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

• "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", forthcoming, Journal of Real Estate Finance and Economics, with Serrano, C.

• "House prices, disposable income and permanent and temporary shocks: the N.Z., U.K. and U.S. experience", forthcoming, Journal of European Real Estate Research, 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.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 stocks 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 Finance and Economics,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.

PROFESSIONAL JOURNAL ARTICLES

• "Peut-on prévoir la rentabilité de l'immobilier coté?", 2008, Réflexions Immobilières, pp. 43-48, with 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.