In the 1980s, Laws No: 2981 and 3290 were putting forward important amount of development rights creation by improvement plans. This promise of development by party politics provided potential of political rent. This study will not take into account this political rent created but the realization of this development promised. The development by improvement plans could not be realized. In some areas, transformation from gecekondu to apartment blocks occurred by the hands of market mechanism and construction sector. However in some areas, the intervention of the public sector was necessary for transformation. The aim of this study is to discuss the planning and development issues under the mixed economies through dynamics of urban transformation and the phenomena of urban non-transformation in areas where development rights by improvement plans were assigned in the case of Ankara city under a comparative approach. The comparative case study puts forward the existing situation as a concrete problem and analyzing it with reference to direct observation, interviews with various actors, historicity (historical development of Ankara macroform among inter-relations between planning decisions, macroeconomy and legal regulations thus public and capital) and the quantitative data. Then, improvement planning in Turkish case is evaluated by reference to similar World examples. This evaluation leads us to the inter-relational concepts of public policy and rent concerning gecekondu improvement thus to the evaluation of improvement areas by reference to rent concept and Turkish urban land and housing market covering the urban growth and capital accumulation issues. Then the study is concluded.

published_or_final_version / Housing Management / Master / Master of Housing Management

Lietuvai būdinga tai, jog žemės rinka plėtojasi žemės reformos metu, taigi ši rinka yra paveikta ūkių ir žemės pertvarkymo procesų taip pat buvusios suvalstybintos žemės grąžinimo teisėtiems savininkams. Žemės rinkos reguliavimo sąlygos ir priemonės Lietuvoje yra susiję su Lietuvos įstatymais bei norminiais aktais. Šiame darbe atlikta Klaipėdos apskrities žemės ūkio paskirties žemės pardavimo ir nuomos tyrimai nuo 2005 iki 2008 metų. Atliekant tyrimą buvo naudojamasi Žemės fondo, Nacionalinės žemės tarnybos statistiniais duomenimis. Tyrimo metu nustatyta, kad Klaipėdos apskrityje iki 2008 m. sausio 1 d. pastebima, jog juridiniai asmenys valstybinės žemės ūkio paskirties žemės rinkoje yra pasyvūs, o užsienio subjektai iš viso nedominuoja šioje rinkoje. Tai įtakoja apribojimai nustatyti Lietuvos Respublikos juridiniams asmenims ir užsienio subjektams, siekiantiems įsigyti žemės ūkio paskirties žemės, kurie pablogina investavimo ir laisvo kapitalo judėjimo sąlygas. Nustatyta, kad teritorijos, kurios pasižymi gražia aplinka, vertingos rekreaciniu ir komerciniu požiūriu, susisiekimu bei privažiavimo keliais, parduodamos už gana ne mažą vidutinę žemės kainą. Klaipėdos apskrityje brangiausia žemės ūkio paskirties žemė yra Klaipėdos bei Kretingos rajonuose. / In Lithuania land market is expanding due to land reform. So this market is influenced by economy, land reformation processes and restoration of nationalized land to it‘s official owner. Land market regulations are connected to Lithuanian law and policies. This paper covers the research of land sales and rent in Klaipeda region from 2005 till 2008 year is done. Land Foundation and National Land Office‘s statistical data was used for the research. The research shows that in Klaipeda region till the 1st of January 2008 juridical persons are passive in public agricultural land market and foreign subjects do not take part in this market at all. This is due to one of Republic of Lithuania laws that restrict buying agricultural land to juridical person or foreign subjects. This phenomenon worsens investment and capital movement. The research also shows that territories with beautiful landscape, territories that are commercially valuable, and territories with good road communications are sold for quit high average price. In Klaipeda region the most expensive agricultural land is in Klaipeda and Kretinga districts.

Magistro darbe tiriama ūkinės veiklos apribojimų II – III grupių miškuose įtaka ekonominiams ūkinės veiklos rezultatams. Darbo objektas – II ir III grupių miškai bei juose taikomi ūkinės veiklos apribojimai. II miškų grupei priskiriami specialios paskirties miškai (ekosistemų apsaugos miškai ir rekreaciniai miškai), o III miškų grupei priklauso apsauginiai miškai. Darbo tikslas – atlikti ūkinės veiklos apribojimų II – III grupių miškuose įtakos ekonominiams ūkinės veiklos rezultatams analizę. Darbo metodai – taikant alternatyviųjų kaštų metodą, apskaičiuojamos miško valdytojų ir savininkų potencialios grynosios pajamos iš II ir III grupių miškų. Apskaičiuotos grynosios pajamos palygintos su pajamomis, kurios būtų gaunamos, kirtimus atliekant pagal IV miškų grupės apribojimus. Rezultatai – nustatyta, kad medienos vertės priklausomybę nuo vidutinio skersmens geriausiai nusako antro laipsnio polinomo lygtis: y = a₀+a₁*x+a₂*x² (y – medienos vertė, Lt/m³; x – vidutinis medyno skersmuo, cm). Naudojant skirtingus ūkinius režimus, apskaičiuota medynų renta II ir III grupės miškams. Gauti rezultatai palyginti su tų pačių medynų miško renta, jei jiems būtų taikomi IV miškų grupės ūkiniai apribojimai. Nustatyta, kad didžiausi yra II miškų grupės pušynų alternatyvieji kaštai. Negaunamos grynosios metinės pajamos (miško renta) iš II grupės pušynų sudaro 15,4 mln. Lt arba 137 Lt/ha, lyginant su IV miškų grupės ūkiniu režimu. Kituose medynuose negaunamos grynosios pajamos gerokai... [toliau žr. visą tekstą] / Influence of forestry restrictions on economic results in forests of II and III forest groups is being investigated in this study. The subject of study – Lithuanian forests of II and III groups as well as forestry restrictions applied to those forests. Forests of II group are are assinged for ecosystems protection and recreation, and forests of III group are protective forests. The objective of master thesis – to carry out analysis of economic impact made by forestry restrictions applied to forests of II and III groups. Methods of sudy – potential net annual income (forest rent) from forests of II and III groups was calculated. Alternatively, the same indicators were calculated, assuming that the forest were managed as commercial forests of IV group. Results of study – ir was concluded, that the value of standing timber can be described as a function of mean diametre of the stand using polynomial function of 2nd order: y=a₀+a₁*x+a₂*x² (y – value of timber, Lt/m³; x – mean diametre, cm). Forest rent for forests of groups II and III was calculated, using different forestry regimes. The results were compared to forest rent if the forests were managed as commercial forest. It was found, that the biggest alternative costs are related to pine forests of II group - 15,4 mill. Lt, or 137 Lt/ha, comparing with forestry regime of IV forest group. Alternative costs in other stands are considerably lower.

Following the recession of 2007-2009, conditions in the housing and finance industries favored an increase in renter occupied homes relative to owner occupied homes. With rental properties comprising an increasing share of the housing supply, the home building industry should consider housing products that meet the needs of renters. This thesis proposes a build-to-rent product for single family home builders, to be offered as a complement to the traditional built-for-sale product. The purpose of the research is to demonstrate that a build-to-rent product is financially feasible under ordinary market conditions. In order to determine the viability of a build-to-rent product under likely market conditions, a financial model has been developed for a single family build-to rent product. The research involves reviewing the literature related to similar investment product types in order to develop a business model for the proposed build-to-rent product. The proposed model utilizes financial parameters currently in the industry, respectively, in the analysis of homebuilding projects and rental property investments. Using the analytical methods used for analogous investment classes, the author calculates a projected market range of input variables for the model. Sensitivity analysis of the model was then used to test the financial feasibility of a build-to-rent product. The analysis showed that the proposed product would be feasible under ordinary market conditions. Additional recommendations for future research has been explored based on the findings of this study.

本研究主要探討高階經理人之選擇權與公司績效之關聯性，研究發現，公司發給高階經理人之選擇權價值與Tobin’s Q呈正向關係。為區分誘因調整（the incentive alignment perspective）與利益榨取（the rent extraction perspective）兩觀點，本研究將選擇權預測值分為經濟因素、公司治理與殘值三部分。研究結果顯示依據經濟因素所預測出之選擇權價值與Tobin’s Q呈正向關係，其符合誘因調整觀點，即發放選擇權可減少代理問題。而依公司治理所預測出之選擇權價值，則與Tobin’s Q 呈負向關係，此亦與利益榨取觀點相符，即當公司治理較差時，發給高階經理人之選擇權往往較股東最適程度為高。此外，本研究亦發現選擇權與Tobin’s Q有一非線性關係。 / This study examines the association between employee stock options (ESOs) and future firm performance (Tobin’s Q). The evidence shows that the value of ESOs granted to CEOs in the current and past five years are positively associated with Tobin’s Q. To test the incentive alignment perspective and the rent extraction perspective, this study predicts the value of ESOs granted to CEOs due to economic determinants, governance quality and residual value. I find that the predicted component of ESO grants due to economic determinants are positively related with Tobin’s Q, consistent with the incentive alignment perspective that ESOs are granted to reduce the agency problem. Further, the predicted component of ESO grants attributable to the governance factors are negatively associated with Tobin’s Q, indicating that for firms with poor governance, the actual level of incentives executives receive may go well beyond the optimal level for shareholders. The negative association is consistent with the rent extraction perspective. Moreover, this study also finds a non-linear association between the Tobin’s Q and the ESO grant values.

Property market forecasts play a crucial role in modern real estate valuation methodologies and, consequently, flawed forecasts can have adverse impacts on the accuracy of valuations. This thesis identifies property industry inconsistencies in the formulation and application of office rent forecasts adopted in discounted cash flow (DCF) studies used to assess the value of commercial properties and the viability of proposed projects. Existing research on commercial property cycles and office property market modelling is examined in order to identify the dominant market drivers adopted by researchers. Forecasting techniques are also explored towards specifying space and rent models for the Brisbane CBD office market using the perceived dominant drivers as explanatory variables. Surveys of property valuers and developers are undertaken to underpin the selection of these variables. The implications of varying rent forecasts applied in DCF based valuation assessments are tested through the use of a case study involving four Brisbane office buildings. Innovative research is conducted through adopting geographic information system supported land use and historical valuation studies to delineate market precincts within the Brisbane CBD. The rent model is then re-estimated using precinct based office rent data to allow the generation of forecasts for the individual precincts. Out-of-sample accuracy test results for the precinct forecasts are compared with the results produced by the model specified using whole-of-city data. The literature reviews, surveys and model testing determine a relatively consistent range of dominant explanatory variables applicable to office markets. The case study, in a local context, confirms that varying forecasts do have a significant impact on property valuations. Tests of the forecast results generated by the Brisbane CBD model provide some evidence that more plausible office rent forecasts stem from the use of market models as compared with solely applying professional judgement based forecasts. Subject to data availability limitations, the precinct based rent model is found to produce rent forecasts superior to those generated by the whole-of-city model. Finally, the thesis makes a range of industry recommendations towards enhancing forecasts and recommendations are also made for potential future research projects.

Mo., Washington Univ., Graduate School of Arts and Sciences, Diss.--St. Louis, 2003. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.

Este trabalho tem por objetivo confrontar a teoria da renda da terra de David Ricardo com a análise de Adam Smith sobre este mesmo assunto. Isto significa que este trabalho irá encontrar na obra “A Riqueza das Nações” uma suposta teoria da renda da terra e mostrar que Adam Smith possui uma teoria tão rica quanto à análise de David Ricardo sobre a renda da terra. Será abordada a análise da renda da terra sob o enfoque do desenvolvimento econômico, ou seja, será verificada qual das teorias têm melhores condições de explicar a temática do desenvolvimento econômico sob a ótica da fertilidade da terra e seus rendimentos. Os objetivos específicos serão comprovar a importância do progresso técnico e dos rendimentos crescentes da terra como enfoque de confrontação da teoria da renda da terra de David Ricardo e também verificar a importância da produtividade da terra, inserida na análise de ambos os autores, para o progresso contínuo do desenvolvimento econômico. Para tanto, foram buscadas referências nas próprias obras de Adam Smith e David Ricardo, textos que abordassem o pensamento destes autores e trabalhos que relacionassem o tema progresso técnico e fertilidade da terra. / The aim of this dissertation is to confront the theory of land rent of David Ricardo with the theory of Adam Smith. It means that this dissertation will try to find in the “Wealth of Nation” a theory of land rent and show that Adam Smith have a theory as better as the analyze of land rent by David Ricardo. The dissertation will analyze the land rent by the conception of economic development. It means verify what theory has more condition to explain the economic development by optic of the land fertility. The specific aim will be prove that technical progress and increase fertility, inside analyze of Smith, can confront Ricardo’ theory and verify that land productive, inside analyze of both authors, is important to keep economic development and progress of nations. To build this work, it will be find references own by Adam Smith and David Ricardo, papers by others authors that study the theory of this two authors and books that make connection between technical progress and land fertility.

The income and life expectancy increase and also, poverty and mortality rate reduction, indicate an improvement of social welfare. Therefore, to understand the relation between income and health is considered to be of fundamental importance. In the theoretical literature, such as, Sala-i-Martin (2005), Weil (2005) and Chen (2008), the causality relationship between income and health is presented as bidirectional. This dissertation has as main objective to analyze causality relationship between income and health, seeking to control the potential differences of this relation over the Brazilian territory. In this case, three Granger causality tests to panel data, proposed respectively by Holtz-Eakin, Newey and Rosen (1988), Granger and Huang (1997), and Hurlin and Venet (2004) and Hurlin (2004, 2005), are applied to a Brazilian States database in the period from 1981-2007. The first two approaches are applied to a database with the counties in Brazil in the period of 1970-2000. To the Brazilian states, the results of Holtz-Eakin, Newey and Rosen (1988) method shows bidirectional causality for complete sample (Brazil), for the group of states with the highest incomes (South-Central) and for the group of states with lower income (North – Northeast). The results of Granger and Huang (1997) test shows unilateral causality from income to health for Brazil, unilateral causality from income to health for the south-central States and non-causality relationship between income and health for the North-Northeast state´s group. Yet, the proposed test by Hurlin and Venet (2004), and Hurlin (2004, 2005) the evidences are clearer for the causality, in a way from health to income for the three cases examined. In general, either the full sample or the division by regions and income groups, the results of the two tests applied to the database with the counties in Brazil, show evidence of a bi-causal relationship between income and health. However, the results presented here are not all consensual. / Aumentos na renda e na expectativa de vida, e de forma similar reduções na pobreza e na taxa de mortalidade, indicam melhorias do bem estar social. Assim, entender a relação existente entre renda e saúde tem fundamental importância. Na literatura teórica, por exemplo, em Sala-i-Martin (2005), Weil (2005) e Chen (2008), a causalidade entre renda e saúde é apresentada como bidirecional. Este trabalho tem o objetivo principal de analisar a relação de causalidade entre renda e saúde, buscando controlar as potenciais diferenças dessa relação ao longo do território brasileiro. Para tanto, três testes de causalidade de Granger para dados em painel, propostos respectivamente por Holtz-Eakin, Newey e Rosen (1988), Granger e Huang (1997), e Hurlin e Venet (2004) e Hurlin (2004, 2005), são aplicados para uma base de dados com os estados brasileiros no período de 1981-2007. E as duas primeiras abordagens são aplicadas para uma base de dados com os municípios brasileiros no período de 1970-2000. Para os estados do Brasil, os resultados do teste de Holtz-Eakin, Newey e Rosen (1988) aponta causalidade bidirecional: para o Brasil, para o grupo de estados de renda mais alta (Centro-Sul) e para o grupo de estados de renda mais baixa (Norte-Nordeste). O teste de Granger e Huang (1997) mostra causalidade unidirecional da renda sobre a saúde para o Brasil, causalidade unidirecional da saúde sobre a renda nos estados do Centro-Sul e não causalidade para o grupo de estados Norte-Nordeste. Já no teste proposto por Hurlin e Venet (2004) e Hurlin (2004, 2005) as evidências são mais claras para causalidade no sentido da saúde sobre a renda para os três casos analisados. Em geral, tanto na amostra completa como na divisão por regiões e por faixas de renda, os resultados dos dois testes aplicados para base de dados com os municípios do Brasil mostram evidências de uma relação bi-causal entre renda e saúde. Portanto, os resultados apresentados neste trabalho não são todos consensuais.