Firms often stand before decisions on whether to make or buy components. Various well-established theories that have been applied and developed to understand make or buy decisions have also been critiqued for not generating a well-based decision basis. Research indicates that make or buy decisions are more complex than most theories suggest and that theories within make or buy don’t seem to account for situations when the production technology does not exist in-house. In instances of new technology, in this case metal AM, there is a need to understand and account for the case specific attributes to determine the best course of action. This study explores the decision situation of invest to perform internally versus outsourcing of metal additive manufacturing. The aim is to investigate and identify what factors affect the decision. The research design is a qualitative exploratory case study including 10 interviews and a cost analysis of two products, to answer how metal additive manufacturing affects these decisions. The cost analysis is included, as economic performance is a factor of importance, which makes it meaningful to understand in such situations. The most prominent factors in the result are found to be competency, control, economy, interaction, organization and strategy. The results of the study indicate overlapping similarities of the results through existing theories and suggest that these decisions are more complex than the individual application of single theories. However, the cost analysis shows that the currently held outsourcing alternative is more expensive and this might indicate a non-rational decision in regards to the financial perspective. The main contribution of this study is to the field of decision-making with the conclusion of that individual theories are not sufficient to explain the phenomenon of invest to perform internally versus outsourcing. To evaluate these decisions, the results indicate the necessity to have a multi-criteria approach and include several theoretical perspectives.

L'objectif de cette thèse est d'étudier la nature de la collaboration productive entre capital investisseur et dirigeant-propriétaire dans le cadre d'une opération OBO et son influence sur la création de valeur à travers l'identification des leviers et mécanismes organisationnels de création de valeur. Pour ce faire, nous avons opté pour une méthodologie mixte. Dans un premier temps, en observant les pratiques managériales de 42 investisseurs en private equity, nous avons cherché à identifier les critères mobilisés par les investisseurs financiers spécialisés en vue de réduire l'asymétrie informationnelle dans la phase de pré-investissement. Grâce à une analyse typologique, nos résultats ont montré que les critères de présélection de la cible à un OBO doivent faire l'objet d'une différenciation en fonction des profils-types des groupes d'investisseurs identifiés (les financiers et les stratèges). La différence entre les deux classes est d'ordre cognitif et concerne essentiellement la perception qu'ont les investisseurs des enjeux stratégiques d'une opération OBO. Dans un deuxième temps, grâce à des entretiens semi-directifs auprès de 17 capital-investisseurs, nous avons cherché à mettre en exergue les leviers et mécanismes organisationnels à l'origine du processus de création de valeur. Notre étude a montré que les modalités liées à leur mise en œuvre doivent elles aussi être nuancées selon la perception qu'ont les investisseurs des enjeux stratégiques associés à une opération OBO. En effet, les investisseurs qui se réclament d'un mode de gestion de type « hands-on » participent activement à la mise en place de stratégies de développement et de transmission de l'entreprise. Ils accordent un intérêt particulier à la viabilité économique à long terme du projet, à la performance des dirigeants en matière de gestion, à leurs motivations et à celles de leurs équipes de direction et notamment à la présence d'un repreneur dès le début de l'opération. En revanche, les contributions des investisseurs qui se réclament d'un mode de gestion de type « hands-off» demeurent limitées à l'apport de ressources financières et à l'alignement des intérêts des différentes parties prenantes afin de garantir un retour sur investissement sur un horizon relativement court. De même, l'absence d'un repreneur potentiel au démarrage d'OBO n'est pas considérée comme rédhibitoire pour cette catégorie d'investisseurs. L'étude a notamment montré que la nature des conflits qui peuvent surgir entre les protagonistes et les mécanismes de résolution sont en corrélation avec le mode de gestion des participations dont se proclament les investisseurs. / The subject of my study is to investigate the nature of productive collaboration between investor capital and owner­manager in an OBO operation and its influence on value creation through the identification of organizational levers and mechanisms of value creation. In order to achieve it, we opted for a mixed methodology. First, by observing the management practices of 42 private equity investors, we have identified the criteria mobilized by specialized financial investors to reduce the information 's asymmetric in the pre-investment phase. Through cluster analysis, the obtained results suggested that the target preselecting's criteria to an OBO must be qualified in terms of the typical profiles of the identified groups of investors (financial and strategists). The difference between the two classes was cognitive and mainly concerned the investor perception of the strategic issues of an OBO operation. Secondly, through selective interviews with 17 capital investors, we highlighted the levers and organizational mechanisms at the origin of the value creation proccss. Our stud has shown that the modalities associated with their implementation must also be qualified according to investors' perceptions of the strategic issues associated with an OBO operation. Indeed, investors who claimed to have a "hands-on" type of management are actively involved in setting up the company's development and transmission strategies. They paid particular attention to the long-term economic viability of the project, the performance of managers in management, their motivations and those of their management teams, and in particular to the presence of a potential buyer at the beginning of the operation. On the other hand, the contributions of investors who claimed to have a "hands-off" type of management are limited to providing financial resources and aligning the interests of the various stakeholders in order to guarantee a retum on investment on a relatively short horizon. Similarly, the absence of a potential buyer at the start of the OBO was not considered as prohibitive for this category of investors. The study showed, in particular, that the nature of the conflicts that can arise between the protagonists and the mechanisms of resolution are correlated with the mode of management of the participations that investors claimed.

Die klassische oekonomische Theorie behauptet, dass Teams und Partnerschaften (Teilhaberschaften) vom Trittbrettfahrerproblem betroffen sind und dass kapitalistische Unternehmen besser in der Lage sind, Spieler zu gewuenschten Handlungen zu motivieren. Dies steht jedoch im Widerspruch zur Popularitaet von Teams und Partnerschaften als Organisationsform. Diese Dissertation zeigt, dass Teams und Partnerschaften keine nachteiligen Organisationsformen sind. Sie traegt verschiedenen Faktoren Rechnung, die großen Einfluss auf die Anreize zur Anstrengung haben, aber in der Literatur weitgehend vernachlaessigt wurden: 1) Turniereffekte in Teams; 2) soziale Praeferenzen; 3) Aufloesung einer Partnerschaft. Ob effiziente Anstrengung (Investition) erreicht werden kann, haengt entscheidend davon ab, welche Mechanismen angewandt werden um den Arbeitserfolg von Teams zu verteilen bzw. um eine Partnerschaft aufzuloesen. Wenn ein verrauschtes Signal der Rangfolge der Anstrengungen beobachtbar und kontrahierbar ist, dann kann effiziente Anstrengung als symmetrisches Gleichgewicht immer erreicht werden - durch Anwendung von Rangfolge-Turnieren zur Verteilung des Arbeitserfolges des Teams. Wenn die Spieler beschraenkt haftbar sind, dann muss die Rangfolge-Technologie hinreichend genau sein um effiziente Anstrengung zu generieren. Wenn die Spieler soziale Praeferenzen haben, kann effiziente Anstrengung erreicht werden durch Vereinbarung von zufaelliger Bestrafung. Wenn eine Partnerschaft von moeglicher Aufloesung bedroht ist, dann kann effiziente Investition und Aufloesung der Partnerschaft mit Hilfe eines Optionsvertrages erreicht werden. Am haeufigsten verwendet und empfohlen ist die "Texas shoot-out"-Aufloesungsregel ("Buy-sell-Regel"). Sie ist jedoch ineffizient, da sie entweder zu ueberinvestition in Verbindung mit effizienter Aufloesung oder zu Unterinvestition kombiniert mit exzessiver Aufloesung fuehrt. / Classic economic theory claims that teams and partnerships are inflicted with free-riding incentives and are inferior to capitalist firms in eliciting proper actions from players. This contradicts the popularity of teams and partnerships as organization forms. By accounting for several factors that may significantly affect effort provision (investment) but have been generally neglected in the literature: 1) tournament effect within teams; 2) other-regarding preferences; 3) possible dissolution of a partnership, this dissertation shows that teams and partnerships are not handicapped organization forms. Whether efficient efforts provision (investment) is achieved or not depends critically on the mechanisms employed in the allocation of team output and dissolution of a partnership. If some noisy ranking of efforts is observable and contractible, efficient provision of efforts can always be achieved in symmetric equilibrium by using rank-order tournaments to allocate the team output. If the players are subjected to limited liability, achievement of efficiency requires sufficient accuracy of the ranking technology. If the players show other-regarding preferences, efficient provision of efforts can be achieved through a randomly punishing contract. If the partnership faces possible dissolution, efficient investment and dissolution can be achieved through an option contract. However, the most widely used and recommended dissolution rule "buy-sell provision" fails to achieve efficiency as it leads to either excessive investment combined with efficient dissolution or underinvestment combined with excessive dissolution.

Cette thèse porte sur les spécificités du secteur public et leurs impacts sur les incitations et la performance. Elle mobilise les outils microéconomiques de la théorie des contrats et l’analyse économétrique. Parmi ces caractéristiques, une attention particulière est portée sur les problématiques de surveillance, de gestion de l’information et de contraintes budgétaires. Le premier chapitre de cette thèse contribue au débat sur la transparence dans le secteur public en considérant l’une de ses caractéristiques majeure : un budget limité. Cette question est étudiée comme un problème de design informationnel et utilise un modèle principal agent sous aléa moral pour montrer que la transparence a plus de chance d’être sélectionnée par le principal lorsque que le budget disponible et la valeur de la tache sont faibles. Le deuxième chapitre s’attache à offrir une nouvelle explication théorique à l’intuition associant un accroissement de la pression bureaucratique à une baisse de la qualité. Dans ce but, l’idée d’«extra-mile» est introduite dans un modèle principal agent classique sous aléa-moral. Le management bureaucratique est caractérisé par l’introduction d’une procédure définie comme l’association d’une codification et d’une vérification. Une telle procédure permet une vérification plus précise de l’action de l’agent mais est source d’inefficience sociale. Le dernier chapitre, dans une démarche théorique et empirique, propose une nouvelle explication de la différence des prix de l’eau en France en se fondant sur des arguments organisationnels. / This thesis focuses on the structural specificities of the public sector and how they impact incentives and performance. It uses the microeconomic tools of contract theory and econometric analysis. Among these characteristics, special attention is paid to monitoring, information management and budget constraints by applying a theoretical lens, that allows to provide new insights into the incentive systems in place in the public sector. The first chapter contributes to the debate on transparency in the public sector by considering one of its major features, i.e. a limited budget. This issue is studied as an information design problem and employ a principal-agent model with moral hazard to show that if the principal has to choose between total transparency and total opacity, then transparency is more likely to be optimal when tasks are least valuable and budgets are lowest. The second chapter aims at capturing a new theoretical explanation for the widespread intuition that more bureaucracy could lead to less effort and quality despite improved control. To that end, the idea of “the extra mile” is introduced in a classic principal-agent model with moral hazard. Bureaucratic management is characterized by the use of procedures, defined as the association of codification and verification. A procedure allows for more accurate verification of the agent’s action, but is socially inefficient. In the third chapter, using both theory and regression analysis, we propose a new explanation for price differences in the French water industry based on organizational arguments.

Der Anteil der externen Nachfolge bei eigentümergeführten bzw. Familienunternehmen nimmt stetig zu. Eine Möglichkeit ist dabei ein Management-Buy-In, bei dem ein externer Manager die Position des Altinhabers übernimmt. In einer solchen Situation kann die Nachfolge in Form einer Relay Succession erfolgen, eine zeitlich gestaffelte Übergabe vom alten an den neuen Inhaber. In dieser Arbeit werden die Relay Succession, ihre Vor- und Nachteile, relevante Einflussfaktoren und Prozessempfehlungen in qualitativen Fallstudien untersucht.:Vorwort … II Inhaltsverzeichnis … III Abbildungsverzeichnis … VIII Tabellenverzeichnis … IX Abkürzungsverzeichnis … X 1 Einleitung … 1 2 Management-Buy-In bei eigentümergeführten Unternehmen … 6 2.1 Definition eigentümergeführter Unternehmen und Familienunternehmen in dieser Untersuchung … 7 2.2 Wirtschaftliche Bedeutung … 9 2.3 Bedeutung des Geschäftsführers und seiner Nachfolge … 13 2.4 Externe Nachfolge in eigentümergeführten Familienunternehmen … 16 3 Aktuelle Forschung … 27 3.1 Rahmengebende Forschungsfelder … 28 3.2 Zusammenfassende Beurteilung der theoretischen Grundlagen … 66 4 Untersuchungsmethode und empirische Betrachtung … 80 4.1 Qualitativer Fallstudienansatz … 80 4.2 Selektion und Akquirierung von Fallstudienkandidaten … 85 4.3 Interviewführung und fortlaufende Auswertung … 89 4.4 Datenanalyse und Hypothesengenerierung … 97 4.5 Sicherstellung der Reliabilität und Validität der Fallstudienuntersuchung … 102 5 Beschreibung und individuelle Beurteilung („within analysis“) der Fallstudien … 107 5.1 Fallstudie Fenster … 107 5.2 Fallstudie Karton … 114 5.3 Fallstudie Kunststoff … 121 5.4 Fallstudie Logistik … 131 5.5 Fallstudie Medizin … 140 5.6 Fallstudie Metall … 147 5.7 Fallstudie Möbel … 157 5.8 Fallstudie Netzwerk … 166 5.9 Fallstudie Präsentation … 174 5.10 Fallstudie Zahn … 181 6 Übergreifende Diskussion („cross-case analysis“) … 188 6.1 Ergebnisse … 189 7 Fazit … 241 7.1 Zusammenfassung … 241 7.2 Implikationen für die Praxis … 243 7.3 Einschränkungen und Grenzen … 247 7.4 Zukünftiger Forschungsbedarf … 249 A Appendix … A-I Literaturverzeichnis … A-XLIX

This paper investigates the long-run market effects of open market share repurchase programs, specifically focusing on the influence of firm size (market capitalization) and market-to-book ratio on long-run abnormal returns. The study utilizes data from financial databases, including Nasdaq Stockholm and Eikon, as well as information from initiation announcements and other publicly available documents provided by firms listed on the Stockholm Stock Exchange from 2015 to 2022. The findings of the study reveal that the completion of open market repurchase programs does not exhibit a significant impact on the long-term abnormal return of Swedish firms. Additionally, the study indicates that firm size and market-to-book ratio do not exert a substantial influence on the long-run abnormal return. Previous studies on the subject all show a positive abnormal return associated with the announcement of open market share repurchase program. However, this study diverges from previous research by focusing on the impact after the completion date. Consequently, it can be concluded that there is no significant effect on the long-run abnormal return following the completion of an open market share repurchase program, as the market has already incorporated the impact during the announcement phase, thereby reflecting it in the stock price at the completion date. / I början av 2000-talet blev det lagligt för svenska börsnoterade bolag att köpa tillbaka sina egna aktier. Lagändringen medförde en ny möjlighet för företag att föra tillbaka överskottslikviditet tillaktieägarna. Flertalet svenska och internationella studier har dokumenterat marknadens reaktion vid annonserandet av ett aktieåterköpsprogram, denna studie är först med att undersökamarknadsreaktionen efter avslutade aktieåterköpsprogram. I uppsatsen undersöks sambandet mellan avslutade aktieåterköpsprogram och avvikelseavkastning på lång sikt genom Buy-and-hold-abnormal-return (BHAR). Uppsatsen fokuserar på företag noterade på Nasdaq Stockholm, vilka genomfört minst ett aktieåterköpsprogram under perioden 2015–2022. Studien syftar till att undersöka marknadsreaktionen efter avslutade återköpsprogram på den svenska marknaden. Därtill är syftet att undersöka hur market-to-book kvoten (M/B) och börsvärdet (BV) påverkar avvikelseavkastningen efter avslutat aktieåterköpsprogram på 3, 6 och 12 månaders sikt.Studien har samlat in information och data över återköpen genom Nasdaq, Eikon Refinitiv samt företagens finansiella rapporter och pressmeddelanden. Studiens resultat dokumenterar att det inte finns några signifikanta samband mellan avslutade aktieåterköpsprogram och företags BHAR på3,6 och 12 månaders sikt. Vidare kunde inga statistiskt signifikanta samband säkerställas mellanföretagens M/B kvot respektive börsvärde och BHAR.I slutsatsen diskuteras skillnaden mellan tidigare studiers resultat och resultaten från denna uppsats.Tidigare studier dokumenterar en signifikant positiv avvikelseavkastning, något som skiljer sig från resultaten i denna uppsats. En möjlig förklaring till skillnaden i resultaten är att de tidigare studierna utgår från dagen då aktieåterköpsprogram annonseras. Den marginella avvikelseavkastning i denna studie kan förklaras genom att marknadens reaktion främst sker vid annonseringen av aktieåterköpsprogrammet, och att reaktionen redan prisats in vid tidpunkten för avslutat aktieåterköpsprogram. Resultatet är i linje med tidigare studier på ämnet som visar att den positiva avvikelseavkastning kan kopplas till signalteorin. Studiens resultat kan användas som underlag för att bygga ytterligare kunskap om aktieåterköpsprogram på den svenska marknaden.

Rapid rate of digitalization, emerging financial technology and changes in consumer behaviour have begun to transform the existing paradigm in the financial industry. Incumbent banks have found it difficult to keep up with this change however and are now faced with the challenge of deciding on what digital financial services build internally, buy externally or develop through partnerships. This study attempts to get a general overview of what factors traditional Swedish retail banks need to consider before deciding on a build, buy or partner strategy in order to digitize their financial services offering. This is done through a case study, where the empirical data consists of interviews with the retail division of a Swedish bank looking to digitize their securities trading offering as a response to a transforming industry. A few interviews were also conducted with people outside of the bank to increase the generalizability somewhat. The findings of the study identified 16 factors to be considered by traditional banks when faced with the challenge of deciding on whether to build, buy or partner in order to digitize their securities trading offering. Out of these, 9 factors were deemed to be especially important; Sustainable Competitive Advantage, Flexibility, Uncertainty, Supplier/Partner Relationship, Economies of Scale, Specialized Resources, Integration, Asset Specificity and Regulation. Several of the factors identified were shown to influence the build, buy or partner decision both positively and negatively and their impact should therefore be carefully evaluated and weighed against each other by managers before making a final decision on a build, buy or partner strategy. / Ökad digitaliseringstakt, ny finansiell teknologi och förändringar i kundbeteenden driver på en transformering inom finansindustrin. Traditionella banker har haft svårt att följa med i denna utveckling, och ställs nu inför utmaningen att bestämma vilka digital finansiella tjänster de bör bygga internt, köpa in externt eller utveckla tillsammans med en extern aktör genom ett partnerskap. Denna studie syftar till att få en generell överblick över vilka faktorer som svenska storbanker behöver överväga innan de beslutar sig för en bygg-, köp- eller partnerstrategi för att digitalisera sitt erbjudande av finansiella tjänster. Detta görs i form av en case studie, där den empiriska datan till största del består av intervjuer med nyckelpersonal från en svensk bank som ingår i ett projekt att försöka digitalisera deras värdepappershandelserbjudande som ett svar på en industri i förändring. Ett fåtal intervjuer genomfördes också med personer utanför banken för att öka generaliserbarheten av studien något. Resultatet av studien identifierade 16 faktorer som bör övervägas av traditionella banker som ställs inför beslutet om att bygga, köpa eller ingå i ett partnerskap för att digitalisera sitt värdepappershandelserbjudande. Av dessa anses 9 faktorer vara särskilt viktiga; Långsiktiga Konkurrensfördelar, Flexibilitet, Osäkerhet, Leverantörs-/Partnerrelation, Stordriftsfördelar, Specialiserade Resurser, Integration, Funktionsspecificitet och Regelverk. Resultatet indikerar också att flera av de identifierade faktorer kan påverka beslutet om en bygg-, köp- eller partnerstrategi både positivt och negativt. Deras påverkan bör därför utvärderas noggrant och jämföras mot varandra innan ett slutligt beslut tas gällande en bygg, köp eller partnerstrategi.

Denna studie utforskar den komplexa interaktionen och förhållandet mellan unga kvinnor och Klarnas plattform för "köp nu, betala senare". Genom en analys av plattformens värden och effekter samt identifiering av relevanta aktörer och utvärdering av etiska handlingsalternativ, strävar arbetet efter att kasta ljus över fenomenet “köp nu, betala senare”. Fokusgrupper med unga kvinnor som har olika relationer till användningen av Klarna har använts som metod, kompletterat med intervjuer med relevanta informanter. Resultatet ger en djupare inblick i hur Klarnas plattform har blivit en integrerad del av många unga kvinnors köpprocess. Det betonas att detta inte bara beror på dess uppenbara fördelar som bekvämlighet, säkerhet och flexibilitet, utan även på dess förmåga att anpassa sig till och tillgodose de specifika behoven hos denna demografiska grupp. Samtidigt lyfts dock även potentiella risker fram, såsom risken för överkonsumtion och överskuldsättning, vilket understryker vikten av att vara medveten om och hantera sådana aspekter vid användning av Klarnas tjänster. Denna undersökning bidrar till den bredare diskussionen om ansvarsfull konsumtion och ekonomiskt välbefinnande bland unga kvinnor, och ger vägledning för att utveckla strategier och riktlinjer för en hållbar användning av Klarnas plattform och liknande digitala betaltjänster i framtiden. / This study explores the complex interaction and relationship between young women and Klarna's platform for "buy now, pay later". Through an analysis of the platform’s values and effects, as well as the identification of relevant actors and evaluation of ethical options for action, the research aims to shed light on the phenomenon of “buy now, pay later”. Focus groups with young women who have varying relationships with the use of Klarna have been employed as a methodology, supplemented with interviews with relevant informants. The findings provide a deeper insight into how Klarna's platform has become an integrated part of many young women's shopping process. It is emphasized that this is not only due to its obvious benefits such as convenience, security, and flexibility, but also its ability to adapt to and meet the specific needs of this demographic group. Although, potential risks are also highlighted, such as the risk of overconsumption and overspending, underscoring the importance of being aware of and addressing such aspects when using Klarna's services. This research contributes to the broader discussion on responsible consumption and financial well-being among young women, providing guidance for developing strategies and guidelines for sustainable use of Klarna's platform and similar digital payment services in the future.

Doctor of Philosophy / Department of Economics / Dennis L. Weisman / Mandatory network unbundling is one of the foremost topics in regulatory economics today. The concept has crucial importance in the deregulation of many previously regulated industries including telecommunications, gas, electricity and railroads. Moreover, the topic has emerged as one of the more prominent issues associated with the implementation of the 1996 Telecommunication Act in the United States. Upon initial examination, establishing the correct costing standards and/or determining the correct input prices would seem important for sending the correct price signals to the entrants for their efficient make-or-buy decisions. Sappington (AER, 2005) uses a standard Hotelling location model to show that input prices are irrelevant for an entrant’s make or buy decision. In this first essay, we show that this result is closely related to the degree of product differentiation when firms are engaged in price competition. Specifically, it is shown that input prices are irrelevant when firms produce homogeneous products, but are relevant for make-or-buy decisions when the entrant and incumbent produce differentiated products. These results suggest that, in general, it is important for regulators to set correct prices in order to not distort the entrants’ efficient make-or-buy decisions. The second essay investigates optimal access charges when the downstream markets are imperfectly competitive. Optimal access charges have been examined in the literature mainly under the condition where only the incumbent has market power. However, network industries tend to exhibit an oligopolistic market structure. Therefore, the optimal access charge under imperfect competition is an important consideration when regulators determine access charges. This essay investigates some general principles for setting optimal access charges when downstream markets are imperfectly competitive. One of the primary objectives of this essay is to show the importance of the break-even constraint when first-best access charges are not feasible. Specifically, we show that when the first-best access charges are not feasible, the imposition of the break-even constraint on only the upstream profit of the incumbent is superior to the case where break-even constraint applies to overall incumbent profit, where the latter is the most commonly used constraint in the access pricing literature. Bypass and its implications for optimal access charges and welfare are also explored. The third essay is empirical in nature and investigates two primary issues, both relating to unbundled network element (UNE) prices. First, as Crandall, Ingraham, and Singer (2004) suggested, we will empirically test the stepping stone hypothesis using a state-level data set that spans multiple years. To do this, we will explore the effect of UNE prices on facilities-based entry. Second, in light of those findings, we will investigate whether the form of regulation (e.g. price cap and rate of return regulation) endogenously affects the regulator’s behavior with respect to competitive entry. Lehman and Weisman (2000) found evidence that regulators in price cap jurisdictions tend to set more liberal terms of entry in comparison with regulators in rate-of-return jurisdictions. This paper investigates whether their result is robust to various changes in modeling, including specification and econometric techniques.

Tomträtt är en form av nyttjanderätt till en fastighet. Det innebär att fastighetens ägare, vanligtvis en kommun eller staten, låter tomträttshavaren nyttja fastigheten mot att en årlig tomträttsavgäld erläggs. Tomträttsavgälden fastställs genom ett tomträttsavtal mellan fastighetsägaren och tomträttshavaren. Den fastställda tomträttsavgälden gäller för en avgäldsperiod om 10 eller 20 år. Långa avgäldsperioder i kombination med en fastighetsmarknad med stigande priser gör att avgälden vid en ny avgäldsperiod sannolikt kan komma att höjas avsevärt. En tomträttshavare kan likväl välja att friköpa sin tomträtt. Ett friköp av en tomträtt innebär att tomträttshavaren förvärvar fastigheten av fastighetsägaren och bildar en småhusfastighet.      Syftet med studien är att ge en ökad förståelse och kunskap till de tomträttshavare som står inför beslutet av att behålla tomträtten eller friköpa den. Målet med arbetet är att ge kunskap om när den ekonomiska lönsamheten av att friköpa en tomträtt kan anses vara uppnådd. Ett andra mål till studien är att utifrån tomträttshavarens perspektiv belysa de bakomliggande motiven till varför en småhustomträtt friköps.   Studien avgränsas till att beröra friliggande småhustomträtter inom tre geografiska områden i Gävle kommun. Den ekonomiska lönsamheten med att friköpa en småhustomträtt undersöks utifrån en innehavssituation respektive överlåtelsesituation. För att närmare undersöka varför en tomträttshavare väljer att friköpa en tomträtt genomförs kvalitativa telefonintervjuer.   Utifrån studiens resultat kan det konstateras att det sannolikt är ekonomiskt motiverat att friköpa en småhustomträtt om priset för att förvärva tomten är lika med eller lägre än det belopp som symboliserar brytpunkten för ekonomisk lönsamhet. Av de för studien tillfrågade respondenterna var det enskilt största motivet till varför en tomträttshavare väljer att friköpa sin tomträtt på grund av den osäkerhet som följer av utvecklingen kring tomträttsavgälden. / Site-leasehold right is a form of access to a property. This means that the owner of the property, usually a municipality or the state, let a site-leaseholder use the property against an annual ground rent. A ground rent is determined by a site-leasehold agreement between the owner of the property and the site-leaseholder. The fixed ground rents are for a period of 10 or 20 years. Long periods of rents combined with a real estate market with rising prices means that the ground rent at a new period of ground rent can be increased considerably. The site-leaseholder may well choose to redeem their long lease. To buy the freehold of a site-leasehold means that the site-leaseholder acquires the property of the property owner and form a new single-family real estate.  The purpose of the study is to provide a better understanding and knowledge of the site lessee facing the decision to retain the site-leasehold or redeem it. The goal of the project is to provide knowledge about when the economic viability of redeeming a siteleasehold may be deemed attained. Another goal is based on the site-leaseholders perspectives consider to highlighting the underlying reasons why a single-family siteleasehold redeemed.   The study is limited to detached single-family site-leaseholds in three geographical areas in the municipality of Gävle. The economic viability of redeeming single-family site-leasehold examined from the site-leasehold executiver's decision to sell or retain the site-leasehold. To examine more closely why a site lessee chooses to redeem the siteleasehold conducted qualitative telephone interviews.  From the results based on the study, it can be concluded that it is likely to be economically justified to redeem a single-family site-leasehold on the price of acquiring the plot is equal to or less than the amount that symbolizes the breaking point of economic viability. Of the respondents surveyed for the study the single biggest reason for why a site lessee chooses to redeem his site-leasehold was because of the uncertainty arising from the developments around the ground rent.