Keywords Abstract
Gabe, Jeremy. A Decade of NABERS Energy: The effect of public energy performance rating disclosures on office asset energy consumption and rental price. ERES: Theses. University of Auckland, 2014.

Buying a home is among the most important choices that any individual is likely to make in their lifetime. It has lasting consequences for happiness, well-being and personal finances. Yet, given the infrequency with which such decisions are made; the difficulty getting information from an opaque and decentralised marketplace; and the high transactions costs involved, there is a significant risk that decision making may depart from the high standard imposed by the normative economic concept of rational choice.

This thesis uses the insights of the economic theory of choice – from behavioural economics in particular – to examine housing choice from a new perspective. It considers the potential for estate agents, knowingly or otherwise, to exploit behavioural biases in decision making to influence preference and, ultimately, choices over housing. This naturally is of interest to estate agents and policy makers involved in housing markets; but most importantly to individuals as decision makers: making better decisions relies on understanding when and where vulnerability to manipulation may lie.

Using evidence from a series of classroom experiments with 280 student volunteers and from two online surveys with over 4,000 adult respondents, significant areas where individuals may be consistently vulnerable to manipulation of judgement are found and recorded. In particular, both student and adult respondents are susceptible to biases involving manipulation of the decision making context, known as the choice frame. Students also tend to rely on arbitrary ‘anchor’ points to make value estimates, which results in significantly impaired judgements, even in the presence of incentives for accuracy. Finally, evidence of a significant new form of behavioural bias is found, in which elements of the choice frame have an unexpectedly negative impact on perceptions. This new bias is persistent across several experimental scenarios and is labelled the choice pollution effect.

Mubanga, Yvonne Chisanga M. A paradigm of office building obsolescence? : an occupiers' perspective. ERES: Theses. University of Reading, School of Real Estate and Planning, 2004.

The past two decades have seen varying trends, all of which combine to alter business activities. The most notable of these are changing work practices encouraged by advancements in technology and necessitated by corporate demands to reduce costs while at the same time improve workplace efficiency.

There is a corrnnonly held belief that these advancements in technology and the resultant new work practices will eventually lead to the demise of the office. While it is true that changes in technology, organisations and employment trends will impact on the real estate requirement of organisations, offices continue to play a number of vital functions such that its complete demise, is but a hoax.

One of the impacts of change on the organisation, with which this study is mainly concerned, is the possible onset of obsolescence in the office buildings that organisations use. Views on factors leading to obsolescence are as yet to be identified in a succinct fashion and are in some cases ill defined.

Knowledge of the various factors that cause obsolescence would provide an invaluable tool for corporate real estate managers who, over the last two decades or so have come to appreciate the fact that operational property does impact on the way that a business is run.

Above all, the need to be aware of the occurrence of office building obsolescence is emphasised in this study, which provides a broad framework for exploring these, and possible future obsolescence issues. This research is intended to generate theories on the obsolescence of office buildings that are grounded in data. One of the conclusions reached is that obsolescence will occur in every organisation. It is a continuum that can neither be stopped nor have a single point of its origin accurately identified. It is possible, however, to manage the obsolescence of office buildings by being aware of its occurrence, its manifestations and its likely effects on organizations.

Scott, Peter J.. An Analysis of Judgemental Bias in Housing Choice. ERES: Theses. University of Cambridge, 2011.

Buying a home is among the most important choices that any individual is likely to make in their lifetime. It has lasting consequences for happiness, well-being and personal finances. Yet, given the infrequency with which such decisions are made; the difficulty getting information from an opaque and decentralised marketplace; and the high transactions costs involved, there is a significant risk that decision making may depart from the high standard imposed by the normative economic concept of rational choice.

This thesis uses the insights of the economic theory of choice – from behavioural economics in particular – to examine housing choice from a new perspective. It considers the potential for estate agents, knowingly or otherwise, to exploit behavioural biases in decision making to influence preference and, ultimately, choices over housing. This naturally is of interest to estate agents and policy makers involved in housing markets; but most importantly to individuals as decision makers: making better decisions relies on understanding when and where vulnerability to manipulation may lie.

Using evidence from a series of classroom experiments with 280 student volunteers and from two online surveys with over 4,000 adult respondents, significant areas where individuals may be consistently vulnerable to manipulation of judgement are found and recorded. In particular, both student and adult respondents are susceptible to biases involving manipulation of the decision making context, known as the choice frame. Students also tend to rely on arbitrary ‘anchor’ points to make value estimates, which results in significantly impaired judgements, even in the presence of incentives for accuracy. Finally, evidence of a significant new form of behavioural bias is found, in which elements of the choice frame have an unexpectedly negative impact on perceptions. This new bias is persistent across several experimental scenarios and is labelled the choice pollution effect.

Pham, Anh Khoi. An Empirical Analysis of Real Estate Investment Trusts in Asia: Structure, Performance and Strategic Investment Implications. ERES: Theses. University of Western Sydney , 2013.

Since the early 2000s, Real Estate Investment Trusts (REITs) have become an important property investment vehicle in Asia. Despite strong interest from property investors, research on Asian REIT markets has been thin and modest. This thesis provides an empirical analysis on the performance of Asian REITs and their significance in a mixed-asset portfolio. Strategic investment implications for both local and international property investors are also identified. The analysis covers all seven Asian REIT markets of Japan, Singapore, Hong Kong, Malaysia, Taiwan, Thailand and South Korea over various periods from September 2001 to April 2012. Over the course of this thesis, three major studies are carried out. The first study investigates the performance and significance of Asian REITs in a domestic mixed-asset portfolio. The second study extends the analysis to a regional and international investment context, while the third one explores the dynamics of returns and volatility between Asian REIT markets.

Satyanarain, Rengarajan. An Evaluation of Land Use Development Processes For The Knowledge Based Urban Development (KBUD) Using Agent Based Modelling. ERES: Theses. National University of SIngapore, 2014.

Cities remain centres of knowledge production. To foster a knowledge-based society 21st century city planners throughout the OECD world and beyond often propose localised cluster-based initiatives to spur growth based on innovation. This thesis deals with a comparative evaluation of urban planning methods of land use development process for Knowledge Based Urban Development?s (KBUD?s). In my thesis, I employ an agent based modelling (ABM) approach to evaluate the development process of a typical knowledge based urban development under 1) comprehensive planning and 2) incremental planning approach. My research findings indicate that during times of low demand, actor diversity and high willingness to pay (low uncertainty) the former method performs better, while during times of high demand, actor diversity and low willingness to pay the latter is favourable approach. Planners in the future need to exercise caution in choosing long term planning methods in developing mixed use clusters.

Jadevicius, Arvydas. An Evaluation of the Use of Combination Techniques in Improving Forecasting Accuracy for Commercial Property Cycles in the UK. ERES: Theses. Edinburgh Napier University, 2014.

"In light of the financial and property crisis of 2007-2013 it is difficult to ignore the existence of cycles in the general business sector, as well as in building and property. Moreover, this issue has grown to have significant importance in the UK, as the UK property market has been characterized by boom and bust cycles with a negative impact on the overall UK economy. Hence, an understanding of property cycles can be a determinant of success for anyone working in the property industry. This thesis reviews chronological research on the subject, which stretches over a century, characterises the major publications and commentary on the subject, and discusses their major implications. Subsequently, this thesis investigates property forecasting accuracy and its improvement. As the research suggests, commercial property market modelling and forecasting has been the subject of a number of studies. As a result, it led to the development of various forecasting models ranging from simple Single Exponential Smoothing specifications to more complex Econometric with stationary data techniques. However, as the findings suggest, despite these advancements in commercial property cycle modelling and forecasting, there still remains a degree of inaccuracy between model outputs and actual property market performance. The research therefore presents the principle of Combination Forecasting as a technique helping to achieve greater predictive outcomes. The research subsequently assesses whether combination forecasts from different forecasting techniques are better than single model outputs. It examines which of them - combination or single forecast - fits the UK commercial property market better, and which of these options forecasts best. As the results of the study suggest, Combination Forecasting, and Regression (OLS) based Combination Forecasting in particular, is useful for improving forecasting accuracy of commercial property cycles in the UK.

Coskun, Yener. Analysis of the Institutional Housing Finance System in Turkey. ERES: Theses. Ankara University, 2013.

Dissertation employs qualitative/quantitative approaches to define problems and to develop suggestions for Turkish mortgage market and housing finance system. In qualitative analysis, we define that existing mortgage system has not provided sufficient background for both market development and solution of housing question of mid/lower income groups. Lack of efficient subsidy scheme and income/wealth constraints of the households are essential reasons of this failure. Research also suggests that an integrated mechanism, involving market based housing supply/finance mechanism and Housing Development Agency’s (TOKI) system, would be useful to develop institutional housing finance and to solve housing puzzle of mid/lower income groups. In quantitative analysis, we scrutinize causal relationship between volume of housing credit and macroeconomic indicators over the period (2005: 01)-(2011: 09). By using monthly data, we employ ADF, VaR analysis, cointegration analysis, VECM, Granger causality tests, impulse-response functions and variance decomposition models. Below conclusions may be drawn from the emprical research. First, housing credit is negatively cointegrated with housing credit real interest rate (RFO) and positively cointegrated with the monetary aggregate (M2), residential buildings floor area according to occupancy permits (KI), and real GDP per person (KB). The findings generally suggest that mortgage market has complicated interactions with macroeconomy. Secondly, it is determined that occupancy permit, as proxy of housing demand and activity level of housing market, is the most critical policy instrument and performance indicator of Turkish housing market. Moreover, based on determinations on M2/KB, findings suggest that policies aim to minimize income/wealth inequalities may also support housing credit growth and hence development of institutional housing finance in Turkey.

Kallakmaa-Kapsta, Angelika. Before and After the Boom: Changes in the Estonian Housing Market. ERES: Theses. Tallinn University of Technology, Estonia, 2013.

Changes in housing prices have essential effects on households and their financial behaviour. A sharp rise in prices can generate a situation where households may face affordability prob- lems. Research regarding housing booms and busts has become a topicality in recent years. Nevertheless significant gaps remain in understanding the reasons why boom situations ini- tiate and insufficient analysis of their consequences and impact. Historical background and economic development in emerging markets are different from advanced economies and the- re is a need to fill the gap in academic writings. The purpose of this Doctoral Thesis is to assess various aspects of Estonian housing market development, with the aim of identifying whether and to what extent the ratios and models used for real estate market analysis in developed countries can be used in transition econo- mies and if necessary adjust them according to Estonian housing market conditions. This study investigates housing market developments from three main aspects – market analysis, housing affordability, and quality of housing. The first section presents a theoretical and literature overview about the Basic characteristics of the housing market, the relationship between the financial and housing markets and on concepts of housing affordability, along with housing quality issues. The second part focuses on commonly used methodologies for analysing housing markets and suggests methods for investigating Estonian market dyna- mics. Part three presents the main results of this thesis. The practical and methodological problems identified in the paper might be interesting for people studying similar issues in other emerging markets. The theoretical contribution - this thesis offers possible solutions on how to elaborate and adapt frequently used methodologies (e.g. the Poterba model, Tobin q, Price to Earnings ratio, Price to Income ratio, index for mea- suring housing affordability situation) for investigating developing housing markets using the Estonian market as an example. The Estonian government has made many decisions that have influenced the real estate market, especially the housing market, mostly with the purpose of improving access to the housing market. But no research has been done in trying to find an answer for the affordability problem in the housing market in Estonia and also to assess the impact of the regulatory framework. The method worked out by the author can be used for future market monitoring. The HAI (Housing Affordability Index) is new for the Estonian market, as well as use of the aggregated LTV (Loan to Value) ratio. Different factors influence the average housing price, from the demand to the supply side. Tobin’s q calculations for the Estonian housing market show that the most challenging period for property developers on the supply side was in 2003−2007. The housing boom in Estonia was mostly driven by a large credit supply and favourable loan conditions. Evolving housing price booms and a worsening affordability situation are strongly correlated. It is very important to monitor the indicators that point out the possibility that prices are far from fundamentals. Even in this situation, it is difficult to find observable fundamentals that are correlated with price movements. We can use some indicators, such as Price to Income ra- tio (using average monthly data) or Price to Earnings (P/E) ratio (adapted version of Poterba model) for the Estonian market in order to identify a real estate boom and bubble. The P/E ratio was growing fast until 2006, when it achieved its maximum. Taking into con- sideration the specific features of the Estonian housing market (the underdeveloped rental market, inadequate statistics on rental earnings and a mostly functioning purchase and sales market greatly affected by loan conditions) the Poterba model was correspondingly develo- ped and the share of owner’s costs in net wages was found. If Estonian housing rental market statistics are more adequate in the future, it will be possible to develop a model similarly to the method provided by Poterba. Although the real estate quality rating system treats all quality attributes (location and plot, construction quality and management) as equal, this research shows that in practice valuers attach extremely great importance to the attribute ‘location and plot’ and little significance to factors under the attribute ‘management’. From the aspect of sustainability, however, energy, water, heating expenses and waste disposal, which are under the attribute ‘management’, play a significant role. In 2012 repeat research shows that energy consumption and utility service costs became more important. This study also shows the importance of regulatory decisions, which in our case was the waiving of limitations on all mortgage loans in 2002. The recom- mendation is for the government to change the law of credit institutions and reinstate restric- tions on mortgage loans (LTV ratio). It is also suggested that households pay more attention to the household’s credibility to avoid unrealistic expectations. The problem with data availability and an underdeveloped rental market has limited the use of some well-known methodologies for investigating Estonian housing market developments. Considering the shortage of disclosure research about the housing markets in CEE countries, this thesis proposes new theoretical and practical approaches.

This research has cast different questions in need of further investigation. If a person with an average monthly income cannot afford to pay for an average home (which in the Estonian case is a flat) there is an affordability problem. There is a need for future investigation of housing affordability problems and more research with the purpose of finding solutions for different types of household.

Moreno, Camilo Serrano. Behavior and predictability of securitized real estate returns. ERES: Theses. University of Reading, School of Real Estate and Planning, 2009.

Consisting of three essays, the dissertation is motivated by some existing gaps in the financial real estate literature. First, we exploit the fact that no research has used the well documented hybrid nature of real estate securities to forecast its returns. Second, we propose the first 'true' comparison of the predictability of securitized real estate and stock returns, as we argue that the previous comparisons done in the literature are biased. Third, we examine the long-run dynamics that govern the relationships between securitized real estate and the three models most commonly used to explain and forecast its returns. Our main findings suggest that the hybrid nature of real estate securities can be used to predict its returns, that securitized real estate returns are more predictable than stock returns in countries with well established REIT regimes, and that securitized real estate is fractionally cointegrated with both macroeconomic variables and the hybrid factors.

Prima, Annisa Dian. Corporate governance and Asian real estate investment trusts. ERES: Theses. University of Reading, School of Real Estate and Planning, 2014.

The Asian REIT industry has evolved significantly since its introduction in Japan in 2001. Asian REITs have provided investors with various benefits including high dividend yields, stable returns, portfolio diversification, improved liquidity, higher transparency and greater access to pan-Asian and global real estate markets. However, their benefits and future development may be clouded by potential agency problems that may arise from their externally managed organisational structure, business-relationships with sponsors and regulatory provisions. This thesis aims to investigate whether Asian REITs suffer from agency problems and examine the role of corporate governance in mitigating these problems. The impacts of corporate governance on Asian REIT performance and valuation are also analysed in this thesis. The analyses of this thesis are based on the four largest REIT markets in Asia, namely Japan, Singapore, Hong Kong and Malaysia. The results show that REITs with stronger corporate governance and investor protection are associated with higher firm valuation and better perfonnance. This thesis also provides evidence that some Asian REITs suffer from overinvestment. Nevertheless, the degree of over investment is reduced when REITs have strong corporate governance mechanisms in place. The findings further reveal that business-relationships with sponsors do not lead to expropriation of minority unit holders' wealth when investor protection is weak. Moreover, an increase in sponsor ownership does not incentivise sponsors to entrench themselves. In fact, sponsors are able to provide REITs with a wide range of support when they have equity stakes in the REIT. Overall, this thesis highlights the significance of corporate governance in mitigating the agency problems and improving Asian REIT performance and valuation.

Basdogan, Serhat. Design-Oriented Real Estate Valuation Model Proposal in Building Production. ERES: Theses. Yildiz Technical University, 2013.

Traditional models such as Discounted Cash Flow (DCF) form the basis of most commercial real estate investment decisions. In these models, a real estate investment project is completely described by a specified deterministic model of expected cash flows with no design or managerial flexibility. The traditional static models such as the DCF model fail to incorporate the dynamics of real estate investment processes. As a result, their application to any real world situation is quite limited. Many investors, therefore, claim to be dissatisfied with these static methods of valuation. This thesis introduces a design-oriented valuation model that incorporates the value of the uncertainty and flexibility that exist in real estate investments. After a discussion of why traditional models systematically undervalue projects and their shortcomings have been surveyed, two approaches are introduced to address the shortcomings of the traditional models. Simulation based models employ a stochastic approach to analyze risk and uncertainties from the Monte Carlo simulation perspective. On the other hand, Real Options Models (ROM) and Decision Tree Models (DTM) take up a decision theory approach to analyze flexibilities and optimal timing from managerial perspective. With the help of these relatively dynamic models, real estate investment decisions must take into account the limitations on the ability of the project’s design to defer, abandon, expand, re functioning and phasing capacity. This thesis shows how design opportunities for future decisions can be valued as options and flexibility, how their valuation relates design of project, and their effect on the project whole life cycle. The model is based on both the traditional models and the more recent real options, decision tree and simulation based models. The design-oriented valuation model incorporates elements of all models that are most applicable to design process. This model shows how design-oriented thinking determines the effect of uncertainty and flexibility on investment, how they are changed by design of future profitability, and how the design and investment decisions are related. This thesis uses the true case of a hotel and conference center development project (in the south of Turkey/Urfa) to show the process of utilizing design-oriented thinking in investment valuation. All approaches have been applied to the real estate investment project, and the design-oriented valuation model is simplified and tailored to existing valuation techniques. The added benefit of this integrated model is that it increases the design value within the real estate investment decision process.

McAllister, Patrick. European monetary integration and convergence in European real estate markets. ERES: Theses. University of Reading, School of Real Estate and Planning, 2008. This research study investigates the effects of the process of European monetary integration on the investment performance of European commercial real estate markets. In particular, it addresses the question of whether European monetary integration has produced convergence in the performance of European office markets. Different dimensions of convergence are analysed in terms of whether there is growing similarity in terms of causation of market change, market timing and market levels. The study uses data from both the non-securitised and securitised real estate sectors.
M. Akbar, Riaz. Evaluating sustainability in high-rise developments. ERES: Theses. University of Ulster, 2012.

Sustainable development has already been globally acknowledged for achieving carbon reductions along with social progress, economic well-being and environmental responsibility. In response to sustainable development objectives, international and national building assessment systems encompass a broad range of criteria and principal guidelines to attain higher sustainability perfonnance. The contribution of sustainable tall buildings in the urban environment is crucial despite their small percentage of the total UK housing provision. In addition, different researchers have expressed their concerns about high rise buildings because of poor design, energy consumption, impacts on society and environmental issues. However, the principal focus of contemporary high rise developments is energy efficiency and environmental perfonnance integrated with social and economic prosperity. In this study, evaluation of sustainability perfonnance of high rise buildings has been identified as a potential research area to explore a robust process and perfonnance indicator model of this growing market. The aim of this research is to detennine the principal design criteria for developing a performance indicator model to detennine the sustainability perfonnance of high rise buildings. The approach to this study is based on a comprehensive literature review and empirical investigations, which involves the evaluation of best practice case studies, experts' opinions and judgements to obtain the final structure and weightings for the modeL The process and establishment of a Sustainability Performance indicator Model (SPIM) with 8 factors and 70 design criteria derived from practical and professional input is the main output of this research. The SPIM provides a simple and clear means for the real estate market to assess and enhance the sustainability performance of high rise buildings. The application of the Model on a local case study building verifies the integration of SPIM criteria in practice. --- ~- , The research findings underline the principal parameters that strengthen the understanding of the key role and contribution of robust design criteria for susta inable high-rise development. The research takes into account new indicators such as location, existing infrastructure assessment, economic sustainability, vertical transportation, post occupation assessment and highlights an increased economic sustainabi lity focus in the Model. The results provide empirical evidence that advocates a paradigm shift to focus economic criteria in the evaluation and enhancement of the sustainabi lity performance of high rise buildings. Apart from the practical application of the SPIM, the outputs from the research provide a solid foundation for further academic research and development activities. There are many building assessment tools to evaluate different building types, but SPIM is developed to measure the susta inability performance of high rise bui ldings. Similarly, the process and parameters of the SPIM provide a starting point to derive the design criteria and assessment schemes in different parts of the world within local context. Therefore, the findings of this research can be utilised as a design tool at the planning stage to improve the sustainability of high rise developments. Nevertheless, application of the SPIM parameters at post occupancy stage can determine the real sustainability performance of the building. - See more at:

Noordeen, Rizvi. Exploring the darker side of spatial planning in ethnic conflicts: learning from public housing practices in Sri Lanka. ERES: Theses. University of Reading, School of Real Estate and Planning, 2015.
Liang, Jiancong. Factors Affecting Tenure Choice in Hong Kong. ERES: Theses. The University of Hong Kong, 2014.

This study investigates the factors that affect the home-ownership propensity of households using a modified two-period equilibrium model. In particular, the study examines the impacts of some social, political and economic factors that in theory should affect housing tenure choice but have limited empirical evidence so far. To test the impacts of these factors, five sets of Hong Kong Census and By-Census cross sectional data over the period from 1991 to 2011 were used to estimate Binary Logit Models. Further robustness tests were conducted using sub-sample of the entire dataset.

There are three key empirical findings that contribute to the existing body of knowledge in housing tenure choice. First, it is found that the positive income effect on home-ownership propensity found in previous studies can be reversed by political risk. There is strong evidence which suggests that income has negative impact on home-ownership propensity during periods of high political uncertainty. The handover of Hong Kong to China in 1997 was used as an event to study how political uncertainty would influence the effect of household income on housing tenure choice. Before the handover of Hong Kong in 1997, risk-averse households with high income in Hong Kong tended to be tenants rather than owner-occupiers so as to reduce their moving cost and increase mobility. High income households tended to be more internationally mobile and could migrate to other countries more easily, while households with low income were less internationally mobile and hence their housing tenure choice was less affected by political risks. The income effect on home-ownership propensity turned positive after the handover in 1997, when most of the political uncertainties were removed.

Second, this study shows that policies that encourage inflow of capital to Hong Kong has an unintended consequence of depressing the home-ownership rate of local households. Empirical results in this study suggest that local households are less likely to be owner-occupiers after the implementation of Capital Investment Entrant Scheme (CIES) and the Individual Visit Scheme (IVS) in Hong Kong in 2003. These policies have increased non-local demand for housing. Even after temporary suspension of housing as a class of Permissible Investment Assets (PIA) on 14 October 2010, successful applicants under the scheme, who are usually very rich, could afford and tend to buy their own housing units in Hong Kong. Due to the inelastic supply of developable land in Hong Kong, increased demand from immigrants had driven up housing prices, making housing less affordable to many local people. In addition, the IVS implemented at about the same time have also contributed to the surging demand for housing from non-local buyers, since the IVS has made visiting Hong Kong for people from Mainland China much easier than before. Due to the limited supply of developable land and appreciation of the RMB, some visitors from Mainland China find it attractive to buy housing units in Hong Kong for investment or self-consumption purposes. 

Finally, the impact of local language proficiency on tenure choice is another major finding in this study that was not investigated in the past. Compared to non-Chinese speakers in Hong Kong, Chinese speakers, especially Cantonese speakers, are more likely to be owner-occupiers. There are two potential explanations – cultural fit and transaction costs. The cultural fit hypothesis proposes that an individual who is proficient in local language can culturally fit to the society better and therefore has a higher home-ownership propensity. The transaction cost hypothesis suggests that the transaction costs of an individual’s the daily life and economic activities are higher if he/she is not proficient in local language, which made him/her less willing to have longer term commitments to live in Hong Kong. The higher transaction cost applies to all economic activities that involve bargaining, matching and searching. Home purchase is an example of such activities. However, due to the large sum of money involved in buying a housing unit, risk-averse individuals who are not proficient in local language would prefer renting to buying when making a decision on housing tenure choice. Empirical results in the study suggest that transaction cost is more important than cultural fit in explaining the local language proficiency effect on home-ownership propensity.

The above empirical findings are robust across different methods of controlling the effects of other factors that affect housing tenure choice using restricted subsamples.

Reka, Kustrim. Financial contagion and liquidity in real estate markets. ERES: Theses. University of Reading, School of Real Estate and Planning, 2014.

This dissertation aims to study two financial economics fundamental topics, i.e. financial contagion and liquidity, in a real estate context and consists of three essays. In the first essay, different aspects of dependences in international securitized real estate markets are studied, with a particular focus on the influence of a crisis on these dependences. Then, we investigate the mechanisms underlying contagion between real estate and stock markets. Finally, we conduct an empirical investigation of the pricing and the economic sources of commonality in liquidity of real estate securities. Our findings suggest that financial contagion prevails both internationally (i.e., between different securitized real estate markets) and domestically (i.e., between real estate and stock markets). We further show that domestic contagion is explained by liquidity and behavioral factors. Finally, we find that commonality in liquidity is a priced risk factor (especially during bad market conditions) and is mainly driven by agents' correlated trading activity and investor sentiment.

Aizuddin, Noorsidi. Framework of whole life cycle costing for Malaysian high rise residential property development. ERES: Theses. Queensland University of Technology, 2014.

This project was an initial stage in formulating and management of the optimum budget allocation during the operational, maintenance and rehabilitation phases in high rise residential property development in Malaysia. The principal objective of this project is to develop a framework of Whole Life Cycle Costing for high rise residential property development that will enhance the quality and cost effectiveness of this building type in Malaysia. The researcher investigated 13 building components from 6 high rise residential property developments in Johor, Malaysia to determine the affect and economic impact of component initial cost and quality by applying them to a Whole Life Cycle Cost model approach. The results provide valuable data in respect to the overall cost of specific components over the whole life of a large high rise building. In addition, Dr. Mat Noor also determined the impact and satisfaction of quality of building components through WLCC.

Nthengwe, John Tiwonge. Impact of real estate cycles on the development of economy. ERES: Theses. Bratislava: Slovak University of Technology, 2014.

The real estate industry is one of the most important industrial sectors in many nations. Its development and the development of real estate values are most important to nation's economies and their long-term GDP growth path. The main aim of this research was to find out how real estate industry has impacted both positively and negatively the outcomes of GDP through the most seen parameters like unemployment and the well known economic institute structures like Banks and insurance companies. Basically this research shows how the basic microeconomic fundamentals of demand and supply in the real estate market formulate the real estate circles which consequently have direct or indirect impact on macroeconomics and the GDP.

Steininger, Bertram. Implications of Securitization. ERES: Theses. Universität Regensburg, IRE|BS International Real Estate Business School, 2012.

The goal of this doctoral thesis is to bridge the gap between scientific re- search and ’phenomena’ in practice by using state-of-the-art econometric techniques. In order to remain tethered to reality and to promote the application-oriented rel- evance of my research, three different economic fields will be examined: mutual fund fee structures, real estate swap pricing and the capital structure of real estate companies.

Segerer, Matthias. Investitionen in Handelsimmobilien - Allgemeine theoretische Grundlagen sowie deren Übertragung auf das Beispiel des deutschen LM-Discounters unter Berücksichtigung der jeweils wesentlichen Akteure. ERES: Theses. Universität Regensburg, IRE|BS International Real Estate Business School, 2014.

The results of this (Ph.D.) thesis contribute both to the scientific research and to real estate practice. With the concepts of “retail property type” and the “dynamic retail property market model” two theoretical constructs are introduced, which are crucial for a holistic understanding of the subject "retail property". The empirical models examine the choice of macrolocation, examplified by German Food Discounters – using an protagonist specific approach. For this it is crucial to note that not the retail format level but the company level is the key feature to assess the profitability of investments in German Food Discounters. Using a Huff-model based regression approach, a rental analysis of German Food Discounters showed that not only location but also contract characteristics affect the rent of German Food Discounters. However, this object-specific influence is an indicator of the competitive strategy of the respective provider. Based on these theoretical and empirical findings, the thesis forms a foundation for the systematic understanding of retail and real estate research. At the same time the results serve as a basis for property rating or rental models and thus contribute decisively to a higher market transparency.

Huang, Yikun. Land supply elasticity and the housing price sensitivity to interest rate. ERES: Theses. The University of Hong Kong, 2013.

In Hong Kong, housing prices have increased significantly in recent years. Amongst all the reasons for such significant increase, low interest rate has been recognized as one of the major reasons. Many studies have provided empirical evidence to support the negative relationship between interest rate and housing prices. However, in the US, recent studies (Glaeser, Gottlieb and Gyourko, 2010; Kuttner, 2012) show that the observed effect of interest rate changes on housing prices is much less than that predicted by the standard user cost model.

According to the Glaeser et al. (2010), there are three potential explanations for the low housing price sensitivity to interest rate fluctuation. First, increase in land (and therefore housing) supply elasticity can reduce the effects of the demand-side variables, including interest rate. Second, high risk premium for long term mortgage rate in the US makes housing prices less sensitive to changes in interest rates. Third, the long-term mortgage contracts in the US cannot reflect the impact of frequent short term interest rate fluctuation. Among these three potential hypotheses proposed to explain the lower than expected housing price sensitivity to interest rate changes, land supply elasticity is more relevant to Hong Kong. By focusing on Hong Kong’s housing market, this thesis examines the relationship between land supply elasticity and the sensitivity of housing prices towards interest rate changes. When demand shift due to interest rate change, land supply (and therefore housing supply) may respond accordingly to reduce the impact of interest rate change. The more elastic the supply is, the weaker the housing price sensitivity to interest rate may be. Alternatively, housing prices are more sensitive to interest rate change when land supply is inelastic. 

To be more precisely, this study provides an empirical test on whether land supply elasticity reduces housing price sensitivity towards interest changes. Two approaches are applied to provide clear pictures of housing price sensitivity. First, data from different housing subsectors with different land supply elasticity are used for the empirical tests. The results show that prices of large units in the Hong Kong Island are significantly more sensitive to interest rate change, compared to those of small units in the New Territories. This is consistent with the implication of our hypothesis because new land for building luxurious units in Hong Kong Island is limited while there are relatively more lands available in the New Territories for smaller mass residential units. Second, in Hong Kong, all new land supply comes from the government in the form of leasehold land. Hence, government’s land supply policy has a major impact on land supply elasticity. For example, there was a period of restricted land supply before the handover in 1997, which effectively reduced land supply elasticity. On the other hand, the Application List land sales system adopted by the Hong Kong government from 2000 to 2013 should increase the flexibility in land supply. Therefore, this study makes use of these policy changes as nature experiments to investigate the effect of land supply elasticity on housing price sensitivity towards interest fluctuation. The results show that housing prices are more sensitive to interest rate change during the land supply restriction period and more insensitive when the Application List was used for land sales.

Eren, Faith. Local and global interactions in the evolution of Istanbul's retail property market. ERES: Theses. The University of Sheffield, 2013. The overall aim of this research is to explore local and global interactions in a property market. The overall objective is to explain the structural change process of a property market due to global and local interactions. This research is mainly interested in the issue of how Istanbul"s local retail property market which had a local social structure until the 1980s developed into an international market in the last 30 years.
Dericks, Gerard. London office performance: determinants and measurement of capital returns. ERES: Theses. London School of Economics and Political Science, 2013.

This thesis develops three chapters which extend our understanding of asset performance within the London office market by analysing the determinants and measurement of capital returns. The first chapter examines whether enlisting the services of a star-architect allows developers to persuade city planners to build bigger within the tightly regulated London property market, and therefore to engage in rent-seeking behaviour. We find that outside protected conservation areas famous architects can not only build taller, but that their designs have no effect on building sale prices holding the amount of space constant. For a given land plot however, the ability to build taller increases total floorspace and developer profits even when accounting for the increased costs of hiring a famous architect and building to their higher standards. The second chapter investigates potential sources of bias in commercial repeat-sales price indices by constructing such an index for the central London office market and examining the sources of index change relative to the underlying market. We find evidence that employment density changes and the restrictiveness of new development in the relevant local authority are key external drivers of bias on estimated price levels. This discrepancy arises because repeat-sales occur disproportionately in areas where changes in these attributes differ relative to the stock as a whole. The third chapter presents a comparison of seven competing real estate price index construction methodologies in the London office market. This exercise sheds light on the history of London office market returns from 1998-2010, and the relative pros and cons of the major index construction methods utilized by research and industry. This comparison also reveals substantial differences between indices in the timing of market turning points and various descriptive statistics, and demonstrates that the hedonic model outperforms the repeat-sales index due to the greater inclusivity of sale observations.

MATERIEEL IMMATERIEEL - Besturing van woningcorporaties in samenhang met maatschappelijke waarden. ERES: Theses. Rotterdam: Erasmus Universiteit, 2014.

"Why this qualitative thesis 'Control of housing associations in consistancy with social values' ? To understand and to discover patterns about the how and why of the functioning of corporations in society as they do now. This qualitative study is about the search for ideas, backgrounds, motives, resistors and motives and is therefore suitable for the following question: witch contradictions are there in the social values that underlie housing associations that affect the way the are governed? Sub-questions are: (1) Can social objective so arranged that the values underlying these made transparent, (2) Who is that social enterprise housing, what is its role in society and what is social property,? (3) How can be based on the criteria values and orientation of corporations assessed socially relevant?, (4) How the driver now controls in practice, he makes use of management models and theories of Corporate Real Estate Management (CREM), derived from the commercial sector helpful?, (5) Is there a solution for innovative control housing associations? and (6) Can be given insight into control questions about social property? '.

Methodical over a period of five years of literature, ten years of stakeholders, instruments and behaviour and a hundred years of housing corporation history, the developments in the field of value thinking and the governance of housing corporations have been studied. This qualitative study with a positivistic approach of values and governance of housing corporations has answered the research question What social values underlie social housing and are there contradictions that affect the control of a social housing corporation? The grounded theory is the research method chosen as a line of thinking, because that method emphasises the generating of theory-based data. Because it is flexible, it enables us to highlight questions that have not been asked before. These questions have been evaluated by the process with which the theory of this study has been constructed."

Tira, Giovanni. Mutual fund liquidity pricing and management. ERES: Theses. University of Reading, School of Real Estate and Planning, 2013.

Liquidity pricing is very critical in explaining fund performances, especially during periods where liquidity experiences sudden surges or dry-ups (i.e. liquidity imbalances, LIs) connected with a significant price movements. Hence, in the first part of the thesis we decided to investigate this relationship, focusing on an illiquid markets where the effect should be more evident. Even if transaction volumes do not seem to provide any pricing information, we find that return chasing behaviour and smart effects coexist, with the former being associated to investment activities and the latter to disinvestments. Since our empirical results confirm that liquidity and prices influences each other, we decide to investigate the formation of investors' choices through a theoretical model that embeds liquidity, risk and return expectations in the pricing of mutual funds. We model net flows at fund-level and we observe a LI upon the occurrence of four market conditions: high transaction costs, wrong endogenous pricing policy, growing uncertainty of fund returns and a negative "tail" state of the economy. Finally, since manager's actions are not considered in our models but seem to be important in the pricing of such vehicles, we study their effect on investors' decisions via a principal-agent dilemma setting. We discover that among "direct" (i.e. remuneration policies) measures, fund price volatility sensitive-remuneration solves the dilemma and different patterns among specialised investors and the aggregate market exist. Although similar variables drive preferences in direct real estate and the equity market, with performance related variables leading the trend, they often present opposite effects. We conclude that a limited and time-varying rationality and predictability exist in mutual fund markets.

Devaney, Steven Patrick. Office rents in the city of London: measurement and analysis of trends over the very long run. ERES: Theses. University of Reading, School of Real Estate and Planning, 2010.

This study was motivated by a lack of information on long term trends in commercial property rents. It set out to compile a long term rent index for the office sector and focused on the City of London as an important location with a long history of office renting. Much literature has examined the operation of office markets during the last 30-40 years, often in terms of explaining cycles and short run adjustment processes. In contrast, office rents were studied here over nearly 150 years to explore whether they have grown in line with the national economy and what other factors have determined their behaviour over a longer time frame. Upon finding no suitable secondary sources for investigating these issues, the research utilised archived property management records held at the Guildhall Library, London, from which a database of 9,141 individual rental transactions was created. Using the repeat measures regression method, an annual office rent index was then estimated, spanning the period 1867-1959. This series revealed that, in real terms, City office rents did not experience growth over the period as a whole, but there were distinct phases of growth and decline that correspond well with the economic fortunes of this location. The rent index was then compared with other historical data for UK commercial real estate and extended to the present day using contemporary data series. This latter step enabled further quantitative analysis that indicates change in the relationships between rent, demand and supply that are consistent with structural change in the economy and property market. There are some limitations arising from the data and methods used. Nonetheless, the data and results reported in this thesis extend existing knowledge on the history of the office market and suggest several avenues for future research, which are outlined in the final chapter.

Sun, Szu-Li. Planning for a sustainable eco-city. ERES: Theses. University of Reading, School of Real Estate and Planning, 2008.

The UK commercial property investment market has undergone a major change in the last two decades. Traditional routes of property investment, even though still prevalent, have been joined by a variety of financial products such as asset backed securities, derivatives and private equity vehicles.

One of the growth areas has been the market for private property vehicles (PPVs). The market has undergone tremendous growth since 1998/1999, which has been pinpointed as the inception of a new era for the market of private property vehicles. During 1998 to 2006 the gross asset value of the market for private property vehicles increased by nearly 200% from £29 billion to £87 billion. Previously mainly used by smaller investors to access quasi-diversified portfolios, the newer collective investment schemes have attracted a broader variety of institutional clients.

Despite the significant growth in the market for PPVs, it has received comparatively little attention from academics. This research aims to provide a better understanding of the market in general and, in particular, into the factors that cause the market value of an interest in a closed-ended private property vehicle to diverge from the underlying net asset value. This issue is examined employing three methods: semi- structured interviews, a questionnaire survey based on the Analytic Hierarchy Process and a Monte Carlo simulation framework.

The results of the analysis highlight that the estimations of the net asset value of a vehicle are inconsistent across the industry. This has significant consequences for the comparability of pricing and performance signals observed in the market. Further, it is shown that the investment characteristics of PPVs differ to those of the underlying investment. However, these investment characteristics are not incorporated in the estimation of the net asset value. This leads to potential divergences between the market value of an interest and its underlying net asset value.

Kask, Kaia. Public sector real estate asset management models and their evaluation. ERES: Theses. Estonia: University of Tartu, 2014.

The sizes of countries (in terms of territory, population, income) are different, their traditions and habits vary, and therefore also the ways, how they handle their public sector real estate management is not the same. Still, there are a lot of common features, which are universal to bear in mind while making decisions over the use of taxpayers’ money. Firstly, one common feature in every country is that the government administrates in terms and in the presence of budgetary constraint. Secondly, in every democratic country the public sector has been evoked to serve the interest of the citizens of that country. Government authorities need to make state-concerning financial decisions prudently, weighing carefully the consequences in executing different scenarios of action. Smaller countries like Estonia have fewer opportunities and scantier resources (both human and financial) to deal with the complex problems concerning large amounts of capital assets, and therefore decisions over public sector real estate issues need to be made even more diligently.

Speckhahn, Wolfgang. Real estate investment trusts (REITS) in Europe - Europeanizing tax regimes. ERES: Theses. Anglia Ruskin University, 2015.

The research investigated the impact of EU law and policies on direct taxation in REITs, and movement towards a harmonised EU-REIT with common direct taxation of REITs profits. It represents the first comparative study of EU member state REIT regimes to identify an emerging common understanding informed by European jurisprudence and Europeanization policy and theory. After identifying the fundamental elements of a REIT (following the original US model) within a context of Europeanization theory, the research examined EU policy mechanisms (such as goodness of fit and adaptational soft pressure) and the impact of relevant case law from the European Court of Justice. It then presented in-depth case studies of three member states: France (example of a well-established REIT regime), Bulgaria (a new accession state) and Spain (a recent REIT regime). The research found an emerging common understanding between member states’ REIT regimes, offering the prospect of a European harmonised REIT form distinguishable from the US model. It also found negative approaches to direct taxation in cross-border situations, and member state concerns about loss of sovereignty and tax base, which should be recognised within any harmonised direct tax regime. The research can claim to be the first comparative analysis of MS REIT regimes to address a common understanding, and thus is relevant to practitioners and academics in the fields of European law and international taxation. It has potential to contribute towards an improved common direct taxation approach and the harmonisation of European REITs within the wider processes of Europeanization. The research was limited to REIT regimes in EU member states, and further research could analyse relevant member state tax regimes outside the 'common understanding' REIT model, and further explores issues of loss of sovereignty and tax base in member states.

Yeh, Jia-Huey. Regional house price dynamics in Taiwan. ERES: Theses. University of Reading, School of Real Estate and Planning, 2015.
Mushi, Vianey John. Smoothing dynamics of commercial real estate returns: investors behaviour and the process of price discovery. ERES: Theses. University of Reading, School of Real Estate and Planning, 2014.
Glumac, Brano. Strategic Decision Modeling in Brownfield Redevelopment. ERES: Theses. Eindhoven University of Technology, 2012.

"Several important changes have recently influenced urban planning and the process of redevelopment. At first, the scope and scale of urban redevelopment projects has increased. Secondly, a traditional linear planning process from government to the building industries has been replaced by public-private collaborations that changed the characteristics of the developer and governmental bodies. These actors now have a major influence in urban development processes. Therefore, an important cause for stagnation in redevelopment of brownfield is the lack of consensus amongst key actors due to shared, overlapping concerns or individual conflicting interests. The objective of this research is to analyze the actors’ interaction in brownfield redevelopment processes and to offer recommendations concerning the optimal agreement in public-private partnership for these redevelopments. The data is generated for the purpose of research. Therefore, the two on-line surveys were conducted. In both cases, the respondents were the experts from the branch of urban development. The research framework focuses at: (1) the attributes of a brownfield; (2) the preferences of actor’s groups; (3) the characteristics in the negotiation processes, regarding the two groups of actors. Several research methods are used. First, in order to structure and prioritize the influential attributes a fuzzy Delphi method is used. Then, the stated choice experiments provide an insight in the individual preferences of actor groups. Consequently, the utility functions for public and private parties were created. These utilities are used both as an input for the game in game- theoretic environment and as a part of the finial application regarded as prescriptive interactive decision-making approach. The outcomes of the decision-making process are not only depending on an individual choice made, but also include the influence of the choices of an actor’s opponent. Therefore, the focus is specifically on the games (game theory) aiming on finding possible strategies in negotiations for brownfield redevelopments. Conclusions that derive from the game theory analysis will be used as a calibration to improve a prescriptive model.

Little work has been done to develop the models that systematically relate the characteristics of a brownfield area to the behavior of actors, thereby giving an insight in the most important points of interest. The research implications are based upon previously mentioned methodology, thus the interaction between the selected actors is analyzed. In general, the outcomes of this research project will support decision makers to find an optimal deal in the negotiation concerning redevelopment challenge for a brownfield."

Chaney, Alain. The assessment of real estate risk. ERES: Theses. University of Reading, 2015.

Research has found deficiencies in the adoption of risk management methods for real estate because of difficulties in measuring real estate risk on a systematic basis. The goal of this thesis is therefore to add to the knowledge of real estate risk, to increase the awareness of both property-specific as well as economic risks and thereby to provide information and methods to better and more systematically measure and assess these risks.The results are useful for investors, policy makers and risk managers for several reasons. First, the thesis identifies the main drivers of interest rate risk and discusses how the interest rate risk of real estate investments can be influenced. Next, we show to what degree various risk factors are priced in the market and present important differences in the perception, assessment and pricing of risk by investors and appraisers. Finally, we analyse the linkages between the economy and the real estate (sub-) markets and thereby enable for a better assessment of the market dynamics and to gauge the impact of potential policy interventions.

Singh, Permjit. The effect of asset-backed securitisation on the value of UK companies. ERES: Theses. University of Reading, School of Real Estate and Planning, 2004.
Xu, Yishuang. The effects of rental growth expectation on real estate return: A term structure model and an empirical test in Hong Kong. ERES: Theses. The University of Hong Kong, 2012.

The investor’s expectation is instinctively to be linked to the asset’s return by the finance experts and analysts. However why and how it affects the return are poorly understood and explained. Can the investor’s expectation really move the market? How much the influence does it have? This study looks at this well-known puzzle between real estate returns and investors’ expectations on rental income growth of real estate assets. Based on the theoretical model in this study, the questions whether, why and how the investors’ expected rental income growth has effects on the real estate returns are answered. The study focuses on both private and public real estate (REITs) returns and examines whether they can be explained by the facts in Hong Kong.

The theoretical model is derived from the Gordon Growth Model. The novelty of the model is to define the term structure of interest rate on the expected rental income. Empirically, the linkage between the two markets is identified through the REIT’s dividend, which is specified to be distributed from 90% of the real estate asset’s income. Under this specification, strong evidence is found for expected rental income growth predictive power. In this study, the relationship between the monthly end-of-period REIT’s return and monthly expected rental income growth of corresponded real estate asset is tested by panel model, which does the superb job in fitting both cross-sectional and time-varied return patterns of REITs. As the REITs in Hong Kong had just launched since the end of year 2005, the sample period of this study is from November, 2005 to April, 2010. Unlike the standard asset pricing model, this study adds the investor’s expectation as one of the factors which determine the REIT’s return to adjust the out-performance tendency of certain asset.

The study also confirms the hypothesis in private real estate market by finding that investors’ expectation on rental growth imposes a positive and significant impact on the real estate return in Hong Kong. The quarterly data series of macro-economic factors, such as Gross Domestic Production, Inflation rate, Interest rate, Employment rate are tested to confirm their effects on the real estate return together with the investor’s expectations on both future rental income and inflation. All four real estate sectors, including residential, office, retail and industrial property sectors, are inclusively tested in this study.

For both private and public real estate markets in Hong Kong, the investor’s expectation has positive effects on the corresponding asset’s return. The evidence in this study shows that the change of investor’s expectation would cause positive change of REIT’s return. It reveals that the investors’ expectation plays a vital role in the movement of both private and public real estate markets. When most investors expect a tendency of increasing earning, the real estate return tends to rise with controlling of other economic factors. 

Though the conclusion of this study is well-known and frequently used to explain or predict the movement of real estate market, the theory behind it is commonly ignored. This study looks deeper into it by improving Gordon Growth Model to capture the investor’s expected rental income growth without econometric forecasting or questionnaire investigation. The series derived in this study is more reliable with clear logic and theory, and confirmed by the facts in Hong Kong real estate market. The derivation and application of the investor’s expected income growth of certain asset will be helpful to provide insightful implications on future asset pricing, finance prediction and analysis.

Feige, Annika. The Financial Effect of Sustainability - Empirical Evidence for Commercial Property Investors in Switzerland. ERES: Theses. ETH Zurich, 2012.

It is widely recognised that buildings play a significant role for sustainable development and are a key factor to the future success of the sustainability movement in general. As shown in a preparatory report of the United Nations Environment Programme (UNEP) (Levine et al., 2007), worldwide building-related CO2 emissions (including electricity usage) are expected to grow from 8.6 billion tons in 2004 to 11.4 billion tons in a low-growth scenario, or up to 15.6 billion tons in a high-growth scenario, by 2030. This represents approximately 30% of global anthropogenic emissions. However, with commercially available technologies, the energy consumption in both new and existing buildings could be reduced by an estimated 30%–50% (Cheng et al., 2008, Laustsen, 2008). These numbers demonstrate the high impact the building sector has on the environment, but also the corresponding potential for improvement. There is an evident need for an increased share of sustainable buildings.

To achieve this, it is necessary to motivate the stakeholders of the building sector, such as real estate investors, to opt for more sustainable building solutions. Within this research work the motivating factors for sustainable construction are established, such as financial benefits, and are subsequently described and empirically proved. This should encourage the willingness of commercial property investors to invest in sustainable properties.

Financial profits can be derived in different ways. They can be achieved through cost savings or increased income. They can take place directly on a building level, through lowered construction and operation costs or increased rental prices, or indirect through the effect the building can have on its environment and occupants, such as lowered emissions or increased productivity.

The presented research work addresses all the financial effects of sustainable building but especially focusses on increased rental prices and productivity gains. Linked to this research are two empirical studies that provide the basis for the analysis of financial effects for commercial real estate investors in Switzerland. Thus, the focal point will be on the Swiss real estate market.

The chosen methodology in this thesis is based on applied research. This is due to the general character of the research work and the described research questions and hypothesis, which have high practical relevance and are less theoretical in

nature. Following this research approach, the methodology is based on defined research questions and hypotheses (Dunleavy, 2004).

Due to the trans-disciplinary nature of the research questions, a variation of qualitative and quantitative methods is applied. Using a so-called mixed method approach, a literature review, structured interviews, questionnaires and statistical analyses are combined to generate the final research results. This combination of different analytical methodologies follows the idea of triangulation.

The written thesis is a paper dissertation that consists of four journal papers. In addition, there is an introduction and a synthesis section in order to frame this combination of papers.

Elliott, Keith. The nature of the correlation structure of traditional and alternative asset classes. ERES: Theses. University of Reading, School of Real Estate and Planning, 2012.

The goal of this thesis is to increase the understanding of 'alternative assets' and their interaction with other asset classes. This is a relevant area of focus as there are currently more assets available to investors than at any other time. Firstly several assets are reviewed to see if they should be considered for further analysis. This process examines the philosophical question of what is an asset class and also considers the ease of investing in each. The asset's return drivers are analysed using statistical and macroeconomic factor models. Most assets are found to be explained by up to seven macroeconomic factors; however, assets such as real estate, gold and wine are not explained well and thus may have portfolio diversification benefits. I then focus my study on the correlation structures of the asset returns. These are examined using rolling correlations and statistical testing of the stability of correlation matrices and correlations are found to time vary. Semicorrelation is adopted to differentiate correlations between those in outperforming and underperforming markets. I find that for many assets, correlations increase in underperforming markets and thus diversification fails when it is needed the most. Government bonds' diversification power is found to improve during underperforming markets and thus these are important for diversification. The final section applies an AG-DCC model to retrieve conditional correlations and study their driving factors using macroeconomic factor models. This model proves that correlations change over time and are asymmetric. I correct for overestimation of goodness-of-fit and my models show an average ability to explain changes in conditional correlations of approximately 7.5%, in some cases this is up to 30%. Two key factors that are found to drive correlations are dividend yield and the oil price; correlations response to factors implies that higher correlations occur during periods of economic underperformance.

Hughes, Catherine. The role of industry bodies in changing market practices through self-regulation: commercial property leasing in the UK. ERES: Theses. University of Reading, School of Real Estate and Planning, 2015.

The UK government has sought to make changes to commercial property leasing practices. This has been the case since the recession of the 1990s. Industry self-regulation using an industry code of practice has been the vehicle for these changes. However, the code has had little direct success in changing practices. This is despite repeated threats of legislation as a constant backdrop to this initiative. The focus for this research is on the role of the industry bodies in the code initiative. They have been central to self-regulation in commercial leasing. Thus, the aim is to investigate the role of industry bodies in the process of institutional change. The context is industry self-regulation. The specific setting is commercial leasing. The main industry bodies in focus are the British Property Federation and Royal Institution of Chartered Surveyors. An existing model of institutional change forms the framework for the research. A chronological narrative is constructed from secondary data. This is analysed, identifying the actions of the industry bodies within the conceptual stages of the model. The analysis shows that the industry bodies had not acted as convincing agents of change for commercial leasing. In particular there was a lack of theorisation, a key stage in the process. The industry bodies did not develop a framework necessary to guide their members through the change process. These shortcomings of the industry bodies are likely to have contributed to the failure of the Code. However, the main conclusion is that, if industry self-regulation is led by government, then the state must work with industry bodies to harness their potential as champions and drivers of institutional change. This is particularly important in achieving change in institutionalised environments.

Obiajulu, Glory. The role of local strategic partnerships in facilitating environmental sustainability in England. ERES: Theses. University of Reading, School of Real Estate and Planning, 2007.
Nguyen, Kim. The Significance and Performance of Asian Listed Property Companies in Developed and Emerging Markets. ERES: Theses. University of Western Sydney, 2011.

With the increasing economic growth in Asian countries in recent years, Asian property securities are playing an increasingly important role in the global economy especially in the post-GFC period, with Asian property securities market value in excess of 48% of the global market (Macquarie Securities, 2010). While the developed property securities markets of Japan, Hong Kong and Singapore maintain their stable performance and significance among the global top 5 countries, the emerging markets (Malaysia, Taiwan, South Korea, Thailand, China, India, Indonesia, the Philippines, Vietnam and Sri Lanka) continue to increase their market significance with a better investment environment across the region and globally. From a modest position in the global property markets of 1% in 2010, the Asian emerging property markets are projected to grow to 2% in 2020, with China from 5% to 15% and India from 1% to 2% respectively (CB Richard Ellis, 2010). The dynamic growth in the Asian property markets has seen the diversified growth stages among the emerging property markets in Asia. As such, the purpose of this PhD research is to assess the significant role of the less emerging listed property companies in the region and globally beside the developed and emerging property markets in Asia which have established a level of interest with regional and global investors. 

Djukic, Johannes. The suitability of micro units for metropolises : the built environment's adaptation to a demographically changing urban population. ERES: Theses. Sydney: University of Technology, 2014.

The increased density of many metropolitan areas combined with a trend toward shrinking household sizes is creating an increase in the demand for urban apartments. This increased demand has had a significant impact on the affordability and availability of housing in urban centres globally. The creation of smaller, denser units in the form of the micro units is one attempt to meet this need. Throughout the early 20th century, small studio apartments paired with poor building standards caused major health concerns and some opponents fear micro units will result in a return to such standards. This indicates a lack of knowledge about micro units. Micro units are compliant with building codes and are developed with the idea that the individual unit includes shared amenities with other residents. Opponents also claim that such apartments have negative effects on their occupants, on unit affordability in the adjacent area and lead to gentrification of traditional neighbourhoods. However, these claims are unfounded as very little research has been done on micro units. In most markets, micro units are a new typology for apartment housing and there is no evidence to indicate that such developments would have any negative impact on residents, neighbourhoods or pricing. Currently, several cities, such as New York, San Francisco and Singapore, are developing regulations related to micro units in their jurisdictions; these are in many respects different from one another. As there is no significant knowledge exchange among the planning departments of these cities, local governments, property developers and investors, and small urban households are beneficiaries of this study. This thesis identifies and analyses the intentions of involved stakeholders in three international cities, each at a different stage in its implementation of micro unit legislation and development, as well as its perception of whether micro units will satisfy the needs of a demographically changing urban population. The three case studies evaluated for this thesis include: New York (pre-development of legislation and micro units), San Francisco (legislation developed, micro units in development), and Singapore (units developed, currently re-assessing legislation). Interviews, site visits and additional material collected in these locations serve as primary data sources to explain recent development decisions on micro units. A cross-case report identifies similarities and differences in the three cities and contributes to the resultant implications for policy makers and practitioners. For policy makers, the research supports the development of zoning regulations identifying minimum apartment sizes; for practitioners, the research offers guidance to assist with development decisions on micro units. In addition, the thesis indicates that micro units are a feasible option for metropolitan centres to provide safer, more affordable, and suitable housing for small households. Finally, as interpretations of the term ‘micro unit’ differ significantly, this thesis provides a comprehensive definition of the term.

Kutsch, Nina. The valuation of interests in UK unlisted closed-ended property funds. ERES: Theses. University of Reading, School of Real Estate and Planning, 2010.

The thesis develops an analytical model for evaluating- the planning processes and outcomes of sustainable eco-city policy. The existing literature tends to consider the eco-city and sus-city models separately without acknowledging their individual contested nature and limitations. They do not provide a holistic view to explore the different contexts at the local city level.

An alternative perspective is proposed, drawing on the emerging philosophy and concepts of the eco-city and sus-city models. The research proposition is built upon a review of the relevant literature, analysing ecocity and sus-city concepts, and applying them to build an analytical model of a sustainable Eco-city. This framework allows for an in-depth understanding and evaluation of the planning processes and outcomes of sustainable eco-city policy with its four key principles of futurity, environment, equity and participation and covers the three themes inherent to sustainability: the environmental, social and economic.

Using a broad constructivist approach, the research aims to understand the knowledge claims of participants in order to examine the meaning of the sustainable eco-city and how its policy is deployed at a local city level. The proposed analytical framework is used to explore two cross-national comparative empirical case studies - Reading in the UK and Taipei in Taiwan. These studies demonstrate the value of the framework as an analytically robust and practical perspective which can aid our understanding of the planning processes and outcomes involved. The research found that the formulation and evolution of eco-city policy was clearly related to the four principles and that during this process a number of key factors shaped the policy and its implementation. These included historical, economic, institutional and political dimensions, some of which were influential in both cases whilst others were more specific to each city. In terms of policy outcomes, the picture is equally mixed with some of the policy initiatives making good progress whilst other have been undermined or deflected due to the influence of these general and specific factors. Certain suggestions are put forward to respond to these constraining forces.

Boshoff, Douw. Towards a Listed Real-Estate Investment Valuation Model. ERES: Theses. University of Pretoria, 2013.

When considering the valuation techniques of income-producing property, various types of information should be obtained from the market in order to apply them to the valuation of the property under consideration. This includes the comparison with other properties sold in the market. However, due to the illiquid nature of property, especially those typically owned by institutional investors, such transactions do not take place every day. Therefore the necessary information is not always readily available, and also not of the required quality. In order to try and eliminate this problem, the study considers the possibility of using alternative information to indicate market activities.

Various studies have considered the similarities of direct real estate and indirect real estate. Most of these studies compare the investment returns of the two markets. This study extends the research by specifically looking at the unique property loan stock structure of South Africa, and comparing the value of shares to the value of assets. It therefore offers a more comprehensive explanation of the factors over and above the return received on the investment. It furthermore considers the composition of the property portfolio and the possibility to measure individual property values within such a portfolio. The outcome of the study is a model that allows property valuation and market interpretation from fundamental principles, with supporting evidence from the listed-property investment market.

Wohnen und Leben im Alter – eine interdisziplinäre Annäherung aus gerontologischer und immobilienwirtschaftlicher Perspektive. ERES: Theses. Private Universität für Gesundheitswissenschaften, Medizinische Informatik und Technik, Hall in Tirol, 2013.

Background: Ageing in place is a field of research which bestows pertinence upon developments within population structures. The number of elderly citizens will not only increase in hard numbers in the coming years, but also in relation to children, young people and citizens capable of gainful employment. Apart from that, life expectancy is increasing. Accommodation is a basic human need. It signifies the ability to retreat, communication, get-togethers, it is a way of conveying both your personality and your independence and it also allows you to interpret your own biography. The data situation, empirical studies and the current state of research provide a clear picture of where the elderly actually live: they prefer their own private dwelling. Additionally, this dwelling becomes the main social-spatial context in old age. However, the current state of research points to limits in residential properties. With decreasing physical competency, spatial structures become challenges for the elderly which should be explored.

Objectives and research questions: The aim of this doctoral thesis is to understand and describe the social-spatial process with regard to living which the elderly pass through. Following theoretical aspects and the current state of research, research questions are derived which encompass different social-spatial contexts: independent living in a private dwelling, private housing as room for care and nursing, and relocation in old age.

Method: A qualitative approach enables a profound analysis and description of the different social-spatial contexts with regard to living in old age. Within three sub-projects, interviews were conducted with research groups as regards points of contact to living in old age. The interviews were transcribed and edited with the aid of the Qualitative Content Analysis of Mayring (2008) – at first, separately for each sub-project. The triangulation of the results (Flick 2010) was the next step of analysis which allowed both common features and differences to be derived.

Results: The results show that the elderly are aware of three phases in reference to residential living in old age: first of all, they wish to age in place – to stay in their hereditary dwelling. With decreasing physical competency, nursing and care within private housing begin to be considered. If this is either impossible or no longer possible, alternative living facilities can provide a solution. The results point to the fact that the fit between person and social-spatial environment exercises a decisive influence. In order to re-establish this fit after changes have taken place, the elderly use different strategies which are also described.

Discussion and conclusions: The results being compared with the current state of research and the data situation indicate practical implications for individuals, care organizations, real estate business, investors and policy-makers, as well as implications for further research. Decisions concerning residential living in old age should bear in mind that the older person as well as his dwelling should be considered and respected to be unique. Different strategies which are considered to be an improvement should be discussed mutually.

Outlook: As living arrangements in old age affect us all and dwellings that you can call your own remain valid as the main social-spatial context, strategies for improvements should be questioned and gathered quantitatively in order to derive consequences for policy-makers who are responsible for housing supply.