Professor Jedrzej Bialkowski with the Boyle, Lally, and Rose award trophy.
The prize, named after the founding members of the NZFC, is the most prestigious award at the New Zealand Finance Colloquium. Professor Bialkowski will be a holder of the BLR Cup for one year.
The analysis presented in the paper The Determinants of Office Rents and Yields: The International Evidence, focussed on determinants of commercial office rents and yields. Traditional urban economics models predict that office rents will be higher in larger and more prosperous cities with better transport and with industries with stronger agglomeration benefits.
In addition, rental yields are expected to be lower in growing cities, especially when the supply of new office space is more constrained and the supply of capital is less constrained. Professor Bialkowski, together with his co-authors, presented evidence on commercial office rents and rental yields from 52 large cities in 29 developed and developing countries that is generally consistent with these implications.
The award winning work is an example of a very successful international co-operation, shared with co-author Professor Sheridan Titman from University of Texas at Austin and Professor Garry Twit from University of Melbourne.
