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Palm, P. & Bohman, H. (2023). Auditor choice in real estate firms: a quality signal?. Journal of European Real Estate Research, 16(2), 258-270
Open this publication in new window or tab >>Auditor choice in real estate firms: a quality signal?
2023 (English)In: Journal of European Real Estate Research, ISSN 1753-9269, E-ISSN 1753-9277, Vol. 16, no 2, p. 258-270Article in journal (Refereed) Published
Abstract [en]

PurposeReal estate is a capital-intensive industry for which the asset values tend to be highly volatile and uncertain. Transaction costs in the industry are therefore high, and transparency for investors may be low. The need to signal reliable estimates of property assets, in the communication to external stakeholders, can therefore be expected to be of extra importance in this sector. The purpose of this paper is to investigate how real estate firms use big four auditors to signal quality.Design/methodology/approachThe authors use Swedish firm level data containing all limited liability real estate companies in the country to determine the determinants of big four auditors. The data set consists of 34,306 observations and is analyzed through logit regressions.FindingsThe results show that big four companies are primarily contracted by large and mature companies, rather than new firms or firms with volatile financial records, although the latter could be expected to have a large need to signal quality. The authors also find that firms listed on the stock market and firms targeting public use real estate are more inclined to use big four companies.Originality/valueReal estate is a capital-intensive industry for which the asset values tend to be highly volatile and uncertain. Transaction costs in the industry are therefore high, and transparency for investors may be low. The need to signal reliable estimates of property assets, in the communication to external stakeholders, can therefore be expected to be of extra importance in this sector. No prior study of this area has been detected.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2023
Keywords
Auditor choice, Real estate companies, Signaling, Quality signal, Big four
National Category
Business Administration
Identifiers
urn:nbn:se:mau:diva-60581 (URN)10.1108/JERER-09-2022-0026 (DOI)000990491600001 ()2-s2.0-85159701353 (Scopus ID)
Available from: 2023-06-13 Created: 2023-06-13 Last updated: 2023-10-18Bibliographically approved
Palm, P. (2023). Auktorisation av fastighetsvärderare: förändrade utbildnigskrav. In: Värdering av fastigheter 2021: en antologi om nuläge och trender. Stockholm: Instant book
Open this publication in new window or tab >>Auktorisation av fastighetsvärderare: förändrade utbildnigskrav
2023 (Swedish)In: Värdering av fastigheter 2021: en antologi om nuläge och trender, Stockholm: Instant book , 2023Chapter in book (Other academic)
Abstract [sv]

Kvaliteten i fastgihetsvärderingar är en viktig fråga och auktorisation är en väg att höja kvalitetn. Kapitlet beskriver utvecklingen av auktorisation av värderare, bl.a. auktorisation för olika fastihgetestyper men särskilt hur utbildningskraven för auktoirsation har formulerats om för att fungera bättre när utbildningssystemet förändrats. 

Place, publisher, year, edition, pages
Stockholm: Instant book, 2023
Keywords
Fastighetsvärdering
National Category
Social Sciences Interdisciplinary
Research subject
Real estate science
Identifiers
urn:nbn:se:mau:diva-58968 (URN)978-91-88823-48-9 (ISBN)
Available from: 2023-03-28 Created: 2023-03-28 Last updated: 2023-06-27Bibliographically approved
Palm, P. & Jingryd, O. (2022). 20. Sweden. In: Andersson, M., Palm, P., Bohman, H., Balivet, B., & Akinsomi, O. (Ed.), The Routledge Companion to International Housing Markets: . Routledge
Open this publication in new window or tab >>20. Sweden
2022 (English)In: The Routledge Companion to International Housing Markets / [ed] Andersson, M., Palm, P., Bohman, H., Balivet, B., & Akinsomi, O., Routledge, 2022Chapter in book (Other academic)
Abstract [en]

The Swedish real estate market for homes is constituted of three main forms: rental, ownership, and tenant-ownership. There are differences in the process, although the people would claim that most private persons do not fully recognize these differences and their implications on their purchase or ownership of the home. The Swedish conveyance process differs from most others, as it does not include any pre-contract phase; however, the LC demands a written contract to have a binding sale. In light of the foregoing, the typical conveyancing process takes the following form. To summarize, the Swedish conveyance process for both real estate and tenant-ownership is arguably simple. The ownership is conveyed with a sales contract, or, where it is agreed that a deed of sale shall be signed at the day of possession, upon the signing of the deed.

Place, publisher, year, edition, pages
Routledge, 2022
Series
Routledge International Handbooks, ISSN 2767-4886
Keywords
Sweden, Housing market, Conveyances
National Category
Economics and Business
Identifiers
urn:nbn:se:mau:diva-54375 (URN)10.1201/9781003130383-23 (DOI)9780367646646 (ISBN)9781003130383 (ISBN)
Available from: 2022-08-11 Created: 2022-08-11 Last updated: 2022-08-12Bibliographically approved
Palm, P., Balivet, B., Jingryd, O. & Sidoli, J. (2022). 3. A conceptual model of conveyances on the housing market. In: The Routledge Companion to International Housing Markets: . Routledge
Open this publication in new window or tab >>3. A conceptual model of conveyances on the housing market
2022 (English)In: The Routledge Companion to International Housing Markets, Routledge, 2022Chapter in book (Other academic)
Abstract [en]

The first important difference between real estate markets and the perfect competition theory is that the real estate market can be divided into a number of sectors: office, retail, industrial, and residential. This chapter outlines how the specific characteristics of the real estate market set the overall rules governing the market. It concludes with a conceptual model of how the conveyance process has different stages. First, a review of different legal systems will be presented. Second, a short exposition of the specific characteristics of the real estate market will be given. Third, and last, the conceptual model of conveyances on the housing market will be outlined and presented. Different legal systems have different prerequisites to confirm it as legally valid. After taking the property in possession and the purchase has been registered, the transaction can still be associated with costs.

Place, publisher, year, edition, pages
Routledge, 2022
Series
Routledge International Handbooks, ISSN 2767-4886
Keywords
Housing, Conveyances, Housing market
National Category
Economics and Business
Identifiers
urn:nbn:se:mau:diva-54373 (URN)10.1201/9781003130383-4 (DOI)9780367646646 (ISBN)9781003130383 (ISBN)
Available from: 2022-08-11 Created: 2022-08-11 Last updated: 2022-08-12Bibliographically approved
Andersson, M. & Palm, P. (2022). 32. Reflections and Conclusions. In: Andersson, M., Palm, P., Bohman, H., Balivet, B., Akinsomi, O. (Ed.), The Routledge Companion to International Housing Markets: . Routledge
Open this publication in new window or tab >>32. Reflections and Conclusions
2022 (English)In: The Routledge Companion to International Housing Markets / [ed] Andersson, M., Palm, P., Bohman, H., Balivet, B., Akinsomi, O., Routledge, 2022Chapter in book (Other academic)
Abstract [en]

This chapter learns the importance of institutions and how new institutional economics emphasizes the role of institutions for a market economy to function. It learns that traditions, particularly legal traditions, have a great impact on conveyance process. Another source of insecurity and information quality is when taxes and fees are differentiated in regard to price of the property. This gives the seller and buyer an incentive not to disclose the true sales price. The complexity of a given conveyance process determines the level of people's involvement and also the transaction costs. If it is complex from the start, this is a sign that the process will be time-consuming, costly, and hard to understand for common buyer and/or seller. The Swedish regulatory regime, where the agent has a mandatory university education comprising courses in relevant fields of law, handles the legal aspects of the transaction, and this lowers the transaction costs, as no legal counselling are involved in the process.

Place, publisher, year, edition, pages
Routledge, 2022
Series
Routledge International Handbooks, ISSN 2767-4886
Keywords
Housing markets, Housing conveyances
National Category
Economics and Business
Identifiers
urn:nbn:se:mau:diva-54376 (URN)10.1201/9781003130383-37 (DOI)9780367646646 (ISBN)9781003130383 (ISBN)
Available from: 2022-08-11 Created: 2022-08-11 Last updated: 2022-08-12Bibliographically approved
Håkansson, P. G. & Palm, P. (2022). A Theoretical Framework for Housing Conveyances on National Markets. In: Magnus Andersson, Peter Palm, Helena Bohman, Béatrice Balivet, Omokolade Akinsomi (Ed.), The Routledge Companion to International Housing Markets: . London: Routledge
Open this publication in new window or tab >>A Theoretical Framework for Housing Conveyances on National Markets
2022 (English)In: The Routledge Companion to International Housing Markets / [ed] Magnus Andersson, Peter Palm, Helena Bohman, Béatrice Balivet, Omokolade Akinsomi, London: Routledge, 2022Chapter in book (Refereed)
Abstract [en]

As the property market becomes more global, so too have certain differences between national property markets become apparent. The role of institutions has long been acknowledged within economic theory. It is safe to say that today there is a joint view among most institutionalists that institutions can be divided into those that are formal (laws, rules, etc.) and those that are informal (norms, religion, etc.). Institutions derive from historical heritage and are encapsulated and coded with information of past experiences and therefore are historically context specific. Transaction cost theory highlights how exchange is accompanied by several different costs. In conclusion, institutions involving both formal and informal activities surround the property market. However, the formal aspect of institutions is particularly important for property conveyances, as homes to a large extent have been transformed into economic concepts.

Place, publisher, year, edition, pages
London: Routledge, 2022
Series
Routledge International Handbooks, ISSN 2767-4886
Keywords
real estate, institutions, transaction cost
National Category
Economics and Business
Identifiers
urn:nbn:se:mau:diva-51570 (URN)10.1201/9781003130383-3 (DOI)9781003130383 (ISBN)
Available from: 2022-05-21 Created: 2022-05-21 Last updated: 2024-01-11Bibliographically approved
Palm, P. (Ed.). (2022). Book of Proceedings 2022 Malmö Real Estate Research Conference. Paper presented at Malmö Real Estate Research Conference, Malmö, 5-6 May 2022. Malmö universitet
Open this publication in new window or tab >>Book of Proceedings 2022 Malmö Real Estate Research Conference
2022 (English)Conference proceedings (editor) (Other academic)
Place, publisher, year, edition, pages
Malmö universitet, 2022. p. 51
Keywords
Real Estate, Innovation, Sustainability, Real Estate Brokerage, Urban transformation, Housing, Entrepreneurship
National Category
Economics and Business
Research subject
Urban studies
Identifiers
urn:nbn:se:mau:diva-51954 (URN)10.24834/isbn.9789178772964 (DOI)978-91-7877-296-4 (ISBN)
Conference
Malmö Real Estate Research Conference, Malmö, 5-6 May 2022
Available from: 2022-06-02 Created: 2022-06-02 Last updated: 2022-09-12Bibliographically approved
Karpestam, P. & Palm, P. (2022). Does size matter? Is there an optimal size for tenant–owner associations?. Journal of European Real Estate Research, 15(3)
Open this publication in new window or tab >>Does size matter? Is there an optimal size for tenant–owner associations?
2022 (English)In: Journal of European Real Estate Research, ISSN 1753-9269, E-ISSN 1753-9277, Vol. 15, no 3Article in journal (Refereed) Published
Abstract [en]

Purpose – The authors investigate how prices of condominiums are affected by the size of the tenant-owner associations that they belong to.

Design/methodology/approach – The authors use data of sold apartments in the Swedish municipality Malmö 2013–2018 and estimate hedonic price regressions. The authors also perform semi-structured interviews with three senior professionals in real estate companies.

Findings – The authors find significantly negative relationships between the prices of condominiums and the size of tenant-owner associations. Also, regression results indicate that associations should be no smaller than 6–10 apartments. The interviews support that associations should not be too small or too big. The lower and upper limit was suggested by the respondents to 40–50 and 80–150 apartments, respectively. In these ranges, economies of scale can be achieved, and residents will not lose the sense of community and responsibility.

Research limitations/implications – The authors do not prove causality. Smaller associations may have relatively exclusive common amenities, about which we lack data. The same relationships may not exist in different market conditions.

Originality/value – The authors are not aware of previous studies with the same research question. The size of tenant-owner associations may affect the price through different channels. First, several of the banks in Sweden do not always grant mortgages for condominiums that belong to small associations. Second, larger associations may have better economies of scale and more efficient property management. Third, homeowners may prefer smaller tenant-owned associations, because they may feel less anonymous and provide more influence on common amenities.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2022
Keywords
Hedonic price model, Tenant ownership, Concominium, Tenant-owner association
National Category
Economics and Business
Identifiers
urn:nbn:se:mau:diva-52162 (URN)10.1108/jerer-09-2021-0048 (DOI)000805088800001 ()2-s2.0-85131558385 (Scopus ID)
Available from: 2022-06-07 Created: 2022-06-07 Last updated: 2024-02-05Bibliographically approved
Borgström, B., Palm, P. & Thynell, A. (2022). Sustainable logistics properties: Drivers, barriers, and opportunities for co-creating sustainability after certification. In: Peter Palm (Ed.), Book of Proceedings 2022 Malmö Real Estate Research Conference: . Paper presented at Malmö Real Estate Research Conference, Malmö, 5-6 May 2022.
Open this publication in new window or tab >>Sustainable logistics properties: Drivers, barriers, and opportunities for co-creating sustainability after certification
2022 (English)In: Book of Proceedings 2022 Malmö Real Estate Research Conference / [ed] Peter Palm, 2022Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

The building and construction sector accounted for 36 per cent of global energy consumption and 37 per cent of energy related CO2 emissions according to the Global Status report for Buildings and Construction 2021, and the transport sector accounted for 23 per cent of global energy consumption and 26 per cent of energy related CO2 emissions (United Nations Environment Programme, 2021). Hence the call for sustainability and sustainable development is significant for logistics properties and real estate business enact it in terms of sustainable change that ends in building-specific certifications. Certifications are multi-criteria credit systems, such as BREEAM or LEED certifications that are valuing credits within a prescribed range in multiple sustainability categories.  Logistics properties is a growing and profitable market segment that attract large investments and that pose an important societal challenge, for example, in terms of efficient e-business flows. As more logistics properties are being certified with the global certifications systems such as BREEAM and LEED it is timely to question how the certifications contribute to sustainability, and how real estate firms’ sustainability strategies can make logistics warehouse operations less harmful and actually contribute to diverse sustainability values and leverage sustainability performance.  

The purpose of this paper is to increase knowledge of sustainable logistics properties, by research questions concerning: what are the drivers, barriers, and opportunities for sustainability after certification?

Sustainability created by certifications are part of the sustainability transformation. Certifications are important, but sustainable development calls for an integrated achievement with others for a better society that we don’t know about but that is created in coordination with others. Co-creation is key for the sustainability transformation and that process involves investors, cross-functional within the firm, customers and customer work force, municipal actors, academia, governance of sustainability at the firm, external evaluators and certifications, and overlapping standards. Each of these opportunities of cocreating is related to sustainability drivers and barriers.  

Theoretical implications are posed for literature on real estate business, and logistics and transport business regarding sustainable development, especially sustainable logistics properties. The abductive learning approach offers a temporary conclusion at a specific time in a flow of sustainable development, which is important to further the sustainability research frontier in these literatures.

Practical implications are related to the journey of sustainable development, including but not ending with the certification methodology. A focus on sustainability is a change through practice in which document production (certification and its network of evaluations) have both an ostensive meaning from principles of certifications and a performative meaning through the relations between the documents and the practices and processes they relate to. Resources such as land, financing, and talent tends to center around firms that distinguish themselves as contributing to sustainability hence sustainable development is a relational task.  

National Category
Economics and Business
Identifiers
urn:nbn:se:mau:diva-64332 (URN)978-91-7877-296-4 (ISBN)
Conference
Malmö Real Estate Research Conference, Malmö, 5-6 May 2022
Available from: 2023-12-12 Created: 2023-12-12 Last updated: 2023-12-13Bibliographically approved
Jingryd, O., Grander, M. & Palm, P. (2022). Sweden. In: Schmidt, Christoph U. (Ed.), Ways out of the European Housing Crisis: Tenure Innovation and Diversification in Comparative Perspective (pp. 301-320). Edward Elgar Publishing
Open this publication in new window or tab >>Sweden
2022 (English)In: Ways out of the European Housing Crisis: Tenure Innovation and Diversification in Comparative Perspective / [ed] Schmidt, Christoph U., Edward Elgar Publishing, 2022, p. 301-320Chapter in book (Other academic)
Place, publisher, year, edition, pages
Edward Elgar Publishing, 2022
National Category
Social Sciences Interdisciplinary
Research subject
Urban studies
Identifiers
urn:nbn:se:mau:diva-56333 (URN)2-s2.0-85163196838 (Scopus ID)9781800377448 (ISBN)9781800377431 (ISBN)
Available from: 2022-11-30 Created: 2022-11-30 Last updated: 2023-12-12Bibliographically approved
Projects
Persistent unemployment on local labour markets and local development; Malmö UniversitySAAREL – Spatial Analysis of Accessibility, Real Estate and Labour Markets; Malmö University
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0001-5547-0710

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