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  • 1.
    Armerin, Fredrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    On the use of implied yields in real option modellingManuscript (preprint) (Other academic)
    Abstract [en]

    In many applications of real options there is an assumption of complete capital markets. For the perpetual optimal timing option this means that if the underlying asset (e.g. a developed project) does not pay out any cash flows, then there is no finite optimal time at which the investment should be undertaken. In contrast, when the markets are incomplete, there could be a possibility of a finite optimal stopping time. We discuss the incomplete case in detail, connect it with yields and “implied yields” and give several examples of incomplete market models where could be a finite optimal time to invest.

  • 2.
    Armerin, Fredrik
    et al.
    KTH.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Valuing the housing cooperative conversion option2009Report (Other academic)
    Abstract [en]

    Since the 1990s, both private and municipal owners of multifamily rentalproperties in Sweden have sold a large number of their properties to hous-ing cooperatives established by the property's tenants. One motivationfor the large increase in so called housing cooperative conversions is thatthe practice of rent regulation causes actual rents to be lower than market-clearing rent levels, especially in attractive areas in larger cities. By sell-ing the property to a housing cooperative, the property owner can takeadvantage of the positive price di®erence between the price of housing co-operative dwellings, which are determined by demand and supply, and thevalue of the property based on the assumption that the rents will continueto be lower than market rents.In this paper we use a real options approach to derive a closed-formvaluation formula for the option an owner of an income producing multi-family property has to sell it to a housing cooperative. In traditionaloption valuation models, the date when the option matures is known inadvance. However, it is common that the property owner does not knowin advance when the tenants (through the housing cooperative) will buythe property. In this paper we let the expected time to maturity, which isthe day when the tenants purchases the property from their landlord, tobe a random variable. The numerical examples suggest that the value ofthe conversion option increases as expected time to conversion increases,as well as when the volatility of the price of housing cooperative proper-ties increase. The real options approach suggested in this paper may beespecially useful to explicitly conceptualize the problem of valuing a rentalproperty with embedded options to switch it to another type of property.

  • 3.
    Atterhög, Mikael
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A survey of policies that may increase access to home ownership for low income households2009In: Housing, Theory and Society, ISSN 1403-6096, E-ISSN 1651-2278, Vol. 26, no 4, p. 248-270Article in journal (Refereed)
    Abstract [en]

    This review article presents a systematic overview of strategies that may make home ownership affordable to more low-income households. Home ownership has been regarded as the preferred choice of tenure by most OECD countries for many decades and has often been supported with a wide range of methods that make ownership economically attractive. There are four distinct time periods of a typical “housing career”: (1) down payment accumulation stage, (2) transaction stage, (3) ownership stage and (4) selling stage. Although home ownership rates have been on the increase globally since the Second World War, recent signs indicate that this trend has been halted. However, it is argued that little is known on the actual effectiveness of most of the described policies and that a set of policies, focusing on at least the first three stages above, is needed should a government wish to encourage home ownership. Moreover, direct subsidies and grants are probably not very interesting considering the weak financial situation of most governments. Thus, selected policies would probably focus on the ability of the households to signal their characteristics and on strengthening various insurance markets so that they become open to more households at a reasonable price.

  • 4.
    Bonde, Magnus
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Does greater energy performance have an impact on real estate revenues?2013In: The Journal of Sustainable Real Estate, ISSN 1949-8276, E-ISSN 1949-8284, Vol. 5, no 1, p. 174-185Article in journal (Refereed)
  • 5.
    Bonde, Magnus
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    "Green" refurbishments under uncertainty2015Report (Other academic)
    Abstract [en]

    It is often argued that great energy savings can be accomplished by upgrading existing energy-inefficient building stock. However, even if these investments are profitable at the time, it might be even better to postpone these measures as even better investments can be realized later on. Such behavior can be analyzed by applying the real options analysis (ROA) framework. In addition, the retrofit scenario differs from the new development case, as the former is affected by the value of the already existing building, since this value must be "surrendered" in order to acquire revenues from the retrofitted building. The main purpose of this paper is to evaluate green refurbishments using the real options methodology. In doing so, we are able to accurately estimate the "embedded" real option values of deferring green refurbishments, thereby adding to current explanations of the energy-efficiency gap. This paper also discusses policy suggestions to reduce the value of waiting and thus trigger these refurbishments today.

  • 6.
    Bonde, Magnus
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Is energy performance capitalized in office building appraisals?2013In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 31, no 3, p. 200-215Article in journal (Refereed)
    Abstract [en]

    Purpose: Since 2009, all commercial buildings in Sweden should have undergone an energy performance rating in accordance with the European Union directive on the Energy Performance of Buildings. The main purpose of this rating is to illustrate a building's energy performance in an easy, straightforward manner. In doing so, it becomes easier for the actors on the real estate market to assess the building's energy performance, which in the end should be reflected in the capital value of the property. The aim of this paper is to study the EU Energy Performance Certificates' impact on office buildings' capital values. Design/methodology/approach: In this paper an econometric approach is used to estimate the energy performance impact on buildings' capital values. A panel data set was constructed using economic data from IPD Nordic and Energy Performance Certificates from the Swedish National Board of Housing, Building and Planning. Findings: This study shows that a building's energy performance has no impact on its capital value. Research limitations/implications: There may be a selection bias in the sample as the study is dependent on data from IPD Nordic. Originality/value: This is one of the first papers that study the EU Energy Performance Certificates' impact on office buildings' capital values in Sweden.

  • 7.
    Bonde, Magnus
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    The impact of Energy Performance Certificates on Office Rents2013Conference paper (Other academic)
  • 8.
    Borg, Lena
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Quality Change and Implications for Productivity Development: Housing Construction in Sweden 1990–20102015In: Journal of construction engineering and management, ISSN 0733-9364, E-ISSN 1943-7862, Vol. 141, no 1, p. 05014014-Article in journal (Refereed)
    Abstract [en]

    Current procedures for computing building price indices do not adequately account for changes in the quality of new residential construction. This has resulted in an upward bias when it comes to price changes, which causes published productivity changes to be too low because of overdeflation. The aim of this study is to estimate productivity figures that take quality changes into account. Knowledge about the size of quality changes is important to quantify the true level of cost increases in the residential construction sector to obtain more reliable productivity development figures. This paper shows that productivity in the residential construction sector has been underestimated since the 1990s. The findings indicate that data collection for productivity calculations should be more detailed and rigorous to measure quality changes. The paper highlights potential improvements in the calculations of productivity changes.

  • 9.
    Brunes, Fredrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Hermansson, Cecilia
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    NIMBYs for the rich and YIMBYs for the poor: Analyzing the property price effects of infill development2016Report (Other academic)
    Abstract [en]

    A combination of strong urbanization and shortage of land in many European city areas prompts an impetus of infill development, with current residents often raising concerns that infill development leads to lower nearby property prices. The aim of this paper is to analyze how nearby property prices are affected by new construction projects in Stockholm, Sweden. We use a difference-in-difference specification in a hedonic model, and our sample consists of more than 40,000 observations over the period 2005–2013. Our results are robust and indicate that house prices in nearby areas increase following the completion of infill development. Our results also indicate that infill development only has a positive spillover effect on nearby house prices only in areas with lower incomes, more public housing units and more inhabitants born abroad.

  • 10.
    Donner, Herman
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Forced sales and their impact on real estate pricesManuscript (preprint) (Other academic)
  • 11.
    Donner, Herman
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Forced sales and their impact on real estate prices2016In: Journal of Housing Economics, ISSN 1051-1377, E-ISSN 1096-0791, Vol. 34, p. 60-68Article in journal (Refereed)
    Abstract [en]

    Based on data of sold apartments and single-family houses in Stockholm, Sweden, during the period of 2006 through 2013, we find that forced sales of apartments and single-family houses cause a substantial price discount. The results of a hedonic spatial Durbin model show a negative impact on transaction price of 20.1% for foreclosed apartments and 24.6% for foreclosed single-family houses. Furthermore, the price discount increases when the number of attempted auctions is limited, which is the case for forced apartment sales owing to a lost membership in a housing association (forfeited). In those cases, the discount is as high as 29.1%.

  • 12. Ericson, Lars-Erik
    et al.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Winstrand, Jakob
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Regional House Price Index Construction - The Case Of Sweden2013In: International Journal of Strategic Property Management, ISSN 1648-715X, E-ISSN 1648-9179, Vol. 17, no 3, p. 278-304Article in journal (Refereed)
    Abstract [en]

    The academic literature on the construction of regional house price indexes usually uses geographic areas whose boundaries are administratively drawn. However such administrative regions might not be optimal for the construction of regional price indexes. When producing housing price indexes, we often encounter problems with insufficient number of observations. One way to remedy this problem is to estimate a quarterly index instead of a monthly index. Another possible way to mitigate the thin markets problem is to construct indexes for geographically aggregated regions. However, the literature that discusses methods of dealing with the problem of thin markets and especially geographical aggregation is very rare. The goal of this paper is to construct a housing price index for a major part of Sweden, and to construct price index series for a number of regions. The number of regions, and how their boundaries should be created in order to construct reliable regional price indexes, is however an open question. We apply traditional hedonic methodology in order to estimate house price indexes for both predefined regions whose boundaries are based on a division of labor markets in Sweden, as well as a division of regions based on statistical cluster analysis. The results from this study suggest that regions should be clustered together based on regional price levels and/or price development as clustering variables. If only geographical proximity is used as clustering variable, our computations show that there is a high risk that we end up with some clusters having large standard errors, which in turn might result in inaccurate indexes.

  • 13.
    Han-Suck, Song
    KTH, School of Architecture and the Built Environment (ABE).
    Risk management of the housing market: with a focus on low income households2005Licentiate thesis, comprehensive summary (Other scientific)
  • 14.
    Hermansson, Cecilia
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. Swedbank, Stockholm, Sweden .
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Financial advisory meetings and their impact on saving behavior: a difference-in-difference analysis2016In: Journal of Retailing and Consumer Services, ISSN 0969-6989, E-ISSN 1873-1384, Vol. 30, p. 131-139Article in journal (Refereed)
  • 15.
    Hermansson, Cecilia
    et al.
    KTH, School of Biotechnology (BIO). KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Financial advisory services meetings and their impact on saving behavior: A difference-in-difference analysis2016In: Journal of Retailing and Consumer Services, ISSN 0969-6989, E-ISSN 1873-1384, Vol. 30, p. 131-139Article in journal (Refereed)
    Abstract [en]

    Earlier research points to negative effects on the risk-weighted return from using financial advisors; moreover, with the incentives given to advisors they seem to increase account turnover as well as the saving volumes directed to mutual funds. In this study, the effects on saving behavior are analyzed and defined as the number of financial products held in stock and the saving volumes transferred monthly to mutual funds. Measuring the near-in-time average effects from one financial advisory meeting on Swedish bank customers, financial products increased by about 2 percent, while funds channeled to mutual funds increased by 22 percent, compared with a control group in which the bank customers had had advisory meetings in the past, but not in the treatment period. This study concludes that the largest effects on saving behavior are observed for the young customers and, in particular, those with low wealth, and for the customers who provide the lowest profitability to the bank. Nevertheless, to conclude that financial advisory meetings are not profitable for the bank is not a proposed managerial implication, rather, the usefulness of an analysis of the time and the actions needed to move customers up into higher profitability is suggested.

  • 16.
    Katzler, Sigrid
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Han-Suck, Song
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Public real estate- correlation and volatility dynamics in the U.K. mixed-asset portfolioManuscript (preprint) (Other academic)
  • 17.
    Kopsch, Fredrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Determinants of mutual fund flows2015In: Managerial Finance, ISSN 0307-4358, E-ISSN 1758-7743, Vol. 41, no 1, p. 10-25Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to study the determinants of aggregate fund flows to bothequity and hybrid mutual funds. The authors test three hypotheses that help explaining therelationship between mutual fund flows and stock market returns, namely; the feedback-traderhypothesis, the price-pressure hypothesis, and the information-response hypothesis.Design/methodology/approach – The study relies on Swedish quarterly data on mutual fund flowsover the period 1998-2013. The methodology is twofold; through the structural models (AR(1)) theauthors can say something regarding the relationship between mutual fund flows and financial macrovariables. The analysis is further strengthened by utilizing a vector autoregressive model to test forGranger causality in order to determine the order of events.Findings – Similar to both Warther (1995) and Jank (2012), the authors only find support for theinformation-response hypothesis. Additionally, the authors find new financial variables that havepredictive power in determiningmutual fund flows, namely; market fear (VIX), exchange rate, households’expectation regarding inflation as well as outflows from mutual bond funds.Originality/value – The study contributes to the body of literature in three ways. First, itcomplements recent findings on determinants of mutual fund flows but the authors also add to theknowledge by included new macro financial variables describing the real economy. Second, the authorsinclude a few additional variables. Third, the vast majority of previous studies have used US data, theauthors add to that a deeper understanding of determinants of mutual fund flows in smaller economiesby using Swedish data.

  • 18. Liang, J.
    et al.
    Li, L. F.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    An explanation of capital structure of China's listed property firms2014In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 32, no 1, p. 4-15Article in journal (Refereed)
    Abstract [en]

    Purpose: The purpose of this paper is to investigate the determinants of the capital structure of listed property firms in China.Design/methodology/approach: The study is based on quantitative methods such as dynamic panel data models and a panel data set containing financial and accounting data for all listed property companies from 2006 to 2010 in China. Findings: The findings confirm that the state-own shares, the fixed asset values, the total size of assets and profitability have a positive and significant impact on the leverage ratio of listed property firms in China. The negative impact of the tax shields and the currency ratio, and significant impact of state-own shares on capital structure cannot be explained by existing capital structure theory but the unique property market regulation environment and market conditions in China. Research limitations/implications: The findings confirm the applicability of trade-off theory (except for the correlation between leverage and the tax shield) on property companies in China. They also highlight the importance of government policies and special market conditions in explaining the financing behaviour of property companies in transaction countries like China. Practical implications: Complimentary policies should be established along with property market restriction policies to offset their unequal negative effect on property companies with less state-owned shares. Furthermore, government should invest efforts to eliminate the discrimination credit treatment of banks against property companies with non-existent or few state-owned shares. Originality/value: The special financial behaviour of China's property firms and the unique financial and property market conditions highlight the necessity of researching the capital structure of listed property firms in China. However, most of the existing literature focuses on the company financial behaviour in developed countries, and very few studies have been done concerning property firms' financing behaviour in emerging economies such as China, and this research prospects to fill this blank.

  • 19.
    Lind, Hans
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Dålig produktivitetsutveckling i byggindustrin: Ett faktum eller ett mätfel2012Report (Other (popular science, discussion, etc.))
  • 20.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Capital Structure Determinants An Empirical Study of Swedish Companies2005Report (Other academic)
    Abstract [en]

    This paper analysis the explanatory power of some of the theories that have been proposed in the literature to explain variations in capital structures across firms. In particular, this study investigates capital structure determinants of Swedish firms based on a panel data set from 1992 to 2000 comprising about 6000 companies. Swedish firms are on average very highly leveraged, and furthermore, short-term debt comprises a considerable part of Swedish firms’ total debt. An analysis of determinants of leverage based on total debt ratios may mask significant differences in the determinants of long and short-term forms of debt. Therefore, this paper studies determinants of total debt ratios as well as determinants of short-term and long-term debt ratios. The results indicate that most of the determinants of capital structure suggested by capital structure theories appear to be relevant for Swedish firms. But we also find significant  ifferences in the determinants of long and short-term forms of debt. Due to data limitations, it was not possible decompose short-term debt and long-term debt into its elements, but the results suggest that future analysis of capital choice decisions should be based on a more detailed level.

  • 21.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Essays on risk and housing2009Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    There is a series of different types of risk on the housing market and related industries.  The six papers in this doctoral dissertation are about a number of the many dimensions of risk management on the housing market. The main message of this thesis is that it should be possible for different actors in the housing market to improve risk management. Indeed, the last years’ financial turmoil has revealed that it should not only be possible, but also necessary, to improve risk management at all levels of the economy: at household, corporate, regional, national and international level. Although the complexity of the environment in which we live and act makes it very difficult to predict and quantify risk, the development of risk management techniques should make it possible to better indentify, and reduce risk.

    The first paper provides a systematic overview of a wide selection of methods or strategies used in different countries to expand but also to maintain home ownership among low income households. The second paper further discusses mortgage and home equity insurance instruments discussed in the first paper. This paper also discusses how a rental insurance policy, as an alternative to traditional rent regulation, may be constructed. Paper 3 develops a formula that might be used in order to value the rental insurance option discussed in paper 2. The fourth paper focuses on the housing building sector by discussing potential benefits of strategic alliances that the different actors in the housing construction market may establish in order to pool resources and manage development risks. The challenge of constructing reliable home price indexes has attracted scholars for many years. Paper 5 develops monthly quality-adjusted price indexes for condominiums (housing cooperative apartments) based on a unique dataset covering sales in the whole of Stockholm municipality from January 2005 to June 2009. Finally paper 6 pays attention to the large increase in housing cooperative conversions sine the 1990s, by deriving a closed-form valuation formula that might be used to value the embedded option an owner of a multi-family rental property has to sell it to a housing cooperative.

  • 22.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Mortgage and home equity insurances for home owners and rental insurancefor tenants2009Report (Other academic)
    Abstract [en]

    Households face many different kinds of risks that are related to ownership and tenancy. Forinstance, home owners face both financial and capital risk, whereas tenants face risks relatedto rent level. The present paper focuses on mortgage and home equity insurance instruments for home owners, and rent insurance instruments for tenants. Mortgage and home equityinsurances might improve both households’ as well as lenders possibilities to manage risksrelated to home purchases, financial commitments and lending. Mortgage insuranceinstruments aims at mitigating the risk of mortgage default and loan losses resulting from a foreclosure process, while home equity insurance provide protection against capital losses.Furthermore, these insurance instruments might also be usable for expanding home ownershipfor low-income households. This paper also discusses a rental insurance policy as analternative to traditional rent regulation. A main feature of this policy is that landlords are supposed to be obliged to offer tenants rental insurance against strong increases in marketrents

  • 23.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The valuation of residential rental options2009Report (Other academic)
    Abstract [en]

    This paper develops a formula for pricing a residential option with respect to a tenant’s so called outside option in which two new parameters are introduced; the tenant’s transactioncost of moving and moving threshold. This formula is then used to compute numerical examples of the option price for different parameter values. We believe that the pricingformula developed in this paper provides a potentially useful way of conceptualizing howhouseholds actually might think when considering buying an option. The numerical examples show that the value of the option increases with higher transaction cost of moving, and decreases with higher moving threshold. With a low moving threshold (i.e. a liquidityconstrained household) and/or a high transaction cost of moving, the rental option may have a high value for this household. This value might therefore be higher than the option value calculated the standard way, i.e. without the transaction cost of moving, and moving thresholdparameters. Naturally, the opposite situation occurs for a household with a high moving threshold and/or a low transaction cost of moving.

  • 24.
    Song, Han-Suck
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Pooling of resources in housing development through strategic alliances:Theoretical framework and options for the Swedish market2009Report (Other academic)
    Abstract [en]

    The purpose of this paper is to discuss different types of strategic alliances that a developer might establish in order to undertake risky development projects. Individual developers aswell as cities and municipalities can become more competitive by mobilizing resources andallocating risks efficiently. Based on the general literate on strategic alliances, we argue that developers and other actors in the development process may realize a large number of potential benefits of alliance activity. Strategic alliances can be designed to meet criticalresource and risk management needs of a residential developer throughout a typical development process.

  • 25.
    Song, Han-Suck
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Framtagning av komposita prisindex2010Report (Other academic)
  • 26.
    Song, Han-Suck
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Improved price index for condominiums2009Report (Other academic)
    Abstract [en]

    This paper proposes a price index construction methodology that can increase the quality ofprice index data for condominiums in Sweden. Currently, officially published market priceindexes for condominiums and houses in Sweden suffer from a number of shortcomings.Notably they do not control for quality, or they are based on dates when transfer of ownershipof the home occurs, and not the contract date. We develop a new price index that both controlsfor quality and reflect most recent price levels and changes. With access to a unique databasewe estimate alternative hedonic price indexes, and compare them both between themselves, aswell as with arithmetic mean and median price indexes. However, there is a trade-off betweencontrol of quality, access to the most recent transactions, and market coverage on one hand, andease of construction on the other hand.

  • 27.
    Song, Han-Suck
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Improved price index for condominiums2010In: Journal of Property Research, ISSN 0959-9916, E-ISSN 1466-4453, Vol. 27, no 1, p. 39-60Article in journal (Refereed)
    Abstract [en]

    This paper proposes a hedonic apartment price index construction method that can increase the quality of price index data for condominiums in Sweden. Currently, the public condominium price index that different actors usually refer to is based on mean and median prices per square metre. With access to a unique database with the most recent transactions data from real estate agents firms, I estimate alternative hedonic price indexes, and compare them both with each other, as well as with arithmetic mean and median price indexes.

  • 28.
    Song, Han-Suck
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Property derivatives for the housing market: A pilot study of potential applications2010Report (Other academic)
  • 29.
    Warsame, Abukar
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Song, Han-Suck
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Quality of road construction projects in sweden between 1990 and 20102014In: Australasian Journal of Construction Economics and Building, ISSN 1835-6354, Vol. 14, no 1, p. 78-87Article in journal (Refereed)
    Abstract [en]

    It has been reported that productivity developments in construction are slow compared to other sectors. Measuring productivity is however not easy and it might have been underestimated due to deficiencies in the index that is used when the value added in current prices is converted into value added at constant prices. A central problem when deflating nominal prices is that the deflation should only take away price changes for identical products and not price changes related to quality changes and improvements necessitated by new environmental conditions and legislation as well as demand for higher safety. The aim of this project is to help fill this gap by looking at the quality changes over time in road construction. A combination of comparative studies and interviews with practitioners from public and private sectors that are involved in road construction projects were conducted. It was found that there had been both direct quality changes in the roads, primarily to improve safety on the roads and for noise protection, and indirect quality changes related to building in more difficult circumstances because of giving higher weight to other social objectives, especially environmental objectives. As these quality increases are not taken into account when productivity is measured, productivity improvements could be underestimated by around 1% per year.

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