There have been previous studies aimed at finding out what factors influence whether a company's shares are trading at a premium or at a discount to its net asset value. Several studies have examined all or large parts of the market but have not at an early stage focused on niche markets. Many papers have also been based on data from other countries such as the UK, France, the Netherlands, Australia, and the US and have been executed under completely different macroeconomic conditions than those prevailing in Sweden in 2022. This study aims to investigate which factors can explain premium and discounts in relation to net asset value in Swedish real estate companies, listed on the OMX Stockholm Real Estate GI index. The study is based on 12 real estate companies listed on OMX Stockholm Real Estate GI. For a company to be relevant, it must have been listed on the index continuously since 2011. The data cover the period 2011-2021 and the results are based on three models: An OLS regression model, a fixed effect model, and a random effect model. Overall, the results of the study show that the company's size, leverage ratio, and investors' sentiment of the market correlate positively with the net asset value discount. At the same time, there is a negative correlation between the net asset discount and the stock volatility as well as return on equity. The results also showed that the industrial real estate sector correlated negatively to net asset discounts in some of the models used. The liquidity variable as well as the office and retail sectors had no statistically significant impact on net asset value discounts in real estate companies. / Det har gjorts tidigare studier som syftat till att ta reda på vilka faktorer som påverkar om ett företags aktier handlas till ett premium eller med rabatt gentemot sitt substansvärde. Flertalet studier har undersökt hela – eller stora delar av marknaden men inte i ett tidigt skede fokuserat på nischade marknader. Många av dessa undersökningar har också varit baserade på data från andra länder som Storbritannien, Frankrike, Nederländerna, Australien och USA och har gjorts under helt andra makroekonomiska förhållanden än vad som råder i Sverige 2022. Denna studie syftar till att undersöka vilka faktorer som kan förklara premium och substansrabatter i förhållande till substansvärde i svenska fastighetsbolag, noterade på fastighetsindexet OMX Stockholm Real Estate GI.Studien är baserad på 12 fastighetsbolag noterade på OMX Stockholm Real Estate GI. För att vara en del av datamaterialet måste företaget varit noterat på indexet kontinuerligt sedan 2011. Data omfattar perioden 2011–2021 och resultaten baseras på tre modeller; en OLS regressionsmodell, en fixed effect - samt en random effect modell. Övergripande visar resultaten i studien på att företagets storlek, skuldsättningsgrad, och investerares uppfattning om marknaden korrelerar positivt med substansrabatten. Samtidigt finns det en negativ korrelation mellan substansrabatten och volatiliteten hos en aktie, samt avkastning på eget kapital. Resultatet visade även att sektorn industrifastigheter korrelerade negativt mot substansrabatter i vissa av modellerna som användes. Likviditetsvariabeln samt sektorerna kontor och handel hade ingen statistisk signifikant påverkan på substansrabatter i fastighetsbolag.

In response to The Paris Agreement, all aspects of society are committing to transit to a low-carbon future. The real estate industry, which is responsible for a large portion of greenhouse gas emissions, plays a pivotal role in achieving this temperature goal. In the area of sustainable finance, green bonds are considered one of the most prominent financial innovations to channel funds into green projects. The green bonds market is also expanding with rapid growth. In this thesis, we investigate whether green bonds can be served as lower-cost financial instruments for real estate companies to raise capital for environmental or climate-friendly projects. We used propensity score matching to evaluate the green label effect on green bonds issued by real estate companies in the primary market at the international level. We find that green bonds issued by real estate companies have on average lower yields of around 10 basis points. The finding indicates that when issuing green bonds, real estate companies can benefit from a lower cost compared to issuing conventional bonds. We also perform analysis on subsamples divided by real estate company types. The empirical results show that the real estate investment trust can issue green bonds at a lower cost of about 11 basis points. Our findings suggest that green bonds can be used as a lower-cost financial instrument for companies in the real estate sector for decarbonizing actions. / För att leva upp till Parisavtalet förbinder sig alla sektorer i samhället att ställa om till en koldioxidsnål framtid. Fastighetsbranschen, som står för en stor del av växthusgaserna, spelar en avgörande roll för att uppnå klimatmålen. När det gäller hållbar finansiering anses gröna obligationer vara en av de mest framträdande finansiella innovationerna för att kanalisera medel till hållbara projekt. Den gröna obligationsmarknaden expanderar också i snabb takt. I denna avhandling undersöker vi om gröna obligationer kan fungera som billigare finansiella instrument för fastighetsbolag när de behöver skaffa kapital till miljö- eller klimatvänliga projekt. Vi använder metoden Propensity Score Matching för att utvärdera om det finns en premie när fastighetsbolag på internationell nivå emittera gröna obligationer på primärmarknaden. Vi finner att gröna obligationer utgivna av fastighetsbolag i genomsnitt har lägre avkastning med cirka 10 räntepunkter. Resultatet indikerar att fastighetsbolag vid emission av gröna obligationer kan dra nytta av en lägre kostnad jämfört med att emittera traditionella obligationer. Vi utför också analyser på undergrupper fördelade utifrån fastighetsbolagstyper. De empiriska resultaten visar att fastighetsinvesteringsfonder kan emittera gröna obligationer till en lägre kostnad på cirka 11 räntepunkter. Våra resultat tyder på att gröna obligationer kan användas som ett billigare finansiellt instrument för företag inom fastighetssektorn för att minska koldioxidutsläppen.

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The aim of this study is to analyze and compare risk, volatility, yields as well as prices of green bonds, and whether they differ given certification or third party evaluation. The study bases its theoretical standpoint on bond risk, volatility and yield from a standpoint of the Merton as well as Jarrow & Turnbull models, as well as previous studies in the field. With a deductive approach, this study uses a multiple regression analysis, a quantitative method. This study has analyzed 24 green bonds issued between 2018-2020, out of a basis of 301 green bonds. No statistically verified differences were found in volatility, pricing or yield spread between certified and uncertified green bonds, however interesting indications of differences in volatility between regions, and an indication that issue size can affect yield.

Past research has established a marital wage premium among men, and more recently, among women of the baby boom generation. It is unknown whether: 1) the marriage premium holds among more recent cohorts of men and women, 2) it differs by intensity of work hours among husbands and wives, and 3) cohabiters receive wage bonuses. Using fixed-effects models and data from the 1979-1989 waves of the National Longitudinal Survey of Youth (NLSY79) and the 1997-2010 waves of the National Longitudinal Survey of Youth (NLSY97), this paper compares cohort differences in the gendered marriage premium. While both women and men receive marriage premiums and these premiums are larger for more recent cohorts, men’s premiums are consistently higher and have doubled from the late baby boomers cohort (NLSY79) to the late Generation X (Gen X) cohort (NLSY97). While there was no wage premium for cohabitation among baby boom cohort women, I observe a premium among Gen X men and women. Household specialization matters: while among baby-boomers the marriage premium did not vary by household type, among the Gen X cohort men’s marriage premium is significantly larger among male breadwinner households, and surprisingly, I find marriage penalties for men in female-breadwinner households. Similarly, Gen X female breadwinners and female dual-earners receive the marriage premium while Gen X women in male-breadwinner households experience marriage penalty. In addition, the more highly educated receive larger marital bonuses.

Housing is a fundamental human need and shapes our everyday lives. People take great care to choosea home that meets their needs through various amenities and attributes, striving to maximize theirutility given their budget. One amenity that is often overlooked is what the building looks like.Research indicates that people prefer classical homes, but very few are being built in classical stylesnowadays. This study utilizes a hedonic price model to explore whether neo-traditional architecturecarries a price premium in Stockholm municipality. It focuses on apartments in multi-family houses,analysing a total of 16,508 observations. A hedonic price model is utilized, with seven OLS modelsrun in RStudio, including a spatial lag model. The findings suggest a price premium of 10.5% with theregular model and 5.8% with the spatial lag model. The study concludes that neo-traditionalarchitecture has a significant effect on apartment prices in Stockholm municipality. / Boende är ett grundläggande mänskligt behov och formar våra vardagsliv. Människor lägger storomsorg på att välja ett hem som uppfyller deras behov genom olika bekvämligheter och egenskaper,och strävar efter att maximera sin nytta inom sin budget. En bekvämlighet som ofta förbises är hurbyggnaden ser ut. Forskning visar att människor föredrar klassiska hem, men väldigt få byggs iklassisk stil nuförtiden. Denna studie använder en hedonisk prismodell för att undersöka om ny-traditionell arkitektur har en prispremie i Stockholms Stad. Den fokuserar på lägenheter i flerfamiljshus och analyserar totalt 16 508 observationer. En hedonisk prismodell används, med sjuOLS-modeller körda i RStudio, inklusive en spatial-lag modell. Resultaten tyder på en prispremie på10,5% med den vanliga modellen och 5,8% med den spatiala fördröjningsmodellen. Studien drarslutsatsen att ny-traditionell arkitektur har en betydande effekt på lägenhetspriserna i Stockholmsstad.

Uppsats undersöker tvåklassaktier, där olika aktieklasser representerar samma tillgång men med olika rösträtt. Trots liknande risk och avkastning har A-aktien historiskt sett haft ett högre värde än B-aktien, vilket resulterar i en prisskillnad som forskning har visat variera över olika marknader. Ägarkontroll och likviditet har identifierats som faktorer som påverkar röstpremiet. Genom att undersöka ägarkontrollens inverkan tillsammans med likviditetens effekt avser uppsatsen att identifiera orsaken till prissättningen av tvåklassaktier. I studien undersöks företag noterade på Nasdaq Stockholm med minst två aktietyper under perioden 2002 till 2023. Totalt 36 företag inkluderas, dock exkluderas vissa av dem på grund av avsaknad av data eller olikheter i aktieklasserna. Undersökningen är avgränsad till den svenska marknaden och inkluderar endast företag med noteringar där. Uppsatsen visar att det har funnits ett genomsnittligt röstpremium på 5,42 % på den svenska börsmarknaden mellan 2002 och 2023, vilket är relativt lågt jämfört med andra marknader. Utländskt ägande och likviditet tycks inte ha en signifikant direkt påverkan på röstpremiet. Koncentrerat ägarskap, där den största ägaren innehar mer än 50 % av rösterna tenderar att minska röstpremiet. Emellertid har modellen en låg förklaringsgrad, vilket antyder att andra faktorer, såsom makroekonomiska händelser och specifika företagsförhållanden, också kan påverka röstpremiet. / This paper investigates dual-class shares, where different classes of shares represent the same asset but have different voting rights. Despite similar risk and return, the A-share has historically had a higher value than the B-share, resulting in a price difference that research has shown varies across different markets. Ownership control and liquidity have been identified as factors influencing the voting premium. By examining the impact of ownership control together with the effect of liquidity, this essay aims to identify the cause of the pricing of dual-class shares. The study examines companies listed on Nasdaq Stockholm with at least two types of shares during the period 2002 to 2023. A total of 36 companies are included, though some are excluded due to lack of necessary data or differences in share classes. The study is limited to the Swedish market and includes only companies with listings there. The paper shows that there has been an average voting premium of 5,42% on the Swedish stock market between 2002 and 2023, which is relatively low compared to other markets. Foreign ownership and liquidity do not seem to have a significant direct impact on the voting premium. Concentrated ownership, where the largest owner holds more than 50% of the votes tends to reduce the voting premium. However, the model has a low explanatory power, suggesting that other factors, such as macroeconomic events and specific company conditions, may also influence the voting premium.

This dissertation delves into the security of free content websites, a crucial internet component that presents significant security challenges due to their susceptibility to exploitation by malicious actors. While prior research has highlighted the security disparities between free and premium content websites, it has not delved into the underlying causes. This study aims to address this gap by examining the security infrastructure of free content websites. The research commences with an analysis of the content management systems (CMSs) employed by these websites and their role. Data from 1,562 websites encompassing free and premium categories is collected to identify CMS usage and its association with malicious activities. Various metrics are employed, including unpatched vulnerabilities, total vulnerabilities, malicious counts, and percentiles. The findings reveal widespread CMS usage, even among websites with custom code, underscoring the potential for a small number of unpatched vulnerabilities in popular CMSs to lead to significant maliciousness. The study further explores the global distribution of free content websites, considering factors such as hosting network scale, cloud service provider utilization, and country-level distribution. Notably, free and premium content websites are predominantly hosted in medium-scale networks, known for their high concentration of malicious websites. Moreover, the research delves into the geographical distribution of these websites and their presence in different countries. It examines the occurrence of malicious websites and their correlation with the National Cyber Security Index (NCSI), a measure of a country's cybersecurity maturity. The United States emerges as the primary host for most investigated websites, with countries exhibiting higher rates of malicious websites tending to have lower NCSI scores, primarily due to weaker privacy policy development. In conclusion, this dissertation uncovers correlations in the infrastructure, distribution, and geographical aspects of free content websites, offering valuable insights for mitigating their associated threats.

Housing is a fundamental human need and shapes our everyday lives. People take great care to choosea home that meets their needs through various amenities and attributes, striving to maximize theirutility given their budget. One amenity that is often overlooked is what the building looks like.Research indicates that people prefer classical homes, but very few are being built in classical stylesnowadays. This study utilizes a hedonic price model to explore whether neo-traditional architecturecarries a price premium in Stockholm municipality. It focuses on apartments in multi-family houses,analysing a total of 16,508 observations. A hedonic price model is utilized, with seven OLS modelsrun in RStudio, including a spatial lag model. The findings suggest a price premium of 10.5% with theregular model and 5.8% with the spatial lag model. The study concludes that neo-traditionalarchitecture has a significant effect on apartment prices in Stockholm municipality. / Boende är ett grundläggande mänskligt behov och formar våra vardagsliv. Människor lägger storomsorg på att välja ett hem som uppfyller deras behov genom olika bekvämligheter och egenskaper,och strävar efter att maximera sin nytta inom sin budget. En bekvämlighet som ofta förbises är hurbyggnaden ser ut. Forskning visar att människor föredrar klassiska hem, men väldigt få byggs iklassisk stil nuförtiden. Denna studie använder en hedonisk prismodell för att undersöka om ny-traditionell arkitektur har en prispremie i Stockholms Stad. Den fokuserar på lägenheter i flerfamiljshus och analyserar totalt 16 508 observationer. En hedonisk prismodell används, med sjuOLS-modeller körda i RStudio, inklusive en spatial-lag modell. Resultaten tyder på en prispremie på10,5% med den vanliga modellen och 5,8% med den spatiala fördröjningsmodellen. Studien drarslutsatsen att ny-traditionell arkitektur har en betydande effekt på lägenhetspriserna i Stockholmsstad.

The graduation thesis aims to specify and define, with respect to the Czech legislation, the profit and loss statement of the insurance companies and those items of revenues and expenses that are specific for the insurance companies. The thesis deals with the principal characteristics of the revenues and the expenses of the insurance companies as well as with the matter whether insurance companies can in any means influence their management result. It also focuses on the field of the insurance security -- what is the insurance security in the Czech Republic in relation to the European Union, and on the quantity limits of the profit and loss statement, in the Czech insurance sector. It also assesses the efficiency of the local insurance companies in relation to this, what is the share of the earned premium when taking in account the insurance claims, the operating costs and the management result. The graduation thesis came to the conclusion that an insurance company can quite easily influence its accounting management result and therefore it is necessary for the company to respect the relevant accounting measures. Furthermore, the Czech Republic in comparison to the other EU countries indicates relatively low level of insurance security. With respect to the efficiency it is possible to conclude (in relation to the year 2012 and the local insurance companies) that the earned premium comprises of more that 60% of the claimed damages, 30% of the operating costs and 10% of the earned premium represents the net profit.