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Cambridge Real Estate Research Centre


CRERC - Publications 

All publications from the CRERC team from 2016 onwards. 

Ref Research Title Authors 
01/22 Building Retrofit Hurdle Rates and Risk Aversion in Energy Efficiency Investments Lai,Yuan; Papadopoulos,Sokratis; Fuerst,Franz; Pivo,Gary; Sagi,Jacob; Kontokosta,Constantine.E
02/22 Raising the Bar (19) Elhorst,Paul; Abreu,Maria; Amaral,Pedro; Bhattacharjee,Arnab; Bond-Smith,Steven; Chasco,Coro; Corrado,Luisa; Ditzen,Jan; Felsentein,Daniel; Furest,Franz; McCann,Philip; Monastiriotis,Vassilis; Quatraro,Francesco; Temursho,Umed and Yu,Jihai
03/22 Behavioural Land Use Policy Studies: Past, Present, and Future Bao,Helen X.H. and Robinson, Guy M.,
04/22 Behavioural Interventions for Micro-mobility Adoption: Low-hanging Fruits or Hard Nuts to Crack? Bao,Helen X.H. and Lim,Yi,
05/22 Tradable Parking Permits as a Transportation Demand Management Strategy: A Behavioural Investigation Bao,Helen X.H. and Ng,Joelle,
06/22 Improving Food Security through Entomophagy: Can Behavioural Interventions Influence Consumer Preference for Edible Insects?  Bao,Helen X.H. and Song,Y
07/22 Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate Crosby,Neil;, Devaney,Steven;, Lizieri,Colin; and Mansley,Nick;,
08/22 Wandering in the gray: The pricing of housing restricted by land use regulation in Beijing, China Li,Ling and Xia,Fangzhou
09/22 On the Strategic Timing of Sales by Real Estate Developers: To Wait or to Presell? Li,Ling; Bao,HelenX.H. and Chau,Kwong Wing

Local Beta: Has Local Real Estate Market Risk Been Priced in REIT Returns?

Zhu,Bing and Lizieri,Colin

Urban land valuation with bundled good and land residual assumptions

Clapp,J and Lindenthal,T


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01/21 Pricing Climate Risk: Are Flooding and Sea Level Rise Capitalised in Australian Residential Property? Fuerst,Franz and Warren-Myers,Georgia
02/21 Do Specialist Funds Outperform? Evidence from European Non-Listed Real Estate Funds. Fuerst,Franz; Mansley,Nick and Wang,Zilong
03/21 Diversification Potential in Real Estate Portfolios. Candelon,Bertrand; Fuerst,Franz and Hasse,Jean-Baptiste
04/21 Reference Dependence in the UK Housing Market Bao,Helen X.H and Saunders, Rufus
05/21 Reference Dependence, Loss Aversion and Residential Property Development Decisions Bao,Helen X.H; Meng,Chunming and Wu,Jing
06/21 Light at the end of the tunnel: The impacts of expected major transport improvements on residential property prices Bao,Helen X.H; Larsson,Johan.P and Wong,Vivien
07/21 Off-farm employment and agricultural land use efficiency in China Zhao,Qianyu; Bao,Helen X.H and Zhang,Zhanlu
08/21 Connected Markets through Global Real Estate Investments Zhu,Bing and Lizieri,Colin
09/21 The Total Return and Risk to Residential Real Estate Eichholtz,Piet; Korevaar,Matthijs; Lindenthal,Thies and Tallec,Ronan
10/21 Are Estimates of Rapid Growth in Urban Land Values an Artifact of the Land Residual Model? Clapp,John.M; Cohen,Jeffrey.P and Lindenthal, Thies
11/21 Machine Learning, Architectural Styles and Property Values Lindenthal,Thies and Johnson,Erik.B
12/21 Long lease real estate – a revised role for real estate in pension fund portfolios Mansley,Nick and Wang,Zilong
13/21 Can Rainmakers justify their pay? The Role of Invesment Banks in REIT M&AS Zhang,Weiwei; Sun,Tiezhu; Han Lin Goh,Patrick; Wang,Zilong and Mansley,Nick
14/21 Getting the first job: Size and quality of ethnic enclaves and refugee labor market entry Klaesson,Johan and Oner,Ozge
15/21 Ethnic enclaves and self-employment among Middle Eastern immigrants in Sweden: ethnic capital or enclave size? Andersson,Martin; Larsson,Johan.P and Oner,Ozge 
16/21 The Effect of Expected Losses on the Hong Kong Property Market Li,Ling and Wan,Wayne.X
17/21 The Heightened ‘Security Zone’ Function of Gated Communities during the COVID-19 Pandemic and the Changing Housing Market Dynamic: Evidence from Beijing, China Li,Ling; Wan,Wayne.X and He,Shenjing
18/21 Is there a need for reverse mortgages in Germany? Empirical evidence and policy implications Bartsch,Florian; Buhlmann,Florian; Kirschenmann,Karolin and Schmidt,Carolin
19/21 Strong tenant protections and subsidies support Germany’s majority-renter housing market. Brookings Institution brief. In "Comparing Rental Housing Markets Across the Globe Schmidt,Carolin


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01/20 Real Estate Data to Analyse the Relationship between Property Prices, Sustainability Levels and Socio-economic Indicators. Data in Brief Fuerst,Franz and Haddad,Michel.F.C
02/20 Is there an Economic Case for Energy-efficient Dwellings in England's Private Rental Market? Fuerst,Franz and Haddad,Michel.F.C and Adan,Hassan
03/20 Raising the Bar (15) Elhorst,Paul; Abreu,Maria; Amaral,Pedro; Bhattacharjee,Arnab; Bond-Smith,Steven; Chasco,Coro; Corrado,Luisa; Ditzen,Jan; Felsentein,Daniel; Furest,Franz; McCann,Philip; Monastiriotis,Vassilis; Quatraro,Francesco; Temursho,Umed and Yu,Jihai
04/20 Determinants of Energy Consumption and Exposure to Energy Price Risk: A UK Study. Fuerst,Franz; Kavarnou,Dimitra; Singh,Ramandeep and Adan,Hassan 
05/20 Housing Wealth and Residential Energy Consumption in the UK Bao,Helen X.H and Li,Haotong 
06/20 The Return of State Control and Its Impact on Land Market Efficiency Li,Ling; Bao,Helen X.H and Robinson,Guy.M
07/20 The Impact of Urbanization on Farmland Productivity: Implications for China’s Requisition–Compensation Balance of Farmland Policy Deng,Zhongqi; Zhao,Qianyu and Bao,Helen X.H
08/20 Building the COVID-19 Collaborative Emergency Network: a case study of COVID-19 outbreak in Hubei Province, China Liu,Jie; Shi,Zhenwu and Bao,Helen X.H
09/20 Investor Overconfidence and Trading Activity in the Asia Pacific REIT Markets Bao,Helen X.H and Li,Haotong 
10/20 A Link Between East and West: How the Guangzhou–Shenzhen–Hong Kong Express Rail Link Affects Property Prices in Hong Kong Bao,Helen X.H; Mok,Doris Ka Chuen
11/20 The Impact of Home Sharing on Residential Real Estate Markets Bao,Helen X.H and Shah,Saul
12/20 Pricing Efficiency and Bounded Rationality: Evidence Based on the Responses Surrounding GICS Real Estate Category Creation Bao,Helen X.H; Brady,Adam and Wang,Ziyou
13/20 Local Beta: Has Local Real Estate Market Risk Been Priced in REIT Returns? Zhu,Bing and Lizieri,Colin
14/20 A Comparison of Non-Gaussian VaR Estimation and Portfolio Construction Techniques Allen,David; Lizieri,Colin and Satchell,Stephen
15/20 Beauty in the Eye of the Home-Owner: Aesthetic Zoning and Residential Property Values Lindenthal,Thies
16/20 Risk classification of Asian real estate funds and their performance Mansley,Nick; Ching ManTse, Tiffany and Wang,Zilong 
17/20 Disentangling the Brexit vote: The role of economic, social and cultural contexts in explaining the UK’s EU referendum vote. Abreu,Maria and Oner,Ozge
18/20 Ethnic enclaves and segregation—self-employment and employment patterns among forced migrants Klaesson,Johan and Oner,Ozge
19/20 Retail and Place Attractiveness: The Effects of Big-Box Entry on Property Values Daunfeldt,Sven-Olov; Mihaescu,Oana; Oner,Ozge and Rudholm,Niklas
20/20 The return of state control and its impact on land market efficiency in urban China Li,Ling;Bao,Helen X.H and Robinson,Guy.M
21/20 Does Default Risk Matter For Investors in REITS Sha,Yezhou; Wang,Zilong; Bu,Ziwen and Mansley,Nick


Ref Research Title Authors 
01/19 Size effects and economies of scale in European real estate companies Ambrose,Brent.W; Fuerst,Franz; Mansley,Nick; and Wang, Zilong 
02/19 Is there a Scientific Consensus on the Economic Viability of Sustainable Buildings? (in German) Fuerst,Franz and Dalton,Ben
03/19 Housing affordability: Is new local supply the key? Fingleton,Bernard; Fuerst,Franz; and Szumilo,Nikodem
04/19 Tearing down the information barrier: the price impacts of energy efficiency ratings for buildings in the German rental market Cajias,Marcelo; Fuerst,Franz; and Bienert,Sven
05/19 City Profile: Chongqing (1997 – 2017) Bao,Helen X.H; Li, Ling; and Lizieri,Colin 
06/19 ‘Smarter Information, Smarter Consumers’? Insights into the Housing Market Gong, Cynthia.M; Lizieri,Colin; and Bao,Helen X.H
07/19 In Defense of Portfolio Optimisation What If We Can Forecast? Allen,David.J; Lizieri,Colin and Satchell,Stephen.E
08/19 An empirical approach to urban land monopoly: A case study of the city of Barranquilla, Colombia Garza,Nestor; and Lizieri,Colin
09/19 What Motivates a Developer to Sell before Completion? Li,Ling and Chau,K.W
10/19 How do developers price new housing in a highly oligopolistic city? Wong,Siu.K; Li,ling; and Monkkonen,Paavo


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01/18 Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices Fuerst,Franz and Warren-Myers,Georgia
02/18 How present bias forestalls energy efficiency upgrades: A study of household appliance purchases in India Fuerst,Franz and Singh,Ramandeep
03/18 Raising the bar (8) Elhorst,Paul; Abreu,Maria; Amaral,Pedro; Bhattacharjee,Arnab; Corrado,Luisa; Doran,Justin; Fingleton,Bernard; Fuerst,Franz; Garretsen,Harry; Igliori,Danilo; LeGallo,Julie; McCann,Philip; Monastiriotis,Vassilis; Quatraro,Francesco; and Yu,Jihai
04/18 Estimating the Real Implications of Sea Level Rise for Public and Private Property Ownership, Occupation and Management. Warren-Myers,Georgia; Aschwanden,Gideon; Fuerst,Franz; and Krause,Andy
05/18 Does your personality shape your reaction to your neighbours’ behaviour? A spatial study of the diffusion of solar panels Busic-Sontic,Ante; Fuerst,Franz
06/18 Cap rates and risk: a spatial analysis of commercial real estate Unbehaun,Florian; Fuerst,Franz
07/18 Green label signals in an emerging real estate market. A case study of Sao Paulo, Brazil Costa,Odilon; Furest,Franz; Robinson,Spenser.J; Mendes-Da-Silva,Wesley
08/18 Raising the bar (7) Elhorst,Paul; Abreu,Maria; Amaral,Pedro; Bhattacharjee,Arnab; Corrado,Luisa; Doran,Justin; Fingleton,Bernard; Fuerst,Franz; Garretsen,Harry; Igliori,Danilo; LeGallo,Julie; McCann,Philip; Monastiriotis,Vassilis; Quatraro,Francesco; and Yu,Jihai
09/18 Are corporate office buildings priced differently? Costa,Odilon; Furest,Franz; Mendes-Da-Silva,Wesley
10/18 Behavioral Analysis of Housing Satisfaction with Relocations: Field Evidence from China Yan,Jinhai and Bao,Helen X.H

A Behavioral Interpretation of the NAV Discount Puzzle in Listed Real Estate Companies (Version Aug 2017)


Read 2020 Update 

Monson,Sally; Bao,Helen X.H; and Lizieri,Colin
12/18 Increased Tail Dependence in Global Public Real Estate Markets Deng,Yang; Bao,Helen X.H; and Gong,Pu
13/18 Rural Land Rights Reform and Agro-Environmental Sustainability: Empirical Evidence from China Xu,Yuting; Huang,Xianjin; Bao,Helen X.H; Xiang,Ju; Zhong,Taiyang; Zhigang,Chen; Zhou,Yan
14/18 Mega-event effects on the housing market: Evidence from the Beijing 2008 Olympic Games Wang,M; and Bao,Helen X.H;
15/18 Can Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturn Crosby,Neil; Devaney,Steven; Lizieri,Colin; and McAllister,Patrick
16/18 Well-being effects of self-employment: A spatial inquiry. Abreu,Maria; Oner,Ozge; Brouwer,Aleid; and Van Leeuwen,Eveline


Ref Research Title Authors 
01/17 The commercial performance of global airports Fuerst,Franz; and Gross,Sven 
02/17 The role of personality traits in green decision-making Busic-Sontic,Ante; Czap,Natalia.V; and Fuerst,Franz
03/17 Raising the bar (6) Elhorst,Paul; Abreu,Maria; Amaral,Pedro; Bhattacharjee,Arnab; Corrado,Luisa; Doran,Justin; Fingleton,Bernard; Fuerst,Franz; Garretsen,Harry; Igliori,Danilo; LeGallo,Julie; McCann,Philip; Monastiriotis,Vassilis; Quatraro,Francesco; and Yu,Jihai
04/17 Income risk in energy efficient office buildings Szumilo,Nikodem; and Furest,Franz
05/17 The Dynamics of House Prices in Israel and the Effect of the Investor’s Fear Gauge Weiner,Dotan; and Fuerst,Franz
06/17 A green winner's curse? Investor behavior in the market for eco-certified office buildings Furest,Franz; Gabrieli,Tommaso; and McAllister,Patrick
07/17 Raising the bar (5) Elhorst,Paul; Abreu,Maria; Amaral,Pedro; Bhattacharjee,Arnab; Corrado,Luisa; Fingleton,Bernard; Fuerst,Franz; Garretsen,Harry; Igliori,Danilo; LeGallo,Julie; McCann,Philip; Monastiriotis,Vassilis; and Yu,Jihai
08/17 Loss Aversion and Housing Studies Bao,Helen X.H; and Meng, Chunming.C
09/17 Reference-Dependent Analysis of Capital Structure and REIT Performance Bao,Helen X.H; and Gong,Cynthia
10/17  Are We Humans or Are We Econs? - The Effect of Sunk Cost Fallacy in Real Estate Development Decisions Bao,Helen X.H; and Meng, Chunming.C; and Wu,Jing
11/17 House Price Determinants: The Roles of Fundamentals and Sentiments Bao,Helen X.H; and Li,Haotong.S
12/17 Land assembly in Amsterdam, 1832–2015 Lindenthal,Thies; Eichholtz,Piet; and Geltner,David
13/17 Retail city: the relationship between place attractiveness and accessibility to shops Oner,Ozge;
14/17 Who works longer –and why? Regional and individual Characteristics in the timing of retirement. Klaesson,Johan; Lopez,Esteban; and Oner,Ozge
15/17 Location of leisure: the New Economic Geography of leisure services Oner,Ozge; and Klaesson,Johan
16/17 Innovation in the hospitality industry: Firm or location? Backman,Mikaela; Klaesson,Johan; and Oner,Ozge


Ref Research Title Authors 
01/16 Green Signalling Effects in the Market for Energy-Efficient Residential Buildings, Applied Energy Furest,Franz; Oikarienen,Elias; and Harjunen,Oskair
02/16 A Class of its Own? The Role of Sustainable Real Estate in a Conditional Value at Risk Multi-Asset Portfolio Geiger,Peter; Cajias,Marcelo; and Fuerst,Franz
03/16 Green luxury goods? The economics of eco-labels in the Japanese housing market Fuerst,Franz; and Shimizu,Chihiro
04/16 Energy performance ratings and house prices in Wales: An empirical study Fuerst,Franz; McAllister,Pat; Nanda,Anupam; and Wyatt,Pete
05/16 Land use policy and spatiotemporal changes in the water area of an arid region Xu,Fei; Bao,Helen X.H; Li,Huan; Kwan,Mei-Po; and Huang,Xianjin
06/16 Skyscrapers and the economy in Latin America Garza,Nestor; and Lizieri,Colin
07/16 A spatial-temporal assessment of the Land Value Development Tax Garza,Nestor; and Lizieri,Colin
08/16 Monocentric Cyberspace: The Primary Market for Internet Domain Names Lindenthal,Thies
09/16 Retail productivity: The effects of market size and regional hierarchy Oner,Ozge







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