Diss.--Münster--Universität, 2005. / Bibliogr. p.191-212.

Thèse d'exercice : Médecine. Médecine générale : Paris 12 : 2005. / Titre provenant de l'écran-titre. Bibliogr. f. 75-81.

Reproduction de : Thèse de doctorat : Sciences de gestion : Toulon : 2008. / Titre provenant du cadre-titre. Bibliogr p. 325-342.

Diss. Stockholm : Handelshögsk., 2003.

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

Financial contagion, in this study, refers to spreading of crisis across markets in different locations. The observable consequence is usually in the form of increase in co-movement of asset prices in two markets after a crisis event. The causes of financial contagion have been studied for over twenty years, however, up till now, results have been mixed. One unsettled issue is whether market fundamentals alone can explain financial contagion. Pure fundamental based explanation suggests that the financial, economic and trade linkages are solely responsible for the transmission of crisis across markets. On the other hand, the behavioral finance researchers propose that herding behavior also plays an important role in explaining financial contagion. This issue cannot be easily resolved since it is difficult to empirically distinguish linkage effect and herding behavior. This thesis contributes to this unresolved issue by examining financial contagion in the stock market and indirect real estate market. In the stock market, both fundamental linkages and herding are likely to exist. However some securities are less prone to herding than others. Herding across international markets is likely to be less serious when there is less information asymmetry between investors and management. In addition, compared with foreign investors, local investors are more confident in the link between market fundamentals and the corresponding securities. Real Estate Investment Trusts (REITs) are likely to suffer from less information asymmetry problem since the REITs market has more stringent regulatory requirements for information disclosure. Furthermore, the pricing of real estate asset, the main type of assets held by the REITs, often requires local knowledge. Local investors investing in REITs are less likely to mimic the investor behavior in another overseas REITs market. Listed property companies also share some similarities with REITs, although they are less immune to herding compared with REITs as information disclosure is less stringent for listed property companies. Since the asset prices of real estate are affected by the economic performance, fundamental linkages amongst all indirect real estate still likely to exist and are similar to other types of listed companies. If market fundamental is the only source of financial contagion (i.e. no herding), financial contagion in the global stock and indirect real estate markets should be similar. This thesis uses the 2008 global financial crisis (GFC) as the crisis event to examine financial contagion across the world’s major equity markets. Our empirical results show that financial contagion is stronger in the entire stock markets than in the indirect real estate markets and that financial contagion is the weakest in the REITs markets, which support the herding behavior hypothesis and reject the pure fundamental explanation. This reasoning does not require indirect real estate to be totally immune from herding. All that is needed is that indirect real estate is less prone to herding compared with the common stocks. Herding behavior can be rational or irrational. The latter refers to revision of asset prices by following the pricing behavior of other markets irrespective of market fundamentals. Our empirical evidence cannot reject irrational herding behavior in the indirect real estate market since contagion effect becomes stronger when windows of observations are lengthened. That is when more time was allowed for investors to react to the pricing behaviors in other markets, financial contagion became stronger. However, no similar results were found in the stock market. This impl\ies that compared with the indirect real estate market, herding is more serious in the stock market but such herding is also more rational than that in the indirect real estate market. / published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

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Hösten 2012 släppte organisationen Läkare Utan Gränser en rapport under titeln Kriserna Svenskarna Glömt. I denna uppmärksammas det faktum att det finns flera humanitära kriser i världen som allmänheten i Sverige inte känner till. Organisationen benämner dessa som “glömda kriser”. Anledningen till den låga kännedomen hos allmänheten är, enligt rapporten, en bristande mediebevakning av kriserna. Begreppet glömda kriser bygger till stor del på idén om att en kris eller en risk kan lida av ett otydligt tids- eller rumsperspektiv, som därmed urholkar dess nyhetsvärde. Begreppet kan dessutom utvidgas till att omfatta miljömässiga risker och kriser, eftersom även dessa till viss del har låg kännedom hos allmänheten. För att de glömda kriserna ska få den uppmärksamhet de förtjänar, måste de marknadsföras och kommuniceras. Syftet med denna studie är att undersöka begreppet glömda kriser närmare. Detta kommer göras genom att studera hur två ideella organisationer marknadsför humanitära och miljömässiga risker och kriser gentemot en bred målgrupp. Den teoretiska grunden för uppsatsen bygger på teorier om det globala risksamhället och hur människor uppfattar specifika situationer som risker eller kriser. Vidare läggs en grund inom marknadskommunikation där en diskussion förs om möjligheten att betrakta glömda kriser som produkter i mer kommersiell bemärkelse. För att skapa en analysmall för studien redogörs också för teorier inom semiotik och retorik i marknadsföring. För att studera hur två organisationer marknadsför glömda kriser har sex olika kampanjfilmer valts som analysobjekt. Organisationerna bakom dessa är Läkare Utan Gränser och Naturskydds-föreningen. Metoden som valts är en kvalitativ innehållsanalys utifrån ett retoriskt och semiotiskt perspektiv. Detta för att kunna analysera det valda materialet på djupet och inte enbart utifrån det manifesta innehållet. Vidare har den kvalitativa ansatsen valts på grund av att fältet kommunikation av glömda kriser ännu är relativt outforskat. Uppsatsen strävar därmed efter att skapa en första förståelse för området, som en grund för fortsatta studier. Analysresultaten pekar på många intressanta aspekter. Bland annat lyfts tids- och rumsperspektivet både i förminskande och utvidgande form genom en användning av den retoriska figuren synekdoke. Även interrogatio, exclamatio, antites etc. återfinns i tydliga exempel. Semiotiska tecken finns alltid i audiovisuell kommunikation, dessvärre antyder analysen en relativt låg medveten användning av dessa i marknadsföringsmaterialet. Vidare syns en klar ambition i allt material från båda organisationerna att utbilda sin målgrupp och öka förståelsen för de glömda kriserna i fråga. Detta överensstämmer med önskemålet om utförligare information om kriserna, som uttrycks i rapporten från Läkare Utan Gränser. Studien avslutas med flera relevanta slutsatser som öppnar upp för framtida forskningsuppslag. / In the fall of 2012, the report Kriserna Svenskarna Glömt (“The crises forgotten by the Swedes”), was issued by the organization Läkare Utan Gränser - the Swedish department of Médicins Sans Frontières. This report stressed the fact that there are several humanitarian crises in the world, that the Swedish public is unaware of - the “neglected crises”. A possible reason for the lack of awareness among members of the public is, according to the report, presumed to be low media coverage about the crises. The term “neglected crises” is based on the concept that a crisis or a risk can be said to suffer from an unclear position in time and space. This results in a low news value. The term can also be expanded to include environmental risks and crises since these also to some extent suffer from a lack of public awareness. In order to bring the neglected crises the attention they deserve, they must be marketed. The purpose of this study is to further investigate the neglected crises. This will be done through a study of two non-profit organizations and their marketing of humanitarian and environmental risks towards the general public. The theoretical framework of this essay is based on theories of global risk society as well as theories of how people perceive situations as risks or crises. Furthermore, theories of marketing are discussed in order to facilitate an understanding of how it is possible to view risks as products, in a more traditional, commercial sense. Theories of semiotics and rhetoric in marketing are presented to create an outline for the analysis. Six campaign movies from the organizations Läkare Utan Gränser and Naturskyddsföreningen constitute the material for analysis. Since the scientific field of communication of neglected crises is yet rather unexplored, a qualitative methodological approach has been chosen. To perform an in-depth analysis of the material, a qualitative content analysis based on a rhetorical and semiotic perspective is used. Based on the prerequisites of the field of the neglected crises the study aims to create a foundation for further research in this area. The content analysis resulted in several interesting findings. Through the use of the rhetorical figures such as synecdoche, the distance between the viewer and the crises is both expanded and reduced when it comes to the time- and space aspects. Other rhetorical figures are also found in the material, such as rhetorical questions, contrasts and exclamations. As far as semiotics is concerned, signs are an imperative part of audiovisual communication. However, in the material studied, the use of semiotic signs appears to be coincidental rather than intentional. Finally, in all the campaign movies, the study revealed a clear ambition to educate its target audience about the neglected crises on a deeper level. This corresponds to the requests made in the report from Läkare Utan Gränser, stating that more detailed information about the forgotten crises is required in order to raise awareness among the public.

När människor drabbas av en traumatisk kris som raserar deras vardag tvingas de till att försöka bygga upp sin tillvaro igen. Vissa gör detta genom att blogga om sina tankar och känslor rörande krisen. Vad kommer det sig att så många väljer att visa upp sitt lidande i ett offentligt forum? Med hjälp av grundad teori undersöker vi de mest centrala aspekterna av och omkring krisbloggande för att skapa en större förståelse för detta nutida fenomen. Genom intervjuer och studier av bloggar framkommer det att personer som bloggar får möjlighet att på egna villkor göra sin röst hörd, sprida sin berättelse och reflektera över sin egen resa. Detta, samt det stöd som de får genom återkoppling från läsarna, gör att de upplever ett ökat välmående. Med hjälp av utvalda delar från Giddens teori om det senmoderna samhället placerar vi fenomenet krisbloggar i en nutida kontext och genom Franks teorier om narrativ förklarar vi hur viktigt det är att få skapa och dela sin berättelse för människor som drabbats av någon form av kris. / When people suffer from a traumatic crisis that destroys their lives, they are forced to try and rebuild their everyday lives again. Some do this by writing blogs about their thoughts and feelings regarding the crisis. Why is it that so many people choose to display their suffering in a public forum? With the help of grounded theory, we investigate the most central aspects of blogging about traumatic crises in order to create a greater understanding of this contemporary phenomenon. Through interviews and the study of blogs, it is revealed that the people behind the blogs are able to make their voices heard on their own terms, to spread their story and to reflect on their own journey. This, alongside the support they recieve through the feedback from their readers, make them experience increased well-being. With the help of selected parts from Giddens' theory on modernity, we place the phenomenon of cirisis blogs in a comtemporary context and through Frank's theories regarding narratives, we explain how important it is to create and share stories for people affected by some form of crisis.