不動產由於具有異質性、不可移動性與昂貴性等特性，相較於其他資產而言，最獨特的風險為「流動性風險」(liquidity risk)，也因此其銷售期間比其他標的較長，議價空間也較大。以往探討不動產流動性的研究大都以在市場上的銷售期間(time on the market, TOM)為主，然本研究認為銷售期間和賣方的表價（listing price）與買方心中的價格（offer price）密切相關，買方決策的過程勢必受到賣方表價與本身心中價格之影響，進而決定該不動產在市場之流動性。故本研究則嘗試以賣方表價與最後成交價(transaction price)間的議價空間，探討不動產市場之流動性。議價空間愈大，表示不動產標的在當時市場之流動性愈低，致使賣方愈能接受低於表價的買方出價及成交價。 本研究透過搜尋理論建立住宅不動產議價空間模型，並以實際市場交易資料進行實證分析，探討房屋本身的屬性、總體市場因素、賣方持有的成本、區位因素與賣方定價因素等，對於買賣雙方議價空間之影響，藉以觀察理論與實證是否相符。其中以房屋總坪數與屋齡代表房屋屬性，以房租成長率與經濟成長率代表市場情況，並以利率代表賣方持有成本。實證結果顯示，屋齡太久或賣方定價過高的不動產，其議價空間愈大，流動性愈差；房租成長率和經濟成長率皆與議價空間呈負相關，表市場景氣愈好，議價空間愈小，賣方在議價過程中較能堅守其表價；又利率與議價空間呈正相關，表賣方持有不動產的成本越高，越能接受較大的議價空間；而總坪數愈大及區位較佳之不動產，其議價空間越小，可能受豪宅市場效應以及區域抗跌性有關。此實證結果與過去利用銷售期間衡量不動產市場流動性的搜尋理論相符，也驗證議價空間實可為衡量不動產市場流動性的新指標，並可降低利用銷售期間分析的研究困境。本研究成果不僅可供不動產賣方定價策略、買方議價時機之參考，亦希望透過本研究對議價空間與不動產市場流動性之研究，期望政府儘速建立與公開不動產交易平台，俾利增進不動產市場之流動性，更能牽動不動產市場與整體經濟市場之成長。 / The study suggests that not only time on market (TOM) but also price concession between the listing and contract prices could measure housing market liquidity. Departed from past studies, this paper develops theory and constructs a model named Residential Housing Price Concession Model to examine whether key factors influenced housing market liquidity significantly from past studies would have the same effect on price concession. The model includes the listing price of house, the macroeconomic data, the cost of the search and other housing characters in empirical model. Results show that listing price, cost of search and age of house have the predicted positive coefficients, and macroeconomic data , squares of house and location factor are found to be negatively related to the price concession. The corresponding conclusion with time on market (TOM) examined by past studies explains that the price concession also could measure housing market liquidity.

近年來台灣房屋仲介市場可說發展的相當快速，許多賣方和買方常基於成本的考量，而透過仲介公司來買賣房屋。當然，委託給仲介公司來買賣房屋。其中可能主要因素即著眼於縮短交易的時間或者是提高成交的機率，本研究的整個重心將圍繞在賣方的訂價高低(底價)賣屋動機與房屋的屬性來解釋銷售期間和成交機率的高低，並且本文擬得用搜尋理論和代理人理論來詮釋房地產仲介市場的交易行為。 本研究主要分成六章，第一章為緒論。第二章從搜尋理論的觀點來研究訂價與成交價和銷售期間的關係。我們從賣方決定訂價之後，買方會依據訂價要求折扣率，而賣方也會決定一願意給買方的最小折扣率的角度出發，來建構房屋搜尋模型。由理論得知，賣方折扣率底線愈大，則預期銷售期間愈長；銷售期間愈長，則預期賣方折扣率底線愈低；搜尋成本愈大，則預期賣方折扣率底線愈小；買方要求折扣率分配的平均數愈大，則預期賣方折扣率底線愈大。在實證研究上，利用信義房屋仲介公司所提供的資料(1990－1993)，以銷售期間和訂價相對於成交價的比例為應變數，採用聯立方程式的方式來估計分析。實證結果發現上述幾項論點皆獲得驗證與支持。 第三章模型同時考慮賣方和仲介業的行為，一方面說明賣方搜尋成本和買方所要求折扣率分配對銷售期間和成交機率的影響，另一方面提供未來修正理論模型的基礎。利用存活分析法(survival analysis)來估計銷售期間。一方面，我們要探究影響房屋交易之銷售期間的可能原因為何？另一方面，我們也想了解銷售期間是否具有時間相依性(time dependence)，是否銷售期間越長者，越不易賣出？或越容易賣出？ 第四章利用logit模型來估計房屋成交的機率，由於危險模型為純粹之計量模型，而非由理論模型所導出，所以分配之假設將限制其估計模型與理論的關連性，而logit模型則無此問題，因此本研究亦嘗試用logit模型來做估計。 第五章利用代理與搜尋模型來分析賣方和仲介業間的行為關係。不同的仲介收費制度--固定百分比收費(fixed-percentage commission)、定額制(flat－fee)、代銷(consignment sale)，對雙方利益衝突的衝擊為何，是否潛藏著嚴重的道德危險(moral hazard)。透過本篇的分析，可瞭解何以固定百分比收費制度是台灣房屋仲介市場的收費趨勢。最後一章為結論與未來研究方向。 / This paper employs search theory to study the re1ationships between the list price, the transaction price,and marketing duration in the Taiwan real estate market. Theoretically, buyer uses the a set of criteria together,with the listing price to develop an offer which is based on a (guest) minimurn discount rate guideline form the listing price to determine a price that will be acceptable to the seller. We attempt to describe the impact of pricing strategies (seller's minimum discoun rate) and marketing duration by incorporating the minimurn discount rate in a search model. The derived search model indicates the presence of a positbive retalionship between the minimurn discount rate and marketing duration;an inverse relationship beteween marketing duration and munimurn discount rate; an inverse relationship between searching costs and mininurn discount rate; and a positive relationship between the buyer's average discount rate of distribution function and minimum discount rate. The study uses data collected during the l990-1993 time period and provided by Hsin Yi Realty Co., with the dependent variables being the marketing duration and the ratio of the listing price to the transaction price. A simultaneous equation is developed and used to analyze the following hypotheses: firstly, the higher the ratio of the listing price against the transaction price, the longer it takes to reach the marketing duraion; secondly, the longer it takes to reach the marketing duraion, the higher the ratio of the listing price against the transaction price; thirdly, the longer the period of consignment, the longer it takes to reach the marketing duration; and the fourth,if the seller is not in a hurry to sell,then the marketing duration becomes longer. Our empirical findings verify and support all the above stated analyses.

Diss. Stockholm : Handelshögskolan, 2008 Sammanfattning jämte 3 uppsatser

Cette thèse a pour objet d’analyser l’impact du suivi par les analystes financiers lors de l’introduction en bourse sur la qualité du marché secondaire et sur la future vie boursière de l’entreprise. Dans cet objectif, trois études empiriques sont menées sur le marché français. La première apporte une nouvelle explication à la relation positive qui existe entre la sous-évaluation initiale et la liquidité sur le marché secondaire. Elle montre que cette relation positive se forme par le biais de la couverture des analystes financiers. En se basant sur la méthode de l’analyse de survie, notre deuxième étude révèle que le suivi par les analystes financiers a un impact positif sur la durée de vie boursière de l’entreprise. La troisième étude démontre que la couverture peut également influencer l’occurrence et la rapidité d’occurrence d’une émission secondaire. Il apparaît que les firmes les plus couvertes au moment de l’introduction sont celles qui retournent le plus rapidement au marché pour effectuer une émission secondaire garantie. Ces travaux soulignent l’importance du suivi par les analystes financiers des introductions en bourse. / This thesis aims to analyze the impact of IPO analyst coverage on the quality of the secondary market and on the future market life of the firm. For this purpose, three empirical studies are conducted on the French market. The first one provides a new explanation for the positive relation between initial underpricing and post-listing liquidity. We find that this positive relation is formed through analyst coverage. Our second study shows that analyst coverage has a significant positive impact on IPOs survival. The third study explores the linkage between analyst coverage and subsequent seasoned equity offerings. Our results indicate that analyst coverage is a significant predictor of subsequent SEO and that more covered firms are those that return more quickly for an insured offering. Our findings enlighten the importance of analyst coverage around IPOs.

Made available in DSpace on 2016-06-02T19:14:59Z (GMT). No. of bitstreams: 1 5281.pdf: 790036 bytes, checksum: d1f0f674dc592cfd457034c89b20e4d4 (MD5) Previous issue date: 2012-10-30 / Taking for basis an analytical view on the Democratic Law State as a set of institutional arrangements and normatives which allow the competition of rights between the social agents, by virtue of the unethical nature which is found between the constitutional negative and positive rights, this dissertation investigates the constitutional listing real interests case, inserted into the constitutional text by the "Gasparian amendment", and its practical unconstitutionalization, through the impediment of the norm application under decision of the Federal Supreme Court in straight unconstitutionality action. / Com base numa visão analítica sobre o Estado de Direito democrático como conjunto de arranjos institucionais e normativos que permitem a competição de direitos entre os agentes sociais, em virtude da natureza antitética existente entre os direitos constitucionais negativos e positivos, esta dissertação investiga o caso do tabelamento constitucional de juros reais, inserido no texto constitucional pela emenda Gasparian , e sua desconstitucionalização prática, mediante o impedimento da aplicação da regra em decisão do Supremo Tribunal Federal em ação direta de inconstitucionalidade.

Submitted by Adelmo Ferreira de Lima Filho (adelmof.lima@yahoo.com) on 2018-06-25T20:04:28Z No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-08-13T16:34:53Z (GMT) No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-13T17:03:01Z (GMT) No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) / Made available in DSpace on 2018-08-13T17:03:01Z (GMT). No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) Previous issue date: 2018-05-25 / Este trabalho é um estudo misto com objetivo de capturar a percepção de um grupo selecionado de agentes do mercado de capitais sobre os fatores que influenciam o investimento em Brazilian Depositary Receipt – (BDRs) no mercado brasileiro. Tal questão é relevante porque desde seu lançamento o BDR foi apresentado ao mercado como sendo uma possibilidade de elaboração de novas estratégias de diversificação de investimento, arbitragem, capitação de recursos, dentre outros motivos. Dessa forma, o objetivo deste estudo é apresentar uma visão do BDR no mercado brasileiro e responder a pergunta pesquisa de quais fatores influenciam o investimento em BDRs no mercado de capitais brasileiro. Para atingir este objetivo foi realizada uma pesquisa do tipo survey, com o uso do método misto, combinando dados coletados através de um questionário pré-definido e dados qualitativos através de entrevistas com um grupo selecionado de agentes do mercado de capitais sendo corretoras, gestores de ativos, investidores profissionais, bancos de investimentos, instituições depositárias e escritórios de advocacias especializados em mercado de capitais no Brasil. Os resultados trazem: primeiro, uma visão histórica dos BDRs no Brasil; segundo, apresentam uma análise sobre os fatores que influenciam o uso dos BDRs no mercado de capitais no Brasil; terceiro, contribui para prática de mercado, revelando os aspectos dos BDRs; quarto, apresenta para qual mercado e público alvo esse ativo está atualmente direcionado baseado em uma visão de vantagens e desvantagens do investimento em BDRs. / This work is a mixed study aimed at capturing the perception of a selected group of capital market agents about the factors that influence the Brazilian Depositary Receipt (BDRs) investment in the Brazilian market. This issue is relevant because, since its implementation, the BDR has been presented to the market as a possibility to elaborate new strategies for investment diversification, arbitrage, fundraising, among other reasons. Thus, the objective of this study is to present a view of the BDR in the Brazilian market and to answer the research question of which factors influence the investment in BDRs in the Brazilian capital market. To achieve this objective, a survey was carried out using the mixed method, combining data collected through a pre-defined questionnaire and qualitative data through interviews with a selected group of capital market agents being brokerage firms, assets, professional investors, investment banks, depository institutions and law firms specializing in capital markets in Brazil. The results bring: first, a historical view of the BDRs in Brazil; second, present an analysis on the factors that influence the use of the BDRs in the capital market in Brazil; Third, it contributes to market practice, revealing aspects of BDRs; fourth, presents to which market and target public this asset is currently directed based on a vision of the advantages and disadvantages of investing in BDRs.

No description available.

Der Beitrag prüft den Stand der de facto-Konvergenz von IFRS und US-GAAP anhand der Überleitungsrechnungen gemäß Form 20-F von 114 europäischen IFRS-Bilanzierern. Die Analyse von 1.928 Einzelposten verdeutlicht die Heterogenität und das oft wesentliche Ausmaß der Differenzen zwischen den Ergebnis- und Eigenkapitalgrößen nach IFRS und nach US-GAAP. Diese gründen vorrangig auf hohen Teildifferenzen aus der Bilanzierung von Unternehmenszusammenschlüssen, immateriellen Vermögenswerten und Pensionen. Neben der Branchenzugehörigkeit beeinflussen die Erstanwendung von IFRS und die Rechnungslegungstradition die ausgewiesenen Differenzen. Die Ergebnisse offenbaren einen bislang geringen Stand der de facto-Konvergenz und deuten auf Umstellungseffekte sowie international inkonsistente Anwendung der Standards hin. Insbesondere implizieren die parallelen Abschlussgrößen eine frühere Gewinnvereinnahmung nach US-GAAP und insoweit eine vorsichtigere Bilanzierung nach IFRS, die in common law-Staaten starker ausgeprägt ist als in code law-Staaten. Neben der Branchenzugehörigkeit beeinflussen die Erstanwendung von IFRS und die Rechnungslegungstradition die ausgewiesenen Differenzen. Die Ergebnisse offenbaren einen bislang geringen Stand der de facto-Konvergenz und deuten auf Umstellungseffekte sowie international inkonsistente Anwendung der Standards hin. Insbesondere implizieren die parallelen Abschlussgrößen eine frühere Gewinnvereinnahmung nach US-GAAP und insoweit eine vorsichtigere Bilanzierung nach IFRS, die in common law-Staaten stärker ausgeprägt ist als in code law-Staaten. / This paper examines the level of de facto convergence of IFRSs and U.S. GAAP based on Form 20-F reconciliations of 114 EU companies. Our analysis of 1.928 reconciling items illustrates that de facto differences between IFRSs and U.S. GAAP are heterogeneous and often material in both net income and shareholder’s equity. Particularly, adjustments for business combinations, intangibles and pensions are predominant. We find significant differences between numerical adjustments (1) of first-time adopters and non-first-time adopters of IFRSs, (2) of companies in the financial and non-financial sector, and (3) of companies domiciled in common law and code law countries with each former group tending to larger adjustments. This implies that adoption effects and institutional factors impact the amount of adjustments. Our overall results indicate a poor level of de facto convergence achieved to date and an inconsistent application of accounting standards. Particularly, results imply earlier profit recognition under U.S. GAAP and more conservative accounting under IFRSs, which are more prevalent in common law countries than in code law countries. Particularly, results imply earlier profit recognition under U.S. GAAP and more conservative accounting under IFRSs, which are more prevalent in common law countries than in code law countries.

ABSTRACT Title: Level: Author: Supervisor: Date: Aim: Method: Accepted price – An Analysis of Cooperation in the Real Estate Markets and its Pricing. Final assignment for Bachelor Degree in Business Administration Madeleine Gustafsson and Sofie Billstam Jonas Kågström 2012 - May The aim with this final assignment is to investigate if the introduction and the cooperation of accepted price was necessary to generate a more stable real estate market with marketable listing prices in Stockholm. The introduction of accepted price led to a cooperation with some of the most important real estate firms in Stockholm. This cooperation was opposed by a number of companies on the real estate market. This fact inspired to examine similarities and differences of being and not being part of the cooperation and thereafter comment on the outcome. The aim is to compare the pricing between companies within the cooperation of accepted price and external companies and the advantages and disadvantages of entering and not entering a collaboration. The main questions to be answered are: - Is the cooperation necessary to regulate listing prices to a marketable level? - What are the effects of higher listing prices on the Swedish real estate market? - What´s the best possible method when pricing listing price? - What are the advantages and disadvantages of entering and not entering a collaboration? The final assignment has been implemented in an abductive way. The essay is mainly based on secondary data in form of journals, websites, literature and qualitative empirical data collected trough three interviews with Erik Carlborg, Mats Uddare and Fastighetsmäklarnämnden. Quantitative empirical data has been collected trough a questionnaire sent to real estate agents working at Svensk Fastighetsförmedling in Stockholm. Theory and empirical evidence has been analyzed and linked together in the analysis chapter, where the essayists’ thoughts and opinions have been presented. Result & Conclusions: Suggestions for future research: Contribution of the thesis: Key words: The result of the study demonstrates that cooperation between competitors in the same industry in this case is positive since it does not involve a "win-lose situation". How a listing price is set can be affected by numerous factors. To conclude, it is important to keep the price at a marketable level in order to keep the real estate market stable. What the pricing is called is less significant. The pricing should only be called price. The study is delimited to two companies, Svensk Fastighetsförmedling and Karlsson&Uddare, and can therefore not represent the entire real estate market in Stockholm. The study has been limited to brokers at Svensk Fastighetsförmedling in order to compare the brokers’ views with the views of the management within the company. Since the accepted price is relatively new on the Swedish market, there is also a limitation in comparing similarities and differences over time. Suggestions for future research may therefore be to examine how the accepted price has affected the market for a longer period of time, and how the cooperation of accepted price is progressing. A larger study may also be performed where more firms and brokers could be included in order to generalize to the entire industry. This essay contributes whit the brokers’ opinion about the introduction of accepted price, which has not been examined earlier. In addition to this, the essay contributes with an analysis about cooperations and pricing, which are the main parts with accepted price. It also shows the advantages and disadvantages of being and not being part of the cooperation. Accepted price, Listing price, Time on market, competing cooperations, Svensk Fastighetsförmedling, Karlsson & Uddare.

The disclosure of headline earnings is one of the JSE Limited (JSE)’s listing requirements. All listed entities are required to comply with this disclosure requirement. Guidance in the form of The Circular on headline earnings is issued by the South African Institute of Chartered Accountants (SAICA), and is updated every time when there are changes to the International Financial Reporting Standards (IFRS). The Circular adopts a rules-based approach and specifies what is included and excluded in the calculation of headline earnings. The rules consist of general rules, which apply to all entities other than those industry groups with special provisions such as the life insurance entities. This study questions whether a rules-based headline earnings approach or a principles-based approach is more appropriate for the calculation of headline earnings of listed property entities on the JSE, for economic decision-making purposes. The research method consisted of questionnaires that were sent out to stakeholders. The responses from the CFOs and investment analysts show that principles-based headline earnings guidance is preferred over rules-based headline earnings guidance. / Business Management / M. Phil (Accounting Sciences)