Crowdfunding is a phenomenon that is subject to a great growth during the recent years, and the growth rate doesn't seem to stagnate. When new legislation named the JOBS Act in the U.S. becomes effective in late 2015, crowd equity will surely become a popular tool for financing businesses. Because crowdfunding great popularity is caused by the possibility to reach out to crowds through the internet, it is a global phenomenon, why it's relevant to examine current legislations in jurisdictions. This thesis covers an examination of Swedish laws of how they govern crowdfunding, and also suggestions on how the laws should be changed to more efficiently  correspond with the purposes of crowdfunding..

Private equity (PE) har kommit att utgöra en viktig aktör på den svenska kapitalmarknaden och allt fler företag drivs idag med ett PE-företag som ägare. Fallföretaget i vår studie blev för sex år sedan uppköpta av ett PE-företag och sedan uppköpet har det genomförts omfattande förändringar i ekonomistyrningen. Vi har i studien undersökt vilka förändringar som genomförts och med hjälp av Burns och Scapens (2000) institutionella ramverk analyserat hur och varför förändringarna har mottagits i organisationen på det sätt som de har. I den fallstudie vi har genomfört har vi intervjuat personer både i fallföretaget och hos PE-ägaren. Vi har i studien fått reda på att fallföretaget, utifrån direktiv från de nya ägarna, infört ett nytt rapporteringssystem och incitamentprogram efter uppköpet.

In this thesis we study the development of post-earnings announcement drift (PEAD) in the Swedish equity market from 2000 to 2009. By forming portfolios based on the stock price reaction to quarterly reporting we show that the characteristics of PEAD have changed. We demonstrate that negatively surprising companies show a positive drift during a holding period of six months sufficiently large to render the trading strategy unprofitable. This development holds from 2005 and onwards and these results contradict many a study which finds the same portfolio construction to be indeed profitable. We argue that this development is a trend that will not only affect our study but future studies as well..

Calculations of net present value are based on a discount rate, which requires knowledge about the company?s cost of debt. A common way to do this is by observing the company?s credit rating, when no credit rating is given it?s possible to use a synthetic rating model based on quantitative data to estimate a credit rating. Thus, the aim of this study is to increase the understanding of which quantitative data, in terms of key figures, that can be used to explain the given credit ratings for companies from the Nordic countries.In developing the model, key figures found significant in previous studies are being tested for whether or not they are applicable for companies from the Nordic countries.

The high debt levels experienced in European Countries have lead to academic interest in the deficit bias -the tendency for governments to run budget deficits and accumulate debt. In part one of this thesis a surveyof the economic literature on the origins and solutions to the deficit bias are conducted. The proposedinstitutional solution to the deficit bias in the form of Fiscal Policy Councils (FPC) are outlined and existingEuropean FPCs presented. Based on the works of Calmfors and Wren-Lewis (2011) the EuropeanCommission (EC) is defined as an FPC. Based on this survey, two hypothesis are formulated: (1) theforecasts of future macro-economic events and fiscal performance will differ between the national FPCs andthe national government.

Entrepreneurship is a subject of growing attention, especially within public policy, media and research. Many studies have been done, but the subject of entrepreneurial exit has to a large extent been ignored. The aim of this study has been to investigate how entrepreneurs at an early stage in their career think about exit within a near future, and what factors influence their attitude towards exit. The study was conducted through a survey answered by 253 entrepreneurs active within business incubators in Sweden. Based on previous research on entrepreneurial intentions, a model of exit intentions was developed, and tested against several other factors.

Sverige genomförde vid årsskiftet 2012/2013 ytterligare en sänkning av bolagsskatten. Denna gång från 26,3 till 22 procent. Målet med sänkningen var att hamna under EU?s genomsnittliga bolagsskattenivå vilket skulle minska företags incitament till att fly Sverige för lågskatteländer. Samtidigt ville regeringen minska företagens skuldsättningsgrad.I teorin sjunker värdet på skatteskölden vid en bolagsskattesänkning och därmed också värdet på företagen.

Prior studies have shown that earnings management can be used either to inform or to mislead investors about the future performance of a company. However, few studies have examined the impact of earnings management on forecasting return on equity (ROE). The aim of this thesis is to investigate whether the ability to forecast next year's ROE is improved when taking earnings management, measured as discretionary accruals, into account. This is examined by comparing a forecast model that takes the magnitude of discretionary accruals into consideration with a model that does not. The study is based on companies that were listed on the Stockholm Stock Exchange during 2002-2012.

Accounting for financial instruments can either be based on a transactions approach or an eco-nomic approach. Under a transactions approach instruments are reported at cost whereas under an economic approach instruments are reported at fair value. Hence, under a transactions approach realization becomes a criterion for recognizing fair value fluctuations as revenue whereas under an economic approach it does not. A mixed model is defined as a combination of the transactions approach and the economic approach insofar it records some accounting items at cost and other items at fair value. The mixed model gives rise to an issue commonly referred to as an accounting mismatch.

The purpose of this paper is to compare two different portfolio strategies consisting of insider transactions and stock recommendations and examine whether they posses any information advantage.  The portfolios are balanced once every three-, six- and twelve- months in the period of 2007-2009. Our results show a pattern for these investment strategies. The portfolio consisting of insider transactions generates a positive return in equity in a negative market environment and the opposite reaction in a positive environment. The result for the portfolio consisting of stock recommendations show a positive return of equity in positive environment and the opposite effect in negative environment. The pattern that has been observed can be classified as an anomaly.

Uppsatsen behandlar skillnader i regelverken på NGM Equity, First North och Aktietorget samt hur detta påverkar företagen på respektive marknadsplats. Fär att förklara de förhållandena som råder mellan marknadsplatsen, företagen och investerare använder vi oss av teorierna: Det finansiella gapet, Legitimitetsteorin och Intressentteorin. I uppsatsen har vi kommit fram till att de nya marknadsplatserna fyller en viktig funktion för mindre och medelstora företag i tillväxtfas. Vi har dock konstaterat att det föreligger vissa brister gällande upprätthållandet och praxis i det nuvarande gällande regelverken. Detta kan vara en bidragande orsak till att handeln inte alltid fungerar ändamålsenligt.

The purpose of this investigation is to come across the associations of consumers who are being exposed to a brand extension from a different product category. Moreover, our aim is to contribute to the knowledge of how consumers respond to these extended products, by investigating the influence of the parent brand. To fulfill our purpose, this study was conducted through qualitative interviews with consumers. In order to carry out our investigation and analyze our findings the following theoretical framework has been used: Customer-based equity, Parent brand affect and Perceived fit. Our data was collected through ten semi-structured interviews including consumers of Fiat and Marlboro brand extensions.

Today, there are a number of different models and methods used to estimate the equity value of a company. A common tool for valuating stock prices is the usage of different multiples. This is a method used to determine the value of a company, by examining and comparing the financial ratios of relevant peer groups. The disadvantage with this method is that it does not take all the important aspects, such as risk, investments and capital structure, into consideration. However, this study investigates if the key value, called discounted cash flow (DCF), can be integrated with the valuation of the multiples.

The agricultural sector is characterized by larger crop farms and more extensive livestockproduction. The efficiency improvement is partly a result from a stronger competition in theglobal market. The agricultural products need to be produced at a lower cost than competitorsin order to survive as a farmer. The solution is larger firms that benefit from economies ofscale. This brings large investments that create a greater need for leverage and closer relationto the credit agency.

Syfte Syftet med uppsatsen är att ta undersöka huruvida det finns någon skillnad mellan skuldsättningsgraden inom produkt- och tjänstebranschen. Ett delsyfte till uppsatsen är att undersöka hur räntekostnaden ser ut och huruvida det finns signifikanta samband mellan de olika branschernas gällande ovanstående faktorer.Metod Undersökningen är en fallstudie med en abduktiv kvantitativ ansats. Empirin består av sekundärdata i form av årsredovisningar.Teori Teorin har utgått ifrån genrens klassiker i form av Modigliani & Millers två teorem, Pecking order teorin samt Trade-off teorin.  Även Hallgrens modell om risk har tillämpats.Empiri Data är insamlad från sex byggföretag samt från sex revisionsföretag. Skuldsättningsgrad, räntekostnader samt omsättning är granskad dels inom branschen och dels jämförande mellan branscherna. Empirin är testad genom signifikansanalyser.Resultat Det finns inga signifikanta samband mellan bygg- och revisionsbranschens skuldsättningDet finns inga signifikanta samband mellan bygg- och revisionsbranschens räntekostnadDet finns inga signifikanta samband i byggbranschens skuldsättningDet finns inga signifikanta samband i revisionsbranschens skuldsättning.