Professor Martin Hoesli
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
-
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
-
Page 1 of 2 Results 1 to 100 of 121
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: ArticlesDeterminants of Discount Rates, Capitalisation Rates, and Growth Rates
Journal of Property Investment & Finance, vol. 43, no. 3, pp. 303-319Contributions to Journals: ArticlesListed Real Estate as an Inflation Hedge across Regimes
Journal of Real Estate Finance and Economics, vol. 70, pp. 189–239Contributions to Journals: ArticlesThe Volatility of Listed Real Estate in Europe and Portfolio Implications
Journal of Real Estate Research, vol. 47, no. 2, pp. 240-278Contributions to Journals: ArticlesDeterminants of Discount Rates, Capitalisation Rates, and Growth Rates
Working Papers: Working Papers- [ONLINE] DOI: https://doi.org/10.2139/ssrn.5042256
Housing Market Segmentation: A Finite Mixture Approach
De Economist, vol. 172, 291–337Contributions to Journals: ArticlesEditorial - 2020 Real Estate Finance & Investment Symposium
The Journal of Real Estate Finance and Economics, vol. 68, pp. 577–580Contributions to Journals: Editorials- [ONLINE] DOI: https://doi.org/10.1007/s11146-024-09989-w
- [OPEN ACCESS] http://aura.abdn.ac.uk/bitstreams/8d30a18c-596e-4b1a-a1b7-2b041b921f91/download
- [ONLINE] Correction to: Editorial − 2020 Real Estate Finance & Investment Symposium (The Journal of Real Estate Finance and Economics, (2024), 10.1007/s11146-024-09989-w)
The Role of Multi-Family Properties in Hedging Pension Liability Risk: Long-Run Evidence
Journal of Property Investment & Finance, vol. 42, no. 1, pp. 3-27Contributions to Journals: ArticlesCommercial Real Estate Prices in Europe After COVID-19
Journal of European Real Estate Research, vol. 16, no. 3, pp. 340 - 358Contributions to Journals: ArticlesThe Performance of Non-Listed Opportunity Real Estate Funds in China
Journal of Property Investment & Finance, vol. 41, no. 6, pp. 583-600Contributions to Journals: ArticlesHouse Price Bubble Detection in Ukraine
Journal of European Real Estate Research, vol. 16, no. 2, pp. 297-324Contributions to Journals: ArticlesRevisiting metropolitan house price-income relationships
Journal of Housing Economics, vol. 61, 101946Contributions to Journals: ArticlesTenant Industry Sector and European Listed Real Estate Performance
Journal of Real Estate Research, vol. 45, no. 4, pp. 485-510Contributions to Journals: ArticlesHedonic, Residual, and Matching Methods for Residential Land Valuation
Journal of Housing Economics, vol. 58, no. Part A, 101870Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1016/j.jhe.2022.101870
- [OPEN ACCESS] http://aura.abdn.ac.uk/bitstreams/5644eb39-2ef6-409c-8562-9fe25f4fba1c/download
- [ONLINE] View publication in Scopus
Commercial real estate prices and Covid-19
Journal of European Real Estate Research, pp. 295-306Contributions to Journals: ArticlesThe Valuation of Illiquid Assets: A Focus on Private Equity and Real Estate
The Journal of Alternative Investments, vol. 25, no. 1, pp. 111-128Contributions to Journals: ArticlesThe Performance and Diversification Potential of Non-Listed Value-Add Real Estate Funds in Japan
Journal of Risk and Financial Management, vol. 15, no. 5, 198Contributions to Journals: ArticlesMachine Learning Applications to Land and Structure Valuation
Journal of Risk and Financial Management, vol. 15, no. 5, 193Contributions to Journals: ArticlesThe significance of impact in real estate research publications
Journal of Property Investment & Finance, vol. 40, no. 1, pp. 49-67Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/JPIF-04-2020-0034
Portfolio Diversification across U.S. Gateway and Non-Gateway Real Estate Markets
Journal of Real Estate Research, vol. 44, no. 4, pp. 523-552Contributions to Journals: ArticlesBig Data, Accessibility, and Urban House Prices
Urban Studies, vol. 58, no. 15, pp. 3176-3195Contributions to Journals: ArticlesThe Resilience and Realignment of House Prices in the Era of Covid-19
Journal of European Real Estate Research, vol. 14, no. 3, pp. 421-431Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/JERER-11-2020-0055
Investissement immobilier: Décision et gestion du risque
Economica, Paris, Paris. 204 pagesBooks and Reports: BooksAn Analysis of Papers Published in the Journal of European Real Estate Research, 2008-2019
Journal of European Real Estate Research, vol. 14, no. 2, pp. 296-303Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/JERER-04-2020-0027
- [ONLINE] View publication in Scopus
Editorial: The challenge of residential land valuation
Journal of European Real Estate Research, vol. 14, no. 2, pp. 169-170Contributions to Journals: EditorialsRobust desmoothed real estate returns
Real Estate Economics, vol. 49, no. 1, pp. 75-105Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/1540-6229.12313
- [OPEN ACCESS] http://aura.abdn.ac.uk/bitstreams/0f2cbde6-cb3c-4b47-acee-511b9f6d683f/download
- [ONLINE] View publication in Scopus
Does listed real estate behave like direct real estate?: Updated and broader evidence
Applied Economics, vol. 53, no. 26, pp. 3032-3042Contributions to Journals: ArticlesIs Financial Regulation Good or Bad for Real Estate Companies? –: An Event Study
Journal of Real Estate Finance and Economics, vol. 61, pp. 369-407Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-017-9634-z
- [OPEN ACCESS] http://aura.abdn.ac.uk/bitstreams/749742cf-3802-4724-9b1f-034cac1957b4/download
- [ONLINE] View publication in Scopus
An Investigation of the Synchronization in Global House Prices
Journal of European Real Estate Research, vol. 13, no. 1, pp. 17-27Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/JERER-12-2019-0050
- [ONLINE] View publication in Scopus
Real estate in mixed-asset portfolios for various investment horizons
Journal of Portfolio Management, vol. 45, no. 7, pp. 141-158Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.3905/jpm.2019.45.7.141
Measuring House Price Bubbles
Real Estate Economics, vol. 47, no. 2, pp. 534-563Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/1540-6229.12154
- [OPEN ACCESS] http://aura.abdn.ac.uk/bitstreams/aba6f622-0449-4a29-be8f-c464cd6187be/download
- [ONLINE] View publication in Scopus
- [ONLINE] View publication in Mendeley
Estimation and Updating Methods for Hedonic Valuation
Journal of European Real Estate Research, vol. 12, no. 1, pp. 134-150Contributions to Journals: ArticlesInvestissement immobilier: Décision et gestion du risque
Economica, Paris. 208 pagesBooks and Reports: BooksU.S. metropolitan house price dynamics
Journal of Urban Economics, vol. 105, pp. 54-69Contributions to Journals: ArticlesCommonality in Liquidity and Real Estate Securities
Journal of Real Estate Finance and Economics, vol. 55, pp. 65-105Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1007/s11146-016-9554-3
- [ONLINE] View publication in Scopus
Real estate investing: opportunities and challenges
Bankers, Markets and Investors, vol. 148, pp. 3-16Contributions to Journals: ArticlesHigh Frequency House Price Indexes with Scarce Data
Journal of Real Estate Literature, vol. 25, no. 1, pp. 207-220Contributions to Journals: ArticlesAre public and private asset returns and risks the same? Evidence from real estate data
Journal of Real Estate Portfolio Management, vol. 22, no. 2, pp. 179-198Contributions to Journals: ArticlesReal Estate Research in Europe
Journal of European Real Estate Research, vol. 9, no. 3, pp. 220-230Contributions to Journals: ArticlesRisk factors of European non-listed real estate fund returns
Journal of Property Research, vol. 33, no. 3, pp. 190-213Contributions to Journals: ArticlesRobust hedonic price indexes
International Journal of Housing Markets and Analysis, vol. 9, no. 1, pp. 47-65Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1108/IJHMA-11-2014-0050
What affects children’s outcomes: house characteristics or homeownership?
Housing Studies, vol. 31, no. 4, pp. 427-444Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1080/02673037.2015.1094030
Do Public Real Estate Returns Really Lead Private Returns?
Journal of Real Estate Portfolio Management, vol. 41, no. 6, pp. 105-117Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.3905/jpm.2015.41.6.105
Contagion Channels between Real Estate and Financial Markets
Real Estate Economics, vol. 43, no. 1, pp. 101-138Contributions to Journals: Articles- [ONLINE] DOI: https://doi.org/10.1111/1540-6229.12070
- [ONLINE] View publication in Scopus
Transaction-Based and Appraisal-Based Capitalization Rate Determinants
International Real Estate Review, vol. 18, no. 1, pp. 1-43Contributions to Journals: ArticlesDeterminants of the Homeownership Rate: An International Perspective
Journal of Housing Research, vol. 24, no. 2, pp. 193-210Contributions to Journals: ArticlesMultifamily 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