PEM Seminar Series -Dr Prashant Das , Ecole hôtelière de Lausanne (EHL), Switzerland: A Behavioral Explanation to Spatial Dependencies in Urban Commercial Properties
|Dates:||6 February 2020|
|Times:||13:00 - 14:30|
|What is it:||Seminar|
|Organiser:||Manchester Urban Institute|
|Speaker:||Dr Prashant Das|
In this study we provide a behavioral explanation for spatial dependence in commercial property asset pricing. We analyze nearly 6000 hotel transactions in the US between 2001 and 2016 applying temporal spatial autoregression with autoregressive error (T-SARAR) models to test the behavioral explanation. We show that the spatial lags are partially driven by behavioral biases whereas the spatial errors do not exhibit a distinct pattern of association with market conditions which are known to influence the investor behavior. In particular, spatial lags influence future transactions the most when irrational sentiments are the lowest (during periods of unexplained pessimism) or when the rational financial market anxiety is the highest (during periods of economic turmoil).
Prashant Das, Ph.D. is an Associate. Professor of Real Estate Finance at Ecole hôtelière de Lausanne (EHL), Switzerland. At EHL, he developed and teaches Executive/MBA/BBA level courses in real estate finance, valuation and investment. At EHL, he leads the real estate course portfolio for Digital MBA. He also serves as the Acting Director of Hospitality Finance, Real Estate & Economics Institute and as a member of the Academic Board. Prashant has earned eight internationally competitive best research paper awards (by the Journal of Real Estate Research, American Real Estate Society and Asian Real Estate Society), a best referee (“Red Pen”) award from the Journal of Real Estate Portfolio Management, and a Teaching Excellence award (by Robinson College of Business, Georgia State University, Atlanta). He has been nominated as the Researcher of the Year and Teacher of the Year award at EHL in all recent years. Prashant has co-authored over twenty research papers and co-authored/edited two books (Routledge & SAGE publications) and several book chapters. He has delivered executive/ conventional courses in Switzerland, USA, China, India and Romania. Earlier, he served on managerial and engineering roles with several firms/organizations including HCL Infosystems Ltd. and Tata Consultancy Services. He has offered consulting services to several companies/organizations such as STR and Korea Research Institute for Human Settlements. He has recently been invited to serve on the advisory board of a US-based hotel investment Fund.
Prashant has spoken on public forums such as the Securities and Exchange Board of India (SEBI) and leading educational institutes globally. He often writes opinion editorials for popular media (magazines, newspapers, newsletters) on topics related to real estate finance and has been quoted/interviewed by international trade magazines and the national TV channel of India.
In his free time, Prashant dabbles in oil painting on canvas, sculpting in wood/clay and writing short stories.
Dr Prashant Das
Organisation: Ecole hôtelière de Lausanne (EHL), Switzerland
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