This thesis will discuss valuation methods that are well suited for real estate on the commercial market in Stockholm CBD. What distinguishes this report from others is that we discuss valuation methods that could be optimal for these types of real estate. The choice of method generally depends on the purpose and whom the valuation is for. The report states two methods that are frequently used and will be analyzed. These two methods are net capitalization and cash flow. The real estate societies that we interviewed each use one of these methods. Real estate valuation is a speculation of the future, which makes it afflicted with a great deal of uncertainty. Therefore we consider the method with the least uncertainty to be more likely to represent the best market value. Thus the report will highlight uncertainties and problems that can occur during valuation of real estate. Research was done through a literature study, containing technical literature and existing bachelor projects. We decided that the best way to connect the theory with reality is through an empiric study that was obtained after two interviews. The two individuals who were interviewed were chosen because of their different perspectives on valuation methods, types of properties they conduct and where these properties are located. Furthermore, the empiric made it possible for us to compare the methods by valuating a property with fictive values. / I den här rapporten belyser vi vilka värderingsmetoder som är lämpliga i fråga om fastigheter på den kommersiella marknaden, riktat till kontors- och butikslokaler i Stockholms CBD. Det som utmärker den här rapporten från andra är att det diskuteras kring värderingsmetoder som är att anse som mest optimal. Val av metod beror idag främst på i vilket syfte och på uppdrag av vem som fastighetsvärderingen utförs. De två metoder som främst tas upp och analyseras i den här rapporten är nettokapitaliseringsmetoden och kassaflödesmetoden. Dessa används i de två fastighetsbolag som vi har valt att intervjua. Eftersom att fastighetsvärdering är en spekulation om framtiden är den behäftad med stor osäkerhet. Vi anser därför att metoden med minst osäkerhet tämligen borde vara säkrast och presentera det mest sannolika marknadsvärdet. Utifrån den tesen lyfter rapporten fram olika osäkerheter och problem som kan uppstå vid värdering av fastigheter. Genom två intervjuer kunde det empiriska materialet erhållas för att kunna återkoppla teori till verklighet. De två intervjupersonerna valdes utifrån att de kunde ge olika perspektiv på olika värderingsmetoder, typ av fastigheter och fastighetsbeståndens lokalisering. Utifrån empirin kunde vi, med de olika värderingsmetoderna, värdera en fastighet med fiktiva värden och därefter jämföra resultatet.

Some individual investors follow institutional investors in trading, a phenomenon called herding, that leads to excess market volatility and mispriced stocks. Individual investors who herded suffered from inferior investment performances and monetary losses, and the impact is broader in an individual investor dominant market such as Taiwan. Behavioral finance is the theoretical base of herd behavior. The purpose of this causal-comparative study was to examine individual investor herd behavior as related to characteristics of stocks in the Taiwan stock market. The research questions addressed what differences in individual investor herd behavior, if any, existed by market capitalization, price-to-book (P/B) ratio, and industry affiliation. The target population was the individual investors who traded in Taiwan Stock Exchange (TWSE) between January and December 2016. Participants were a purposive sampling of the target population with the exclusions of individual investors who traded illiquid stocks or exchange sanctioned stocks only. Data were collected through a subscription of TWSE data. The extent of individual herding estimated with Lakonishok, Shleifer, and Vishny's measure was 0.04. The 3 characteristics of stocks were separately and as a whole related to individual herding. The findings confirmed more serious sell-herding than buy-herding. The result from the logistic regression extended the knowledge of more serious herding in low P/B ratio stock with other variables controlled and different extents of herding by industry affiliation. The findings may improve individual investor financial literacy that may result in the positive social change of the alleviation of both herding and inferior investment performance.

Avkastningen från privata och publika fastighetsinvesteringar är något som undersökts extensivt, med slutsatsen att noterade fastighetsinvesteringar uppvisat en högre avkastning jämfört med onoterade fastighetsinvesteringar på kort sikt. Denna uppsats avser att analysera historiska direktavkastningar i syfte av att upptäcka eventuella diskrepanser i värdering mellan noterade och onoterade fastighetsinvesteringar. Utöver det, avser denna uppsats att diskutera huruvida det föreligger fördelar med att äga onoterade fastigheter som skulle motivera en högre värdering, trots historiskt lägre totalavkastning. Den underliggande datan är hämtad från MSCI Sweden Annual Property Index och Refinitiv Worldscope Fundamentals-databasen som säkerställts med årsredovisningar för de noterade fastighetsföretagen. Med hjälp av denna data skapades två direktavkastningsserier för perioden mellan 2000 - 2019. Dessa jämfördes sedan med varandra och påvisade diskrepanser i form av högre direktavkastning på den noterade marknaden under större delar av 00-talet medan den onoterade marknaden uppvisade en högre direktavkastning mellan 2011 - 2016. Sedan dess har direktavkastningen för båda noteringsformerna sjunkit till historiskt låga nivåer. Vad gäller onoterade fastighetsinvesteringar återfinns fördelar i form av målstyrning och genomförandet av långsiktiga utvecklingsprojekt, ofta som en del av en långsiktig och värdeskapande ägarstrategi. / The return of private and public real estate is a matter that has been studied extensively and has often proved the outperformance of securitized real estate over direct property in the short term. This paper will analyze historical capitalization rates in order to locate any value discrepancies between the direct and indirect property market in Sweden. Furthermore, the paper aims to understand whether there are any benefits to holding direct property, otherwise not justified by higher returns, that would explain its high valuation. The underlying data collection relies on MSCI Sweden Annual Property Index as well as financial reports and profile data from the Refinitiv Worldscope Fundamentals database for the listed real estate companies. Using the collected data, net operating income yields were built for the direct and indirect property market for the period between 2000 - 2019. These historical capitalization rate series were then compared to each other and showed some discrepancy in favor of securitized real estate which demonstrated higher capitalization rates during most of the 2000s. However, the direct real estate market was shown to outperform the indirect one between 2011 - 2016. Ever since, public and private real estate on the Swedish market has shown similar valuations and the capitalization rates are now historically low, (as at December 2019). As for holding direct property, advantages include the ability to carry out development projects, which are often part of a long-term and value-adding ownership strategy.

2016 was a year of record with a total amount of over 201 billion SEK invested in the Swedish real estate market, spread over more than 535 transactions (counting transactions of 40 million SEK and above). The Swedish real estate market is sometimes referred to as a safe haven among international investors when it comes to foreign direct investments. Some characteristics that makes Swedish real estate a valuable asset among foreign investors are said to be the market transparency, low interest rate environment, and increasing rents, to mention a few. This report uses a quantitative analysis method in order to discern what fundamental economic factors that affects foreign investor’s behavior of when to invest in Swedish real estate.  The Swedish property firm, Newsec, has provided transaction data in order to accomplish this study. From the quantitative analysis, it has been found that the fundamental factors that have the most impact on foreign transaction volume are the capitalization rate, inflation rate, world market volatility, Swedish stock market and domestic transaction volume. Furthermore, exchange rates and the repo rate do not seem to have a significant impact on the foreign transaction volume, according to the study. / 2016 var ett rekordår på den svenska fastighetsmarknaden med en total transaktionsvolym på över 201 miljarder kronor, fördelat på över 535 transaktioner (räknat transaktioner över 40 miljoner kronor). Den svenska fastighetsmarknaden refereras ibland till som en fristad av internationella investerare när det kommer till utländska direktinvesteringar. Några av de egenskaper som karaktäriserar den svenska fastighetsmarknaden och som gör den till en värdefull tillgång för utländska investerare är att den präglas av hög transparens, låga räntor och stigande hyror, för att nämna några. Den här rapporten använder en kvantitativ analysmetod för att undersöka vilka fundamentala ekonomiska faktorer som påverkar vid vilken tidpunkt utländska investerare väljer att investera i svenska fastigheter. Fastighetsbolaget Newsec har tillhandahållit transaktionsdata som möjliggjort denna studie. Från den kvantitativa analysen har det kunnat urskönjas att de fundamentala ekonomiska faktorerna som påverkar den totala volymen utländskt kapital som investeras på den svenska fastighetsmarknaden är: cap rate, inflation, volatilitet på världsmarknaden, svenska aktiepriser samt svenskt investerat kapital i svenska fastigheter. Vidare, valutakurser och reporäntan är faktorer som inte har kunnat säkerställas ha inflytande över volymen utländskt investerat kapital enligt studien.

På grund av rådande livsmedelstrender har efterfrågan på premiumvaror, som ekologiska och kolhydratfattiga livsmedel, ökat. Trenderna sätter tryck på livsmedelsföretag att erbjuda ett brett utbud av produkter. Detta får till följd att behovet av effektiva försörjningskedjor ökar samtidigt som det bundna kapitalet behöver minskas för att få ökad lönsamhet. För att identifiera var slöserier som driver upp ledtiden finns i ett produktionsflöde, kan värdeflödesanalys användas. Genom användning av värdeflödesanalys kan värdeskapande tid ställas mot icke värdeskapande tid för att upptäcka moment som inte tillför värde för kunden utan endast driver upp kostnader. Analys av dessa moment kan leda till identifiering av möjligheter för reduktion av kapitalbindning i form av minskade nivåer av produkter i arbete och lager. Kapitalbindning kan även reduceras genom ABC-klassificering av artiklar. Syftet med detta kandidatexamensarbete är att undersöka reduktion av ledtider i Lantmännen Cerealias pastafabrik med hjälp av värdeflödesanalys. Utöver detta undersöks hur kapitalbindningen kan reduceras samtidigt som ledtidsreduktionen genomförs. Slutligen ABCklassificeras produkterna. Dels för att minska kapitalbindningen, dels för att underlätta vid fluktuationer i efterfrågan hos fabriken. Slutsatsen svarar på om det är möjligt att reducera ledtiden i fabriken samtidigt som en reduktion av kapitalbindning görs. Värdeflödesanalys visade sig vara ett bra verktyg för att identifiera eventuella slöserier och förbättringsmöjligheter i produktionen. Svårigheten med analysen i detta fall låg i att finna korrekta siffror till analysen eftersom data för detta mottogs i sin helhet och ej mättes upp i fabriken. ABC-klassificeringens valda parametrar visades lämpliga då uppdelningen blev tydlig. Denna tog hänsyn till problem både rörande efterfrågefluktuationer och kapitalbindning. Slutsatsen drogs att om lagerhållningen styrs enligt denna uppdelning kan kapitalbindningen minskas samtidigt som företaget enklare kan möta fluktuationer i efterfrågan. Den reducerade ledtiden som värdeflödesanalysen resulterade i, gav effekten att medel-PIAnivån i produktionen kunde minskas. Detta skulle kunna ske genom att minska mellanlagringstiden i silos. Möjlighet saknas att på kort sikt reducera medel-PIA-nivån till den kritiska volymen av PIA, dock leder den möjliga minskningen till en reduktion av kapitalbindning. Den viktigaste slutsatsen som dras är att reduktion av ledtid ofta har en positiv inverkan även på kapitalbindningen. I detta fall visade sig lagerhållning ha stor betydelse för reduktion av både ledtid och kapitalbindning. Att reducera lagringstiden i färdigvarulagret ger större effekt på kapitalbindningen än en reduktion av mellanlagringstiden i silos då produktens värde är större i detta skede / Due to the prevailing food trends, customers demand premium goods such as organic and low carb products in addition to simpler alternatives. The trends puts pressure on food businesses to offer a wide selection of products, which leads to an increasing need for efficient supply chains as well as decreases in capitalization. Value stream mapping is a tool used to identify wastes. These wastes increases lead times in a production flow. The results gathered from the analysis can be used to compare value adding time with non-value adding time, in order to discover processes that drives up expenses without adding value for customers. Detailed analysis of these processes can identify possible reductions in capitalization, through reduced levels of work in process and stock. Capitalization can also be reduced by ABC classification of products. The purpose of this thesis is to examine how value stream mapping can help reduce lead times at Lantmännen Cerealias pasta production plant in Järna. Reduction of capitalization through reducing the amount of work in progress and stock is also studied. Furthermore, the effects of ABC classification are examined in order to ease fluctuations in demand and reduce capitalization at the plant. The conclusion answers whether or not it is possible to reduce the lead time in the production and simultaneously reduce capitalization. Value stream mapping proved to be an efficient tool to identify possible sources of waste and improvements in the production. In this case, the absence of accurate numbers made the analysis challenging and led to inaccurate results. The parameters used for the ABC classification led to a proper partition of products since it took both fluctuations in demand and problems regarding capitalization into account. This partition of products is assumed to reduce both capitalization and ease the effects of fluctuations in demand. Reducing the storage time of WIP using value stream mapping can result in reduced levels of WIP. Reducing WIP to the lowest possible level proved to be impossible in the short term. However, the possible reduction of WIP levels would result in reduced capitalization. The most important conclusion drawn from the analysis, is that a reduced lead time often has a positive impact on capitalization. Transformation of stockkeeping proved to be of great importance when reducing both lead times and capitalization. Since the value of finished goods are higher than the value of WIP, reducing storage time for inventory of finished goods proved to have a greater impact on capitalization.

Final qualification work (master thesis) is devoted to analysis of the development of the Russian stock market, identifying the main problems and steps to address them, and developing models for the formation of an optimal investment portfolio of Russian shares. The need for scientific research lies in the fact that the securities market is an integral part of the market economy. The development and degree of its regulation by the state are the most important indicators of the maturity of the country's economic development. The relevance of scientific research lies in the fact that in the modern market it is necessary to develop models for attracting private capital for long-term investments in securities, which will contribute to the development of the Russian market and the growth of its capitalization. / Выпускная квалификационная работа (магистерская диссертация) посвящена анализу развития российского рынка акций, выявлению основных проблем и шагов по их решению, а также разработке моделей формирования оптимального инвестиционного портфеля из российских акций. Необходимость научного исследования заключается в том, что рынок ценных бумаг является составной частью рыночной экономики. Развитость и степень регулирования его со стороны государства являются важнейшими индикаторами зрелости экономического развития страны. Актуальность научного исследования заключается в том, в условиях современного рынка необходима разработка моделей привлечения частного капитала для долгосрочных инвестиций в ценные бумаги, что будет способствовать развитию российского рынка и росту его капитализации.

財產稅分成單一稅率財產稅制以及雙率財產稅制。財產稅稅基依賴的是評估價值，稅基通常沒有正確反應市價，雙率的財產稅制在有效稅率以及評估比率估算上皆較單一稅率稅制複雜；此外，房價居高不下之下，財產稅資本化效果的探討更有其必要性，因此本研究選取財產稅制度已實施雙率稅制數十年台灣的首都台北市，並且選取自用住宅為樣本，探討在雙率稅制下，衡量「1－評估比率」、財產稅有效稅率、以及探討財產稅資本化效果。 有效稅率以及評估比率方面，結論可以得知台北市及12個行政區之「自用住宅」財產稅有效稅率皆有極為偏低的現象，以及台北市以及每一個行政區的平均「1-評估比率」都至少有七成以上，這表示政府相關單位必須要將評估比率提高，提高財產稅有效稅率，才能有效降低稅基與市場價格之間的偏離程度。此外，土地與房屋分離課稅，地價稅的稅基土地公告地價以及房屋稅稅基房屋評定現值由不同評價委員會估價之下，容易產生評估比率偏低狀況，因此建議將不動產評議委員會以及地價評議委員會合併成單一的委員會，在評估價值的誤差應該會有顯著的降低。 財產稅資本化效果方面，發現台北市自用住宅的財產稅稅賦負擔太輕，尤其是地價稅，因此無法透過提高財產稅的方式來抑制房價。此外，根據分量迴歸的結果發現，房屋稅支出愈高，低房價的房屋總價會降低，這結果表示在低房價房屋稅的租稅負擔是高於最適水準；然而高房價的房屋總價會因房屋稅支出愈高反而愈高，這結果表示在高房價房屋稅的租稅負擔是低於最適水準。因此透過這些發現，建議台北市政府相關單位應將高房價的房屋稅租稅負擔提高超過最適水準，藉由此才能有效的抑制房價的上漲。 / This paper investigates the assessment ratio, effective property tax rate and property tax capitalization for owner-occupied residential houses in Taipei, which employs a split-rate property tax system. The analysis finds that the effective property tax burden is lower in Taipei. Therefore, the tax authority should work to raise the effective property tax rates and minimize the biases in order to raise assessment ratios. Ideally, if the committees could be integrated into a single committee, assessed value biases may be able to be significantly reduced. In property tax capitalization, we find that current property tax rate is smaller than the optimal one in Taipei. Current property tax burden especially from the land value tax is too light, so a higher property tax rate cannot be negatively capitalized into the house prices. Moreover, we also find that there is a positive house tax capitalization only for the high value houses, but a negative house tax capitalization for low value houses. These findings imply that Taipei authority has to raise the property tax burden especially for high value houses to be above the optimal level if it wants to effectively cool down the rising house value.

Few studies have examined the impact of portfolio concentration upon the realised volatility of stock index portfolios, such as the FTSE 100. Instead, previous research has focused upon diversification across industries, across geographic regions and across different firms. The present study addresses this imbalance by calculating the daily time series of four concentration metrics for the FTSE 100 Index over the period from January 1984 through March 2003. In addition, the value weighted variance covariance matrix (VCM) of daily FTSE 100 Index constituent returns is decomposed into four sub-components: two from the diagonal elements and two from the off-diagonal elements of the VCM. These consist of the average variance of constituent returns, represented by the sum of diagonal elements in the VCM, and the average covariance represented by the sum of off-diagonal elements in the VCM. The value weighted average variance (VAV) and covariance (VAC) are each subdivided into the equally weighted average variance (EAV) the equally weighted average covariance (EAC) and incremental components that represent the difference between the respective value-weighted and equally weighted averages. These are referred to as the incremental average variance (IAV) and the incremental average covariance (IAC) respectively. The incremental average variance and the incremental average covariance are then combined, additively, to produce the incremental realised variance (IRV) of the FTSE 100 Index. The incremental average covariance and the incremental realised variance are found to be negative during the 1987 crash and the 1992 ERM crisis. They are also negative for a substantial part of the study period, even when concentration was at its highest level. Hence the findings of the study are consistent with the notion that the value weighted, and hence concentrated, FTSE 100 Index portfolio is generally less risky than a hypothetical equally weighted portfolio of FTSE 100 Index constituents. Furthermore, increases in concentration tend to precede decreases in incremental realised volatility and increases in the equally weighted components of the realised VCM. The results have important implications for portfolio managers concerned with the effect of changing portfolio weights upon portfolio volatility. They are also relevant to passive investors concerned about the effects of increased concentration upon their benchmark indices, and to providers of stock market indices.

L’application du concept de développement durable à l’urbanisme suscite de nombreuses questions tant les contours de « l’urbanisme durable » et des « quartiers durables » paraissent flous. De nombreux outils ont été développés pour aider à la conception des « quartiers durables », souvent dérivés des outils de conception des bâtiments (LEED, BREAAM, HQE etc…) ; ils restent largement proposés et conduis par les Maîtres d’Oeuvre (MOE) et les Assistants à Maîtrise d’Ouvrage (AMO). Dans ce contexte, une question émerge, celle de savoir quel peut-être l’impact de ces outils sur les décisions et la conduite du projet urbain par la Maîtrise d’Ouvrage Urbaine (MOU). De plus, le projet urbain qui a pour objet la création d’un quartier ou « morceau de ville », fait appel à un large jeu d’acteurs et les questions soulevées par les outils d’aide à la conception dépassent largement le champ d’action de la MOU. Ceci posé, si le couple MOE et AMO peut « se contenter » de l’utilisation d’outils existants au regard de leurs missions respectives, la MOU, du fait de son rôle central et moteur dans le « quartier durable » a de son côté besoin de nouveaux process pour répondre aux enjeux de la durabilité posés par ces outils : comment travailler avec les différents acteurs en vue d’objectifs communs et/ou convergeants ? Se pose alors la problématique de l’évolution des méthodes de travail de la MOU au fil des opérations d’aménagement durable ; comment ne pas avoir de « pertes en ligne » et ainsi continuer à progresser entre deux opérations d’aménagements : la capitalisation des savoir-faire du « chef d’orchestre » qu’est la MOU est alors un questionnement central. / The application of the concept of sustainable development to urban planning raises many questions as the contours of "sustainable urbanism" and "sustainable neighborhoods" appear to be unclear. Many tools have been developed to help design "sustainable neighborhoods", often derived from building design tools (LEED, BREAAM, HQE etc ...); they remain largely proposed and led by the Project Managers (MOE) and the Assistants to Project Managers (AMO). In this context, a question arises, which is to know what may be the impact of these tools on the decisions and the conduct of the urban project by the Urban Contractor (MOU). In addition, the urban project, which aims to create a neighborhood or "piece of town", involves a wide range of actors and the questions raised by the Neighborhood Sustainable Assement (NSA) go well beyond the scope of action of the MOU. If the MOE and AMO couple can "be satisfied" using the existing tools regarding their respective missions; the MOU, because of its central role and driving force in the "sustainable neighborhood" is in need of new processes to meet the challenges of sustainability requested by these tools: how to work with the different actors aiming a shared vision with common and / or converging objectives? Then naturaly the problem of the evolution of the working methods of the MOU is posed: during the conduct of the neighborhood development, how not to have "losses online" and thus continue to progress between two neighborhood development: the capitalization of the know-how of the MOU starts to become the central question.

L'expérience joue un rôle crucial dans la résolution de problèmes. Dans les activités inventives de résolution de problèmes, l’expérience est composée de deux parties : l’une est le savoir-faire spécifique acquis dans la pratique de la résolution de problèmes passés, l’autre est la connaissance supplémentaire provenant d’autres domaines dans lesquels la résolution de problèmes a déjà été acquise et est utilisée pour résoudre. Cette thèse propose une nouvelle façon de résoudre des problèmes d’invention en capitalisant l’expérience tirée d’activités de résolution de problèmes antérieures. La première contribution est basée sur l'utilisation du raisonnement à partir de cas pour collecter et accéder rapidement aux expériences. La deuxième contribution consiste à proposer une nouvelle façon de classer les effets physiques basé sur l'utilisation de Wikipédia. Pour mettre en œuvre l'approche proposée dans la thèse, une application Web appelée CBRID (Raisonnement à partir de cas pour la Conception Inventive) est développée. Par ailleurs, nous avons mené une série d’expériences pour évaluer notre approche en termes d’efficacité et d’efficience. / Experience plays a crucial role in the resolution of problems. When in inventive problem solving activities, experience is composed of two parts: one is the specific know-how knowledge acquired in the practice of solving previous problems, the other is the additional knowledge from other domains where the problem solver is previously acquired and is used for problem solving. This thesis aims at proposing a new way to solve new inventive problems by capitalizing experience obtained from past problem solving activities. The first contribution is based on the use of the case-based reasoning for collecting and rapidly accessing the experiences. The second contribution consists in proposing a new way to classify the physical effects using Wikipedia. To implement the proposed approach, a web-based application called CBRID (Case-based reasoning for Inventive Design) is developed. A particular case of ''cloth hanger'' is studied to illustrate the problem solving process based on the proposed approach. In addition to that, we conducted a set of experiments to evaluate our approach in terms of effectiveness and efficiency.