Den svenska ekonomin har gått på högvarv under flera år och har kännetecknats av en lågräntemiljö med god tillgång på kapital. I spåren av finanskrisen under 2008 har flera kapitalkällor vuxit fram och möjliggjort en diversifiering av finansiering. Konkurrens bland kapitalkällorna har pressat priserna, ökat flexibiliteten, skapat längre löptider och ökat valfriheten för fastighetsbolagen. Detta är resultatet av stränga regelverk för bankväsendet och ett ökat intresse från både internationella och nationella investerare. Marknadsfinansiering har alltså fått en mer central roll i fastighetssektorns skuldportföljer. Covid-19-krisen har ställt detta på sin spets och dämpat tillgången på kapital. I den akademiska litteraturen är antalet studier inom forskningsfälten corporate finance och behavioral finance i kristid relativt få. Studiens syfte är att utforska marknadsaktörers uppfattning om krisen och om alternativ för refinansiering av kommersiella fastigheter samt att jämföra den nuvarande situationen med tidigare kriser. Studien bidrar med unikt material eftersom den produceras i inledningen av Covid-19-krisen. Studien är kvalitativ och använder sig av en dokumentstudie samt en intervjustudie om 17 respondenter från den svenska kommersiella fastighetsmarknaden. Dokumentstudien har möjliggjort en djupgående analys av hur tidigare ekonomiska kriser har påverkat fastighetsmarknaden och vilka lärdomar som kan dras. Aktörerna i studien anger att Covid-19 minskar tillgången på kapital för fastighetsmarknaden. Detta eftersom att det råder en stor osäkerhet i marknaden, vilket orsakat att flera kapitalkällor “fryst”. Det går att se signaler som pekar på ett skifte av finansieringskällor för de svenska fastighetsbolagen. Flera vänder sig nu från kapitalmarknaden och mot bankmarknaden för att få hjälp med refinansiering. Covid-19 har realiserat en unik refinansieringsrisk som inte påminner om tidigare kriser, vilket kan förstås mot bakgrund av de senare årens ökade användande av nya finansieringsformer. / The Swedish economy has been booming for several years and has been characterized by a low interest rate environment with good access to capital. In the wake of the financial crisis in 2008, several sources of capital have emerged and enabled diversification of funding. Competition among the capital sources has pushed prices down, increased flexibility, created longer maturities and increased freedom of choice for the real estate companies. This is the result of stringent banking regulations and increased interest from both international and national investors. Market financing has thus been given a more central role in the property sector's debt portfolios. The Covid-19-crisis has put this at its forefront and slowed the supply of capital. In the academic literature, the research fields of corporate finance and behavioral finance in times of crisis are still relatively unexplored. The aim of the study is to explore the market actor’s perception of the crisis and of alternatives for the refinancing of commercial real estate as well as comparing the present situation to earlier crises. This study is produced during the emergence of the Covid-19 crisis in the Spring of 2020 and provides a unique material. The study is qualitative and uses a document study as well as an interview study of 17 respondents from the Swedish commercial real estate market. The document study has enabled an in-depth analysis of how previous economic crises have affected the real estate market and what lessons can be learned to gain an understanding of the study's research issues. The participants in the study indicate that Covid-19 reduces the supply of capital for the real estate market. There is great uncertainty in the market, which has caused several sources of capital to “freeze”. It is also possible to see signals that point to a shift in sources of financing among the Swedish real estate companies. Companies turn from the capital market to the banking sector for refinancing. Covid-19 has realized a unique refinancing risk that is not reminiscent of previous crises, which can be understood in the light of the increased use of new forms of financing in recent years.

There has been a rapid increase in the number of women entrepreneurs during the last decade. Yet, the number is still rather low why the Swedish Government is performing encouraging efforts. The encouragement of female‟s entrepreneurship is a necessity since women account for a rather new group of entrepreneurs who contributes to the growth of the economy. For most entrepreneurs, the success or failure depends on the ability to create a network of support and access to external capital. Previous research has shown that women entrepreneurs have a harder time to access external capital. These researchers have, however, mostly focused on individual traits and through these explained the financial situation of women entrepreneurs. This research, on the contrary, adopts a sociological research perspective where the everyday experiences of women entrepreneurs are emphasized. The purpose of this study is to understand and describe the financial situations faced by women entrepreneurs within the region of Jönköping. This will be achieved by examining the women‟s experiences in asking for banks‟ capital and the perceptions of the banks in supplying the capital. The study takes on an ethnomethodological research approach and applies a narrative data collection method. Due to the adopted ethnomethodological perspective, the study engages in the mapping of the everyday reality of the researched participants. The narrative data collection method allows the participants to express their stories and experiences. On the basis of an a priori model, the narratives were systematically studied and the financial situation of women entrepreneurs analyzed. The study applies a micro- and a macro analysis under which narratives of two different structures are examined. The micro analysis takes account of the narratives produced by the researched participants without involving any theory. It is found that the women entrepreneurs‟ narratives are more varied and action-oriented whereas the narratives of banks are more conformative and gen-eral. The macro analysis puts the narratives into a broader framework by in-volving both earlier research and a theory developed by Bourdieu. This analysis contributes to an understanding of that the social setting affects the structure, rules and norms of the entrepreneurial field. This may act as hin-ders for women entrepreneurs in terms of accessing capital, networking and overall feeling exhorted to be entrepreneurs. Hence, the reality of women entrepreneurs can be argued to be socially constructed where the women are unfairly seen through influenced eyes.

Abstract Background: Small businesses are vital for the welfare of a country. Yet, they have trou-ble obtaining external financing and these difficulties are gathered under the umbrella concept the “Financial Gap”. The most common source of fund-ing for small businesses is bank loan, why the availability of bank financing is a critical factor for their success. Today, 31% of all Swedish companies argue that they have finance problems and for half of these, the problem is to obtain a bank loan. Purpose: The purpose of the study is to describe and explain the Financial Gap as a relational concept. That is to say that the study will contribute to the understanding of the Financial Gap by focusing on the perspectives of both small businesses and banks interactively. Method: The study views the concept of the Financial Gap from a practical stand-point, assuming that it expresses its existence in the interaction between small businesses and banks. To pursue this view, the study takes on an Eth-nomethodological research approach. This approach is necessary in order to come close to and understand small businesses‟ and banks‟ everyday prac-tises. In-depth interviews are used for obtaining this deeper understanding of both parties. In addition, a questionnaire was sent out to small businesses in order to verify the information gathered in the interviews. Conclusion: On the basis of the study, the authors have developed an Interactive Model which describes their understanding of the Financial Gap. The members of small businesses and banks deal with information differently, which in turn is a result of how they approach ambiguity. When ambiguity is present, small firms settle with making decisions under uncertainty, whereas banks prefer to calculate on probabilities, why their decisions are considered being made under risk. The differences mentioned become visible in their deci-sion-making process, where small businesses act pursuant to a practical rea-soning whereas banks employ an analytical reasoning. Consequently, it leads to a clash when these two shall interact and function in a transaction as partners. The study concludes that the Financial Gap can be explained by small firms and banks speaking different languages when presenting the same reality.

<p><strong>Abstract </strong></p><p><strong>Background: </strong>Small businesses are vital for the welfare of a country. Yet, they have trou-ble obtaining external financing and these difficulties are gathered under the umbrella concept the “Financial Gap”. The most common source of fund-ing for small businesses is bank loan, why the availability of bank financing is a critical factor for their success. Today, 31% of all Swedish companies argue that they have finance problems and for half of these, the problem is to obtain a bank loan.</p><p><strong>Purpose: </strong><em>The purpose of the study is to describe and explain the Financial Gap as a relational concept. That is to say that the study will contribute to the understanding of the Financial Gap by focusing on the perspectives of both small businesses and banks interactively. </em></p><p><strong>Method: </strong>The study views the concept of the Financial Gap from a practical stand-point, assuming that it expresses its existence in the interaction between small businesses and banks. To pursue this view, the study takes on an Eth-nomethodological research approach. This approach is necessary in order to come close to and understand small businesses‟ and banks‟ everyday prac-tises. In-depth interviews are used for obtaining this deeper understanding of both parties. In addition, a questionnaire was sent out to small businesses in order to verify the information gathered in the interviews.</p><p><strong>Conclusion: </strong>On the basis of the study, the authors have developed an <em>Interactive Model </em>which describes their understanding of the Financial Gap. The members of small businesses and banks deal with information differently, which in turn is a result of how they approach ambiguity. When ambiguity is present, small firms settle with making decisions under uncertainty, whereas banks prefer to calculate on probabilities, why their decisions are considered being made under risk. The differences mentioned become visible in their deci-sion-making process, where small businesses act pursuant to a practical rea-soning whereas banks employ an analytical reasoning. Consequently, it leads to a clash when these two shall interact and function in a transaction as partners. The study concludes that the Financial Gap can be explained by small firms and banks speaking different languages when presenting the same reality.</p>

<p>There has been a rapid increase in the number of women entrepreneurs during the last decade. Yet, the number is still rather low why the Swedish Government is performing encouraging efforts. The encouragement of female‟s entrepreneurship is a necessity since women account for a rather new group of entrepreneurs who contributes to the growth of the economy. For most entrepreneurs, the success or failure depends on the ability to create a network of support and access to external capital. Previous research has shown that women entrepreneurs have a harder time to access external capital. These researchers have, however, mostly focused on individual traits and through these explained the financial situation of women entrepreneurs. This research, on the contrary, adopts a sociological research perspective where the everyday experiences of women entrepreneurs are emphasized.</p><p>The purpose of this study is to understand and describe the financial situations faced by women entrepreneurs within the region of Jönköping. This will be achieved by examining the women‟s experiences in asking for banks‟ capital and the perceptions of the banks in supplying the capital.</p><p>The study takes on an ethnomethodological research approach and applies a narrative data collection method. Due to the adopted ethnomethodological perspective, the study engages in the mapping of the everyday reality of the researched participants. The narrative data collection method allows the participants to express their stories and experiences.</p><p>On the basis of an a priori model, the narratives were systematically studied and the financial situation of women entrepreneurs analyzed. The study applies a micro- and a macro analysis under which narratives of two different structures are examined. The micro analysis takes account of the narratives produced by the researched participants without involving any theory. It is found that the women entrepreneurs‟ narratives are more varied and action-oriented whereas the narratives of banks are more conformative and gen-eral. The macro analysis puts the narratives into a broader framework by in-volving both earlier research and a theory developed by Bourdieu. This analysis contributes to an understanding of that the social setting affects the structure, rules and norms of the entrepreneurial field. This may act as hin-ders for women entrepreneurs in terms of accessing capital, networking and overall feeling exhorted to be entrepreneurs. Hence, the reality of women entrepreneurs can be argued to be socially constructed where the women are unfairly seen through influenced eyes.</p>

Dissertação apresentada a Coordenação dos Programas de Pós-Graduação de Engenharia da Universidade Federal do Rio de Janeiro para a obtenção do grau de Mestre em Ciências em Planejamento Energético. / Dissertação (mestrado) - Universidade Federal do Rio de Janeiro, Coordenação dos Programas de Pós-Graduação de Engenharia, Rio de Janeiro, 2006. / Bibliografia: p.124-141 / Esta dissertação tem como principal objetivo analisar a viabilidade econômica da substituição dos sistemas convencionais de aquecimento de água por sistemas solares no setor hoteleiro, especificamente, em resorts, que possuem características de operação e consumo peculiares devido à grande diversidade de serviços oferecidos. Como a eficiência dos sistemas solares depende, dentre outros fatores, do grau de insolação e radiação solar da região em que vão ser implantados, escolheu-se a região Nordeste do Brasil devido às suas condições climáticas favoráveis. Os resorts têm grande preocupação com questões ambientais e um forte apelo ecológico, o que facilitaria a penetração de uma fonte de energia renovável, como a solar. / This dissertation aims at evaluating the economical viability of conventional water heating systems’ substitution by solar systems in hotels, particularly in resorts, whose operational and energetic characteristics show huge diversity of services. As the solar systems’ efficiency depends, among other factors, on the insolation degree and solar radiation at the installation local, the Brazilian Northeast region was chosen due to its favorable climate conditions. Resorts have a great concern about environment issues that would facilitate the penetration of a renewable energy source, such as the solar energy. It was researched the technology’s state of art and its installed capacity worldwide; a description of Brazilian hotels was made and it was evaluated the impact of the substitution of conventional water heating systems by the solar one in the sector energy consumption, through the savings perceived by the hotel during 20 years. An analysis to verify the results’ sensibility to some variables was also made and the final results confirm the project viability.

Nas últimas décadas, o tema "meio ambiente" tem se tornado alvo cada vez maior de discussão, dado a grande dependência, em escala mundial, da energia gerada por combustíveis fósseis, os quais são finitos. Dessa forma, buscam-se alternativas à geração de energia hoje predominante focadas na sustentabilidade e na utilização de fontes limpas e renováveis. Nesse contexto, o estímulo ao uso de fontes de energia renováveis tem crescido não só no Brasil como no exterior. Dentre as diversas possibilidades temos, a energia eólica que, dado o estágio atual de maturidade de sua indústria, a diminuição dos preços dos aerogeradores à medida que a tecnologia evolui e os incentivos dados pelo governo federal à construção de usinas eólicas, tem aumentado ano a ano sua participação na matriz energética brasileira, atualmente em 1,78%, com perspectiva de chegar aproximadamente em 9% até 2021, segundo dados da ANEEL e da ABEEólica (Associação Brasileira de Energia Eólica). Além disso, é mister ressaltar que a utilização em larga escala da matriz eólica para a produção de energia elétrica tem o objetivo de diminuir a dependência da produção de energia por meio de combustíveis fósseis, os quais não são renováveis e são extremamente poluentes. Assim, tendo em vista o aumento da competitividade da geração de energia eólica no Brasil nos últimos anos, objetiva-se, por meio da presente monografia, analisar inicialmente a atual indústria de geração de energia elétrica sob o novo marco regulatório e, em seguida, a especificidade da indústria de geração de energia eólica, a potencialidade de geração de energia eólica no Brasil, a regulação específica incidente sobre tal geração de energia, em consonância com o novo marco regulatório do setor elétrico e os incentivos para sua produção no Brasil. / MBA Executivo (especialização em Administração) - Universidade Federal do Rio de Janeiro. Instituto de Pós-Graduação e Pesquisa em Administração, Rio de Janeiro, 2013. / Bibliografia: p. [22-25]

Att små fastighetsbolags tillgång till extern finansiering och därmed tillväxt är mer begränsat än för större bolag är ett känt faktum. Kapital är begränsat och det kommer hela tiden nya regler som höjer inträdesbarriärerna på fastighetsmarknaden. Trots att spelreglerna är samma för alla och inte går att ändra på, så finns det vissa faktorer som små fastighetsbolag bör ta hänsyn till för att ha en större chans i en kapitalintensiv och konkurrenskraftig bransch. Syftet med studien är således att undersöka vilka faktorer som kan vara avgörande för små fastighetsbolags möjlighet att få tillgång till kapital, med inriktning på bankfinansiering. Studiens syfte har besvarats genom en kvalitativ metod som baserats på sex semistrukturerade intervjuer vilket utgör empiriavsnittet. Fem respondenter är småfastighetsbolag varav tre är etablerade och två är relativt nystartade. En sjätte respondent utgörsav en lokal bank för att inkludera perspektivet från andra sidan i kreditförhållandet. Det framgår att banklån fortfarande är den vanligaste finansieringskällan i fastighetsbranschen och att denna marknad präglas av relationer och tillit i allra högsta grad. Risk är ytterligare en relevant aspekt eftersom det ofta handlar om stora summor kapital, och denna risk kan minimeras för små aktörer genom att agera på ett visst sätt. Att ha en historik i fastighetsbranschen ökar ens chanser att få banklån avsevärt och återbetalningsförmågan är enligt banken det viktigaste. Vidare är marknadens läge också en viktig aspekt då det kan skapa antingen bättre, eller sämre förutsättningar att få finansiering beroende på vad som sker i omvärlden. Resultatet handlar sammantaget om fem utmärkande begrepp; bankrelationer, risk, återbetalningsförmåga, erfarenhet, och marknaden, där framgång i ett mindre fastighetsbolag i slutändan handlar om att finna en optimal balans mellan dessa faktorer. / It is a known fact that small real estate companies’ access to external financing and consequently growth is more limited than what it is to larger firms. The capital is limited today and new regulations appear all the time which additionally raises the barriers for entry to the real estate sector. Even though the same rules apply to all, there are some factors that smaller firms can pay attention to in order to have a better chance in this competitive market. The purpose of this study is thus to examine which factors could be definitive for small real estate companies' ability to gain access to capital, focusing on bank financing. The purpose has been achieved by applying a qualitative method based on six semi structured interviews, which also constitutes the empirical chapter. Five respondents are small real estate firms where of three are established, and two relatively new. A sixth respondent is a local bank in order to include that perspective as well. Bank loans are still the most common source of financing in real estate and this market is all about relations and trust. Risk is another relevant factor since there is a lot of capital in the real estate business and this risk can be minimized in a number of ways. To have a track record in the real estate industry strengthens your chances of getting a bank loan significantly and proof of repayment is according to the bank the most important. The market's condition is also an important aspect, it can create better, or worse conditions for obtaining financing depending on activities in the close environment. The findings consist of five main aspects: bank relations, risk, experience, repayment ability and the market, where a small real estate firm’s success ultimately depends on how well they can find a balance between the factors.

Dissertação (mestrado) - Departamento de Economia, Pontifícia Universidade Católica do Rio de Janeiro, Rio de Janeiro, 1989. Bibliografia: p. 137-140. / This dissertation analyses the implicit give away of public funds that resulted from the partial indexation of BNDE'S loans to private domestic enterprises, during the second half of the seventies. The analysis of 13.350 long term financing contracts allowed the estimation of the values that were transfered and its distribution amongest beneficiaries. / A tese analisa a doação implícita de recursos públicos, que resultou da concessão de financiamentos pelo Sistema BNDES ao setor privado nacional, com cláusula de correção monetária parcial, na segunda metade da década de setenta. A partir da análise de cerca de 13.350 contratos de empréstimos de longo prazo, estima-se o valor das transferências patrimoniais envolvidas e, examina-se sua distribuição entre os beneficiários.

Dissertação (mestrado) - Fundação Getúlio Vargas, Escola Brasileira de Administração pública e de Empresas, Rio de Janeiro, 2015. / Bibliografia: p. 106-116. / As concessões e as Parcerias Público-Privadas (PPP) são mecanismos cada vez mais utilizados pelo setor público para alavancar os investimentos em infraestrutura no país. Para que haja viabilidade econômica das mesmas, as suas taxas internas de retorno (TIR) apresentam- se como variáveis que precisam refletir os riscos e a realidade do negócio. O presente estudo busca analisar as taxas de retorno utilizadas para a modelagem das tarifas - teto do setor de rodovias federais frente às especificidades do seu mercado. Para tal, são seguidas três frentes: a primeira é analisar a metodologia da taxa de retorno utilizada para a modelagem das concessões mais recentes de rodovias; a segunda é estimar uma taxa de retorno a partir de pesquisa bibliográfica; e a terceira é, por meio de dados de rentabilidade de balanços de concessionárias do setor, observar se as taxas de retorno das primeiras concessões foram devidamente calculadas na época. Na dissertação, concluímos que a atual metodologia da taxa de retorno do Tesouro Nacional pode ser aprimorada, principalmente em relação aos parâmetros de grau de alavancagem e capital de terceiros, e observamos que a taxa de retorno tem se aproximado do custo de oportunidade do setor ao longo das últimas etapas de concessão. O estudo visa contribuir para o debate sobre a rentabilidade dos projetos de infraestrutura rodoviária, em meio a um período de intensos investimentos no setor. / Concessions and Public-Private Partner ships (PPP) are mechanisms increasingly used by the public sector to enhance the investments in infrastructure in Brazil. To achieve economic viability in these projects, their internal rates of return (IRR) are variables which must reflect the risks and reality of the business. The present study seeks to analyse the IRRs used for modeling the price-caps of the federal highways' sector, under the specificities of such market. For this purpose, three approaches are pursued: the first one analyses the methodology of IRR calculation applied for modelling the most recent highway concessions; the second estimates an IRR based on bibliographic research; and the third makes use of data acquired from the balance sheets from the sector's concessionaries, to observe if the IRR for the first concessions of federal highways were propelly calculated at the time. In this dissertation, we concluded that the current National Treasury's methodology of the rate of return can be improved, especially in relation to parameters like leverage and debt, and we observed that the rate of return has come closer to the opportunity cost for the sector throughout the last concession rounds. This study aims to contribute to the debate on the profitability of road infrastructure projects, a midst a period of intense investments in the sector.