Forschung

Die Frankfurt School zählt zu den größten deutschen wirtschaftswissenschaftlichen Fakultäten und forschungsstärksten Institutionen in Betriebswirtschaftslehre in Deutschland. Professorinnen und Professoren arbeiten mit Entscheidungsträgern aus Politik und Wirtschaft eng zusammen, um Lösungen zu aktuellen Fragen zu erarbeiten. Die Forschungsergebnisse aus den Departments der Frankfurt School kommen in führenden Unternehmen, der Finanzdienstleistungsbranche, der Politik und der Entwicklungszusammenarbeit zum Einsatz.

Mitglieder der Fakultät beziehen regelmäßig öffentlich Stellung zu aktuellen Themen.

Mit der Einrichtung des FS REI legt die Frankfurt School einen Fokus auf die immobilienwirtschaftliche Forschung und bereichert die Immobilien- und Finanzbranche mit Denkanstößen und richtungsweisenden Studien & Forschungsergebnissen.

Die Fokusfelder in der immobilienwirtschaftlichen Forschung wie RE Finance & Capital Markets, RE Development, RE Investment, RE Asset Management, RE Innovation & Entrepreneurship, RE Urban Concepts, RE Risk Management, RE Law, RE Private Equity und RE Sustainability werden bearbeitet durch:

  • Wissenschaftliche und fachspezifische Publikationen
  • Forschungsaufträge und Beratungsprojekte
  • Abschlussarbeiten durch Studierende

Das FS REI verfolgt einen interdisziplinären Forschungsansatz, der akademisches und professionelles Fachwissen in den Bereichen Immobilienwirtschaft und Finanzen zusammenführt und Synergien zwischen den unterschiedlichen Forschungsfeldern nutzt. Ebenso werden fakultätsübergreifend und in Kooperation mit der akademischen Fachwelt außerhalb der Frankfurt School forschungsrelevante Themen und Inhalte bearbeitet.

Testimonials

Prof. Dr. Cristian Badarinza

Associate Professor for Real Estate Finance

The real estate market offers a unique window into the complex forces shaping our global economy—where urban planning meets financial markets, and economic development meets human behavior. The field of real estate finance and economics seeks to make sense of this complexity. By collecting newly available large data sets, building realistic structural models and exploring counterfactual scenarios, we strive to find generally-valid principles, guide individual decisions, and inform policy-making.

Working Papers

  • In Search of the Matching Function in the Housing Market”, with Tarun Ramadorai, Juhana Siljander, Vimal Balasubramaniam  
  • Behavioral Lock-In: Housing Taxation with Reference Dependent Agents”, with Tarun Ramadorai, Juhana Siljander, Jagdish Tripathy

Upcoming Conferences & Seminars

1. Annual Workshop in Real Estate Finance

24./25. August 2026
Frankfurt am Main

For questions regarding organizational details, submissions, or the workshop, please contact

c.badarinza@fs.de or claes.backman@gmail.com

Anmeldung

The goal of the workshop is to discuss and support the development of new theoretical and empirical frameworks that quantify these frictions, identify transmission mechanisms, and evaluate how they interact across demand and supply. We consider work on households, lenders, developers, land lords, intermediaries, and on how policies (including borrower-based macroprudential regulation) propagate through markets to shape prices, quantities, mobility, and access to homeownership. The workshop welcomes a broad range of approaches to measurement and modeling, including:

  • Empirical studies using transaction-level, listings, appraisal, or credit registry data.
  • Reduced-form designs, structural estimation, and models with financial constraints, search, bargaining, and illiquidity.
  • Quantitative macro-housing models with heterogeneous agents and policy counterfactuals.
  • Applications of AI and high-dimensional methods to housing and credit markets

The workshop will feature keynote lectures by:

Timothy McQuade

Associate Professor of Finance, Real Estate, Entrepreneurship and Innovation, Haas School of Business, UC Berkeley and NBER

Andreas Fuster

Associate Professor of Finance and SFI Senior Chair at Swiss Finance Institute at EPFL and CEPR

 

Authors are invited to submit full papers or extended abstracts. Submissions should be sent as PDF files via conforganizer.com. At least one author of each accepted paper is expected to attend and present at the workshop in person. We have allocated 25 minutes for the presentation, 15 minutes for the discussion, and 5 minutes for general Q&A. The final program will include approximately 10-12 papers.

Please submit your full paper or extended abstract by 15 April 2026 on this website:                                                   

The workshop will start on the afternoon of the 24th of August at the Frankfurt School of Finance &Management, to allow interested participants to arrive in the morning. The first day will feature an academic session and a panel discussion followed by a workshop dinner. The 25th of August will feature a full day of academic sessions

We reserve two presentation slots in the program for PhD candidates. Submissions by doctoral students can include job market papers or co-authored work. Limited travel support is available for presenters without access to institutional funding. Important Dates

  • Submission deadline: 15 April 2026
  • Notification of acceptance: 30 April 2026
  • Workshop dates: 24-25 August 2026

Cristian Badarinza (Frankfurt School of Finance & Management, NUS Business School)
Claes Bäckman (Leibniz Institute for Financial Research SAFE)

Ragnar Juelsrud (University of Oslo)
Ella Getz Wold (BI Oslo)
Pierre Mabille (INSEAD)
Lu Liu (Wharton)
Francisco Amaral (University of Zurich)
Gonzalo Paz-Pardo (European Central Bank)
Georgi Kocharkov (European Central Bank and Bundesbank)
Tereza Ranošová (Bundesbank)

Veröffentlichungen & Studien

Ehler, Christoph (2025): Machine Learning in Real Estate – Investigating Drivers in an Algorithm-Driven Hedonic Price Model. Dissertation zur Erlangung des Doktorgrades an der Wirtschaftswissenschaftlichen Fakultät der Technischen Universität Darmstadt. Erstgutachter: Prof. Dr. Dirk Schiereck, Zweitgutachterin: Prof. Dr. Kerstin Hennig.

HAFFKI, R., HENNIG, K. (2025). Determinants of credit spreads and cash flow-related lending in commercial real estate. Research in International Business and Finance, Volume 74 https://doi.org/10.1016/j.ribaf.2024.102669

OETKEN, K. J., HENNIG, K., HENKEL, S., & MERFELD, K. (2024). A Psychoanalytical Approach in Urban Design: Exploring Dynamics of Co-Creation through Theme-Centred Interaction. Journal of Urban Design, 1–28. https://doi.org/10.1080/13574809.2024.2351911

GÖTZELMANN, L., HENNIG, K., MAGER, F. (2023). Move, Stay or Pay: Land prices and Migration in Germany. International Real Estate Review.

REIS, J., GERBE, L., SCHIERECK, D., HENNIG, K. (2023). Is There Still a Day-of-the-Week Effect in the Real Estate Sector?, Oblìk ì fìnansi [Accounting and Finance], 101 (3), S. 84-97

Ehler, Christoph (2023) Machine Learning in Real Estate – Forecasting apartment prices in an algorithm-driven Hedonic Price Model, Ehler, C.; PD Marcelo Cajias; Prof. Dr. Wolfgang Schäfers

LANG, E., MAGER, F., HENNIG, K. (2022). Uncertainty and Commercial Real Estate Excess Returns in European Markets. Journal of Property Research, 39:4, 321-337.

Reference Dependence in the Housing Market

with Steffen Andersen, Lu Liu, Julie Marx and Tarun Ramadorai, American Economic Review, 2022, Vol. 112, 3398-3440.

 

Gravity, Counterparties, and Foreign Investment

with Tarun Ramadorai and Chihiro Shimizu, Journal of Financial Economics, 2022, Vol. 145(2A), 132-152.

 

Lang, E., Mager, F. & Hennig, K. (2022). Office property pricing and macroeconomic shocks: European regions through the real estate cycle. International Real Estate Review, 25(2), 217-236.

Lang, E. (2021). The nexus between stock markets and commercial real estate markets – evidence from Europe. Real Estate Finance, 39(1), 25-50.

Mortgage Debt and Social Externalities

2019, Review of Economic Dynamics, Vol. 34, 43-60.

 

The Household Finance Landscape in Emerging Economies

with Vimal Balasubramaniam and Tarun Ramadorai, Annual Review of Financial Economics, 2019, Vol. 11, 109-129.

 

Home Away From Home? Foreign Demand and London House Prices

with Tarun Ramadorai, 2018, Journal of Financial Economics, Vol. 30(3), 532-555.

 

What Calls to ARMs? International Evidence on Interest Rates and the Choice of
Adjustable-Rate Mortgages

with John Y. Campbell and Tarun Ramadorai, 2018, Management Science, Vol. 64(5), 1975-2471.

 

The Indian Household Finance Landscape

with Vimal Balasubramaniam and Tarun Ramadorai, 2017, India Policy Forum, Vol. 13, 1-55.

 

International Comparative Household Finance

with John Y. Campbell and Tarun Ramadorai, 2016, Annual Review of Economics, Vol. 8, 111-144.

Im Rahmen der frisch gestarteten White Paper Reihe setzt sich das Team von Ehret & Klein im Dialog mit dem Frankfurt School Real Estate Institute mit aktuellen Themen der Immobilienwirtschaft auseinander. Zielsetzung ist es, diese tiefer zu beleuchten, zu analysieren und letztlich in einem „joint approach“ aus Hochschulvertretern und Praxisexperten gemeinsam ein Papier zu erarbeiten, das zu spezifischen Problemstellungen Anregungen sowie Empfehlungen zu einem komplexen Sachverhalt gibt.

In dem vorliegenden White Paper wird ein hoch komplexes Thema unseres täglichen Lebens behandelt – die Entwicklung von Städten, die Gestaltung unseres Lebens- und Arbeitsumfeldes – ein Thema das uns alle angeht und interessiert; insbesondere, wenn das Stadtgefüge nicht mehr richtig funktioniert.

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