| 1. |
- Astri, Muren, et al.
(författare)
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Department of Economics
- 2014
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Ingår i: Faculty of Social Sciences Stockholm University 1964-2014. - Stockholm : Stockholm University. - 9789163771217 ; , s. 111-124
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Bokkapitel (övrigt vetenskapligt/konstnärligt)
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| 2. |
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| 3. |
- Hungria-Gunnelin, Rosane, 1974-
(författare)
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Empirical studies of auctions of non-distressed residential real estate
- 2019
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Real estate auctions have become a popular sales mechanism in Sweden in the past couple of decades when the internet facilitated the marketing of properties for sale. With the possibility to display several exterior and interior pictures of the property rather than the single façade picture style of traditional newspapers advertisements, and a more detailed description of the object, brokers significantly increased the number of potential buyers at the showings of properties for sale. The increase in the number of visitors has, especially in the larger cities in Sweden, increased the frequency of bidding wars, in which the winning bid ends far above the list price. Many auction participants, especially those who are inexperienced, perceive the auction-based sales mechanism as very stressful considering that the purchase of a home is for most buyers the largest investment they will ever make. Therefore, the auction mechanism for selling homes is regularly debated in media, among politicians and by regulatory bodies. The scientific literature analyzing auctions of non-distressed homes is, however, very limited. Hence, the debate and analysis of the Swedish auction-based sales mechanism has little empirical evidence to lean on. A main reason for the lack of scientific work in this area is the difficulty to obtain sufficiently detailed auction data to study how sellers’ list price strategy and auction participants bidding strategies affect the outcome of real estate auction auctions and the occurrence of a winner’s curse.The overall aim of this thesis is to study how sellers’ list price strategy and bidding strategies of auction participants affect the outcome of auctions of non-distressed residential homes. The thesis is empirical and comprises four papers that analyze the housing markets in Stockholm and Gothenburg. Papers 1 and 2 analyze sales of condominium apartments in Central Stockholm, while Paper 3 analyzes sales of single-family homes in Stockholm County. Paper 4 analyzes sales of condominium apartments in Gothenburg.Papers 1, 2 and 3 contribute to the empirical auction literature by studying how the number of bidders, the seller’s list price strategy and auction participants bidding strategies affect the unfolding of auctions and the resulting transaction price. Using a hedonic model Paper 1 analyzes how the number of bidders affects the transaction price. Paper 2 extends the database in Paper 1 to cover a longer time period and develops the hedonic model in Paper 1 by adding explanatory variables describing the seller’s list price strategy and auction participants bidding strategies. Paper 3 develops the hedonic model in Paper 2 by incorporating a more thorough analysis of possible omitted variable bias and further employs methods used in the previous empirical literature to mitigate omitted variable bias by including as explanatory variable the residuals from a price regression of previous sales, as well as the residuals from a list price regression. Furthermore, the paper estimates how list price and bidding strategies affect the probability of a winner’s curse.Paper 4 studies auctions of condominiums in Gothenburg, but with a different focus than Papers 1, 2 and 3 since detailed auction data was not available. The paper instead focuses on how sellers’ list price strategy affect sales price and time-on-market, and how information asymmetry between brokers and sellers, combined with brokers’ commission fee structures, affect the choice of list price.
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| 4. |
- Klingborg, Kerstin
(författare)
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Vakanser på bostadsmarknaden : i praktik och teori
- 2001
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Denna licentiatavhandling handlar om lediga hyreslägenheter. I avhandlingens första del beskrivs och analyseras dels hur problemet med lediga lägenheter ser ut på den svenska bostadshyresmarknaden under åren 1990-1994 och dels hur problemet hanteras av svenska kommunala bostadsföretag. Dataunderlaget har insamlats via enkäter och hämtats från offentlig statistik. I avhandlingens andra del görs en litteraturundersökning som leder vidare till en bestämning av begrepp, relevanta att använda vid teoretiska analyser av vakansgrader på en marknad.Resultaten i den första delen visar att de lediga lägenheterna på bostadshyresmarknaden koncentrerats till vissa delmarknader. Lägenheterna karakätiseras av egenskaper som gör dem oattraktiva på marknaden, alternativt för dyra. Företagen hanterar problemet lediga lägenheter på sätt som kan försklaras av marknadsmodellen monopol, nämligen genom prisanpassningari form av prisdiskriminaering och kvantitetsanpassningar i form av rivning. Rivning har använts i oväntat stor omfattning, ca 3% av företagens bestånd har rivits under den undersökta perioden. Sänkt hyra har inget smaband med efterfrågeförändringar, däremot med utbudsförändringar i form av ökad konkurrens. Flera resultat av den statistiska analysen pekar spledes mot att marknadsstrukturen har betydelse för att förutsäga hur de kommunala bostadsföretagen kommer att agera i situationer som kräver pris- eller kvantitetsanpassningar.Företagen har också använt sig av olika slag av kortsiktiga kvantitetsanpassningar, vilket är intressant ur teoretisk synpunkt därför att man inte bruka r tala om kvantitetsanpassningar på kort sikt.Genomgången av vetenskaplig litterautr i anhandlingens andra del, visar att begreppet naturlig vakansgrad är ett etablerat teoretiskt begrepp men att det hittills varken är entydgit definierat eller entydigt använt. För att råda bot på detta göra en bestämning och komplettering av de begrepp som används för att analysera vakanser med metodiken kvalitativ komparativ statik. Begreppen är gilitga både för marknadsmodellen perfekt konkurrens och marknadsmodellen monopolitsisk konkurrens och enheterna kan vara antal lägenheter såväl som antal veckor.
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| 5. |
- Larsson, Bo, 1968-
(författare)
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Essays on Banking and Portfolio Choice
- 2005
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of three self-contained essays in the fields of banking and portfolio choice.Banking and Optimal Reserves in an Equilibrium Model:I address the question of reserves in banking, particularly the fact that reserves are substantially larger than the stipulated reserve requirements by Bank of International Settlements. My contribution is to show that when the underlying values of borrowers are correlated, banks should hold positive reserves, regardless of the regulation. I use a derived distribution for debt portfolios to show that intermediation in a debt market will outperform direct lending, even if intermediaries are allowed to default. The model used is a generalization of Williamson (1986), with Costly State Verification as asymmetric information. By using a factor model for the value of entrepreneurs' projects, I introduce a positive probability for banks to default. It is shown that, in equilibrium, banks choose to hold capital reserves that are almost large enough to eliminate the expected auditing cost for their depositors. The reason is that auditing does not provide any utility and hence, the cake to be split between banks and depositors is enlarged by reserves as an insurance against bad outcomes. It is also shown that the more correlation there is in the debt portfolio, the larger is the optimal reserve level. This could explain why small regional banks in Sweden often have more than twice the reserve level of their nation-wide competitors.Optimal Rebalancing of Portfolio Weights under Time-varying Return Volatility:This paper considers horizon effects on portfolio weights under time varying and forecastable return volatility. The return volatility is modeled as a GARCH-M, which is sufficiently general to encompass both constant and time varying means. The analysis confirms earlier results, namely that there are no horizon effects when the stochastic process, which governs asset returns, has a constant mean. However, when time varying and forecastable volatility is included in the mean equation, there are horizon effects. I show three features to be of importance for the horizon effect: First, the size of the parameter on conditional volatility in the mean equation and second, persistence in conditional volatility. Third, the asymmetry in volatility has some effect. In addition, the parameter of relative risk aversion is important. For low levels of risk aversion, only very small effects on portfolio weights are present; when the level of risk aversion increases, so does the effects on portfolio weights. Portfolio weights increase for the first 2-3 years when the investment horizon is increased; the total effect slightly exceeds 10%.Can Parameter Uncertainty Help Solve the Home Bias Puzzle?A well-known puzzle in international finance is the equity home bias. This paper illustrates a mechanism where exchange rate estimation risk causes equity home bias. Estimation risk is introduced into a standard mean-variance portfolio framework by having return time series with different lengths. We argue that the exchange rate return history, which is a part of the local currency return on a foreign investment, is likely to be substantially shorter than the available return histories of equity indices due to, for example, exchange rate regime shifts. To econometrically deal with return histories of different lengths we utilize a framework devised by Stambaugh (1997). The impact of estimation risk on an optimal portfolio is tested with data from Sweden and the U.S. Our results suggest that explicitly accounting for estimation risk causes the domestic investor to increase his fraction of domestic assets. While the introduction of exchange rate estimation risk is not powerful enough to explain the whole home bias observed in data, the results of this paper illustrate a mechanism that is often overlooked in discussions of international portfolio diversification.
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| 6. |
- Lundholm, Michael, 1959-, et al.
(författare)
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Why Do Scandinavian Governments Employ so Many and the United States Government So Few?
- 2008
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Ingår i: FinanzArchiv/Public Finance Analysis. - 0015-2218. ; 64:3, s. 364-379
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Tidskriftsartikel (refereegranskat)abstract
- Is it a sheer coincidence that the egalitarian Scandinavian countries have significantly larger government employment shares than the much less egalitarian United States? A positive correlation between equality and government employment share in the OECD indicates that it is not a coincidence. We suggest a nonlinear relation between equality and government employment share. The reason is that significant redistribution creates labor supply distortions, which can be mitigated by government employment, which follows decision rules that are different from those in the private sector, and by large public production. This has potentially important implications for differences in wage dispersion and unemployment among OECD countries.
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| 7. |
- von Greiff, Camilo, 1978-
(författare)
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Income Redistribution, Educational Choice and Growth
- 2007
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis contains three theoretical essays on public economics and economics of education. They all focus on different types of redistribution of labor income between individuals and their consequences for income distribution and economic growth.Effects of Redistribution Policies – Who Gains and Who Loses?:In this paper, I analyze whether redistribution of labor income is reinforced or counteracted by general equilibrium effects on wages for unskilled and skilled workers. Earlier studies have found redistribution to be reinforced. In this paper, the stocks of worker types are endogenized. Redistribution will decrease the stock of skilled workers while the number of unskilled workers will increase. This will lead to a decrease in unskilled workers’ wage rate and an increase in skilled workers’ wage rate. Thus, in addition to the wage effect reinforcing the fiscal redistribution showed in earlier studies there is another wage effect counteracting fiscal redistribution. Simulations show that the effect introduced in this paper is likely to outweigh the former effect. Thus, fiscal redistribution is counteracted by the net effect of two counteracting general equilibrium effects.Enrollment in Higher Education, Ability and Growth:One suggestion for why the government should subsidize higher education is that a large share of high-skilled workers increases the number and quality of innovations and skills to adapt the production process to the innovations of other workers. This will increase economic growth, which arguably also benefits low-skilled individuals. This paper introduces a heterogeneous consumption value of education depending on family background. If the education decision is not only based on ability but also on such a consumption value, it will no longer be the case that the individuals enrolled in higher education are those with highest ability. I show that whether low-skilled individuals will benefit from contributing to the financing of subsidies to high-skilled individuals will depend on whether the individuals attracted by the subsidy have a sufficiently high ability to significantly increase the growth rate.Specialization in Higher Education and Economic Growth:This paper presents a new dimension of higher education, namely the degree of specialization in the education. Labor market transformation may make some individuals opt for a non-specialized education in order to broaden their future career possibilities. This may, however, harm economic growth since the theory of division of labor suggests growth to mainly be driven by specialized workers performing specialized tasks. I show that the government could alter the incentives for specialized education types by targeting the subsidies to the individuals with specialized education types. In this way, growth is increased. At the same time, however, the individuals with broad educations have contributed to the financing of the subsidy without being entitled to it. I show the conditions where this government intervention is Pareto improving and characterize the social optimum of the subsidy.
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| 8. |
- Wijkander, Hans, 1950-
(författare)
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Indirect corrections and disequilibrium pricing : studies in second-best policies
- 1986
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The five papers in this volume are analyses of second-best policies. The first three deal with controlling externalities and the remaining two with public sector pricing. The first paper considers optimal provision of a strictly local public good as a means of indirectly controlling externalities in the framework of a location model with unpriced congestion in the transport sector. The analysis focuses on the interdependence between congestion and location patterns and the dependence of location patterns on the provision of public goods. As compared to the implications of the Samuelsonian condition, optimal policy may involve an unexpected underprovision of public goods in central residential areas. The second and third papers treat the nature of the relationships between goods and address the design of optimal corrective taxation in the context of an economy where comsumption of one or several goods generates negative externalities. The second paper considers an economy with only one externality generating good and where only complements or substitutes can be taxed. After examining the circumstances under which it is optimal to operate on the market for one related good only, cases are identified where optimality requires taxes on a substitute good. Situations where there are several goods that create externalities are discussed in the third paper. It contains counterintuitive cases where optimality requires subsidies to the goods that create negative externalities. The fourth and fifth papers deal with public sector pricing in situations where the distribution of income has to be taken into account. A new approach here is that prices need not be set to eliminate excess demand: instead, markets may be cleared by prices and rationing. The question raised is whether such a combination of measures can be socially preferable to equilibrium pricing in terms of a Paretian social welfare function. The result is that there are cases where the combination of measures performs better than prices alone. In fact, this result may hold even if prices can be highly differentiated among different income groups.
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