Fastighetstillgångar har historiskt sett varit mer defensiva än aktiemarknaden som helhet. Flera tidigare studier pekar på motsatsen: att svenska fastighetsaktier presterar sämre under börsnedgångar och inte är mer defensiva än resten av aktiemarknaden. Den senaste corona-pandemin har i likhet med finanskrisen 2007-8 orsakat stora börsnedgångar. Föreligger det någon skillnad mellan kriserna i form av risk, avkastning och korrelation för fastighetsaktier i förhållande till resten av den svenska aktiemarknaden (OMXS 30)? Resultatet av studien visar att det finns både skillnader och likheter mellan de två börsfallen. Samtliga fastighetsaktier under både finanskrisen 2007-8 och corona-pandemin har presterat sämre än Stockholmsbörsen (OMXS 30) generellt. Nedgången 2020 under corona-pandemin har för fastighetsaktier varit betydligt större än under finanskrisen 2007-8 i jämförelse med OMXS 30. Skillnader i beta-tal har även identifieras. Det genomsnittliga beta-talet under finanskrisen var 0,97 medan det under corona-pandemin var 1,74 för de analyserade fastighetsaktierna. En ökning på 79 procent mellan kriserna. Även fast det handlar om två helt olika typer av kriser tenderar fastighetsaktier att bli mer volatila i förhållande till resten av aktiemarknaden trots dess defensiva karaktär. / Historically, Real Estate Assets have been more defensive than the stock market as a whole. Several previous studies indicate that Swedish Real Estate Stocks perform worse during stock market declines and do not act more defensive than the rest of the stock market. The latest corona-pandemic has caused major stock market declines similar to the financial crisis of 2007-8. Is there any difference between the crises in terms of risk, return and correlation for Real Estate Stocks in relation to the rest of the Swedish stock market (OMXS 30)? The results of the study show that there are both differences and similarities between the two stock market declines. All Real Estate Stocks during both the 2007-8 financial crisis and the corona-pandemic have performed worse than the Swedish stock market (OMXS 30) in general. The fall in 2020 during the corona-pandemic has been significantly greater for Real Estate Stocks than during the financial crisis 2007-8 in comparison with the OMXS 30. Differences in beta have also been found. The average beta during the financial crisis 2007-8 was 0.97 and 1.74 during the corona pandemic (Covid-19). An increase of 79 percent between the two crises. Although these are two completely different types of crises, Real Estate Stocks tend to be more volatile compared to the rest of the stock market. Despite its defensive nature over time.
| Identifer | oai:union.ndltd.org:UPSALLA1/oai:DiVA.org:kth-276758 |
| Date | January 2020 |
| Creators | Jansson, Jeremias, Lundvall, Gabriel |
| Publisher | KTH, Fastigheter och byggande |
| Source Sets | DiVA Archive at Upsalla University |
| Language | Swedish |
| Detected Language | Swedish |
| Type | Student thesis, info:eu-repo/semantics/bachelorThesis, text |
| Format | application/pdf |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | TRITA-ABE-MBT ; 20481 |
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