Alois Weigand
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Weigand
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Alois
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alois.weigand@unisg.ch
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+41 71 224 7059

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Do Local Governments Tax Homeowner Communities Differently?

2024-01-07 , Füss, Roland , Lerbs, Oliver , Weigand, Alois

This article investigates whether and how strongly the share of homeowners in a community affects residential property taxation by local governments. Different from renters, homeowners bear the full property tax burden, irrespective of local market conditions, and the tax is more salient to them. “Homeowner communities” may hence oppose high property taxes in order to protect their housing wealth. By merging granular spatial data from a complete housing inventory in the 2011 German Census with historical homeownership rates and housing damages during the Second World War as sources of exogenous variation in local homeownership, we provide empirical evidence that otherwise identical jurisdictions charge significantly lower property taxes when the share of homeowners in their population is higher. This result is invariant to local market conditions, which suggests tax salience is the key mechanism behind this effect. Moreover, we find positive spatial dependence on tax multipliers, indicative of property tax mimicking by local governments.

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Determinanten des Wohnungsbaus und deren Einfluss auf Wohnungspreise in qualitätsbezogenen Teilmärkten

2021-05-27 , Ewertz, Alexander , Füss, Roland , Weigand, Alois

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Private Equity Infrastructure Funds

2023-07-24 , Roland Füss , Daniel Ruf , Alois Weigand , Douglas Cumming , Benjamin Hammer

Private equity infrastructure funds (PEIFs) can take the form of listed, open-end, or closed-end funds. Listed funds are traded on a stock exchange and can issue new shares or buy back existing shares at any time. In the context of open-end and closed-end funds, investors sign a partnership agreement and provide capital as so-called limited partners to the managers of PEIFs, defined as general partners. More specifically, open-end funds continuously issue and redeem shares in response to changes in investor demand and, hence, allow investors to commit and remove capital over an infinite lifetime. In contrast, closed-end funds have a finite lifetime of on average 7 to 12 years, with the option to extend the investment period for another short-term period of usually up to 3 years (Haran et al. 2020). Despite the long-term time horizon of the underlying assets, closed-end funds are the dominant type of funds giving investors access to a diversified portfolio of infrastructure assets.

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Corona lässt Schweizer Betongold bröckeln

2021-10-01 , Dubler, Giulia , Füss, Roland , Weigand, Alois

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Metro's night travel offer on the weekend and its impact on house prices

2023-11-15 , Zheng Chang , Roland Füss , Johannes Von Möllendorff , Jon Olaf Olaussen , Alois Weigand

We examine the impact of introducing a weekend metro night service on housing prices in Frankfurt, Germany. Our identification strategy combines a triple-differences design to estimate the average treatment effect on the treated (ATET). We find both statistically and economically significant ATETs. For housing units located within a 300 m distance of the night service trains, housing value experience an average 22 % increase within a one-year period following the schedule change. This is equivalent to an average increase in home value of EUR 109,835 , or a total value appreciation of the nearby housing stock of more than EUR 32 million. Further, we do not find evidence that the night service trains bring negative externalities, such as noise, for units located within 100 m of train stations.

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Determining Land Values from Residential Rents

2021-03-25 , Füss, Roland , Koller, Jan , Weigand, Alois

The value of land is determined by the locations’ attractiveness and the degree of regulation. When land regulations are binding, e.g. when a restriction on the maximum floor area ratio exists, the best use land price can be directly expressed as a function of the maximum floor area ratio and local amenities. We show theoretically and empirically how this approach can be used to determine land values from residential rents. From our empirical results, we derive two main sources for a monocentric structure of land prices. First, the location attractiveness of centrally located dwellings makes land prices more expensive. Second, as the maximum floor area ratio is high in central areas, the regulation works as a multiplier for land prices and inflates prices accordingly. Our model gives insights into the determinants of urban land prices and provides a useful approach for land appraisal in urban regions where land transactions are scarce.

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Das gestresste Immunsystem der Immobilienmärkte

2022-05-02 , Füss, Roland , Kürschner Rauck, Kathleen , Weigand, Alois

report 02 2022 Das gestresste Immunsystem der Immobilienmärkte Mit Beginn der Covid-19-Pandemie war ein direkter Einfluss auf die Märkte für Gewerbeimmobilien, Wohnliegenschaften sowie Hypotheken spürbar. Ein Autorenteam der Universität St. Gallen zeigt auf, dass das Virus sich als Stresstest auf die als krisenfest geltenden Immobilien ausgewirkt hat. Sie beschreiben milde und schwerere Krisenverläufe der einzelnen Immobilienarten sowie unterschiedliche Zukunftsszenarien.

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COVID-19’s impact on real estate markets: review and outlook

2021-03-25 , Balemi, Nadia , Füss, Roland , Weigand, Alois

As symbolized by vacant office buildings, empty shopping malls and abandoned flats in metropolitan areas, the new coronavirus disease 2019 has severely impacted real estate markets. This paper provides a comprehensive literature review of the latest academic insights into how this pandemic has affected the housing, commercial real estate and the mortgage market. Moreover, these findings are linked to comprehensive statistics of each real estate sector’s performance during the crisis. Finally, the paper includes an outlook and discusses possible future developments in each real estate segment.

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Machine Learning in Empirical Asset Pricing

2019-03 , Weigand, Alois

The tremendous speedup in computing in recent years, the low data storage costs of today, the availability of “big data” as well as the broad range of free open-source software, have created a renaissance in the application of machine learning techniques in science. However, this new wave of research is not limited to computer science or software engineering anymore. Among others, machine learning tools are now used in financial problem settings as well. Therefore, this paper mentions a specific definition of machine learning in an asset pricing context and elaborates on the usefulness of machine learning in this context. Most importantly, the literature review gives the reader a theoretical overview of the most recent academic studies in empirical asset pricing that employ machine learning techniques. Overall, the paper concludes that machine learning can offer benefits for future research. However, researchers should be critical about these methodologies as machine learning has its pitfalls and is relatively new to asset pricing.

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Politische Ökonomie kommunaler Hebesätze bei der Grundsteuer B

2022-03-01 , Füss, Roland , Lerbs, Oliver , Weigand, Alois

Der Beitrag fasst ausgewåhlte Ergebnisse eines mehrjåhrigen Forschungsprojekts der Autoren zusammen, systematische Bestimmungsgraeßen der Grundsteuer B-Hebesåtze in Deutschland empirisch zu ergrçnden. Dabei werden bislang bekannte Einflussfaktoren wie z.B. die Einwohnerzahl oder die Steuerbasis çberprçft. Aber auch Nachbarschaftseffekte und der Einfluss der Wohneigentumsquote werden betrachtet.

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