Syftet med rapporten är att undersöka och analysera motiv och ekonomiska incitament bakom fastighetssektorns deltagande på den gröna obligationsmarknaden i Sverige. Rapporten diskuterar huruvida en grön premie eller ett Green bond premium, även kallat Greenium, existerar samt hur stort detta är. Greenium är skillnaden mellan räntan på en grön obligation och en traditionell obligation. Vidare analyseras anledningar till att ett Greenium skulle uppstå. En diskussion förs huruvida det är mer ekonomiskt lönsamt att köpa gröna obligationer i jämförelse med traditionella obligationer. År 2007 utfärdade Världsbanken den första gröna obligationen i världen i samarbete med SEB. Sedan gröna obligationens uppkomst har marknaden vuxit till ett globalt värde på över 300 miljarder dollar. Vasakronan utfärdade världens första gröna företagsobligation 2013, efter det fick marknaden i Sverige sitt största uppsving och sedan dess har marknaden vuxit kraftigt. Gröna obligationer har samma ekonomiska egenskaper som traditionella obligationer men skillnaden är att intäkterna från gröna obligationer måste finansiera miljö- eller klimatvänliga projekt. Gröna obligationer medför en del risker för aktiva aktörer. Dessa risker är bland annat anseenderisk, greenwashing och asymmetrisk information. Med tanke på den enorma påverkan företag idag har på miljön är det lämpligt att dessa tar ansvar för sina utsläpp och andra negativa externa effekter. Genom konceptet Corporate Social Responsibility har företag tagit mer ansvar för hur de påverkar samhället ur såväl ett ekonomiskt, miljömässigt samt socialt perspektiv. Genom CSR har gröna obligationer blivit populärt och i synnerhet på fastighetsmarknaden där ambitionen kring hållbarhet vuxit kraftigt de senare åren. Sammanfattningsvis kan det konstateras att ett greenium finns men att det är svåruppskattat. Enligt intervjuade personer inom fastighetsbranschen kan greenium antas vara -4 till -5 baspunkter och enligt vetenskapliga artiklar antas det vara cirka -2 baspunkter. En baspunkt motsvarar en hundradels procent. Att greenium uppstår beror på investerares stora efterfrågan och emittenters låga utbud på gröna obligationer i dagsläget. Fastighetsbranschen är ledande på den gröna obligationsmarknaden i Sverige och detta antas bero på branschens tidiga modifiering av gröna obligationer samt sektorns välutvecklade certifieringssystem av hållbara byggnader. I framtiden kan den gröna obligationsmarknaden antas växa och utvecklas inom såväl andra branscher som andra länder. / This report aim to examine and analyze motives and financial incentives behind the real estate sector's participation on the green bond market in Sweden. The report discusses whether a Green bond premium, also called Greenium, exists and how large it is. Furthermore, the reasons why a Greenium can occur are analyzed. A discussion about whether it is more economically viable to trade in green bonds compared to ordinary corporate bonds is implemented. In 2007, the World Bank issued the first green bond in the world in cooperation with SEB. Since then the market has grown to a global value over $ 300 billion. Vasakronan issued the world’s first green corporate bond in 2013 and since then the green bond market in Sweden has grown strongly. Green bonds have the same economic traits as traditional bonds, but the difference is that revenues from green bonds must finance environment or climatefriendly projects. Green bonds entail some risks for active issuers and investors. These risks include reputation risk, greenwashing and asymmetric information. Given the enormous impact companies have on the environment, it is appropriate for companies to take responsibility for their emissions and other negative external effects. Through the concept Corporate Social Responsibility companies have taken more responsibility for how they affect society from both an economic, environmental and social perspective. Through CSR green bonds have become popular and especially on the real estate market, where the ambition of sustainability has grown strongly in recent years. In conclusion, it can be stated that a greenium exists but that it is difficult to estimate. According to interviewed issuers in the real estate sector, greenium can be assumed to be -4 to -5 basis points and, according to scientific articles, it is assumed to be about -2 basis points. The fact that greenium arises depends on investors’ large demand and issuers' low supply of green bonds at present time. The real estate industry is the leading sector in the green bond market in Sweden and this is assumed to be due to the industry's early modification of green bonds and the sector's well-developed certification system of sustainable buildings. In the future, the green bond market can be assumed to grow and develop in both other industries and other countrie

No description available.

Dagens samhälle behöver genomgå en hållbarhetstransformation för att kunna möta de globala klimatutmaningarna. Disruptiva företag väntas leda denna rörelse då de har en möjlighet att leverera innovation och presentera produkter och lösningar som världen aldrig tidigare sett. Etablerade aktörer har ofta har svårt att ställa om och lyckas leverera hållbara produkter, bland annat då de har en förmåga att förbise lönsamheten i tillväxtmarknader eller att företagsstruktur och kultur är svårförändrad. Då innovativa företag av disruptiv karaktär väntas leda morgondagens gröna produktutveckling är det därmed intressant att undersöka ifall ambitiösa hållbarhetsstrategier kan vara en källa till disruptiv innovation. Syftet med detta arbete är att undersöka om hållbarhetsambitioner kan utgöra drivkraft för disruptiv innovation inom produktutvecklingsprocessen, samt att undersöka de möjligheter och utmaningar som tillkommer. Detta är en kvalitativ litteraturstudie där en teoretisk referensram byggts upp kring disruptiv innovation och hållbarhet. Intervjuer har genomförts hos ett företag som lyckats leverera en högpresterande och hållbar produkt som fått ett disruptivt genomslag. Resultatet från intervjuerna har analyserats sedan och jämförts mot teorin för att kunna besvara syftet. Resultaten påvisar att just hållbarhetsambitionerna hos företaget inte nödvändigtvis är den bakomliggande faktorn till den disruptiva produkten. Det disruptiva genomslaget beror troligtvis mer på företagets övergripande vision och koncept gällande att erbjuda en premiumprodukt innehållande; kvalitet, mätbar prestanda, framkant av innovation samt att produkten ska uppfylla ett större syfte. För att leverera på denna vision har företaget behövt utveckla nästintill samtliga komponenter själva, vilket ger en total komponentroll och därav stora möjligheter att påverka gällande innovation, hållbarhet och prestanda. / Today's society needs to undergo a sustainability transformation in order to meet the global climate challenges and goals. Disruptive companies are expected to lead this movement as they have an opportunity to deliver innovation and present products and solutions that the world has never seen before. Established players often have difficulty adjusting and succeeding in delivering sustainable products, among other things because they have an ability to overlook profitability in emerging markets or because the company structure and culture are difficult to change. As innovative companies of a disruptive nature are expected to lead tomorrow's green product development, it is thus interesting to investigate whether ambitious sustainability strategies can be a source of disruptive innovation. The purpose of this report is to investigate whether sustainability ambitions can act as a driving force for disruptive innovation in the product development process, as well as to investigate opportunities and challenges that arise. This is a qualitative literature study where a theoretical frame of reference is built around disruptive innovation and sustainability. Interviews have been conducted with a company that has succeeded in delivering a high-performance and sustainable product, which had a disruptive impact. The results from the interviews have been analyzed and compared against existing theory in order to be able to answer the purpose. The results show that the sustainability ambitions of the company are not necessarily the underlying driver for the disruptive product. The disruptive factor probably depends more on the company's overall vision and concept of offering a premium product which include quality, measurable performance, cutting edge of innovation and that the product must fulfill a larger purpose. To deliver on this vision, the company has had to develop almost all of the components itself, entailing a total component control and therefore great opportunities to influence on innovation, sustainability and performance.

Den här uppsatsen försöker kartlägga vilka produkt- och varumärkesegenskaper som driverkonsumenternas val av premiumöl på restaurang och redovisar en konsumentstudie gjord irestaurangmiljö. Tidigare forskning menar att det finns en outnyttjad potential förrestauranger som vill utnyttja det snabbt ökande intresset för hantverksöl genom co-brandingmed attraktiva premiumvarumärken. Studien visar att konsumenter av premiumöl pårestaurang värderar både produktegenskaper men också funktionella, sociala och emotionellavarumärkesegenskaper signifikant annorlunda mellan premiumöl och mainstreamöl. Studienvisar också att restaurangens utbud av premiumöl påverkar konsumentens val av restaurangoch att ökade kunskaper om öl kan vara en nyckel till ökad försäljning av hantverksöl. / This paper employs a sample of restaurant customers to explain consumer preferences forpremium beer brands. Previous research has pointed to the underexplored niche marketpotential of craft beer related to Food & Beverage operators and suggest increasing cobrandingwith premium beer brands in order to gain competitive advantage. This studyexplains a significant percentage of variance in premium consumer preferences for premiumbeer to mainstream beer comparing product attribute utitlity to brand equity dimensions(functional, social and emotional dimensions). This study also shows that the beer menu ofthe restaurant is likely to effect premium consumers choice of restaurant and that efforts toincrease consumer knowledge of beer can be the key to increased sales of craft beers. Thispaper is published in Swedish.

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal.

Made available in DSpace on 2016-08-19T17:47:14Z (GMT). No. of bitstreams: 1 DISSERTACAO NATERCIA.pdf: 3168196 bytes, checksum: 38768dc83d95e5201e6f745b87e21a67 (MD5) Previous issue date: 2013-05-10 / FUNDAÇÃO DE AMPARO À PESQUISA E AO DESENVOLVIMENTO CIENTIFICO E TECNOLÓGICO DO MARANHÃO / The literature points to the importance of health and environment as close as a concept and practice. The result of this approach to health care would be to value the environment as a determinant of health problems, as an ecologically balanced environment is more propellant health and quality of life. This research aimed to evaluate the economic and social context of health conditions and environment in the municipality of Bacabeira. The study is characterized as qualiquantitativo-descriptive research was the site of the city of Bacabeira-MA, representation sample was 308 participants. For data collection, interviews were conducted with semi-structured questionnaires. The data were organized in a database program Excel 2007 and held the tab. The research results demonstrate a low socioeconomic level of education, high unemployment, household income of the vast majority does not exceed a minimum wage and benefit program Bolsa Família is the main source of income of these people showing a marked socioeconomic vulnerability of the population. The sanitation situation is an almost total absence of a proper system, with no sewage disposal system, a deficit in water supply and garbage collection. We observed a more precarious in rural compromising the quality of life. With respect to population health is extremely dissatisfied with the services, because besides the lack of structure of health facilities and lack of hospital supplies including medicines adds up to a lack of resolution of problems of the community. The waterborne diseases were the most predominantly observed the worms and dengue showing the intrinsic relationship to the bad sanitation conditions of the town and the lack of health-related projects. The environmental awareness of the population regarding the project showed us a superficial knowledge on environmental issues and highlighted the great expectation of the population with regard to job creation and improving the quality of life of residents. Therefore, it is necessary to articulate public policies on housing, health, environment and urban infrastructure for the city of Bacabeira, including policies conducive to sustainable economic growth as a more equitable distribution of resources, linked to interventions that improve essential conditions of the population, such as access to health services, healthy environments (dwellings safe, sanitary and decent), particularly better access to water and sanitation, nutrition and educational opportunities. / A literatura aponta sobre a importância de que saúde e ambiente se aproximem, enquanto conceito e prática. O resultado dessa aproximação para a área da saúde seria a de valorizar o ambiente como fator determinante de agravos à saúde, visto que um ambiente ecologicamente equilibrado é propulsor de mais saúde e qualidade de vida. Esta pesquisa teve como objetivo avaliar no contexto econômico e social as condições de saúde e ambiente no município de Bacabeira. O estudo se caracteriza como qualiquantitativo-descritivo, o local da pesquisa foi o município de Bacabeira - MA, a representação amostral foi de 308 participantes. Para a coleta de dados foram realizadas entrevistas com questionários semi-estruturados. Os dados foram sistematizados em um banco de dados do Programa Excel 2007 e realizada a tabulação. Os resultados demonstram na investigação socioeconômica um baixo nível de escolaridade, alto índice de desemprego, a renda familiar da grande maioria não ultrapassa um salário mínimo e o benefício do programa bolsa família é o principal componente da renda dessas pessoas evidenciando uma acentuada vulnerabilidade socioeconômica da população. A situação do saneamento básico é uma ausência quase total de um sistema adequado, com ausência de rede coletora de esgoto, déficit no abastecimento de água e coleta do lixo. Foi observada uma maior precariedade na zona rural comprometendo a qualidade de vida da população. Com relação à saúde a população encontra-se extremamente insatisfeita com os serviços, pois além da falta de estrutura das unidades de saúde e a falta de materiais hospitalares incluindo medicamentos acrescenta-se a falta de resolutividade dos problemas da comunidade. As doenças de veiculação hídrica foram as mais observadas predominando as verminoses e a dengue evidenciando a intrínseca relação com as péssimas condições do saneamento da localidade e a falta de projetos relacionados à saúde. A percepção ambiental da população com relação ao empreendimento mostrou-nos uma superficialidade do conhecimento sobre os aspectos ambientais e evidenciou a grande expectativa da população no que se refere à geração de empregos e melhoria da qualidade de vida dos munícipes. Portanto, faz-se necessária a articulação das políticas públicas de habitação, saúde, meio ambiente e infra-estrutura urbana para o município de Bacabeira, incluindo políticas condizentes ao crescimento econômico sustentável como uma distribuição de recursos mais equitativa, vinculadas a intervenções que melhorem as condições essenciais da população, como o acesso aos serviços de saúde, ambientes saudáveis (habitações seguras, higiênicas e dignas), particularmente o acesso mais adequado à água e saneamento, nutrição e oportunidades educativas.

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal

Abstract This dissertation contributes to the understanding of investor behavior by using personality traits to help explain investor decision-making. The work is novel, as personality traits have not been used much in finance research. The data used in this dissertation is also new to the field, consisting of observations on personality traits and socioeconomic variables combined with official records of investors’ stockholdings. The first essay provides evidence that personality traits significantly affect the stock market participation decision. The essay shows that subscales of traits (i.e., lower-level traits or facets) can provide a better model of behavior, with some subscales of a single higher-level trait having opposite effects on behavior. The novelty seeking subscales exploratory excitability and extravagance have positive and negative effects, respectively, and the reward dependence subscales dependence and sentimentality have positive and negative effects, respectively. The magnitudes of the effects are large, with marginal effects on the probability of being a stock market participant of up to four percentage points. The second essay explores the relationship between personality traits and risk aversion. We estimate risk aversion from equity holdings and from survey measures. The traits display a distinctive pattern of correlations with the estimates of risk aversion. Some traits are significantly related to observed portfolio characteristics such as portfolio volatility, number of stocks held, and trading frequency. The pattern of the traits’ relationships with the various measures of risk aversion indicates that personality traits should not be considered as merely drivers of risk aversion but as preference parameters distinct from risk aversion. The third essay shows that personality traits are related to an investor’s preferences for value versus growth stocks and for small capitalization stocks versus large capitalization stocks. We find more extravagant individuals favor large capitalization growth stocks; more impulsive people favor small capitalization growth stocks; more sentimental investors prefer small capitalization value stocks; and more social investors prefer small capitalization stocks with a tilt towards value. / Tiivistelmä Tämä tutkimus auttaa ymmärtämään sijoituskäyttäytymistä selittämällä sijoittajien päätöksentekoa heidän luonteenpiirteillään. Tutkimustuloksilla on uutuusarvoa, sillä luonteenpiirteiden merkitystä ei ole juurikaan tutkittu rahoitustutkimuksessa. Tutkimusaineisto on sekin luonteeltaan tavanomaisesta poikkeava, koostuen yksityishenkilöiden luonteenpiirteitä ja sosioekonomista asemaa kuvaavista muuttujista sekä heidän osakeomistustaan koskevista virallisista rekisteritiedoista. Tutkimuksen ensimmäinen essee osoittaa, että luonteenpiirteillä on merkittävä vaikutus yksityishenkilön päätökseen toimia osakemarkkinoilla. Tutkimustulosten mukaan osallistumispäätöstä kyetään ennustamaan paremmin käyttämällä luonteenpiirteiden pääluokkia mittaavien muuttujien sijasta luonteenpiirteiden alaluokkia mittaavia muuttujia. Tämä selittyy sillä, että alaluokkia mittaavilla muuttujilla on eräissä tapauksissa vastakkaismerkkisiä, pääluokkaa mittaavassa muuttujassa toisensa peittäviä, yhteyksiä osallistumispäätökseen. Tämä voidaan havaita muun muassa pääluokkaan ”elämyshakuisuus” kuuluvien ”kokeilunhalun” (+) ja ”tuhlaavaisuuden” (-) kohdalla, samoin kuin pääluokkaan ”palkkioriippuvuus” kuuvilla ”riippuvuudella” (+) ja ”sentimentaalisuudella” (-). Kaiken kaikkiaan luonteenpirteitä mittaavien muuttujien vaikutuksen suurusluokka on korkea, vastaten yksittäisen muuttujan kohdalla jopa neljän prosentin marginaalivaikutusta osakemarkkinoille osallistumisen todennäköisyyteen. Toinen essee tarkastelee luonteenpiirteiden ja riskinkarttamisen asteen välistä yhteyttä. Tutkimuksessa mitataan yksityishenkilön riskinkarttamisen astetta toisaalta hänen osakeomistuksensa rakenteen perusteella ja toisaalta kyselytutkimuksen avulla. Sijoittajien luonteenpiirteiden ja muodostettujen riskinkarttamisen astetta mittaavien muuttujien väliset korrelaatiot muodostavat selkeän rakenteen. Eräät luonteenpiirteet ovat merkitsevässä riippuvuussuhteessa muun muassa sijoittajan osakesalkun volatiliteettiin, salkkuun sisällytettyjen osakesarjojen määrään ja sijoittajan kaupankäyntiaktiivisuuteen. Luonteenpiirteitä kuvaavien muuttujien ja riskinkarttamisastetta kuvaavien muuttujien välisen yhteyden perusteella luonteenpiirteitä tulisi tarkastella enneminkin erillisinä sijoittajien preferenssejä kuvaavina muuttujina kuin riskinkarttamisasteen taustalla olevina perustekijöinä. Kolmas essee osoittaa, että luonteenpiirteet ovat yhteydessä siihen, suosiiko sijoittaja arvo- vs. kasvuosakkeita ja/tai alhaisen markkina-arvon vs. korkean markkina-arvon yhtiöiden osakkeita. Tutkimustulokset osoittavat, että ”tuhlaavammat” sijoittajat suosivat korkean markkina-arvon omaavia kasvuosakkeita, kun taas ”impulsiivisemmat” sijoittajat suosivat alhaisen markkina-arvon omaavia kasvuosakkeita. Vastaavasti ”sentimentaalisemmat” sijoittajat suosivat ylipäätään alhaisen markkina-arvon omaavia arvo-osakkeita, ”sosiaalisten” sijoittajien suosiessa heidänkin alhaista markkina-arvoa, suunnaten kiinnostustaan samalla arvo-osakkeisiin.

The diploma thesis focuses on issuance of the primary bond by non-financial companies on the Prague Stock Exchange (PSE). In the theoretical part were described the main parameters of securities and financial indicators of companies that build the risk premium and discussed options of risk-free base. The application part presents the evaluation of major factors influencing price and bond rates on the example of emissions carried on the PSE.

The Diploma Thesis deals with the problems of an estimate of the discount rate and the single parameters used especially in the two basic methods for its determination: the surcharge (premium) method and the CAPM model. In the first part there are presented the effects which influence the discount rate and thus also the method of its estimate. The second part of the thesis describes the surcharge (premium) method which includes an estimate of the riskfree rate, the risk premiums and the liquidity premium. The third part of the work is devoted to the CAPM model, and it is divided into two chapters. Firstly, the CAPM model is derived in chapter 3. Then, in chapter 4, there are presented the possibilities of estimate of its single parameters and premiums which are most frequently added to the basic CAPM model.