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  • 1.
    Abdi, Adel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Birgisson, Björn
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Effective Winter Highway Maintenance through Applicationof Partnering Concept2013In: International Journal of Engineering Management and Economics (IJEME), ISSN 1756-5154, E-ISSN 1756-5162, Vol. 3, no 3, p. 112-125Article in journal (Refereed)
    Abstract [en]

    Inmany countries winter road maintenance is outsourced to private contractors. Selecting appropriate contract for performance of winter highway maintenance and implementing it in an efficient way is then very important for both results and costs. Writing contracts concerning winter road maintenance is however difficult as weather conditions are hard to describe in an exact way and as what is rational to do in a certain situation, depends on expected future conditions. Problems during recent harsh winters in Sweden have clearly illustrated this. The study argues, with reference both to theoretical and empirical studies, that a partnering concept can improve efficiency in outsourced winter road maintenance. A detailed model of how partnering can be implemented is presented for winter road maintenance contracts together with systems for information supply such as International Roughness Index –surface unevenness measurement and Road Weather Information System.

  • 2.
    Abdi, Adel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Birgisson, Björn
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Payment mechanisms for winter road maintenance services2013In: Australasian Journal of Construction Economics and Building, ISSN 1835-6354, Vol. 13, no 4, p. 18-31Article in journal (Refereed)
    Abstract [en]

    In countries with severe winters, a major portion of the annual budget for road maintenance is allocated to winter road maintenance. Thus it is important to identify an appropriate basis for the remuneration of the entrepreneurs who carry out the maintenance tasks, one that minimises or eliminates disputes and that satisfies both client organisations and contractors. The objective of this study is to investigate and evaluate the payment models applied in Sweden for winter road maintenance services and suggest possible improvements. Inadequate reimbursement models lead either to unnecessary cost overruns that affect the client's annual budget or cause cash flow problems for the contractor, which can result in safety issues. To solve the problems associated with paying for just-in-time road maintenance, cold region countries such as Sweden have developed various remuneration models, including some based on what is known as the Weather Index. The study uses a domestic questionnaire survey, analysis of a number of current contract documents, a series of meetings with project managers followed by an international benchmarking investigation. The study identified four winter maintenance remuneration models of which one is based on weather data. The study reveals that the payment model based on weather data statistics is applied only to roads with higher traffic flow and generates the most uncertainty about costs. Possible improvements should include more reliable weather data obtained from weather stations and bonuses related to customer satisfaction.

  • 3.
    Abdi, Adel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Birgisson, Björn
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Public Procurement of Winter Road Maintenance Services Based on EU Procurement Directive: Lessons from Sweden2013In: Journal of Investment and Management, ISSN 2328-7721, Vol. 2, no 4, p. 70-86Article in journal (Refereed)
    Abstract [en]

    Public procurement of road maintenance services, particularly in cold regions is not an easy task in order to satisfy road-users during winter. Road-users’ dissatisfaction, complaint and pressure can usually be considered as major factors for having more accessible and safe roads during winter. These pressures have contributed and led to an increasing critical approach focusing on public procurement of these services after some harsh winters in the recent years in Sweden with traffic disruption and delay as consequence i.e. an increasing focus on the way in which the Swedish state authorities and local governments procure winter road maintenance services. The present study which is part of a larger research project investigating efficient winter road maintenance through procurement, tendering and contract aimed at extending this knowledge base with regard to procurement and socioeconomic factors with focus on the winter maintenance of the Swedish road network. The study reveals that even the Swedish winter road maintenance services are procured and outsourced in accordance with EU directive and public procurement rules transposed into the Swedish act on public procurement, the act has been interpreted in a manner that all the process has led to great dissatisfaction of end-users during winter due to improper bundling of winter related services. The lack of economic motivation in current contracts concerning winter road maintenance in the form of incentives has led to an inefficient performance of winter road measures. The study suggests a number of proposals in order to make forthcoming contracts more effective through proper bundling of winter services and create incentives for contractors to improve the performance of winter road maintenance services.

  • 4.
    Abdi, Adel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Birgisson, Björn
    KTH, School of Architecture and the Built Environment (ABE), Transport Science, Highway and Railway Engineering.
    Use of Road Weather Information System (RWIS) as Assistive Tool for Effective Winter Road Maintenance: Technical andContractual Interactions2012In: International Journal of Engineering and Technolgy, ISSN 2049-3444, Vol. 2, no 12, p. 2002-2012Article in journal (Refereed)
    Abstract [en]

    Winter highway operation and maintenance in the northern periphery is a challenge, a broad and complex area. Understanding about this area and its effect on winter traffic performance is far from complete. During the last forty years since Swedish Transport Administration (former Swedish National Road Administration) began attempting of the use of Road Weather Information System -RWIS on the Swedish road network, the repair and maintenance methods of this assistive tool has dramatically changed. Changing of the methods have been due to the progress and development of the technology within this area i.e. from simple stations that could be connected via telephone network for icy road warning to amore sophisticated and modern internet based technology. The main objective of this study was to investigate and find the importance and effectiveness of using weather data collected from RWIS by road agencies as an assistive tool for effective performance of winter road maintenance, and how these tools are currently maintained without influencing the delay of winter road maintenance.The study also attempts to find possible interactions between technical and contractual issues that may affect winter road maintenance. The method of the study was partly based on a theoretical study by reviewing some internationally published articles and reports in this area and furthermore a domestic questionnaire survey, an internationalbenchmarking and a follow-up study within a selected region in Sweden. The results of the study reveal that even if the weather stations are normally placed on roads where the risk of icy roads is greatest, there are indirect factors which influence the planned maintenance of these tools which subsequenly cause delay of winter road maintenance.

  • 5.
    af Klintberg, Tord
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Civil and Architectural Engineering, Sustainable Buildings.
    Högberg, Lovisa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Brick, Karolina
    Riksbyggen.
    Björk, Folke
    KTH, School of Architecture and the Built Environment (ABE), Civil and Architectural Engineering.
    Kristoffersson, Jan
    Sustainable innovation.
    Riksbyggens renoveringsverkstad 2: Energieffektivisering i samband med renovering hos bostadsrättsföreningar2012Report (Other academic)
    Abstract [en]

    The results of this project show that the main barrier is financial. It is difficult to justify measures such as additional insulation of facades or heat recovery from ventilation air, If you do not count with any real rising in energy prices. The individual cases can of course differ and it is important to examine the profitability of investments in connection with the planning of major maintenance and refurbishment. Ongoing technology development may also contribute to make this kind of measures more interesting in the future. The result from the previous project that optimizing measures (eg adjustment of the heating system) often are very profitable is also confirmed in this project. The economy would naturally be affected by introduction of policy instruments and incentives. However, it is quite doubtful to prioritize instruments for reducing heat used in apartment buildings, since this to a large extent is produced from renewable energy sources (compared to eg traffic).

    The project has also studied how the banking and insurance sectors could contribute to more energy efficiency in housing cooperatives. The conclusion is that these industries have a rather marginal ability to influence. However, there may be a possible "trigger effect” if there are special offers on the market for associations, actively working with their energy efficiency. The work continues to explore different possibilities in that area.

    The project has studied Riksbyggen’s current range of energy related services and has several suggestions for additional services and processes. This applies both to the long-term financial planning, which is an important factor for the cooperatives to be properly prepared for larger investments, and the more short-term / operational planning when the cooperatives are approaching decisions on major maintenance measures. Related to this, various forms of training, especially for the boards of the cooperatives, is of great importance. The project proposes a broad educational effort, based on role-playing. Riksbyggen may also develop the role as a competent discussions partner to the cooperatives and also encourage networking among housing cooperatives for facilitating dissemination of information and perhaps even coordination of efforts.

     

    This project is a direct continuation of the Riksbyggen’s renovation workshop. That project has analysed barriers to more extensive energy saving processes and how these can be bridged, based on housing cooperatives and the environment they are a part of. The project Riksbyggen’s renovation workshop was conducted as a joint project of Riksbyggen, KTH and Sustainable Innovation in 2010-2012 with the aim to highlight good examples of renovation efforts of housing cooperatives ,that can help reduce energy consumption. The project showed that there are good economic potential for energy savings, mainly through operational optimization and other less extensive measures.

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    Riksbyggens renoveringsverkstad 2
  • 6.
    af Klintberg, Tord
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Civil and Architectural Engineering.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Krav på tillgänglighetsanpassning vid renovering: Ett diskussionsinlägg2016Report (Other (popular science, discussion, etc.))
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  • 7.
    Ahmadi, Zahra
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Market orientation and public housing companies in the Swedish declining market2016Licentiate thesis, comprehensive summary (Other academic)
    Abstract [en]

    The licentiate thesis consists of three papers with the particular topic in public housing. They discuss how the public housing companies manage the transition to higher economic demands meeting increased customer and market requirements. These studies focus specifically on how the public housing company deal with market challenges associated with the decision to demolish, maintain and/or new construction. Market-oriented perspective can be a tool for the public housing companies to achieve better customer value and enhance economic development. Although the market orientation concept has contributed to valuable improvements in research, the thesis assumes that it is necessary to distinguish between that the public housing companies operate market-oriented to meet customer requirements and their focus on innovation.

    Paper I develops market/innovation types and then investigates how public housing companies adapt to these types. It was found that economic conditions in the municipality have a major impact on the housing companies, causing them to act innovatively and create superior customer value by innovations. The study confirms that the implementation of market and innovation orientation contributes to competitive advantages in growing markets, while weak economic conditions impair implementation in declining markets.

    Paper II addresses how public housing companies in declining markets act based on the concept of market intelligence. This study suggested and tested whether there is a positive link between collecting customer information, disseminating it in the organization, and responding to customer needs, and whether this link has an impact on strategic performance. The result shows that weak links exist in the process; the efficiency of intelligence distribution in public housing companies is affected mainly by their responsiveness to customer needs.

    Paper III also addresses the public housing companies’ market strategies in declining markets. This study, based on a market-strategic perspective, compares how public housing companies act in relation to customer wants compared to the private housing market. The result shows that public housing companies are more engaged in carrying out new construction, renovation, and reconstruction, as well as taking more social responsibility compared to the private sector. In particular, their concern for the customers’ social needs is evident.

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    Thesis
  • 8.
    Ahmadi, Zahra
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Moderating effects on market orientation and strategic performance: A study of public housing companies in Sweden2018In: Article in journal (Refereed)
  • 9.
    Ahmadi, Zahra
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. Högskolan i Gävle.
    The role of market orientation in public housing companies:: A study of MO’s effect on construction strategies2018Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    The development of public housing companies in Sweden is strongly influenced by legal, economic, and demographic changes. The companies long tradition of taking responsibility for customer welfare in living have recently been criticized for excessive dominance over price setting, which is claimed to give them competitive advantages in the housing market. New legislation in 2011 requires financial return on investment, implying increased competition with radical changes for the companies. Because of the law, they find themselves transitioning from the role of being responsible for living conditions in Sweden to having to work in a businesslike manner with increased competition.The purpose of this dissertation is to analyze how the public housing companies’ deal with market orientation constructs and what their impact is on construction strategy choices. Theoretically, the market orientation concept is seen as a tool for companies to create superior value for the customers and influence strategic performance, which is a relationship tested and analyzed in this dissertation.The research was conducted through data collection stages using qualitative and quantitative methods. In the first stage, a qualitative pilot study was conducted with interviews of 15 managers in 11 public housing companies in central Sweden. In the second stage, two quantitative comparative studies of public and private housing companies in declining markets in central Sweden were conducted, collecting data from 23 (22 survey respondents) public and 37 private housing companies (16 respondents). In the third and final stage, two quantitative studies were conducted, collecting data from all 289 public housing companies (165 respondents) in Sweden.Results of the five studies show, firstly, that economic condition in the municipality have a major impact on the housing companies’ construction strategies, causing them to act innovatively in order to create superior customer value. Secondly, market orientation efforts contribute to competitive advantages in growing markets, while weak economic conditions limit the companies’ construction strategy choices in declining markets. After analyzing the link between market orientation constructs and construction strategy in declining markets, results showed that the public housing companies demonstrate higher responsiveness to customer demands compared to the private sector, but these have no effects on construction strategy. Thirdly, the analysis of moderating (external) and mediating (corporate social responsibility) effects on the market orientation and construction strategy relationship confirms that economic conditions in society influence construction strategy planning and decisions. The results of the mediating effects of CSR indicate that environmental and social issues have a positive influence on the market orientation and construction strategy relationship.

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  • 10.
    Ahmadi, Zahra
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics. University of Gävle, Sweden.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Strategies in decling housing markets: a comparison of public and private housing companiesManuscript (preprint) (Other academic)
  • 11.
    Ahmadi, Zahra
    et al.
    Gävle.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Sustainable strategies in a declining housing market: a comparative study2018In: International Journal of Management Practice, ISSN 1477-9064, E-ISSN 1741-8143, Vol. 11, no 4, p. 400-421Article in journal (Refereed)
    Abstract [en]

    The purpose of this study is first to examine and compare sustainable strategies within public and private housing companies in declining markets in central Sweden. Then, the study evaluates the impact of new legislation that requires public housing companies to act in a ‘businesslike’ way, in the same way as a long-term private company. A quantitative study was conducted based on a survey sent to 72 housing companies. The results show that public housing companies are more strategy oriented than private housing companies. The results can be viewed as an on-going interaction process, where a company’s strategies affect its profit. The study aims toincrease the understanding of activities within housing companies in adeclining market that engage the companies in sustainable strategies to improve their market knowledge and profit.

  • 12.
    Ahmadi, Zahra
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Sundström, Agneta
    The market intelligence impact on strategic performance in declining markets2017In: International Journal of Applied Business and Economic Research, ISSN 0972-7302, Vol. 15, no 15, p. 457-473Article in journal (Refereed)
    Abstract [en]

    This study examines how companies in declining markets operate in the context of market intelligence, responding to customer needs and applying them to strategic performance. A quantitative survey was sent to 214 public housing companies. The results indicate that market intelligence creates commitment and is significant. A positive relationship was found between data gathering, dissemination, and responsiveness, which indicates that the companies comprehend market needs but companies have difficult to manage construction strategies that improve strategic performance. There was a low value of strategic performance; a link between market intelligence and the chosen strategy was not confirmed. Companies know what the market wants but base their decision on previous strategic performance on economic conditions in the municipality instead.

  • 13.
    Almqvist, David
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Sjölund, Emil
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Värdering av kommersiella fastigheter: Problem på en illikvid marknad2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    I denna rapport har vi valt att kritiskt granska fastighetsvärderingar på en illikvid marknad. Dels i fråga om metodval, dels om det föreligger någon form av systematisk felkälla och till sist om det råder oenighet kring tillämpningen av IFRS definition av verkligt värde. Kassaflödesmodellen är den idag vanligast förekommande värderingsmetoden och ger goda möjligheter till fastighetsspecifika justeringar under kalkylperioden. Vår uppfattning är dock att metoden endast ger sken av noggrannhet då kassaflödet ändå normeras tämligen slentrianmässigt samt att osäkerheten i direktavkastningskrav på en illikvid marknad är av överordnad betydelse. Vidare undersöker vi ifall det finns systematiska avvikelser i fastighetsvärderingar. Detta gör vi genom att undersöka korrelationen mellan de bedömda värdena på fastighetsmarknaden och aktiemarknaden. Den korrelation vi kan påvisa tyder på att fastighetsmarknaden lider av fenomenet valuation smoothing. IFRS har i sitt regelverk IAS 40 en tydlig definition på en fastighets verkliga värde som noterade bolag enligt lag är skyldiga att följa i sin redovisning. Vi jämförde de årliga bedömda värdeförändringar mellan fem noterade fastighetsbolag sinsemellan och såg en tydlig skillnad. Vid en närmare analys visar det sig att bolag med högre andel internvärdering av fastighetsbeståndet har en större spridning på sina värdeförändringar sett över tid. Orsaken till detta är svår att bevisa men problematiken kring att bolag som själva värderar sitt bestånd eventuellt påverkar värderingarna av fastigheterna tål att belysas.

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  • 14.
    Andersson, Linda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    A case study of forms of cooperation between public and private players in the Swedish public real estate sectorManuscript (Other (popular science, discussion, etc.))
  • 15.
    Andersson, Linda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Public Private Partnerships in the Swedish public real estate sector 2006Manuscript (Other academic)
  • 16.
    Andersson, Linda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Public Private Partnerships (PPP): theoretical models and an analysis of Swedish contracts2008Licentiate thesis, comprehensive summary (Other scientific)
  • 17.
    Andersson, Linda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    The definition and context of Public Private Partnership (PPP) within the real estate and construction industryManuscript (Other academic)
  • 18. 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.

  • 19.
    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)
  • 20.
    Andersson, Roland
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Söderberg, Bo
    Uppsala University, Sweden.
    Elimination of Rent Control in the Swedish Rental Housing Market: Why and How?2012In: Journal of Housing Research, ISSN 1052-7001, Vol. 21, no 2, p. 159-181Article in journal (Refereed)
    Abstract [en]

    If housing market rent control is completely eliminated, welfare gains may arise from tenant redistribution. The amount of such welfare gains is estimated at approximately SEK 20 billion (approximately USD 3 billion) for inner Stockholm. In addition, welfare gains may arise from the production of new housing. We demonstrate that total deregulation is preferable to partial deregulation limited to new housing. Furthermore, inefficient overproduction of new housing would follow partial deregulation. Tenants facing rent increases if rent control were phased out would suffer welfare losses, and should be compensated to fulfill the Pareto criterion. Various compensation models could be used, as analyzed here. The amounts necessary to fully compensate tenants in attractive submarkets may be substantial. The Pareto criterion is not necessarily a desirable guideline for politicians if it implies huge wealth redistribution; it is still, however, a natural criterion in connection to all welfare economic analysis.

  • 21.
    Angser, Emma
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Åkerwall, Hanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Bostadsbubblan: Köparnas förväntningar vid bostadsköp2011Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Bakgrund:Det har förts många diskussioner i media kring existensen av en prisbubbla på Stockholms bostadsmarknad. Priserna har stigit kraftigt i Stockholm de senaste åren och många spekulerar i vad som kommer att ske härnäst; kommer priserna att stiga ytterligare, stagnera eller falla? Stor uppmärksamhet riktas mot köparna, då vissa forskare menar att köparnas förväntningar på framtida prisutveckling kan indikera på en prisbubbla.Metod: Intervjustudie där köpare av bostadsrätter har tillfrågats angående sina förväntningar inför köpet samt undersökning av teori för att kunna definiera huruvida en prisbubbla existerar på marknaden.Avgränsning: Rapporten har avgränsats till att koncentrera sig på bostadsrätter i Stockholms innerstad. I gjorda intervjuer ligger fokusering på yngre köpare i åldern 20-30 år.Resultat och slutsats: Man kan se en dramatisk prishöjning på Stockholms bostadsmarknad de senaste åren, men inga tydliga faktorer som indikerar på ett kommande dramatiskt prisfall. Resultatet av studien visar att rådande förväntningar inte nödvändigtvis är orealistiska och att man är medveten om vilket pris det är man betalar samt om de framtida boendekostnaderna. Köparna är ofta insatta i marknaden och intresserade av att göra en god affär, även om många prioriterar trivselgraden i sitt boende framför att göra en vinst vid försäljning.

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  • 22.
    Annadotter, Kerstin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Vilka är orsakerna till ett ökat behov av bostäder till Helsingborgs bostadssociala program och hur ska bostadsbehovet lösas?: En förstudie.2016Report (Other academic)
    Abstract [sv]

    Sammanfattning

     

    Helsingborgshems formulering av problemet som denna rapport adresserar är att man önskar få besked av socialtjänsten, i detta fall Arbetsmarknadsförvaltningen och Socialförvaltningen, hur behovet av en utökning av det bostadssociala programmet ser ut. Hur många lägenheter per år är behovet och vilka klienter eller klientgrupper hos förvaltningarna är det som har behovet?

     

    Inom Helsingborg stad är det Arbetsmarknadsförvaltningen, Socialförvaltningen, Vård- och Omsorgsförvaltningen och Fastighetsförvaltningen som samarbetar inom ramen för det bostadssociala programmet. Fastighetsförvaltningen fungerar som spindeln i nätet, administrerar och fördelar remisser från förvaltningarna på de lägenheter som ställs till socialtjänstens förfogande av Helsingborgshem och privata fastighetsägare.

     

    Från den 1 januari 2015 har socialnämnden och dess förvaltning samordningsansvaret för det bostadssociala programmet.

     

    I intervjuerna har framkommit att gruppen av försörjningsstödstagare som saknar övrig social eller ekonomisk problematik inte är ny för Socialförvaltningen utan har funnits länge, att man inte vet om gruppen har ökat eller inte samt att man har svårt att bedöma hur många personer som utgör behovet av en utökning av det bostadssociala programmet. Socialförvaltningen uppger ändå att det kan röra sig om ca 50 personer eller fler. Man betonar att siffran är en grov uppskattning och att man vill återkomma om antalet. Fastighetsförvaltningen bedömer sitt behov till ca 40-50 personer. Dessa personer har enligt förvaltningarna ingen så kallad bostadsproblematik, innebärande att personerna inte har någon belastning som gör att de inte kan uppfylla hyreslagens krav på en hyresgäst. Dessa personer skulle enligt nuvarande regler vara kvalificerade för ett förstahandskontrakt med hyresgaranti inom det bostadssociala programmet. Arbetsmarknadsförvaltningen uppger att de inte har något utökat behov av lägenheter med hyresgarantier inom det bostadsociala programmet.

     

    Ett urval reflektioner, slutsatser och rekommendationer är:

     

    • Hemlösheten i Sverige idag kan till stor del förklaras av en mängd dysfunktionaliteter på strukturell och institutionell nivå i samhället, se avsnitt 3 och Appendix 2. En kompletterande förklaring av den pågående snabba ökningen av hemlösheten är den internationella flyktingkrisen och antalet asylsökande som kommer till Sverige.
    • Helsingborgs stad har ett upparbetat och välfungerande system för det bostadssociala programmet som berörda förvaltningar nu ser över med syftet att åstadkomma ett ännu bättre system för det bostadssociala programmet. Enligt uppgift (feb 2016) finns ett förslag från arbetsgruppen som innebär smärre justeringar av programmet eftersom man i stort är nöjda med gällande ordning.
    • Helsingborgs stad behöver kommunicera med, informera och engagera fler privata fastighetsägare i staden att delta i det bostadssociala programmet och att bidra med lägenheter motsvarande sin marknadsandel av hyresmarknaden i Helsingborg. Det bedöms här som nödvändigt för att uppnå stadens mål: att minska segregation och utanförskap. Vid behov kan staden använda verktygen markanvisningar och exploateringsavtal för att få även nyproducerade lägenheter till det bostadssociala programmet.
    • Relevant och korrekt statistik behöver föras av och kommuniceras mellan alla parter i det bostadssociala programmet, det vill säga förvaltningarna och fastighetsägarna.
    • Den kommunala hyresnormen behöver höjas för att möjliggöra lägenheter med hyresgaranti i fler bostadsområden.
    • Socialförvaltningen i Helsingborg har svårt att bedöma behovet av fler hyreslägenheter med hyresgaranti. De problem som orsakar svårigheter av en behovsbedömning behöver identifieras, kommuniceras och lösas.
    • Bygg fler hållbara bostäder, även till låginkomsttagare. Öka konkurrens och innovation i nyproduktion och på bostadsmarknaden.
    • Ingen av förvaltningarna har identifierat vilka klientgrupper som står för det ökade behovet av hyreslägenheter med hyresgaranti.
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  • 23.
    Annadotter, Kerstin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Blomé, Gunnar
    Malmö Högskola/ Malmö University.
    Uthyrningspolicy-jämförelse och diskussion av uthyrningsregler i nio bostadsföretag med fördjupning för Landskrona Stad2014Report (Other academic)
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    Uthyrningspolicy
  • 24.
    Annadotter, Kerstin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Werner, Inga Britt
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Urban and Regional Studies.
    Grannskapseffekter på områdesnivå- en fördjupad studie av bostadsrättsombildning i allmännyttan: Arbetsrapport 3: Ekonomiska investeringar i Dalen och Östberga2014Report (Other academic)
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    fulltext
  • 25.
    Annadotter, Kerstin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Werner, Inga Britt
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Urban and Regional Studies.
    Motiv för inflyttning till Dalen och Östbergahöjden samt inflyttades värdering av områdena: Arbetsrapport nr 5 i projektet Grannskapseffekter på områdesnivå- en fördjupad studie av bostadsrättsombildning i allmännyttan2016Report (Other academic)
    Abstract [sv]

    Huvudsyftet med denna studie är att få kunskaper om varför man flyttar till Östbergahöjden och Dalen samt vilka kvaliteter och eventuella problem de nyinflyttade upplever i respektive område.

     

    Metoden för att erhålla svar på frågorna är skriftliga enkäter där inbjudan att delta i en webbaserad enkät sändes ut via brev till personer som flyttat in till Östbergahöjden respektive Dalen under år 2014. Data på inflyttade personer 2014 erhölls från SPAR. Såväl brevet med inbjudan som enkäten var på både svenska och engelska.

     

    Antalet inflyttade år 2014 var 341 personer i Östbergahöjden och 320 personer i Dalen. Svarsfrekvensen efter två påminnelser blev totalt ca 12% i båda områdena, en mycket låg siffra.

    En analys av delgrupper av svarande indikerar att de som svarat kan anses vara representativa för de som har köpt en bostadsrätt eller fått en hyresrätt i respektive område.

     

    Priserna på bostäderna i Dalen och Östbergahöjden uppfattas som billiga och prisvärda. Det är den mest omnämnda orsaken för flytt till båda områdena. Man har kunnat köpa sin bostad eller köpa en större bostad. Man har i båda områdena i viss utsträckning flyttat från hyresrätt till bostadsrätt vilket talar för att områdena till del har fungerat som ett insteg på bostadsrättsmarknaden för de inflyttande.

    De svarande i båda områdena tillsammans bedömer att bostadsområdet de bodde i tidigare var tryggare, hade bättre rykte, att man hade bättre förtroende för grannar, att man tog mer hänsyn till varandra och att man höll mer rent och snyggt. Svaren per område visar att man i Östbergahöjden upplever att trygghet och områdets rykte är de faktorer där skillnaderna är störst och negativa jämfört med det bostadsområde där man bodde innan flytten.

    Att läget är centralt med goda kommunikationer och bra service är det näst mest omnämnda orsaken till varför man flyttat in, både för Dalen och Östbergahöjden. Andra ofta omnämnda orsaker till att flytta till Dalen är: ”nära natur, grönt”; ”trevligt område, fin arkitektur”; ”barnvänligt, bra skola, dagis ”samt att ”vänner, släkt har rekommenderat området”. Andra ofta nämnda orsaker att flytta till Östbergahöjden är att man ”flyttar ihop eller isär”; ”flyttat med släkt och familj” samt ”fick möjligheten; var tvungen”.

    Det bästa med att bo i både Dalen och Östberga är att områdena ligger nära Stockholms centrum. För Dalen omnämns också ”nära natur”; ”trevliga grannar, bra gemenskap”; ”trevligt område, ”fina innergårdar” samt ”bra lägenhet, stor lägenhet, billigt att bo”.

    Det mest omnämnda problemet med att bo i Östbergahöjden är ”anlagd brand”. Därefter kommer ”ungdomsgäng, knark, störande beteende, otryggt”, vilket också är de problem som omnämns mest i Dalen. I Dalen kommer därefter ”nedskräpning, dålig sophantering” samt ”dålig bostadskvalitet, planlösning, ljudisolering”.

    I Dalen upplever man att tex ungdomskriminaliteten minskat och att befolkningen håller på att gentrifieras. I Östbergahöjden fortsätter problemen med kriminalitet och bränder vilket oroar de boende. Östbergahöjden ser ut att lida större brist på socialt förtroende, gemenskap och samarbete än Dalen.

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    Motiv för inflyttning till Dalen och Östbergahöjden-Arbetsrapport 5
  • 26.
    Annadotter, Kerstin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Werner, Inga Britt
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Urban and Regional Studies.
    Sammanfattande rapport: Projekt Grannskapseffekter på områdesnivå-en fördjupad studie av bostadsrättsombildning i allmännyttan2017Report (Other academic)
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  • 27.
    Annadotter, Kerstin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Werner, IngaBritt
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Urban and Regional Studies.
    Bostadsrättsombildning i allmännyttan: Delproejkt 4 Socialt Kapital: Delrapport. Redovisning av undersökningsfas 12009Report (Other academic)
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  • 28.
    Anop, Sviatlana
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Comparison of valuation and lending policies in Germany and SwedenManuscript (preprint) (Other academic)
  • 29.
    Anop, Sviatlana
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    House price determinants: A comparison between major cities in Germany and SwedenManuscript (preprint) (Other academic)
  • 30.
    Anop, Sviatlana
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    House price dynamics: A literature reviewManuscript (preprint) (Other academic)
  • 31.
    Anund Vogel, Jonas
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Energy Technology, Applied Thermodynamics and Refrigeration.
    Lind, Hans
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Lundqvist, Per
    KTH, School of Industrial Engineering and Management (ITM), Energy Technology, Applied Thermodynamics and Refrigeration.
    Who is Governing the Commons: Studying Swedish Housing Cooperatives2016In: Housing, Theory and Society, ISSN 1403-6096, E-ISSN 1651-2278, Vol. 33, no 4, p. 424-444Article in journal (Refereed)
    Abstract [en]

    This study examines current governance structures related to multifamily buildings designed by single actors (developers) and operated in cooperative forms. The study analyses the long-term sustainability of the resource regime of study (multifamily buildings) and inked governance structures by applying Ostrom’s eight design principles for long-term survival of self-organized resource regimes (Common-pool resources or CPR’s). The study also searches for signs of movement towards social innovation and collective action in current governance structures. We argue that the structures governing planning, production and operation of housing cooperatives in Sweden do not fulfil the eight design principles for the long-term survival of the resource regime of study, nor do they encourage movement towards social innovation or collective action. In order to ensure the long-term survival of the resource regime of study and to increase innovation in governance structures, five adjustments are proposed; changes in the structures governing risk/profit distribution, communication, collaboration and information between actors in the Swedish cooperative housing sector.

  • 32.
    Armerin, Fredrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    American perpetual options with random start2019In: Results in Applied Mathematics, ISSN 2590-0374, Vol. 3, article id 100017Article in journal (Refereed)
    Abstract [en]

    We consider the valuation of American perpetual options with the property that they are only possible to exercise after the occurrence of a random time, which is a stopping time with respect to a given filtration. One situation where this feature is present is when making an irreversible investment, e.g. building on vacant land, while waiting for a permit to be allowed to do so. The random time in this case is the time at which the permit is given. This and the value of a version of an abandonment option are given as two applications of this modelling framework. 

  • 33.
    Armerin, Fredrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Optimal stopping of a killed exponentially growing process2019In: Applied Mathematics and Computation, ISSN 0096-3003, E-ISSN 1873-5649, Vol. 353, p. 208-214Article in journal (Refereed)
    Abstract [en]

    We consider a finite horizon optimal stopping problem with a gain function equal to the call option's. The value of the underlying process grows exponentially until a Poisson process jumps for the first time, at which the process jumps to zero and stays there forever. As applications of this model we consider valuing real options and options written on the stock of a start-up company. 

  • 34.
    Armerin, Fredrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Stochastic discount factors and the optimal timing of irreversible investmentsManuscript (preprint) (Other academic)
    Abstract [en]

    By using a general semimartingale framework, we show how the transformation of an optimal stopping problem under the objective probability measure into an optimal stopping problem under the risk-neutral probability measure looks like. We also note that the difference between equivalent and a locally equivalent are important when considering infinite time horizons (i.e., when considering perpetual options).

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  • 35.
    Armerin, Fredrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Hallgren, Jonas
    KTH, School of Engineering Sciences (SCI), Mathematics (Dept.), Mathematical Statistics.
    Koski, Timo
    KTH, School of Engineering Sciences (SCI), Mathematics (Dept.).
    Forecasting Ranking in Harness Racing Using Probabilities Induced by Expected Positions2019In: Applied Artificial Intelligence, ISSN 0883-9514, E-ISSN 1087-6545, Vol. 33, no 2, p. 171-189Article in journal (Refereed)
    Abstract [en]

    Ranked events are pivotal in many important AI-applications such as Question Answering and recommendations systems. This paper studies ranked events in the setting of harness racing. For each horse there exists a probability distribution over its possible rankings. In the paper, it is shown that a set of expected positions (and more generally, higher moments) for the horses induces this probability distribution. The main contribution of the paper is a method, which extracts this induced probability distribution from a set of expected positions. An algorithm is proposed where the extraction of the induced distribution is given by the estimated expectations. MATLAB code is provided for the methodology. This approach gives freedom to model the horses in many different ways without the restrictions imposed by for instance logistic regression. To illustrate this point, we employ a neural network and ordinary ridge regression. The method is applied to predicting the distribution of the finishing positions for horses in harness racing. It outperforms both multinomial logistic regression and the market odds. The ease of use combined with fine results from the suggested approach constitutes a relevant addition to the increasingly important field of ranked events.

  • 36.
    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.

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  • 37.
    Aryee, Susan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    HOTEL MAINTENANCE MANAGEMENT: Strategic practices in hotel operation 2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Purpose

    The purpose is to identify responsibility of owners and operators for maintenance of assets, fixtures and fittings, to identify maintenance management strategies adopted for the efficient operation of hotels and to find out difficulties faced by operators in implementing these strategies.

    Methodology

    Four interviews provided supplementary data for the main data collection phase involving administration of 64 questionnaires to hotel operators and maintenance managers.

    Findings

    The hotel owner and operator have individual and joint responsibility for asset maintenance. Outsourcing is a maintenance strategy used to minimise operating costs, an important factor that guides this decision is time constraint required to deliver work. In house maintenance it is also influenced by the strategic value of the service and the availability of the resource in the market. In maintenance practice an important challenge is maintaining energy efficiency because of the increasing electronic equipment and high volume of lights.

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  • 38.
    Atterhög, Mikael
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Importance of government policies for home ownership rates: an international survey and analysis2005Other (Other academic)
    Abstract [en]

    Home ownership rates increased in most countries after World War II. In a sample of 13 industrializedeconomies, home ownership rates increased from 56 percent in 1970 to 65 percent in 1990. However,in most countries analysed for this article it appears that home ownership rates have not changedsignificantly after 1990. Most governments have supported the home ownership sector with variouspolicy measures such as interest subsidies, building grants, income support, etc. This article presents aunique compilation of data on home ownership rates for the majority of the more industrializedcountries, presents a model of the determinants of home ownership rates and attempts to explain theincrease in home ownership rates, especially the role of government support. Data on governmentsupport policies has been collected by questionnaires completed by researchers in a large number ofcountries. A panel data set consisting of thirteen developed countries was developed and analysed withand without a fixed-effect model. The results indicate that there may be a positive correlation betweenhome ownership rates and government support systems. Moreover, it appears that government policiesto support home ownership implemented in non-anglophone countries may have been more effectivethan policies in anglophone countries. However, the sample size only allowed a preliminary evaluationof any patterns between the included variables.

  • 39.
    Atterhög, Mikael
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Increased competition in the Swedish housing market and its effect on rents and quality of housing services for households2005In: Housing, Theory and Society, ISSN 1403-6096, E-ISSN 1651-2278, Vol. 22, no 1, p. 32-49Article in journal (Refereed)
    Abstract [en]

    There has been a general trend in society during the last two decades towards privatization. Although privatization has been discussed for many years in Western Europe, the rental housing sector has not yet been affected very much, with the exception of the UK. This article utilizes empirical data to explore the effects on rents and quality of housing services of the privatization of apartments by municipal housing companies located outside metropolitan areas in Sweden. Quasi-experimental methodology has been used, partly as a test of this methodology and partly because it was expected to yield better results in this context than traditional multiple regression methods. The development of the apartment stock in one town/city is compared with that in carefully selected comparison town(s). It appears that 2-5 years after privatization, rent development was lower in areas where apartments had been privatized. There are also indications that the development of the quality of housing services during the period investigated was dependent more on the specific housing company than on the type of owner (private or public). These data therefore indicate that public authorities should probably not be too worried about the short- and medium-term effects of privatization if the buyer is carefully selected. However, data availability was limited and the results therefore need to be verified.

  • 40.
    Atterhög, Mikael
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    The effect of competition and ownership policies on the housing market2005Doctoral thesis, comprehensive summary (Other scientific)
    Abstract [en]

    This dissertation consists of five studies presented in seven essays. The overall objectives are to investigate the extent and consequences of competition on the rental housing market as well as the importance of national government policies for the substitute good, i.e. owner-occupied housing. However, each essay also has specific objectives.

    Due to the characteristics of the housing market, one should not expect competition to be very fierce. The market characteristics are, for instance, capital-intensive, complicated and time-consuming construction processes as well as a limited supply of land in many areas. In fact, firms have a lot to gain from colluding and to avoid e.g. price wars. It is therefore theoretically more likely that housing companies will engage in “functional” or “strategic” competition such as the quality of housing services.

    Essay I and IV analyze the unique municipal housing market in Sweden where apartment rents are determined by negotiations between the local municipal company and the local Union of Tenants. A regression analysis is applied on data from 30 municipalities. There was a strong correlation between apartment rents at local municipal markets and the level of “external” competition (measured by the price level on the market for single-family owner occupied housing), but not with “internal” competition (measured by the market share of the municipal housing company) or the capital expenditure of the municipal housing company (presumed to reflect historical construction and renovation costs for the apartments).

    The dissertation also investigates the consequences on rents (essay II) and on the quality of housing services (essay III) from a local Swedish municipal housing company selling a substantial part of its apartment stock (15-40 percent) and thereby theoretically creating more competition. These essays use a quasi-experimental methodology whereby the development of the housing market in a privatization town is compared with the development in a very similar comparison town. It is found that privatization has lead to lower rents in the short- and medium-term in six out of seven privatization towns. The development of the quality of housing services was more related to the performance of each individual company and not a specific category of companies. In essay V, these results are merged and developed further.

    Essay VI presents a wide range of policies available for governments wishing to increase access to home ownership for low-income households and thereby increasing the pressure on rental housing companies to reduce rents. A systematic overview of policies is provided based on the four distinct time periods of a typical ‘housing career’ of a household; i.e. down payment accumulation stage, transaction stage, ownership stage and selling stage. It is found that many policies are required to meet the specific and differing needs of households for governments wishing to encourage home ownership.

    Essay VII describes that home ownership rates have increased in almost all industrialized countries during the period from World War II until mid-1990s. The essay analyses the implications of government policies and some other factors (e.g. national wealth, income distribution) on home ownership rates in 13 industrialized countries during the period 1970﷓2000. A fixed-effect model is applied on a panel data set. The most important result is that a statistically significant and positive correlation between government support and home ownership rates was found although this is only a preliminary conclusion since data was scarce.

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  • 41.
    Augenstein, Rune
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Verdien av BREEAM sertifiserte bygg i Norge2015Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    BREEAM is a voluntary environmental certification, which covers all aspects of the construction of a building. A BREEAM building also referred to as a green building. In Norway BREEAM is the dominant environmental certification scheme.

    In the survey carried out among brokers and building owners in the Norwegian market 97.5% of respondents responds that they know or have good knowledge of BREEAM certification.

    In recent years, one has recorded an increase in the number of buildings that are BREEAM certified in Norway. How does BREEAM certification affect the market value of a building? By using traditional models for valuation (discounted cash flow analysis) one can, by including the building performance and the market performance, calculate the value added. This market performance can be translated into higher rental income, higher occupancy, lower operating costs or lower risk premium.

    In the survey carried out 68% responding that they think a BREEAM certified building has a higher value. The calculation that has been carried out shows that this is very likely, but that the size of the value added depends on risk assessment, as well as how the market reacts to the green building.

    The biggest drivers of the continuous development of BREEAM in the Norwegian market is, according to the survey, that BREEAM buildings have higher value, transaction market demand it, image and internal value of the tenants , environmental requirements and less risk in terms of future regulatory requirements.

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  • 42.
    Axelsson, Lars
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Brissman, Philip
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Share repurchase announcements and abnormal returns for Swedish listed real estate companies2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Asymmetric information in the management-investor relationship implies that the management’s actions will give signals to investors. According to the signalling hypothesis, an announcement of a share repurchase program is interpreted by investors that the management is putting its money where its mouth is, i.e. signalling that the stock is currently undervalued. Using the event study methodology to analyze share repurchases of listed Swedish real estate companies, we find significant short-term abnormal returns of 1,96% on the announcement day and cumulative abnormal returns of 2,32% (although not significant on conventional levels) for the ten first days subsequent to the announcement. At the most fundamental level of corporate finance theory, the Efficient Market Hypothesis stipulates that the whole value of the announcement should be discounted in the stock price immediately. On the other hand, it might be rational for investors to await certainty that the share repurchase program will be executed, before discounting its full value. We find indications of underreaction as the analysis suggests long-term positive stock price reactions to the announcement. The Jensen’s alpha approach utilized in the long-term analysis suggests an average abnormal return of 10,30%, although insignificant on conventional levels, the year following a share repurchase announcement. From a stock investor point of view, the results from this study suggest that buying real estate stocks that announce share repurchase programs can yield positive abnormal returns for investment horizons of 10 days as well as 12 months.

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  • 43.
    Azasu, Samuel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    A Survey of Reward Management in the Swedish Real Estate SectorIn: Employment Relations Record, ISSN 1444-7053Article in journal (Other academic)
  • 44.
    Azasu, Samuel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Incentive Plans and Real Estate Firms: A Literature Review2010Manuscript (preprint) (Other academic)
  • 45.
    Azasu, Samuel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Ownership and Size as Predictors of Incentive Plans within Swedish Real Estate Firms2011In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 29, no 5, p. 454-467Article in journal (Refereed)
    Abstract [en]

    Purpose: This paper seeks to investigate the significance of ownership and firm size as predictors of the prevalence of incentive plans in Swedish real estate firms. Design/methodology/approach: Using survey data for two periods (2003 and 2007), a two-predictor logistic model was fitted to the data to test the relationship between ownership and firm size and the likelihood that a Swedish real estate firm has an incentive plan. Findings: Private sector firms are more likely than government sector firms to use incentive plans. The number of employees was not a significant predictor of which firms were likely to have incentive pay. Research limitations/implications: There are other determinants of incentive pay that were not covered. Practical implications: The absence of incentive pay does not necessarily hamper a firm's ability to attract high-quality workers if they take a broader view of the concept of reward. In addition, public sector workers may be motivated by factors other than monetary reward. Originality/value: This is the first study of the determinants of incentive plans for real estate firms in Sweden.

  • 46.
    Azasu, Samuel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Reward Management in Swedish Real Estate Firms: Five essays2011Doctoral thesis, comprehensive summary (Other academic)
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  • 47.
    Azasu, Samuel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Reward Management in the Swedish Real Estate Sector: A Pilot Survey2012In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 30, no 5, p. 449-464Article in journal (Refereed)
  • 48.
    Azasu, Samuel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Rewards and Performance of Swedish Real Estate Firms2009In: Compensation and Benefits Review, ISSN 0886-3687, E-ISSN 1552-3837, Vol. 41, no 4, p. 19-28Article in journal (Refereed)
  • 49.
    Azasu, Samuel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
    Integrating research into teaching using constructive alignment2011Conference paper (Other academic)
    Abstract [en]

    The purpose of the paper is to review and evaluate efforts to integrate research into teaching in a postgraduate degree program in real estate management at the Royal Institute of Technology in Stockholm, Sweden. The majority of the students in the program come from European countries, but a significant minority is from Asia. The long term goals of the changes were to increase graduation rates as well as the quality of dissertations. In order to validate our findings, the data for this paper emanate from a number of different sources, such as students’ course evaluations, students’ grades as well as interviews with students. The results show that the first cohort of students found it stressful when individual research writing was introduced towards the end of their studies, since they had very little practice and experience in research writing. With a more gradual and earlier introduction in teams, coupled with changes in assessment tasks, the second cohort found individual research writing less stressful and more beneficial. Performance in the second cohort has improved significantly. By creating a more aligned course design, students have spent more time on task, which is the most significant factor in creating a better learning environment.

  • 50.
    Backteman, Oscar
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Miljöinvesteringar i kommersiella fastigheter2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Behovet av bra miljölösningar växer ständigt i dagens samhälle och fastighetsmarknaden är en marknad som är i stort behov av att spara energi. I dagens läge har ett antal miljöklassningssystem etablerat sig på den svenska fastighetsmarknaden. Dessa system är ofta bra att arbeta med när det gäller nyproduktion och omfattande ombyggnationer, även om det innebär det stora ekonomiska kostnader för fastighetsägaren. Att det kostar mycket för fastighetsägaren att få en byggnad miljöklassificerad och att det saknas tydliga incitament till miljöanpassning gör att utvecklingen bromsas. För att tydliga incitament till miljöinvesteringar ska skapas så krävs det att fastighetsägarna ska kunna se en tydlig ekonomisk lönsamhet i investeringen. Den mest påtagliga ekonomiska lönsamheten är att en bra miljöinvestering kommer att leda till besparingar i driftskostnader, men det är under en längre tidsperiod. Det är därför viktigt att det skapas incitament till att göra miljöinvesteringar som kan räknas tillbaka på kortare tidsperioder. Om efterfrågan på miljöanpassade lokaler skulle öka så skulle detta skapa ett tydligt incitament för fastighetsägaren att miljöanpassa sina byggnader, eftersom lokaler som är mer eftertraktade också genererar högre hyresintäkter. För att en hyresgäst skal vara villig att betala mer för att bedriva sin verksamhet i lokaler som är miljövänliga så krävs det att hyresgästen ska få något tillbaka. Incitament för hyresgästen till att betala högre hyra för miljöanpassade lokaler skulle kunna vara att investeringen leder till en besparing i den eventuella delen av lokalens drift som belastar hyresgästen. Ett annat incitament för hyresgästen till att bedriva sin verksamhet i miljövänliga lokaler skulle kunna vara att byggnaden är miljöklassad, vilket skulle kunna ge hyresgästen en möjlighet till att visa utåt att företaget är miljömedvetet och på så sätt få marknadsföringsfördelar. Detta examens arbete visar på att det finns ett intresse bland fastighetsägarna i stor Stockolm att kunna erbjuda miljövänliga alternativ. Det är dock viktigt att hyresgästernas efterfrågan på sådana alternativ ökar. Examensarbetet visar även på en tro bland fastighetsägarna på att kraven på miljöanpassade fastigheter kommer att öka både från hyresgäster och myndigheter i framtiden. Om detta sker så kommer de fastighetsägare som arbetar med miljöinvesteringar idag att ha ett försprång gentemot de fastighetsägare son inte gör det.

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