Title: Overreaction on the Swedish stock market Seminar date:2008-01-30 Course:Nek K01- Bachelor Thesis in Economics (15 ETCS) Authors: Advisor:Oskar Herbe and Ludvig Persson Hossein Asgharian Key Words:Overreaction, Anomalies, Market Efficiency, Contrarian investment strategies Purpose:The purpose of this thesis is to test if the overreaction hypothesis as originally described by De Bondt and Thaler is a good explanation model for the Swedish stock market. Further, our intension is to divide the stock market into three segments by company size, in terms of market capitalization, to control for size effects. Method:We have conducted this study by analyzing Swedish stock data in the period of 1989-2007. Within this time span, using overlapping formation periods, we have constructed two types of portfolios, winner portfolios and looser portfolios. The portfolios represent the 30 per cent best performing respectively worst performing stocks in terms of returns.

In this master thesis, control algoritms using arm side sensors are investigated for an industrial robot. The sensors can be position encoders placed after the gearbox and accelerometers on the robot arms. Control strategies are discussed and evaluated for different models of the robot, after which chosen strategies are applied to a realistic model. Control algoritms using arm side sensors (LQ, dual-loop and PD-PID) are compared to a PID-controller that only uses measurements of motor position for feedback control. The comparison are done with respect to disturbance rejection, oscillation damping, robustness and tracking performance of a reference trajectory.

Background: The use of reward systems can be of strategic importance as well as an affective mean of control for the organization in its work to achieve its goals. The municipal sector is characterized by its transparency and its responsibility for the taxpayer?s money. We therefore wonder which possibilities the municipal sector has to use reward systems as a men of control. Purpose: We intend to research the possibilities that the reward system offer as a mean of control for employees at the higher municipal level, with a special focus on commitment and motivation.

This thesis examines the approach for implementing strategy that has been applied by the study object, Svenska Spel. The specific approach originates from the theories of Elliot Jaques, whose key proposal is that individuals have different capability of carrying out tasks over different time-spans. The main purpose of the study is to analyze how the approach has influenced the management control systems in use, in order to ensure that the strategy is successfully implemented on corporate as well as operational level. Twenty in debt interviews conducted with employees, representing a vertical cross section throughout the organization, are the main source of the study?s empirical foundation.

Fältbiologer in Lund : A study on how the NGO Fältbiologerna has affected environmental politics in the municipality of LundThis paper examines, through interview and literary studies, if the environmental NGO Fältbiologerna has had any impact on the environmental politics of the municipality of Lund. The study is based on a case where Fältbiologerna were protesting against the establishment of two shopping centers near the outskirts of Lund.The study is inconclusive, but provides a few interesting questions for further studies in this subject..

Studien syftar till att se hur personlighet, söka-arbete self-efficacy och locus of control påverkas av arbetslöshet. Personlighet mäts enligt Costa & MacCraes fem-faktor modell och avser dimensionerna extroversion, neuroticism, öppenhet, trevlighet och samvetsgrannhet. Hypotesen är att det finns skillnad mellan nyarbetslösa och långtidsarbetslösa avseende personlighet, söka arbete self-efficacy och locus of control. Frågeformulär innehållande påstående om ovanstående faktorer besvarades av en grupp nyarbetslösa och en grupp långtidsarbetslösa. Resultatet visar inga signifikanta skillnader avseende personlighet och söka arbete self-efficacy mellan grupperna.

Background: Health economic evaluations are becoming an increasingly important means of analysing which care alternative resource utilisation is the most cost effective. It is a new topic in the medical device industry that causes much uncertainty and unstructured use of the actors involved.Study questions: Why is it difficult to develop, implement and disseminate this standardized health economic evaluation models in medical technology? Is there a possibility to standardize health economic evaluations within the medical device industry?Purpose: The purpose of this study is to investigate the standardization issues for health economic evaluations within the medical device industry.Method: A qualitative approach was used in the form of interviews with five actors that are active or have a connection to the medical device industry. The data collection consists of journals, reports, Internet searches and literature among other things.Conclusion: It is possible to standardize, but with certain restrictions such as the county council's budget, influence of industry-specific factors, lack of knowledge and the important interaction between actors..

The study begins with a historical background over the fisheries development in North America and in the Baltic Sea area in Finland and Sweden. As we can see the fisheries development depends on the interaction between ecology, state of production, politic and also social factors. In Sweden the fishery politic has changed over the period of the study. In the 1970: s the main politic focus was on the fisheries progress, expansion and rationalization. The State in Sweden took a vast part in this development and gave economic support.

Background: Many companies have outsourced their IT-operations and their expectations of what this IT-outsourcing will contribute to the business are high. Cost cuts are not always a natural outcome of IT-outsourcing. Many companies that have outsourced their IT-operations consider it to be problematic and complex to exercise management control and reach cost control which was the purpose of the IT-outsourcing. Purpose: To describe and analyze what affect IT-outsourcing has on a company?s management control system and a company?s possibility to exercise cost control.

The change of control clause is nowadays a well used covenant in the Eurobond market, with the aims to protect bondholders in case of a leveraged buyout. This thesis intend to evaluate whether the change of control clause is a new phenomenon in the Eurobond market today and to estimate what have been the driven force for the popularity of it. The thesis found that the change of control clause already existed before and thus it is not a new phenomenon. Several factors where found though to explain the extended use of the clause today. Starting in 2005 the LBO activity increased rapidly, exposing almost every company to the risk of LBO.

Background: Running economy is one of the key factors to achieve top performance in endurance events. Little evidence exists for improving running economy using high-intensity interval training while running. Objectives: The purpose of this study was to examine how HIIT affects running economy and VO2max. Method: 14 well-trained athletes (age 35 ± 8,9 years, height 175 ± 11,7 cm and weight 69 ± 12,2 kg) were divided into two separate groups (HIIT and Control). HIIT group performed 3 HIIT exercises every week for 4 weeks and Control group continued with their separate training programs consisting of mostly traditional endurance training. Results: Running economy showed no improvement in HIIT (pre 38,62 and post 38,62 ml/kg/min, p=1.00) but Control improved (pre 45,41 and post 43,37 ml/kg/min, p=0,03). VO2max decreased in HIIT (mean 61,32 to 60,84 ml/kg/min) and in Control (mean 61,99 to 58,47 ml/kg/min)..

In 1998 the Swedish Socialist Government initiated a project in order to promote economic growth and to end the discriminating social and ethnic segregation in the greater city regions of Stockholm, Gothenburg and Malmo. One of the goals of the project was and still is to promote political participation in 24 of the poorest areas of the three cities. In a quantitative analysis I evaluate whether or not the project so far has been successful in promoting a specific part of political participation, i.e. electoral participation in communal elections. The results of the 24 poor city areas are compared with a group of 14 likewise poor city areas of major swedish cities.According to my hypothesis, general improvements of the socio-economic status of poor city areas ought to generate positive effects on electoral participation in communal elections.

Background: Running economy is one of the key factors to achieve top performance in endurance events. Little evidence exists for improving running economy using high-intensity interval training while running. Objectives: The purpose of this study was to examine how HIIT affects running economy and VO2max. Method: 14 well-trained athletes (age 35 ± 8,9 years, height 175 ± 11,7 cm and weight 69 ± 12,2 kg) were divided into two separate groups (HIIT and Control). HIIT group performed 3 HIIT exercises every week for 4 weeks and Control group continued with their separate training programs consisting of mostly traditional endurance training. Results: Running economy showed no improvement in HIIT (pre 38,62 and post 38,62 ml/kg/min, p=1.00) but Control improved (pre 45,41 and post 43,37 ml/kg/min, p=0,03). VO2max decreased in HIIT (mean 61,32 to 60,84 ml/kg/min) and in Control (mean 61,99 to 58,47 ml/kg/min)..

For a long time economic tax equalization system in Sweden has been creating dispute between Swedish communities. Despite the main purpose of the system - to reduce disparities and create equal economic opportunities for all communities ? some regions were not satisfied.The main purpose of this study is to determine what extant has equalization tax on investment spending of Danderyd municipality during 2000-2010 year period. The study is based on annual reports and personal interviews. The theoretical frame of the investigation is founded on Fjertorp's classification of investments and public choice theory.The investigation shows that there were no significant changes neither in investment spending or equalization tax during 2000-2010 period, even after the last changes of economic tax equalizations system in 2005.

The aim of this thesis is to get a better understanding of how the management control system works at V&S Distillers. V&S Distillers went through an organizational change in the beginning of 2005. The marketing function went from being a country-driven to a category-driven organization. Among other things this resulted in increased cooperation between employees in different geographical locations. We aim to analyze how a geographical distance affects relations and the use of management control.