4-5 JULY 2024
8TH HOSPITALITY FINANCE &ECONOMICS CONFERENCE
Jointly-organized byHitotsubashi University
EHL Hospitality Business School
NUS Institute of Real Estate & Urban Studies

Venue :International House of Japan(https://ihj.global/en/)

Supported by
MEXT KAKENHI

Conference Program(Grants-in-Aid for Scientific Research)obtainbed by Prof. Chihiro Shimizu

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8TH HOSPITALITY FINANCE & ECONOMICS CONFERENCE

Day 1 – Thursday, 4 July
09:00 – 09:25 Registration
09:25 – 09:30 Welcome Address

Session 1: Paper Presentations – Property Market
Chair: Chihiro Shimizu, Hitotsubashi UniversityFine-Grained Spatial Analysis of Price-to-Rent Ratios in Tokyo MSA
Xiangyu Guo, PBCSF, Tsinghua University
Takatoshi Ito, Columbia University
Chihiro Shimizu, Hitotsubashi University
Discussant: Liang Peng

09:30 - 11:30

Space Market Matching as Jigsaw Puzzle Games: the Abundance Premium
Liang Peng, Penn State University
Xue Xiao, Virginia Tech
Discussant: Shotaro Watanabe

Strategic Default, Foreclosure Delay and Post-Default Wealth Accumulation
Gianluca Marcat, University of Reading
Shotaro Watanabe, Colliers International Japan KKBing Zhu, Technical University of Munich
Discussant: Xiangyu Guo

11:30 – 12:00 BreakSession 2: Keynote Speech:

A Tale of Two Whales, How to build up alternatives at GPIF and the University Fund in Japan
Professor Takatoshi Ito
School of International and Public Affairs, Columbia University, and12:00 – 13:00
Director of the Program on Public Pension and Sovereign Funds,
Center on Japanese Economy and Business, Columbia Business School
13:00 – 14:00 Networking Lunch

Session 3: Paper Presentations – Innovation and Technology
Chair: René-Ojas Woltering, EHL Hospitality Business School, HES-SO
What Do We Learn from Mobile Phone Location Data about Mobility and Housing
During Covid-19
Shizhen Wang, University College LondonStanimira Milcheva, University College London
Nikodem Szumilo, University College London

14:00 – 15:20 Discussant: Bertram Steininger
Real Estate Tokens: Exploring the Long-Term Relationships with Major AssetClassesFatemeh Mottaghi, KTH Royal Institute of Technology
Bertram I. Steininger, KTH Royal Institute of Technology
Discussant: Shizhen Wang

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8TH HOSPITALITY FINANCE & ECONOMICS CONFERENCE

15:20 – 15:50 Tea break

Session 4: Paper Presentations – Housing Price
Chair: Masaki Mori, EHL Hospitality Business School, HES-SO
Guns and Houses: New Empirical Findings of Gun Control and Property Values
Yifan Chen, University of Hawaii at Manoa
Liang Peng, Penn State University

15:50 – 17:10

Discussant: Yoshiki Shimizu

The Impact of Homeless Encampments on Housing Prices
Jarl G. Kallberg, Washington State University
Yoshiki Shimizu, Hitotsubashi University
Discussant: Yifan Chen

17:10 – 17:15 Day 1 Closing Remarks

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8TH HOSPITALITY FINANCE & ECONOMICS CONFERENCE

Day 2 – Friday, 5 July
09:25 - 09:30

Welcome Address & Day 1 Recap

Session 5: Paper Presentations – ESG I
Chair: René-Ojas Woltering, EHL Hospitality Business School, HES-SO
Climate Transition Risk and Commercial Real Estate
Xue Xiao, Virginia Tech

Discussant: Chyi Lin Lee

Carbon Pricing Initiatives, Environmental Responsibility, and Financial
Performance: Empirical Evidence from Global Listed Real Estate
09:30 – 11:30

Chyi Lin Lee, University of New South Wales
Jerry Liang, Queensland University of Technology
Discussant: Masaki Mori

From Policy to Progress: Unravelling the Innovation Effects of China's Listed
Company under Smart City Initiatives
Hua Fan, University of BathMasaki Mori, EHL Hospitality Business School, HES-SO
Chen Zheng, University of BathDiscussant: Xue Xiao

11:30 – 12:00

BreakSession 6: Keynote Speech:

Demographic Waves, Pandemic Storms: The Future of Real Estate in an Evolving Landscape
12:00 – 13:00

Professor Kwan Ok Lee, National University of Singapore
Deputy Head in the Department of Real Estate
Dean’s Chair

13:00 – 14:00

Networking Lunch

Session 7: Paper Presentations – ESG II
Chair: Masaki Mori, EHL Hospitality Business School, HES-SO
The Impact of Energy Efficiency on UK Hotel Sector Transaction Values
René-Ojas Woltering, EHL Hospitality Business School, HES-SO
David H. Downs, Virginia Commonwealth University
Seong Wook Park, EHL Hospitality Business School, HES-SO

14:00 – 15:20

Discussant: Lingshan Xie

ESG Investors and Local Greenness: Evidence from Infrastructure Deals
Lingshan Xie, University College London
Stanimira Milcheva, University College London
Discussant: David H. Downs

15:20 – 16:00

Break & Panel setup

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Session 8: Panel Discussion:Moderator: Professor Joseph Ooi
National University of Singapore
Panelists:

16:00 – 17:10

Panel Discussions on New Perspectives
on the Real Estate Investment Market

Mr. Akihiro Nakao
Kenedix, Inc.
Executive Officer, Head of Digital
Securitization Department
Mr. Taiji Shiroyama
RQR Japon
Managing Director

17:10 – 17:30Q&A with Panellists

17:30 – 18:30

Transfer by taxis to Funasei(https://www.funasei.com.e.aad.hp.transer.com/shared/)If you plan to bring your partner to the dinner, it would be best to ask them to cometo the conference venue by 17:30 and go to the dinner venue together.

Closing dinner
18:30 – 21:30

End of HFE 2024

(Source: http://yakatabune.tokyo/gallery/)58TH HOSPITALITY FINANCE & ECONOMICS CONFERENCE

GUEST SPEAKERS
Prof. Takatoshi Ito
Professor at the School of International and Public Affairs, Columbia UniversityTakatoshi Ito is the director of the Program on Public Pension and Sovereign
Funds and associate director of research at the Center on Japanese Economy
and Business of Columbia Business School. He is also a professor at the Schoolof International and Public Affairs at Columbia University. He has taught
extensively both in the United States and Japan since finishing his PhD in
economics at Harvard University in 1979. He taught as assistant and tenured
associate professor (1979-88) at the University of Minnesota, as associate andfull professor at Hitotsubashi University (1988-2002), as professor at the Graduate
School of Economics at University of Tokyo (2004-2014) before assuming hiscurrent position in 2015. He held visiting professor positions at Harvard University,Stanford University, Columbia Business School, and the National Graduate
Institute for Policy Studies, and the Tun Ismail Ali Chair Professor at the Universityof Malaya. He has distinguished academic and research appointments such aspresident of the Japanese Economic Association in 2004, fellow of theEconometric Society since 1992, research associate at the National Bureau ofEconomic Research since 1985, and faculty fellow at the Centre for Economic
Policy Research since 2006. He was editor-in-chief of the Journal of the Japaneseand International Economies and is co-editor of the Asian Economic Policy
Review. In an unusual move for a Japanese academic, Ito was also appointed topositions in the official sector, as senior advisor in the Research Department at
the International Monetary Fund (1994-97) and as deputy vice minister forInternational Affairs at the Ministry of Finance, Japan (1999-2001). He served asa member of the Prime Minister’s Council on Economic and Fiscal Policy (20062008).
In 2013, Ito chaired a committee to reform the asset management benchmark ofGovernment Pension Investment Fund (GPIF) with a total asset value of 130
trillion yen (in 2013). In 2021, Ito chaired a committee to make asset management
guidelines for a newly created National University Fund with a total asset value of
10 trillion yen. He frequently contributes op-ed columns and articles to FinancialTimes, Project Syndicate, and Nihon Keizai Shinbun. He is the author of many
books including The Japanese Economy (MIT Press, 1992; and the secondedition, in 2020, with Takeo Hoshi), The Political Economy of the Japanese
Monetary Policy (1997) and Financial Policy and Central Banking in Japan (2000)(both with T. Cargill and M. Hutchison, MIT Press), Managing Currency Risk: HowJapanese Firms Choose Invoicing Currency (Elgar, 2018, with Satoshi Koibuchi,Kiyotaka Sato and Junko Shimizu); and ESG Investing (in Japanese, Nikkei Pub.,with Keiko Honda); more than 130 academic (refereed) journal articles, including
in Econometrica, American Economic Review, and Journal of Monetary
Economics; and chapters in books on international finance, monetary policy, andthe Japanese economy. His research interests include capital flows and currency
crises, microstructures of the foreign exchange rates, and inflation targeting. Hewas awarded the National Medal with Purple Ribbon in June 2011 for his excellent
academic achievement.

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8TH HOSPITALITY FINANCE & ECONOMICS CONFERENCE

Prof. Kwan Ok Lee
Associate Professor at the Business School, National University of Singapore
Kwan Ok Lee is an Associate Professor and Dean's Chair at the Business Schoolat the National University of Singapore (NUS). She also serves as the Deputy
Head in the NUS Department of Real Estate. Recognized for her teachingexcellence, Kwan Ok has received numerous awards, including the Annual
Teaching Excellence Award for 2016/2017, the Business School Teaching
Excellence Awards for 2020/2021 and 2022/2023, and the School TeachingExcellence Awards for 2015/2016, 2016/2017, and 2018/2019.
At the intersection of real estate and urban planning, Kwan Ok's research delves
into housing and urban neighborhoods—the spaces where households reside andinteract within geographically localized communities within a big city. Her current
research interests include household residential choice, neighborhood dynamics,neighborhood effects, and housing affordability. Her recent work has been
published in leading academic journals such as Nature Mental Health, the Journalof Urban Economics, Real Estate Economics, and Habitat International.
Kwan Ok serves as Editor, Co-Editor, or Associate Editor of four prominent
journals in the field of housing and urban planning, including Housing Studies,Territory, Politics, Governance, the International Journal of Urban Sciences, andthe Journal of Housing and the Built Environment. She also sits on the editorial
boards of nine peer-reviewed journals, including Housing Policy Debate and theJournal of Korea Planning Association. Additionally, she is a board member of theAsian Real Estate Society (AsRES) and represents AsRES on the International
Real Estate Society Board.
Her policy engagement encompasses collaborations with and consultation forleading international organizations and government bodies such as the AsianDevelopment Bank, the World Bank, the Office of Policy Development andResearch of the U.S. Department of Housing and Urban Development, the Urban
Land Institute, the Ministry of Land, Infrastructure and Transport of South Korea,
and the Singapore's Ministry of National Development. Through these efforts, she
has facilitated knowledge transfer, securing around S$1.9 million in research
grants.
Prior to joining NUS, Kwan Ok received her PhD in Policy, Planning, andDevelopment from the University of Southern California and a Master in Urban
Planning from Harvard University.

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MODERATOR
Prof. Joseph T.L. Ooi
Professor at the Business School, National University of Singapore
Joseph Ooi is a Professor of Real Estate in Business School at the National
University of Singapore (NUS), where he is serving as Co-Director of the Instituteof Real Estate and Urban Studies (IREUES) and director of the Executive
Certificate in Real Estate Finance (ECREF) programme. He was President of theInternational Real Estate Society, which is a federation of six regional academic
societies, from 2020 to 2021.
Joseph served as Vice-Dean (Academic) of the School of Design andEnvironment (SDE), NUS (2016-2021), Deputy Director IREUS, NUS (20152021) and exco of Urban Land Institute (ULI), Singapore (2018-2021). He wasexternal examiner/reviewer for University of Reading (2011-2014) and Universityof Auckland (2021) and as a board member of the Asian Real Estate Society(2012-2018). He sits on the editorial boards of many academic journals in realestate. Joseph received the International Real Estate Society’s Achievement
Award in 2008 for his outstanding contribution to research, education and practiceat the international level.
A highly versatile teacher who excels at teaching a broad range of subjects,Joseph is equally adept at teaching undergraduates, graduates and executives.
He has conducted training courses for various organizations in Singapore andoverseas. Joseph is a recipient of the NUS Outstanding Educator Award, whichis the highest award for teaching in the university. He was inducted as a Fellow of
the NUS Teaching Academy (2012-2021).
Joseph has published more than 50 peer-reviewed papers on Real Estate
Investment Trusts (REITs) and Real Estate Development in top real estatejournals. A winner of more than 20 best paper awards, Joseph received the NUS
Young Researcher Award (2005) and Dean's Chair (2015). He was inducted as a
Fellow of the US-based Weimer School of Advanced Studies in Real Estate andLand Economics in 2017 for his outstanding and impactful scholarly
accomplishments.

88TH HOSPITALITY FINANCE & ECONOMICS CONFERENCECONVENERS

Prof. Chihiro
Shimizu

Prof. Masaki
Mori

Prof. René-Ojas
Woltering

Hitotsubashi
University

EHL Hospitality
Business School

EHL Hospitality
Business School

9Prof. Joseph Ooi
National
University ofSingapore

8TH HOSPITALITY FINANCE & ECONOMICS CONFERENCE

List of participantsFirst Name

Last Name

Emailddress

Institution

Erdal
YifanDavid
XiangyuTakatoshi
Chyi Lin
Kwan Ok
Jerry
Stanimira
Masaki
JosephLiang
ChihiroYoshikiBertram
ShizhenShotaroRené-Ojas
Xue
Lingshan

Aydın
Chen
Downs
Guo
ItoLeeLee
Liang
Milcheva
Mori
Ooi
Peng
Shimizu
Shimizu
Steininger
Wang
Watanabe
Woltering
Xiao
Xie

erdalaydin@sabanciuniv.edu
yifanc@hawaii.edu
dhdowns@vcu.edu
guoxy@pbcsf.tsinghua.edu.cn
tito@columbia.edu
chyilin.lee@unsw.edu.aukwan.lee@nus.edu.sg
j30.liang@qut.edu.au
S.milcheva@ucl.ac.uk
masaki.mori@ehl.ch
joseph.ooi@nus.edu.sg
pul16@psu.edu
c.shimizu@r.hit-u.ac.jp
yshimizu@hub.hit-u.ac.jp
bertram.steininger@abe.kth.se
shizhen.wang.21@ucl.ac.uk
shotaro.watanabe@colliers.com
rene-ojas.woltering@ehl.ch
xux23@vt.edu
lingshan.xie.18@ucl.ac.uk

Sabancı University
University of Hawaii at Manoa
Virginia Commonwealth University
PBCSF, Tsinghua University
Columbia University
University of New South Wales
National University of Singapore
Queensland University of Technology
University College London
EHL Hospitality Business School
National University of Singapore
Penn State University
Hitotsubashi University
Hitotsubashi University
KTH Royal Institute of Technology
University College LondonColliers International Japan KK
EHL Hospitality Business School
Virginia Tech
University College London

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8TH HOSPITALITY FINANCE & ECONOMICS CONFERENCE

NOTES

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NOTES12

Conference Venue
International House of Japan (https://ihj.global/en/)

For more information, please contact: hfec2024@edu.sds.hit-u.ac.jp

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