التفاصيل البيبلوغرافية
| العنوان: |
Follow the Money : Determinants of Cap Rates in the Stockholm Office Market ; Följ Pengarna : Bestämningsfaktorer för Direktavkastningskrav på Kontorsmarknaden |
| المؤلفون: |
Saxton, Henrik |
| بيانات النشر: |
KTH, Fastighetsföretagande och finansiella system |
| سنة النشر: |
2022 |
| المجموعة: |
Royal Inst. of Technology, Stockholm (KTH): Publication Database DiVA |
| مصطلحات موضوعية: |
Real estate economics, macroeconomy, capitalization rate determinants, foreign investments, unconventional monetary policy, econometrics, dynamic ordinary least squares (DOLS) regression analysis, Fastighetsekonomi, makroekonomi, bestämningsfaktorer för direktavkastningskrav, utländska investeringar, okonventionell penningpolitik, dynamisk vanliga minstakvadratmetoden (DOLS) regressionsanalys, Civil Engineering, Samhällsbyggnadsteknik |
| الوصف: |
Purpose – In recent decades the inflation- and interest rates have followed a long-termdeclining trend. Followed by central banks starting to use unconventional monetary policiesto cope with financial crises have led to increased amounts of liquidity in the financialsystems and available and looking for investment alternatives on the capital markets. At thesame time real estate property prices have set new highs corresponding to a longer-termtrend of declining cap rates. The traditional cap rate formula components the risk-free rateand risk premium less rental growth do not entirely explain the trend of declining cap ratesthat have led to very low cap rates. The purpose with this thesis quantitative study is to testif the newer cap rate determinants money supply and foreign investments percentage of allmarket transactions can explain the decline and recently very low cap rates.Design/Methodology – The master thesis firstly conducts a literature review on previousstudies on cap rate determinants and subsequent conduct an own quantitative study byrunning dynamic ordinary least squares (DOLS) regression analysis on time series ofStockholm central business district commercial office cap rates and determinants chosen asindependent variables representing macro- and market fundamental factors driving caprates with the addition of money supply proxied by monetary aggregate M3 and foreigninvestments on the market proxied by the foreign share of investments on the Stockholmcommercial office market.Findings – The DOLS regression model (1)-(5) determinants are overall significant androbust. Of the newer cap rate determinants that are tested the monetary aggregate M3 andits included lags are of higher and stronger significance and impact on the cap rate than theforeign investment share. However, the foreign investment share time-series data used inthe study do not entirely correspond to the Stockholm central business district (CBD)commercial office market but rather against the larger Stockholm commercial office marketand ... |
| نوع الوثيقة: |
bachelor thesis |
| وصف الملف: |
application/pdf |
| اللغة: |
English |
| Relation: |
TRITA-ABE-MBT; 22663 |
| الاتاحة: |
http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-320038 |
| Rights: |
info:eu-repo/semantics/openAccess |
| رقم الانضمام: |
edsbas.F8EF1528 |
| قاعدة البيانات: |
BASE |