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CRERC Publications

Publications and working papers produced by the CRERC team from 2016 onwards.

CRERC Publications

2025

Ref	Research Title	Authors
01/25	Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events?	Blok, F. J., and Fuerst, F.
02/25	A Resident-Centric Framework for Postdisaster Infrastructure Recovery: Characterizing Hierarchical Needs and Fulfillment Cycles to Assess Urban Resilience	Zhao, Z., Zhou, X., Lin, Z., Bao, H. X. B., Meng, T., and Fang, D.
03/25	Equal price for equal place? Demand-driven racial discrimination in the housing market	Lepinteur, A., Menta, G., and Waltl, S. R.
04/25	Enhancing real estate investment trust return forecasts using machine learning	Leow, K., and Lindenthal, T.
05/25	IPF Report: The Size and Structure of the UK Property Market: End-2023	Mansley, N.
06/25	Powered by Proximity? The Micro-Locational Behaviour of Knowledge-Intensive Businesses	Chong, C., and Fuerst, F.
07/25	Good jobs, good tenants? Understanding racial and gender discrimination in the housing market	Huang, A. H., and Bao, H. X. B.
08/25	Foreign Investment and Housing Market Stability in Developing Economies: Empirical Evidence from Malaysia	Ismail, N. H., Karim, M. Z. A., and Bao, H. X. B.
09/25	The Effectiveness of Behavioural Interventions on Residential Location Choices and Commute Behaviours: Experimental Evidence from China	Liu, Y., Bao, H. X. B., and Liu, J.
10/25	Book: Behavioural Economic Analysis of Institutional Changes: Lessons Learned from China's Land System Reforms	Bao, H. X. B., and Feng, L.

2024

Ref	Research Title	Authors
01/24	Between Carrots and Sticks, from Intentions to Actions: Behavioural Interventions for Housing Decisions	Bao, H. X. H.
02/24	Political Uncertainty and Carbon Emission Trading: Evidence from China	Tang, T. H., and Bao, H. X. H.
03/24	Understanding Local Government Debt Financing of Infrastructure Projects in China: Evidence based on Accounting Data from Local Government Financing Vehicles	Bao, H. X. H., Wang, Z., and Wu, R. L.
04/24	Social capital and the effectiveness of land use policies: Evidence from rural China	Bao, H. X. H., Jiang, Y., Wang, Z., and Fang, L.
05/24	Is hiding my first name enough? Using behavioural interventions to mitigate racial and gender discrimination in the rental housing market	Bao, H. X. H.
06/24	Unpacking the effects of rural homestead development rights reform on rural revitalization in China	Zhao, Q., Bao, H. X. H., and Yao, S.
07/24	Real Estate Insights: Individuals, beliefs and decision-making in commercial real estate markets: some reflections from the past	Lizieri, C.
08/24	The travel pattern difference in dockless micro-mobility: Shared e-bikes versus shared bikes	Li, Q., Zhang, E., Fuerst, F., and Luca, D.
09/24	Can participation in IMF programs facilitate sovereign debt rescheduling? The role of program size	Bai, Y., Benerji, S., Wang, Z., and Zhang, W.
10/24	Are green and healthy building labels counterproductive in emerging markets? An examination of office rental contracts in India	Banerjee, A., Das, P., and Fuerst, F.
11/24	Direct and spillover effects of a new tramway line on the commercial vitality of peripheral streets: A synthetic-control approach	Grossi, G., Mariani, M., Mattei, A., Lattarulo, P., and Özge, Ö.
12/24	Objective Housing Sales and Rent Prices in Representative Household Surveys: Implications for Wealth, Inequality, Housing Market, and Affordability Statistics	Naidin, M. D., Waltl, S. R., and Ziegelmeyer, M. H.
13/24	House purchase restriction and stock market participation: Unveiling the role of nonpecuniary consideration	Sha, Y., Wang, Z., and Yin, Z.
14/24	The inextricable nature of space and economy	Fratesi, U., Elhorst, P., Abreu, M., Amaral, P., Bond-Smith, S., Corrado, L., Ditzen, J., Felsenstein, D., Franklin, R. S., Fuerst, F., Monastiriotis, V., Piras, G., Quatraro, F., Ravazzolo, F., Tranos, E., Tsiotas, D., and Yu, J.
15/24	Success in tandem? The impact of the introduction of e-bike sharing on bike sharing usage	Li, Q., Luca, D., Fuerst, F., and Wei, Z.
16/24	Land-use efficiency and local government revenue: Evidence from 272 Chinese cities using a novel structural equation modelling approach	Wang, T., Wan, L., and Bao, H. X. H.

2023

Ref	Research Title	Authors
01/23	Good growth, bad growth: Market reaction to capital raising for REIT expansion	Mansley, N., Wang, Z., Weng, X., and Zhang, W.
02/23	Reference Dependence in the UK Housing Market	Bao, H. X. H., and Saunders, R.
03/23	Housing Wealth Distribution, Inequality, and Residential Satisfaction	Bao, H. X. H., and Meng, C. C.
04/23	Political Institutions and Corporate Risk-Taking: International Evidence	Bao, H. X. H., and Cardoza, R.
05/23	Assessing the Ecological Impacts of Coastal Reclamation: An Integrated Index System	Qiu, L., and Bao, H. X. H.
06/23	Building trust after pollution emergency: A strategic perspective on corporate social responsibility	Ma, Y., Ding, Y., Wang, Z., and Zhang, W.
07/23	The Effect of the Policy Mix of Green Credit and Government Subsidy on Environmental Innovation.	Ma, Y., Sha, Y., Wang, Z., and Zhang, W.
08/23	Social Capital, Environmental Justice and Carcinogenic Waste Releases: US County-level Evidence	Ataullah, A., Coleman, S., Lee, H., and Wang, Z.
09/23	Do shared E-bikes reduce urban carbon emissions?	Li, Q., Fuerst, F., and Luca, D.
10/23	Tracking home-owners' sentiments: Subjective indices and convergent validity	Waltl, S. R., and Lepinteur, A.
11/23	Forward to the past: Short-term effects of the rent freeze in Berlin	Hahn, A. M., Kholodilin, K. A., Waltl, S. R., and Fongoni, M.
12/23	Owner-occupied housing, inflation, and monetary policy	Hill, R. J., Steurer, M., and Waltl, S. R.
13/23	iBuyer’s use of PropTech to make large-scale cash offers	Anderson, J. T., Fuerst, F., Peiser, R. B., and Seiler, M. J.
14/23	The heterogeneous relationship of owner-occupied and investment property with household portfolio choice	Felici, M., and Fuerst, F.
15/23	The two-component Beta-t-QVAR-M-lev: a new forecasting model	Haddad, M. F. C., Blazsek, S., Arestis, P., Fuerst, F., and Sheng, H. H.
16/23	Quantifying the non-Gaussian gain	Allen, D., Satchell, S., and Lizieri, C.
17/23	Price diffusion across international private commercial real estate markets	Zhu, B., van Dijk, D., and Lizieri, C.
18/23	The effectiveness of climate change regulations in the commercial real estate market	Akhtyrska, Y., and Fuerst, F.

2022

Ref	Research Title	Authors
01/22	Building Retrofit Hurdle Rates and Risk Aversion in Energy Efficiency Investments	Lai, Y., Papadopoulos, S., Fuerst, F., Pivo, G., Sagi, J., and Kontokosta, C. E.
02/22	Raising the Bar (19)	Elhorst, P., Abreu, M., Amaral, P., Bhattacharjee, A., Bond-Smith, S., Chasco, C., Corrado, L., Ditzen, J., Felsentein, D., Fuerst, F., McCann, P., Monastiriotis, V., Quatraro, F., Temursho, U., and Yu, J.
03/22	Behavioural Land Use Policy Studies: Past, Present, and Future	Bao, H. X. H., and Robinson, G. M.
04/22	Behavioural Interventions for Micro-mobility Adoption: Low-hanging Fruits or Hard Nuts to Crack?	Bao, H. X. H., and Lim, Y.
05/22	Tradable Parking Permits as a Transportation Demand Management Strategy: A Behavioural Investigation.	Bao, H. X. H., and Ng, J.
06/22	Improving Food Security through Entomophagy: Can Behavioural Interventions Influence Consumer Preference for Edible Insects?	Bao, H. X. H., and Song, Y.
07/22	Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate	Crosby, N., Devaney, S., Lizieri, C., and Mansley, N.
08/22	Wandering in the gray: The pricing of housing restricted by land use regulation in Beijing, China	Li, L., and Xia, F.
09/22	On the Strategic Timing of Sales by Real Estate Developers: To Wait or to Presell?	Li, L., Bao, H. X. H., and Chau, K. W.
10/22	Local Beta: Has Local Real Estate Market Risk Been Priced in REIT Returns?	Zhu, B., and Lizieri, C.
11/22	Urban land valuation with bundled good and land residual assumptions	Clapp, J., and Lindenthal, T.
12/22	Making space in geographical analysis	Franklin, R. S., Delmelle, E. C., Andris, C., Cheng, T., Dodge, S., Franklin, J., Heppenstall, A., Kwan, M., Li, W., McLafferty, S., Miller, J. A., Munroe, D. K., Nelson, T., Öner, Ö., Pumain, D., Stewart, K., Tong, D., and Wentz, E. A.
13/22	What drives the distress risk–return puzzle? A perspective on limits of arbitrage	Sha, Y., Bu, Z., and Wang, Z.
14/22	The dark side of social capital: A contextual perspective	Baycan, T., and Öner, Ö.
15/22	Interpretable machine learning for real estate market analysis	Lorenz, F., Willwersch, J., Cajias, M., and Fuerst, F.
16/22	Isolating the net effect of multiple government interventions with an extended Susceptible-Exposed-Infectious-Recovered (SEIR) framework: Empirical evidence from the second wave of COVID-19 pandemic in China	Liu, J., Gao, B., Bao, H. X. H., and Shi, Z.
17/22	Testing machine learning systems in real estate	Wan, W. X., and Lindenthal, T.
18/22	The impact of China’s overseas emigration network on outward foreign direct investment	Ma, Y., Ding, Y., Wang, Z., and Zhang, W.
19/22	Uncertainty premia in REIT returns	Lotz, M., Ruf, D., and Strobel, J.

2021

Ref	Research Title	Authors
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 2023 Update Read Here	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

2020

Ref	Research Title	Authors
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

2019

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

2018

Ref	Research Title	Authors
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
11/18	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

2017

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

2016

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

Working Papers

The Cambridge Real Estate Research Centre regularly publishes research and conference papers to this page. See below for further details.

2025

Ref	Research Title	Authors
01/25	A Framework to Monitor the Effects of External Shocks on Housing Markets	Anja M. Hahn, Sanela Omerovic, and Sofie R. Waltl
02/25	The Impact of Straw Burning on Air Quality in China: An Empirical Analysis Based on Landsat-8 Moderate Resolution Satellite Monitoring Data	Hongwei Xu, Qingqing Liu, and Helen X. H. Bao
03/25	Physical or Perceived City Resilience? Unveiling Disparities Across Recovery Phases Based on Residents’ Needs	Zeyu Zhao, Jiayu Chen, Helen X. H. Bao, Yuhan Zheng, Zhaoyi Li, John E. Taylor, Tianguang Meng, and Dongping Fang
04/25	Beyond the ESG Facade: Measuring and Addressing Corporate “Lip Service”	Jia Xu, Mingwei Liu, and Helen X. H. Bao
05/25	Enhancing Real Estate Investment Trust Return Forecasts using Machine Learning Now Published - Read Here	Kahshin Leow and Thies Lindenthal

2024

Ref

Research Title

Authors

01/24

When the cat is away the mice will not play: The political economy of carbon emission trading systems

Helen X. H. Bao and Tony He Tang

02/24

Enhancing Real Estate Investment Trust (REIT) Return Forecasts via Machine Learning

Now Published - Read Here

Kashin Leow and Thies Lindenthal

2023

Ref	Research Title	Authors
01/23	Between Carrots and Sticks, from Intentions to Actions: Behavioural Interventions for Housing Decisions Now Published - Read Here	Helen X. H. Bao
02/23	Political Uncertainty and Carbon Emission Trading: Evidence from China Now Published - Read Here	Helen X. H. Bao and Tony He Tang
03/23	Unpacking the Effects of Rural Homestead Development Rights Reform on Rural Revitalization in China Now Published - Read Here	Qianyu Zhao, Helen X. H. Bao, and Shurong Yao
04/23	Assessing the Ecological Impacts of Coastal Reclamation: An Integrated Index System Now Published - Read Here	Lefeng Qiu and Helen X. H. Bao
05/23	Equal Price for Equal Place? Demand-Driven Racial Discrimination in the Housing Market Now Published - Read Here	Anthony Lepinteur, Giorgia Menta, and Sofie R. Waltl
06/23	The effectiveness of behavioural interventions on residential location choices and commute behaviours: Experimental evidence from China Now Published - Read Here	Helen X. H. Bao, Yangfanqi Liu, and Jie Liu
07/23	Good Jobs, Good Tenants? Field Evidence of Racial and Gender Discrimination in the UK’s Housing Market Now Published - Read Here	Andrew H. Huang and Helen X. H. Bao

2022

Ref	Research Title	Authors
01/22	Growth and Predictability of Urban Housing Rents	Piet Eichholtz, Matthijs Korevaar, Thies Lindenthal
02/22	Urban Land Valuation with Bundled Good and Land Residual Assumptions Now Published - Read Here	John M.Clapp, Thies Lindenthal
03/22	Towards Accountability in Machine Learning Applications: A System-testing Approach	Wayne Xinwei Wan, Thies Lindenthal
04/22	Housing Wealth Distribution, Inequality, and Residential Satisfaction Now Published - Read Here	Helen Bao and Chunming Meng
05/22	Political Institutions and Corporate Risk-Taking: International Evidence Now Published - Read Here	Helen Bao and Rohan Cardoza
06/22	Is hiding my first name enough? Using behavioural interventions to mitigate racial and gender discrimination in the rental housing market Now Published - Read Here	Helen Bao
07/22	Social Capital and the Effectiveness of Land Use Policies: Evidence from Rural China Now Published - Read Here	Helen Bao, Yan Jiang, Ziyoi Wang and Lei Feng
08/22	Do Shared E-Bikes Reduce Urban Carbon Emissions Now Published - Read Here	Qiumeng Li, Franz Fuerst and Davide Luca

2021

Ref	Research Title	Authors
01/21	When the Iron Hand Shakes the Visible Hand: Financing Infrastructure Projects through Local Government Debts in China Now Published - Read Here	Helen Bao, Robert Liangqi Wu and Ziyou Wang
02/21	Behavioural Interventions for Micro-mobility Adoption: Low-hanging Fruits or Hard Nuts to Crack? Now Published - Read Here	Helen Bao and Yi Lim
03/21	Off-farm employment and agricultural land use efficiency in China Now Published - Read Here	Qianyu Zhao, Helen Bao, Zhanlu Zhang
04/21	The Fall and Rise of Social Housing: 100 Years on 20 Estates Now Published - Read Here	Helen Bao
05/21	Is there a need for reverse mortgages in Germany? Empirical evidence and policy implications	Florian Bartsch, Florian Buhlmann, Karolin Kirschenmann, Carolin Schmidt
06/21	Strong tenant protections and subsidies support Germany’s majority-renter housing market. Brookings Institution brief. In "Comparing Rental Housing Markets Across the Globe	Carolin Schmidt
07/21	Machine Learning, Architectural Styles and Property Values	Thies Lindenthal and Erik B. Johnson
08/21	The Total Return and Risk to Residential Real Estate	Piet Eichholtz, Matthijs Korevaar, Thies Lindenthal, Ronan Tallec
09/21	Are Estimates of Rapid Growth in Urban Land Values an Artifact of the Land Residual Model? Now Published - Read Here	John M.Clapp, Jeffrey P. Cohen, Thies Lindenthal
10/21	Tradable parking permits as a transportation demand management strategy: A behavioural investigation Now Published - Read Here	Helen Bao and Joelle Ng

2020

Ref	Research Title	Authors
01/20	The Total Return and Risk to Residential Real Estate	Piet Eichholtz, Matthijs Korevaar, Thies Lindenthal and Ronan Tallec
02/20	Local Beta: Have Location Risks Been Priced in REIT Returns? Now Published - Read Here.	Bing Zhu, Colin Lizieri
03/20	Machine Learning, Architectural Styles and Property Values Now Published - Read Here.	Thies Lindenthal, Eric B Johnson
04/20	Could Loss Aversion Retain on the Market? Evidence from the Hong Kong Property Market	Christina Li and Wayne Wan
05/20	Diversification Potential in Real Estate Portfolios	Bertrand Candelon, Franz Fuerst and Jean-Baptiste Hasse
06/20	Light at the end of the tunnel: The Impacts of expected major transport improvements on residential property prices	Helen Bao, Johan Larsson and Vivien Wong

2019

Ref

Research Title

Authors

01/19

500 Years of Urban Rents, Housing Quality and Affordability

Piet Eichholtz, Matthijs Korevaar and Thies Lindenthal

02/19

Housing Wealth and Residential Energy Consumption in the UK

Now Published - Read Here.

Helen Bao and Steven Li

03/19

Investor overconfidence and trading activity in the Asia Pacific REIT markets

Now Published - Read Here.

Helen Bao and Steven Li

04/19

On the Strategic Timing of Sales by Real Estate Developers: To Wait or Pre-sell?

Now Published - Read Here.

Christina Li, Helen Bao and Prof K W Chau

05/19

Public Services, Real Estate Taxes and Fees, and Housing Prices in China: A Study Based on Chinese-style Decentralisation

Yanfen Huang, Chao Zhang, Helen Bao and Huayi Yu

06/19

Machine Learning, Building Vintage and Property Values

Thies Lindenthal and Erik B Johnson

07/19

Reference Dependence, Loss Aversion and Residential Property Development Decisions

Now Published- Read Here.

Helen Bao, Charlotte Chunming Meng and Jung Wu

08/19

Tearing down the information barrier: the price impacts of energy efficiency ratings for buildings in the German rental market

Now a published paper - Read Here.

Marcelo Cajias, Franz Fuerst and Sven Bienert

09/19

Policy Uncertainty and Real Estate Development in China

Christina Li, Helen Bao, Enwei Zhu and Hongyu Liu

10/19

Urban land marketization in China: a supply side analysis

Christina Li, Helen Bao and Guy Robinson

2018

Ref	Research Title	Authors
01/18	Behavioural Analysis of Housing Satisfaction with Relocations: Field Evidence from China Now Published - Read Here.	Jinhai Yan and Helen X H Bao
02/18	Increased Tail Dependence in Global Public Real Estate Markets Now Published- Read Here.	Yang Deng, Helen X H Bao and Pu Gong
03/18	Currency Risk Management for Investors in Asia Pacific Non-Listed Real Estate Funds	Nick Mansley and Zilong Wang
04/18	Housing affordability: Is new local supply the key?	Bernard Fingleton, Franz Fuerst and Nikodem Szumilo

2017

Ref	Research Title	Authors
01/17	Land Assembly in Amsterdam, 1832-2015 Now Published- Read Here.	Thies Lindenthal, Piet Eichholtz and David Geltner
02/17	Income risk in energy efficient office buildings Now Published- Read Here.	Nikodem Szumilo and Franz Fuerst
03/17	The Dynamics of House Prices in Israel and the Effect of the Investor's Fear Gauge	Dotan Weiner and Franz Fuerst
04/17	A Behavioral Interpretation of the NAV Discount Puzzle in Listed Real Estate Companies Now Published - Read Here.	Sally Monson, Helen Bao and Colin Lizieri

2016

Ref	Research Title	Authors
01/16	Energy Performance Ratings and House Prices in Wales: An Empirical Study Now Published - Read Here.	Franz Fuerst, Prof Pat McAllister, Dr Anumpam Nanda and Prof Pete Wyatt
02/16	A commercial real estate index for an emerging market: The case of Beijing	Franz Fuerst, Xuefeng Liu and Prof Colin Lizieri
03/16	Green Clientele Effects in the Housing Market	Franz Fuerst, Elias Oikarinen and Oskari Harjunen
04/16	Monocentric Cyberspace: The Primary Market for Internet Domain Names Now Published - Read Here.	Thies Lindenthal
05/16	Information Supply and Demand in Securitized Real Estate Markets	Jan-Otto Jandl and Franz Fuerst
06/16	Conceptualising the role of personality traits in making investment decisions: The case of residential energy efficiency	Ante Busic-Sontic and Franz Fuerst
07/16	Beauty in the Eye of the Home-Owner: Aesthetic Zoning and Residential Property Values Now Published - Read Here.	Thies Lindenthal
08/16	Personality traits and energy efficiency in the UK residential market	Ante Busic-Sontic, Franz Fuerst, Natalia Czap
09/16	Are Energy Efficiency Ratings ignored in the German housing market? – evidence from a large-sample hedonic study	Marcelo Cajias, Franz Fuerst and Sven Bienert