European Business School London

About: European Business School London is a based out in . It is known for research contribution in the topics: Real estate investment trust & Empirical research. The organization has 323 authors who have published 636 publications receiving 17446 citations. The organization is also known as: EBS London.

The Predictive Power of Anisotropic Spatial Correlation Modeling in Housing Prices

Abstract: This paper develops a method to capture anisotropic spatial autocorrelation in the context of the simultaneous autoregressive model. Standard isotropic models assume that spatial correlation is a homogeneous function of distance. This assumption, however, is oversimplified if spatial dependence changes with direction. We thus propose a local anisotropic approach based on non-linear scale-space image processing. We illustrate the methodology by using data on single-family house transactions in Lucas County, Ohio. The empirical results suggest that the anisotropic modeling technique can reduce both in-sample and out-of-sample forecast errors. Moreover, it can easily be applied to other spatial econometric functional and kernel forms.

Factors that Influence the Performance of Office Properties

Abstract: Unlike for other asset classes the performance of direct property has been researched only to a small extent, especially as single-property data are hardly available. This study for the first time investigates the performance of direct property in Germany based on single-property data.Aims of the research are the identification of relevant market and property related performance factors, which lead to conclusions about the optimal selection of property investments. Due to the known heterogeneity of property it is obvious that this can best be achieved through investigating single-property data, as in this study.Cross-sectional analyses include indicators for market attractiveness and for the relative market positioning of each property. Among these are socio-economic data, property market data and geo-coded single-property data. Performance data and tenancy data were obtained from IPD. The investigated sample comprises 662 office properties, all of which were geo-coded and equipped with distance and driving times to local POI. Regression analyses were conducted with Total Return, Income Return and Capital Growth as dependent variables.The results show that differences in the performance to a large extent depend on property management abilities. The valuation yield, as expected, is of major importance for property performance. Capital Growth and Income Return are largely affected by a different set of factors, while deviations between Total Returns mainly stem from the Capital Growth component.

Thesen zum Controlling

Abstract: Im Folgenden werden die Grundzuge unserer Sicht des Controlling und der Controllertatigkeit in Form von Hypothesen dargestellt. Da verschiedene Aspekte dieser Sicht in den letzten Jahren in einer Reihe von Beitragen (weiter)entwickelt wurden, erscheint es nun sinnvoll, den Kern des aktuellen Stands unserer Theorieentwicklung integrativ, knapp und doch moglichst prazise zu fassen.1

Disentangling the Short and Long-Run Effects of Occupied Stock in the Rental Adjustment Process

Abstract: In the current stand of literature on the rental adjustment process starting with Hendershott et al. (Real Estate Economics, 30, 165-183, 2002a, Journal of Real Estate Finance and Economics, 24, 59-87, 2002b) it has become practice to treat the compound variable “occupied stock” as a supply variable. In this study we show that this variable deserves a more critical investigation and that the general view of a supply variable may be misleading. Using panel data covering 30 urban areas for 17 years, we investigate the rental adjustment process in the German office market. The application of recently developed cointegration techniques for non-stationary panel data in conjunction with the corresponding error correction model (ECM) enables us to overcome the data limitations, particularly existent for most European real estate markets. Hence, our primary motivation is (a) to demonstrate how “occupied stock” should be interpreted correctly and (b) to provide useful insights into the long-term relationships and short-run dynamics of real office prime rents. The empirical evidence suggests that a one percent rise in office employment increases real rents on average by 1.64% through higher demand for office space. On the other hand, a one percent increase in the supply of office space decreases real rents in the long run by 2.25%. The results from the error correction model show that deviations from the long-run equilibrium lead to an adjustment process which restores equilibrium within approximately 3 years.

Project Knowledge Management Organizational Design and Success Factors - An Empirical Study in Germany

Abstract: The efficient and effective management of projects is a key success factor for many organizations. Empirical studies indicate that systematic know-how transfer from, between and within projects has significant impact on the success of projects. However, the role of knowledge management in projects has been insufficiently investigated. This research aims at spotting the status quo and causalities of project knowledge management in a sample of companies from different industries and to identify success factors. Based on 27 interviews, the current status, determinants and good practices of effective knowledge management in project environments are identified. The determinants and good practices can be traced back to four categories: cultural, organizational, structural, and processrelated aspects. The interrelations between these and project knowledge effectiveness and project success are statistically investigated based on a survey with a sample of 495 questionnaires. Based on the understanding of success factors and cause-andeffect relations management implications are developed.