The purpose of this Master?s thesis is to investigate the legal practice of valuation in arbitration board proceedings concerning freeze-outs after non-cash take-over bids. We find that the most important method for valuing the shares offered in exchange for the shares of a target company is to take the volume-weighted average of the quoted prices of the shares offered in exchange during the acceptance period of the take-over bid. This thesis is a complement to previous studies by Peter Jennergren (1996) and by Andrea Lundqvist and Victor Ludvigsson (2007) of how the Balken case (a freeze-out case that was eventually decided by the Supreme Court of Sweden, in 1996) has affected the legal practice of valuation in freeze-out arbitration board proceedings. We have undertaken an empirical study of 48 freeze-outs between 1985 and 2006 where shares in the bidding companies were offered in exchange for shares in the target companies.

This thesis aims to investigate if peer-groups based on industry classification perform as well as, or better than, peer-groups based on other measures that represent factors affecting the price-to-earnings multiple. In contrast with previous empirical studies, a solid theoretical approach is used in defining which factors, according to valuation theory, affect the P/E-ratio. The factors identified as explanatory are accounting measures, risk and growth. Furthermore, we have recognized several measures that represent these factors. These measures are tested for accuracy of prediction in terms of the P/E-ratio for peer-groups based on these measures relative to an industry classified peer-group.

This thesis highlights the importance of social relationships for high school adolescents? identity in a multicultural school in Stockholm?s suburb. The second purpose of this thesis is to shed light on, if the school sees the students? cultural background as an asset and how teachers can take advantage and implement it to the way they teach .The theories in the study were developed by Urie Bronnfenbrenner; The ecological theory, Pierre Bourdeau; The three forms of capital and George H. Mead; The significant other, The generalized other and "I" and "Me".

Practitioners of financial statement analysis are dependent on key ratios in a multiple number of situations, one in particular being equity valuation. A lack of historical benchmarks, and knowledge regarding the time series behaviour of such ratios, has been identified regarding Swedish companies. Therefore, this study sets out to provide such data and knowledge. Companies listed on the Stockholm Stock Exchange are examined over the period 1979-2009 where the sample is divided into nine industry groups. Historical values for eight common key ratios are documented with regards to median, mean, standard deviation and percentiles.

Sedan 2005 är det genom en förordning av Europeiska unionen bestämt att svenska börsnoterade företag ska nedskrivningstesta sin goodwill. Diskonteringsräntan som appliceras vid denna nedskrivningsprövning är av väsentlig betydelse. Vi replikerar delvis en studie av Carlin & Finch (2009) som beräknade teoretiska diskonteringsräntor enligt Capital asset pricing model (CAPM) och jämförde med de diskonteringsräntor som börsnoterade företag i Australien använt i sin redovisning. Carlin & Finch (2009) ansåg att avvikelserna däremellan kunde förklaras genom utövanden som är diskretionära och att opportunistiskt beteende förekommer när företag sätter sin diskonteringsränta. Vi använder ett underlag bestående av Sveriges största börsnoterade företag, de som är noterade på Large Cap- och Mid Cap-listan på Stockholmsbörsen, och studerar hur andelen som redovisat en enligt CAPM avvikande diskonteringsränta förändrats sedan de nya redovisningsreglerna trädde i kraft år 2005 till år 2009.

Recent years have been very turbulent for most private equity firms. Especially the financial meltdown in global economy has affected the industry, but also the public pressure has made private equity houses change their control strategies towards more conventional methods used in public companies. This thesis aims to put light on the control methods used in listed private equity houses which use a buyout strategy. The paper describes how the control methods change over the different phases the asset experience and how different value generating strategies use altered control methods. Using Merchant's (2003) framework for management control systems and Berg and Gottschalg's (2004) research on value generating strategies in buyouts the thesis shows that action controls as designing instructions for the board and a business plan, together with goal alignment is the commonly used control strategy directly after the acquisition.

In the current situation in the housing market and in particular the inner city much attention is directed towards achieved prices per square meter in sales. The indicator is as a principle an appropriate measure of the housing market?s health and development, and can to some extent be used to make approximations of the general economic health status of municipalities and counties. It occurs occasionally that questions about whether prices are based on fundamentals at all times.The thesis questions that very issue, not from a macro accompanying financial perspective but rather from a microeconomic perspective, where each tenant ownership in the study is a micro-object. Are the observed prices per square meter rational relative to housing cooperative?s assets or is there a lack in the observed prices anchoring the respective association's finances.

How capital structure influences corporate performance and value has been in the interest of researchers and scholars for more than half a century, but an answer is yet to be found. The main objective of the present paper is to contribute with data for this cause and hopefully help to clarify this mystery. The method that was used was by analyzing the impact of debt on profitability and market valuation through linear regression. The study examined 17 Swedish property companies listed on Nasdaq OMX Large Mid and Small Cap over a 6 year period (2007-2012). The authors found a slightly negative relationship between debt-to-equity and profitability measured by return on equity (ROE) as well as by return on assets (ROA).

Today's real estate buyers value the purchase different today compared to a decade back. Previously it was the return value that ruled the market. This has created problems when the broker must allocate the purchase price of the property's various elements, because non-monetary values such as forest for leisure, recreation, and the feeling of owing has increased in recent years and an increasingly important part in the valuation process. The assessed value can be a guide, but is perceived today to be stereotyped to put a fair value at the individual item. The purpose of this study was to provide the real estate agent decision support and a guide to the likely value of accounting for the purchase price. The report is written on behalf of LRF Konsult. The result is based on a questionnaire survey which was conducted in June 2014 among all those who had bought a farming property in Dalarna and Gävleborg province mediated by LRF Konsult in 2013. The report was made with a split to see if the valuation and motives differ between new and previous owners. It was possible to see a big difference in the reason for the purchase, where a large share of new owner bought the land for capital investment, in contrast to previous owners whose biggest group bought for an active use. At several points it was possible to identify a higher non-monetary value of the new owner from the previous landowner.

Background: The Stop rule for buying in property was introduced through 1976 years legislation and its formemost purpose was to prevent companies to acquire property that was useless for the company. Assets such as cars, boats and arts were of current interest. At the same time as this stop rule was introduced, another stop rule was also introduced and this was meant to work to forbid the partner to buy property from the close company to a price that would lead to sell at loss for the company. After a government decision (1999:2000, Abolished Stop rules) the close company is no longer living under this restriction since these two stop rules have been abolished since January 2001. Purpose: The purpose of this thesis is to investigate which criteria are the basis to judge whether the assets is to consider as useful or not for the close company.

The purpose of this work has been to investigate if there are any differences in the valuation process at infringements when highway and railway are built. The work has mainly been concentrated on the negotiation process in which The National Railway Department (Banverket) and The National Road Administration (Vägverket) try to get agreements with the land owners. The agreement includes compensation for infringement effects that affects the landowner?s property. The National Road Department uses the road law (Väglagen) when a highway shall be built.

In the current situation in the housing market and in particular the inner city much attention is directed towards achieved prices per square meter in sales. The indicator is as a principle an appropriate measure of the housing market?s health and development, and can to some extent be used to make approximations of the general economic health status of municipalities and counties. It occurs occasionally that questions about whether prices are based on fundamentals at all times.The thesis questions that very issue, not from a macro accompanying financial perspective but rather from a microeconomic perspective, where each tenant ownership in the study is a micro-object. Are the observed prices per square meter rational relative to housing cooperative?s assets or is there a lack in the observed prices anchoring the respective association's finances.

Title: The implementation of valuation of tangible and financial assets to fair value ? and its effects on the creditor protectionCourse: Bachelor theses in business accounting, 10 Swedish creditsAuthor: Sam EspelandAdvisor: Ogi ChunKey words: IAS 16, 39, 40, fair value, creditor protection, equityPurpose: The purpose with the essay is to examine how the implementation of the IAS standards that regard valuation to fair value, effects the equity and how the effects on equity affects the creditor protection.Methodology: The essay is using both a quantitative and a qualitative approach in which the quantitative part constitutes of data collection from annual reports and the qualitative part constitutes of interviews.Theoretical perspective: The theory gives a thorough understanding in how the IAS standards are designed, furthermore the procedure at liquidation and lack of capital is being treated, moreover some relevant terms and concepts are being treated.Empirical foundation: This chapter is divided into two parts, in one part the results from the quantitative approach is being presented in diagram form, and in the other part the interviews are being presented.Conclusions: The implementation will give a higher equity for most real estate companies, but likely also for example the mining industry. The creditor protection will likely be worsened among the industries that experience an increase in equity since their activities may proceed for a longer time before they have to be liquidated..

Bakgrund: 1 januari 2013 kommer Direktivet (2009/138/EG) för Solvens II att implementeras. Detta kommer ske samtidigt inom Europeiska Unionen (EU) och kommer leda till en harmonisering av försäkringslagstiftning i medlemsstaterna. Tidigare svensk lagstiftning, Försäkringsrörelselagen (2010:2043), kommer med andra ord att anpassas till det nya regelverket. Regeländring kan komma att påverka svenska försäkringsbolags bedrivna kapitalförvaltning.Syfte: Syftet med studien är att undersöka om svenska försäkringsbolag utifrån rådande lagstiftning kan bedriva en, enligt finansiell teori, rationell kapitalförvaltning och om möjligheten till att bedriva en rationell kapitalförvaltning kommer att förändras i och med implementeringen av Solvens II.Genomförande: En genomgång av dagens regelverk, Försäkringsrörelselagen, samt Direktivet (2009/138/EG) för Solvens II kommer att presenteras. Utöver detta har fem stycken intervjuer med svenska försäkringsbolag genomförts.Slutsats: Dagens lagstiftning ger inte möjligheter till att bedriva en rationell kapitalförvaltning fullt ut.

With this essay we want to describe the transformation process that the real estate owner has to go through to sell the current rented flats to tenant. We also want to provide an understanding how the valuation is performed in the transformation process and highlight the issues that affects the price in the valuations. In the essay we would like to see if the valuation and the transformation process differ in a public real estate company compared to a private real estate company. Based on this we have asked us the following question to answer: -Is there any differences in how real estate?s are valued in the transformation process between public real estate companies and private real estate companies? We have used a qualitative approach to keep our main question.