted: 18 Oct 2007 Last Revised: 29 Nov 2009
Martin Hoesli and Camilo Serrano
University of Geneva - Geneva School of Economics and Management (GSEM) and IAZI AG - CIFI SA
Downloads 417 (96,602)

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Multifactor Models, Betas, Pure Factors, Securitized Real Estate

19.

The Price of Aesthetic Externalities

FAME Working Paper No. 98
Number of pages: 31 Posted: 20 Dec 2003
Steven C. Bourassa, Martin Hoesli and Jian Sun
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Louisville - School of Urban & Public Affairs
Downloads 395 (102,815)
Citation 5

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Hedonic models, aesthetic externalities, views, real estate valuation, New Zealand

20.

Linkages between Direct and Securitized Real Estate

Swiss Finance Institute Research Paper No. 09-26, 22nd Australasian Finance and Banking Conference 2009
Number of pages: 38 Posted: 07 Jul 2009 Last Revised: 30 May 2017
Elias Oikarinen, Martin Hoesli and Camilo Serrano
University of Oulu - Oulu Business School, University of Geneva - Geneva School of Economics and Management (GSEM) and IAZI AG - CIFI SA
Downloads 390 (104,699)
Citation 6

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cointegration, Vector Error-Correction Models, direct real estate, securitized real estate, REITs, diversification

21.

Suggested vs. Actual Institutional Allocation to Real Estate in Europe: A Matter of Size

FAME Research Paper No. 149
Number of pages: 26 Posted: 08 Aug 2005
Martin Hoesli and Jon Lekander
University of Geneva - Geneva School of Economics and Management (GSEM) and Aberdeen Property Investors Nordic Region
Downloads 388 (104,996)
Citation 1

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real estate allocation, market transparency, private real estate, flows

22.

Are Securitized Real Estate Returns More Predictable than Stock Returns?

Downloads 382 (106,899)

Are Securitized Real Estate Returns More Predictable than Stock Returns?

Journal of Real Estate Finance and Economics, Forthcoming, Swiss Finance Institute Research Paper No. 08-27
Number of pages: 41 Posted: 20 Oct 2008 Last Revised: 25 Sep 2009
Camilo Serrano and Martin Hoesli
IAZI AG - CIFI SA and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 382 (106,043)
Citation 2

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Predictability, Time Series Models, ARMA-EGARCH, REITs, Securitized Real Estate

Are Securitized Real Estate Returns More Predictable than Stock Returns?

Journal of Real Estate Finance and Economics, Vol. 41, No. 2, 2010
Posted: 06 Apr 2010
Camilo Serrano and Martin Hoesli
IAZI AG - CIFI SA and University of Geneva - Geneva School of Economics and Management (GSEM)

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Predictability, Time Series Models, ARMA-EGARCH, REITs, Securitized real estate

23.

Land Leverage and House Prices

Downloads 366 (112,176)
Citation 4

Land Leverage and House Prices

Swiss Finance Institute Research Paper No. 10-48
Number of pages: 45 Posted: 03 Dec 2010
Steven C. Bourassa, Martin Hoesli, Donato Flavio Scognamiglio and Sumei Zhang
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM), University of Berne, Institut für Finanzmanagement and University of Louisville - School of Urban & Public Affairs
Downloads 284 (146,301)
Citation 4

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Land Leverage, House Price Dynamics, Land Prices, Error Correction Models

Land Leverage and House Prices

46th Annual AREUEA Conference Paper
Number of pages: 42 Posted: 01 Dec 2010
Martin Hoesli, Steven C. Bourassa, Donato Scognamiglio and Sumei Zhang
University of Geneva - Geneva School of Economics and Management (GSEM), Florida Atlantic University, IAZI AG - CIFI SA and University of Louisville - School of Urban & Public Affairs
Downloads 82 (403,916)
Citation 2

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24.

House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics

Downloads 364 (112,836)
Citation 22

House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics

FAME Research Paper No. 160
Number of pages: 37 Posted: 03 Jan 2006
Steven C. Bourassa, Donald R. Haurin, Jessica L. Haurin, Martin Hoesli and Jian Sun
Florida Atlantic University, Ohio State University (OSU) - Economics, Stanford University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Louisville - School of Urban & Public Affairs
Downloads 363 (112,346)
Citation 5

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Atypicality, Bargaining,Housing Risk, House Price Appreciation, Search Models

House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics

Real Estate Economics, Vol. 37, Issue 2, pp. 259-278, Summer 2009
Number of pages: 20 Posted: 01 Jun 2009
Steven C. Bourassa, Donald R. Haurin, Jessica L. Haurin, Martin Hoesli and Jian Sun
Florida Atlantic University, Ohio State University (OSU) - Economics, Stanford University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Louisville - School of Urban & Public Affairs
Downloads 1 (893,822)
Citation 4

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25.

House Prices and Bubbles in New Zealand

Downloads 359 (114,615)
Citation 1

House Prices and Bubbles in New Zealand

Swiss Finance Institute Research Paper No. 06-20
Number of pages: 41 Posted: 26 Oct 2006
Martin Hoesli, Patricia Fraser and Lynn McAlevey
University of Geneva - Geneva School of Economics and Management (GSEM), Curtin University of Technology - Curtin Business School - Bentley Campus and University of Otago - Department of Accountancy and Finance
Downloads 359 (113,791)
Citation 1

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Real house prices, real disposable income, fundamentals, present value

House Prices and Bubbles in New Zealand

Journal of Real Estate Finance and Economics, Vol. 37, No. 1, 2008
Posted: 04 Nov 2007
Patricia Fraser, Martin Hoesli and Lynn McAlevey
Curtin University of Technology - Curtin Business School - Bentley Campus, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Otago - Department of Accountancy and Finance

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real house prices, real disposable income, fundamentals, present value, time-varying risk, bubbles

26.

Predicting House Prices with Spatial Dependence: Impacts of Alternative Submarket Definitions

Swiss Finance Institute Research Paper No. 08-01
Number of pages: 30 Posted: 04 Feb 2008
Steven C. Bourassa, Eva Cantoni and Martin Hoesli
Florida Atlantic University, University of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 352 (117,118)
Citation 10

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spatial dependence, hedonic price models, geostatistical models, mass appraisal, housing submarkets

27.

What's in a View?

FAME Research Paper No. 79
Number of pages: 47 Posted: 21 Jul 2003
Steven C. Bourassa, Martin Hoesli and Jian Sun
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Louisville - School of Urban & Public Affairs
Downloads 352 (117,118)
Citation 7

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Views, Property Values, Hedonic Models, Externalities

28.

Forecasting EREIT Returns

Journal of Real Estate Portfolio Management, Vol. 13, No. 4, 2007, Swiss Finance Institute Research Paper No. 07-35
Number of pages: 37 Posted: 17 Oct 2007 Last Revised: 25 Sep 2009
Camilo Serrano and Martin Hoesli
IAZI AG - CIFI SA and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 314 (132,158)

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Forecasting, Multifactor Models, EREITs, Securitized Real Estate

29.

A Simple Alternative House Price Index Method

FAME Working Paper No. 119
Number of pages: 33 Posted: 12 Dec 2004
Steven C. Bourassa, Martin Hoesli and Jian Sun
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Louisville - School of Urban & Public Affairs
Downloads 313 (132,650)
Citation 19

Abstract:

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House price indexes

30.

House Prices, Disposable Income and Permanent and Temporary Shocks: The N.Z., U.K. and U.S. Experience

Swiss Finance Institute Research Paper No. 09-42
Number of pages: 46 Posted: 24 Oct 2009 Last Revised: 22 Dec 2010
Patricia Fraser, Martin Hoesli and Lynn McAlevey
Curtin University of Technology - Curtin Business School - Bentley Campus, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Otago - Department of Accountancy and Finance
Downloads 312 (133,104)

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House prices, disposable income, elasticity, permanent shocks, temporary shocks, SVAR approach.

31.

Are Public and Private Asset Returns and Risks the Same? Evidence from Real Estate Data

Swiss Finance Institute Research Paper No. 13-56
Number of pages: 43 Posted: 02 Nov 2013 Last Revised: 30 Jan 2015
Martin Hoesli and Elias Oikarinen
University of Geneva - Geneva School of Economics and Management (GSEM) and University of Oulu - Oulu Business School
Downloads 307 (136,020)
Citation 2

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REIT; Real estate; Return; Risk; Hedging; Portfolio allocation

32.

Fractional Cointegration Analysis of Securitized Real Estate

Downloads 305 (136,486)

Fractional Cointegration Analysis of Securitized Real Estate

Journal of Real Estate Finance and Economics, Forthcoming, Swiss Finance Institute Research Paper No. 09-08
Number of pages: 35 Posted: 22 Mar 2009 Last Revised: 19 Dec 2009
Camilo Serrano and Martin Hoesli
IAZI AG - CIFI SA and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 305 (135,806)
Citation 1

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Fractional Cointegration, Fractionally Integrated Error Correction Model (FIECM), Forecasting, Multifactor Models, Securitized Real Estate, REITs

Fractional Cointegration Analysis of Securitized Real Estate

Journal of Real Estate Finance and Economics, Vol. 44, No. 3, 2012
Posted: 24 Feb 2012
Camilo Serrano and Martin Hoesli
IAZI AG - CIFI SA and University of Geneva - Geneva School of Economics and Management (GSEM)

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Fractional cointegration, Fractionally integrated error correction model (FIECM), Forecasting, Multifactor models, Securitized real estate, REITs

33.

Constant-Quality House Price Indexes for Switzerland

Swiss Finance Institute Research Paper No. 08-10
Number of pages: 22 Posted: 29 May 2008
Steven C. Bourassa, Martin Hoesli, Donato Flavio Scognamiglio and Philippe Sormani
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM), University of Berne, Institut für Finanzmanagement and affiliation not provided to SSRN
Downloads 300 (138,872)
Citation 4

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house price indexes, hedonic method, Switzerland

34.

Determinants of Cross-Sectional Variation in Discount Rates, Growth Rates, and Exit Cap Rates

Number of pages: 28 Posted: 08 Mar 2004
Ake Gunnelin, Patric H. Hendershott, Martin Hoesli and Bo Soederberg
Royal Institute of Technology (KTH) - Department of Real Estate and Construction Management, University of Aberdeen - Centre for Property Research, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Gävle - Department of Business Administration
Downloads 289 (144,370)
Citation 1

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Real Estate Appraisal, DCF, Discount Rates, Capitalization Rates

35.

Real Estate Performance, the Macroeconomy and Leverage

Swiss Finance Institute Research Paper No. 19-33, June 2019
Number of pages: 57 Posted: 20 Jun 2019
Jean-Christophe Delfim and Martin Hoesli
University of Geneva - Geneva School of Economics and Management and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 279 (149,668)

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Direct real estate; Non-listed real estate; Listed real estate; Macroeconomy; Leverage

36.

Volatility Spillovers, Comovements and Contagion in Securitized Real Estate Markets

Swiss Finance Institute Research Paper No. 10-40
Number of pages: 55 Posted: 30 Sep 2010 Last Revised: 18 Oct 2011
Martin Hoesli and Reka Kustrim
University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva
Downloads 278 (150,221)
Citation 7

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volatility Spillovers, Financial Contagion, Asymmetric BEKK Model, Copulas, Structural Breaks, Real Estate Securities

37.

Do Public Real Estate Returns Really Lead Private Returns?

Swiss Finance Institute Research Paper No. 10-47
Number of pages: 45 Posted: 25 Nov 2010 Last Revised: 10 Dec 2013
Elias Oikarinen, Martin Hoesli and Camilo Serrano
University of Oulu - Oulu Business School, University of Geneva - Geneva School of Economics and Management (GSEM) and IAZI AG - CIFI SA
Downloads 271 (155,276)
Citation 3

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Direct Real Estate; Securitized Real Estate; REITs; Vector Error-Correction Models; Generalized Impulse Response Function; Dynamics; Escrow Lag

38.

The Integration of Securitized Real Estate and Financial Assets

FAME Working Paper No. 111
Number of pages: 49 Posted: 28 Jun 2004
Severine Cauchie and Martin Hoesli
University of Geneva - Geneva Finance Research Institute (GFRI) and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 254 (164,518)
Citation 1

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Securitized Real Estate, Statistical APT, Macroeconomic APT, Market Integration, Risk Factors

39.

Determinants of the Homeownership Rate: A Survey of Recent Contributions

Swiss Finance Institute Research Paper No. 11-49
Number of pages: 36 Posted: 22 Sep 2014
Steven C. Bourassa, Donald R. Haurin, Patric H. Hendershott and Martin Hoesli
Florida Atlantic University, Ohio State University (OSU) - Economics, University of Aberdeen - Aberdeen Business School and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 247 (169,008)

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homeownership, demographics, tenure choice, housing policy, costs of owning and renting, borrowing constraints

40.

Do Housing Submarkets Really Matter?

FAME Research Paper No. 58
Number of pages: 33 Posted: 29 Apr 2003
Martin Hoesli, Steven C. Bourassa and Vincent S. Peng
University of Geneva - Geneva School of Economics and Management (GSEM), Florida Atlantic University and AMP Henderson Global Investors Limited
Downloads 246 (169,667)
Citation 14

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Housing, Submarkets, Price Predictions, Mass Appraisal, Hedonic Method

41.

Contagion Channels between Real Estate and Financial Markets

Downloads 239 (174,493)
Citation 4

Contagion Channels between Real Estate and Financial Markets

Swiss Finance Institute Research Paper No. 13-12
Number of pages: 51 Posted: 05 Apr 2013 Last Revised: 10 Apr 2013
Martin Hoesli and Reka Kustrim
University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva
Downloads 238 (174,694)

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Real Estate, REITs, Contagion Channels, Sentiment, Liquidity, Financial Markets

Contagion Channels between Real Estate and Financial Markets

Real Estate Economics, Vol. 43, Issue 1, pp. 101-138, 2015
Number of pages: 38 Posted: 17 Feb 2015
Kustrim Reka and Martin Hoesli
University of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 1 (893,822)
Citation 1

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Contagion Channels between Real Estate and Financial Markets

Real Estate Economics, Forthcoming
Posted: 07 Feb 2014
Martin Hoesli and Reka Kustrim
University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva

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Real Estate, REITs, Contagion Channels, Sentiment, Liquidity, Financial Markets

42.

Spatial Dependence, Housing Submarkets, and House Prices

Number of pages: 29 Posted: 09 Aug 2005
Steven C. Bourassa, Eva Cantoni and Martin Hoesli
Florida Atlantic University, University of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 239 (174,493)
Citation 5

Abstract:

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spatial dependence, hedonic price models, geostatistical models, lattice models, mass appraisal, housing submarkets

43.

House Prices, Fundamentals and Inflation

Number of pages: 35 Posted: 20 Feb 2005
Angela J. Black, Patricia Fraser and Martin Hoesli
University of Aberdeen - Business School, Curtin University of Technology - Curtin Business School - Bentley Campus and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 233 (178,825)

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House prices, fundamentals, inflation, monetary policy

44.

Risk Factors of European Non-Listed Real Estate Fund Returns

Swiss Finance Institute Research Paper No. 16-37
Number of pages: 31 Posted: 14 Jun 2016
Jean-Christophe Delfim and Martin Hoesli
University of Geneva - Geneva School of Economics and Management and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 229 (181,765)
Citation 1

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Non-listed real estate; real estate funds; risk factors; macroeconomy; European markets.

45.

Robust Desmoothed Real Estate Returns

Swiss Finance Institute Research Paper No. 19-32, June 2019
Number of pages: 65 Posted: 28 Jun 2019
Jean-Christophe Delfim and Martin Hoesli
University of Geneva - Geneva School of Economics and Management and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 214 (193,643)

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Desmoothing models; Robust filter; Appraisal-based index; Private real estate; Unlevered REITs

46.

Estimation and Updating Methods for Hedonic Valuation

Swiss Finance Institute Research Paper No. 18-76
Number of pages: 27 Posted: 13 Dec 2018 Last Revised: 04 Jan 2019
Michael Mayer, Steven C. Bourassa, Martin Hoesli and Donato Flavio Scognamiglio
Schweizerische Mobiliar Versicherungsgesellschaft, Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Berne, Institut für Finanzmanagement
Downloads 211 (196,231)
Citation 3

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Hedonic models, Appraisal accuracy, Appraisal volatility, Machine learning, Robust regression, Mixed effects models, Random forests, Gradient boosting, Neural networks

47.

Is Financial Regulation Good or Bad for Real Estate Companies? – An Event Study

Swiss Finance Institute Research Paper No. 16-20
Number of pages: 45 Posted: 09 Mar 2016 Last Revised: 30 Aug 2017
Martin Hoesli, Stanimira Milcheva and Alex Moss
University of Geneva - Geneva School of Economics and Management (GSEM), University College London and University of Reading - Henley Business School
Downloads 178 (228,428)
Citation 1

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Financial market regulation, Basel III, AIFMD, EMIR, event study, listed property companies, CAPM

48.

The Valuation of Illiquid Assets: A Focus on Private Equity and Real Estate

Swiss Finance Institute Research Paper No. 22-12, Forthcoming, Journal of Alternative Investments
Number of pages: 29 Posted: 03 Feb 2022 Last Revised: 06 Feb 2022
Rajna Gibson, Martin Hoesli and Jiajun Shan
University of Geneva - Geneva Finance Research Institute (GFRI), University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva
Downloads 165 (248,635)

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Valuation; Illiquid Assets; Private Equity; Real Estate; Real Options

49.

Commonality in Liquidity and Real Estate Securities

Downloads 143 (273,793)
Citation 1

Commonality in Liquidity and Real Estate Securities

Swiss Finance Institute Research Paper No. 14-30
Number of pages: 47 Posted: 10 May 2014
Martin Hoesli, Anjeza Kadilli and Reka Kustrim
University of Geneva - Geneva School of Economics and Management (GSEM), University of Geneva, School of Economics and Management and University of Geneva
Downloads 143 (274,696)
Citation 1

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Real Estate Securities; REITs; Commonality in Liquidity; Liquidity Risk; Asset Pricing; Threshold Regression; Panel Data

Commonality in Liquidity and Real Estate Securities

Journal of Real Estate Finance and Economics, Vol. 55, No. 1, 2017
Posted: 27 Jul 2017
Kustrim Reka, Anjeza Kadilli and Martin Hoesli
University of Geneva, University of Geneva, School of Economics and Management and University of Geneva - Geneva School of Economics and Management (GSEM)

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Real Estate Securities; REITs; Commonality in Liquidity; Liquidity Risk; Multi-Factor Model; Threshold Regression; Panel Data

50.

Revisiting Metropolitan House Price-Income Relationships

Swiss Finance Institute Research Paper No. 21-32
Number of pages: 42 Posted: 21 Apr 2021
Elias Oikarinen, Steven C. Bourassa, Martin Hoesli and Janne Engblom
University of Oulu - Oulu Business School, Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Turku - Turku School of Economics
Downloads 119 (314,325)

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House prices; Personal income; Spatial equilibrium; Regional heterogeneity; Supply elasticity

51.

Real Estate Research in Europe

Swiss Finance Institute Research Paper No. 16-40
Number of pages: 24 Posted: 17 Jun 2016
Martin Hoesli
University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 117 (317,994)

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Real Estate Research; Europe; Research Themes

52.

Implicit Forward Rents as Predictors of Future Rents

FAME Research Paper No. 59
Number of pages: 43 Posted: 15 May 2003
Martin Hoesli, Peter Englund, Ake Gunnelin and Bo Soederberg
University of Geneva - Geneva School of Economics and Management (GSEM), Swedish House of Finance, Royal Institute of Technology (KTH) - Department of Real Estate and Construction Management and University of Gävle - Department of Business Administration
Downloads 113 (325,922)
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Term Structure, Expectations Hypothesis, Forward Rents, Rental Index Construction

53.

The Effect of Lock-Ups on the Suggested Real Estate Portfolio Weight

Swiss Finance Institute Research Paper No. 12-22
Number of pages: 30 Posted: 22 May 2012 Last Revised: 18 Dec 2012
Martin Hoesli, Eva Liljeblom and Anders Löflund
University of Geneva - Geneva School of Economics and Management (GSEM), Swedish School of Economics and Business Administration and Hanken School of Economics
Downloads 112 (328,010)
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asset allocation, illiquidity, lock-up, multi-period portfolio policy, REITs

54.

Portfolio Diversification across U.S. Gateway and Non-Gateway Real Estate Markets

Swiss Finance Institute Research Paper No. 21-89, Journal of Real Estate Research, forthcoming
Number of pages: 52 Posted: 15 Dec 2021 Last Revised: 25 Jan 2022
Martin Hoesli and Louis Johner
University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva - Geneva School of Economics and Management
Downloads 110 (332,105)

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Commercial Real Estate; Gateway Markets; Non-Gateway Markets; Diversification; Risk-Adjusted Performance; Downside Risk

55.

Tenant Industry Sector and European Listed Real Estate Performance

Swiss Finance Institute Research Paper No. 22-08
Number of pages: 37 Posted: 14 Jan 2022
Jan Muckenhaupt, Martin Hoesli and Bing Zhu
Technische Universität München (TUM), University of Geneva - Geneva School of Economics and Management (GSEM) and Technische Universität München (TUM)
Downloads 109 (334,135)

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Public Real Estate Companies, Listed Real Estate, Tenants, Industry Sector, Systematic Risk

56.

Housing and its Role in the Household Portfolio in Colombia

Swiss Finance Institute Research Paper No. 10-01
Number of pages: 29 Posted: 12 Jan 2010
Camilo Serrano and Martin Hoesli
IAZI AG - CIFI SA and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 106 (340,505)
Citation 1

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Housing, Home Ownership, Household Portfolio, Modern Portfolio Theory, Efficient Frontiers, Colombia

57.

Hedonic Models and Market Segmentation

Swiss Finance Institute Research Paper No. 21-62
Number of pages: 48 Posted: 03 Sep 2021
Steven C. Bourassa, Martijn Dröes and Martin Hoesli
Florida Atlantic University, University of Amsterdam and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 103 (347,030)

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market segmentation, product differentiation, hedonic model, finite mixture model.

58.

The Performance of Non-Listed Opportunity Real Estate Funds in China

Swiss Finance Institute Research Paper No. 21-27
Number of pages: 27 Posted: 19 Mar 2021 Last Revised: 22 Mar 2021
Graeme Newell, Jufri Marzuki, Martin Hoesli and Rose Neng Lai
Western Sydney University - School of Economics and Finance, Western Sydney University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Macau
Downloads 100 (353,869)

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Non-listed real estate fund, opportunity real estate fund, China, risk-adjusted performance, real estate investment strategy

59.

What Affects Children's Outcomes: House Characteristics or Homeownership?

Swiss Finance Institute Research Paper No. 15-42
Number of pages: 33 Posted: 04 Oct 2015
Steven C. Bourassa, Donald R. Haurin and Martin Hoesli
Florida Atlantic University, Ohio State University (OSU) - Economics and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 96 (363,162)
Citation 1

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child outcomes, crowding, homeownership, educational attainment

60.

High Frequency House Price Indexes with Scarce Data

Swiss Finance Institute Research Paper No. 16-27
Number of pages: 23 Posted: 03 Jun 2016 Last Revised: 06 Mar 2017
Steven C. Bourassa and Martin Hoesli
Florida Atlantic University and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 92 (373,110)
Citation 1

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House Prices, High-Frequency Price Indexes, Repeat Sales Method, Scarce Data

61.

U.S. Metropolitan House Price Dynamics

Swiss Finance Institute Research Paper No. 17-72
Number of pages: 46 Posted: 10 Jan 2018
Elias Oikarinen, Steven C. Bourassa, Martin Hoesli and Janne Engblom
University of Oulu - Oulu Business School, Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Turku - Turku School of Economics
Downloads 91 (375,662)
Citation 1

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house prices, dynamics, panel data, spatial heterogeneity, spatial dependence, bubbles

62.

Robust Repeat Sales Indexes

Downloads 88 (383,413)
Citation 5

Robust Repeat Sales Indexes

Swiss Finance Institute Research Paper No. 11-46
Number of pages: 48 Posted: 19 Oct 2011
Steven C. Bourassa, Eva Cantoni and Martin Hoesli
Florida Atlantic University, University of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 88 (386,910)

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repeat sales indexes, robust methods, flips, distressed sales, index revision

Robust Repeat Sales Indexes

Real Estate Economics, Vol. 41, Issue 3, pp. 517-541, 2013
Number of pages: 25 Posted: 14 Sep 2013
Steven C. Bourassa, Eva Cantoni and Martin Hoesli
Florida Atlantic University, University of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)
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Citation 3

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Robust Repeat Sales Indexes

Real Estate Economics, Forthcoming
Posted: 22 Feb 2012
Steven C. Bourassa, Martin Hoesli and Eva Cantoni
Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva

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repeat sales indexes, robust methods, flips, distressed sales, index revision

63.

Structured Additive Regression and Tree Boosting

Swiss Finance Institute Research Paper No. 21-83
Number of pages: 38 Posted: 20 Sep 2021 Last Revised: 07 Dec 2021
Michael Mayer, Steven C. Bourassa, Martin Hoesli and Donato Scognamiglio
Schweizerische Mobiliar Versicherungsgesellschaft, Florida Atlantic University, University of Geneva - Geneva School of Economics and Management (GSEM) and IAZI AG - CIFI SA
Downloads 78 (411,521)

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machine learning, structured additive regression, gradient boosting, interpretability, transparency

64.

Multifamily Residential Asset and Space Markets and Linkages with the Economy

Journal of Property Research, 2014, Swiss Finance Institute Research Paper No. 14-32
Number of pages: 38 Posted: 17 May 2014
Martin Hoesli and Alain Chaney
University of Geneva - Geneva School of Economics and Management (GSEM) and Universitiy of Geneva
Downloads 68 (443,453)

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multifamily residential, macroeconomy, error correction models, cointegrated VAR, long run equilibrium modelling

65.

House Prices, Fundamentals and Bubbles

Journal of Business Finance & Accounting, Vol. 33, No. 9-10, pp. 1535-1555, November/December 2006
Number of pages: 21 Posted: 07 Dec 2006
Angela J. Black, Patricia Fraser and Martin Hoesli
University of Aberdeen - Business School, Curtin University of Technology - Curtin Business School - Bentley Campus and University of Geneva - Geneva School of Economics and Management (GSEM)
Downloads 20 (683,499)
Citation 5

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66.

Commercial Real Estate Prices and COVID-19

Swiss Finance Institute Research Paper No. 21-08, Journal of European Real Estate Research, Forthcoming
Posted: 26 Jan 2021 Last Revised: 23 Sep 2021
Martin Hoesli and Richard Malle
University of Geneva - Geneva School of Economics and Management (GSEM) and Conservatoire National des Arts et Métiers (CNAM)

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Commercial real estate prices; COVID-19; Pandemic; Office; Retail; Hospitality

67.

The Resilience and Realignment of House Prices in the Era of COVID-19

Swiss Finance Institute Research Paper 20-121, Journal of European Real Estate Research (2021), forthcoming
Posted: 03 Dec 2020 Last Revised: 23 Feb 2021
John V. Duca, Martin Hoesli, Joaquim Montezuma and Joaquim Montezuma
Oberlin College, University of Geneva - Geneva School of Economics and Management (GSEM) and ImoEconometricsISEG - Lisbon School of Economics and Management- University of Lisbon

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House prices; COVID-19; Pandemic; Housing demand; Tourism; Behavioral effects

68.

An Investigation of the Synchronization in Global House Prices

Swiss Finance Institute Research Paper No. 20-06, Journal of European Real Estate Research (2020), Vol. 13 No. 1, pp. 17-27
Posted: 02 Mar 2020 Last Revised: 27 Nov 2020
Martin Hoesli
University of Geneva - Geneva School of Economics and Management (GSEM)

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Synchronization, Housing markets, House prices, Global liquidity, Housing supply, Housing demand, Magnet cities, Housing policy

69.

Robust Hedonic Price Indexes

International Journal of Housing Markets and Analysis, Forthcoming, Swiss Finance Institute Research Paper No. 13-49
Posted: 19 Oct 2013 Last Revised: 14 Jan 2016
Steven C. Bourassa, Eva Cantoni and Martin Hoesli
Florida Atlantic University, University of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)

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House price indexes, Hedonic models, Robust methods, Distressed sales

70.

Volatility Spillovers, Comovements and Contagion in Securitized Real Estate Markets

Journal of Real Estate Finance and Economics, Vol. 47, No. 1, 2013
Posted: 29 May 2013
Martin Hoesli and Reka Kustrim
University of Geneva - Geneva School of Economics and Management (GSEM) and University of Geneva

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Volatility spillovers, Financial contagion, Asymmetric BEKK model, Copulas, Structural breaks, Real Estate securities

71.

Spatial Dependence, Housing Submarkets, and House Price Prediction

Journal of Real Estate Finance and Economics, Vol. 35, No. 2, 2007
Posted: 28 Mar 2007
Steven C. Bourassa, Eva Cantoni and Martin Hoesli
Florida Atlantic University, University of Geneva and University of Geneva - Geneva School of Economics and Management (GSEM)

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models, mass appraisal, housing submarkets

72.

Time-Varying Betas and Cross-Sectional Return-Risk Relation: Evidence from the UK

Posted: 14 Jul 2000
Patricia Fraser, Foort Hamelink, Martin Hoesli and Bryan MacGregor
Curtin University of Technology - Curtin Business School - Bentley Campus, Lombard Odier Asset Management (SA), University of Geneva - Geneva School of Economics and Management (GSEM) and University of Aberdeen - Centre for Property Research

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73.

Optimal Diversification within Mixed-Asset Portfolios Using a Conditional Heteroskedasticity Approach: Evidence from the U.S. And the U.K.

Posted: 16 Apr 1999
Michael Giliberto, Foort Hamelink, Martin Hoesli and Bryan MacGregor
JPMorgan Asset Management, Lombard Odier Asset Management (SA), University of Geneva - Geneva School of Economics and Management (GSEM) and University of Aberdeen - Centre for Property Research

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74.

Three New Real Estate Price Indices for Geneva, Switzerland

J. OF REAL ESTATE FINANCE AND ECONOMICS, Vol. 15 No. 1
Posted: 04 Jul 1997
Martin Hoesli, Carmelo Giaccotto and Philippe Favarger
University of Geneva - Geneva School of Economics and Management (GSEM), University of Connecticut - Department of Finance and Federal Polytechnical University

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75.

The Short Term Inflation Hedging Characteristics of UK Real Estate

J. OF REAL ESTATE FINANCE AND ECONOMICS, Vol. 15 No. 1, Cass Business School Research Paper
Posted: 09 May 1997
Martin Hoesli, Bryan MacGregor, George Matysiak and Nanda Nanthakumaran
University of Geneva - Geneva School of Economics and Management (GSEM), University of Aberdeen - Centre for Property Research, City University London - Faculty of Finance and University of Aberdeen

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76.

International Evidence on Real Estate Securities as an Inflation Hedge

REAL ESTATE ECONOMICS, Vol. 25 No. 5, Summer 1997
Posted: 28 Mar 1997
Crocker H. Liu, David J. Hartzell and Martin Hoesli
Arizona State University, University of North Carolina at Chapel Hill and University of Geneva - Geneva School of Economics and Management (GSEM)

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