The objective of the thesis is to determine the economic rent amount for a family house located in Brno. The concept “economic rent” refers to the amount of payment that brings adequate profit to the landlord. First, all the factors are identified that compose cost rent, i.e. the rent of mere providing and maintaining a property. The main variable is represented by the reproduction value of a dwelling. For the purposes of this thesis, the reproduction value is determined using the cost method (in agreement with the evaluation regulation). Second, the capitalization rate is determined so that an adequate profit could be calculated. The following two methods are employed: the surcharge method and the method of comparison with the financial market. The thesis presents seven alternatives of an economic rent, depending on the interest rates. Lastly, the calculation of the rate of return is performed, along with a correctness test of the calculation of the economic rent amount.

This thesis presents a comprehensive study of Kyrgyz foreign policy from the early 1990s to 2011. It seeks to answer the following research question: how and to what extent does regime security affect Kyrgyz foreign policymaking? In so doing, this work aims to contribute to the understanding of Central Asian politics and the foreign policy sources of weak states across the post-Soviet space. The underlying theme of this dissertation is centred on the question whether neorealist or constructivist traditions provide a more in-depth account of the erratic Kyrgyz foreign policymaking. Notwithstanding a myriad of studies on weak states, the analysis of their foreign policies is limited and mostly characterised by idiosyncratic, reductionist and great power approaches. In this respect, an interpretive and inductive framework integrative of both internal and external variables and with properly contextualised causal mechanisms may explain the international behaviour of weak states in broader and more genuine terms. Thus, the puzzle to be resolved is whether the concepts of rent-seeking and virtual politics can either substitute for or complement the New Great Game narratives in the context of weak states in general and Kyrgyzstan in particular.

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction Development

published_or_final_version / Housing Management / Master / Master of Housing Management

My dissertation consists of three distinct but related chapters on Energy Economics and Finance. My first chapter is an empirical evaluation of market conduct in global crude oil markets. "Hotelling rule" states that even in competitive equilibrium, price of an "exhaustible resource" exceeds its marginal cost due to the opportunity cost of depleting the non-renewable resource. This cost is called "scarcity rent". Oil price exceeds its marginal extraction cost significantly. This can be attributed to two different sources: effect of scarcity of oil on prices or exercising market power by OPEC (collusion). In this paper, I use Porter (1983) approach considering the possibility of "scarcity rent" component involved in the gap between price and marginal extraction cost in the oil market. The novelty of my approach is to empirically estimate scarcity rent using data on cost of production of oil. Two benchmark cases, where scarcity rent is either zero (non-exhaustible resources hypothesis (Adelman 1990)) or equal to minimum price-cost margin are considered. The results show that in both cases OPEC failed to cooperate effectively and in second case, market conduct estimated is closer to Cournot behavior. In the second chapter of my dissertation, we employ a real options approach to evaluate oil and gas companies' investment decisions in an empirical setup. We develop a theoretical model to derive testable predictions. A unique measure of investment costs is obtained from energy industry data vendors. This novel dataset contains details of contract terms and pricing for offshore drilling equipment, which constitute the major share of investment costs in offshore oil field development. The investment database is combined with financial and macroeconomic data, which enables us to perform a panel data analysis of investments' response to variations in investment costs and market variables such as the slope of futures curve, firms' past earnings, cost of capital and implied oil price volatility. Our results show that the larger firms, facing less financial friction, are more forward looking while the smaller firms, who have less access to capital markets, are more dependent on their past earnings. The third chapter of my dissertation is about the effect of recent natural gas production boom on U.S. manufacturing. Natural gas production in North America has increased significantly over the past decade causing the prices to plunge during past 5 years. The purpose of this research is to investigate the effect of low natural gas prices on energy intensive U.S. manufacturing industries using market data. I empirically evaluate the stock market reactions of publicly traded companies in energy intensive industries to arrival of new information about the unexpected price shocks in natural gas futures markets. My results show that the stock market does not react significantly to innovations in the expected price of natural gas, proxied for by monthly changes in natural gas futures contracts with a fixed maturity date. I then split the sample into two groups based on their expenditure on natural gas as a ratio of their total production value. The stock market valuation of companies in high "natural gas intensity" industries were positively affected by unexpected downward shocks in natural gas prices and the results are significant. / text

本論文研究的，在探討土地買賣價格與租賃價格的形成，價格的結構，價格的影響因 素等，從而比較兩者的差異，以了解土地買賣價格與租賃價格間的關係，進而提供政 府機關有關地價稅政策的參考。 本論文主要參考關於地租理論、地價理論等國內外學者意見，以了解學者研究的方向 及學說的演奱，進而釐清關於土地買賣價格與租賃價格間糾纏不清的理論疑義。 本論文研究內容包括價值理論之演進，地租理論之演進、價格理論之演進，地租與地 價之形成關係，地價一般原則與特徵之解析、市場一般原則與特徵之解析、需要因素 之特性及其影響因素、供給因素之特性及其影響因素、買賣價格之影響因素、租賃價 格之形成、租賃價格之結構、租賃價格之影響因素、從地租理論、價格結構與價格影 響因素比較買賣價格與租賃價格之差異以及從不動產實際買賣與租賃價格進行實證分 析等。 本論文發現，由於買賣價格含有對未來增值的期待心理，因此價格水準較租賃價格為 高，而商業用地差距較，住宅用地差距較大。 最後，本研究對土地買賣價格與租賃價格之研究，主要從理論與實證兩方面分別進行 比較、分析，從而找到兩者間的關係，提供將來進一步研究土地市場結構，地價結構 等之研究基礎。

過去文獻少有探討不動產的收益穩定性，多重視市場租金或市場空置率的變化，但隨著辦公大樓證券化投資風潮，個別大樓的租金和空置率變化，以及大樓租金收益穩定性成為投資的重要判斷指標，而其中租戶結構更是辦公大樓租金收益穩定的主要來源，也是大樓空置率的重要影響因子，成為本文研究之焦點。本文實地調查台北市主要辦公室商圈中90棟辦公大樓，並以三階段最小平方法（3SLS）聯立模型分析影響個別辦公大樓租金及空置率的因素，研究結果發現，空置率增加1%將使每坪月租金減少13.09元，但每坪月租金增加100元會造成大樓空置率上升1.55%。其次，平均每層租戶數目多、租戶平均面積大、租戶以外商公司為主體、企業平均利潤率高、「金融及保險、不動產及租賃、專業科學及技術服務業」等行業佔大樓面積比例愈高等因素，皆能有效降低辦公大樓空置率，使投資人的租金收益更穩定。由此可知，成功的辦公大樓投資或證券化，租戶結構對於空置狀況的影響應加以重視，方能確保未來擁有穩定的租金收益。 因不動產證券化發展，辦公大樓投資組合情況也應受到市場重視，本文以90棟辦公大樓進行兩兩任意組合模擬，在現有資料下，結果為相較於個別辦公大樓投資，若將辦公大樓採兩兩投資組合，能獲得較高報酬及較低風險。而分析組合內容可發現，重視大樓的建物品質比重視租戶品質更能達到效率組合，若選擇「好建物」的大樓納入投資組合中，將能提高組合的報酬；若選擇「好租戶」的大樓納入投資組合中，將能降低組合的風險。 / Previous literatures mostly focus on the change in market rental and vacancy rate of office buildings, but rarely discuss the rental income stability of real estates investment. However, with the prevalence of office building securitization as investment targets goes on, the rental income stability of individual real estates has become an important indicator for investment purposes. Among many, tenant structure, the main focus of this study, is the major source of income stability of office buildings, and also an important factor to building vacancy rate. This study makes researches of ninety office buildings in the major business areas of Taipei, applying three stage least squares(3SLS) methods to analyze the factors that affect the rental and vacancy rate of individual office buildings. The empirical results of this study suggest that increasing per 1% in vacancy rate shall make decrease monthly rent by 13.09 $NTD/ping and increasing per 100$ NTD/ping in monthly rent shall make increase1.55% in building vacancy rate. Moreover, there are many factors, such as the average number of tenants on per floor, average rental size from per tenant, foreign firms are the main tenants of office building, the average firm return rate, can all efficiently lower the vacancy rate of office buildings, and make rental returns more stable for investors. Besides, if the industries of finance and insurance, real estate and rental, science expertise and technical service make up a high proportion of total floor surface will lower the vacancy rate.Therefore we know that, for a successful office building securitization or investment, the effect of tenant structure on vacancy rate should be more recognized in order to ensure a future possession of stable rental returns. Due to the development in the Real Estate Securitization, the situations in portfolio of office buildings should receive its share of attention from the market. This paper simulates 90 office buildings into random pairs and finds out that, in contrary to stand-alone investments, investing in pairs shall yield a higher return at a lower risk. Analyzing the contents of the portfolio, we can find out that, paying more attention on the quality of the building rather than on the quality of tenants can more easily attain efficiency. Putting a “good building” into an portfolio shall increase return, and putting in a building with “good tenants” shall reduce risk.

傳統尋租理論認為當政府有職權得以創造超額利潤、且企業為複數時，企業除投入成本進行尋租外，會產生重複投入成本競租的後果，直到超額租金耗盡為止。但無法解釋，何以在中國政府干預市場嚴重的情形下，為何總體經濟與企業投資、獲利均保持高度成長？經由筆者實際走訪昆山進行調查後認為，尋租相關的賄賂及交際行為在具政治風險的情況下確有削減。但相關支出及支付對象乃以合法的方式固定下來，並非消失。本文認為此政企利益分配制度包含以下：土地增值的獲利及租金、企業委託報關行的外包支出、土地仲介佣金、招商業績獎金、鎮級地方政府稅收、以及各種明文規定的規費。此種相關支出的固定與合法化，筆者認為此制度有助於企業的成本評估及經營。 關鍵字：尋租、政企關係、規費、利益分配、地方政府

隨著社會經濟結構的轉型，目前台灣已邁向服務業為主的社會型態。為應該服務業及商業所需的辦公空間，因此辦公大樓陸續的興建。隨著近年來不動產的投資興盛，辦公大樓成為了外資或者保值的投資選擇。而判斷辦公大樓價值的標準即為該大樓所能創造的收益為何。辦公大樓的收益為租金，因此了解影響租金組成的因素，能夠提供我們在進行投資決策時一個參考的依據。但過去已有許多租金影響因素之研究，是以本研究擬從不同的觀點切入來探討租金的成因。 近十年來，國內許多豪宅或者知名的辦公大樓引進入物業管理的方式，取代了過去由管理委員會主導的管理模式。物業管理的興起，乃是人們對於住宅安全以及管理品質引申需求。對於物業管理的研究，國內目前仍著重在管理績效的衡量以及利用電腦提升物業管理效率的部分，鮮有探討辦公大樓租金與物業管理之間的關連。是以，本研究以台北市六行政區的辦公大樓為標的，利用特徵價格模型(Hedonic Price Model)和BOX-COX轉換，從物業管理的觀點來探討辦公大樓租金的影響因素。 / In Taiwan, business has become the main economic activity. The more prosperous business is, the more office spaces are requested. To understand the composition of office rent, hedonic price model is used as an analysis tool frequently. The varieties, such as age, distance of MRT, or standard floor, are usually used as the hedonic varieties. When property management is getting popular in the decade, there are few research use property management as varieties. To understand if the difference of property management style would affect the office rent, this essay used Box-Cox translation and Semi-Log regression to analyze the relationship between property management and office rent.

In recent years, the number of renovations of apartment buildings from the Swedish million homes programme has increased significantly. The renovations have resulted in major increases in standard of the apartments built half a century ago, and has thus resulted in substantial rent increases. In the past, the so called “Allbolag” prevented private property owners from charging rents above market rents, since the public property sector was rent normative. Since this law was amended in 2011, a greater interest was shown in the renovation of million programme apartment buildings since extensive renovations got more profitable than ever before. With a major rent increase as a result of the renovations it is a hot topic in the Swedish housing policy debate. Opinions differ in the debate where property owners see opportunities for increased value and profit in the properties, while the individual tenant has to deal with major rent increases, which in some cases rises up towards 80 percent. The tenants affected by the extensive renovations, and thus also the significant rent increases that follow, are affected not only economically but also on a personal and social level. People living in million programme apartments are fully aware of the consequences of a major refurbishment, and they also know that they have no power to influence the outcome or extent of the actions. This causes mental and, in some cases, physical stress on the individuals who have to live with the knowledge of that they eventually might be forced to move from their homes because of their inability to pay the rent. Your home is a hub for everything that is essential in life and it is where social networks of family, relatives and friends, work, school, health care and more are maintained, but when your home ceases to be a place where you can feel safe and secure it affects every factor in these networks. The purpose of this paper is to describe and explain how a rent-setting process after an extensive renovation of Swedish million programme homes is conducted, and to describe how the affected tenants' well-being, in terms of anxiety and insecurity, are affected by this process. To achieve the purpose, we have conducted a qualitative survey through personal interviews which covers two tenants both of whom are affected by the problem, and two individuals who, on a daily basis, work with this problem and are well versed in the subject. Results that emerged from the study is that the rent setting system in the case of extensive renovations are not adapted for today's housing market, and that it therefore poses a problem. Tenants are virtually powerless when it comes to renovations of their apartments and their choices are to either keep their home and try to cope with the new rent, or move to a cheaper area which has not yet been renovated. The entire process, starting when the tenant learns about the planned renovation, until the project is completed has been shown to cause psychological problems for the individual, no matter if he chooses to stay put or move away. The study also shows that tenants undergoing a renovation process feel insecure in their home and that they also feel anxious and worried about the future of their living situation. / På senare år har antalet renoveringar av flerbostadshus från miljonprogrammet ökat markant. Renoveringarna har medfört stora standardhöjningar i de över 50 år gamla lägenheterna, och har därmed resulterat i kraftiga hyreshöjningar. Tidigare hindrade Allbolagen privata fastighetsägare från att ta ut oskäligt stora hyresbelopp eftersom de allmännyttiga fastighetsbolagen då var hyresnormerande, men sedan denna lag ändrades år 2011 har ett större intresse för renoveringar av miljonprogrammets flerbostadshus väckts. Omfattande renoveringar är i dagsläget än mer lönsamma än tidigare, och med kraftiga hyreshöjningar som följd är det ett hett debatterat ämne i media. Åsikterna går isär i debatten där fastighetsägare ser möjligheter till ökat värde och vinst i fastigheterna, medan den enskilde individen tvingas på hyreshöjningar som i vissa fall blir så kraftiga som upp emot 80 procent. De hyresgäster som berörs av omfattande renoveringar, och därmed också de markanta hyreshöjningar som följer av dem, påverkas inte bara ekonomiskt utan även på ett personligt och socialt plan. Boende i miljonprogramslägenheter vet vad konsekvenserna av en omfattande renovering blir, och de vet också att de själva inte har någon chans att påverka resultatet eller omfattningen av den. Detta innebär en psykisk och, i vissa fall, fysisk påfrestning på individerna som tvingas leva med vetskapen om att de så småningom kan tvingas flytta ifrån sina hem på grund av oförmåga att betala hyran. Hemmet är en knytpunkt för allt som är centralt i livet och det är därifrån kontaktnätet till familj, släkt och vänner, arbete, skola, sjukvård med mera utgår, och när hemmet upphör att vara en plats där man kan känna sig trygg och säker i sin tillvaro påverkar det samtliga faktorer i detta kontaktnät. Syftet med denna uppsats är att beskriva och förklara hur en hyressättningsprocess efter en omfattande renovering gällande flerbostadshus från miljonprogrammet går till, samt redogöra för hur de berörda hyresgästernas välmående, sett till oro och otrygghet, påverkas av denna process. För att uppnå syftet har vi genomfört en kvalitativ undersökning vilken genomfördes med hjälp av personliga intervjuer. Undersökningen omfattar två hyresrättsinnehavare som själva är drabbade av problemet samt två personer som dagligen arbetar med detta problem och är väl insatta i ämnet. Resultat som framkommit är att hyressättningssystemet vid omfattande renoveringar inte är anpassat för dagens bostadsmarknad och att det därmed medför problem. Hyresgäster är i stort sett maktlösa när det kommer till renoveringar av deras lägenheter och deras val står mellan att bo kvar och försöka klara av den nya hyran, eller flytta till ett billigare område som ännu inte renoverats. Hela processen från det att hyresgästen får reda på renoveringen tills projektet är genomfört har visat sig medföra psykiska problem för individen oavsett vad denne väljer att göra. Studien visar på att hyresgäster som genomgår en renoveringsprocess känner sig otrygga i sin hemvist och upplever en oro över hur deras framtid kommer att se ut.