A debate in finance is whether a random investment gives the same return as carefully choose and valuing an amount of shares to invest in. Stock valuating Stock valuation is often done by fundamental valuation models, based on the company's underlying character, which tries to put a correct price on the stock. Today there are several different valuation models that can be used for this purpose. Since valuation models are only mathematical, equity research is underpinned by more subjective assessments about the company and its future.The purpose with this thesis is to describe which valuation models that are used by professional stock analysts, but also to see if the reliability on the equity research is affected by the used model to valuing the company. Furthermore, we want to see if the job that?s been done to understand the company, measured by the equity research quality, impact the reliability on the equity research.In this thesis, we have, to achieve our purpose, conducted a quantitative content analysis of 164 equity research done by professional analysts at firms listed on the Stockholm Stock Exchange. With basis in previous research, we have developed a method for determining the valuation model that is used in the equity research, the reliability on the equity research and a framework for assessing the quality of the equity research.In the theoretical framework the valuation models involved in our study are described, previous research on the reliability on the equity research and their practical use.

All inclusive travel has become a popular way to travel abroad. When tourists pay for everything in advance their need for contact with the local people will be reduced. The consequences of this can be dissatisfaction from the local people as they are left out and do not share the financial benefits created by tourism. During the purchasing cycle of an all inclusive travel, it is possible that the tour operator can influence a sustainable development.The aim of this paper is to compare how a large and a small tour operator in their purchase of all inclusive holidays interacts with local players to create sustainable development, thereby creating a surplus value to the customer. The hypothesis is that the amount of knowledge and application of this knowledge regarding sustainable development differs in the purchase process between large and small tour operators.This paper was carried out as a case study.

The purpose of this paper is to examine how the target to convert the Swedish military aviation industry towards working within the civilian sector was planned and implemented parallel to the target of building a world-class military aircraft. A number of Government bills have been studied, bills directly connected to the JAS-project as well as bills dealing with civilian project ?s for the military aviation industry. The first group includes bills dealing with the JAS-project ?s role in the overarcing defence policy, as well as the Government ?s bill specifying the guidelines for the JAS-project.

Recent turmoil surrounding nuclear power as an energy source, especially since the accidentat Fukushima, has largely contributed to the debate of whether or not nuclear power should beused as an energy source. This study has examined the economic feasibility of replacingForsmark?s 3rd nuclear reactor with a bio fueled power plant, and find out how this could bedone.The power generation that has to be replaced is equal to 1170 MWe. To replace this, 6 largescaleCFB-boilers, each providing over 200 MWe, were necessary. In addition to this, eachboiler required their respective turbine sets, comprising one high-pressure-, and one lowpressureturbine with intermediate reheating capacities.Based on this, a rankine-cycle was modeled using the software EES, to be able to calculatethe total heat required in the power plant.

Uppsala County has ambitious environmental aims for the planned residential area inÖstra Sala backe. In this thesis different energy sources have been evaluated todetermine which system that would be most favorable given currently availableinformation about the project. Planned energy usage has been divided into tap waterheating, space heating and power. Three base case scenarios were made with districtheating, small scale bio fuel and heat pump. Solar power and solar heating were thensimulated and the production from the two could individually be deducted from theenergy need in the base cases, constituting 9 different scenarios.

For any animator either working in stop-motion or 3D-animation the knowledge of the first animation techniques are most important. For it is based on these principles that animation today can create such vibrant characters. With the extreme development 3D-animation has undergone the last twenty years it is easy to lose track of the old ways. But with this thesis a hope to show that it is these old ways that will take animation to its next stage. My aim with this thesis is to find out if it is possible to identify the characteristic features of stop-motion and apply these onto 3D-animation with purpose to create a more expressive style of animation.

We live in a stressful world and a demanding society where the ability to quickly adapt is one of the most important and most difficult challenges of today. A fairly new phenomenon called intranets has evolved to meet this challenge, however many examples of corporative intranets are stories about failures and systems with poor usability. This study focuses on how the user oriented approach to systems design affected upon a system development process of an Intranet, solely developed within a company, and how it impacts on the intranets popularity among the employees in the company. The study starts not from the literature but from a survey, which is based upon the Delphi method. Which results were used for further in-depth research about the subject, by interviewing three representatives from the company.

Well-functioning bicycle paths are relevant issues in today´s society as a way to increase active transport. Active transport means working for a better global climate, urban environment and public health. What we experience on a bicycle affects the choice of a bicycle path and is a subject where there is much left to explore. This essay examines methods in environmental psychology literature that measure the experiences of landscape. The aim is to find and apply methods to measure the experience of two bicycle paths in the Skåne plains.

Biogas is a renewable fuel that can be extracted from anaerobic digestion of many differentsubstrates, for example biological household waste. An alternative handling of the waste is tomix it with other wastes and incinerate it in a combined heat and power (CHP) plant. Thisstudy uses life cycle assessment to investigate which type of waste handling that is betterfrom an environmental point of view, anaerobic digestion with biogas production orincineration. The results are based on a case study of a biogas production plant owned by thecompany Ragn-Sells in Vänersborg. The alternative is incineration at a CHP plant inGothenburg.

AbstractThe banking industry has during later years gone through several technological changes (Svenska Bankföreningen 2014). These big changes have led to several advantages seen both from a customer ? and corporate point of view. Advantages in easier usage, increased availability and more competition have made the banks more cost effective at the same time as the customer is being offered better prices. Even though the advantages seem to weigh over the disadvantages there are still those who thinks that things where ?better in the past?.

Serum thymidine kinase 1 (TK1) activity is used as a tumor marker in disease monitoring in veterinary and human medicine. TK1, an intracellular enzyme, is involved in a salvage pathway of DNA precursor synthesis. TK1 is used in DNA precursor production by catalyzing the transfer of the gamma-phosphate-group from a phosphate-donor to the 5?- hydroxyl-group of thymidine forming thymidine-monophosphate. Nucleoside monophosphosphates are finally converted into thymidine-triphosphates. TK1 activity significantly rises in the G1 and the S phase of the cell cycle.

Background and problem: Whether or not the pay to executives is fair is widely debated. During the last years especially the variable pay has been in the spotlight. But at what levels are the compensations really at? Media?s focus is mainly on the absolute highest compensations which may result in a skew view on pay-for-performance incentives.Purpose: The purpose of this thesis is to establish the levels of compensation to executives in a wide range of randomly selected companies listed on the Stockholm stock exchange during the years 2001 to 2005. Furthermore, the impact of a set of firm specific variables on compensation levels will be analyzed with basis in several hypothesis.Delimitations: The variable pay considered in this thesis will only be variable cash bonuses.

The object of this essay is the Swedish author Agnes von Krusenstjerna's novels Ninas dagbok (The diary of Nina) and Helenas första kärlek (Helena's first love) as well as the cycle novel Fröknarna von Pahlen (The misses von Pahlen). The purpose is to explore her use of the discourse of girls' fiction, which I analyse by the depiciton of women's sexual awakening, and her depiction of sadomasochism. The theories of Elaine Showalter, Jacques Derrida, Michel Foucault and Judith Butler are used.Women's sexual awakening is depicted similarly in the novels but more explicitly in Fröknarna von Pahlen. In Ninas dagbok and Helenas första kärlek there is an eroticization of dominance and submission, which is not explicitly sadomasochistic. In Fröknarna von Pahlen, sadomasochism is explicitly described as a "perverted" sexuality and reveals the inequality in the violent sexuality, which is described as "normal".

The recent turbulence in the financial markets has contributed to the banks becoming more restrictive to lend to real estate financing. Deleveraging in Europe's banking sector has also contributed to banks reducing their leverage and increasing capital adequacy to meet the new requirements. Loan-to-value ratios in real estate loans have fallen while banks' interest margins have increased, which has made property investors to look for alternative sources of funding in the capital markets. The two most interesting forms of financing for real estate right now is bonds and preferred shares as they fit property companies that generate stable and predictable cash flows. A bond is an interest-bearing debenture certifying that the purchaser has lent money to the company that issued the bond.

We have chosen to write our examination essay about Ukraine, we wanted to find out what kind of possibilities there is to run a farm there, and also find out what kind of problems that might arise. Ukraine is still heavily influenced by Russia and the legacy from the former Soviet Union. The agriculture today looks pretty much like it did before the collapse of the Soviet system. There are large governmental or cooperatively owned farms. The large farms have to deal with bad cash-liquidity and they often have trouble getting a hold of seed and artificial manure to their whole acreage.