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- Björklund, Kicki, et al.
(författare)
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Offer price, transaction price and time on the market
- 2006
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Ingår i: Property Management. - : Emerald. - 0263-7472 .- 1758-731X. ; 24:4, s. 415-426
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Tidskriftsartikel (refereegranskat)abstract
- 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.
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| 2. |
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| 4. |
- Ceccato, Vania, Professor, 1968-, et al.
(författare)
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Do crime hot spots affect housing prices?
- 2020
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Ingår i: Nordic Journal of Criminology. - : Informa UK Limited. - 2578-983X. ; 21:1, s. 84-102
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Tidskriftsartikel (refereegranskat)abstract
- Our knowledge about what happens to housing values when properties are close to places with high concentrations of crime, often called ‘hot spots’, is limited. Previous research suggests that crime depresses property prices overall, but crime hot spots affect house prices more than crime occurrence does and may affect prices of single-family houses more than prices of flats. Here we employ hedonic price modelling to estimate the impact of crime hot spots on housing sales, controlling for property, neighbourhood and city characteristics in the Stockholm metropolitan region, Sweden. Using a Geographic Information System (GIS), we combine property sales by coordinates into a single database with locations of crime hot spots. The overall effect on house prices of crime (measured as crime rates) is relatively small, but if its impact is measured by distance to a crime hot spot, the effect is non-negligible. By moving a house 1 km further away from a crime hot spot, its value increases by more than SEK 30,000 (about EUR 2,797). Vandalism is the type of crime that most affects prices for both multi- and single-family housing, but that effect decreases with distance from a crime hot spot.
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| 5. |
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| 6. |
- Enström Öst, Cecilia, 1971-, et al.
(författare)
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High house prices and homeownership rates
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Earlier research have concluded that high house prices, relative to household income and wealth, and a tax on imputed rent are the most important causes of a countries low ownership rate. Given these findings, it is challenging to apply a similar analysis to a housing market characterized by comparatively high homeownership rates. One candidate for such a comparison is Sweden, where homeownership rates have exceeded 80% for at least the last two decades. From a particularly rich database covering all inhabitants of Sweden, we use observations of some 790,000 households (corresponding to some 2.9 million inhabitants) to analyze the Stockholm region housing market in 2008. The results suggest that high house prices relative to rents are unlikely to be the only key variable explaining the general ownership rate pattern in a housing market.
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| 7. |
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| 8. |
- Kopsch, Fredrik, et al.
(författare)
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Determinants of mutual fund flows
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The purpose of this paper is to study the determinants of aggregate fund flows to both equity and hybrid mutual funds. We test three hypotheses that help explaining the relationship between mutual fund flows and stock market returns, namely; the feedback-trader hypothesis, the price-pressure hypothesis and the information-response hypothesis. Our study relies on Swedish quarterly data on mutual fund flows over the period 1998 to 2013. The methodology is two-fold; through our structural models (AR(1)) we can say something regarding the relationship between mutual fund flows and financial macro variables. The analysis is further strengthened by utilizing a vector autoregressive model (VAR) to test for Granger causality in order to determine the order of events. Similar to both Warther (1995) and Jank (2012), we only find support for the information-response hypothesis. Additionally, we find new financial variables that have predictive power in determining mutual fund flows, namely; market fear (VIX), exchange rate, households’ expectation regarding inflation as well as outflows from mutual bond funds. Our study contributes to the body of literature in two ways. First, it complements recent findings on determinants of mutual fund flows but we also add to the knowledge by included new macro financial variables describing the real economy. Secondly, the vast majority of previous studies have used US data, we add to that a deeper understanding of determinants of mutual fund flows in smaller economies by using Swedish data.
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| 9. |
- Mandell, Svante, 1970-, et al.
(författare)
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Willingness to pay for sustainable housing
- 2011
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Ingår i: Journal of Housing research. - : Informa UK Ltd. - 1052-7001 .- 2691-1337. ; 20:1, s. 35-53
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Tidskriftsartikel (refereegranskat)abstract
- 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.
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