The Law of Cross-Border Securitization: Lex Juris

Denna uppsats kretsar kring beslutsfattande och metodik vid fastighetsinvesteringar i potentiella tillväxtnoder. Då fastighetssektorn är så omfattande har vi valt att avgränsa oss till en speciell typ av fastigheter, närmare bestämt logistikfastigheter. Ytterligare en fördjupning har skett, där vi valt ut en specifik investering i området, för att fördjupa oss om denna. Det specifika fall vi valt att ta mestadels av vår data från är Rosersbergs industriområde, även känt som Stockholm Nord Logistikcenter. Som en referenspunkt till Stockholm Nord Logistikcenter har vi i arbetet även skrivit översiktligt om Arenastaden, som är belägen i Solna. En del tidigare forskning har gjort på området Logistik, och somliga av dessa studier har vi även tagit del av för att utvinna information inom ämnet som även kunnat användas i vårt arbete. Dock har den studien vi främst använt oss av varit inriktad på logistik i sin helhet och inte ett specifikt fall. På cirka 9 år har området utanför Rosersberg villastad förvandlats från en skog, inom ett bullerområde utanför en mindre bostadsort, till en logistiknod där ett tiotal stora företag bedriver verksamhet i tusentals kvadratmeter lokaler. Allt detta i något som tros komma att bli ett av de största logistikcentrena i hela Sverige, och med tanke för de framtidsplaner som finns är det inte osannolikt. Den största drivkraften för projektet har varit Kilenkrysset, men detta med hjälp av gott samarbetsvilja från offentlig sektor. Vår studie kretsar kring vilka faktorer som påverkat till att denna investering blivit lyckad, samt vilken typ av företag det är som bedrivit arbetet. Vi har även gått in på hur orten Rosersberg, som tidigare legat i lä, påverkats av detta händelseförlopp. Innan projektet i Rosersberg initierades av Kilenkrysset har många frågor angående området diskuterats inom kommunen under många årtionden, dock har man aldrig kommit till skott på grund av bristande intresse och samhällsnytta. Utifrån det vi kunnat utläsa av den tillgängliga data vi samlat, har vi kunnat dra slutsatsen att utvecklingen bidragit till att göra platsen attraktiv för företag, men likväl för människor att numera bo i. Under arbetet har vi tagit kontakt med fyra respondenter som intervjuats, varav tre av dessa respondenter kommer från koncernen Kilenkrysset. Flera företag, bland annat NCC, har kontribuerat till utvecklingen i Rosersbergs industriområde, men Kilenkrysset är de som varit överlägset störst i området. Vi har även haft kontakt med en före detta anställd på bygg- och trafiknämnden i Sigtuna kommun för att få en objektiv, och mer överskådlig bild över hur samarbetet mellan offentlig sektor och investerare sett ut. För att bättre kunna förstå hur beslutsfattande skötts inom Kilenkrysset, både under och innan projektets fortgående, har vi studerat företaget mer grundligt. Information har framtagits kring företagets uppstart och dess historia, och hur det beslutsfattandet som till sist ledde dem till Rosersberg sett ut. Man kan klart se att både företaget i sin helhet och dess ledning är säregna, vilket man även ur materialet kan observera hur detta gynnat dem under projektets fortlöpande. Men även negativa aspekter har tagits upp angående deras beslutsfattande och tillvägagångssätt. Detta för att ge en rättvisande bild av vilka för- och nackdelar som i realiteten kretsar runt dessa metoder.This essay revolves around the desicion making process in real estate investments, where the investment contributes to the economic growth of the surrounding area. Due to the sheer size of the sector, we have chosen to limit our study to a specific type of real estate, which we decided to be logistic property. We have also chosen to study a specific case in more detail, to be able to understand how these projects develops. The case we chose was the investment of Rosersbergs Industrial park, also known as Stockholm Nord Logistic Centre. As a point of reference to this project we have chosen to briefly look into another, quite similar in size, project; Arenastaden in Solna. There have been studies made on Logistics in the past, some of which we have chosen to use as sources of information on our study. The study we used as the main source studied logistics on a different scale than ours, where the whole logistics market in Stockholm was studied. In merely 9 years the area surrounding Rosersberg has transformed, from unexploited land suffering from airport noise, into a rapidly growing logistics center where dozens of companies have chosen to exist. All this in an area many believe will be one of the biggest logistic centers in Sweden, which is not unlikely due to the future plans of the area. The company that initiated the project, which also has been the driving force is Kilenkrysset AB, with a lot of assistance from a supportive municipality. Before the company's initiative in the area, the municipality has been contemplating since the 60's what to do with the area, and how to make it grow. The issue before the company came along was almost solely economical; because there was no solid plan or investor to take care of the area and the infrastructure surrounding it. Based on the data we collected the area has improved its attraction both to companies, as well as to the residents in the area. Our study will attempt to determine which of the variables had the greatest importance on the end result of the project. As well as to study which type of company that decides to take on these kinds of projects. We have also studied how the surrounding area in Rosersberg has grown as a result of this specific investment. To gather information on the subject, we have contacted four respondents, which consists of three people from the Kilenkrysset organization. The reason why the majority of the interviewed respondents has been from one single company is because they have by far been the biggest investor in the area. The construction company NCC has also been part of the development in the area, but have sold most of their property to Kilenkrysset. The last respondent is from the building and traffic department within the municipality (Bygg- och trafiknämnden). Since we want to understand how decision making is handled within these types of organizations, we have chosen to study Kilenkrysset more thoroughly. Information about their history and the decision making process that eventually lead them to Rosersberg. From the information collected we can conclude that the company and its management have quite an extraordinary way of doing business. It is also obvious how their way of thinking has benefited them throughout their project in Rosersberg. But every technique has consequences, and we will also enlighten these consequences to try to observe both the pros and the cons about these methods

Government Size and Growth: Accounting for Economic Freedom and Globalization

Several recent studies have found a negative relation between government size and economic growth in rich countries. Since countries with big government have experienced above average improvements in both the Economic freedom index and the KOF globalization index, we argue that existing studies suffer from an omitted variable problem. Using Bayesian Averaging over Classical Estimates (BACE) in a panel of OECD countries, we show that the negative effect from government size is very robust and may have been underestimated in previous studies. The dataset is an updated and extended version of the data used by Fölster and Henrekson (2001), covering the period 1970-1995. We find clear evidence that globalization has a positive effect on growth, but find no effect of economic freedom. Finally, we find that the negative effect of government size decreases substantially in size but remains significant when we add the period 1996-2005 to the sample. Our results support the idea that countries with big government can use institutional quality such as economic freedom and globalization to mitigate negative growth effects of taxes and public expenditure.Government size; growth; economic freedom; globalization; taxes

Interpolation and Extrapolation of Toeplitz Matrices via Optimal Mass Transport

In this work, we propose a novel method for quantifying distances between Toeplitz structured covariance matrices. By exploiting the spectral representation of Toeplitz matrices, the proposed distance measure is defined based on an optimal mass transport problem in the spectral domain. This may then be interpreted in the covariance domain, suggesting a natural way of interpolating and extrapolating Toeplitz matrices, such that the positive semi-definiteness and the Toeplitz structure of these matrices are preserved. The proposed distance measure is also shown to be contractive with respect to both additive and multiplicative noise, and thereby allows for a quantification of the decreased distance between signals when these are corrupted by noise. Finally, we illustrate how this approach can be used for several applications in signal processing. In particular, we consider interpolation and extrapolation of Toeplitz matrices, as well as clustering problems and tracking of slowly varying stochastic processes

The Impact of Sea State Condition on Airborne Lidar Bathymetry Measurements

Due to a large number of available Airborne Lidar Bathymetry (ALB) survey datasets and scheduled future surveys, there is a growing need from coastal mapping communities to estimate the accuracy of ALB as a function of the survey system and environmental conditions. Knowledge of ALB accuracy can also be used to evaluate the quality of products derived from ALB surveying. This paper presents theoretical and experimental results focused on the relationship between sea surface conditions and the accuracy of ALB measurements. The simulated environmental conditions were defined according to the typical conditions under which successful ALB surveys can be conducted. The theoretical part of the research included simulations, where the ray-path geometry of the laser beam was monitored below the water surface. Wave-tank experiments were conducted to support the simulations. A cross section of the laser beam was monitored underwater using a green laser with and without wind-driven waves. The results of the study show that capillary waves and small gravity waves distort the laser footprint. Because sea-state condition is related to wind at a first-order approximation, it is possible to suggest wind speed thresholds for different ALB survey projects that vary in accuracy requirements. If wind or wave information were collected during an ALB survey, then it is possible to evaluate the change in accuracy of ALB survey due to different sea surface conditions

An O(1) Solution to the Prefix Sum Problem on a Specialized Memory Architecture

In this paper we study the Prefix Sum problem introduced by Fredman. We show that it is possible to perform both update and retrieval in O(1) time simultaneously under a memory model in which individual bits may be shared by several words. We also show that two variants (generalizations) of the problem can be solved optimally in $\Theta(\lg N)$ time under the comparison based model of computation.Comment: 12 page

Contradictory budgeting practice?

The purpose of this study is to examine how psychological and economic theory explains the budgetary process and performance by identifying and analyzing the most significant variables of each perspective.The theoretical approach has been to examine two of the most frequently used theories within the area of budgeting, goal-setting theory and agency theory. The study does not find any significant correlation between either goal-setting theory or agency theory with budget performance. Significant correlation is however found between individual variables and budget performance within goal-setting theory