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Hoesli Martin

Hoesli Martin

Hoesli Martin

Swiss and British citizen, Martin Hoesli is Professor of Real Estate Investments and Finance at the University of Geneva and Professor of Finance at the University of Aberdeen (Great Britain). He holds a Doctorate in Economic and Social Sciences from the University of Geneva.

His research and publications relate to the field of property finance.

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  • Finance

Cours

Baccalauréat - Bachelor

Finance de l'immobilier

2h. cours/semestre de printemps

  • Objectifs: L'objectif de ce cours est de présenter l'investissement immobilier comme vecteur de placement. L'importance de ce vecteur de placement est notamment mise en évidence. Il est également fait référence aux spécificités de ce type de placement par rapport à d'autres types de placements (actions, obligations, etc.).
  • Contenu: Les principaux thèmes abordés dans ce cours sont: l'évaluation des biens immobiliers, la construction d'indices de prix et de performance de l'immobilier, la rentabilité et le risque de l'immobilier et le rôle de l'immobilier dans la construction d'un portefeuille "mixte". De nombreux aspects internationaux sont également mis en évidence.
  • Bibliographie: HOESLI, M., Investissement immobilier - Décision et gestion du risque, 2ème édition, Economica, 2011.
  • Documents de cours

 

Maîtrise - Master

Immobilier et gestion de patrimoine

2h. cours/ semestre de printemps

  • Objectifs: L’immobilier représente un actif très important dans la gestion d’un patrimoine. Il est par conséquent primordial de comprendre les spécificités de la classe d’actif et ses liens avec les autres actifs. Ce cours a pour but l'étude approfondie de certains aspects financiers liés à un investissement dans l'immobilier. Pour ce faire, les thèmes développés dans le cours de bachelor HEC intitulé "Finance de l'immobilier" seront étudiés bien plus en détail, mais de nouveaux thèmes sont également programmés.
  • Contenu: Principaux thèmes étudiés dans le cours:
  • Evaluation hédoniste
  • Indices immobiliers 
  • Inter-asset diversification et immobilier titrisé 
  • Arbitrage Pricing Theory (APT) et prévisibilité des rendements
  • Protection contre l’inflation
  • Bibliographie: HOESLI, M., Investissement immobilier - Décision et gestion du risque, 2ème édition, Economica, 2011. Recueil d'articles intitulé Immobilier et gestion de patrimoine (disponible à la centrale des polycopiés de Uni-Mail).
  • Documents de cours

IOMBA - International Organizations MBA

Finance for Managers

2h. cours/ semestre de printemps

  • Objectives: This course covers the main concepts and tools of finance. In particular we focus on the methods used for investment decision making as well as project assessment. It also discusses some issues in modern corporate finance. These tools are widely used in corporate entities, but are also very useful for managers in international organizations facing investment decisions. The various financial instruments and markets are also discussed.
  • IOMBA Programme website

 BOOKS

  • 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.

 REFEREED JOURNAL ARTICLES

  • "Are REITs real estate? Evidence from international sector level data", forthcoming, Journal of International Money and Finance, with Oikarinen, E.
  • "Robust repeat sales indexes", forthcoming, Real Estate Economics, with Bourassa, S.C. and Cantoni, E.
  • "Volatility spillovers, comovements and contagion in securitized real estate markets", forthcoming, Journal of Real Estate Finance and Economics, with Reka, K.
  • "Fractional cointegration analysis of securitized real estate", 2012, Journal of Real Estate Finance and Economics, 44, pp. 319-338, with Serrano, C.
  • "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.
  • "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., 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 (forthcoming), Pacific Rim Property Research Journal, 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.

PROFESSIONAL JOURNAL ARTICLES

  • "Real estate stocks are bricks and mortar not equities", 2012, EPRA News, pp. 42-43, avec Oikarinen, E.
  • "Peut-on prévoir la rentabilité de l’immobilier coté ?", 2008, Réflexions Immobilières, pp. 43-48, avec Serrano, C.
  • "L’évaluation immobilière – apport des simulations Monte Carlo", 2006, Swiss Journal of Accounting, pp. 564-569, with Bender, A. and Jani, E.
  • "Quelle proportion d’immobilier dans un portefeuille ?", 2006, Réflexions Immobilières, pp. 17-21, with Lekander, J.
  • "Les fonds de placement immobiliers reflètent-ils le marché direct?", 2006, Swiss Journal of Accounting, pp. 171-178, with Cauchie, S.
  • "Evaluation immobilière par les DCF", 2005, Swiss Journal of Accounting, pp. 345-355, with Aziz, N. and Bender, A.
  • "Portefeuilles institutionnels suisses et immobilier européen", 2004, Swiss Journal of Accounting, pp. 637-643, with Hamelink, F.
  • "Pourquoi les institutionnels investissent-ils si peu en immobilier", 2003, Réflexions Immobilières, pp. 14-19.
  • "L’immobilier dans les portefeuilles institutionnels", 2003, Swiss Journal of Accounting, pp. 285-291.
  • "Le benchmarking immobilier", 2002, Réflexions immobilières, pp. 15-23, with Bender, A.
  • "Le benchmarking immobilier – un outil de gestion performant", 2002, Swiss Journal of Accounting, pp. 89-96, with Bender, A.
  • "Le rôle de l'immobilier dans la diversification d'un portefeuille", 2001, Réflexions immobilières, pp. 30-36.
  • "Fonds de placement immobiliers et SA d'investissement immobilier", 2001, Swiss Journal of Accounting, pp. 239-246, with Bender, A.R. and Gaud, P.
  • "Rôle de l'immobilier dans la diversification d'un portefeuille", 2001, Swiss Journal of Accounting, pp. 71-78.
  • "Indices et évaluation de l’immobilier: une expérience pionnière en Suisse", 1999, Réflexions immobilières, pp. 49-54, with Bender, A.
  • "Indices et évaluation de l'immobilier", 1999, Swiss Journal of Accounting, pp. 817-823, with Bender, A. R..
  • "Indices de prix et modèles d'évaluation des biens immobiliers fondés sur les prix de transactions", 1999, Habitat & Jardin, pp. 21-23, with Bender, A.R.
  • "La valeur estimée doit être très proche du prix de vente", 1998, Prévoyance Professionnelle Suisse, 11, pp. 985-988, with Bender, A.
  • "Remboursement des prêts hypothécaires", 1998, Swiss Journal of Accounting, pp. 245-253, with Nagy, E., Renggli, G. and Tornare, T.
  • "L'accession à la propriété à Genève: problèmes et mesures", 1998, Réflexions immobilières, pp. 48-54.
  • "Utilité d'évaluer périodiquement les biens immobiliers", 1997, Prévoyance Professionnelle Suisse, 10, pp. 721-727, with Bender, A.R.
  • "Immobilier et inflation: l'exemple suisse", 1996, Réflexions immobilières, pp. 24-29.
  • "Analyse de la rentabilité de l'investissement immobilier", 1996, Swiss Journal of Accounting, pp. 705-710, with Bender, A.R.
  • "Le rôle de l'immobilier dans un portefeuille diversifié", 1996, Swiss Journal of Accounting, pp. 625-630, with Hamelink, F.
  • "Allocation optimale de portefeuille et immobilier en Suisse", 1996, Réflexions immobilières, pp. 52-57, with Hamelink, F.
  • "L'immobilier comme protection contre l'inflation", 1995, Schweizer Personalvorsorge, pp. 611-616.
  • "Evaluation et rentabilité des biens immobiliers dans les institutions de prévoyance", 1995, Swiss Journal of Accounting, pp. 899-904, with Bender, A. and Favarger, P.
  • "L'évolution des prix sur le marché du logement à Genève", 1995, Réflexions immobilières, pp. 49-56.
  • "Rentabilité et risque de l'immobilier", 1994, Réflexions immobilières, 6, pp. 27-32.
  • "Création d'indices de l'immobilier suisse", 1994, Swiss Journal of Accounting, pp. 33-40, with Bender, A.R. and Gacem, B.
  • "L'évaluation des biens immobiliers: une analyse critique", 1993, Swiss Journal of Accounting, pp. 387-395, with Bender, A.R.
  • "Pour une approche plus rigoureuse du rendement des immeubles", 1989, Swiss Journal of Accounting, pp. 303-310, with Bender, A.R.
  • "Le calcul du rendement annuel des immeubles", 1988, Swiss Journal of Accounting, pp. 481-486, with Bender, A.R.

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