Purpose: The purpose of this thesis is to test for the existence of Capital Structure Arbitrage oppertunities in the equity-credit markets. Methodology: The mispricing of Credit Default Swap contracts are calculated and used as input in an Equity-Credit market trading strategy. The returns are then evaluated with a modified Value-at-Risk simulation. Theoretical perspectives: A Merton-based structural model, CreditGrades, is used for credit pricing and a mispricing-convergence trading-strategy between the credit and equity markets is implemented. Empirical foundation: Daily quotes for the Credit Default Swap spread of 37 European firms were collected for a period of two years, as well as equity-prices for the same period and the previous two years, used for model calibration.

The purpose of this thesis is to ascertain the main determinable factors of Swedish SMEs capital structure decisions and to investigate whether existing capital structure theories are applicable on Swedish SME financing. We have used panel data to run regressions of various capital structure determinants on three measures of capital structure; short- term debt, long-term debt and total debt. We found that growth opportunities, profitability and age are the most important capitalstructures determinants for our sample. Firm size shows a small explanatory result but the effective tax rate and the asset tangibility do not seem to explain the capital structure at all. Thematurity matching principle is considered significant..

This paper?s objective is to investigate whether Modigliani and Miller (MM) I & II proposition from 1958 with regard to capital structure, is still valid among public Swedish firms.We have chosen the 63 firms on the Stockholm Stock Exchange (OMX) that Affärsvärlden magazine?s general index (AFGX) has categorized as industrial firms. We based this selection on the assumption that these firms are relatively capital intense and have a clear focus on production and, therefore, mainly uses capital structure as a mean to finance their production and not as a means in itself.To be able to fully evaluate these firms we have calculated the current key ratios based each firm?s annual report. To make the figures comparable across the entire population we adjusted them to each firm?s turnover.The results we have reached concur with MM?s proposition I regarding capital structures independence of the firm value.

The thesis explores the Uncovered Interest rate Parity (UIP) and the possibility of cross-currency arbitrage between England, Germany and Sweden. The data is gathered between May 1999 and December 2005 on a monthly basis and is compared using simple regression analysis. The aim is to find out whether UIP holds and, if it does not, a risk premium exists that makes it possible to make arbitrage gains on moving capital between England, Germany and Sweden. It is discovered that UIP does not hold and that cross-currency arbitrage possibilities exist. In the end a an attempt is made to practically show how the arbitrage possibility could be used for a real investor to make risk free gains from the Foreign Exchange market..

During the past year it has been made possible to buy back a company?s outstanding stock. This is done in order to change the capital structure towards a situation with less equity. A change in capital structure means a change in the cost of capital for a company and by that a change in the value for the stockholder. This Master Thesis studies the relation between capital structure and business risk.

Background: A company?s choice of capital structure is influenced by the access to internal and external capital but also by the opportunities and threats that the management perceives in the environment and the management?s attitude towards risk. How an individual perceives and interpret the environment depends on the cognitive structures, which are shaped by personality, background and earlier experiences. Accordingly cognitive structures can be expected to influence the choice of capital structure. Purpose: Out of a cognitive perspective we intend to study the relationship between the way a company views it?s environment and what capital structure it chooses to have, in order to contribute to an increased understanding about what lies behind a company?s capital structure policy.

Risk-free profit sounds appealing. The opportunity to arbitrage exists. Investments in underpriced IPO:s can generate profit, but for whom?Previous studies have shown that underpricing is a common phenomenon. This study intends to investigate whether underpricing and the arbitrage opportunity exists on Aktietorget which is a smaller venue.

The aim of this thesis is to investigate which the main determinants of capital structure in Swedish listed firms are and to identify which incentives lies behind managers choice of capital structure determinants. Further, the study investigates whether the Post Keynesian theory and theories which incorporate behavioral aspects can be used to explain the capital structure decisions or if the traditional Neoclassical theory give an better explanation. We have used a qualitative method to analyze the determinants of capital structure and the managers incentives behind capital structure decision. We conducted a survey which was sent to 83 Chief Financial Managers and financial executives in Swedish firms listed on Mid Cap or Large Cap. The questionnaire was on-line which enabled for the respondents to quickly and convenient respond.

The purpose of this thesis is to test whether firms have target capital structure, and if so with what speed they adjust toward this target. Findings that support this purpose are also in line with the trade off theory. One of the key elements of this thesis is the method used, which successfully enables fulfilling the purpose. The panel data method captures the data characteristics of the cross sectional and time series dimension. By using this approach the dynamic effects of capital structure can be studied, thus if there actually is an adjustment towards a target the speed can be estimated.

The objective of this thesis is to examine the capital structure of Swedish small and medium sized enterprises (SMEs). Accounting data from Swedish game developers, combined with the result from a survey, is used to examine their financial conditions and capital structure decisions. We find that non-debt tax shield, firm size, growth opportunities and age are, to various extents, the determinants of capital structure in the game industry, while effective tax rate and asset structure have marginal effects. Our study also implicates that most of the existing capital structure theories can explain SMEs leverage decisions to some extent; however, some adaptation is needed to fit these theories into the SME context. Additionally, we find the existence of a financial gap in the game industry which might need efforts from both demand side and supply side to eliminate..

This master thesis concerns whether Swedish non-financial listed firms act in accordance with the optimal capital structure theory and/or pecking order theory. The examined period is 1998-2004 and we discover that Swedish companies neither follow optimal capital structure theory nor pecking order theory. From our results we conclude that there exists no single point of the capital structure which is optimal. Rather it seems as if the optimal point lies in-between an interval from 0 to the industry average, where firms tend to be indifferent to their debt-ratios. Our results show that Swedish companies prefer internal financing followed by equity and as last choice debt issuance..

Background: During extreme market conditions like the period during fall 2008 the discussion of what affects company value becomes apparent. The capital structure is the relation between borrowed capital and equity in a company´s financing mix. What impact changes in capital structure have on company value is a widely debated subject within the theory of finance. If a relationship between capital structure and company value exists the implication is that an optimal capital structure where company value is maximized also exists.Aim: The aim of the thesis is to study whether a certain relationship between capital structure and company value exists among selected stocks and companies listed on Stockholmsbörsens OMXS30.Implementation: With aim to fulfill the purpose of the thesis regression analysis has been performed among chosen stocks and companies. The empirical results eventuating from this have been analyzed from the view of elected relevant theory.Completion and results: We find that during normal market conditions a positive relationship between debt ratio and enterprise value (EV) can be established.

Our purpose was to examine why and how to start a ?bridge building enterprise? between qualified Chinese human capital and Swedish structure capital. The theoretical framework consists of literature from well renowned authors and is divided into four different parts: Intellectual Capital, Knowledge Management, China & Intercultural understanding. The empirical foundation has been gathered from a great variety of different sources in an attempt to cover the many complex angels in which this subject can be looked upon. Chinese students, managers in international companies with experience from China, Chinese employees in Swedish companies and different people with good knowledge of different areas of China are all among our respondents.In our conclusion we have reached the three following conclusions for why one should start a ?bridge building? enterprise in between qualified Chinese human capital and Swedish structure capital:-To fill future shortage of qualified human capital in Sweden.-To improve communication between Swedish companies and the Chinese market.-To develop qualified Chinese human capital with western standards..

Optioner är ett instrument som investerare kan använda för att spekulera i framtida upp-eller nedgångar på olika tillgångar. Om dessa optioner är felprissatta finns det möjlighet att göra riskfria vinster med hjälp av Stolls köp-säljparitet. Tidigare studier visar att marknaden inte alltid är effektiv i sin prissättning av aktieindexoptioner och att det därigenom finns möjlighet till arbitrage. Denna studie undersöker huruvida marknaden är effektiv i sin prissättning av VINX30 aktieindexoptioner, d.v.s. finns det möjlighet till arbitrag på VINX30 aktieindexoptioner?.

Background: During extreme market conditions like the period during fall 2008 the discussion of what affects company value becomes apparent. The capital structure is the relation between borrowed capital and equity in a company´s financing mix. What impact changes in capital structure have on company value is a widely debated subject within the theory of finance. If a relationship between capital structure and company value exists the implication is that an optimal capital structure where company value is maximized also exists.Aim: The aim of the thesis is to study whether a certain relationship between capital structure and company value exists among selected stocks and companies listed on Stockholmsbörsens OMXS30.Implementation: With aim to fulfill the purpose of the thesis regression analysis has been performed among chosen stocks and companies. The empirical results eventuating from this have been analyzed from the view of elected relevant theory.Completion and results: We find that during normal market conditions a positive relationship between debt ratio and enterprise value (EV) can be established.