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Valutariskhantering för internationella fastighetsinvesteringar: En studie bakom hanteringsbeslut i svenska fastighetsföretag
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2019 (Swedish)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Currency Management for International Real Estate Investments (English)
Abstract [sv]

En allt större integration av den internationella ekonomin påverkar spelplanen för många olikabranscher, och fastighetsbranschen är inget undantag. Under de senaste åren har vi sett enbetydande ökning i gränsöverskridande fastighetsinvesteringar. Därtill tillkommer risker sombehöver bedömas. En sådan är kapitalflöden mellan olika valutor. Syftet med studien är attundersöka hur svenska fastighetsinvesterare hanterar valutarisken. Studien har utförts med enkvalitativ metod av beskrivande karaktär och insamlingen av kvalitativa data har primärt gjortsvia semi-strukturerade intervjuer. Målgruppen är svenska fastighetsinvesterare som förutomaktiva på sin hemmamarknad är verksamma inom internationella fastighetsinvesteringar. Detempiriska resultatet och påföljande analys indikerar att investerarna har en uppfattning omrisken och har explicita policys för hantering. Däremot är en fullständig säkring av valutariskovanligt. Som säkringsmetod använder investerarna främst lån i lokal valuta och sekundärtvalutaterminer.

Abstract [en]

An increasing integration of economies around the world affects the playing field for manydifferent industries, and the real estate industry is no exception. In recent years, we have seen asignificant boost in cross-border real estate investments. As a consequence, there are risks thatneeds to be assessed. One is capital flows between different currencies. The purpose of thisresearch is to investigate how Swedish real estate investors manage currency risk. The studyhas been performed with a qualitative method on the basis of a descriptive nature, and thegathering of qualitative data has primarily been conducted through semi-structured interviews.The target group is Swedish real estate investors who, besides being active on their homemarket, operates internationally. Furthermore, the empirical result and subsequent analysisindicates that investors perceive the risk and have explicit policies for risk management.However, a complete hedge of currency risk is rare. As hedging method, the investors mainlyuse debt in local currency and secondary currency futures.

Place, publisher, year, edition, pages
2019. , p. 50
Series
TRITA-ABE-MBT ; 1920
Keywords [en]
Currency, Currency Risk Management, Hedging, Real Estate
Keywords [sv]
Valuta, Valutariskhantering, Säkring, Fastigheter
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-254730OAI: oai:DiVA.org:kth-254730DiVA, id: diva2:1335009
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Examiners
Available from: 2019-08-13 Created: 2019-07-03 Last updated: 2019-09-25Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
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  • en-US
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
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Output format
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  • asciidoc
  • rtf