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  • 1. Andersson, R.
    et al.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    How can regional differences in the risk-of-foreclosure be explained?: Evidence from Swedish single family housing markets2008In: Journal of Property Research, ISSN 0959-9916, E-ISSN 1466-4453, Vol. 25, no 3, p. 179-202Article in journal (Refereed)
    Abstract [en]

    In Sweden, quite large differences in the risk-of-foreclosure for single-family housing exist between regions. The aim of this paper is to explain such differences, using data on foreclosures for all Swedish regions. In an option-based model, the risk-of-foreclosure is a function of such things as housing prices and incomes, as well as interest rate and housing price volatility. Instead of using housing prices and incomes to explain the risk of foreclosure, we use explaining variables in the labor market model. The main results indicate that the option-based model explains the variation in foreclosure rates. Specifically, interest rate - together with price volatility, price changes, price and rent level, income, and employment - explains around one-third of the total regional variation. Our extended option-based model explains slightly more. Specialization within the industrial sector seems to have a positive effect on foreclosure risk in that it, together with the educational level of the workforce, reduces the risk. Specifically, mortgage lenders and banks can reduce their risk by concentrating their business on dense regions with a high degree of employment within the manufacturing industry and with a higher educational level of the workforce.

  • 2.
    Andersson, Roland
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Urban and Regional Studies.
    Mandell, Svante
    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.
    Så skapas attraktiva städer2014Book (Refereed)
  • 3.
    Andersson, Roland
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Urban and Regional Studies.
    Nabavi, Pardis
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The impact of advanced vocational education and training on earnings in Sweden2014In: International Journal of Training and Development, ISSN 1360-3736, E-ISSN 1468-2419, Vol. 18, no 4, p. 256-270Article in journal (Refereed)
    Abstract [en]

    Researchers have established a relationship between greater education and training and higher earnings but it is difficult to infer that the former causes the latter if those with higher earnings tend to engage in more education and training. The present study attempts to control for ability and family background to see if stronger inferences can be made about education and training as the independent variable. The study focuses upon advanced vocational education and training (AVET) in Sweden. This is post-secondary school education for individuals who are 20 years of age or older. The aim of this article is to estimate the effects of AVET on earnings by controlling for selection bias. We used various approaches such as instrumental variables, Hausman–Taylor estimates, fixed effects estimates and propensity score matching to achieve this aim. A panel, or longitudinal, data set for eight different labor markets in Sweden for the period 1996–2008 was used. The results indicate that earnings from AVET are higher than the return on investment in comprehensive education. The average effect on income is estimated to be in the range of 3–8 percent.

  • 4.
    Andersson, Roland
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Quigley, J. M.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Agglomeration and the spatial distribution of creativity2005In: Papers in regional science (Print), ISSN 1056-8190, E-ISSN 1435-5957, Vol. 84, no 3, p. 445-464Article in journal (Refereed)
    Abstract [en]

    This article analyses the spatial distribution of "creativity"-the production of new knowledge. We analyse commercial patents granted in Sweden between 1994 and 2001 using a panel of 100 labour market areas that encompass the entire country. We relate patent activity to measures of localisation and urbanisation, to the industrial composition and size distribution of firms, and to the regional distribution of human capital. Our analysis confirms the importance of human capital and research facilities in stimulating regional patent output. Our results document the importance of agglomeration and spatial factors in influencing creativity: patent activity is increased in larger and more dense labour markets and in regions in which a larger fraction of the labour force is employed in medium-sized firms. Our results also indicate that creativity is greater in labour markets with more diverse employment bases and in those which contain a larger share of national employment in certain industries, thus confirming the importance of urbanisation and localisation economies in stimulating creativity. Our quantitative results suggest that the urbanisation of Sweden during the 1990s had an important effect upon the aggregate level of patent activity in the country, leading to increases of up to 15 percent in aggregate patents.

  • 5.
    Andersson, Roland
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Quigley, JM
    Wilhelmsson, Mats
    KTH, Superseded Departments, Real Estate and Construction Management.
    University decentralization as regional policy: the Swedish experiment2004In: Journal of Economic Geography, ISSN 1468-2702, E-ISSN 1468-2710, Vol. 4, no 4, p. 371-388Article in journal (Refereed)
    Abstract [en]

    During the past 15 years, Swedish higher education policy has emphasized the spatial decentralization of post-secondary education. We investigate the economic effects of this decentralization policy on productivity and output per worker. We rely upon a 14-year panel of output and employment for Sweden's 285 municipalities, together with data on the location of university-based researchers and students, to estimate the effects of exogenous changes in educational policy upon regional development. We find important and significant effects of this policy upon the average productivity of workers, suggesting that the economic effects of the decentralization on regional development are economically important. We also find evidence of highly significant, but extremely localized, externalities in productivity. This is consistent with recent findings (e.g., Rosenthal and Strange, 2003) on agglomeration in 'knowledge industries.'

  • 6.
    Andersson, Roland
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Planning and Land Law.
    Quigley, John M.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Urbanization, productivity, and innovation: Evidence from investment in higher education2009In: Journal of Urban Economics, ISSN 0094-1190, E-ISSN 1095-9068, Vol. 66, no 1, p. 2-15Article in journal (Refereed)
    Abstract [en]

    During the past two decades, Swedish government policy has decentralized post-secondary education throughout the country. We investigate the economic effects of this decentralization policy on the level of productivity and innovation and their spatial distribution in the national economy. We find important and significant effects of this investment policy upon economic output and the locus of knowledge production, suggesting that the decentralization has affected regional development through local innovation and increased creativity. Our evidence also suggests that aggregate productivity was increased by the deliberate policy of decentralization. Finally, we estimate the spillovers of university investment over space, finding that they are substantial, but that they are greatly attenuated. Agglomerative effects decline rapidly; roughly half of the productivity gains from these investments are manifest within 5-8 km of the community in which they are made.

  • 7.
    Andersson, Roland
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Urban and Regional Studies.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Universities, knowledge transfer and regional development: Geography, entrepreneurship and policy2012In: Papers in regional science (Print), ISSN 1056-8190, E-ISSN 1435-5957, Vol. 91, no 2, p. 477-479Article, book review (Other academic)
  • 8.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    The relationship between house prices and business start-ups: A research note2015Conference paper (Refereed)
  • 9.
    Berggren, Björn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Fili, Andreas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    Wilhelmsson, Mats Håkan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Does the increase in house prices influence the creation of business startups?: The case of Sweden2017In: Region, ISSN 2409-5370, Vol. 4, no 1, p. 1-16Article in journal (Refereed)
    Abstract [en]

    Entrepreneurs are at the core of economic development in that they start new businesses or make existing firms grow. To fulfill this important role, entrepreneurs need access to financing. Owing to information asymmetry and the relatively high risk associated with business startups, many financiers shy away from engaging in relationships with firms during the early stages of their development. Based on the existing body of knowledge on the financing of entrepreneurship, we know that insider finance is of paramount importance in the early stages of firms’ development. We expand this knowledge base by analyzing the influence of house prices on business startups across municipalities in Sweden. In our analysis, we include data from all municipalities in Sweden. Our data on house prices and control variables are collected in period one, and our data on the frequency of startups are collected in period two. We find that rising house prices in a municipality lead to a higher frequency of startups. In our spatial Durbin model, we find that a 1% increase in house prices leads to around 0.15% increase in startups. Our findings are in line with the limited international research that has been previously conducted, and therefore, our study might make a small but vital addition to this growing body of knowledge within the area of entrepreneurship and regional development.

  • 10.
    Björklund, Kicki
    et al.
    John Mattson Fastighets AB, Lidingö, Sweden.
    Dadzie, John Alex
    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.
    Offer price, transaction price and time on the market 2006In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 24, no 4, p. 415-426Article in journal (Refereed)
    Abstract [en]

    Purpose - The purpose of this paper is to investigate whether or not the offer price affects the transaction price and the number of days the property is on the market. Specifically, is it possible for the broker to use the offer price as an instrument for obtaining a higher transaction price? Design/methodology/approach - To test the hypothesis the general hedonic model is used, where the deviation of the transaction price and expected price from the offer price is a function of time on the market. Findings - The results indicate that a high offer price is more likely to result in a high ratio of transaction price to expected price compared to a low offer price. Research limitations/implications - However, the overall conclusion is affected by the state of the market, that is, whether the market is static, rising or falling. Practical implications - The best selling strategy in a rising market seems to be set a high offer price compared to the expected sale price. Originality/value - The main contribution is that the paper not only analyzes the relationship between offer and transaction price, but also its relationship to expected price. It also tests for the existence of spatial autocorrelation, which is unique in this type of study.

  • 11.
    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.

  • 12.
    Ceccato, Vania
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Acts of vandalism and fear in neighbourhoods: do they affect housing prices?2012In: The urban fabric of crime and fear / [ed] Vania Ceccato, Springer Netherlands, 2012, p. 191-213Chapter in book (Refereed)
    Abstract [en]

    This chapter assesses whether acts of vandalism and fear of crime affect neighbourhoods, particularly their effect on housing prices. The study employs hedonic pricing modelling to estimate the impact of crime and fear of crime, controlling for other factors (property and neighbourhood characteristics). Geographic information system (GIS) is used to combine apartment sales with offences data, responses of the 2008 Safety Survey and land-use characteristics of the study area, Stockholm, the capital of Sweden. Results indicate that apartment prices are affected by both vandalism and fear (in an area and its neighbouring zones). There is an indication of a synergic effect of vandalism and fear in neighbourhoods: when vandalism and fear of places in the neighbourhood are assessed together, results show that housing values tend to be lower than in areas where either vandalism alone or fear affects property values. This chapter concludes with a discussion of the results and recommendation for future studies.

  • 13.
    Ceccato, Vania
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The impact of crime and fear of crime on property prices2010In: / [ed] ESC, Liege, Belgium, 2010Conference paper (Other academic)
    Abstract [en]

    This article assess whether acts of vandalism and fear of crime affect neighbourhoods, particularly their effect on housing prices. The study employs hedonic pricing modelling to estimate the impact of crime and fear of crime, controlling for other factors (property and neighbourhood characteristics). Geographic Information System (GIS) is used to combine apartment sales with offences data, responses of the 2008 Safety Survey and land-use characteristics of the study area, Stockholm, the capital of Sweden. Results indicate that apartment prices are affected by both vandalism and fear (in an area and its neighbouring zones). There is an indication of a synergic effect of vandalism and fear in neighbourhoods: when vandalism and fear of places in the neighbourhood are assessed together, results show that housing values tend to be lower than in areas where either vandalism alone or fear affects property values. The paper concludes with a discussion of the results and recommendation for future studies.

  • 14.
    Ceccato, Vania
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    The Impact Of Crime On Apartment Prices: Evidence From Stockholm, Sweden2011In: Geografiska Annaler. Series B, Human Geography, ISSN 0435-3684, E-ISSN 1468-0467, Vol. 93B, no 1, p. 81-103Article in journal (Refereed)
    Abstract [en]

    This study uses data of about 9,000 apartment sales in Stockholm, Sweden, to assess the impact of crime on property prices. The study employs hedonic pricing modelling to estimate the impact of crime controlling for other factors (property and neighbourhood characteristics). Geographic Information System (GIS) is used to combine apartment sales by coordinates with offences, land use characteristics and demographic data of the population. The novelty of this research is threefold. First, it explores a set of land use attributes created by spatial techniques in GIS in combination with detailed geographical data in hedonic pricing modelling. Second, the effect of crime in neighbouring zones at one place can be measured by incorporating spatial lagged variables of offence rates into the model. Third, the study provides evidence of the impact of crime on housing prices in a capital city of a traditional welfare state, information otherwise lacking in the international literature. Our results indicate that apartment prices in a specific area are strongly affected by crime in its neighbouring zones, regardless of crime type. When offences were broken down by types, residential burglary, theft, vandalism, assault and robbery individually had a significant negative effect on property values. However, for residential burglary such an effect is not homogenous across space, and apartment prices in central areas are often less discounted by being exposed to crime than those in the city's outskirts.

  • 15.
    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)
  • 16.
    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%.

  • 17. Enström Öst, Cecilia
    et al.
    Söderberg, Bo
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Household allocation and spatial distribution in a market under ("soft") rent control2014In: Journal of Policy Modeling, ISSN 0161-8938, E-ISSN 1873-8060, Vol. 36, no 2, p. 353-372Article in journal (Refereed)
    Abstract [en]

    We analyse whether segregation exists in the rental housing market in Stockholm, Sweden, a market under persistent and all-embracing, yet "soft", rent control. We use segregation measures for the uncontrolled cooperative housing segment as benchmarks for analysing whether rent control counteracts segregation. We apply the analyses to a rich dataset encompassing some 400,000 households. We find that income segregation is significantly lower in the rent control segment than in the free market benchmark. However, when analysing segregation with respect to other segregation measures, the rental housing market is more segregated in these respects than in the non-regulated market for cooperatives. Rent control has arguably led to a comparatively flat rent gradient over the city and thus the comparatively low rents in the central, and most attractive, areas of the city provide a general subsidy to those who live in these areas. But according to our results this subsidy does not efficiently benefit households with low educated level, households with children, young households or households with a migrant background.

  • 18.
    Enström Öst, Cecilia
    et al.
    Uppsala University.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Youth dwellings, higher education, and childbearing2015Report (Other academic)
    Abstract [en]

    Earlier research has found that housing and childbearing are linked, difficulties accessinghousing possibly delaying childbearing and negatively effecting education opportunities. Toincrease housing accessibility, some municipalities have earmarked apartments for youngadults. These “youth dwellings” are criticized for being small and not necessarily facilitatingfamily formation and fertility, better suiting students’ needs. We analyze the childbearing andeducation patterns of young adults entering youth housing in 1996. We follow them for 14years to examine the causal effect of youth housing on childbearing and higher educationusing a propensity score matching technique. Results indicates that gaining access to small,low-rent inner-city rental apartments earmarked for young adults promote higher educationbut negatively affect childbearing, unless the rest of the housing market permits these rentersto advance their housing careers.

  • 19. Enström-Öst, C.
    et al.
    Söderberg, B.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Homeownership rates of financially constrained households2017In: Journal of European Real Estate Research, ISSN 1753-9269, E-ISSN 1753-9277, Vol. 10, no 2, p. 111-123Article in journal (Refereed)
    Abstract [en]

    Purpose: This paper aims to examine tenure choice in the Swedish housing market with explicit consideration of households’ credit constraints in combination with age and ethnic background. Design/methodology/approach: Observations of some 940,000 households were used to analyse the Stockholm housing market in 2008, prior to the implementation of the mortgage cap. The tenure choice models were estimated using a two-stage instrument variable (IV) logit and probit model with ownership or renting as outcome. Findings: The results suggest, as expected, that being financially restricted is negatively related to owning. In particular, financial restriction is more binding for young households and households with a foreign background than for other types of households. These two sub-groups are also known to have difficulties establishing themselves in the rental housing market, and are therefore specifically vulnerable to further financial constraints such as borrowing restrictions or amortization requirements. Originality/value: The government in Sweden has become concerned with the rapid growth in household indebtedness. As a response, a 0.85 loan-to-value ratio mortgage cap was introduced in 2010. However, critics are concerned with the effects this may have on the possibility for certain households to purchase a dwelling.

  • 20. 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.

  • 21.
    Iqbal, Asifa
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin. KTH.
    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.
    Park Proximity, Crime and Apartment Prices2017In: Article in journal (Refereed)
    Abstract [en]

    Parks and open green spaces are an important part of the city landscape. Although studies show that proximity to parks and open green spaces has a mostly positive impact on house prices, several studies also report that crime in parks can affect buyers’ perceptions, making nearby properties less desirable. We examine the effects of park proximity and crime in parks on apartment prices by using geographic information systems and hedonic modelling. Our results indicate that grass parks and park blocks are more desirable than landscape parks and neighbourhood parks in Stockholm. Our findings also confirm that parks in Stockholm’s city centre have a greater impact than parks on the periphery of Stockholm. Low-crime parks affect apartment prices positively.

  • 22.
    Jonsson, Sara
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Söderberg, Inga-Lill
    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), Centres, Centre for Banking and Finance, Cefin.
    An investigation of the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors' disposition bias2017In: Managerial Finance, ISSN 0307-4358, E-ISSN 1758-7743, Vol. 43, no 3, p. 282-298Article in journal (Refereed)
    Abstract [en]

    Purpose - The purpose of this paper is to investigate the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors' disposition bias. Specifically, the authors focus on individual characteristics explaining the investors' propensity to sell shares in a poorly performing mutual fund. Design/methodology/approach - The study relies on survey data collected from 1,564 Swedish households in 2013. The authors test the hypotheses considering three different portfolio compositions and portfolio performances. Each composition corresponds to a dependent variable and a separate model which are estimated using ordinal logistic regression. Findings - The authors find that different forms of financial literacy affect attenuation of the disposition effect. Specifically, the authors find that knowledge about mutual funds and knowledge about current market conditions affect the attenuation of the disposition effect, whereas the authors find no support for the effect of "technical financial knowledge" (e.g. the ability to calculate compound interest rates). The authors also find no support for the effects of risk attitude and saving motives on the attenuation of the disposition bias. Originality/value - The findings suggest a need for a more fine-grained conceptualization of the financial literacy concept and its effect on investors' disposition bias. Since an important implication of the findings is that financial literacy could potentially help people overcome behavioral bias, the study provides insights for policymakers as well as into the discussion on the design of consumer education programs.

  • 23.
    Jonsson, Sara
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Söderberg, Ingalill
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance. 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.
    Households and mutual fund investments: Individual characteristics of investors behaving like contrarians2017In: Journal of Behavioral and Experimental Finance, ISSN 2214-6350, E-ISSN 2214-6369, Vol. 15, p. 28-37Article in journal (Refereed)
    Abstract [en]

    We investigate characteristics of household investors stating they would increase shares in a mutual fund in a situation where this fund has exhibited a negative past performance. Hence, we investigate characteristics of investors behaving lite contrarians. We use a survey methodology to examine the effects of risk tolerance, perceived competence, and of being informed on households’ contrarian behavior. To investigate the stability of these characteristics we test our hypothesis in three scenarios: (1) scenario without consideration of market conditions, (2) bull market scenario, and (3) bear market scenario. Findings show that risk tolerance and perceived competence leads to a contrarian buying behavior. The results show that these effects are significant also in bull and bear markets, thus that these characteristics are stable. The findings further show that being informed explains contrarian buying behavior only when no consideration is given to current market conditions. Thus, this characteristic could be considered unstable.

  • 24.
    Kopsch, Fredrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Mandell, Svante
    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.
    The Icelandic housing market: the effect of the financial crisis in 2008-20112013Conference paper (Other academic)
  • 25.
    Kopsch, Fredrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Mandell, Svante
    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.
    The Icelandic housing market: the effect of the financial crisis in 2008-20112013Conference paper (Other academic)
  • 26.
    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.

  • 27.
    Kryvobokov, Mark
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Planning and Land Law.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Analyzing location attributes with a hedonic model for apartment prices in Donetsk, Ukraine2007In: International Journal of Strategic Property Management, ISSN 1648-715X, E-ISSN 1648-9179, Vol. 11, no 3, p. 157-178Article in journal (Refereed)
    Abstract [en]

    A hedonic model is specified for asking prices for apartments in Donetsk (Ukraine). This model is used to determine statistically significant location attributes. These attributes can be used for land assessment in a city where data on the land market are lacking. Distance gradients for CBD accessibility are investigated in different geographical directions. Separate models are created for sub-samples located inside and outside the city centre. A spatial weight matrix is used to detect spatial autocorrelation. The regression results are compared with the valuation of experts.

  • 28.
    Kryvobokov, Marko
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Planning and Land Law. Donetsk National Technical University,.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Analysing location attributes with a hedonic model for apartment prices in Donetsk, Ukraine2007In: International Journal of Strategic Property Management, ISSN 1648-715X, E-ISSN 1648-9179, Vol. 11, no 3, p. 157-178Article in journal (Refereed)
    Abstract [en]

    A hedonic model is specified for asking prices for apartments in Donetsk (Ukraine). This model is used to determine statistically significant location attributes. These attributes can be used for land assessment in a city where data on the land market are lacking. Distance gradients for CBD accessibility are investigated in different geographical directions. Separate models are created for sub-samples located inside and outside the city centre. A spatial weight matrix is used to detect spatial autocorrelation. The regression results are compared with the valuation of experts

  • 29.
    Mandell, Svante
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. Centre for Transport Studies (CTS), Sweden.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Financial infrastructure and house prices2015In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 47, no 30, p. 3175-3188Article in journal (Refereed)
    Abstract [en]

    We argue that banks operating in a local market possess better information about the local housing market than do nonlocal banks. Possessing this information may influence their willingness to grant loans to house buyers and the specifics of the loan terms, which in turn may affect house prices because credit facilitation makes the housing market more efficient. Using a panel data set covering a period from 1993 to 2007 and involving 274 municipalities in Sweden, we establish a positive causal influence of local bank presence on local house prices. There are significant spatial and spillover effects, that is, banks in a municipality affect the housing markets in neighbouring municipalities, although to a lesser extent than in their own municipality. Similar results are obtained through a gravity model. The results are robust over time and municipality size.

  • 30.
    Mandell, Svante
    et al.
    Swedish National Road and Transport Research Institute, Stockholm, Sweden.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Willingness to pay for sustainable housing2011In: Journal of Housing Research, ISSN 1052-7001, Vol. 20, no 1, p. 35-53Article in journal (Refereed)
    Abstract [en]

    This paper analyzed the differences between house buyers when valuing environmental characteristics associated with the house. The theoretical framework used is based on hedonic modeling, but the second stage is estimated by assuming a translog utility function. This technique is used to estimate the non-marginal willingness to pay for environmental housing attributes and whether an environmentally aware household has a higher willingness to pay or not. The findings reveal that there is a positive willingness to pay for environmental attributes and it is higher for households who (state that they) are environmentally aware. These results may justify policy measures such as information campaigns.

  • 31.
    Mandell, Svante
    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.
    Andersson, Roland
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Explaining regional changes in employment2013Conference paper (Refereed)
  • 32.
    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)
  • 33.
    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.

  • 34.
    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.

  • 35.
    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)
  • 36.
    Warsame, Abukar
    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), Real Estate and Construction Management, Banking and Finance.
    Armed conflict and prevailing rank-size patterns in 28 African states2009Conference paper (Other academic)
  • 37.
    Warsame, Abukar
    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), Real Estate and Construction Management, Building and Real Estate Economics.
    Armed conflicts and prevailing rank-size patterns in 28 African states2017In: African Geographical Review, ISSN 1937-6812, E-ISSN 2163-2642Article in journal (Refereed)
    Abstract [en]

    Refugees fleeing conflict and oppression can affect the population size of cities within a country and neighboring countries. This paper examines how the rank-size rule of cities has changed in 28 countries located in volatile regions of Africa over the past four decades. We estimate two equation models explaining the relationship between spatial/temporal variation in cities and noneconomic factors. Although economic factors remain the principal determinants of urban growth, the prevailing rank-size patterns indicate that noneconomic factors such as armed conflicts are behind the development of most of these cities, particularly those near or bordering conflict areas.

  • 38.
    Warsame, Abukar
    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.
    Borg, Lena
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    The effect of subsidy on housing construction in various regions of Sweden2010In: Journal of European Real Estate Research, ISSN 1753-9269, Vol. 3, no 3, p. 228-244Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to explore the extent that interest subsidies have impacted onthe total production of Swedish single- and multifamily houses. It also intends to examine whethertenure neutrality provision of interest subsidy that subsidy policy advocates was maintained.

    Design/methodology/approach – Using a multiple regression of two models, a balanced paneldata from 1975 to 2006 that consist of various related construction cost variables of all regions ofSweden will be analyzed. Instrumental variable (IV) and seemingly unrelated regressions (SUR) will beutilized to examine the role of subsidy on housing production and tenure neutrality, respectively.

    Findings – The results seem to indicate that a general subsidy is expected to be ineffective since itmay increase the existing stocks of a low demand region but not the housing stocks of big regionswhere the demand is high. Moreover, a targeted subsidy may change the balance between differenttypes of housings since lower construction costs due to the subsidy could favor the development ofcertain profitable housing types.

    Originality/value – The paper tries to substantiate (empirically) the assertion that subsidy policiescontributed both to the production of housing units in low demand regions and distortion of thepreference of different tenures.

  • 39.
    Warsame, Abukar
    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), Real Estate and Construction Management, Banking and Finance.
    Wigren, Rune
    IBF, Uppsala University.
    Yang, Zan
    Tsinghua University,.
    The Impact of Competition, Subsidies, and Taxes on Production and Construction Cost: The Case of the SwedishHousing Construction Market2013In: ISRN Economics, ISSN 2090-8938, Vol. 2013Article in journal (Refereed)
    Abstract [en]

    Few empirical studies focus on developing data and analyses on the factors that influence the decision making process of builders,developers and landlords. Interest subsidy, taxes, and competition are some of the factors that can influence the level of constructionor production costs and ultimately the price of the housing units produced.Different subsidy schemes and value-added taxes (VAT)have been used as tools to increase housing construction in Sweden. However, their effect on costs of the housing stock has notbeen rigorously examined in the current housing supply literature.The aim of this paper is to investigate the relationship betweenproduction and construction cost and its determinants especially their relationship to different subsidy schemes and value-addedtaxes. In our econometric analysis, we utilize a quarterly panel data that covers 1975–2004.Our results suggest that there is a positiverelationship between subsidies and construction cost and inverse relationship to value added taxes. This could explain why fewcompanies within the housing construction industry raise the cost of production since these companies could manage to transfersome of the tax burden from themselves to the housing developers. Paper goes on to discuss common practices of constructioncompanies that affects production costs.

  • 40. Wigren, R.
    et al.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Housing stock and price adjustments in 12 west European countries between 1976 and 19992007In: Housing, Theory and Society, ISSN 1403-6096, E-ISSN 1651-2278, Vol. 24, no 2, p. 133-154Article in journal (Refereed)
    Abstract [en]

    Housing investment has both a direct and an indirect effect on economic growth. It is therefore of great importance to understand the mechanisms underlying the housing market. This paper uses an error-correction model to analyse the dynamics of the housing markets in 12 West European countries for the period 1976-99. The empirical results indicate that it is, to some degree, possible to consider the European housing market as one market. The relationships between housing stock and its macroeconomic determinants are robust across countries. Furthermore, the results show that the price and cost elasticity of the housing supply are low. Shocks on demand and supply have small effects on the housing stock (low speed of adjustment on quantity). On average, shocks take 4 years before being fully incorporated into the housing stock. On the other hand, shocks have a substantial effect on prices (high speed of adjustment on price). Supply-side and demand-side shocks have an instant effect on housing prices.

  • 41.
    Wigren, Rune
    et al.
    Uppsala, IBF.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Construction investments and economic growth in Western Europe2007In: Journal of Policy Modeling, ISSN 0161-8938, E-ISSN 1873-8060, Vol. 29, no 3, p. 439-451Article in journal (Refereed)
    Abstract [en]

    The research task in the present study is to examine the statistical relationship between gross domestic product and a broad group of construction and, furthermore, the presence of crowding-out within the construction industry in Europe. The empirical analyzes support the findings of no crowding-out effect within the construction industry. Contrary, it seems that investments in especially infrastructure will have a complementary filling-in effect by an increase in both residential and other building construction. The Granger causality tests are not conclusive. However, the results imply that GDP Granger cause total construction in the short run, but not vice versa. Furthermore, infrastructure investments Granger causes GDP in the short run. The overall conclusion is that public infrastructure policies have an effect on short-run economic growth but only a weak effect on the long run and that there exist a filling-in effect from other types of construction. Furthermore, residential construction does have a long-run effect on economic growth.

  • 42.
    Wilhelmsson, Mats
    KTH, Superseded Departments, Real Estate and Construction Management.
    A method to derive housing sub-markets and reduce spatial dependency2004In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 22, no 4, p. 276-288Article in journal (Refereed)
    Abstract [en]

    Housing markets are typically segmented into a number of different sub-markets. If the sub-markets are not included in the hedonic estimation process, parameters will be biased. Furthermore, if neighbourhood characteristics are omitted, there is a risk that spatial dependency will be present, and this will cause estimates to be biased, inefficient and inconsistent. The objective of this paper is to derive functional sub-markets using cluster analysis to improve upon the hedonic model and reduce spatial dependency. The empirical analysis shows that cluster analysis of the residuals can remedy the problem of spatial autocorrelation. However, if the housing market under investigation is geographically large, the number of clusters will increase rapidly, if the objective is to reduce spatial dependency. The predictive performance is highly increased both in the full sample and the testing sample, but the predictive performance will be reduced if the sub-markets created are too small and too numerous. Hence, there is a trade-off between reducing spatial dependency and increasing the predictive power.

  • 43.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Construction and updating of property price index series: The case of segmented markets in Stockholm2009In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 27, no 2, p. 119-137Article in journal (Refereed)
    Abstract [en]

    Purpose: The purpose of this paper is to construct a hedonic property price index in the segmented housing market. Design/methodology/approach: Three different research questions are investigated. The first considers how to identify separate local housing markets, with the use of a regression-tree approach, and the second concerns when it is possible to update a price index, with a recursive regression approach. Finally, the question about seasonal adjustment is investigated. Findings: Overall, the hedonic approach is the best method to use. Moreover, the County of Stockholm is not one market in the sense that the market can be represented by only one property price index. It can be best described as a number of different sub-markets where the property prices grow differently. The results suggest that there exist at least five different price indexes in the County of Stockholm. The results also support that recursive regressions are two appropriate methods to answer the research questions. Here, the empirical analysis suggests that the parameter estimates converge relatively fast toward the estimate using all observations. Practical implications: The paper illustrates how to derive sub-markets in the construction of a price index and when to update a price index series. Originality/value: The introduction of new financial products, such as property derivatives, to the market has made the construction and quality of property price indexes more important. High quality price indexes are vital when it comes to, for example, pricing property derivatives. The paper facilitates this.

  • 44.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Evidence of Buyer Bargaining Power in the Stockholm Residential Real Estate Market2008In: Journal of Real Estate Research, ISSN 0896-5803, Vol. 30, no 4, p. 475-499Article in journal (Refereed)
    Abstract [en]

    This study investigates whether uninformed buyers pay higher prices for single-family houses than do other buyers and tests whether the bargaining power increases with information. Data on real estate prices and attributes is examined, as well as household characteristics and buying process from Stockholm. The results suggest that uninformed buyers pay a higher price than informed buyers do. Bargaining power is not found to be weaker for a first-time buyer but it is weaker if the household has participated in several biddings and lost. Repeated bidding-and-losing households are more willing to increase their reservation price and pay a higher overall price compared to other households.

  • 45.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    House price depreciation rates and level of maintenance2008In: Journal of Housing Economics, ISSN 1051-1377, E-ISSN 1096-0791, Vol. 17, no 1, p. 88-101Article in journal (Refereed)
    Abstract [en]

    My objective in this paper is to estimate different depreciation rates of house prices depending on the level of maintenance of the property and the location of the property. I do this by supplementing transaction price data with owner information about level of maintenance. The result indicates that the level of maintenance has a substantial impact on the price level. Since maintenance offsets some of the physical deterioration of the property, the depreciation rate will be lowered by maintenance, ceteris paribus. To be able to estimate maintenance effects on depreciation rates, I isolated the interaction effect between the level of maintenance and the age of the property to allow for the fact that maintenance has an impact on the effective age of the property. In this study, I separate maintenance into indoor and outdoor maintenance levels (or absence of maintenance). My results show that the depreciation rates are significantly different for a maintained property and for a property that is not maintained. The price difference between a 40-year-old property (built in 1960) and maintained both indoors and outdoors and a property of the same age that is not maintained is about 13% (-10% compared to -23% in total age effect). The absence of outdoor maintenance has more impact on price depreciation rates.

  • 46.
    Wilhelmsson, Mats
    KTH, Superseded Departments, Real Estate and Construction Management.
    Household expenditure patterns for housing attributes: A linear expenditure system with hedonic prices2002In: Journal of Housing Economics, ISSN 1051-1377, E-ISSN 1096-0791, Vol. 11, no 1, p. 75-93Article in journal (Refereed)
    Abstract [en]

    The main objective of this research is to demonstrate a new approach to how income and own-price elasticities for housing attributes can be estimated. The methodology used is a combination of the hedonic technique and a complete system of household expenditures, which relies on an additive utility function. However, here we allow the utility parameters to vary with family size. The empirical results of a case study show that family size plays a significant role when estimating the elasticities. Furthermore, the housing attributes of living area and absence of traffic noise are more income elastic than those of lot size and indoor quality. All the income elasticities are positively correlated with income and family size but negatively with down payment.

  • 47.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Prisutvecklingen över tiden och rummet samt dess bestämningsfaktorer2008Report (Other academic)
  • 48.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Regional House Prices: An Application of a Two Equation Model to the Swedish Housing Market2008In: International journal of housing market and analysis, ISSN 1753-8270, Vol. 1, no 1, p. 33-51Article in journal (Refereed)
    Abstract [en]

    Purpose – The aim of this study is to investigate why housing prices differ between regions, and toestimate the speed-of-adjustment.Design/methodology/approach – A variety of factors explains the differences in the prices ofsingle-family houses. Changes in disposable income over time and across regions as well as the costof capital are important determinants. The model is based on a DiPasquale and Wheaton modelwhere the developments of the house prices are a function of macroeconomic factors such aseconomic growth, changes in employment and interest rate. It is estimated on a two-equation errorcorrection model: first, the long-run price equation and, second, a short-run price model.Findings – The estimates suggest that the speed-of-adjustment ranges from 16 to 78 per cent(around 50 per cent on average) depending on the region. In regions with a low population density,higher price adjustment rates are observed. Moreover, the speed-of-adjustment is higher in an upturneconomy than in a downturn reflecting that negative housing stock adjustments is much slower thanpositive adjustments.Originality/value – The main contribution is that the speed-of-adjustment to the long-runequilibrium price for 21 regions is estimated instead of at a national level and, furthermore, cyclicalasymmetry in responses is tested and such differences are found. It is estimated that the rate ofadjustment to long-run equilibrium price varies considerably between regions.

  • 49.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Spatial Models in Real Estate Economics.2002In: Housing, Theory and Society, ISSN 1403-6096, E-ISSN 1651-2278, Vol. 19, no 2, p. 92-101Article in journal (Refereed)
  • 50.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    The Impact of Traffic Noise on the Values of Single Family Houses2000In: Journal of Environmental Planning and Management, ISSN 0964-0568, E-ISSN 1360-0559, Vol. 43, no 6, p. 799-815Article in journal (Refereed)
12 1 - 50 of 72
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