Programs-for-professionnals---EHL-Graduate-School

Dr René-Ojas Woltering

Dr René-Ojas Woltering

Dr René-Ojas Woltering

Associate Professor

Expertise

  • Hotel valuation
  • Investment strategies
  • Mutual funds
  • Real estate investment vehicles
  • Real estate indices

Biography

René-Ojas Woltering, PhD, is an Assistant Professor of Real Estate Finance at EHL. He holds a doctoral degree in Business Administration from the University of Regensburg. His research interests include real estate investment vehicles, investment strategies, and issues relevant to the hospitality industry.


His publications have appeared in scholarly journals such as the Journal of Banking and Finance, Real Estate Economics, and the Journal of Real Estate Finance and Economics. Dr. Woltering has gained valuable experience in the real asset management, investment management, and consulting industry. He is also awardee of several finance & investment competitions.

Awards

Rising Star Teaching Award (2019)

Education

PhD in Business Administation, University of Regensburg
Academic Publications

Academic publications from René-Ojas Woltering

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Article

Capturing the value premium : global evidence from a fair value-based investment strategy

This paper examines the risk premium of value stocks within a global investment strategy framework. We test whether absolute or relative mispricing is better suited to capturing the global value premium by using fair value-based net asset values...

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Article

Is the flow-performance relationship really convex ? : the impact of data treatment and model specification

This paper challenges the convexity of the flow-performance relationship, according to which investors strongly chase top-performing funds, while fund flows exhibit little to no sensitivity to past performance within the segment of poorly performing...

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Article

The discount to NAV of distressed open-end real estate funds

This paper examines the discount to NAV in the context of distressed German open-end real estate funds. This is a unique setting to study NAV discounts because distressed real estate funds are forced to sell off their property portfolios and pay out...

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Article

Which stocks are driven by which interest rates ?

This paper analyzes the return sensitivities of real estate value and growth stocks to changes in five different interest rate proxies. Using a global sample of 352 listed real estate companies from 12 countries as a test object, we find that real...

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Article

Public versus private market arbitrage : international evidence for listed property companies

This paper examines the performance of real estate firms that issue seasoned equity with the stated purpose of investing in private market assets. Prior literature documents that (i) firms, in general, underperform following a season equity offering...

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Article

Is fund performance driven by flows into connected funds ? : spillover effects in the mutual fund industry

Mutual funds are connected with each other through overlapping portfolio holdings. We document that the performance of individual mutual funds is affected by spillover effects from fund flows to connected mutual funds. Spillover-effects are...

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Article

Strategic transactions around REIT conversions

This article examines the conversion-related mergers and acquisitions (M&A) activity and post-conversion performance of 80 international Real Estate Operating Companies (REOCs) that adopted Real Estate Investment Trust (REIT) status. In the years...

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Article

What determines the mean reversion speed of NAV spreads?

In this paper, we study the mean reversion behaviour of NAV spreads for a global sample of 219 listed real estate stocks. We find NAV spreads for companies trading at a high discount to mean revert fastest. Remarkably, we also provide evidence that...

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Article

Fund closure risks of open-end real estate funds

Over the past decades, numerous open-end real estate funds (OEREFs) in several countries became unable to maintain the liquidity provision and had to suspend the redemption of fund shares. This paper examines OEREF closures in Germany, the world’s...

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Article

The REIT conversion puzzle

Real Estate Investment Trusts (REITs) are a globally recognized form of real estate ownership that offer tax benefits at a corporate level. Despite their clear advantages, however, a significant share of potentially eligible Real Estate Operating...

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