Roland Füss
Title
Prof. Dr.
Last Name
Füss
First name
Roland
Email
roland.fuess@unisg.ch
Phone
+41 71 224 70 01
RePec
http://ideas.repec.org/e/pfs2.html
SSRN
http://ssrn.com/author=379221
123 results
Now showing 1 - 10 of 123
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Item type:Publication, The Low-Carbon Rent Premium of Residential Buildings(Routledge (United Kingdom), 2026-06-26); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Residential Rent Externalities of Photovoltaic Systems: The Relevance of ViewIn a three-dimensional topographic model of Switzerland, we study how the view at photovoltaic (PV) systems affects residential real estate. Our hedonic difference-in-differences regressions provide evidence that the view at a PV system is associated with lower residential rents. We consider different view types to examine amplifiers and attenuators of these negative externalities. Using municipal voting results and data on electric vehicles, we document causal pathways of the effect that align with stated and lived preferences for sustainability. Similar causal pathways of negative externalities are evident through municipalities’ solar energy production potential and their local demand elasticities for housing.Type:journal articleJournal:Regional Science and Urban EconomicsVolume:114Scopus© Citations 2 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Do Local Governments Tax Homeowner Communities Differently?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.Type:journal articleJournal:Real Estate EconomicsVolume:52Issue:2 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Investing in Your Alumni: Endowments' Investment Choices in Private Equity(2023-11); ; We investigate the role of alumni ties in university endowments' decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that are managed by the alumni of their own alma mater. This finding is more pronounced for less prestigious and less private equity experienced university endowments. Thus, our results are not only dominated by institutions with a larger proportion of active alumni in the private equity industry. Furthermore, we observe that alumni ties are not associated with better performance compared to other endowment investments where such a tie does not exist.Type:journal articleJournal:Journal of Financial Services ResearchIssue:November 2023Scopus© Citations 2 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Metro's night travel offer on the weekend and its impact on house prices(Elsevier, 2023-11-15); Scopus© Citations 7 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Information Precision and Return Co-Movements in Private Commercial Real Estate MarketsWe test for return co-movements among international commercial real estate markets. Our spatial econometric model estimates the market exposure to the performance of a reference portfolio. This benchmark portfolio contains all markets with a higher level of transparency, which reveals valuable information about the pricing mechanism. Empirical evidence suggests that these indirect effects transmit from more transparent to less transparent markets. We then study the predictive power of different familiarity-based channels to overcome entry barriers by predicting returns in less transparent property markets. The evaluation of the prediction performance indicates that observed price signals in highly transparent markets are attributed to less transparent markets, which we interpret as informational herding.Type:journal articleJournal:Journal of Banking & FinanceIssue:138Scopus© Citations 3 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, COVID-19’s impact on real estate markets: review and outlookAs 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.Type:journal articleJournal:Financial Markets and Portfolio ManagementVolume:35Issue:3Scopus© Citations 109 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Determinanten des Wohnungsbaus und deren Einfluss auf Wohnungspreise in qualitätsbezogenen TeilmärktenType:journal articleJournal:Swiss Real Estate JournalIssue:22 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Determining Land Values from Residential RentsThe 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.Type:journal articleJournal:LandVolume:10Issue:4Scopus© Citations 7 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The cross-over effect of irrational sentiments in housing, commercial property, and stock marketsThis paper examines the dependence in irrational sentiments across housing, commercial property, and stock markets. Our empirical results document an important and lasting impact that commercial real estate sentiment and returns have on broader financial markets. We also show that the cross-over effects of market sentiments are not consistent with cross-over effects in market returns. Sentiments and returns in housing and stock markets exhibit strong dependence on other markets, whereas they evolve independently in commercial real estate. While housing and stock market returns respond to irrational sentiment in commercial real estate markets, the opposite is not true.Type:journal articleJournal:Journal of Banking and FinanceIssue:114Scopus© Citations 25