Earlier studies examining house pricing have mainly focused on the secondary market and have often overlooked the primary market and newly produced housing units. This paper studies the pricing strategies in the primary housing market, as that segment differs from the secondary market. By using data from one newly produced housing project, we are able to exclude a number of project-specific factors, as they are nearly identical for all observations. This allows us to focus on factors that are directly observable and require very little assessment or evaluation in our estimations of list prices, selling prices and selling times. The empirical results exhibit a close relationship between list- and selling prices, but a few factors differ significantly between the two. Such differences could indicate a misinterpretation of the market by the seller. The time-on-market model shows that a number of factors affect selling times as well. The results indicate a relationship between "mispriced" factors and their impact on the selling times, where "over-priced" factors seem to prolong the time-on-market and "under-priced" factors seem to shorten the time-on-market. By dividing the units into different price ranges, it becomes clear that high-priced housing is more difficult to price and take longer to sell. This relationship is strengthened by a degree-of-overpricing variable, which exhibits a positive sign in the time-on-market model. The effect is the strongest in low-priced units and not significant for higher-priced units. Other factors that affect pricing strategies require a broader discussion. Analogies from similar consumer good markets indicate that pricing strategies are dependent on the types of customers in the target groups as well as the stage in the project life-cycle.

Made available in DSpace on 2010-04-20T20:20:29Z (GMT). No. of bitstreams: 1 120593.pdf: 1547743 bytes, checksum: fcb1e1e2cfa522c55c4b337e794d4905 (MD5) Previous issue date: 2007-11-29T00:00:00Z / O desenvolvimento da sociedade pós-industrial, voltada para a valorização da informação, exige das empresas um alto nível de adaptação às necessidades do consumidor, com o escopo de assegurar posição competitiva no mercado. A exposição do consumidor a novas tecnologias e a ciclos de vida útil, associados aos produtos progressivamente mais exíguos, exige das empresas a obrigatoriedade de introdução de velocidade nos processos de concepção e desenvolvimento de produtos. O presente trabalho propõe o estudo de caso de uma empresa da indústria de terminais celulares, mediante sua análise diante de um modelo descritivo de melhores práticas de geração de valor significativo, a partir da política de redução do time-to-market nas atividades de manufatura das empresas, embasada em profunda revisão bibliográfica sobre o tema. Assevera-se como a velocidade representa atributo constitutivo de vantagem competitiva e quais os recursos, atributos e ativos, a empresa deve constituir para assegurar o apropriado embasamento de uma política voltada para a redução dos ciclos de produção. A integração dos diversos elos da cadeia de valor apresenta essencialidade para a persecução do time-to-market, razão pela qual, outros dois aspectos são estudados com relativa profundidade. A terceirização autoriza a possibilidade da empresa se focar nas atividades consideradas primárias, delegando aos fornecedores o desempenho das atividades não-essenciais. Igualmente, destacam-se as principais conseqüências associadas a este processo. Não obstante, um segundo determinante da integração é alvo de avaliação, pela sua crescente representatividade no âmbito empresarial: a utilização da tecnologia de informação como estratégia para alavancagem dos negócios corporativos e integração dos parceiros diretamente envolvidos na fabricação dos produtos. O estudo pauta-se, fundamentalmente, na propositura de um modelo que pode ser adotado em qualquer empresa, com o escopo de se alcançar a vantagem competitiva sustentável.

This thesis project examines the liquidity of the residential market in Stockholm under different phases of the real estate cycle. Using time-on-market (TOM) as a liquidity indicator, the aim is to get an insight of the influence of prices, property characteristics and macroeconomic variables. The housing price index of residential apartments in Stockholm witnessed a significant fluctuation following the economic shock of the COVID-19 pandemic and the invasion of Ukraine. This unique situation provided an excellent opportunity to explore the relationship between TOM and prices, a topic that has been subject to recurrent research. Due to competing retail theory and the search theory, the TOM-price relationship is still debated between positive or negative. By dividing the sample data into quarters and market phases, this study demonstrates that the residential market in Stockholm has a negative TOM-price relationship in all market conditions. However, the magnitude of the effect of price over TOM varied depending on the market phase. The results suggest that sellers adopt a rational approach in which they are motivated to capitalize on the positive market conditions before the situation becomes unfavorable. Conversely, when the market is experiencing a decline, sellers choose to wait for a more favorable market environment. Further research could test a different empirical methodology to confirm this relationship and identify other factors that could be affecting the liquidity of the market. / Detta examensarbete undersöker likviditeten på bostadsmarknaden i Stockholm under olika faser av fastighetscykeln. Med hjälp av tid på marknaden (TOM) som likviditetsindikator är syftet att få en inblick i hur priser, fastighetsegenskaper och makroekonomiska variabler påver-kas. Noterbart är att bostadsprisindexet för bostadslägenheter i Stockholm upplevde betydande fluktuationer efter den ekonomiska chocken av covid-19-pandemin och invasionen av Ukraina. Denna unika situation gav ett utmärkt tillfälle att utforska förhållandet mellan TOM och priser, ett ämne som har varit föremål föråterkommande forskning. På grund av konkurrerande retail teori och search teori, diskuteras TOM-prisrelationen fortfarande mellan positivt och negativt. Genom att dela upp provdatan i kvartals- och marknadsfas, visar denna studie att på bostads-marknaden i Stockholm är förhållandet mellan TOM och pris negativt under alla marknadsför-hållanden. Storleken på effekten av pris över TOM varierade dock beroende på marknadsfas. Resultaten tyder på att säljare antar ett rationellt tillvägagångssätt där de motiveras att kapitalisera på de positiva marknadsförhållandena innan situationen blir ogynnsam. Omvänt, när marknaden upplever en nedgång väljer säljarna att vänta på en mer gynnsam marknadsmiljö. Ytterligare forskning kan använda en annan empirisk metod för att bekräfta detta förhållande och identifiera andra faktorer som kan påverka marknadens likviditet.

This study aims to investigate the causal linkage between developers’ pricing strategies and time on market (TOM) in the primary market for residential properties, i.e. a market where the seller is a developer or construction company, since this market differs significantly from the secondary or succession market.Regression models are estimated using a dataset from 11 500 newly built apartment units in the Stockholm, Sweden, sold between June 2010 and March 2018. To describe the investigated data and test the hypothesis if overpricing affects TOM a regression analysis was conducted. The Ordinary Least Squares (OLS) technique was applied explaining the size of TOM as a function of changes in a set of characteristics and conditions (independent variables) in one single equation. To measure an objective Degree of Overpricing (DOP), expected price was obtained by using market data and a hedonic price model controlling property attributes and market conditions. DOP is measured as the normalized difference between selling price and expected price.By using a constructed price model when studying the relationship between the price and multiple independent variables, the empirical results show that an increase in variables such as competitive supply, distance from city centre, monthly fee and selling time lead to a decrease in price while higher floor level lead to an increase in price. Looking into the degree of overpricing and its effect on TOM, a Time on Market model was applied. Generally, the empirical results demonstrate that higher DOP results in longer TOM. An increase in competitive supply and monthly fee result in shorter TOM. When it comes to size, smaller apartments seems to sell faster than larger apartments. Different modulations detect varying significances among the independent variables investigated. Overall, the models display a positive correlation between DOP and TOM.The originality and value of this study lies in the analysis of data collected from several development projects. This study is one of the first study that empirically examine the price-TOM relationship in the Stockholm primary housing market. / Denna studie syftar till att undersöka det kausala sambandet mellan bostadsutvecklarnas prissättningsstrategier och försäljningstiden (TOM) på primärmarknaden för bostäder, dvs. marknaden där säljaren är en utvecklare eller ett byggföretag, eftersom denna marknad skiljer sig avsevärt från den sekundära marknaden eller successionsmarknaden.Regressionsmodeller har beräknats med hjälp av ett dataset om 11 500 nyproducerade lägenheter i Stockholm, som såldes mellan juni 2010 och mars 2018. För att beskriva de undersökta uppgifterna och testa våra hypoteserna, regressionsanalys tillämpades – en statistisk teknik som förklarar storleken av en variabel, kallad beroende variabel, som en funktion av förändringar i en uppsättning andra variabler, som kallas oberoende variabler, genom kvantifiering av en enda ekvation. Metoden Ordinary Least Square (OLS) har använts för att förklara försäljningstidens storlek storleken som funktion av förändringar i en uppsättning egenskaper och villkor (oberoende variabler) i en enda ekvation. För att beräkna graden av överprissättning (DOP), förväntat pris har erhållits med hjälp av marknadsdata och en hedonisk prismodell som kontrollerar fastighetsattribut och marknadsförhållanden. DOP har beräknats som normaliserad skillnad mellan försäljningspris och förväntat pris.Genom att använda en konstruerad prismodell när man studerar förhållandet mellan pris och multipelständiga variabler visar de empiriska resultaten att en ökning av variabler som konkurrenskraftig tillförsel, avstånd från centrum, månadsavgift och annonstid leder till en prisminskning medan högre våning nivå leder till en ökning av priset. När det gäller storlek verkar mindre lägenheter sälja snabbare än större lägenheter. Om man tittar på graden av överprissättning och dess effekt på TOM, tillämpas en TOM-modell. De empiriska resultaten visar att högre DOP resulterar i längre TOM. En ökning av befintliga utbudet och månadsavgiften resulterar i kortare TOM. Överlag, trots vissa motstridiga resultat, visar grundmodellen en positiv korrelation mellan DOP och TOM.Originaliteten och värdet av denna studie ligger i analysen av data som samlats in från flera olika utvecklingsprojekt i Stockholmsområde. Denna studie är en av de första studier som empiriskt undersöker förhållande mellan prissättning och TOM på Stockholms primära bostadsmarknad.

This study aimed to answer the question whether time to market and competition pressure are important issues for new companies with a software products and whether they affect the development process and decision-making regarding releasing or the product. The study is based on the literature data and interviews with six technology startup companies. It investigated how the concept of minimum viable product is used by the companies for testing the product-market fit and how they apply principles of user-centred design for providing a good user experience of their products. I found that innovative products helped the companies escape direct competition. The development cycle was mostly defined by the industry standards and concrete customer needs rather than the competition pressure. User-centred design practices are widely implemented by the startups, but they are not always complete. In today's software market, the experience that the customers are provided with new products seems to be more important for the startups than formalisation of the development process and the product's time to market. / Den här studien sökte besvara frågan huruvida tid till marknadsintroduktion och tryck från konkurrenter är viktiga faktorer för nya uppstartbolag inom mjukvaruutveckling och huruvida dessa faktorer påverkar utvecklingsprocessen och beslut rörande produktlansering. Studien baserar sig på en litteraturgranskning och intervjuer med sex teknologiuppstartbolag. Studien undersökte hur konceptet av minsta bärkraftiga produkt används av uppstartbolagen för att testa hur bra produkten passar marknaden och hur bolagen använder principer från användarcentrerad design för att ge en god användarupplevelse i sina produkter. Jag fann att innovatina produkter hjälpte bolagen undvika direkt konkurrens. Utvecklingscykeln bestämdes framför allt av industristandarder och konkreta behov från kunderna i stället för av trycket från konkurrenter. Användarcentrerad designpraxis är vida erkänd hos uppstartbolagen, men tillämpningen är inte alltid komplett. I dagens mjukvarumarknad verkar kunders användarupplevelse i nya produkter vara viktigare för uppstartbolagen än att formalisera utvecklingsprocessen och produktens tid till marknadsintroduktion.

For decades, globalization has introduced both opportunities and pressures for companies around the world by introducing freer trade, increasing foreign direct investment and the international use of intellectual property that boosted the diffusion of knowledge and technology. As a result, the international competition has become more intense for many firms. Hence, putting a good or service into the market has never been as demanding as now and the demand to be early mover and have a low time-to-market is increasingly important for first be successful. This research will focus on determining whether a low time-to-market will contribute to a higher firm performance and what relation the time to market has with a firm’s business model framework and business model openness, preference for external funding and type of innovation. A theoretical framework was created based on relevant literature to be able to reach the objective of this thesis. The conceptual model was created from the literature which consisted of the hypotheses and variables that the study aimed to investigate. From the theoretical framework using a confirmatory approach, a survey was designed that was shared online to available network that the authors had. In summary, 43% of respondents had some sort of managing positions (upper management, manager and project management), 83% were mainly based in Sweden but also in Denmark, Germany, USA etc. and the work experience of the respondents was fairly distributed. Overall, 50% of the firms were between 0 to 30 years (1% did not respond) and more than 50% were considered to be a large firm depending if the classification was based on turnover with 51% as large firms (17% did not respond) or based on the number of employees with 58% as large firms. Data with 200 applicable responses (eight were removed i.e., 3.8%) was collected over four weeks of time. With the use of structural equation modeling and exploratory factor analysis, the collected data could be analyzed, and the hypotheses relevance could be answered. The final model was concluded to be adequate, as GOF indices and standardized factor loadings were on a sufficient level. As a result, the research showed that a fast time-to-market had a positive impact on firm performance measured in monetary measures (sales, profit, and market share) and that marketing innovation had a positive mediating effect on time to market and thus financial performance. The hypotheses regarding business model framework and capital structure correlating positive time to market were removed since the model was reworked. However, the study showed that technological innovation (product and process innovation) had a positive correlation to preference for external funding such as debt or issuance of equity. Since the construct validity of open business model and technological innovation was proved to be non-convergent, any deeper conclusion of this must be carefully reviewed. The results reinforced what other studies had shown, which is that open innovation or a more open business model contributes to both technological and marketing innovation. In summary, this demonstrated that a positive mediating effect existed for an open business model and marketing innovation which will speed up the time-to-market and hence increase the financial performance. Suggestion of future work could be to conduct similar studies in specific industry sectors to observe whether there is a difference in time-to-market depending on industry and what effect innovation and business model framework has.

The explosion of information and information technology has led many firms to evolve a dispersed product development process with people and organizations spread throughout the world. To coordinate such dispersed processes managers attempt to establish a culture that implicitly rewards product development teams based on their ability to perform against a set of strategic metrics such as customer satisfaction, time to market, defect reduction, or platform reuse. Many papers have focused on selecting the right metrics and establishing the culture. In this paper we focus on a practical method to fine-tune a firm's relative emphasis on the metrics that they have chosen. In particular, we seek to advise a firm whether to increase or decrease their emphasis on each metric such that the change in emphasis improves profits. Using a thermostat analogy we apply an adaptive control feedback mechanism in which we estimate the incremental improvements in priorities that will increase profits. Iterations of adaptive control seek to maximize profits even if the environment is changing. We demonstrate the metric thermostat’s use in an application to a firm with over $20 billion in revenue. In developing the metric thermostat we recognize that there are hundreds of detailed actions, such as the use of the house of quality and the use of robust design, among which the product development team must choose. We also recognize that they will act in their own best interests to choose the actions that maximize their own implicit rewards as determined by the metrics. Management need not observe or dictate these detailed actions, but rather control the process by establishing the culture that sets the implicit weights on the metrics. The thermostat works by changing those implicit weights. We define the problem, introduce the adaptive control mechanism, modify “agency” theory to deal with incremental changes about an operating point, and derive methods that are practical and robust in light of the data that firms have available. Our methods include statistical estimation and internal surveys. The mathematics identify the critical few parameters that need be determined and highlight how to estimate them. Both the measures and the estimation are illustrated in our initial application to a large officeequipment firm. The metrics thermostat suggests that this firm has about the right emphasis on timeto- market, but has overshot on platform reuse and has lost its focus on customer satisfaction. We describe how the firm reacted to the recommendations and changed its organization. We describe additional ongoing applications with the US Air Force, the US Navy, and a major automobile and truck manufacturer. / This research was funded by the Center for Innovation in Product Development (CIPD) and the International Center for Research on the Management of Technology (ICRMOT), M.I.T.

No description available.

不動產由於具有異質性、不可移動性與昂貴性等特性，相較於其他資產而言，最獨特的風險為「流動性風險」(liquidity risk)，也因此其銷售期間比其他標的較長，議價空間也較大。以往探討不動產流動性的研究大都以在市場上的銷售期間(time on the market, TOM)為主，然本研究認為銷售期間和賣方的表價（listing price）與買方心中的價格（offer price）密切相關，買方決策的過程勢必受到賣方表價與本身心中價格之影響，進而決定該不動產在市場之流動性。故本研究則嘗試以賣方表價與最後成交價(transaction price)間的議價空間，探討不動產市場之流動性。議價空間愈大，表示不動產標的在當時市場之流動性愈低，致使賣方愈能接受低於表價的買方出價及成交價。 本研究透過搜尋理論建立住宅不動產議價空間模型，並以實際市場交易資料進行實證分析，探討房屋本身的屬性、總體市場因素、賣方持有的成本、區位因素與賣方定價因素等，對於買賣雙方議價空間之影響，藉以觀察理論與實證是否相符。其中以房屋總坪數與屋齡代表房屋屬性，以房租成長率與經濟成長率代表市場情況，並以利率代表賣方持有成本。實證結果顯示，屋齡太久或賣方定價過高的不動產，其議價空間愈大，流動性愈差；房租成長率和經濟成長率皆與議價空間呈負相關，表市場景氣愈好，議價空間愈小，賣方在議價過程中較能堅守其表價；又利率與議價空間呈正相關，表賣方持有不動產的成本越高，越能接受較大的議價空間；而總坪數愈大及區位較佳之不動產，其議價空間越小，可能受豪宅市場效應以及區域抗跌性有關。此實證結果與過去利用銷售期間衡量不動產市場流動性的搜尋理論相符，也驗證議價空間實可為衡量不動產市場流動性的新指標，並可降低利用銷售期間分析的研究困境。本研究成果不僅可供不動產賣方定價策略、買方議價時機之參考，亦希望透過本研究對議價空間與不動產市場流動性之研究，期望政府儘速建立與公開不動產交易平台，俾利增進不動產市場之流動性，更能牽動不動產市場與整體經濟市場之成長。 / The study suggests that not only time on market (TOM) but also price concession between the listing and contract prices could measure housing market liquidity. Departed from past studies, this paper develops theory and constructs a model named Residential Housing Price Concession Model to examine whether key factors influenced housing market liquidity significantly from past studies would have the same effect on price concession. The model includes the listing price of house, the macroeconomic data, the cost of the search and other housing characters in empirical model. Results show that listing price, cost of search and age of house have the predicted positive coefficients, and macroeconomic data , squares of house and location factor are found to be negatively related to the price concession. The corresponding conclusion with time on market (TOM) examined by past studies explains that the price concession also could measure housing market liquidity.

Denna uppsats har undersökt tid-till-försäljning på Uppsala kommuns bostadsmarknad för lägenheter under året 2021. För att analysera tid-till-försäljning har metoder från överlevnadsanalys använts. Överlevnadsfunktionen och den kumulativa hasardfunktionen har skattats med Kaplan-Meier-skattningen och Nelson-Aalen-skattningen. Därutöver har tre modeller skattats; en Cox proportionell hasardmodell och två 'Accelerated Failure Time'-modeller varav en var en Weibullmodell och en var en Loglogistiskmodell. Resultaten indikerar att tid-till-försäljning har en hög hasard efter två veckor på marknaden varefter en avtagande hasard. Resultaten indikerar att kovariat har en statistisk signifikant effekt på tid-till-försäljning. Grafiska tester indikerar att antagandet om proportionalitet för Cox proportionella hasardmodell och antagandet om den underliggande hasardfunktionen för Weibullmodellen är orimliga. Antagandet om den underliggande hasardfunktionen för loglogistiskamodellen verkar rimlig. Goodness-of-fit indikerar att Weibullmodellen och loglogistiskamodellen var mer välanpassade till datamaterialet än Cox proportionella hasardmodell. / This bachelor's thesis has investigated time-to-sale on the Uppsala municipality property market for apartments during 2021. Analysis has been performed utilising methods from survival analysis. Both the survival function and cumulative hazard function were estimated using the Kaplan-Meier estimate and the Nelson-Aalen estimate respectively. Furthermore, three models were estimated; a Cox Proportional Hazards model as well as two Accelerated Failure Time models of which one was a Weibullmodell and the other was a loglogistic model. The results indicate that time-to-sale has a high hazard after two weeks on the market followed by a decreasing hazard. The results also indicate that covariates have a statistically significant effect on time-to-sale. Graphical tests indicate that the assumption of proportionality for the Cox Proportional Hazards model and the assumption of the underlying hazard function for the Weibullmodell are unreasonable. The assumed hazardfunction of the loglogistic model was found to be reasonable. Goodness of fit indicates that the Weibull model and loglogistic model were a better fit to the data than the Cox proportional Hazardsmodel.