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I denna studie undersöks vilka ekonomiska effekter marknadshyror kan få ur ettfastighetsägarperspektiv samt hur dagens hyressättningsmodell fungerar och påverkarfastighetsbolag. Studien lyfter även den ekonomiska segregationen och om det blir någonförändring vid införande av marknadshyror för samhället. Syftet med studien är att få enförståelse hur dagens hyressättningsmodell och marknadshyror kan påverka fastighetsbolagenpå olika sätt.Studien har genomförts med en kvalitativ metod där resultatet och analysen baseras påsemistrukturerade intervjuer med sakkunniga personer inom både kommunala-och privatafastighetsföretag samt branschorganisationer. Detta för att få så bred kunskap som möjligtöver ämnet. Frågorna som respondenterna blev tillfrågade var dels vilka ekonomiska effektermarknadshyror kan ge samt hur de tycker att dagens hyressättningssystem fungerar. Detteoretiska ramverket inkluderar tidigare forskning inom ämnet samt studier från andra ländersom har avreglerat sin marknad.Resultatet visar att den största ekonomiska effekten för fastighetsbolagen är den lönsamhet dekan få på nyproduktionen om det blir en fri hyressättning, då de inte hämmas av denreglerade hyran. Det visades även att med fri hyressättning blir hyrorna högre vilket ocksåleder till mer ekonomisk vinning för fastighetsägarna, men att det har en stor betydelse på varman har sina fastighetsbestånd. Fastighetsföretag med bestånd i utsatta områden kan inte höjahyrorna särskilt mycket just på grund av läget och därav kommer en fri hyressättning intepåverka dem i den utsträckningen. Det framkommer att den ekonomiska segregationen intekommer att påverkas särskilt mycket då det redan är idag är så pass mycket segregation ochdet krävs andra reformer än fri hyressättning för att det ska bli någon skillnad. / This study examines the economic effects market rents can have from a property owner'sperspective, as well as how today's rent setting model works and affects property companies.The study also highlights economic segregation and whether there will be any change in theintroduction of market rents for society. The purpose of the study is to gain an understandingof how today's rental model and market rents can affect property companies in different ways.The study has been carried out using a qualitative method where the results and analysis arebased on semi-structured interviews with experts within both municipal and private propertycompanies and organisations. This is due to gaining as broad knowledge as possible about thesubject. The questions that the respondents were asked were what financial effects marketrents can have and how they think today's rent regulation system works. The theoreticalframework includes previous research in the subject as well as studies from other countriesthat have deregulated their market.The result shows that the biggest economic effect for the property companies is theprofitability they can get from the new production if there is a free rental, as they are nothampered by the regulated rent. It was also shown that with free rent adjustment the rents arehigher, which also leads to more financial gain for the property owners, but that it has a bigimpact on where you have your property holdings. Where real estate companies withholdings in vulnerable areas cannot raise rents very much precisely because of the location,and therefore a free rent adjustment will not affect them to that extent. It appears thateconomic segregation will not be affected very much as there is already so much segregationtoday and reforms other than free rent are required for there to be any difference.

國外住宅租金普遍具有復歸性質，理性投資者應考慮此性質，於市場高峰期預期較低的未來租金成長率，而以較高資本化率進行評價，於市場谷底期預期較高的未來租金成長率，以較低的資本化率進行評價。故理性預期將導致市場波動穩定。近年相關研究發現，英國投資者對未來租金成長的預期相對較美國及澳洲的投資者理性，投資者理性程度可能具地區差異。本研究利用向量自我迴歸模型驗證台北地區住宅租金具有復歸性質。利用追蹤資料迴歸分析實證台北地區住宅資本化率資料，探討投資者是否具理性預期；研究發現投資者的評價未考慮租金的賦歸性質，不具理性預期，於市場租金低迷時期過於悲觀，於市場租金快速成長時期過於樂觀。此外，本研究探討投資者理性預期的地區差異，發現市場資訊流通較高的台北市，投資者預期相對較台北縣合理，其市場資本化率波動亦較穩定。顯示投資者理性程度對於住宅市場的穩定性具有重要意義。 / Housing rents are widely considered to be mean or trend reverting overseas. Rational investors should consider the reverting potential of rents so that they would expect lower / higher future rental growth rates at rental cyclic peaks / troughs, hence higher / lower capitalization rates. Investors with rationality could appropriately value their housing property, hence they help stability of housing market. Recent studies have found more rationality in the expectations of rental growth of English investors relative to the U.S. and Australian investors. In this study, we use a vector autoregression model to examine the reverting nature of housing rents in Taipei. We use a panel data regression analysis to explore the rationality of housing investors by examining the relationship between current rent level and capitalization rates. The empirical results suggest that investors were too pessimistic / optimistic while rent level is relatively low / high, they have not built the reverting nature of rents into their valuations / or their capitalization rates. Further, we have found more irrationality in Taipei County than that in Taipei City, as a result of the information sufficiency in Taipei City. Hence the volatility of capitalization rates in Taipei County is greater than in Taipei City, indicating that investor rationality plays an important role in housing market.

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Cette thèse évalue les interactions entre le système européen d’échange de quotas de CO2 et les marchés de l’électricité sur la période 2005-2012. Elle est réalisée à partir d’instruments économétriques et de modélisation, permettant d’expliquer les évolutions observées des marchés et de dégager des enseignements pour la conduite des politiques futures. L’analyse ex-post de l’introduction d’un prix du carbone sur les marchés électriques en Europe fait apparaître trois types d’interactions : sur la formation des prix de l’électricité ; sur les choix techno-économiques et les émissions de CO2 ; sur la formation des rentes électriques. Les estimations empiriques mettent en évidence que le degré de répercussion du prix du carbone sur les prix de l’électricité n’est généralement pas homogène mais varie selon les périodes et les marchés en fonction d’une combinaison de facteurs. Les impacts du prix du carbone sur le mix technologique et les émissions de CO2 du secteur électrique sont estimés à partir du modèle de simulation ZEPHYR-Elec, qui a pour objet de reproduire l’équilibre de court terme offre-demande d’électricité. Les réductions d’émissions de la production électrique induites par le marché européen des quotas représentent 3% à 5% des émissions contre-factuelles. Depuis 2012, le prix du carbone ne permet plus de compenser le différentiel de prix gaz-charbon en Europe. Les effets distributifs du prix du carbone sur le secteur électrique sont introduits dans le modèle ZEPHYR-Elec à partir d’une représentation analytique de la formation des rentes. Les estimations suggèrent que les profits du secteur électrique sont globalement plus élevés du fait du prix du carbone, y compris en cas d’allocation aux enchères des quotas. / This thesis is an evaluation of the interaction between the European Union Emissions Trading Scheme and electricity markets over the period 2005-2012. It rests on econometric and modelling instruments to both explain the development of markets and draw lessons for the conduct of future policies. The ex-post analysis of the introduction of a carbon price into electricity markets in Europe unveils three types of interactions with: the formation of electricity prices; the technical and economic choices and CO2 emissions; the formation of electricity rents. Empirical estimates show that the degree to which the carbon cost is passed on through electricity prices is generally not homogeneous but rather varies over both time and markets, contingent upon a combination of factors. The impacts of the carbon price on both the technological mix and the CO2 emissions from the power sector are estimated using the simulation model ZEPHYR-Elec, which aims at replicating the short-term equilibrium between electricity supply and demand. Emission reductions in the electricity sector induced by the European carbon market amount to between 3% and 5% of counterfactual emissions. From 2012 on, the carbon price has not been high enough to compensate for the gas-to-coal price differential in Europe. Distributional effects of the carbon price on the electricity sector are introduced into the ZEPHYR-Elec model using an analytical representation of the formation of rents. Estimates suggest that profits made by the electricity sector are generally higher with a carbon price in place, including when allowances are auctioned.

Soil is a very specific production factor, and because they wear out, it is immovable and most importantly, its supply is finite. For the valuation of the property is used several different ways - through pricing in a market where there is market price, the prices issued by the state, which are the official rates, to yield valuation and cost method. Most workers who are dependent and cooperate with the land valued at their property located in this market through commodity prices, and thus the price at which the commodity purchased and for which it put into your business.

Made available in DSpace on 2015-05-08T14:53:39Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 2074714 bytes, checksum: dac00ea8cc424b009c726064bc12dba1 (MD5) Previous issue date: 2014-08-27 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This work aims to investigate how interorganizational relationships between constituent companies of the Great Joao Pessoa s shoes APL may contribute to the development of relational rents and competitive advantage. Thus, first, a literature review using the Resource Based View and as the main theoretical bases, especially Relational View and Extended Resource Based View was held. Thus, through the concepts of the literature investigated, it was possible to develop an analytical model consists of three major steps: characterization of the inter-relationships of the APL companies, identification of interorganizational resources and identifying potential sources of relational rents and competitive advantage. This research is characterized by a multi-case study by analyzing three companies of the Great Joao Pessoa s shoes APL. Moreover, it has predominantly qualitative and descriptive. Especially semi-structured interviews with managers of different companies investigated were used to collect data. For organization and analysis of qualitative data, the Atlas/ti software was used. It was found as the main common characteristics interorganizational relationship of the three companies: trust; sharing of tangible and/or intangible resources; joint learning; different degrees of collaboration; cooperation; interdependence between formally established partnerships; informal partnerships, in the figure of its managers and employees; and interaction with public and/or private institutions. Main interorganizational resource raw materials, parts, equipment, space, knowledge and information about aspects or not the production process that are shared between the companies were identified; use of the road network, proximity to ports, low cost of labor-intensive interaction with the region and private institutions of autonomous services; besides the tax incentives granted by the state government especially. As sources of relational rents knowledge sharing routines, complementary resource endowments and the existence of governance mechanisms were identified. Accordingly, therefore, there is the presence of potential for the generation of relational rents, indicating that relationships between companies in the Great João Pessoa s shoes APL may bring, varying according to the level of partnership, competitive advantages for companies forming part of them. / Este trabalho tem como principal objetivo analisar de que forma os relacionamentos interorganizacionais entre empresas constituintes do APL de calçados da Grande João Pessoa podem contribuir para o desenvolvimento de rendas relacionais e vantagens competitivas. Dessa forma, foi realizada uma revisão da literatura utilizando a Visão Baseada em Recursos e, especialmente, a Visão Relacional e a Visão Baseada em Recursos Estendida, como bases teóricas principais. Sendo assim, por meio de conceitos da literatura investigada, foi possível desenvolver um modelo de análise formado por três etapas principais: caracterização dos relacionamentos interorganizacionais de empresas do APL, identificação de recursos interorganizacionais e identificação de fontes geradoras de rendas relacionais e vantagens competitivas. Esta pesquisa se caracteriza por um estudo de multicasos por meio da análise de três empresas do APL de calçados da Grande João Pessoa. Além disso, possui caráter predominantemente qualitativo e descritivo. Para a coleta de dados, foram utilizadas especialmente entrevistas semiestruturadas com gestores das diferentes empresas investigadas. Para organização e análise dos dados qualitativos, foi utilizado o software Atlas/ti. Verificou-se como principais características comuns ao relacionamento interorganizacional das três empresas: confiança; compartilhamento de recursos tangíveis e/ou intangíveis; aprendizagem conjunta; diferentes graus de colaboração; cooperação; interdependência entre parcerias formalmente estabelecidas; parcerias informais, na figura de seus gestores e funcionários; e, interação com instituições públicas e/ou privadas. Como principais recursos interorganizacionais foram identificados: matérias-primas, peças, equipamentos, espaço físico, conhecimentos e informações sobre aspectos diretamente ligados ou não ao processo produtivo que são compartilhados entre as empresas; utilização da malha rodoviária, proximidade com portos, baixo custo da mão-de-obra da região e interação com instituições privadas de serviços autônomos; e incentivos fiscais concedidos especialmente pelo governo estadual. Como fontes geradoras de rendas relacionais foram identificadas rotinas de compartilhamento de conhecimento, dotações complementares de recursos e existência de mecanismos de governança. Dessa forma, verifica-se, portanto, potencial para a geração de rendas relacionais, indicando que os relacionamentos entre as empresas do APL de calçados da Grande João Pessoa podem trazer, variando conforme o nível de parceria, vantagens competitivas para as empresas que dele fazem parte.

Submitted by Irene Nascimento (irene.kessia@ufpe.br) on 2016-08-18T18:38:16Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) DISSERTAÇAO Claudia Paes Barreto.pdf: 10760097 bytes, checksum: d5d5aceaa12de088c9fb06e93de9d948 (MD5) / Made available in DSpace on 2016-08-18T18:38:16Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) DISSERTAÇAO Claudia Paes Barreto.pdf: 10760097 bytes, checksum: d5d5aceaa12de088c9fb06e93de9d948 (MD5) Previous issue date: 2013-02-20 / Em 2001 aprovou-se a Lei dos Doze Bairros (LDB), elaborada para desacelerar a verticalização nos bairros do Derby, Espinheiro, Graças, Aflitos, Jaqueira, Tamarineira, Parnamirim, Santana, Poço da Panela, Casa Forte, Monteiro e Apipucos, denominados Área de Reestruturação Urbana (ARU). Essa área sempre figurou entre as localizações de grande interesse do setor imobiliário, onde a produção habitacional para o mercado privilegiado do Recife se plasmou em crescente processo de verticalização iniciado no final da década de 1970. Acredita-se que a aprovação da LDB tenha provocado, por um lado, a fuga do capital imobiliário para os bairros vizinhos à ARU e, por outro lado, a multiplicação de estabelecimentos comerciais em seus principais eixos viários, sendo o mais notável o caso da Avenida 17 de Agosto. A hipótese desta pesquisa é que a legislação urbanística, na medida em que impôs limites à reprodução do capital, alterou a hierarquia das rendas potenciais do solo, desencadeando um fenômeno de disputa de usos ao longo daquela avenida. O objetivo é analisar a transformação da Avenida 17 de Agosto em eixo comercial ao longo da última década à luz da Teoria da Renda da Terra Urbana. A partir dessa teoria se pode entender a disputa de usos do solo como reflexo da imbricação competitiva das rendas fundiárias, onde o uso que se impõe corresponde àquele que gere a maior renda ao proprietário fundiário. Portanto, a análise enfoca, por um lado, o impacto da LDB no setor imobiliário, através da comparação da viabilidade construtiva entre terrenos lindeiros àquela avenida e supostos lotes nos bairros vizinhos; por outro lado, o impacto sobre os proprietários fundiários, através da análise da imbricação competitiva das rendas fundiárias, na comparação entre a renda do comércio, representada pelo aluguel comercial praticado ao longo da avenida, e a renda gerada pela produção habitacional, representada pelo percentual de permuta por área construída. A análise mostra que a LDB provocou a migração do capital imobiliário, como uma ação das empresas construtoras na busca da produção de sobrelucro. Por sua vez, o comportamento do proprietário fundiário mostrou-se passivo: a destinação do imóvel ao comércio resulta da anulação da especulação latente outrora mantida pela alta valorização do solo para a produção habitacional, bem como do potencial daquela avenida como ponto comercial. A análise revela também que a renda fundiária do comércio apenas começa a superar a renda da produção habitacional onze anos após a aprovação da LDB, segundo os valores dos aluguéis praticados a partir de 2012. A principal conclusão do estudo é que a disputa de usos do solo vista como a imbricação competitiva de rendas fundiárias é o reflexo de duas lutas distintas. Por um lado, a renda da produção imobiliária representa a luta entre o capital imobiliário e o proprietário fundiário. Por outro lado, a renda fundiária do comércio representa a luta entre o capital comercial e o proprietário fundiário. Em ambas, o comportamento do proprietário fundiário é parasitário, reflete a essência da renda fundiária: o monopólio da terra. / In the year 2001 it was passed the urban law known as “the twelve neighborhoods’ law” (LDB), developed to decelerate the vertical building process in the neighborhoods of Derby, Espinheiro, Graças, Aflitos, Jaqueira, Tamarineira, Parnamirim, Santana, Poço da Panela, Casa Forte, Monteiro e Apipucos, named altogether as “urban restructuring area” (ARU). This area had always been one of the most valuable to the dwelling promotion industry, where the production to the prime market of Recife unleashed an increasing vertical building process by the end of the 1970 decade. We believe the passing of that law caused, on one hand, the migration of the dwelling production capital to other neighborhoods, and, on the other hand, the multiplication of shops and stores along the main avenues of the ARU, amongst all the “17 de Agosto” Avenue case is the most remarkable one. The leading hypothesis of this research is that the urban law, by imposing limits to the reproduction of capital, changed the potential land rent hierarchy, unleashing a dispute of land use along that avenue. The main goal is to analyze the transformation of that avenue in to a commercial axis over the last decade under the perspective of the urban land rent theory. From this point of view one can understand the land use dispute phenomena as a reflection of the competitive imbrication of the different land rents, where the imposing land use corresponds to the one that generates the biggest amount of land rent to the land owner. Therefore, the analysis focus, on one hand, the impact of the LDB on to dwelling production sector, by comparing the constructive potentiality of plots along that avenue and plots in other neighborhoods; on the other hand, the impact on to the land owners’ behavior, through the analysis of the competitive imbrication of land rents, by comparing the land rent generated by the commerce use (the commercial rent value along the avenue), and the potential land rent generated by the dwelling production activity (as the percentage of building area permute). The analysis shows that the LDB caused the migration of the dwelling production capital, as an action of the construction companies in the sake of extraordinary surplus production. Meanwhile, the land owners’ behavior turned out to be absolutely passive: disposing the property to the commerce use is a result both of the annulation of the latent speculation environment once kept by the high land value concerning the dwelling production market, and the avenue’s potential as a commercial point. The analysis also reveals that the commerce use land rent begins to overcome the dwelling production land rent only eleven years after the passing of the LDB, concerning the commercial rent values charged in the present year of 2012. The main conclusion of this research is that the land use dispute seen as the competitive imbrication of land rents is the reflection of two distinct disputes. On one hand, the dwelling production rent represents the dispute between the dwelling producer capitalist and the land owner. On the other hand, the commerce land rent represents the dispute between the merchant capitalist and the land owner. In both disputes, the behavior of the land owner is a parasitic one; it reflects the essence of the land rent concept: the land monopoly.

Diploma thesis analyses the logistic and industrial centers and predicts of their development. The autor evaluates the history and current situation of the real estate in the Czech Republic with using the latest statistics. Forecast of development is based on three possible scenarios: realistic, pesimistic and optimistic. These scenarios také account probable developments of the world ekonomy, with emphasis on the impact of the events in the Czech Republic. The main part focuses on the development of realistic scenario with optimalized values.

In the nineties of the twentieth century the Prague office space market looked totally different from its current situation. The demand significantly exceeded the supply on the market and there was an entire lack of high-quality office places, which were built mostly in the city centre. There were predominating small projects of office and residential reconstructions which were limited by historical monument regulation and lack of space in the city centre. As of now the supply is prevailing on the Prague office space market and the situation for developers and tenants has totally changed. The competition of developers has rapidly increased and further increase is expectable. The development of new office buildings has moved from the city centre to the inner and outer city and the developers have focused on the multifunctional complexes, conversion of brownfields and construction of large city districts instead of separate office buildings. Prague office development is comparable with the development in Budapest and Warsaw. Commercialization of the city centre and suburbanization is even typical for all four capital cities in Central and Eastern Europe.