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The Global ETD Search service is a free service for researchers
to find electronic theses and dissertations. This service is
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Networked Digital Library of Theses and Dissertations.
Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
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Portfolio Bias of Real Estate Companies Vs. Financial MarketsOseenius, Bryan January 2015 (has links)
This study will apply the Capital Asset Pricing Model (CAPM) to help understand the relationship between traded real estate companies and their respective financial markets. The aim will be to quantitatively explain the link between real estate companies holding different asset types within their portfolio and their traded financial markets using betas from CAPM. Some companies have preferences towards one type of real estate assets; which could be referred to as "portfolio bias." On the other hand some companies have a portfolio bias towards diversification and hold a portfolio of diversified assets. This study will examine how diversification plays a role in both correlation to the market and overall return. The idea is that a real estate company holding a more diversified portfolio performs more like the market and therefore acts more like the market portfolio made up of value weighted stocks and securities within the financial market. A more diversified portfolio should pose less risk and perform better over the long term which many studies have shown to be the case in financial markets. This study will also explore the connection between underlying asset types using residential, retail and diversified assets compared to their traded financial markets to determine the role of portfolio bias.
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Macroeconomic effects on securitized real estate markets - A comparative study of Sweden and SwitzerlandRodenholm, Robin, De Bernardi, Dominique January 2013 (has links)
This thesis investigates to what extent macroeconomic factors influence real estate stock prices before and after the outbreak of the financial crisis in 2007. This is carried out by examining the securitized real estate markets in Sweden and Switzerland by using descriptive statistics. Bivariate regressions are conducted for the macroeconomic factors; all share stock index, exchange rates, unemployment, inflation, term structure, money supply and real GDP per capita, to examine the marginal effect of each variable. The indexed developments and volatilities of each variable and correlations to the OMXS Real Estate and WUPIX-A are compiled to further facilitate an analysis. The results show that the macroeconomic effects on real estate stock prices differ among small economies and are inconsistent in a pre-crisis and crisis period. Solely theoretical aspects are not sufficient to describe the varying conditions in the financial markets, which have to be scrutinized in a wider economic context. Those factors that show some regularity in the relation to the real estate markets are all share indices, term structure and real GDP per capita.
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The influence of real estate price fluctuations on real estate stocks : An analysis of Swedish asset classesJonasson, Jesper, Rosén, Tobias January 2019 (has links)
With background to recent price growth in Swedish real estate and consequently real estate stocks, our aim is to examine the relationship between real estate price development and real estate stock price development. To test our hypothesis, that real estate price development have had an impact on the return of real estate stocks, we built a capital asset pricing model. We divide the return of real estate stocks into two parts, the return in relation to the Swedish market premium and the excess return that is given for the exposure of the real estate market. We found that real estate exposure would treat the investor with an additional return beyond the return given from stock market exposure; hence, real estate price development has contributed to real estate stock returns.
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Fastighetsinvesteringar i Sverige : En jämförelse av investeringskanaler för fastighetsmarknaden / Real Estate Investments in Sweden : A Comparison of Investment Channels in the Real Estate MarketCorp, Samuel January 2020 (has links)
Den här uppsatsen syftar till att undersöka och jämföra de olika sätt att finansiera och investera i fastigheter på kapitalmarknaden. Målet är att fastställa och kvantifiera vilka fördelar respektive nackdelar som finns med de olika investeringskanalerna och hur det kan påverka såväl investerare som förvaltningen av tillgångarna. Undersökningen kommer bestå av en kvalitativ metodansats där intervjuer med professionella förvaltare, aktiemäklare, företagsledare och investerare såväl som egen research utgör grunden för resultatet. Resultatet av den här uppsatsen har implikationer på finansbranschen i form av en kartläggning och övergripande förståelse av investeringsmarknaden i fastigheter Uppsatsen visar att varje investeringskanal har sina egna särdrag, så som kontroll, insyn, diversifiering, investeringshorisont med mera. Därför attraherar kanalerna olika investerartyper. / This bachelor thesis aims to investigate and compare the different ways of financing and investing in real estate as an asset in the capital market. The goal is to determine and quantify the advantages and disadvantages of the various investment channels and how it can affect both financing and the management of the assets. The thesis will consist of a qualitative method approach where interviews with professional managers, stockbrokers, company executives and investors as well as in-house research form the grounds for the result. The result of this thesis has some implications on the financial industry in the form of a thorough and comprehensive depiction of the real estate investment market. The report shows that the different investment channels have their specific characteristics and therefore fits specific investors accordingly.
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Assessing Macroeconomic factors' influence on the Swedish real estate company stock market - A multiple linear regression analysis / Bedömning av makroekonomiska faktorers påverkan på svenska fastighetsaktier - En multipel linjär regressionsanalysLöfman, Axel, Jia, Kay January 2022 (has links)
Investing in public real estate stocks can diversify a stock portfolio due to the nature of these companies. The industry is generally less sensitive to economic downturns and spikes in inflation are offset by increased real estate property and rent prices. Nevertheless, measures of the wider economy could be used as predictors of the real estate stock market. This thesis attempts to model the Swedish real estate stock market with the index SX35PI (Stockholm Real Estate PI) using the fundamental economic factors and repo rate. Data was collected and formatted to a monthly interval for the period February 2012 to December 2021. This resulted in an exponential multiple regression model that used all the regressors that explained 95.7% of the variation in SX35PI, and an alternative autoregressive forecasting model that explained 82.3% of the variation in SX35PI. / Investeringar i fastighetsbolag kan diversifiera en aktieportfölj tack vare dessa bolags karaktär. Denna industri är nämligen mindre känslig för ekonomiska nedgångar och minskad efterfråga samt plötsliga ökningar i inflationen som vägs upp av ökningar i fastighetspriser och hyror. Aktiemarknaden för fastighetsaktier kan modelleras med makroekonomiska mått. Denna rapport försöker modellera aktiemarknaden för svenska fastighetsbolag med fundamentala ekonomiska mått samt reporäntan. Data samlades och transformerades för att få datapunkter varje månad under februari 2012 till december 2021. Resultatet blev en exponentiell multipel regressionsmodell som använde alla förklarande variabler vilka förklarade 95.7% av variationen i SX35PI, och en alternativ autoregressiv modell som förklarade 82.3% av variationen i SX35PI.
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