Sammanfattning Uppsatsens titel: The accruals anomaly in SwedenSeminariedatum: 2007-06-04Kurs: Corporate Finance - Master Thesis BUS860, D-nivå, 10 poängFörfattare: Hedda Giaever, Tobias GabrielssonHandledare: Maria GårdängenFem nyckelord: Accruals, Anomalier, Hedge, Överavkastning, IrrationalitetSyfte: Undersöka om investerare på den svenska marknaden tar hänsyn till att accrualskomponenten av företags vinster säger mindre om framtidig vinst jämfört med kassaflödeskomponenten.Metod: Vi använder pool data för att undersöka de prediktiva värdena hos företagsresultatets olika komponenter. Ett Mishkintest på paneldata används för att undersöka om investerare tar hänsyn till de olika prediktiva värdena hos kassaflöde och ?accruals?. Vi använder slutligen hedge portföljer för att kvantifiera våra resultat. Teoretiska perspektiv: Effektiva marknads hypotesen, Hypotesen om rationella förväntningar.Empiri: Poster från balansräkning samt avkastningsdata är hämtad från Thomson Datastream.Resultat: Accrualskomponenten av ett företags vinster säger mindre om framtida vinster jämfört med kassaflödet från den löpande verksamheten.

På grund av marknadens hårdare krav på en bra likviditetsredovisning har likviditetsplaneringen blivit allt viktigare för företag. I arbetet med likviditetsplaneringen är det viktigt att veta vid vilken tidpunkt som in- och utbetalningar sker. Det är dock ett svårt arbete som påverkas av att kunder har olika betalningsvanor och av osäkra affärer i utländsk valuta.Syftet med denna uppsats är att beskriva hur Schenker genomför sin likviditetsplanering idag samt att undersöka ifall det finns förbättrings-möjligheter. De teorier som berörts handlar om faktorer som påverkar planeringen av likviditeten och hur de bör behandlas. Insamlingen av företagsinformation har skett genom en fallstudie av Schenker där tre intervjuer med en controller genomfördes.Studien har visat att Schenker överlag har en väl fungerande likviditetsplanering.

Denna kandidatuppsats syftar till att undersöka hur hotellverksamheter praktiserar Revenue Management, genom att behandla interna och externa influenser..

The purpose of this thesis is to through the analysis of interviews with finance professionals in listed companies answer the question on what lies behind capital structure decisions, and to see how well the prevailing theories fit the answers. This article is an explorative and descriptive hypothesis creating study. We have used a qualitative method to analyse practice through theory. We have conducted telephone interviews with CFO:s and financial executives in Swedish listed companies on how they reason when they make capital structure decisions. We have then thoroughly reviewed the theory and empirical tests of the theories.

När en kassaflödesvärdering genomförs prognostiseras företagets värde genom att summera framtida kassaflöden och diskontera dem med företagets kapitalkostnad. På grund av att prognostiserade kassaflöden är uppskattningar inför framtiden karaktäriseras en värdering alltid av hög osäkerhet. Till underlag för prognoserna används en omfattande mängd information. För att ett tillförlitligt värde ska kunna beräknas är det viktigt att relevant och pålitlig information samlas in och hanteras på ett effektivt sätt. I dagsläget är det problematiskt att hantera omfattande mängder information och ett tillräckligt datorstöd saknas.

During the Swedish banking crisis in the early 1990?s, the government paid out 65 billion Swedish kronor to save Swedish banks from bankruptcy. In the process, two banks left the private sector to be taken over by the state. This thesis builds on a study from 1998 in seeking to quantify the financial end result for the Swedish government from the subsidies. Taking a cash flow approach and accounting for the time difference, it starts with the money paid out during the years of crisis and subtracts the money that has since been returned to the government by successful management of the relinquished assets.

The purpose of this project is to study Partab's material distribution process, furthermore identify critical problem areas within the company. Further the aim is to provide suggestions to new work procedures regarding material distribution and related processes. Appropriate literature has been used as a support in this process. The main goal of a commercial company is to generate cash flow, and maximize the return on investment. Streamlining material supply and the use of material is a part of this process. Virum and Persson define logistics as: "Logistics is the approach and principles founding the process of planning, development, coordination, organisation, management, and control of material distribution from supplier to user".

Not all payments that an employee receives are cash salary, but may also be salary benefits. It should not matter in which form an employee receives payment, taxation shall be equal despite the form of salary. Cash salary as well as salary in benefits are covered by a general rule in the Swedish Tax Law and shall therefore be taxed when they have a connection to the work performed. There are exemptions to the general rule as some benefits are tax free. In general, taxation shall be easy to foresee.   The legal rules that are treated in this thesis have a general meaning.

The aim of this Master?s thesis is to examine how representations of identity construction are performed through the characters in the novel Snabba Cash by author Jens Lapidus. I examine what means the characters are using, and how the identity construction processes are related to the idea of modern society. For a theoretical background I use sociologist Anthony Giddens? theories regarding modernity and self-identity, to study general identity construction.

Värdebaserad styrning utgörs av en samling principer, vilka ska ge en vägledning för att mäta prestationer, allokera resurser samt sätta finansiella mål. Detta görs utifrån den grundläggande förutsättningen att aktieägarvärde skapas när avkastningen överstiger investerarens kapitalkostnad. För att lyckas med implementeringen och den fortsatta tillämpningen av VBM anser vi att företaget bör följa nio steg. Först bör företagsledningen förmedla synsättet, värdebaserad styrning. Därefter bör företaget välja en effektiv styrmodell.

Title: The appraiser?s choice of valuation method ? factors that influences the choice of company valuation methodsSeminar date: 04/06/07Course: Master thesis in Business Administration, 10 Swedish credits.Authors: Anne Benedicks and Veronica ÖbergAdvisor: Eron OxingProfession of category: Financial analysts, auditors and company lawyers.Key words: Company valuation, valuation methods, cash flow analysis, comparative valuation, the net asset value method.The Main Issue: What is of decisive importance when choosing a special company valuation method?Purpose: The purpose of this paper is to identify, analyse and evaluate the most common methods of valuation for financial analysts, auditors and company lawyers and those factors that influences the choice of method.Method: A multiple survey has been implemented for the actual profession categories. Primary data was collected through semi-structured interviews and a questionnaire survey.Theoretical: The theoretical frame of reference is based upon the paper?s dependent variable, i.e. the role of the appraiser.

The law firm industry has during the last years met new demanding conditions and one tool to handle these new conditions has been to implement a Knowledge Management system. Large investments have been made in these Knowledge Management systems but the implementations have met many challenges from within the organizations.With a multiple study, based on interviews with Knowledge Management Managers included in a Knowledge Management network, this thesis aims to study the challenges with Knowledge Management and the underlying causes. The result, based on McDermott's theories shows challenges within technical, personal, social and management areas where the law firm need to shift a focus from Information to Knowledge Management, create a culture of trust and integration and use the informal powerbase.The causes for these challenges are found in the base of Mintzbergs theories of Professional bureaucracy where the Knowledge Management is affected by strong self-regulated individualist, a divided organizational structure and industry conditions..

The purpose of this study was to identify the positive and negative aspects of the work and dynamics of a management team and from that recommend how the team can improve. The aim was also to investigate whether there was a gap between how the members of the management team comprehend themselves and how the project, section and team managers comprehend the management team. The management team contains of seven core team members and is the head function of a research and development site in central Sweden. The results are based on interviews with the present members of the management team and three former members, a survey among the project, section and team managers and by participating observation on meetings with the team. The results show that the management team is an overall well-functioning team that with some changes and improvements, especially concerning communication and information, can reach even further.

Today you can pay in many different ways. You can for instance use cash, credit cards, internet and now even with your mobile phone. Today we can also see new types of technical payment solutions being developed, such as Near Field Communication (NFC), mobile banking or through the use of QR-codes. We have today many different payment methods; therefore it?s interesting to see which payment method people prefer the most.

The 3:12-provisions are part of a legal system specified for owners of close corporations (companies owned and managed by a small group of businesspeople), for taxation of capi-tal gains and dividend. The reason for special rules for the taxation of these owners is to prevent them from transforming their income, to only be subject of the lower taxation of capital gains, instead of income of service. Since the rules were put in force, they have been subject to several changes. The most recent changes took effect on the 1 January 2006. They involve a higher importance for the rule of salary-based taxation.