The purpose of this dissertation is to determine whether size and book value to market value (BV/MV) effects dominate the property effects in the return generating process for Listed Property Trusts (LPTs) in Australia.The study endeavours to answer a critical question regarding listed property investment vehicles. That is, are they stocks or property? The approach, however, differs from previous studies in that it avoids utilising direct property data because of the inherent valuation-smoothing problems.Instead, it develops unique specialised indices for LPTs by size and BV/MV ratios. The analyses are conducted in four different ways. Amongst other findings, it is suggested that the two well known stock market effects, namely size and BV/MV effects, are significant in LPT returns. As such, by way of inference, it is suggested that property effects in LPT returns are subsumed under the effects of these two factors. The findings support the hybrid-asset hypothesis for LPTs; that is, LPTs are an asset class of its own, sharing to an extent, the characteristics of both shares and property direct. / Doctor of Philosophy (PhD)

<p>Title: Investigations on the real estate market, what are the main factors influencing the performance of the French Real Estate Investments Trusts?</p><p>Problem: In 2003, the French government implemented a new tax-exempt structure in the real estate market. Like REITs in the United States, SIICs are listed French companies that aim to improve the performance of real estate stocks on Paris Stock Exchange. The problem consists of determining the performance of the SIICs’ portfolio, identifying the major influences of economic factors and capturing financial behaviour in asset portfolio management.</p><p>Purpose: Recently, the subprime crisis has largely brought out uncertainty of financial actors in the real estate sector. In this context, we try to apprehend the performance of these specific</p><p>SIICs investment vehicles related to financial, economic and managerial influences, by quantifying their stock performance in a five-year time frame.</p><p>Methodology: A deductive approach guides our thesis to emphasize our research question. Our business strategy entails positivism and objectivism considerations and relies on a case analysis research design using the multifactor model. Besides, the data collection process is following a quantitative approach of twenty chosen French SIICs between 2003 and 2007.</p><p>Result / Conclusion: Even if the multifactor model used by the authors may be viewed as unspecified, useful results can still be extracted and analysed. The hotel & LDG sector slightly performs better than others depending on the strategy of investment and the state of economy. Long-term interest rate acts as the principal explanatory factor. Investors do not necessarily respond in favour of the general market confidence indicator.</p>

<p><strong>ABSTRACT</strong></p><p><strong> </strong></p><p><strong>Date:                          </strong>May 28^th, 2010<strong></strong></p><p><strong>Course:                      </strong>EFO705 Master Thesis International Marketing<strong> </strong></p><p><strong>Supervisor:                </strong>Konstantin Lampou</p><p><strong>Authors:                     </strong>Chantharat Suwanpimon csn09002@student.mdh.se</p><p>                             Narukod Theerabanchorn ntn09001@student.mdh.se</p><p><strong>Title:                             </strong>Analysis of factors influencing Swedish consumer               </p><p>                             to decisions buy holiday home in Thailand.</p><p> </p><p><strong>Strategic Question:    </strong>How do factors such as price, risks and cultural factors </p><p>                               influence the Swedish consumer decision to buy holiday</p><p>                               home?</p><p> </p><p><strong>Research Questions:</strong>   This study aims at finding answers to the following    </p><p>                                 questions:</p><ul><li>What is the impact of different factors such as risks, price of real estate houses, and cultural factors on holiday home investment decisions of Swedish consumers? </li><li>Do these factors facilitate or impede buying decision of Swedish consumers? </li></ul><p>                  </p><p><strong>Methodology:</strong>            The data sources used in this research are both primary and secondary data. The primary data was collected through quantitative survey from 112 respondents about the Swedish’s behavior on buying holiday home Closed-end questions were used to limit the choices of answers; however, an open-ended question was used in the last question to allow the respondents to share ideas or comments. The respondents were divided into two groups: Swedish consumers who have already had a holiday home, and Swedish consumers who are interested to have a holiday home. The secondary data used in this research are obtained from online journals and textbooks.</p><p> </p><p> </p><p><strong>Conclusions:              </strong>The result of this survey reveals that there are 4 factors that influence Swedish consumers, both those who have already had a holiday in Thailand and those who are interested to have a holiday home in Thailand. These factors are internal political stability, levels of corruption, price of real estate houses and cultural differences.</p><p><strong></strong> </p><p><strong>Keywords:                  </strong>Real Estate investment, Holiday Home in Thailand, Swedish Consumers.</p>

ABSTRACT   Date:                          May 28th, 2010 Course:                      EFO705 Master Thesis International Marketing Supervisor:                Konstantin Lampou Authors:                     Chantharat Suwanpimon csn09002@student.mdh.se                              Narukod Theerabanchorn ntn09001@student.mdh.se Title:                             Analysis of factors influencing Swedish consumer                                             to decisions buy holiday home in Thailand.   Strategic Question:    How do factors such as price, risks and cultural factors                                 influence the Swedish consumer decision to buy holiday                                home?   Research Questions:   This study aims at finding answers to the following                                      questions: What is the impact of different factors such as risks, price of real estate houses, and cultural factors on holiday home investment decisions of Swedish consumers? Do these factors facilitate or impede buying decision of Swedish consumers?                    Methodology:            The data sources used in this research are both primary and secondary data. The primary data was collected through quantitative survey from 112 respondents about the Swedish’s behavior on buying holiday home Closed-end questions were used to limit the choices of answers; however, an open-ended question was used in the last question to allow the respondents to share ideas or comments. The respondents were divided into two groups: Swedish consumers who have already had a holiday home, and Swedish consumers who are interested to have a holiday home. The secondary data used in this research are obtained from online journals and textbooks.     Conclusions:              The result of this survey reveals that there are 4 factors that influence Swedish consumers, both those who have already had a holiday in Thailand and those who are interested to have a holiday home in Thailand. These factors are internal political stability, levels of corruption, price of real estate houses and cultural differences.   Keywords:                  Real Estate investment, Holiday Home in Thailand, Swedish Consumers.

I was interested in researching the underlying factors that drove resiliency in regional U.S. hotel markets. I did this by conducting an empirical analysis of twenty nine different markets post September 11 and investigating general, leisure and business variables. I concluded that leisure variables were the underlying drivers of resiliency in regional U.S. hotel markets. I then conducted an event study to try to apply my findings to stock market prices of publicly traded hotel companies. Although it was a challenge to differentiate between companies that depended more on leisure versus business customers due to their asset diversification, I categorized each company into one of the two subsets. If my findings held, I would assume that that the cumulative abnormal returns for the companies that relied on business customers would be more negative than the companies who relied on leisure customers. However, this was not the case, so the findings that leisure variables drive market resiliency were not a good predictor of stock market reaction.

The thesis presents the business plan of starting a new outlet mall in Taiwan market. From the view of real estate development, the business plan includes the tenant mix, staffing plan, and finance statements including profit forecast. The IMBA Outlet will be located at Taichung business districts near Taichung station of Taiwan High Speed Rail in Taichung city. Since nowadays customers expect to buying products at lower price and do entertaining activities when shopping, the traditional department stores no longer can satisfy customers’ needs. Unlike a traditional department store or shopping center, an outlet mall can include both shopping and recreation facilities, and satisfy customers’ shopping desires. From the very beginning, an outlet mall is the last stop of all commodities which are out of season or unpopular stock. Outlet become a new trend in worldwide, most of brands even produce outlet line specifically purchased in outlet only. Luxury product is no longer untouchable, and many outlet brands offer different products with lower price to attract more customers. However, the concept of an outlet mall already changed. It can not only provide seasonal commodities at lower price, but also provide entertaining facilities like movie theaters or an amusement park. Outlet malls have been very popular in foreign countries, but the business model of outlet malls is just introduced into Taiwan market in recent years.

This study measures the short-term and long-term contagion effects in U.S. stock markets and REITs (Real Estate Investment Trusts) markets during the periods of subprime mortgage and financial crises. First, we test contagion between the U.S. stock market and the U.S. REITs market. Then, we test the contagion effects between the U.S. REITs market and eighteen international REITs markets, selected from North America, Oceania, Asian and Europe. To catch the asymmetric effect in the volatility structure of index returns and consider the time-varying data, this study employs asymmetric dynamic Copula models that measure contagion effects. The test result in this study shows that the contagion effect exists because of the fact that during the subprime mortgage crisis, the correlation between the U.S. stock market and REITs market significantly increased. Thus, the two markets lost ground together. While managing not to emerge in Asian REITs markets, the contagion then spread from the U.S. REITs market to Canada, Australia and most of the European REITs markets. In the later financial crisis period, however, the number of European REITs markets impacted by contagion from the U.S. REITs market decreased. Except for Singapore, contagion is absent from the Asian REITs markets. Contagion is more obvious in the short term than in the long term. These results imply that the Asian REITs markets are not easily affected by the U.S. REITs market, which in turn implies that investors could obtain the positive effects of international diversification by investing in this portfolio. In addition, investors should reduce the proportion of their investments placed in REITs markets, as well as focus on a long-term diversification strategy.

published_or_final_version / Economics / Doctoral / Doctor of Philosophy

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management