REFEREED JOURNAL ARTICLES
"Listed real estate as an inflation hedge across regimes", forthcoming, Journal of Real Estate Finance and Economics, with Muckenhaupt, J. and Zhu, B.
"The role of multi-family properties in hedging pension liability risk: long-run evidence", 2024, Journal of Property Investment and Finance, 42, pp. 3-27, with Johner, L. and Lekander, J.
"Tenant industry sector and European listed real estate performance", 2023, Journal of Real Estate Research, 45, pp. 485-510, with Muckenhaupt, J. and Zhu, B.
"Commercial real estate prices in Europe after COVID-19", 2023, Journal of European Real Estate Research, 16, pp. 340-358, with Malle, R.
"The performance of non-listed opportunity real estate funds in China", 2023, Journal of Property Investment and Finance, 41, pp. 583-600, with Newell, G., Marzuki, J. and Lai, R.N.
"House price bubble detection in Ukraine", 2023, Journal of European Real Estate Research, 16, pp. 297-324, with Shmygel, A.
"Revisiting metropolitan house price-income relationships", 2023, Journal of Housing Economics, 61, article 101946, with Oikarinen, E., Bourassa, S.C. and Engblom, J.
"Hedonic, residual, and matching methods for residential land valuation", 2022, Journal of Housing Economics, 58, article 101870, with Bourassa, S.C.
"Portfolio diversification across U.S. gateway and non-gateway real estate markets", 2022, Journal of Real Estate Research, 44, pp. 523-552, with Johner, L.
"Commercial real estate prices and Covid-19", 2022, Journal of European Real Estate Research, 15, pp. 295-306, with Malle, R.
"The valuation of illiquid assets: a focus on private equity and real estate", 2022, Journal of Alternative Investments, 25, pp. 111-128, with Gibson, R. and Shan, J.
"The performance and diversification potential of non-listed value-add real estate funds in Japan", 2022, Journal of Risk and Financial Management, 15, article 198, with Newell, G., Marzuki, J. and Lai, R.N.
"Machine learning applications to land and structure valuation", 2022, Journal of Risk and Financial Management, 15, article 193, with Mayer, M., Bourassa, S.C. and Scognamiglio, D.
"The significance of impact in real estate research publications", 2022, Journal of Property Investment and Finance, 40, pp. 49-67, with Newell, G., Marzuki, J., Worzala, E., Adair, A. and Rodriguez, M.
"Big data, accessibility and urban house prices", 2021, Urban Studies, 58, pp. 3176-3195, with Bourassa, S.C., Merlin, L. and Renne, J.
"The resilience and realignment of house prices in the era of Covid-19", 2021, Journal of European Real Estate Research, 14, pp. 421-431, with Duca, J.V. and Montezuma, J.
"An analysis of papers published in the Journal of European Real Estate Research, 2008-2019", 2021, Journal of European Real Estate Research, 14, pp. 296-303.
"The challenge of residential land valuation - Editorial", 2021, Journal of European Real Estate Research, 14, pp. 169-170, with Bourassa, S.C.
"Does listed real estate behave like direct real estate? Updated and broader evidence", 2021, Applied Economics, 53, pp. 3023-3042, with Oikarinen, E.
"Robust desmoothed real estate returns", 2021, Real Estate Economics, 49, pp. 75-105, with Delfim, J.-C.
"Is financial regulation good or bad for real estate companies? An event study", 2020, Journal of Real Estate Finance and Economics, 61, pp. 369-407, with Milcheva, S. and Moss, A.
"An investigation of the synchronization in global house prices", 2020, Journal of European Real Estate Research, 13, pp. 17-27.
"Real estate in mixed-asset portfolios for various investment horizons", 2019, Journal of Portfolio Management, 45, pp. 141-158, with Delfim, J.-C.
"Measuring house price bubbles", 2019, Real Estate Economics, 47, pp. 534-563, with Bourassa, S.C. and Oikarinen, E.
"Estimation and updating methods for hedonic valuation", 2019, Journal of European Real Estate Research, 12, pp. 134-150, with Mayer, M., Bourassa, S.C. and Scognamiglio, D.
"U.S. metropolitan house price dynamics", 2018, Journal of Urban Economics, 105, pp. 54-69, with Oikarinen, E., Bourassa, S.C. and Engblom, J.
"Real estate investing: opportunities and challenges", 2017, Bankers, Markets and Investors, 148, pp. 3-16, with Falkenbach, H.
"High frequency house price indexes with scarce data", 2017, Journal of Real Estate Literature, 25, pp. 207-220, with Bourassa, S. C.
"Commonality in liquidity and real estate securities", 2017, Journal of Real Estate Finance and Economics, 55, pp. 65-105, with Kadilli, A. and Reka K.
"Are public and private asset returns and risks the same? Evidence from real estate data", 2016, Journal of Real Estate Portfolio Management, 22, pp. 179-198, with Oikarinen, E.
"Real estate research in Europe", 2016, Journal of European Real Estate Research, 9, pp. 220-230.
"Risk factors of European non-listed real estate fund returns", 2016, Journal of Property Research, 33, pp. 190-213, with Delfim, J.-C.
"What affects children's outcomes: house characteristics or homeownership?", 2016, Housing Studies, 31, pp. 427-444, with Bourassa, S.C. and Haurin, D.R.
"Robust hedonic price indexes", 2016, International Journal of Housing Markets and Analysis, 9, pp. 47-65, with Bourassa, S. C. and Cantoni, E.
"Determinants of the homeownership rate: an international perspective", 2015, Journal of Housing Research, 24, pp. 193-210, with Bourassa, S.C., Haurin, D.R. and Hendershott, P.H.
"Do public real estate returns really lead private returns?", 2015, Journal of Portfolio Management, 41, pp. 105-117, with Oikarinen, E. and Serrano, C.
"Transaction-based and appraisal-based capitalization rate determinants", 2015, International Real Estate Review, 18, pp. 1-43, with Chaney, A.
"Contagion channels between real estate and financial markets", 2015, Real Estate Economics, 43, pp. 101-138, with Reka, K.
"Multifamily residential asset and space markets and linkages with the economy", 2015, Journal of Property Research, 32, pp. 50-76, with Chaney, A.
"The effect of lock-ups on the suggested real estate portfolio weight", 2014, International Real Estate Review, 17, pp. 1-22, with Liljeblom, E. and Löflund, A.
"Robust repeat sales indexes", 2013, Real Estate Economics, 41, pp. 517-541, with Bourassa, S.C. and Cantoni, E.
"Volatility spillovers, comovements and contagion in securitized real estate markets", 2013, Journal of Real Estate Finance and Economics, 47, pp. 1-35, with Reka, K.
"Mortgage interest deductions and homeownership: an international survey", 2013, Journal of Real Estate Literature, 21, pp. 179-203, with Bourassa, S.C., Haurin, D.R. and Hendershott, P.H.
"Are REITs real estate? Evidence from international sector level data", 2012, Journal of International Money and Finance, 31, pp. 1823-1850, with Oikarinen, E.
"House prices, disposable income and permanent and temporary shocks: the N.Z., U.K. and U.S. experience", 2012, Journal of European Real Estate Research, 5, pp. 5-28, with Fraser, P. and McAlevey, L.
"Fractional cointegration analysis of securitized real estate", 2012, Journal of Real Estate Finance and Economics, 44, pp. 319-338, with Serrano, C.
"The long-run dynamics between direct and securitized real estate", 2011, Journal of Real Estate Research, 33, pp. 73-103, with Oikarinen, E. and Serrano, C.
"Land leverage and house prices", 2011, Regional Science and Urban Economics, 41, pp. 134-144, with Bourassa, S.C., Scognamiglio, D. and Zhang, S.
"Housing finance, prices, and tenure in Switzerland", 2010, Journal of Real Estate Literature, 18, pp. 263-282, with Bourassa, S.C. and Scognamiglio, D.
"The interest rate sensitivity of real estate", 2010, Journal of Property Research, 27, pp. 61-85, with Chaney, A.
"Land leverage and house prices - Editorial", 2010, Journal of Property Finance and Investment, 28, pp. 248-249.
"Are securitized real estate returns more predictable than stock returns?", 2010, Journal of Real Estate Finance and Economics, 41, pp. 170-192, with Serrano, C.
"Predicting house prices with spatial dependence: A comparison of alternative methods", 2010, Journal of Real Estate Research, 32, pp. 139-159, with Bourassa, S.C. and Cantoni, E.
"Why do the Swiss rent?", 2010, Journal of Real Estate Finance and Economics, 40, pp. 286-309, with Bourassa, S.C.
"House price changes and idiosyncratic risk: the impact of property characteristics", 2009, Real Estate Economics, 37, pp. 259-278, with Bourassa, S.C., Haurin, D.R., Haurin, J.L. and Sun, J.
"Global securitized real estate benchmarks and performance", 2009, Journal of Real Estate Portfolio Management, 15, pp. 1-19, with Serrano, C.
"Constant-quality house price indexes for Switzerland", 2008, Swiss Journal of Economics and Statistics, 144, pp. 561-575, with Bourassa, S.C., Scognamiglio, D. and Sormani, P.
"A comparative analysis of house prices and bubbles in the U.K. and New Zealand", 2008, Pacific Rim Property Research Journal, 14, pp. 257-278, with Fraser, P. and McAlevey, L.
"House prices and bubbles in New Zealand", 2008, Journal of Real Estate Finance and Economics, 37, pp. 71-91, with Fraser, P. and McAlevey, L.
"Real estate portfolio strategy and product innovation in Europe", 2008, Journal of Property Investment and Finance, 26, pp. 162-176, with Lekander, J.
"The inflation hedging characteristics of U.S. and U.K. investments: A multi-factor error correction approach", 2008, Journal of Real Estate Finance and Economics, 36, pp. 183-206, with Lizieri, C. and MacGregor, B.
"Forecasting EREIT returns", 2007, Journal of Real Estate Portfolio Management, 13, pp. 293-309, with Serrano Moreno, C.
"Spatial dependence, housing submarkets, and house price prediction", 2007, Journal of Real Estate Finance and Economics, 35, pp. 143-160, with Bourassa, S.C. and Cantoni, E.
"Debt-equity choice in Europe", 2007, International Review of Financial Analysis, 16, pp. 201-222, with Gaud, P. and Bender, A.
"Securitized real estate and its link with financial assets and real estate: An international analysis", 2007, Journal of Real Estate Literature, 15, pp. 59-84, with Serrano Moreno, C.
"House prices, fundamentals and bubbles", 2006, Journal of Business Finance and Accounting, 33, pp. 1535-1555, with Black, A. and Fraser, P.
"Further evidence of the integration of securitized real estate and financial assets", 2006, Journal of Property Research, 23, pp. 1-38, with Cauchie, S.
"A simple alternative house price index method", 2006, Journal of Housing Economics, 15, pp. 80-97, with Bourassa, S.C, and Sun, J.
"Monte Carlo simulations for real estate valuation", 2006, Journal of Property Investment and Finance, 24, pp. 102-122, with Jani, E. and Bender, A.
"Suggested vs. actual institutional allocations to real estate in Europe: A matter of size?" 2005, Journal of Alternative Investments, 8, pp. 62-70, with Lekander, J.
"The price of aesthetic externalities", 2005, Journal of Real Estate Literature, 13, pp. 167-187, with Bourassa, S.C. and Sun, J. (reprinted in The Appraisal Journal, 2006, 74, pp. 14-29)
"The capital structure of Swiss companies: an empirical analysis using dynamic panel data", 2005, European Financial Management, 11, pp. 51-69, with Gaud, P., Jani, E. and Bender, A.
"Fastigheter i en institutionell portfölj: en internationell analys", 2004, Journal of the Economic Society of Finland, 57, pp. 7-19, with Lekander, J. and Witkiewicz, W.
"What factors determine international real estate security returns?”, 2004, Real Estate Economics, 32, pp. 437-462, with Hamelink, F.
"Time-varying betas and cross-sectional return-risk relation: evidence from the U.K.", 2004, The European Journal of Finance, 10, pp. 255-276, with Fraser, P., Hamelink, F. and MacGregor, B.D.
"Maximum drawdown and the allocation to real estate", 2004, Journal of Property Research, 21, pp. 5-29, with Hamelink, F.
"What’s in a view? ", 2004, Environment and Planning A, 36, pp. 1427-1450, with Bourassa, S.C. and Sun, J.
"Implicit forward rents as predictors of future rents", 2004, Real Estate Economics, 32, pp. 183-215, with Englund, P., Gunnelin, Å. and Söderberg, B.
"Determinants of cross-sectional variation in discount rates, growth rates, and exit cap rates", 2004, Real Estate Economics, 32, pp. 217-237, with Gunnelin Å., Hendershott, P. and Söderberg, B.
"International evidence on real estate as a portfolio diversifier", 2004, Journal of Real Estate Research, 26, pp. 161-206, with Lekander, J. and Witkiewicz, W.
"The determinants of stock returns in a small open economy", 2004, International Review of Economics and Finance, 13, pp. 167-185, with Cauchie, S. and Isakov, D.
"Real estate in the institutional portfolio: a comparison of suggested and actual weights", 2003, Journal of Alternative Investments, 6, pp. 53-59, with Lekander, J. and Witkiewicz, W.
"Do housing submarkets really matter?", 2003, Journal of Housing Economics, 12, pp. 12-18, with Bourassa, S. C. and Peng, V. S.
"Developments in urban housing and property markets", 2003, Urban Studies, 40, pp. 887-896, with Gibb, K.
"Indices des ventes répétées et modification de l'environnement immobilier", 2001, Revue d'Economie Régionale et Urbaine, pp. 809-830, with Thion, B. and Favarger, P.
"Environmental variables and real estate prices", 2001, Urban Studies, 38, pp. 1989-2000, with Din, A. and Bender, A.
"Environmental preferences of homeowners: further evidence using the AHP method", 2000, Journal of Property Investment and Finance, 18, pp. 445-455, with Bender, A., Din, A. and Brocher, S.
"Real estate in mixed-asset portfolios: a review (Part 2)", 2000, Quaderni di Diritto ed Economia del Territorio, 3, pp. 43-61, with MacGregor, B.D.
"Homogeneous property market groupings and portfolio strategies in the U.K.", 2000, Environment and Planning A, 32, pp. 323-344, with F. Hamelink, C. Lizieri and B. D. MacGregor.
"Real estate in mixed-asset portfolios: a review (Part 1)", 1999, Quaderni di Diritto ed Economia del Territorio, 2, pp. 31-45, with MacGregor, B.D.
"Real estate price and total return indices: an overview of methods", 1999, Quaderni di Diritto ed Economia del Territorio, 2, pp. 3-24, with MacGregor, B.D.
"Defining housing submarkets", 1999, Journal of Housing Economics, 8, pp. 160-183, with Bourassa, S., Hamelink, F. and MacGregor, B. D.
"Optimal diversification within mixed-asset portfolios using a conditional heteroskedasticity approach: evidence from the U.S. and the U.K.", 1999, Journal of Real Estate Portfolio Management, 5, pp. 31-45, with Giliberto, M., Hamelink, F. and MacGregor, B. D.
"Environmental quality perceptions of urban commercial real estate", 1999, Journal of Property Investment and Finance, 17, pp. 280-296, with Bender, A., Din, A. and Laakso, J.
"An examination of the role of Geneva and Zurich housing in Swiss institutional portfolios", 1997, Journal of Property Valuation and Investment, 15, pp. 354-371, with Hamelink, F.
"Juger la rentabilité de l'immobilier", 1997, Analyse Financière, pp. 70-78, with Bender, A.R. and Thion, B.
"Inflation hedging versus inflation protection in the U.S. and the U.K.", 1997, Real Estate Finance, 14, pp. 63-73, with Hamelink, F. and MacGregor, B.D.
"Three new real estate price indices for Geneva, Switzerland", 1997, Journal of Real Estate Finance and Economics, 15, pp. 93-109, with Giaccotto, C. and Favarger, P.
"The short term inflation-hedging characteristics of U.K. real estate", 1997, Journal of Real Estate Finance and Economics, 15, pp. 27-57, with MacGregor, B.D., Matysiak, G. and Nanthakumaran, N.
"The spatial dimensions of the investment performance of UK commercial property", 1997, Urban Studies, 34, pp. 1475-1494, with Lizieri, C. and MacGregor, B.
"European real estate research and education: development, globalization and maturity", 1997, Journal of Real Estate Finance and Economics, 15, pp. 5-9, with MacGregor, B.
"International evidence on real estate securities as an inflation hedge", 1997, Real Estate Economics, 25, pp. 193-221, with Liu, C.H. and Hartzell, D.J.
"An analysis of perceptions concerning the environmental quality of housing in Geneva", 1997, Urban Studies, 34, pp. 503-513, with Bender, A., Din, A., Favarger, P. and Laakso, J.
"The discrete charm of the bourgeoisie", 1997, GIS Europe, May, pp. 18-19, with Din, A. and Bender, A.
"Swiss real estate: price indices and performance", 1997, Swiss Journal of Economics and Statistics, 133, pp. 29-48, with Favarger, P. and Giaccotto, C.
"A hedonic investigation of the rental value of apartments in central Bordeaux", 1997, Journal of Property Research, 14, pp. 15-26, with Thion, B, and Watkins, C.
"Diversification of Swiss portfolios with real estate: results based on a hedonic index", 1996, Journal of Property Valuation and Investment, 14, pp. 59-75, with Hamelink, F.
"Investissement immobilier: rentabilité, risque et diversification de portefeuille", 1996, Banque & Marchés, pp. 5-11, with Thion, B.
"The long term inflation hedging characteristics of UK commercial property", 1996, Journal of Property Finance, 7, pp. 50-61, with Matysiak, G., MacGregor, B.D. and Nanthakumaran, N.
"Conditional heteroscedasticity and real estate in diversified portfolios: an application of the QTARCH methodology", 1996, Journal of Property Research, 13, pp. 17-30, with Hamelink, F.
"Swiss real estate as a hedge against inflation: new evidence using hedonic and autoregressive models", 1996, Journal of Property Finance, 7, pp. 33-49, with Hamelink, F.
"Comment cerner l'évolution des prix immobiliers", 1996, Gestion 2000, pp. 29-42, with Thion, B.
"Estimation de la valeur locative des appartements: une étude empirique sur l'agglomération bordelaise", 1995, Finance, 16, pp. 75-87, with Thion, B.
"Real estate portfolio diversification by property type and geographical region in the United Kingdom and the United States", 1995, Journal of Property Finance, 6, pp. 39-59, with Eichholtz, P., MacGregor, B.D. and Nanthakumaran, N.
"A hedonic analysis of rent and rental revenue in the subsidized and unsubsidized housing sectors in Geneva", 1995, Urban Studies, 32, pp. 1199-1213, with Büchel, S.
"Construction d'indices immobiliers selon l'approche hédoniste", 1994, Financial Markets and Portfolio Management, 8, pp. 522-534, with Bender, A.R. and Gacem, B.
"The determinants of the sales rate of U.S. residential real estate", 1994, Journal of Property Research, 11, pp. 171-181, with Cotter, J.F.
"Real estate as a hedge against inflation: learning from the Swiss case", 1994, Journal of Property Valuation and Investment, 12, pp. 51-59.
"The investment policy of Swiss institutional investors", 1993, Financial Markets and Portfolio Management, 7, pp. 432-442, with Anderson, M. and Hertig, T.
"An investigation of the change in real estate investment trust betas", 1993, AREUEA Journal, 21, pp. 107-130, with Khoo, T. and Hartzell, D.
"Estimating the value of Swiss residential real estate", 1993, Swiss Journal of Economics and Statistics, 129, pp. 673-687, with Gacem, B. and Bender, A.R.
"Comment évaluer les actifs immobiliers", 1993, Banque, pp. 78-81, with Bender, A.R. and Thion, B.
"The inflation-hedging effectiveness of Swiss real estate mutual funds", 1992, Financial Markets and Portfolio Management, 6, pp. 287-295, with Bender, A.R.
"Swiss real estate: return, risk, and diversification opportunities", 1991, Journal of Property Research, 8, pp. 133-145, with Anderson, M.S.
"A detailed look at the extent of America's real estate wealth", 1991, Journal of Property Management, pp. 45-50, with Miles, M., Pittman, R., Bhatnagar, P. and Guilkey, D.
"The performance of the major Swiss real estate mutual funds", 1978-1989”, 1991, Financial Markets and Portfolio Management, 5, pp. 39-52, with Anderson, M.
"An argument for the use of the debt coverage method in developing capitalization rates", 1990, The Appraisal Journal, pp. 558-566, with Boykin, J.H.
BOOKS
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 4th Edition, 2021, Paris: Economica.
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 3rd Edition, 2018, Paris: Economica.
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 2nd Edition, 2011, Paris: Economica.
Investimento immobiliare – Mercato, valutazione, rischio e portafogli (Real estate investment – Markets, valuation, risk and portfolio), 2010, Milan: Ulrico Hoepli, with Morri, G.
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 2008, Paris: Economica.
Modélisation des décisions de gestion (The modeling of business decision making), 2001, Paris: Economica, with Delaloye, L. and Fragnière, E.
Property investment: principles and practice of portfolio management, 2000, Harlow: Pearson Education Limited, with MacGregor, B. D.
Evaluation et indicateurs de prix en immobilier (Real estate valuation and price indices), conference proceedings, 1995, Les Editions Notariat Services, with Thion, B.
Immobilier et gestion de patrimoine (Real estate and wealth management), 1994, Paris: Economica, with Thion, B.
Evaluation des biens immobiliers dans les institutions de prévoyance (The appraisal of real estate for pension funds), 1994, Berne: Office fédéral des assurances sociales, with Bender, A.R. and Favarger, P.
Investissement immobilier et diversification de portefeuille (Real estate and portfolio diversification), 1993, Paris: Economica.
CHAPTERS IN BOOKS
"Real estate education in Switzerland", in Real estate education throughout the world: past, present and future, 2002, edited by Schulte, K.-W., Research Issues in Real Estate, Vol. 7, Boston: Kluwer Academic Publishers, with Favarger, P., pp. 281-286.
"A multivariate conditional CAPM with threshold ARCH specifications", in Advances in Investment Analysis, 1998, edited by Lee, C.-F., JAI Press, with Hamelink, F., pp. 217-234.
"Immobilier et théorie financière" ("Real estate and financial theory"), in L'encyclopédie des marchés financiers, 1997, edited by Simon, Y., Paris: Economica, with Thion, B., pp. 1911-1924.
"The appraisal of real estate in Switzerland", in European Valuation Practice - Theory and Techniques, 1996, edited by Adair, A.S., Downie, M.L., McGreal, W.S. and Vos, G.A., London: E & FN Spon, with Bender, A.R. and Favarger, P., pp. 249-264.
"Listed real estate as an inflation hedge across regimes", forthcoming, Journal of Real Estate Finance and Economics, with Muckenhaupt, J. and Zhu, B.
"The role of multi-family properties in hedging pension liability risk: long-run evidence", 2024, Journal of Property Investment and Finance, 42, pp. 3-27, with Johner, L. and Lekander, J.
"Tenant industry sector and European listed real estate performance", 2023, Journal of Real Estate Research, 45, pp. 485-510, with Muckenhaupt, J. and Zhu, B.
"Commercial real estate prices in Europe after COVID-19", 2023, Journal of European Real Estate Research, 16, pp. 340-358, with Malle, R.
"The performance of non-listed opportunity real estate funds in China", 2023, Journal of Property Investment and Finance, 41, pp. 583-600, with Newell, G., Marzuki, J. and Lai, R.N.
"House price bubble detection in Ukraine", 2023, Journal of European Real Estate Research, 16, pp. 297-324, with Shmygel, A.
"Revisiting metropolitan house price-income relationships", 2023, Journal of Housing Economics, 61, article 101946, with Oikarinen, E., Bourassa, S.C. and Engblom, J.
"Hedonic, residual, and matching methods for residential land valuation", 2022, Journal of Housing Economics, 58, article 101870, with Bourassa, S.C.
"Portfolio diversification across U.S. gateway and non-gateway real estate markets", 2022, Journal of Real Estate Research, 44, pp. 523-552, with Johner, L.
"Commercial real estate prices and Covid-19", 2022, Journal of European Real Estate Research, 15, pp. 295-306, with Malle, R.
"The valuation of illiquid assets: a focus on private equity and real estate", 2022, Journal of Alternative Investments, 25, pp. 111-128, with Gibson, R. and Shan, J.
"The performance and diversification potential of non-listed value-add real estate funds in Japan", 2022, Journal of Risk and Financial Management, 15, article 198, with Newell, G., Marzuki, J. and Lai, R.N.
"Machine learning applications to land and structure valuation", 2022, Journal of Risk and Financial Management, 15, article 193, with Mayer, M., Bourassa, S.C. and Scognamiglio, D.
"The significance of impact in real estate research publications", 2022, Journal of Property Investment and Finance, 40, pp. 49-67, with Newell, G., Marzuki, J., Worzala, E., Adair, A. and Rodriguez, M.
"Big data, accessibility and urban house prices", 2021, Urban Studies, 58, pp. 3176-3195, with Bourassa, S.C., Merlin, L. and Renne, J.
"The resilience and realignment of house prices in the era of Covid-19", 2021, Journal of European Real Estate Research, 14, pp. 421-431, with Duca, J.V. and Montezuma, J.
"An analysis of papers published in the Journal of European Real Estate Research, 2008-2019", 2021, Journal of European Real Estate Research, 14, pp. 296-303.
"The challenge of residential land valuation - Editorial", 2021, Journal of European Real Estate Research, 14, pp. 169-170, with Bourassa, S.C.
"Does listed real estate behave like direct real estate? Updated and broader evidence", 2021, Applied Economics, 53, pp. 3023-3042, with Oikarinen, E.
"Robust desmoothed real estate returns", 2021, Real Estate Economics, 49, pp. 75-105, with Delfim, J.-C.
"Is financial regulation good or bad for real estate companies? An event study", 2020, Journal of Real Estate Finance and Economics, 61, pp. 369-407, with Milcheva, S. and Moss, A.
"An investigation of the synchronization in global house prices", 2020, Journal of European Real Estate Research, 13, pp. 17-27.
"Real estate in mixed-asset portfolios for various investment horizons", 2019, Journal of Portfolio Management, 45, pp. 141-158, with Delfim, J.-C.
"Measuring house price bubbles", 2019, Real Estate Economics, 47, pp. 534-563, with Bourassa, S.C. and Oikarinen, E.
"Estimation and updating methods for hedonic valuation", 2019, Journal of European Real Estate Research, 12, pp. 134-150, with Mayer, M., Bourassa, S.C. and Scognamiglio, D.
"U.S. metropolitan house price dynamics", 2018, Journal of Urban Economics, 105, pp. 54-69, with Oikarinen, E., Bourassa, S.C. and Engblom, J.
"Real estate investing: opportunities and challenges", 2017, Bankers, Markets and Investors, 148, pp. 3-16, with Falkenbach, H.
"High frequency house price indexes with scarce data", 2017, Journal of Real Estate Literature, 25, pp. 207-220, with Bourassa, S. C.
"Commonality in liquidity and real estate securities", 2017, Journal of Real Estate Finance and Economics, 55, pp. 65-105, with Kadilli, A. and Reka K.
"Are public and private asset returns and risks the same? Evidence from real estate data", 2016, Journal of Real Estate Portfolio Management, 22, pp. 179-198, with Oikarinen, E.
"Real estate research in Europe", 2016, Journal of European Real Estate Research, 9, pp. 220-230.
"Risk factors of European non-listed real estate fund returns", 2016, Journal of Property Research, 33, pp. 190-213, with Delfim, J.-C.
"What affects children's outcomes: house characteristics or homeownership?", 2016, Housing Studies, 31, pp. 427-444, with Bourassa, S.C. and Haurin, D.R.
"Robust hedonic price indexes", 2016, International Journal of Housing Markets and Analysis, 9, pp. 47-65, with Bourassa, S. C. and Cantoni, E.
"Determinants of the homeownership rate: an international perspective", 2015, Journal of Housing Research, 24, pp. 193-210, with Bourassa, S.C., Haurin, D.R. and Hendershott, P.H.
"Do public real estate returns really lead private returns?", 2015, Journal of Portfolio Management, 41, pp. 105-117, with Oikarinen, E. and Serrano, C.
"Transaction-based and appraisal-based capitalization rate determinants", 2015, International Real Estate Review, 18, pp. 1-43, with Chaney, A.
"Contagion channels between real estate and financial markets", 2015, Real Estate Economics, 43, pp. 101-138, with Reka, K.
"Multifamily residential asset and space markets and linkages with the economy", 2015, Journal of Property Research, 32, pp. 50-76, with Chaney, A.
"The effect of lock-ups on the suggested real estate portfolio weight", 2014, International Real Estate Review, 17, pp. 1-22, with Liljeblom, E. and Löflund, A.
"Robust repeat sales indexes", 2013, Real Estate Economics, 41, pp. 517-541, with Bourassa, S.C. and Cantoni, E.
"Volatility spillovers, comovements and contagion in securitized real estate markets", 2013, Journal of Real Estate Finance and Economics, 47, pp. 1-35, with Reka, K.
"Mortgage interest deductions and homeownership: an international survey", 2013, Journal of Real Estate Literature, 21, pp. 179-203, with Bourassa, S.C., Haurin, D.R. and Hendershott, P.H.
"Are REITs real estate? Evidence from international sector level data", 2012, Journal of International Money and Finance, 31, pp. 1823-1850, with Oikarinen, E.
"House prices, disposable income and permanent and temporary shocks: the N.Z., U.K. and U.S. experience", 2012, Journal of European Real Estate Research, 5, pp. 5-28, with Fraser, P. and McAlevey, L.
"Fractional cointegration analysis of securitized real estate", 2012, Journal of Real Estate Finance and Economics, 44, pp. 319-338, with Serrano, C.
"The long-run dynamics between direct and securitized real estate", 2011, Journal of Real Estate Research, 33, pp. 73-103, with Oikarinen, E. and Serrano, C.
"Land leverage and house prices", 2011, Regional Science and Urban Economics, 41, pp. 134-144, with Bourassa, S.C., Scognamiglio, D. and Zhang, S.
"Housing finance, prices, and tenure in Switzerland", 2010, Journal of Real Estate Literature, 18, pp. 263-282, with Bourassa, S.C. and Scognamiglio, D.
"The interest rate sensitivity of real estate", 2010, Journal of Property Research, 27, pp. 61-85, with Chaney, A.
"Land leverage and house prices - Editorial", 2010, Journal of Property Finance and Investment, 28, pp. 248-249.
"Are securitized real estate returns more predictable than stock returns?", 2010, Journal of Real Estate Finance and Economics, 41, pp. 170-192, with Serrano, C.
"Predicting house prices with spatial dependence: A comparison of alternative methods", 2010, Journal of Real Estate Research, 32, pp. 139-159, with Bourassa, S.C. and Cantoni, E.
"Why do the Swiss rent?", 2010, Journal of Real Estate Finance and Economics, 40, pp. 286-309, with Bourassa, S.C.
"House price changes and idiosyncratic risk: the impact of property characteristics", 2009, Real Estate Economics, 37, pp. 259-278, with Bourassa, S.C., Haurin, D.R., Haurin, J.L. and Sun, J.
"Global securitized real estate benchmarks and performance", 2009, Journal of Real Estate Portfolio Management, 15, pp. 1-19, with Serrano, C.
"Constant-quality house price indexes for Switzerland", 2008, Swiss Journal of Economics and Statistics, 144, pp. 561-575, with Bourassa, S.C., Scognamiglio, D. and Sormani, P.
"A comparative analysis of house prices and bubbles in the U.K. and New Zealand", 2008, Pacific Rim Property Research Journal, 14, pp. 257-278, with Fraser, P. and McAlevey, L.
"House prices and bubbles in New Zealand", 2008, Journal of Real Estate Finance and Economics, 37, pp. 71-91, with Fraser, P. and McAlevey, L.
"Real estate portfolio strategy and product innovation in Europe", 2008, Journal of Property Investment and Finance, 26, pp. 162-176, with Lekander, J.
"The inflation hedging characteristics of U.S. and U.K. investments: A multi-factor error correction approach", 2008, Journal of Real Estate Finance and Economics, 36, pp. 183-206, with Lizieri, C. and MacGregor, B.
"Forecasting EREIT returns", 2007, Journal of Real Estate Portfolio Management, 13, pp. 293-309, with Serrano Moreno, C.
"Spatial dependence, housing submarkets, and house price prediction", 2007, Journal of Real Estate Finance and Economics, 35, pp. 143-160, with Bourassa, S.C. and Cantoni, E.
"Debt-equity choice in Europe", 2007, International Review of Financial Analysis, 16, pp. 201-222, with Gaud, P. and Bender, A.
"Securitized real estate and its link with financial assets and real estate: An international analysis", 2007, Journal of Real Estate Literature, 15, pp. 59-84, with Serrano Moreno, C.
"House prices, fundamentals and bubbles", 2006, Journal of Business Finance and Accounting, 33, pp. 1535-1555, with Black, A. and Fraser, P.
"Further evidence of the integration of securitized real estate and financial assets", 2006, Journal of Property Research, 23, pp. 1-38, with Cauchie, S.
"A simple alternative house price index method", 2006, Journal of Housing Economics, 15, pp. 80-97, with Bourassa, S.C, and Sun, J.
"Monte Carlo simulations for real estate valuation", 2006, Journal of Property Investment and Finance, 24, pp. 102-122, with Jani, E. and Bender, A.
"Suggested vs. actual institutional allocations to real estate in Europe: A matter of size?" 2005, Journal of Alternative Investments, 8, pp. 62-70, with Lekander, J.
"The price of aesthetic externalities", 2005, Journal of Real Estate Literature, 13, pp. 167-187, with Bourassa, S.C. and Sun, J. (reprinted in The Appraisal Journal, 2006, 74, pp. 14-29)
"The capital structure of Swiss companies: an empirical analysis using dynamic panel data", 2005, European Financial Management, 11, pp. 51-69, with Gaud, P., Jani, E. and Bender, A.
"Fastigheter i en institutionell portfölj: en internationell analys", 2004, Journal of the Economic Society of Finland, 57, pp. 7-19, with Lekander, J. and Witkiewicz, W.
"What factors determine international real estate security returns?”, 2004, Real Estate Economics, 32, pp. 437-462, with Hamelink, F.
"Time-varying betas and cross-sectional return-risk relation: evidence from the U.K.", 2004, The European Journal of Finance, 10, pp. 255-276, with Fraser, P., Hamelink, F. and MacGregor, B.D.
"Maximum drawdown and the allocation to real estate", 2004, Journal of Property Research, 21, pp. 5-29, with Hamelink, F.
"What’s in a view? ", 2004, Environment and Planning A, 36, pp. 1427-1450, with Bourassa, S.C. and Sun, J.
"Implicit forward rents as predictors of future rents", 2004, Real Estate Economics, 32, pp. 183-215, with Englund, P., Gunnelin, Å. and Söderberg, B.
"Determinants of cross-sectional variation in discount rates, growth rates, and exit cap rates", 2004, Real Estate Economics, 32, pp. 217-237, with Gunnelin Å., Hendershott, P. and Söderberg, B.
"International evidence on real estate as a portfolio diversifier", 2004, Journal of Real Estate Research, 26, pp. 161-206, with Lekander, J. and Witkiewicz, W.
"The determinants of stock returns in a small open economy", 2004, International Review of Economics and Finance, 13, pp. 167-185, with Cauchie, S. and Isakov, D.
"Real estate in the institutional portfolio: a comparison of suggested and actual weights", 2003, Journal of Alternative Investments, 6, pp. 53-59, with Lekander, J. and Witkiewicz, W.
"Do housing submarkets really matter?", 2003, Journal of Housing Economics, 12, pp. 12-18, with Bourassa, S. C. and Peng, V. S.
"Developments in urban housing and property markets", 2003, Urban Studies, 40, pp. 887-896, with Gibb, K.
"Indices des ventes répétées et modification de l'environnement immobilier", 2001, Revue d'Economie Régionale et Urbaine, pp. 809-830, with Thion, B. and Favarger, P.
"Environmental variables and real estate prices", 2001, Urban Studies, 38, pp. 1989-2000, with Din, A. and Bender, A.
"Environmental preferences of homeowners: further evidence using the AHP method", 2000, Journal of Property Investment and Finance, 18, pp. 445-455, with Bender, A., Din, A. and Brocher, S.
"Real estate in mixed-asset portfolios: a review (Part 2)", 2000, Quaderni di Diritto ed Economia del Territorio, 3, pp. 43-61, with MacGregor, B.D.
"Homogeneous property market groupings and portfolio strategies in the U.K.", 2000, Environment and Planning A, 32, pp. 323-344, with F. Hamelink, C. Lizieri and B. D. MacGregor.
"Real estate in mixed-asset portfolios: a review (Part 1)", 1999, Quaderni di Diritto ed Economia del Territorio, 2, pp. 31-45, with MacGregor, B.D.
"Real estate price and total return indices: an overview of methods", 1999, Quaderni di Diritto ed Economia del Territorio, 2, pp. 3-24, with MacGregor, B.D.
"Defining housing submarkets", 1999, Journal of Housing Economics, 8, pp. 160-183, with Bourassa, S., Hamelink, F. and MacGregor, B. D.
"Optimal diversification within mixed-asset portfolios using a conditional heteroskedasticity approach: evidence from the U.S. and the U.K.", 1999, Journal of Real Estate Portfolio Management, 5, pp. 31-45, with Giliberto, M., Hamelink, F. and MacGregor, B. D.
"Environmental quality perceptions of urban commercial real estate", 1999, Journal of Property Investment and Finance, 17, pp. 280-296, with Bender, A., Din, A. and Laakso, J.
"An examination of the role of Geneva and Zurich housing in Swiss institutional portfolios", 1997, Journal of Property Valuation and Investment, 15, pp. 354-371, with Hamelink, F.
"Juger la rentabilité de l'immobilier", 1997, Analyse Financière, pp. 70-78, with Bender, A.R. and Thion, B.
"Inflation hedging versus inflation protection in the U.S. and the U.K.", 1997, Real Estate Finance, 14, pp. 63-73, with Hamelink, F. and MacGregor, B.D.
"Three new real estate price indices for Geneva, Switzerland", 1997, Journal of Real Estate Finance and Economics, 15, pp. 93-109, with Giaccotto, C. and Favarger, P.
"The short term inflation-hedging characteristics of U.K. real estate", 1997, Journal of Real Estate Finance and Economics, 15, pp. 27-57, with MacGregor, B.D., Matysiak, G. and Nanthakumaran, N.
"The spatial dimensions of the investment performance of UK commercial property", 1997, Urban Studies, 34, pp. 1475-1494, with Lizieri, C. and MacGregor, B.
"European real estate research and education: development, globalization and maturity", 1997, Journal of Real Estate Finance and Economics, 15, pp. 5-9, with MacGregor, B.
"International evidence on real estate securities as an inflation hedge", 1997, Real Estate Economics, 25, pp. 193-221, with Liu, C.H. and Hartzell, D.J.
"An analysis of perceptions concerning the environmental quality of housing in Geneva", 1997, Urban Studies, 34, pp. 503-513, with Bender, A., Din, A., Favarger, P. and Laakso, J.
"The discrete charm of the bourgeoisie", 1997, GIS Europe, May, pp. 18-19, with Din, A. and Bender, A.
"Swiss real estate: price indices and performance", 1997, Swiss Journal of Economics and Statistics, 133, pp. 29-48, with Favarger, P. and Giaccotto, C.
"A hedonic investigation of the rental value of apartments in central Bordeaux", 1997, Journal of Property Research, 14, pp. 15-26, with Thion, B, and Watkins, C.
"Diversification of Swiss portfolios with real estate: results based on a hedonic index", 1996, Journal of Property Valuation and Investment, 14, pp. 59-75, with Hamelink, F.
"Investissement immobilier: rentabilité, risque et diversification de portefeuille", 1996, Banque & Marchés, pp. 5-11, with Thion, B.
"The long term inflation hedging characteristics of UK commercial property", 1996, Journal of Property Finance, 7, pp. 50-61, with Matysiak, G., MacGregor, B.D. and Nanthakumaran, N.
"Conditional heteroscedasticity and real estate in diversified portfolios: an application of the QTARCH methodology", 1996, Journal of Property Research, 13, pp. 17-30, with Hamelink, F.
"Swiss real estate as a hedge against inflation: new evidence using hedonic and autoregressive models", 1996, Journal of Property Finance, 7, pp. 33-49, with Hamelink, F.
"Comment cerner l'évolution des prix immobiliers", 1996, Gestion 2000, pp. 29-42, with Thion, B.
"Estimation de la valeur locative des appartements: une étude empirique sur l'agglomération bordelaise", 1995, Finance, 16, pp. 75-87, with Thion, B.
"Real estate portfolio diversification by property type and geographical region in the United Kingdom and the United States", 1995, Journal of Property Finance, 6, pp. 39-59, with Eichholtz, P., MacGregor, B.D. and Nanthakumaran, N.
"A hedonic analysis of rent and rental revenue in the subsidized and unsubsidized housing sectors in Geneva", 1995, Urban Studies, 32, pp. 1199-1213, with Büchel, S.
"Construction d'indices immobiliers selon l'approche hédoniste", 1994, Financial Markets and Portfolio Management, 8, pp. 522-534, with Bender, A.R. and Gacem, B.
"The determinants of the sales rate of U.S. residential real estate", 1994, Journal of Property Research, 11, pp. 171-181, with Cotter, J.F.
"Real estate as a hedge against inflation: learning from the Swiss case", 1994, Journal of Property Valuation and Investment, 12, pp. 51-59.
"The investment policy of Swiss institutional investors", 1993, Financial Markets and Portfolio Management, 7, pp. 432-442, with Anderson, M. and Hertig, T.
"An investigation of the change in real estate investment trust betas", 1993, AREUEA Journal, 21, pp. 107-130, with Khoo, T. and Hartzell, D.
"Estimating the value of Swiss residential real estate", 1993, Swiss Journal of Economics and Statistics, 129, pp. 673-687, with Gacem, B. and Bender, A.R.
"Comment évaluer les actifs immobiliers", 1993, Banque, pp. 78-81, with Bender, A.R. and Thion, B.
"The inflation-hedging effectiveness of Swiss real estate mutual funds", 1992, Financial Markets and Portfolio Management, 6, pp. 287-295, with Bender, A.R.
"Swiss real estate: return, risk, and diversification opportunities", 1991, Journal of Property Research, 8, pp. 133-145, with Anderson, M.S.
"A detailed look at the extent of America's real estate wealth", 1991, Journal of Property Management, pp. 45-50, with Miles, M., Pittman, R., Bhatnagar, P. and Guilkey, D.
"The performance of the major Swiss real estate mutual funds", 1978-1989”, 1991, Financial Markets and Portfolio Management, 5, pp. 39-52, with Anderson, M.
"An argument for the use of the debt coverage method in developing capitalization rates", 1990, The Appraisal Journal, pp. 558-566, with Boykin, J.H.
BOOKS
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 4th Edition, 2021, Paris: Economica.
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 3rd Edition, 2018, Paris: Economica.
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 2nd Edition, 2011, Paris: Economica.
Investimento immobiliare – Mercato, valutazione, rischio e portafogli (Real estate investment – Markets, valuation, risk and portfolio), 2010, Milan: Ulrico Hoepli, with Morri, G.
Investissement immobilier – Décision et gestion du risque (Real estate investment – Decision-making and risk management), 2008, Paris: Economica.
Modélisation des décisions de gestion (The modeling of business decision making), 2001, Paris: Economica, with Delaloye, L. and Fragnière, E.
Property investment: principles and practice of portfolio management, 2000, Harlow: Pearson Education Limited, with MacGregor, B. D.
Evaluation et indicateurs de prix en immobilier (Real estate valuation and price indices), conference proceedings, 1995, Les Editions Notariat Services, with Thion, B.
Immobilier et gestion de patrimoine (Real estate and wealth management), 1994, Paris: Economica, with Thion, B.
Evaluation des biens immobiliers dans les institutions de prévoyance (The appraisal of real estate for pension funds), 1994, Berne: Office fédéral des assurances sociales, with Bender, A.R. and Favarger, P.
Investissement immobilier et diversification de portefeuille (Real estate and portfolio diversification), 1993, Paris: Economica.
CHAPTERS IN BOOKS
"Real estate education in Switzerland", in Real estate education throughout the world: past, present and future, 2002, edited by Schulte, K.-W., Research Issues in Real Estate, Vol. 7, Boston: Kluwer Academic Publishers, with Favarger, P., pp. 281-286.
"A multivariate conditional CAPM with threshold ARCH specifications", in Advances in Investment Analysis, 1998, edited by Lee, C.-F., JAI Press, with Hamelink, F., pp. 217-234.
"Immobilier et théorie financière" ("Real estate and financial theory"), in L'encyclopédie des marchés financiers, 1997, edited by Simon, Y., Paris: Economica, with Thion, B., pp. 1911-1924.
"The appraisal of real estate in Switzerland", in European Valuation Practice - Theory and Techniques, 1996, edited by Adair, A.S., Downie, M.L., McGreal, W.S. and Vos, G.A., London: E & FN Spon, with Bender, A.R. and Favarger, P., pp. 249-264.