Similar development of economic fundamentals in Germany over the last two decades did not lead to the same dramatic house price increases as it is in Sweden. What can explain this house price stability over a long period? This thesis attempts to find the answer this question. The first paper in this thesis contains an extended literature review on the studies focused on the factors affecting house prices in the short and in the long run. Existing literature adopts a broad variation of approaches and reaches different conclusions attempting to answer the question about what are the key drivers of house prices. Conclusions often depend on the model specifications and econometric methods applied. Though there is a considerable agreement in real estate economics theory regarding the main factors that affect house prices (or so called “fundamental determinants”), it is hard to find a consistent definition regarding what factors can be considered as “fundamentals” and what factors belong to “non-fundamentals”. The dominating factors that are presented in the majority of the studies are income, population, interest rate, housing stock and unemployment. Studies done after the recent financial crisis put more attention on such factors as the behavior of the market participants, financing conditions and regulations. The characteristics of the bank lending and valuation policies as well as regulations on the rental market have received attention in the research literature, but the impact of these factors on house price dynamics is not measured and not well described. Therefore the other two papers in this thesis aim to provide a better insight in to the factors that create fluctuations in housing markets. The second paper investigates the effects of macroeconomic indicators such as population, income housing stock, mortgage interest rate on house prices. Estimation is done by applying panel data methodology on regional data for major cities in Germany and Sweden and by using yearly observations from 1995 to 2010. Results suggest that the long-run development of apartment prices in Sweden can be explained by changes in such factors as population, disposable income per capita, mortgage interest rate, housing stock, and prices per square meter in the previous period. The price for the previous period has the highest impact in comparison with other factors in Sweden. At the same time for Germany this is the only factor that is valid for long-term house price development. Estimates for fundamental factors such as population, disposable income, mortgage interest rate and housing stock appeared as not significant in house price development in the long run in Germany. A closer analysis has shown that the fundamental factors developed in a similar way in both countries during the analyzed period, though the house prices dynamic is very different. The conclusion is that fundamental factors cannot provide an explanation for the differences in house price developments in two countries and further analysis of institutional differences in the housing markets is done in the third paper. Third paper applies a comparative analysis approach and hypothetico-deductive method in order to examine the differences in the banking policies on mortgage financing and approaches to valuation of mortgage properties in Germany and Sweden.  The results suggest that the extreme rise in Swedish house prices above the long-term trend was created by expanding bank lending policies that was supported by the general macroeconomic factors and regulation environment on the housing market. The main difference between countries in approaches to valuation for mortgage purposes is that in Germany that mortgage is based not on the market value as it is in Sweden, but on the long-run sustainable value, so called “fundamental” value. Mortgage lending value is determined in such a way that is also develops in the same tempo as fundamentals in the long-run and is not that procyclical as market value. Using a long-term sustainable value has a restrictive effect on the housing prices and in such a way stabilizes the market.  One more factor that gives stability to the housing market in Germany is the well-functioning rental market. Third paper contributes to a better understanding of necessary conditions for the house prices to rise in the long run above the fundamentals level and suggests policy solutions that can reduce the risks of housing bubbles and increase financial stability. / Ekonomiska fundamenta hur utvecklats på ungefär samma sätt i Tyskland och Sverige, men medan huspriserna i Sverige stigit kraftigt har de varit stabila i Tyskland. Vad kan förklara denna skillnad? Syftet med denna licentiatuppsats är att försöka förklara det. Den första uppsatsen innehåller en omfattande litteraturöversikt rörande vad som styr huspriser på kort och lång sikt. Den existerande litteraturen innehåller många olika angreppssätt och kommer till olika svar om vad som driver huspriserna. Slutsatserna beror ofta på hur modellerna specificerats och vilken ekonometrisk metod som använts. Det finns dock betydande enighet i ekonomisk teori om vad som är de grundläggande faktorerna som styr huspriserna (så kallade fundamenta) så finns delade meningar om hur dessa exakt ska specificeras och vad som räknas som icke-fundamentala faktorer. De vanligaste fundamentala faktorerna i studierna är inkomst, befolkning, räntenivå, bostadsutbudet och arbetslöshet. Studier gjorda efter den senaste finanskrisen betonar med beteendefaktorer, finansieringsförhållande och regleringar. Egenskaperna hos bankernas långivning och värderingsprinciper liksom effekten av hur hyresmarknaden fungerar har då fått lite utrymme vilket motiverar att de behandlas mer ingående i denna studie. Den andra uppsatsen undersöker effekterna av makroekonomiska indikatorer som befolkning, inkomst, bostadsutbud och räntenivåer på huspriser i Tyskland och Sverige. Studien begränsas till ett antal större städer och bygger på data från 1995-2010. Paneldataanalys används. Resultaten pekar på att den långsiktiga prisutvecklingen i Sverige kan förklaras av sådana fundamentala faktorer, men också att priset föregående period påverkar priset perioden efter. För Tyskland är enbart den sista faktorn av betydelse, dvs utvecklingen av de fundamentala faktorerna påverkar inte prisutvecklingen där. Trots att de fundamentala faktorerna utvecklas på liknande sätt så leder de inte till samma utveckling av huspriserna. Detta motiverar djupare studier av institutionella skillnader mellan bostadsmarknaderna i de båda länderna. Den tredje uppsatsen är en jämförande studie som använder hypotetiskt deduktiv metod för att undersöka om skillnader i bankerna lånepolicy och skillnader i värdebegrepp kan förklara skillnader i prisutveckling på bostäder. Resultaten pekar på att de snabbt stigande priserna i Sverige kan förklaras med en expansiv långivning. En viktig skillnad är att medan långivning i Sverige grundas på aktuellt marknadsvärde medan den i Tyskland bygger på ett långsiktigt värde som ska spegla långsiktiga fundamentala faktorer, ett så kallat "mortgage lending value". Detta värde utvecklas mer sakta och ska inte svänga med konjunkturerna på det sätt som ett marknadsvärde normalt gör. Genom att långivning grundas på detta värde stabiliseras marknaden. En annan faktor som bidrar till att stabilisera de tyska bostadspriserna är att det finns en fungerande hyresmarknad som skapar ett alternativ till att köpa. Bidraget i den tredje uppsatsen är att öka vår förståelse av nödvändiga villkor för att huspriserna inte ska stiga snabbt och att den pekar på åtgärder som kan minska risken för prisbubblor på bostadsmarknaden, och minska risken för finansiell instabilitet. / <p>QC 20150316</p>

When faced with an investment opportunity in commercial real estate, the investor requires knowledge of the discount rate since it can be used to convert expected future cash flows from the property in today's terms and in doing so, place a value on the property. The so-called required rate of return would be the appropriate conversion rate since it compensates the investor for risk and, if attainable, will induce the investor to invest. An inaccurate assessment of the discount rate could, depending on the direction of the error, lead to a potential over or under estimation of the property value. A number of single or multiple variable frameworks for required return have been derived by other researchers for the US, UK and EU property markets. Each of the variables encountered in these frameworks acts as a proxy for some aspect of systematic risk associated with the investment. However, locally, such models are either not extensively published or well described and are limited to single explanatory variables. Some professionals prefer to avoid frameworks and simply divert to qualitative, gut-feel and experienced based considerations in order to derive at required return rate. This dissertation addressed the possible local need for an explanatory framework of required return on commercial property. The scope of work entailed: (i) a review of the literature to establish the theoretical determinants of return and (ii) an empirical study to test a short-list of parameters for Retail, Offices and Industrial sites in Cape Town, Pretoria, Bloemfontein and Durban, respectively. Three categories of explanatory variables were identified: (i) Capital market variables and alternative investment opportunities in the form of stocks on the JSE, (ii) economic activity indicators and (iii) property market fundamental parameters. The empirical study entailed a three-phase methodology, which included the following steps: (i) data sampling and processing, (ii) screening variables through the simple regression and correlation coefficients and (iii) multiple regression complemented by statistical significance testing. Between 69% and 98.2 % (alpha=O.1) of the variation in returns could be explained in terms of the variation by the explanatory variables that passed the rigorous screening process. The relative good results are likely to be related to the higher explanatory power of the multi-factor approach. The remaining unexplained portion of return can potentially be decreased by using larger samples and pursuing some of the other recommendations for additional research. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2006.

When faced with an investment opportunity in commercial real estate, the investor requires knowledge of the discount rate since it can be used to convert expected future cash flows from the property in today's terms and in doing so, place a value on the property. The so-called required rate of return would be the appropriate conversion rate since it compensates the investor for risk and, if attainable, will induce the investor to invest. An inaccurate assessment of the discount rate could, depending on the direction of the error, lead to a potential over or under estimation of the property value. A number of single or multiple variable frameworks for required return have been derived by other researchers for the US, UK and EU property markets. Each of the variables encountered in these frameworks acts as a proxy for some aspect of systematic risk associated with the investment. However, locally, such models are either not extensively published or well described and are limited to single explanatory variables. Some professionals prefer to avoid frameworks and simply divert to qualitative, gut-feel and experienced based considerations in order to derive at required return rate. This dissertation addressed the possible local need for an explanatory framework of required return on commercial property. The scope of work entailed: (i) a review of the literature to establish the theoretical determinants of return and (ii) an empirical study to test a short-list of parameters for Retail, Offices and Industrial sites in Cape Town, Pretoria, Bloemfontein and Durban, respectively. Three categories of explanatory variables were identified: (i) Capital market variables and alternative investment opportunities in the form of stocks on the JSE, (ii) economic activity indicators and (iii) property market fundamental parameters. The empirical study entailed a three-phase methodology, which included the following steps: (i) data sampling and processing, (ii) screening variables through the simple regression and correlation coefficients and (iii) multiple regression complemented by statistical significance testing. Between 69% and 98.2 % (alpha=O.1) of the variation in returns could be explained in terms of the variation by the explanatory variables that passed the rigorous screening process. The relative good results are likely to be related to the higher explanatory power of the multi-factor approach. The remaining unexplained portion of return can potentially be decreased by using larger samples and pursuing some of the other recommendations for additional research. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2006.

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South Africa faces significant challenges with low economic growth and high unemployment rates. Unemployed individuals find it difficult to enter into the informal and formal sectors and are often required to work as day labourers. The purpose of this study is to investigate whether the human capital theory can provide an explanation for the determinants of wages of day labourers. A focus was placed on the relationships between wages and education, wages and training, wages and skills, and wages and experience. Using cross-sectional data from a survey conducted in 2007/2008, a regression analysis of these relationships was performed. The results showed that earnings increase with an increase in educational level. Day labourers who completed primary and secondary schooling earn more than day labourers who have had no schooling. The day labourers who completed a post-school qualification realised the highest returns in wages. A small percentage of day labourers indicated that they completed a form of training. A pattern was evident of day labourers with higher levels of education engaging in training that is associated with scarce work that requires higher levels of skills and that is more likely to pay higher wages. Work in the skilled cluster was found to be positively and significantly associated with wages. Day labourers who are able to do a variety of jobs are also likely to earn higher earnings. Experience was represented by the number of years an individual has worked as a day labourer and was found to be negatively associated with wages. The findings of this paper confirm that most of the human capital theory can be applied to explain the wages of day labourers in South Africa. / MCom (Economics), North-West University, Potchefstroom Campus, 2015

South Africa faces significant challenges with low economic growth and high unemployment rates. Unemployed individuals find it difficult to enter into the informal and formal sectors and are often required to work as day labourers. The purpose of this study is to investigate whether the human capital theory can provide an explanation for the determinants of wages of day labourers. A focus was placed on the relationships between wages and education, wages and training, wages and skills, and wages and experience. Using cross-sectional data from a survey conducted in 2007/2008, a regression analysis of these relationships was performed. The results showed that earnings increase with an increase in educational level. Day labourers who completed primary and secondary schooling earn more than day labourers who have had no schooling. The day labourers who completed a post-school qualification realised the highest returns in wages. A small percentage of day labourers indicated that they completed a form of training. A pattern was evident of day labourers with higher levels of education engaging in training that is associated with scarce work that requires higher levels of skills and that is more likely to pay higher wages. Work in the skilled cluster was found to be positively and significantly associated with wages. Day labourers who are able to do a variety of jobs are also likely to earn higher earnings. Experience was represented by the number of years an individual has worked as a day labourer and was found to be negatively associated with wages. The findings of this paper confirm that most of the human capital theory can be applied to explain the wages of day labourers in South Africa. / MCom (Economics), North-West University, Potchefstroom Campus, 2015

Master of Agribusiness / Department of Agricultural Economics / Andrew P. Barkley / The primary purpose of this research was to identify and quantify the determinants of the number of minority farms in the Southern region of the United States during the time period, 1969-1997. A second objective was to determine the impact of globalization and international trade agreements on the number of African-American farmers in the Southern region of the United States. Regression results indicate that minority farm labor was responsive to the returns to agriculture labor relative to nonfarm labor returns, as well as to cotton and rice prices. Increase in the cotton price increased minority farmer income, slowing the rate of agricultural migration from the Southern region of the United States. To the extent that globalization results in lower cotton prices, international agricultural trade agreements are likely to result in further movement of minority farmers out of agriculture in the Southern region of the United States.

Published Article / Pricing management, as part of the marketing strategy of an organisation, is a difficult and highly complex - but also critically important - management activity, as it affects the revenue and therefore the profits of an organisation. However, scholars such as Bruck (2010), Cram (2006:5), Eugster, Kakkar and Roegner (2000:133), Hinterhuber (2004:765) and Pratt (2007) believe that the pricing function in organisations has largely been neglected by managers and academics and that price is generally set by guesswork and not by scientific means. This article maintains that the pricing function in an organisation can be successfully managed through the implementation of a pricing plan. A critically important step in the pricing plan is to select a pricing strategy or combination of pricing strategies to set the price of a product or service. A number of nonparametric statistical tests are available to assist management in the selection of the most suitable pricing strategy, or combination of pricing strategies, when determining the price of a product or service. The aim of this article is to demonstrate the use of statistical methods in selecting a pricing strategy as part of a comprehensive pricing plan. The article contains an analysis of selected literature, while taking a descriptive and statistical approach to demonstrate the use of statistical methods in selecting a pricing strategy.

ABSTRACT Background. A wealth of data highlights the health disparities and barriers to health care experienced by Aboriginal women and children when compared to non-Aboriginal women and children. The first thousand days time period, from conception to the age of two, is an opportunity for health professionals to positively impact the health of Aboriginal children with effects lasting into adulthood. Cultural safety has been reported to improve access to health care for Aboriginal Canadians, but little is known about the significance of cultural safety from the perspective of Aboriginal women during the first thousand days. Methodology. An interpretive descriptive design and a postcolonial perspective guided this study. In-depth interviews were conducted with six Aboriginal women at a community health centre located in the inner-city of Regina, Saskatchewan, between June and July of 2015. Data was analyzed using principles of interpretive description to determine themes. Findings. Culturally safe and unsafe care was experienced during the first thousand days. Three themes common to participants included: the importance of being able to trust that they are safe when accessing health care, the overwhelming impact of poverty on their ability to achieve or maintain good health, and finally, the experience of worry related to the first thousand days including the worry about being worthy of respectful, culturally safe treatment by all employed in health environments. Discussion. The perception of culturally safe care was significant in affecting access to health care for this group of participants. Findings of this study suggest that more attention needs to be paid to the development of trust in health care encounters, and future research could explore the concept of trust for Aboriginal peoples. Emphasis on awareness of the social determinants of health, including colonialism and racism, should be included in educational programming for health professionals locally.

In Canada, accessible and culturally relevant population health data for urban First Nations, Métis and Inuit people are almost non-existent. There is a need for Aboriginal community centric research and data systems, specifically in the area of mental health and substance misuse. The goal of this research was to address these knowledge gaps. The three linked studies being presented were nested in the Our Health Counts (OHC) project, a multi-partnership study aimed at developing a baseline population health database for urban Aboriginal people living in Ontario. In the first study, concept mapping was used to engage urban Aboriginal stakeholders from three culturally diverse communities in identifying health priorities. After completing brainstorming, sorting and rating, and map interpretation sessions, three unique community specific maps emerged. Map clusters and their ratings reflected First Nations, Inuit, and Métis understandings of health. Concept mapping encouraged community participation and informed the development of three health assessment surveys. The second study generated a representative sample of First Nations adults and children living in Hamilton, Ontario by utilizing Respondent Driven Sampling (RDS), a modified chain-referral sampling approach. Population estimates were generated for household and personal income, mobility, over-crowding and food availability. Results revealed striking disparities in social determinants of health between First Nations and the general population. The third study used the RDS generated sample to examine mental health and substance misuse among First Nations adults living in Hamilton. Prevalence estimates were generated for diagnosis and treatment of a mental illness, depression, anxiety, post-traumatic stress disorder (PTSD), suicide, alcohol and substance misuse, and access to emotional supports. Findings indicated that First Nations adults living in Hamilton experience a disproportionate burden of mental health and substance misuse challenges. The three linked studies make innovative contributions to Aboriginal health research. Results clearly exemplify the effective application of community-based research methods that are grounded in local knowledge and built on existing community strengths and capacities. Representative population health data for urban First Nations will contribute to current deficiencies in health information; will shape policy and programming priorities as well as future research directions, particularly with respect to health and social disparities among this population.