Chair in Accountancy
- About
-
- Email Address
- m.e.r.hoesli@abdn.ac.uk
- School/Department
- Business School
Biography
Martin Hoesli holds a Ph.D. in Finance and is Professor of real estate and finance at the Universities of Geneva (Switzerland) and Aberdeen (U.K.). He has written six books and over 170 scholarly publications in journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of International Money and Finance, Journal of Portfolio Management, Journal of Real Estate Research, Applied Economics, Journal of Alternative Investments, The North American Journal of Economics and Finance, Journal of Business Finance & Accounting, and Journal of Housing Economics. He is past president of the International Real Estate Society (IRES) and of the European Real Estate Society (ERES) and is a board member of both societies. He is also a board member of the Association of International Wealth Management (AIWM) and the European Commercial Real Estate Data Alliance (ECREDA). He is a Fellow of the Royal Institution of Chartered Surveyors (RICS) and a Hoyt Academic Fellow of the Maury Seldin Advanced Studies Institute. He has won the Nick Tyrrell Research Prize twice (2012 and 2020), the IRES Achievement (2007) and Service (2020) Awards, and the David Ricardo Medal of the American Real Estate Society (2022). He has been a visiting scholar at many Universities worldwide and is on the editorial board of many international journals. His research interests lie in real estate finance and mainstream finance. He is particularly interested in portfolio diversification, the effectiveness of various asset classes to hedge against inflation, understanding the determinants of asset returns, and the behavior of financial markets under extreme events.
External Memberships
European Real Estate Society
American Real Estate Society
International Real Estate Society
European Commercial Real Estate Data Alliance
Royal Institution of Chartered Surveyors
American Real Estate and Urban Economics Association
Swiss Financial Analysts Association
Latest Publications
Navigating Information Imperfections in Commercial Real Estate Pricing
Journal of European Real Estate Research, vol. 18, no. 3, pp. 347–355Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/JERER-12-2024-0096
Reflections on Hedonic Price Modelling
Journal of European Real Estate Research, vol. 18, no. 2, pp. 199–213Contributions to Journals: ArticlesInvestissement immobilier: decision et gestion du risque
Economica, Paris, Paris. 202 pagesBooks and Reports: BooksReal Estate in Liability-Driven Investment: The Case of U.S. Pension Funds Journal of Real Estate Portfolio Management
Journal of Real Estate Portfolio ManagementContributions to Journals: ArticlesReal Estate as an Inflation Hedge: New Evidence from an International Analysis
North American Journal of Economics and Finance, vol. 80, 102488Contributions to Journals: Articles
Prizes and Awards
David Ricardo Medal of the American Real Estate Society
Nick Tyrrell Research Prize
International Real Estate Society Achievement Award
International Real Estate Society Service Award
- Research
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Research Areas
Accepting PhDs
I am currently accepting PhDs in Real Estate, Finance.
Please get in touch if you would like to discuss your research ideas further.

Real Estate
Accepting PhDs
Finance
Accepting PhDsResearch Specialisms
- Finance
- Real Estate
Our research specialisms are based on the Higher Education Classification of Subjects (HECoS) which is HESA open data, published under the Creative Commons Attribution 4.0 International licence.
- Publications
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Multifamily residential asset and space markets and linkages with the economy
Journal of Property Research, vol. 32, no. 1, pp. 50-76Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1080/09599916.2014.913656
The Effect of Lock-Ups on the Suggested Real Estate Portfolio Weight
International Real Estate Review, vol. 17, no. 1, pp. 1-22Contributions to Journals: ArticlesVolatility spillovers, comovements and contagion in securitized real estate markets
The Journal of Real Estate Finance and Economics, vol. 47, no. 1, pp. 1-35Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-011-9346-8
Mortgage interest deductions and homeownership: An international survey
Journal of Real Estate Literature, vol. 21, no. 2, pp. 179-203Contributions to Journals: Review articles- [ONLINE] View publication in Scopus
Robust Repeat Sales Indexes
Real Estate Economics, vol. 41, no. 3, pp. 517-541Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/reec.12013
House prices, disposable income and permanent and temporary shocks: The NZ, UK and US experience
Journal of European Real Estate Research, vol. 5, no. 1, pp. 5-28Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/17539261211215987
- [ONLINE] View publication in Scopus
Fractional Cointegration Analysis of Securitized Real Estate
The Journal of Real Estate Finance and Economics, vol. 44, no. 3, pp. 319-338Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-009-9231-x
Are REITs real estate? Evidence from international sector level data
Journal of International Money and Finance, vol. 31, no. 7, pp. 1823-1850Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/j.jimonfin.2012.05.017
- [ONLINE] View publication in Scopus
Land leverage and house prices
Regional Science and Urban Economics, vol. 41, no. 2, pp. 134-144Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/j.regsciurbeco.2010.11.002
Land Leverage and House Prices
Regional Science and Urban Economics, vol. 41, no. 2, pp. 134-144Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/j.regsciurbeco.2010.11.002
The long-run dynamics between direct and securitized real estate
Journal of Real Estate Research, vol. 33, no. 1, pp. 73-103Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.5555/rees.33.1.vr5g6970034l5g88
Investimento immobiliare: Mercato, valutazione, rischio e portafogli
Ulrico Hoepli, Milan. 360 pagesBooks and Reports: BooksWhy do the Swiss rent?
The Journal of Real Estate Finance and Economics, vol. 40, no. 3, pp. 286-309Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-008-9140-4
Housing finance, prices, and tenure in Switzerland
Journal of Real Estate Literature, vol. 18, no. 2, pp. 263-282Contributions to Journals: ArticlesLand leverage and house prices
Journal of Property Investment & Finance, vol. 28, pp. 248-249Contributions to Journals: EditorialsThe interest rate sensitivity of real estate
Journal of Property Research, vol. 27, no. 1, pp. 61-85Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1080/09599916.2010.500815
House Prices, Disposable Income, and Permanent and Temporary Shocks
Working Papers: Discussion Papers- [ONLINE] http://hdl.handle.net/2164/287
Global securitized real estate benchmarks and performance
Journal of Real Estate Portfolio Management, vol. 15, no. 1, pp. 1-19Contributions to Journals: ArticlesHouse price changes and idiosyncratic risk: the impact of property characteristics
Real Estate Economics, vol. 37, no. 2, pp. 259-278Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/j.1540-6229.2009.00242.x
Investissemet Immobilier: Décision et gestion du risque
Economica, Paris, Paris, France. 230 pagesBooks and Reports: BooksHouse prices and bubbles in New Zealand
The Journal of Real Estate Finance and Economics, vol. 37, no. 1, pp. 71-91Contributions to Journals: ArticlesHouse prices and bubbles in New Zealand
The Journal of Real Estate Finance and Economics, vol. 37, no. 1, pp. 71-91Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-007-9060-8
The inflation hedging characteristics of US and UK investments: A multi-factor error correction approach
The Journal of Real Estate Finance and Economics, vol. 36, no. 2, pp. 183-206Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-007-9062-6
A comparative analysis of house prices and bubbles in the U.K. and New Zealand
Pacific Rim Property Research Journal, vol. 14, no. 3, pp. 71-91Contributions to Journals: ArticlesA comparative analysis of house prices and bubbles in the UK and New Zealand
Pacific Rim Property Research Journal, vol. 14, pp. 257-278Contributions to Journals: ArticlesConstant-quality house price indexes for Switzerland
Swiss Journal of Economics and Statistics, vol. 144, no. 4, pp. 561-575Contributions to Journals: ArticlesPeut-on prévoir la rentabilité de l'immobilier coté?
Réflexions Immobiliéres, pp. 43-48Contributions to Journals: ArticlesReal estate portfolio strategy and product innovation in europe
Journal of Property Investment & Finance, vol. 26, no. 2, pp. 162-176Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/14635780810857908
Forecasting EREIT returns
Journal of Real Estate Portfolio Management, vol. 13, no. 4, pp. 293-309Contributions to Journals: Articles- [ONLINE] View publication in Scopus
Spatial Dependence, Housing Submarkets, and House Price Prediction
The Journal of Real Estate Finance and Economics, vol. 35, no. 2, pp. 143-160Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-007-9036-8
Debt-equity choice in Europe
International Review of Financial Analysis, vol. 16, no. 3, pp. 201-222Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/j.irfa.2006.08.003
- [ONLINE] View publication in Scopus
Securitized real estate and its link with financial assets and real estate: An international analysis
Journal of Real Estate Literature, vol. 15, no. 1, pp. 59-84Contributions to Journals: Review articles- [ONLINE] View publication in Scopus
House Prices, Fundamentals and Bubbles
Journal of business finance & accounting, vol. 33, no. 9, pp. 1535-1555Contributions to Journals: ArticlesA simple alternative house price index method
Journal of Housing Economics, vol. 15, no. 1, pp. 80-97Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/j.jhe.2006.03.001
Further evidence of the integration of securitized real estate and financial assets
Journal of Property Research, vol. 23, no. 1, pp. 1-38Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1080/09599910600748618
- [ONLINE] View publication in Scopus
Suggested vs. actual institutional allocations to real estate in Europe: A matter of size?
Journal of Alternative Investments, vol. 8, no. 2, pp. 62-70Contributions to Journals: ArticlesThe capital structure of Swiss companies: an empirical analysis using dynamic panel data
European Financial Management, vol. 11, no. 1, pp. 51-70Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/j.1354-7798.2005.00275.x
The Price of aesthetic externalities
Journal of Real Estate Literature, vol. 13, no. 2, pp. 167-187Contributions to Journals: ArticlesWhat factors determine international real estate security returns?
Real Estate Economics, vol. 32, no. 3, pp. 437-462Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/j.1080-8620.2004.00098.x
Implicit forward rents as predictors of future rents
Real Estate Economics, vol. 32, no. 2, pp. 183-215Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/j.1080-8620.2004.00089.x
Determinants of cross-sectional variation in discount rates, growth rates and exit cap rates
Real Estate Economics, vol. 32, no. 2, pp. 217-237Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/j.1080-8620.2004.00090.x
Fastigheter i en institutionell portfolj: en internationell analys
Ekonomiska Samfundets Tidskrift, vol. 57, no. 1-2, pp. 7-19Contributions to Journals: ArticlesInternational evidence on real estate as a portfolio diversifier
Journal of Real Estate Research, vol. 26, no. 2, pp. 161-206Contributions to Journals: ArticlesMaximum drawdown and the allocation to real estate
Journal of Property Research, vol. 21, no. 1, pp. 5-29Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1080/0959991042000217903
The determinants of stock returns in a small open economy
International Review of Economics & Finance, vol. 13, no. 2, pp. 167-185Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/j.iref.2003.07.001
Time-varying Betas and Cross-Sectional Return-Risk Relation: Evidence from the UK
European Journal of Finance, vol. 10, no. 4, pp. 255-276Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1080/13518470110053407
What's in a view?
Environment and Planning A, vol. 36, no. 8, pp. 1427-1450Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1068/a36103
Developments in urban housing and property markets
Urban Studies, vol. 40, no. 5-6, pp. 887-896Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1080/0042098032000074227
Do housing submarkets really matter?
Journal of Housing Economics, vol. 12, no. 1, pp. 12-28Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/S1051-1377(03)00003-2
Real Estate in the institutional portfolio: a comparison of suggested and actual weights
Journal of Alternative Investments, vol. 6, no. 3, pp. 53-59Contributions to Journals: Articles