Vil salgs av tomter og eiendommer kunne gi en økt avkastning som kompenserer for økt risiko? : en risikovurdering sett fra fjellstyrene i Norge sitt perspektiv

This master thesis has done research on the value of the yearly ground rent fjellstyrene receives annually, and the value of selling the government commons. If the government commons are sold, the profit will be invested in an alternative way to generate future income. The possibilities are many, but this master thesis will take on the alternative of investing in portfolios consisting only of risky securities. Given the fjellstyrene’s profile as conservative investors, the thesis is trying to answer the following research question: “Will investing the profit from a sale of the government commons result in a higher return which compensates for a higher risk?” The results indicate that the net present value of selling the government commons is higher than receiving the ground rent as a perpetuity. Given fjellstyrene’s risk profile as a conservative investor, they could expect a higher return if they invest in a stock portfolio rather than receiving ground rent. Still, one could argue that the higher risk doesn’t compensate for the higher risk which follows. This shows by the significant higher risk that follows the portfolios than they operate with the current ground rent today, and the increase of risk correlated with the Norwegian economy as a whole. If it opens for a forced sale of the government commons, and the conditions for calculating the government commons value is fixed, we can say that the value of the ground rent is reduced drastically, but the value of selling the government commons is even lower than the value of the ground rent. This scenario also leads to a higher risk if the fjellstyrene wants to invest in stock portfolios. And even though it seems the higher return compensates for the higher risk, it doesn’t compensate enough that one with certainty can say that the return compensates for the risk, given fjellstyrene’s risk profile