Under de senaste tio åren har ett nytt segment öppnats på fastighetsmarknaden, nämligen marknaden för samhällsfastigheter. Politiska beslut från tidigt 90-tal har gjort det möjligt för privata aktörer att etablera friskolor och äldreboenden. Reformerna har möjliggjort att även investera i verksamheternas lokaler. Vid dessa förvärv brukar ett relativt långt hyreskontrakt medfölja och det finns ett starkt samband mellan den förhandlade hyran och försäljningspriset. När förvärvet är genomfört och kontraktet sedan löper ut kan det bli problematiskt att avgöra vilken nivå den nya hyran bör ligga på. Hyresgästens betalningsförmåga är en central del i analyserna i denna uppsats. Uträkningen av kommunens så kallade skolpeng respektive omsorgspeng kartläggs för att dra slutsatser om vilka marginaler respektive part har att förhålla sig till och hur det påverkar den förväntade hyran. I denna uppsats diskuterar vi också huruvida hyressättningen av samhällsfastigheter kan återkopplas till olika kombinationer av hyresrelationer. Incitament till att ta ut en viss hyra kan variera beroende på fastighetsägarens syfte med innehavet. Betoning läggs särskilt på kommuner och privata aktörers tillvägagångssätt vid hyressättning samt dess konsekvenser. En stor skillnad mellan marknaden för samhällsfastigheter och en traditionell marknad för kommersiella fastigheter är att den förstnämnda utgör en så kallad kvasimarknad, det vill säga en kommersiell marknad där icke normala förhållanden råder. Huruvida även denna är en mogen marknad belyses samt vad det får för inverkan på hyressättningen, idag och i framtiden. Slutligen diskuteras om alternativa metoder jämfört med dagens skulle vara tillämpbara vid hyressättningen samt under vilka förutsättningar det i så fall skulle vara möjligt. / Social real estates, i.e. real estates for activities that are financed through taxes, have recently become a largely discussed topic in various Swedish debates. Political reforms from the early 90s has made it possible for private owners to establish schools and retirement homes, where purchases of municipally owned properties are commonplace today. With these transactions a relatively long rental-agreement is usually included, which becomes a major influencing parameter when it comes to the amount the acquirer is willing to pay for the Real Estate. Once the acquisition is completed and the included contract expires, it can be problematic to determine what the new rent should be due to various factors, such as lack of knowledge about the tenants’ economy. The tenants’ margins when paying rent have a central part in this analysis. The municipality indirectly determines these margins since they are the ones funding these social real estates. Thus, the municipalities’ calculations of the school-funding and retirement home-funding are being explained. Something that is also discussed in this paper is whether the rents of social real estates can vary depending on which one of the various combinations of ownership is taking place. I.e. a private owner with a governmental tenant, vice versa or a situation where both the owner and the tenant is governmental/private. These different circumstances may affect the rent due to the fact that different relations can lead to dissimilar incentives to charge certain amounts of rent. Consequently, emphasis in the essay is placed especially on the descriptions of the actions of the municipalities, the private owners and the tenants. A big difference between the social real estate market and a regular office market is that the former is a so-called quasi-market, a commercial market that lacks normal conditions. The maturity of this market is highlighted as well as whether the maturity has an impact on rents today and in the future. Lastly, a discussion is held on whether alternative methods would be applicable when deciding rent levels and under which conditions this would be possible

Idag finns det cirka en halv miljon bostäder från miljonprogrammet som är i behov av renovering och modernisering. Bostadsföretagen som äger dessa fastigheter har problem med att finansiera renoveringen som krävs för att höja standarden och förlänga livslängden på fastigheterna. Denna uppsats handlar om hur direktägande fastighetsfonder kan fungera som ett alternativ till finansieringen av renoveringen av miljonprogrammet. Fördelen med att använda direktägande fastighetsfonder som finansiellt verktyg till upprustningen av miljonprogrammet är att kapitalet kan hämtas från den privata sektorn och beroendet av en stark finansiär minskas. Genom fondstrukturen skapas möjligheter för ett mindre sparande i bostadsfastigheter och gör marknaden för potentiella investerare större. Uppsatsen behandlar två områden i Stockholm och är belägna Rinkeby- Kista och Skarpnäck. Med hjälp av räkneexempel på en fiktiv fastighet utplacerad i dessa två områden har det visat sig att det kan vara lönsamt ur en investerares perspektiv som vill köpa andelar i fastighetsfonden som används i denna uppsats. Exempelvis får en fondinvesterare 9,1 % per år i Skarpnäck. Med en upprustning av miljonprogrammet tillkommer kostnader för renovering samt hyresökningar. Uppsatsen redovisar vilka kostnader en renovering medför för att uppnå modern standard samt vilka konsekvenser som moderniseringen har på hyresnivån. På grund av en ökad hyresnivå behandlar uppsatsen även frågan om hyresgästerna kommer att ha råd med de nya hyrorna. / There are approximately half a million apartments of the building initiative from the 1970’s called “miljonprogrammet” that are in need of major renovation and development into modernized standard. The real estate companies that own these properties have difficulties in funding the required amount of capital in order to achieve the goals of higher standards and extending the life length of the properties. This essay investigates the possibility of real estate private equity funds as a financial solution to the issue. The benefits of using real estate private equity funds as a financial solution to the renovation and development issue is that equity may be raised by using the private market and the dependence of one powerful financial investor decreases. As the fund structure being as it is, opportunities for savings in smaller amounts are created, which expands the market of possible investors. The essay investigates two areas in Stockholm that are located in Rinkeby-Kista and Skarpnäck. By using calculations containing a fictive property placed in the two areas, it has been proved that investing in a real estate private equity fund, created for the purpose of this essay, could be profitable for small-scale investors. The average annual return, which is gained when investing in the fund, is 9,1 % in Skarpnäck. As a consequence of developing ”miljonprogrammet”, rents are increased in order to cover some of the renovation costs and to fit new standards of the properties. The essay also explores the details of the renovation costs and what level the new rents will be at. Analysis will also be performed whether the tenants will be able to afford the increased rents.

The locations surrounding is a primary factor for office tenants when chosing space. What makes the location attractive, however, depends on a number of factors for instance the  office tenants' individual preferences. This thesis aims to Explain  how an area and it’s surrounding office buildings are affected by the establishment of a new commercial space. Futhermore, we have more closely studied Mood Stockholm which is one of the newest and most exciting commercial spaces in Stockholm. The area around Mood Stockholm was previously forgotten and lacked movement of people. Even though the property is located in Stockholm CBD which generally has a high demand and market rents, the property’s vicinity was not that attractive. The results of this study shows that the commercial space has brought life into the area by bringing an increase of people  and in turn a higher number of urban activities and services. The general street environment has also been improved. It can therefore be concluded that the commercial space has increased the  area's attractiveness.   The results also showed that the establishment of Mood Stockholm has increased the activity and movement in the area. This in turn has created a safer environment in the neighborhood. The establishment of the commercial space has Also  led to a higher demand for office premises in the neighborhood and increased rent levels. It has also been found that the area has gone from a level –B area to a level--‐A area which indicates an increased willingness to pay a higher price for the rented space. The attractiveness of the area, however, has also been affected by other factors where cooperation between property owners in the area have been shown to have a significant impact on the area's development.

The resource curse hypothesis suggests that resource-rich countries (especially oil-dependent economies) show lower economic growth rate as compared to resource-poor countries. We contribute to this literature by providing empirical evidence on a new transmission channel of the resource curse, namely the negative long-run effect of oil rents on the quality of education. Our empirical analysis for more than 70 countries from the period of 1995–2015 shows a significantly positive effect of oil rents on the quantity of education measured by government spending on primary and secondary education. However, we find a robust and negative long-run effect of oil rents dependency on the objective and subjective indicators of quality of education. Further, panel regressions with country and year fixed effects support our cross-country findings on the negative effect of oil rents dependency on the quality of education.

This dissertation investigates what the early modern donation system in Sweden reveals about the Crown’s expectations of the social group that served the state, and what these individuals expected from the Crown. The author shows how the Crown used donations of land rents to remunerate and reward individuals in its service. In 1680 the donation system was abolished and the Crown reclaimed everything that had been alienated. It was not until 1723 that the proprietors could address a specially appointed parliamentary commission (which ended in 1748) and challenge the Crown’s repossession. The deeds of donation and ratification, most issued during the period 1604 to 1680, as well as petitions submitted to the commission constitute the sources used in the investigation. A petition from the recipient usually preceded remunerations and the deeds drawn up by the Crown often refer to these letters. Petitioners accordingly referred to arguments used by the administration in Stockholm. This makes it possible, by direct and indirect methods, to study how both parties sought to change and influence the imagined compact between Crown and families in its service. The negotiation between the parties, studied over such a lengthy period, helps identify tendencies in the way the relation between state and its servants was changing. The thesis shows that there was a clear gender aspect to the process through which state formation happened. Even though most recipients were male, the deeds included his wife and children. Service and fidelity to the Crown was expected also from the descendants of the recipient. Accordingly, the Crown had both liabilities and duties to fulfil to the recipients family. We could say that in the eye of the Crown its servants were a family. The author also argues that the Crown used the donations to create and favour an informal fifth estate and how this policy influenced the shared ideas in society on merits versus ancestry. In the end of the period, however, the imagined compact was changing. The emerging state came with new claims to authority and the need to separate the Crown from its subjects at various levels (legal, political). As the compact became less personal family members were no longer included and women could no longer negotiate from their position within the family.

Cette recherche apporte une contribution à la problématique de l'évaluation économique et comptable des actifs de réserves et de ressources de l'industrie extractive. Elle vise à répondre à la question suivante: Quelles sont les valeurs économiques des réserves et des ressources qui sont appréhendées par la comptabilité d'entreprise et quelles sont, en cas de choix entre plusieurs types de valeurs, les raisons de ces choix?Elle montre dans sa première partie qu'il n'existe qu'une correspondance partielle entre les valeurs économiques et les valeurs comptables, ce qui privilégie la théorie économique néoclassique. Elle montre dans sa deuxième partie que diverses méthodes comptables cohabitent au sein des six pays étudiés en considération des intérêts des entreprises majors et juniors de cette industrie. La troisième partie de la thèse analyse le processus de normalisation de l'IASB et souligne l'influence du pouvoir des majors et l'influence indirecte exercée par les juniors. Cette thèse s'inscrit dans le prolongement de la recherche en comptabilité critique. / This research contributes to the problem of economic and accounting valuation of the assets reserves and resources in the extractive industry. It aims to answer the following question: What are the economic values of reserves and resources that are recognized by corporate accounting and what are, in cas of a choice between several types of values, the reasons for these choices? It shows in the first part there is only partial matching between economic values and accounting values that favors neoclassical economic theory. It shows, in the second part, that different accounting methods coexist in the six countries studied, taking int consideration the interests of majors and juniors companies in this industry. The third part of the thesis analyzes the IASB's standard-setting process and underlines the influence of the majors power and the indirect influence of the juniors. This thesis is a continuation of research in critical accounting. / Esta investigación aporta una contribución a la problemática de la evaluación económica y contable de los activos reservas y recursos de la industria de extracción. Su objetivo es responder a la siguiente pregunta: ¿Cuáles son los valores económicos de las reservas y los recursos que son reconocidos por la contabilidad de empresas y cuáles son, en el caso de escoger entre varios tipos de valores , las razones de estas decisiones? En la primera parte se demuestra que sólo hay correspondencia parcial entre los valores económicos y los valores de contables, lo que favorece la teoría económica neoclásica. En la segunda parte se demuestra que diversos métodos de contabilidad coexisten en los seis países estudiados tomando en cuenta los intereses de las empresas majors y las empresas juniors de esta industria. La tercera parte de la tesis analiza el proceso de normalización del IASB y subraya la influencia del poder de las grandes multinacionales y la influencia indirecta de los juniors. Esta tesis es una continuación de la investigación en contabilidad crítica.

Submitted by Lorreine Messias (lorreinesmessias@gmail.com) on 2017-04-17T17:59:20Z No. of bitstreams: 1 201702_Lorreine.pdf: 1272431 bytes, checksum: a8d83b75c5cec0b36c5e019ddcc4e982 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-04-17T19:56:27Z (GMT) No. of bitstreams: 1 201702_Lorreine.pdf: 1272431 bytes, checksum: a8d83b75c5cec0b36c5e019ddcc4e982 (MD5) / Made available in DSpace on 2017-04-17T20:50:44Z (GMT). No. of bitstreams: 1 201702_Lorreine.pdf: 1272431 bytes, checksum: a8d83b75c5cec0b36c5e019ddcc4e982 (MD5) Previous issue date: 2017-03-22 / O boom de preços globais de commodities ao longo da década de 2000 elevou consideravelmente os repasses de royalties (CFEM) aos municípios brasileiros produtores de commodities metálicas. Este choque positivo e exógeno de receitas criou uma situação interessante, ao permitir avaliar empiricamente as preferências de gastos dos políticos locais entre (i) provisão de bens públicos e (ii) práticas de patronagem (verificadas a partir dos gastos com o funcionalismo público). Os resultados alcançados em nosso estudo permitem afirmar com rigor econométrico que os prefeitos alocaram recursos de CFEM em despesas com pessoal, outras despesas correntes, despesas com saúde e saneamento e despesas com gestão ambiental. Esta evidência de que os prefeitos destinaram parte dos recursos da CFEM para aumentar gastos com pessoal contraria a Lei 7.990/1989 – a qual discorre sobre as possibilidades de aplicação das receitas de CFEM. Desse modo, os resultados encontrados reforçam as conclusões de estudos anteriores, os quais apontam que os municípios gastam mal as receitas oriundas de transferências incondicionais, sinalizando falhas no modelo de descentralização fiscal brasileiro. / Over the decade of 2000, the commodity prices super-cycle increased considerably the grants of mineral royalties (CFEM) to Brazilian commodity producers municipalities. This positive and exogenous revenue shock has created an interesting situation, by allowing to evaluate empirically the local political preferences for spending between (i) public goods provision and (ii) practices of patronage (enlarge the public sector, by hiring more employees and increasing wages). The results obtained show that mayors allocate CFEM revenues to public service payroll, other current expenses, health and sanitation expenses and on environmental management expenses. This finding that the mayors spent CFEM resources to increase public service expenses violates Law 7990/1989 – which limits the possibilities of CFEM recipes application. Thus, the results reinforce the findings of previous studies, which indicate that the municipalities spend the revenues of unconditional grants in inappropriate ways, suggesting problems in the Brazilian fiscal decentralisation model.

The motivation of this diploma thesis is the end of price regulation on December 31, 2012 lease revenues resulting from this one and the possibility of disputes over the normal rent. The aim of this work is an effort to raise awareness of the normal rent for apartments in the area of Brno-Center. Determine factors that affect the attainment of rental dwellings without a price control system design using the system of essential values "SPV". Based on the selection of appropriate resources to create a database for pricing documentation and analysis of the significant influences that affect the total amount of rent and rent of the unit. These influences are the apartment layout, location and condition of the apartment. The contribution of this work is to create materials and price impact assessment prior to the rental unit and rents, which may serve as a source for other expert tasks.

The task of the thesis is to determine the economic rent for passive residential building. Work first defines the essential terms related to the topic of economic rent, then it continues with theoretical determination of the economic rent, which consists of the costs and a reasonable profit. The determination of economic rent for residental Pasove building is done through inserting real values to a pre-described method of calculation. The result of diploma thesis is the determination of economic rents in number of 8 variants with varying degrees of capitalization levels and discount rates. Identified economic rents are finally compared by direct comparison with similar flats and evaluated.

Main objective of this thesis is to determine the process for rent calculation of flats in line with presumptions influencing dependence of rent on common flat price. Proposed methodology is based on presumption of investing in property and possible yields or risks of this investment. The work studied the effects of correlation rentals and flat price.