Påverkar bankerna priset på fastigheter när de ändrar sina villkor

Sammanfattning: Title: Do banks affect real estate prices when they change their terms and conditions? Seminar date: 08/26/2010 Course: Master thesis in business administration, major in finance, 15 University Credit Points (15 ECTS) Authors: Jakob Paulsson and Rickard Claeson Advisors: Jens Forssbaeck and Måns Kjellsson Five key words: Real estate prices, Credit standards, Commercial real estate, Real estate valuation, Financial crisis. Purpose: The purpose of this thesis is to investigate if there is a statistically significant relationship between banks’ credit standards for commercial loans and the average prices of commercial real estate. Methodology: The methodology used in this thesis is a quantitative study using multiple linear regression models. Theoretical perspectives: The theoretical perspectives of this thesis includes theories regarding the valuation of real estate, including a modified discounted cash flow model. Theories concerning capital structure choice and a description of the characteristics of leverage are also included. As a complement to these theories, the authors accounts for prior research relevant to the topic of this master thesis. Empirical foundation: The empirical foundation is comprised of time series for real estate prices, credit supply, credit demand, GDP and REFI-rate in Sweden, Denmark, France, Netherlands, Spain, Great Britain, Switzerland, Ireland and Finland. Conclusions: The research concludes that we only can establish a statistically significant relationship between changes in credit standards and real estate prices in Ireland. Here, the average real estate price decrease when banks tighten their credit standards.