This paper aims to derive the Black-Scholes equation for readers without advanced knowledge in finance and mathematics. To succeed, this paper contains a theoretical chapter in which concepts such as options, interest rate, differential equations and stochastic variable are explained. This paper also presents the theory of stochastic processes such as the Wiener process and Ito process. In the chapter on the Black-Scholes model the Ito process is used to describe price of shares and with the help of Ito's lemma Black-Scholes equation can be derived. In the paper, assumptions are listed that apply to the Black-Scholes model and then uses the Black-Scholes equation to calculate the price of a European call option.

Climate change is the modern society?s common issue. The developed countries areconsuming more than what is sustainable, and the climate change due to the use offossil fuels can be seen clearly. EU has specified goals, in order to stop furtherdamage, which demand that every member state have to reduce its energyconsumption by 20 % before 2020 and 50 % before 2050, relative to 1995.The Swedish government uses a number of instruments to encourage reduction in theusage of energy, but every individual has to contribute to reach the goals.With increasing energy price the cost of living is going up. A lot of people are lookingfor ways to save energy and not be affected as much by the increasing price.Investments for insulation, replacement of windows and replacing old heating systemfor a new efficient heat pump is getting more and more common.This thesis is about investigating the possibilities in becoming independent from buyingenergy for households.

As a small and land scarce country, effective waste management is ofoutmost importance in Singapore. In this study the production of biogasthrough anaerobic digestion from the organic fraction of municipal solidwaste (OFMSW) was compared to incineration of the waste. At the momentalmost all of the OFMSW in Singapore is incinerated. Three differentscenarios were compared to the reference scenario (incineration): one with alarge scale biogas plant that can treat half of all OFMSW in Singapore, onewith a medium scale biogas plant about 15 times smaller than the large oneand one with a small scale biogas plant that can treat waste from e.g. ashopping center or a food center.By using life cycle assessment (LCA) the different scenarios were comparedin terms of global warming potential (GWP), acidification, eutrophication,energy use and land use.

The aim of this paper is to describe how to measure welfare effect of the deregulation and increased competition of the public transport by railway in Sweden. The paper also includes a numerical example of how to measure the welfare effect. In our study we use public data from SJ regaring quantity and ticket prices for the period 1996 - 2005. We have used equivalent variation, EV, as the method to measure the welfare effect. We demonstrate how to derive the equation to calculate EV by starting with a Marschallian demand function.

 Problem   Are there any abnormal changes in the parent company's share price at the news of a spin?off.ObjectiveThe main purpose of the study is to investigate how the news of a spin-off affects the parent company's share price. In other words if the news of the Spin-off gives an abnormal return on the Stockholm Stock Exchange during the specific period of 1998?2008. In addressing this, the paper will also investigate the following sub sections: are there any differences in the abnormal returns in various sectors and what the reasons to perform a spin?off in the Swedish market are.MethodAn event study in which market data is used to measure specific events? impact on the value of the company and on the effects on the stock market.

The purpose of this paper was to examine the potential presence of a relationship between the quality of corporate financial disclosure and the volatility in stock price in the Swedish market. This was carried out by investigating the hypothesis that an accurate annual report with high information quality results in a decrease in volatility. Previous studies have been done with this approach and in some cases the above stated hypothesis was found to be true. Thus, in the absence of a perfect efficient market the level of information quality may to some extent explain the volatility in stock price. However, the result of our study gave no evidence in support of this hypothesis.

The purpose of this essay was to try to find out if the optimal farrowing pen exists. By interviewing producers, veterinarians and salesmen and also through a literature study, I have tried to evaluate advantages and disadvantages regarding different types of pen formations and environmental details. The interviews with the producers showed that they all were satisfied with their particular farrowing pen. It also showed that one material can be functional in one farrowing pen but not in another. The determining factor for the outcome of the farrowing pen was the individual experience and the way of thinking of the producers. The veterinarians were of the opinion that there today were no existing farrowing pens that responded to the pigs needs. However, the results on the farms were generally good. The salesmen thought that the production costs could be lower if a sort of a standard pen was used.

The biogas plant Kungsängens gård, owned by Uppsala Vatten och Avfall AB, produces biogas and biomanure from organic household waste, food processing waste and slaughterhouse waste. In year 2012, 4.4 million Nm3 of biogas were produced from 25 200 tons of waste. Before digestion all substrate is sanitized by pasteurization at 70°C in order to kill pathogens. Another method, integrated thermophilic sanitation (ITS), is of interest in order to decrease the energy demand. The method implies that the substrate is sanitized during ten hours in the digestion chamber, where the temperature is 52°C.

An increased awareness about the global warming has created a demand for more information on how the climate is affected by different activities.This master thesis was initiated by Tricorona, a Swedish company that offers its customers analysis and calculation of their climate impact. Tricorona also supplies climate neutralisation with CERs, in accordance with the Kyoto protocol and controlled by the UN. This work demands updated emission factors for greenhouse gases. An emission factor gives information about the greenhouse gasintensity of a service or a product [kg CO2-eq./ functional unit].The purpose of this thesis is to examine how electricity, district heating, hotels, taxis, food and materials affect the climate and how emission factors for these areas can be calculated.This was done by reviewing and comparing different studies and by interviewing experts. The information was evaluated and recommendations on calculations and emission factors were made.The consumption of energy is the main source of greenhouse gas emissions for district heating, electricity, hotels, taxis and materials.

The scope of this project is to make a comparison of costs associated with wind and nuclear power in order to decide which one of these is the most suitable in the case of an increased demand for electricity. It is also investigated if there are other factors that can influence the choice of energy source.An average cost is calculated in terms of kronor per kilowatt-hour (SEK/kWh) using cost of investment, operation & maintenance and taxes & subsidies. Total investment cost is recalculated to production cost using the annuity method at three different interest rates (6%, 9% and 12%).The comparison is made between three cases of wind power and two cases of nuclear power. For wind power there are two ocean-based (300MW and 100MW installed capacity, respectively) and one land-based (60MW) wind farm. For nuclear power there is one EPR-reactor (1600MW) and one AP1000-reactor (1100MW).

This paper aims to derive the Black-Scholes equation for readers without advanced knowledge in finance and mathematics. To succeed, this paper contains a theoretical chapter in which concepts such as options, interest rate, differential equations and stochastic variable are explained. This paper also presents the theory of stochastic processes such as the Wiener process and Ito process. In the chapter on the Black-Scholes model the Ito process is used to describe price of shares and with the help of Ito's lemma Black-Scholes equation can be derived. In the paper, assumptions are listed that apply to the Black-Scholes model and then uses the Black-Scholes equation to calculate the price of a European call option.

 Problem   Are there any abnormal changes in the parent company's share price at the news of a spin?off.ObjectiveThe main purpose of the study is to investigate how the news of a spin-off affects the parent company's share price. In other words if the news of the Spin-off gives an abnormal return on the Stockholm Stock Exchange during the specific period of 1998?2008. In addressing this, the paper will also investigate the following sub sections: are there any differences in the abnormal returns in various sectors and what the reasons to perform a spin?off in the Swedish market are.MethodAn event study in which market data is used to measure specific events? impact on the value of the company and on the effects on the stock market.

The agricultural sector is currently highly dependent on fossil fuels, with diesel beingmost prominent. There are however both historical and modern alternatives thathave not been subject to enough evaluation to disregard them as suitable alternative.This report aims to theoretically investigate the feasibility of converting aconventional diesel driven tractor to run on electricity, delivered via a cableconnected to either the main power grid or on-site electric production, such asphotovoltaic. Delivering electricity to the machine via a cable is a method withhistorical roots in the early 20th century and in the present day mining industry.The economic and technological potential of the technique are evaluated, along withthe examination of several different motor powers, voltages, losses and constructionideas. The report finds the technique to be both possible as well as long termeconomically and environmentally beneficial. To realise this method however, somedeviations from the present methods of agricultural farming must be made,considering the more advanced driving patterns, the limited mobility and therequirement for extra driver awareness.

This paper analyses how Swedish fine-art oil paintings sold at auctions has performed as a monetary investment during the period autumn 1985 until spring 2006. An average price technique as well as a hedonic regression technique, applied to a sample of 19 213 auction sales, is used to construct price indices. The indices show somewhat different results, which is explained by the inability of the average price model to adjust for relative differences in quality between periods. The hedonic regression model on the other hand captures this effect, why the hedonic index is applied in a financial return model. By adjusting for transaction cost, the financial return of an average investment in paintings is calculated.

The biogas plant Kungsängens gård, owned by Uppsala Vatten och Avfall AB, produces biogas and biomanure from organic household waste, food processing waste and slaughterhouse waste. In year 2012, 4.4 million Nm3 of biogas were produced from 25 200 tons of waste. Before digestion all substrate is sanitized by one hour?s pasteurization at 70°C in order to kill pathogens. Another method, integrated thermophilic sanitation (ITS), is of interest in order to decrease the energy demand.