Hospitality Finance & Economics Conference
27-28 JUNE 2019,
Ecole hôtelière de Lausanne (EHL)
Switzerland

CONFERENCE PROGRAM**Subject to changes

DAY 1 - Thursday, June 27th
08:30

Arrival & Welcome Coffee
Dr Laura Zizka
Assistant Professor, HFE Conference Hostess of the Ceremony,
EHL, CH
Prof. Michel Rochat
CEO, EHL Group, CH

09:00

Inaugural Talk

Dr Inès Blal
Executive Dean, EHL, CH
Dr Prashant Das
Associate Professor, Acting Director of Real Estate, Finance &Economics Institute, EHL, CH
Dr Jean-Philippe Weisskopf
Associate Professor, HFE Conference Co-Convener, EHL, CH09:15

Keynote Lecture
Evolution of Commercial
Real Estate Indices:
A Historical Narrative

10:30

Coffee BreakPlenary Session #1
Real Estate Investment
11:00

Session Chair
Roland Füss
Chair Professor, University ofSt. Gallen, CH

12:30

Lunch

13:45

Keynote Lecture
An Index of
Tourist Satisfaction andSubjective Well-being

Ecole hôtelière de Lausanne

Dr Jeffrey Fisher
Professor Emeritus, Indiana University, USA

Quality, Deal Size, and Investment Returns of Commercial Real
EstateLiang Peng, The Pennsylvania State University, USA
Discussant: Roland Füss, Chair Professor, University of St. Gallen,CHREITs, Underlying Property Markets and Liquidity: A Firm-LevelAnalysis
David Downs, Virginia Commonwealth University, USA andBing Zhu, University of Reading, UK
Discussant: Liang Peng, The Pennsylvania State University, USHow Does Transparency Affect Property Investment Volumes?
Cornelia Agyenim-Boateng, University of Reading, UK andAnupam Nanda, University of Reading, UK
Discussant: Spenser Robinson, Central Michigan University, USDr Gang Li
Professor, Director of International Relations, University ofSurrey, UK2

STR & EHL’s Hotel Optimal Occupancy Rate Indices
Naureen Ahmed, Director, Marketing, Research & Analysis , STR,UKEHL’s European Hotel Valuation Index
Dr Rene-Ojas Woltering, Assistant Professor, EHL, CH

15:00

EHL & Partner Indices

EHL’s Wine Index
Dr Philippe Masset, Associate Professor, EHL, CH andDr Jean-Philippe Weisskopf, Associate Professor, EHL, CH
EHL’s Swiss Hotel Room Nights Forecasting Index
Dr Giuliano Bianchi, Assistant Professor, EHL, CH
Beach Litter Distribution Index
Dr Yong Chen, Assistant Professor, EHL, CH

16:00

Coffee BreakAnne-Marie Auriault
Managing Director, Pimlico Asset Management, CH
Dr Miroslav DuranaDirector, DuraWealth, CH

16:30

Industry Expert PanelChallenges of Creating andConsuming Indexes

Dr Roland Füss
Chair Professor, University of St. Gallen, CH

Hosted byThanos Papasavvas
CFA, ABP Invest, UK

Jane Lees
Executive Director, CBRE, UK

Steve HoodSenior VP of Research, STR, USA

Vanguelis Panayotis
COO, MKG Group, FR
Christophe Piffaretti
Fund Manager, Credit Suisse REF Hospitality, CH

17:45

Cocktail & Networking

Ecole hôtelière de Lausanne

3DAY 2 - Friday, June 28th
08:30

Registration &Welcome Coffee

09:00

Keynote Lecture
Development of a Hotel
Valuation Index

10:00

Coffee BreakDr Crocker Liu
Professor, Cornell University, USA

The Effects of Regulating the Housing Short-Term Rental
Market: Evidence from New Orleans
Maxence Valentin, The Pennsylvania State University, USADiscussant: Philippe Masset, Associate Professor, EHL, CH

Parallel Paper Session #2a
Sharing Economy
10:30

Session Chair
Paolo Figini
Associate Professor, Univ. ofBologna, IT

When Will New Listings Boost or Dent an Incumbent Listing's
Revenue Performance? An Empirical Examination
Laurie Wu, Temple University, USA and
Karen Xie, Denver University, USA
Discussant: Maxence Valentin, The Pennsylvania State University,USIdentifying the Explanatory Factors of the Spatial Distribution ofAirbnb in Switzerland
Antoni Domènech, Universitat Rovira i Virgili, ES,Blaise Larpin, HES-SO Valais Institut Tourisme, CH,Roland Schegg, HES-SO Valais Institut Tourisme, CH, andMiriam Scaglione, HES-SO Valais Institut Tourisme, CH
Discussant: Laurie Wu, Temple University, US
County Tourism Development in China: A Case Study
Naipeng Bu, Shandong University, CN,Haiyan Kong, Shandong University, CN, andYue Yuan, Shandong University, CN

Parallel Paper Session #2b
Case Studies on Tourism
10:30

Session ChairPeter Varga
Assistant Professor, EHL, CH

Customer Perception of Smart Technologies Adopted in Hotels– A Case Study in Hong Kong
Huiying Hou, School of Hotel and Tourism Management, The
Chinese University of Hong Kong, HKRoutes in Addis Ababa: Feasibility of Walking Tours in Africa's
Capital City
Chuck Thomas Jr, Tarleton State University, USA
Risks Associated with Road Infrastructure Project Financing inDeveloping Countries
Joseph Nworah, University of Nigeria, NG

Ecole hôtelière de Lausanne

4

Parallel Paper Session #2c
Real Estate Economics
10:30

Introducing Synthetic Cap Rate Indices for USA Commercial
Real Estate
Andreas Christopoulos, Yeshiva University - Sy Syms School ofBusiness, USA,Joshua Barratt, Barratt Consulting, DE, andDaniel Ilut, Cornell University, USA
Discussant: Pascal Baur, Universität Regensburg, DE
Millennial Homeownership Paradox in the Immigration Nation

Yi Wu, Cass Business School, City University of London, UK,Session Chair
Alan Tidwell, University of Alabama, USA, andTerrence Clauretie
Sah, University of Nevada, Las Vegas, USA
Professor Emeritus, University Vivek
Discussant: Anupam Nanda, University of Reading, GBof Nevada, Las Vegas, US

Correction Procedures for Appraisal-Based Real Estate Indices
Andreas Gohs, Universität Kassel, DE,Pascal Baur, Universität Regensburg, DE, andSteffen Sebastian, Universität Regensburg, DE
Discussant: Cornelia Agyenim-Boateng, University of Reading, GB

Parallel Paper Session #2d
Capital Markets

10:30

12:00

Session Chair
A.J. Singh
Professor, Director ofHospitality and Tourism
Management, Univ. of Texas
Rio Grand Valley, US

Imputing Borrower Heterogeneity and Dynamics in Mortgage
Default Models
Timothy Dombrowski, Louisiana State University, USA,
Kelley Pace, Louisiana State University, USA, andJunbo Wang, Louisiana State University, USA
Discussant: Sofia Dermisi, University of Washington, US
The Short- and Long-Run Hotel Demand in Switzerland: A
Weighted Macroeconomic Approach
Giuliano Bianchi, Assistant Professor, EHL, CH andYong Chen, Assistant Professor, EHL, CH
Discussant: Timothy Dombrowski, Louisiana State University,USA

Lunch

Plenary Session #3
Tourism & Real Estate
13:00

How Do Stocks in Brics Co-Move with REITs?
Omokolade Akinsomi, University of Witwatersrand, ZA
Discussant: Michael Trübestein, Lucerne Univ. of Applied
Sciences and Arts, CH

Session Chair
Sofia Dermisi
Professor, University ofWashington, US

Evidence on Housing Wealth on Tourism Consumption
Terrence Clauretie, University of Nevada, Las Vegas, USA andHelen Neill, University of Nevada, Las Vegas, USA
Discussant: David Downs, Virginia Commonwealth University, USHow Urban Form Reveals the Heterogeneous Nature ofWalkability
Jeremy Gabe, University of San Diego, USA,Spenser Robinson, Central Michigan University, USA, andAndrew Sanderford, University of Arizona, USA
Discussant: Helen Neill, University of Nevada, Las Vegas, US
Effect of Civil Unrest on Hotel Performance of Major Europeanand Other Cities
Sofia Dermisi, University of Washington, USA

14:30

Coffee Break

15:00

Keynote Lecture
Usage and Limitations ofDeveloping Indices: ACorporate Perspective

Ecole hôtelière de Lausanne

Dr Richard Malle
Head of Global Research BNP Paribas Real Estate, FR515:30

Keynote Lecture & Q&A
SessionTourist Behavior in an
Indexed WorldDr Rico Maggi
Professor, University of Lugano, CH

Bringing Innovation to Tourism with Location Intelligence
Katia Valenza Lyons, ESRI Suisse, CH

16:30

Closing Session

Best Paper Awards
Dr Hilary Murphy, Associate Dean, Innovation and Research adinterim, EHL, CH
Vote of Thanks
Dr Barry O’ Mahony, Chief Academic Officer, EHL Group, CH

For more information, please contact:
hfe.conf@ehl.ch
Or visit the conference website:
https://industry.ehl.edu/Hospitality-Finance-Economics-Conference-2019

Ecole hôtelière de Lausanne6