Under det senaste decenniet har antalet fastighetsbolag som noterats på den svenska marknaden ökat markant, och idag är var tionde bolag på börsen ett fastighetsbolag. Denna ökning speglar ett uppsving för fastighetsinvesteringar, som medfört ett ökat inflöde av likviditet i sektorn. Ett inflöde som i sin tur har drivits av ett historiskt lågränteläge, vilket resulterat i att institutionella investerare ökat sin allokering till fastighetssektorn. Fastighetsbolag har generellt sett handlats till substansrabatt över tid, vilket innebär att deras marknadspris är lägre än deras underliggande tillgångar, men på senare tid har förekomsten av substanspremier ökat. Vilket istället innebär att marknadspriset är högre än deras underliggande tillgångar.  Denna studie syftar till att förklara variationen i substansrabatten över studieperioden genom att använda två typer av variabler, bolagsspecifika och makroekonomiska, samt undersöka förekomsten  av diskrepanser mellan delsektorerna bland de noterade fastighetsbolagen. Analysen gjordes med hjälp av paneldataregressioner, där de undersökta bolagen, under en 20-årsperiod, analyserades för tids- och tvärsnittsvariation. Resultatet visar att de undersökta variablerna kan förklara 14% av substansrabattens totala variation under undersökningsperioden. Resultatet visar även förekomsten av sektorspecifika skillnader, där fastighetsbolag verksamma inom industri och logistik, över tid, handlats till substanspremie till skillnad från de övriga undersökta sektorerna. / The number of real estate companies in Sweden has increased significantly over the last decade, and today one in ten listed companies is a property company. This increase reflects a rise in property investment, which has led to an increase in the inflow of liquidity into the sector. This inflow, has, in turn, been fuelled by historically low interest rates, which has encouraged institutional investors to increase their allocations to the real estate sector. While real estate companies have generally traded at a discount to NAV, meaning that their market capitalization is lower than their underlying assets, the prevalence of NAV premiums has increased. This means that their market price is higher than that of their underlying assets.  The aim of this study is to explain the variation in the discount to NAV over the study period using two types of variables, company-specific and macroeconomic variables, and to investigate whether or not sub-sectoral differences among listed real estate companies exist. The analysis was carried out using panel data regressions, where the studied companies were analyzed for time and cross-sectional variation. The results show that the variables examined can explain 14% of the total variation in the NAV discount over the sample period. In addition, the result also proves the existence of sub-sector-specific differences in NAV discount, with real estate companies focused on industry and logistics properties traded at NAV premium in comparison to the rest of the sub-sectors.

In an attempt to manage values other than timber production, forestry companies have sought a new paradigm to manage forest resources. Based on the hypothesis that wildlife in the boreal forest has adapted to habitat structures created by natural disturbances, some forest harvests have been modified to approximate patterns left after natural disturbance. Attempts at approximating natural disturbance have included retention of patches of live trees within cutblock boundaries, cutting to natural stand boundaries and application of harvest plans with spatio-temporally aggregated cutblocks (single-pass harvests). Single-pass harvesting is a recent attempt to better approximate natural disturbance in the boreal and has not been evaluated for its potential to sustain wildlife. I therefore contrasted residual patch pattern and composition, as well as landscape-scale avian abundance and composition in 1) single-pass; 2) multi-pass; and 3) salvage logged post-fire harvests, and contrasted these with unsalvaged post-fire sites. Post-fire sites were used to define the Natural Range of Variation (NRV). Seventy-two plots (12 post-fire, 15 post-salvage harvest, 16 single-pass harvest, and 29 multi-pass harvest) were surveyed for avian community composition and abundance one to five years post disturbance. <p>I contrasted the composition of remaining live forest stands at the landscape-scale and in residual patches by pairwise comparison of pre- and post-disturbance composition. At the landscape-scale, non-metric mutlidimensional scaling suggested post-disturbance landscape composition of post-fire and salvage-logged plots was similar to pre-disturbance landscape composition, with a tendency toward greater survival of hardwoods and lower survival of jack pine (Pinus banksiana) or black spruce (Picea mariana). However, harvesting of hardwoods and mixedwood stand types in single and multi-pass harvests led to landscapes with more bog and swamp habitats. <p>Comparison of residual patch composition with pre-disturbance composition was made using blocked multi-response permutation procedures. Post-fire plots (i.e. NRV) had residual patches that were representative of pre-disturbance composition, but with slightly more hardwoods and less black spruce/jack pine than expected by chance. All harvested treatments had similar biases among residuals to those left by fire, except that multi-pass harvests tended to leave less mixedwood habitat than expected. Multi-pass harvests also had less area in residual patches, and patches were smaller, more isolated and less complex in shape. Single-pass harvests had residual patches that were more representative of the size, shape, complexity, and change in composition seen post-fire. Multi-pass harvests only had 14% of the residual patch area in patches at least 5 ha in size, whereas this proportion was higher in fire (83%), salvage-logged areas (42%), and single-pass harvests (57%). Old-growth associated species might only persist in patches 5 ha or larger, and so multi-pass harvesting may have negative consequences for these forest birds.<p>Redundancy analysis indicated that bird communities differed from the NRV in all harvest treatments. However, single-pass harvests provided a slightly better fit to NRV than did multi-pass harvesting. Community similarity was influenced by non-linear responses to area harvested, residual retention, residual composition and pre-disturbance forest composition. An optimization routine was used to select harvest characteristics that would maximize community similarity to NRV. Optimization suggested that community similarity to NRV can be maximized by using single-pass harvests over multi-pass harvests, harvesting 66-88% of of a planning unit, and retaining 5-19% of the harvest area as live residual patches.<p>My results suggest that single-pass harvesting may be ecologically more sustainable than multi-pass harvests. Future studies are required to determine whether both harvesting treatments converge with NRV through time. Greater overlap of salvage-logged avian communities with NRV suggests that experimentation with prescribed fire as a post-harvest treatment may be the best method to bring harvests ecologically closer to NRV, and highlights the need to conserve early post-fire habitats.

In an attempt to manage values other than timber production, forestry companies have sought a new paradigm to manage forest resources. Based on the hypothesis that wildlife in the boreal forest has adapted to habitat structures created by natural disturbances, some forest harvests have been modified to approximate patterns left after natural disturbance. Attempts at approximating natural disturbance have included retention of patches of live trees within cutblock boundaries, cutting to natural stand boundaries and application of harvest plans with spatio-temporally aggregated cutblocks (single-pass harvests). Single-pass harvesting is a recent attempt to better approximate natural disturbance in the boreal and has not been evaluated for its potential to sustain wildlife. I therefore contrasted residual patch pattern and composition, as well as landscape-scale avian abundance and composition in 1) single-pass; 2) multi-pass; and 3) salvage logged post-fire harvests, and contrasted these with unsalvaged post-fire sites. Post-fire sites were used to define the Natural Range of Variation (NRV). Seventy-two plots (12 post-fire, 15 post-salvage harvest, 16 single-pass harvest, and 29 multi-pass harvest) were surveyed for avian community composition and abundance one to five years post disturbance. <p>I contrasted the composition of remaining live forest stands at the landscape-scale and in residual patches by pairwise comparison of pre- and post-disturbance composition. At the landscape-scale, non-metric mutlidimensional scaling suggested post-disturbance landscape composition of post-fire and salvage-logged plots was similar to pre-disturbance landscape composition, with a tendency toward greater survival of hardwoods and lower survival of jack pine (Pinus banksiana) or black spruce (Picea mariana). However, harvesting of hardwoods and mixedwood stand types in single and multi-pass harvests led to landscapes with more bog and swamp habitats. <p>Comparison of residual patch composition with pre-disturbance composition was made using blocked multi-response permutation procedures. Post-fire plots (i.e. NRV) had residual patches that were representative of pre-disturbance composition, but with slightly more hardwoods and less black spruce/jack pine than expected by chance. All harvested treatments had similar biases among residuals to those left by fire, except that multi-pass harvests tended to leave less mixedwood habitat than expected. Multi-pass harvests also had less area in residual patches, and patches were smaller, more isolated and less complex in shape. Single-pass harvests had residual patches that were more representative of the size, shape, complexity, and change in composition seen post-fire. Multi-pass harvests only had 14% of the residual patch area in patches at least 5 ha in size, whereas this proportion was higher in fire (83%), salvage-logged areas (42%), and single-pass harvests (57%). Old-growth associated species might only persist in patches 5 ha or larger, and so multi-pass harvesting may have negative consequences for these forest birds.<p>Redundancy analysis indicated that bird communities differed from the NRV in all harvest treatments. However, single-pass harvests provided a slightly better fit to NRV than did multi-pass harvesting. Community similarity was influenced by non-linear responses to area harvested, residual retention, residual composition and pre-disturbance forest composition. An optimization routine was used to select harvest characteristics that would maximize community similarity to NRV. Optimization suggested that community similarity to NRV can be maximized by using single-pass harvests over multi-pass harvests, harvesting 66-88% of of a planning unit, and retaining 5-19% of the harvest area as live residual patches.<p>My results suggest that single-pass harvesting may be ecologically more sustainable than multi-pass harvests. Future studies are required to determine whether both harvesting treatments converge with NRV through time. Greater overlap of salvage-logged avian communities with NRV suggests that experimentation with prescribed fire as a post-harvest treatment may be the best method to bring harvests ecologically closer to NRV, and highlights the need to conserve early post-fire habitats.