La recherche a pour objet l'étude du statut juridique et social des intermédiaires en matière immobilière, afin d'envisager des perspectives d'évolutions concrètes. Les intermédiaires jouent un rôle essentiel dans les opérations immobilières et l'accompagnement des usagers profanes, mais le statut de ces professionnels est encore flou et souffre d'une image dégradée en France. L'intermédiaire, professionnel œuvrant activement pour la réalisation d'opérations portant sur les biens immobiliers d'autrui, se trouve aujourd'hui confronté à une crise législative et à une concurrence nationale et internationale de plus en plus présente. Face à ces éléments, l'intermédiaire français est entré dans une période de remise en question et de réflexions sur son orientation juridique et professionnelle. Cette recherche permet de dresser le constat du statut juridique et social des intermédiaires en France, dont il ressort de nombreuses problématiques qui limitent l'exercice même de l'activité. Avec la prise en compte du droit positif, des récentes évolutions législatives, mais également par une approche de droit comparé et des influences socio-économiques pragmatiques, l'étude offre des perspectives d'évolutions en faveur des intermédiaires pour faire face aux problématiques rencontrées. L'étude propose plusieurs pistes de réflexions et des solutions concrètes en vue de faire évoluer le statut des intermédiaires et de leur donner des outils juridiques suffisamment efficaces, en adéquation avec les besoins des contemporains en matière immobilière. / The aim of this research is to study the social and legal status of intermediaries in the real estate sector in order to envisage perspectives for real change. Intermediaries play an essential role in real estate operations and the accompaniment of uninitiated users, but the status of these professionals is still vague and suffers from a poor image in France. Intermediaries are professionals who work actively to carry out operations on the real estate property of third parties. Today, they are faced with a legislative crisis and increasingly present national and international competition. In light of this, French intermediaries have entered a period of questioning and reflection with regard to their legal and professional orientation. This research makes it possible to review the social and legal status of intermediaries in France, for whom there are a number of issues that limit the very exercise of their profession. Taking into account positive law and recent legislative changes, as well as a comparative law approach and pragmatic social and economic influences, this research proposes perspectives for change in favour of the intermediaries to help them face up to the problems they encounter. The study proposes several avenues for reflection, as well as practical solutions for bringing about change in the status of intermediaries, giving them sufficiently effective legal tools that are adapted to contemporary needs in terms of real estate.

Konkurrens och samarbete kan ses som kontraster. Men teorin coopetition menar att dessa kan ske simultant. Studiens syfte är att utöka coopetition-fältet genom att undersöka ett branschforum och hur samarbete och konkurrens kring hållbarhet upplevs av konkurrerande fastighetsbolag. En fallstudie på Stockholms stads Forum för hållbara fastigheter har genomförts. Studien består av sex semistrukturerade intervjuer med en projektledare för forumet och fem bolagsrepresentanter. Det teoretiska ramverk som använts är processdelen ur Bengtsson & Raza-Ullahs (2016) modell. Studien tyder på att processen är dynamisk, men innehåller mindre utmaningar och är mindre komplex än vad teorin beskriver. Det går inte heller att identifiera någon spänning. Samtidighet sker i tid, men inte i rum. I denna studie är hållbarhet ett område där det är relativt lätt att samarbeta med konkurrenter. Avslutningsvis ställer sig studien frågande till vad det egentligen innebär att samarbete och konkurrens ska ske samtidigt samt hur det tar sig i uttryck.

Thesis combines two approaches towards stock analysis, fundamental and technical analysis. Prime objective is to present main instruments of both analysis techniques. At first there is presented theory of both, fundamental and technical analysis. Under the fundamental section there are presented global and sector factors that influence prices of stocks. Section of technical analysis starts with historical overview, followed by graphical analysis and technical indicators. Second part consists of the application of chosen methods of fundamental and technical analysis. There are plenty of graphs and practical examples within the application section to support theoretical principles.

Bygg- och fastighetssektorn står idag för en femtedel av Sveriges klimatutsläpp. Målet från branschen är att dessa utsläpp ska minska och att branschen ska nå ett nettonollutsläpp av växthusgaser till år 2045. För att uppfylla detta mål så ses en övergång till cirkulär ekonomi och återbruk som en viktig del. Syftet med denna rapport är att undersöka vilka möjligheter och utmaningar som finns för återbruk av byggmaterialmaterial vid ändring av en byggnad samt hur bygglovskraven påverkar detta. Syftet är även att studera om det finns något som skulle underlätta för återbruk vid ändring av byggnad. Metoden som använts för att undersöka detta syfte är en litteraturstudie samt kvalitativa intervjuer med olika aktörer inom bygg- och fastighetsbranschen. Studien visar att det både finns möjligheter och utmaningar med återbruk. Där de främsta möjligheterna är att byta användningsområde för materialet eller att överdimensionera. De främsta utmaningarna som studien visar är att det saknas praxis och riktlinjer för att verifiera kvaliteten på materialet, en ökad tidsåtgång vid arbete med återbruk och brist på företag som är specialiserade på återbruk av byggmaterial. Studien visar även att de tekniska egenskapskraven påverkar återbruk men att det är lättare med återbruk vid ändring i jämförelse med vid nyproduktion då det tas hänsyn till ändringens omfattning och byggnadens förutsättningar. För att underlätta återbruk så önskas produktdeklarationer där teknisk livslängd och vägledning för återbruk finns med samt praxis och vägledning i Boverkets Byggregler. För att dra slutsatsen av vilka praxis och regler som ska tillämpas i Boverkets Byggregler behövs dock fortsatta studier där det tas hänsyn till även andra faktorer än återbruk. / Building and real estate sector currently accounts for a fifth of Sweden’s emissions. The goal is to reduce these emissions and for the sector to achieve climate neutrality 2045. To meet this goal, a transition to circular economy and recycling is seen as an important part. The purpose of this report is to examine what opportunities and challenges that exist for the reuse of building materials when changing a building and how the building permit requirements affect this. The purpose is also to study whether there is anything that would facilitate reuse when changing a building. The method used to investigate this purpose is a literature study and qualitative interviews with various actors in the construction and real estate sector. The study shows that there are both opportunities and challenges with reuse of building materials. Where the main possibilities are to change the area of use of the material or to oversize. The main challenges that the study shows are the lack of practice and guidelines for verifying the quality of the material, an increased time spent working with re-use of building materials and a lack of companies that specialize in reuse of building materials. The study also shows that the technical property requirements affect re-use, but that re-use is easier in the event of a change compared with new production, as the extent of the change and the building's conditions are considered. To facilitate re-use, product declarations are required where technical service life and guidance for recycling are included, as well as practice and guidance in Boverkets Byggregler. To draw the conclusion of which practices and rules are to be applied in the Boverkets Byggrelger however, further studies are needed where factors other than recycling are also taken into consideration. / <p>2022-06-28</p>

Bakalauro baigiamojo darbo tikslas yra įvertinti, kaip pastaruoju metu, Lietuvą apėmus ekonominiam sulėtėjimui, pasikeitė nekilnojamo turto ir finansų sektorių įmonių galimybės skolintis skolos vertybinių popierių rinkoje. Kaip pavyzdžiai pasirinktos dvi įmonės – AB Hanner ir AB Šiaulių bankas – kurios atstovauja minėtuosius sektorius. Naudojantis Moody‘s kredito reitingų agentūros taikomomis metodologijomis, šios įmonės buvo išsamiai išanalizuotos tiek kokybiniu, tiek kiekybiniu atžvilgiu, ir pagal gautus rezultatus nustatytas bendras kredito reitingas. AB Hanner pagal atliktą analizę teko Baa reitingas, nurodantis vidutinį rizikos laipsnį, kuriuo remiantis padaryta išvada, jog AB Hanner norėdama pasiskolinti skolos vertybinių popierių rinkoje turėtų pasiūlyti investuotojams 9-10% metinį pajamingumą, o pačių obligacijų galiojimo trukmė neturėtų būti ilgesnė nei 2 metai. Kalbant apie AB Šiaulių banką, jam priskirtas D finansinio pajėgumo reitingas, kuris parodo, jog bankas nėra itin stiprus rinkos dalyvis. Atsižvelgus į įvairius kriterijus, šis bankas galėtų pasiūlyti rinkai 10% pajamingumo obligacijas, kurių trukmė turėtų būti bent 1-2 metai. Priešingu atveju bankas gali susidurti su mokumo problemomis. / Main objective of this bachelor thesis is to assess how during the recent economic slowdown in Lithuania opportunities to borrow in bond market have changed, especially for real estate companies and banks. AB Hanner and AB Šiaulių bankas have been chosen as an example, because they represent those two sectors. A research based on Moody’s credit rating methodologies has been made. During the research a deeper look has been taken into qualitative and quantitative factors, and in the end a final credit rating has been assigned to each of company. In case of AB Hanner, Baa credit rating has been assigned. Such rating indicates that AB Hanner has an average credit risk, and if this company wants to finance its activity through bond market, it should offer at least 9-10% yield for 1-2 year maturity bonds. Speaking about AB Šiaulių bankas, this company got D financial strength rating which indicates quite weak performance. Due to such result, AB Šiaulių bankas should offer around 10% yield for 1-2 year maturity bonds. Otherwise, this bank could face problems with undertaking liabilities.

A pesquisa trata do processo de urbanização contemporâneo da cidade de São Paulo, tendo como foco de análise a produção do espaço através das estratégias reprodutivas do capital financeiro articuladas ao setor imobiliário. Assim, privilegiou-se uma reflexão sobre as ações econômicas que, ligadas ao plano político do Estado, fundamentam sua reprodução na produção privada do espaço residencial capitalista, cuja lógica obedece aos nexos do valor-de-troca e da valorização do solo urbano. O contexto da economia financeirizada marca uma série de novas relações entre o grande capital de origem imobiliária e as finanças, resultando em uma crescente abstração do espaço como valor financeiro, vinculado e ao mesmo tempo tendente a se autonomizar da esfera produtiva da construção civil. Assim, o setor imobiliário de ponta encontra-se cada vez mais financeirizado, seja pela utilização ampliada de instrumentos de financiamento às suas atividades, como os Fundos de Investimento Imobiliário, seja pela abertura de capital e emissão de ações em Bolsa de Valores, que impõem inclusive uma nova racionalidade para o imobiliário. Nesse processo, o setor imobiliário se capitaliza, passando a gerenciar a construção e a voltar-se principalmente aos negócios referentes à incorporação de terrenos, como base do processo de valorização do espaço. A pesquisa esteve centrada, num primeiro momento, na investigação empírica do caso particular do Fundo de Investimento Imobiliário Panamby, sendo que, num segundo momento, realizou-se uma reflexão sobre a atuação de algumas empresas do setor imobiliário na totalidade de seus investimentos/lançamentos na cidade de São Paulo, na qual buscou-se compreender as estratégias espaciais da atividade imobiliária articulada à esfera financeira e com a indústria da construção civil. Desse modo, pôde-se conhecer alguns movimentos da produção do espaço urbano através da produção capitalista do imobiliário residencial, como a estratégia da diversificação espacial dos empreendimentos. Fundamentalmente, percebeu-se que a produção lógica do espaço como valor-de-troca, através da produção capitalista, enfrenta e muitas vezes vence obstáculos vindos da prática socioespacial como elemento negativo desse processo. / The research deals with the contemporaneous urbanization process of the city of São Paulo, holding as focus of analysis the production of space through the reproductive strategies of financial capital articulated to the real estate sector. Thus, a reflection upon the economic actions that, connected to the State\'s political plan, base its reproduction upon the private production of capitalist residential space was pondered, which logic obeys the senses of trade-value and of urban land valorization. The financed economy context marks a series of new relations between the large capital deriving from real estate and the finances, resulting in a growing abstraction of the space as financial value, entailed and at the same time pending toward gaining its autonomy from the productive sphere of the civil construction. Thus, the cutting edge real estate sector is found ever further financed, whether by the widened use of financing instruments to its activities, such as the Real Estate Investment Funds, or by initial public offers and issuance of stock at Stock Exchange venues, which actually impose a new rationality to the real estate sector. In this process, the real estate sector capitalizes and starts to manage the construction and mainly prioritizes the business referent to real estate land incorporation as basis of the space valorization process. The research was centered, at first, on the empiric investigation of the particular case of the Panamby Real Estate Investment Fund, being that, on a second instance, a reflection was cast forward about the operation of some companies from the real estate sector in the totality of their investments/launches in the city of São Paulo, in which it was sought after to understand the space strategies of the real estate activity articulated with the financial sphere and with the civil construction industry. In this sense, it was possible to learn about some urban space production movements through the capitalist real estate residential production, such as the space diversification strategy of the undertakings. Fundamentally, it was perceived that the logical production of space as trade-value through capitalist production endures, and many times beats, obstacles deriving from the social-spatial practice as a negative element of that process.

A pesquisa trata do processo de urbanização contemporâneo da cidade de São Paulo, tendo como foco de análise a produção do espaço através das estratégias reprodutivas do capital financeiro articuladas ao setor imobiliário. Assim, privilegiou-se uma reflexão sobre as ações econômicas que, ligadas ao plano político do Estado, fundamentam sua reprodução na produção privada do espaço residencial capitalista, cuja lógica obedece aos nexos do valor-de-troca e da valorização do solo urbano. O contexto da economia financeirizada marca uma série de novas relações entre o grande capital de origem imobiliária e as finanças, resultando em uma crescente abstração do espaço como valor financeiro, vinculado e ao mesmo tempo tendente a se autonomizar da esfera produtiva da construção civil. Assim, o setor imobiliário de ponta encontra-se cada vez mais financeirizado, seja pela utilização ampliada de instrumentos de financiamento às suas atividades, como os Fundos de Investimento Imobiliário, seja pela abertura de capital e emissão de ações em Bolsa de Valores, que impõem inclusive uma nova racionalidade para o imobiliário. Nesse processo, o setor imobiliário se capitaliza, passando a gerenciar a construção e a voltar-se principalmente aos negócios referentes à incorporação de terrenos, como base do processo de valorização do espaço. A pesquisa esteve centrada, num primeiro momento, na investigação empírica do caso particular do Fundo de Investimento Imobiliário Panamby, sendo que, num segundo momento, realizou-se uma reflexão sobre a atuação de algumas empresas do setor imobiliário na totalidade de seus investimentos/lançamentos na cidade de São Paulo, na qual buscou-se compreender as estratégias espaciais da atividade imobiliária articulada à esfera financeira e com a indústria da construção civil. Desse modo, pôde-se conhecer alguns movimentos da produção do espaço urbano através da produção capitalista do imobiliário residencial, como a estratégia da diversificação espacial dos empreendimentos. Fundamentalmente, percebeu-se que a produção lógica do espaço como valor-de-troca, através da produção capitalista, enfrenta e muitas vezes vence obstáculos vindos da prática socioespacial como elemento negativo desse processo. / The research deals with the contemporaneous urbanization process of the city of São Paulo, holding as focus of analysis the production of space through the reproductive strategies of financial capital articulated to the real estate sector. Thus, a reflection upon the economic actions that, connected to the State\'s political plan, base its reproduction upon the private production of capitalist residential space was pondered, which logic obeys the senses of trade-value and of urban land valorization. The financed economy context marks a series of new relations between the large capital deriving from real estate and the finances, resulting in a growing abstraction of the space as financial value, entailed and at the same time pending toward gaining its autonomy from the productive sphere of the civil construction. Thus, the cutting edge real estate sector is found ever further financed, whether by the widened use of financing instruments to its activities, such as the Real Estate Investment Funds, or by initial public offers and issuance of stock at Stock Exchange venues, which actually impose a new rationality to the real estate sector. In this process, the real estate sector capitalizes and starts to manage the construction and mainly prioritizes the business referent to real estate land incorporation as basis of the space valorization process. The research was centered, at first, on the empiric investigation of the particular case of the Panamby Real Estate Investment Fund, being that, on a second instance, a reflection was cast forward about the operation of some companies from the real estate sector in the totality of their investments/launches in the city of São Paulo, in which it was sought after to understand the space strategies of the real estate activity articulated with the financial sphere and with the civil construction industry. In this sense, it was possible to learn about some urban space production movements through the capitalist real estate residential production, such as the space diversification strategy of the undertakings. Fundamentally, it was perceived that the logical production of space as trade-value through capitalist production endures, and many times beats, obstacles deriving from the social-spatial practice as a negative element of that process.

Does monetary policy affect the real economy? If so, what is the transmission mechanism or channel through which these effects occur? These two questions are among the most important and controversial in macroeconomics. This dissertation presents some new empirical evidence that addresses each question for the U.S. and Chinese economies. Literature on monetary transmission suggests that the monetary policy can take effect on the real economy through several ways. The most noteworthy one is credit channels, including the bank lending channel and the interest channel. First, I use a new method to test for structural breaks in the U.S. monetary policy history and present some new empirical evidence to support an operative bank lending channel in the transmission mechanism of monetary policy. Results show that an operative bank lending channel existed in 1955 to 1968, and its impact on the economy has become much smaller since 1981, but it still has a significant buffering effect on output by attenuating the effect of the interest channel. Second, I adopt the recently developed time series technique to explore the puzzling negative correlation between output and stock returns in China currently, and posit that it is due to a negative link between monetary policy and stock returns when monetary policy increases output. The monetary policy has not been transmitted well in the public sector which is the principal part of Chinese stock market, and increased investment capital from monetary expansion goes to real estate sector instead of the stock market. Last, I demonstrate how monetary policy has been transmitted into the public and private sectors of China through the credit channel. The fundamental identification problem inherent in using aggregated data that leads to failure in isolating demand shock from supply shock is explicitly solved by introducing control factors. I find that the monetary policy has great impact on private sector rather than public sector through credit channel in China. These findings have important practical implications for U.S. and China’s economic development by improving the efficiency of the monetary policy because a comprehensive understanding of monetary transmission will lead to better policy design.

Syfte Vi vill undersöka om och beskriva hur Human Resource Management kan bidra till minskad personalomsättning inom franchisedrivna fastighetsmäklarorganisationer.   Huvudfrågor: Hur upplever anställda och före detta anställda fastighetsmäklare att personalomsättning påverkar branschen och deras arbetssituation? Hur skulle en mer omfattande organisationsstyrning med inriktning på HRM kunna minska personalomsättning inom fastighetsmäklarorganisationer styrda enligt franchisestruktur? Metod I arbetet hålls ett Hermeneutiskt synsätt. Ämnet personalomsättning och dess orsaker har tidigare behandlats i uppsatser som berör fastighetsmäklarbranschen och vi ser vårt arbete som en vidareutveckling i denna fråga. För att få en uppfattning om hur medarbetare ser på ledarskap och personalomsättning, används den kvalitativa intervjumetoden. Resultat &amp; Slutsats De svar som framkom av intervjuerna med anställda och före detta anställda, visar att det finns en stark oro för personalomsättningen inom fastighetsmäklarbranschen. Detta påverkar anställda mäklares redan höga arbetsbelastning. Mäklarna känner även en oro över att personalomsättningen kan komma att urholka förtroendet för branschen om detta fortsätter. Ett exempel på detta är att kunder drabbas då det byts personal under pågående försäljningsuppdrag.  Huvudmotivet för användande av HRM i franchisestyrda fastighetsmäklarorganisationer bedömer vi vara möjligheten att bevara organisationens anseende både som attraktiv för anställda samt att de fortfarande har kvar kundernas förtroende. Förslag till fortsatt forskning För att få en bredare syn inom berört område kan fortsatt forskning ur ledarens perspektiv kring ledarskap och personalomsättning undersökas. Även en studie på just lämpligheten av franchiseformen inom denna bransch, där humankapital är enda tillgången, skulle vara intressant att forska vidare kring. Ett annat ämne som organisationer bör uppmärksamma är hur fastighetsmäklarrollen kan anpassas för att kunna behålla personal som blir äldre och skaffar barn? Varför har anställda synen att de inte kan vara kvar inom yrket när de bildar familj? Uppsatsens bidrag Uppsatsen bidrar till att påvisa de faktorer mäklare upplever som hinder för att stanna kvar inom branschen. Genom dessa ges organisationerna ett verktyg för att arbeta fram personalpolitik och strategier för att minska personalomsättningen utifrån ett HRM-perspektiv. / Aim We want to examine if and describe how Human Resource Management can contribute to lowered employee turnover within franchise based real estate organizations. Main questions: How do real estate agents and former real estate agents experience the impact of employee turnover in the sector and in their work situation? How would a more extensive organizational steering with a focus on HRM lower employee turnover within franchised based real estate organizations? Method In the thesis a Hermeneutic approach is used. The subject of employee turnover and its impact has been discussed earlier in other thesis that covers the real estate sector and therefore we view our assignment as a further study on this subject. To get an understanding on how the view of the sector’s employees are regarding leadership and employee turnover, qualitative interviews are used. The main motive to use HRM in franchise based real estate organizations we assess that the possibility should be to maintain the reputation, both as attractive for employees as well as keeping the client’s trust. Result &amp; Conclusions The answers from the questions in the interviews with employees and former employees show that there is a strong concern regarding employee turnover within the real estate sector. It affects the employed real estate agent’s already heavy workload. The real estate agents feel that the employee turnover can weaken the trust for the real estate sector should it continue. One example of this is that clients are affected when employees are exchanged during a sales process. We assess the main motiv for the usage of HRM in franchise controlled real estate organizations to be the possibility to preserve the organizations’ reputation as attracttive for employees as well as keeping the clients’ trust. Suggestions for further research To get a broader view within the chosen subject, further research from a leader’s perspective on leadership and staff turnover can be made. A study regarding the suitability of franchise as organizational form within the sector, where human capital is the only asset, would be interesting to explore.  One important subject that should be observed by organizations is that how the role of the real estate agent can adapt to keep older employees and employees starting families. Why have employees the view that they can’t stay within the profession when they start having families?  Contribution of the thesis The contribution of the thesis shows the factors the real estate agent experiences as obstacles to stay within the sector. Through this the organization is given tools to work up an employee policy and strategies to lower the staff turnover by the use of a HRM.

Does monetary policy affect the real economy? If so, what is the transmission mechanism or channel through which these effects occur? These two questions are among the most important and controversial in macroeconomics. This dissertation presents some new empirical evidence that addresses each question for the U.S. and Chinese economies. Literature on monetary transmission suggests that the monetary policy can take effect on the real economy through several ways. The most noteworthy one is credit channels, including the bank lending channel and the interest channel. First, I use a new method to test for structural breaks in the U.S. monetary policy history and present some new empirical evidence to support an operative bank lending channel in the transmission mechanism of monetary policy. Results show that an operative bank lending channel existed in 1955 to 1968, and its impact on the economy has become much smaller since 1981, but it still has a significant buffering effect on output by attenuating the effect of the interest channel. Second, I adopt the recently developed time series technique to explore the puzzling negative correlation between output and stock returns in China currently, and posit that it is due to a negative link between monetary policy and stock returns when monetary policy increases output. The monetary policy has not been transmitted well in the public sector which is the principal part of Chinese stock market, and increased investment capital from monetary expansion goes to real estate sector instead of the stock market. Last, I demonstrate how monetary policy has been transmitted into the public and private sectors of China through the credit channel. The fundamental identification problem inherent in using aggregated data that leads to failure in isolating demand shock from supply shock is explicitly solved by introducing control factors. I find that the monetary policy has great impact on private sector rather than public sector through credit channel in China. These findings have important practical implications for U.S. and China’s economic development by improving the efficiency of the monetary policy because a comprehensive understanding of monetary transmission will lead to better policy design.