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Reporäntans effekt på fastighetsaktier
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2015 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
The effect of the repo rate on the real estate stock market (English)
Abstract [sv]

Uppsatsens syfte är att fastställa hur reporäntebeslut påverkar fastighetsaktiemarknaden. Vi

har undersökt 67 tidsintervall på tio dagar där annonseringen av reporäntebesluten utgör

mittpunktenerna och har följaktligen läst av reporäntans kortsiktiga effekt på fastighetsaktier.

Målet är att kunna ge en förklaring till marknadens reaktioner och att bilda en hypotes kring

frågeställningen.

Vi har genomfört en eventstudie där vi delvis replikerat tidigare studier som redogjort för

styrräntans effekt på aktiemarknaden. Vidare har vi utgått från ett kvantitativt perspektiv.

Respondenterna har representerats av fondförvaltare med goda kunskaper om fastighetsaktier.

All empiri grundar sig på sekundärdata och material från gjorda intervjuer.

Sammanställningen av våra resultat visade ett negativt samband mellan reporäntan och

fastighetsaktier när en förändring av reporäntan ägde rum. Den kortsiktiga påverkan kan

således härledas till vad flera studier tidigare redogjort för. Resultatet argumenterar för en

ineffektiv marknad med hjälp av effekten på en förändrad styrränta, men motsätter sig

samtidigt den slutsatsen i och med den effekt som förekom vid beslut om oförändrad

reporänta. Bakomliggande faktorer till resultatet har inte kunnat fastställas men vi har bland

annat redogjort för ett förändrat avkastningskrav hos investerarna samt en förändrad

räntekostnad hos fastighetsbolagen, till följd av en reporänteförändring.

Abstract [en]

The purpose of the study was to establish how the repo rate influences the real estate stock

market. We have reviewed a time interval of ten days where the middle point is defined by the

time of a decision. Consequently, we have reported the short-term effect on shares in the real

estate business. Our goal was to be able to present an explanation to the reactions of the

market and to form a theory surrounding the initial problem.

We have implemented an event study where we partially have been replicating previous

studies reported on the effect of the repo rate on the stock market. Furthermore, we have

started from a quantitative perspective. The respondents have been represented by fund

managers favoured with great knowledge in real estate. All the empirics are based on

secondary data and material from the performed interviews.

The compilation of our results showed a negative relationship between the repo rate and the

stocks in real estate once a change in the repo rate took place. We were able to deduce our

results about short term influence to previous reports. The results do not add up with the

efficient market hypothesis when a change has taken place in the repo rate. Though, the effect

of an unchanged repo rate suggests there is an efficient market. We have not been able to

determine the elements behind the effects, although we have thoroughly reviewed elements

such as a change in investor’s required rate of return as well as a change in the interest

expenses, due to a change in the repo rate.

Place, publisher, year, edition, pages
2015.
Keyword [en]
repo rate, effect, real estate market, required rate of return, event study
Keyword [sv]
reporänta, effekt, fastighetsmarknad, avkastningskrav, eventstudie
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-171763Archive number: 304OAI: oai:DiVA.org:kth-171763DiVA: diva2:844338
Supervisors
Examiners
Available from: 2015-08-05 Created: 2015-08-05 Last updated: 2015-08-05Bibliographically approved

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