Staff Details

Email: martin.hoesli@unige.ch
Tel: +4122 379 8122
Fax: +4122 379 8104
Room: EW F58

Professor of Finance, part time

Université de Genève, Ph.D. in Economics and Social Sciences, 1992 Thesis: Le rôle de l'investissement immobilier dans la constitution d'un portefeuille (The role of real estate in constructing mixed-asset portfolios), received the highest honors and the jury's congratulations.

Université de Fribourg Postgraduate certificate in Finance, 1992

Université de Genève Masters in Business 1986(Received the award for the most outstanding graduating student in Business)

Professor Hoesli is also currently Professor of Real Estate Investments, University of Geneva. His previous employment includes:

University of Geneva, Associate Professor of Finance, 1995-1999

University of Geneva, Assistant Professor of Finance and Real Estate, 1992-1995

University of Geneva, Lecturer in Finance and Real Estate, 1991-1992


University of North Carolina (Chapel Hill), Visiting Scholar, 1990-1991


Virginia Real Estate Research Center, Visiting Scholar, 1989-1990

Real estate indices, role of real estate in portfolios, housing submarkets, hedonic valuation models, indirect real estate investments, financial policy of companies. Curriculum Vitae

• (Serrano, C. and Hoesli, M.), Are securitized real estate returns more predictable than stock returns?, Journal of Real Estate Finance and Economics, 2009
• (Bourassa, S.C., Haurin, D.R., Haurin, J.L., Hoesli, M. and Sun, J.), House price changes and idiosyncratic risk: the impact of property characteristics, Real Estate Economics, 2009
• (Bourassa, S.C. and Hoesli, M.), Why Do the Swiss rent?, Journal of Real Estate Finance and Economics, 2009
• (Serrano, C., and Hoesli, M.,), Global securitized real estate benchmarks and performance, Journal of Real Estate Portfolio Management, Vol. 15, pp. 1-19, 2009
• (Fraser, P., Hoesli, M. and McAlevey, L.), House prices and bubbles in New Zealand, Journal of Real Estate Finance and Economics, Vol. 37, pp.71-91, 2008
• (Hoesli, M., and Lekander, J.), Real estate portfolio strategy and product innovation in Europe, Journal of Property Investment and Finance, Vol. 26, pp. 162-176, 2008
• (Fraser, P., Hoesli, M., and McAlevey, L.), A comparative analysis of house prices and bubbles in the U.K. and New Zealand, Pacific Rim Property Research Journal, Vol 14, pp. 257-278, 2008
• (Bourassa, S.C., Hoesli, M.,, Scognamiglio, D. and Sormani,P.), Constant-quality house price indexes for Switzerland, Swiss Journal of Economics and Statistics, Vol. 144, pp. 561-575, 2008
• (Hoesli, M.,), Investissement immobilier - Decision et gestion du risque (Real Estate investment - Decision-making and risk management), Paris, Economica, 2008
• (Hoesli, M., Lizieri, C. and MacGregor, B.), 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. 36, pp. 183-206, 2008

• (Hoesli, M., and Serrano, M.), Securitized real estate and its link wiht financial assets and real estate: An international analysis, Journal of Real Estate Literature, Vol 15, pp 59-84 , 2007
• (Hoesli, M., and Serrano Moreno, C.), Forecasting EREIT returns, Journal of Real Estate Portfolio Management, Vol 13, pp 293-309, 2007
• (Hoesli, M., Bourassa, S.C., and Cantoni, E.), Spatial dependence, housing submarkets, and house price prediction, Journal of Real Estate Finance and Economics, Vol 35, pp 143-160, 2007
• (Hoesli, M., Guad, P., and Bender, A.), Debt-equity choice in Europe, International Review of Financial Analysis, Vol 16, pp 201-222, 2007
• (Black, A., Fraser, P., and Hoesli, M.), House prices, fundamentals and bubbles, Journal of Business Finance and Accounting, Vol 33, pp 1535-1555, 2006
• (Hoesli,M., and Cauchie, S.), Further evidence of the integration of securitized real estate and financial assets, Journal of Property Research, Vol 23, pp 1-28, 2006
• (Hoesli,M., Bourassa, S.C., and Sun, J.), A simple alternative house price index method, Journal of Housing Economics, Vol 15, pp 80-97 , 2006
• (Hoesli, M., Jani, E. and Bender, A.), Monte Carlo simulations for real estate valuation, Journal of Property Investment and Finance, Vol 24, pp 102-122, 2006
• (Hoesli, M., and Lekander J.), Suggested vs. actual institutional allocations to real estate in Europe: A matter of size?, Journal of Alternative Investments, Vol 8, pp 62-70, 2005
• (Hoesli, M., Bourassa, S.C., and Sun, J.), The price aesthetic externalities , Journal of Real Estate Literature, Vol 13, pp 167-187, 2005
• (Hoesli, M., Gaud, P., Jani,E., and Bender, A.), The capital structure of Swiss companies: an empirical analysis using dynamic panel data, European Financial Management, Vol 11, pp 51-69, 2005
• (Fraser, P., MacGregor, B., Hoesli, M. and Hamelink, F.), Time-varying betas and Cross-Sectional Return-Risk Relation: Evidence from the UK, European Journal of Finance, Vol.10, pp.255-276, 2004
• (Hoesli, M., Englund, P., Gunnelin, Å. and Söderberg, B.), Implicit forward rents as predictors of future rents, Real Estate Economics, Vol. 32, pp. 183-215, 2004
• (Hoesli, M., Lekander, J. and Witkiewicz, W.), International evidence on real estate as a portfolio diversifier, Journal of Real Estate Research, Vol. 26, pp. 161-206, 2004
• (Hoesli, M., Cauchie, S. and Isakov, D.), The determinants of stock returns in a small open economy, International Review of Economics and Finance, Vol. 13, pp. 167-185, 2004
• (Hoesli, M. and Hamelink, F.), What factors determine international real estate security returns?, Real Estate Economics, Vol. 32, pp. 437-462, 2004
• (Hoesli, M., Hamelink, F.), Maximum drawdown and the allocation to real estate, Journal of Property Research, Vol. 21, pp.5-29, 2004
• (Hoesli, M., Bourassa, J., Sun, J.), What's in a view?, Environment and Planning A,, Vol. 36, pp. 1427-1450, 2004
• (Hoesli, M., Hendershott, P., Gunnelin, A. , Soderberg, B.), Determinants of cross-sectional variation in discount rates, growth rates and exit cap rates, Real Estate Economics, 32, pp. 217-237, 2004
• (Hoesli, M., Lekander, J. and Witkiewicz, W.), Fastigheter i en institutionell portfolj: en internationell analys, Journal of the Economic Society of Finland, Vol. 57, pp. 7-19, 2004
• (Hoesli, M., Bourassa, S. C. and Peng, V. S.), Do housing submarkets really matter?, Journal of Housing Economics, 2003
• (Hoesli, M., Gibb, K.), Developments in urban housing and property markets, Urban Studies, 2003
• (Hoesli, M., with Lekander, J., and Witkiewicz, W.), Real Estate in the institutional portfolio: a comparison of suggested and actual weights, Journal of Alternative Investments, Vol 6, pp 53-59, 2003
• (Hoesli, M., Favarger, P.), Real estate education in Switzerland, Real estate education throughout the world: past, present and future. Research Issues in Real Estate, Vol. 7, pp. 281-286, 2002
• (Hoesli, M., Delaloye, L. and Fragnière, E.), Modélisation des décisions de gestion, 2001
• (Hoesli, M., Thion, B. and Favarger, P.), Indices des ventes répétées et modification de l'environnement immobilier, Revued'Economie Régionale et Urbaine, pp. 809-830, 2001
• (Hoesli, M., Din, A. and Bender, A.), Environmental variables and real estate prices, Urban Studies, Vol. 38, pp. 1989-2000, 2001

• (Hoesli, M., MacGregor, B. D.), Property investment: principles and practice of portfolio management, 2000
• (Hoesli, M., Bender, A., Din, A. and Brocher, S.), Environmental preferences of homeowners: further evidence using the AHP method, Journal of Property Investment and Finance, Vol. 18, pp. 445-455, 2000
• (Hoesli, M., MacGregor, B. D.), Real estate in mixed-asset portfolios: a review (Part 2), Quaderni di Diritto edEconomia del Territorio, Vol. 3, pp. 43-61, 2000
• (Hoesli, M., Hamelink, F., Lizieri, C. and MacGregor, B. D.), Homogeneous property market groupings and portfolio strategies in the U.K., Environment and Planning A, Vol. 32, pp. 323-344, 2000
• (Hoesli, M., MacGregor, B. D.), Real estate in mixed-asset portfolios: a review (Part 1), Quaderni di Diritto edEconomia del Territorio, Vol. 2, pp. 31-45, 1999
• (Hoesli, M., MacGregor, B. D.), Real estate price and total return indices: an overview of methods, Quaderni diDiritto ed Economia del Territorio, Vol. 2, pp. 3-24, 1999
• (Hoesli, M., Bourassa, S., Hamelink, F. and MacGregor, B. D.), Defining housing submarkets, Journal of Housing Economics, Vol. 8, pp. 160-183, 1999
• (Hoesli, M., Giliberto, M., Hamelink, F.), Optimal diversification within mixed-asset portfolios using a conditional heteroskedasticity approach: evidence from the U.S. and the U.K., Journal of Real Estate Portfolio Management, 5, pp. 31-45, 1999
• (Hoesli, M., Bender, A., Din, A. and Laakso, J.), Environmental quality perceptions of urban commercial real estate, Journal of Property Investment and Finance, Vol. 17, pp. 280-296, 1999
• (Hoesli, M., Hamelink, F.), A multivariate conditional CAPM with threshold ARCH specifications, Advances inInvestment Analysis, pp. 217-234, 1998
• (Hoesli, M. & Thion, B.), Immobilier et théorie financière (, L'encyclopédiedes marchés financiers, pp. 1911-1924, 1997
• (Hoesli, M., Hamelink, F.), An examination of the role of Geneva and Zurich housing in Swiss institutional portfolios, Journal of Property Valuation and Investment, Vol. 15, pp. 354-371, 1997
• (Hoesli, M., Bender, A. R. and Thion, B.), Juger la rentabilité de l'immobilier, Analyse Financière, pp. 70-78, 1997
• (Hoesli, M., Hamelink, F. and MacGregor, B. D.), Inflation hedging versus inflation protection in the U.S. and the U.K., Real EstateFinance, Vol. 14, pp. 63-73, 1997
• (Hoesli, M., Giaccotto, C. and Favarger, P.), Three new real estate price indices for Geneva, Switzerland, Journal of RealEstate Finance and Economics, Vol. 15, pp. 93-109, 1997
• (Hoesli, M., MacGregor, B. D., Matysiak, G. and Nanthakumaran, N.), The short term inflation-hedging characteristics of U.K. real estate, Journal ofReal Estate Finance and Economics, Vol. 15, pp. 27-57, 1997
• (Hoesli, M., Lizieri, C. and MacGregor, B.), The spatial dimensions of the investment performance of UK commercial property, Urban Studies, Vol. 34, pp. 1475-1494, 1997
• (Hoesli, M., MacGregor, B.), European real estate research and education: development, globalization and maturity, Journal of Real Estate Finance and Economics, Vol. 15, pp. 5-9, 1997
• (Hoesli, M., Liu, C. H. and Hartzell, D. J.), International evidence on real estate securities as an inflation hedge, Real EstateEconomics, Vol. 25, pp. 193-221, 1997
• (Hoesli, M., Bender, A., Din, A., Favarger, P. and Laakso, J.), An analysis of perceptions concerning the environmental quality of housing in Geneva, Urban Studies, Vol. 34, pp. 503-513, 1997
• (Hoesli, M., Din, A. and Bender, A.), The discrete charm of the bourgeoisie, GIS Europe, May, pp. 18-19, 1997
• (Hoesli, M., Favarger, P. and Giaccotto, C.), Swiss real estate: price indices and performance, Swiss Journal of Economicsand Statistics, Vol. 133, pp. 29-48, 1997
• (Hoesli, M., Thion, B, and Watkins, C.), A hedonic investigation of the rental value of apartments in central Bordeaux, Journal of Property Research, 14, pp. 15-26, 1997
• (Hoesli, M., Bender, A. R. and Favarger, P.), The appraisal of real estate in Switzerland, European Valuation Practice - Theory andTechniques, pp. 249-264, 1996
• (Hoesli, M., Hamelink, F.), Diversification of Swiss portfolios with real estate: results based on a hedonic index, Journal of Property Valuation and Investment, Vol. 14, pp. 59-75, 1996
• (Hoesli, M., Thion, B.), Investissement immobilier: rentabilité, risque et diversification de portefeuille, Banque & Marchés, pp. 5-11, 1996
• (Hoesli, M., Matysiak, G., MacGregor, B. D. and Nanthakumaran, N.), The long term inflation hedging characteristics of UK commercial property, Journal of Property Finance, Vol. 7, pp. 50-61, 1996
• (Hoesli, M., Hamelink, F.), Conditional heteroscedasticity and real estate in diversified portfolios: an application ofthe QTARCH methodology, Journal of Property Research, Vol. 13, pp. 17-30, 1996
• (Hoesli, M., Hamelink, F.), Swiss real estate as a hedge against inflation: new evidence using hedonic andautoregressive models, 1996, Vol. 7, pp. 33-49, 1996
• (Hoesli, M., Thion, B.), Comment cerner l'évolution des prix immobiliers, Gestion 2000, pp. 29-42, 1996

Held in AURA

Grant from the Royal Institution for Chartered Surveyors (R.I.C.S.) 1997