Problem formulation: This paper will examine how the capital structure of firms affects their market valuation by applying the Modigliani-Miller theory on Swedish listed companies in a boom and a recession. The study will examine whether it is possible to draw any conclusions as to whether companies with high debt to equity ratios are valued lower in a recession, in comparison to companies with low debt to equity ratios.Purpose: To empirically test the Modigliani-Miller theory of capital structure in a boom and a recession in order to see if the companies? market value is affected differently depending on whether they have a high or a low debt to equity ratios.Methodology: The essay has a deductive and a quantitative methodological approach. Data analysis was done through a correlation analysis, a regression analysis and a hypothesis testing.Theory: The Modigliani-Miller theory of capital structure with taxes states that companies with a high debt to equity ratios has a higher value. One of the risks with a high level of debt could be that during a financial downturn companies have more difficulty realizing capital and are thus more likely to go bankrupt.Conclusions: The study shows results that are contrary to the Modigliani-Miller's theory; all the correlation analyses between debt to equity ratios and market value are negative.

The report describes the process of identifying the interference that exists in a newly installed automated robotic cell and suggest improvements to increase productivity. The cell is used for lifting up extruded aluminum sections onto a conveyor which deliver the material to a anodising line at a company that manufactures aluminum extrusions.To find the areas with the best possibility for improvements in the cell we used a variety of job measurements e.g. measure of standard times for each operation in the cell. The core of the report is a study of the robots.One reason for this study is that the robots do not reach the productivity they were purchased to. The main cause not reaching the productivity is the visionsystem.

The purpose of this study is to describe the traceability of products that protect against counterfeiting and examine how protection against counterfeit products have been developed to date, and to display the opportunity to streamline the protection of products and brands.Nowadays, in the global world, it is getting increasingly more difficult to track the products. Especially for the last link in the chain, which in most cases is the customer and who is constantly exposed to risks. This report deals with the possibilities of preventing and detecting counterfeit products. Fake products are not unusual in an historical perspective. It has been common with counterfeits ever since the Middle Ages continuously until today. Forgers have become more skillful and they are successful in most industries. Many of the fake products are of poor quality and can be downright dangerous to the customer.To answer the question, the author used a qualitative collection method.

This report covers a product development project conducted as Bachelor of Science thesis forthe Innovation & design engineer program at Karlstad University.The assignment was supplied by MMB Consulting, Kristinehamn. The purpose of this projectwas to find an alternative way of shaping wire-net insulation mats. This insulation product isused for fire and thermal insulation of technical installations. The insulation consists of stoneor glass wool with a sewn on steel wire netting on the out facing side. This netting has thepurpose to enable fastening to e.g.

The Swedish government published their current proposition concerning cultural politics,Tid för kultur in 2009. Due to this proposition, culture is considered a basic human right we all deserve to be provided with. It contained goals and guidelines for how to enable culture to all citizens, to integrate and enrich the state, the county councils? and municipalities? work with diversity and multi culture in their culture-based institutes. However, there seems to be a lack of strategies in the issue of how to provide our nondependent elderly, suffering age related handicaps and diseases, with this proclaimed necessity.In recent years, there has been a lot of research proving the link between human wellbeing and a stimulating environment.

This thesis was performed at Zetterbergs Industri AB. Zetterbergs is designing, building and mounts body systems for trucks, including dumpers and tippers. The assignment for the thesis was to design a door hinge for a spreader gate. The spreader gate is the top of the two tailgates on a dumper or tipper and opens back and outwards when tipping the cargo. The spreader gate controls the mass flow of the material being tipped.

Den hårdnande konkurrensen på dagens marknader, har medfört att företagen insett betydelsen av personalens beteende och dess avgörande inverkan på verksamhetens effektivitet. För att företag ska kunna hävda sig i den hårda rivaliteten om marknadens kunder krävs en medveten samordning av resurser och handlingar mot bestämda mål. Ett styrmedel som kan användas för att skapa samstämmighet mellan ett företags mål och de anställdas handlingar är belöningssystem. Belöningssystemets uppgift är främst att motivera personalen att utföra sina arbetsuppgifter effektivt men även behålla nyckelpersoner kvar i företaget. Att utforma ett effektivt belöningssystem kan av företagsledningar betraktas som en komplicerad och tidskrävande uppgift.

The objective of this thesis is to explore opportunities to enhance the phosphorus use efficiencyof inorganic fertilizers in crop production, with techniques available today and in thefuture. Phosphorus is a finite resource of declining quality; therefore a phosphorus use efficiencyin crop production of only 15-30 % is unacceptable. The main reason for low efficiencyis the retention by Ca and Mg in calcareous soils and Fe and Al in non-calcareoussoils. Due to the low mobility of phosphorus, plant uptake is mainly dependent on root growthrather than diffusion. Therefore, measurements need to be taken that benefit contact betweenroot and fertilizer, before fertilizer phosphorus becomes unavailable to the plant.

The Swedish government published their current proposition concerning cultural politics,Tid för kultur in 2009. Due to this proposition, culture is considered a basic human right we all deserve to be provided with. It contained goals and guidelines for how to enable culture to all citizens, to integrate and enrich the state, the county councils? and municipalities? work with diversity and multi culture in their culture-based institutes. However, there seems to be a lack of strategies in the issue of how to provide our nondependent elderly, suffering age related handicaps and diseases, with this proclaimed necessity.In recent years, there has been a lot of research proving the link between human wellbeing and a stimulating environment.

AbstractEmbla 5 is an office building which has done a large improvement. The clients of this building has made an order of WSP and the student Anders Kempe to calculate the use of energy for the building, and after that result proposing further measures which can decrease the energy use of Embla 5.The ground for this report is when calculation of the present energy use of the building is stated. To make that information of a number of parameters such as envelope, the heating system and ventilation has been located and set in to the simulation program IDA ICE which calculate the energy use.To improve the energy use further this project has been concentrated to change the system of ventilation. Today the ventilation system is of the kind CAV (constant air volume) and the air flow is dimensioned for after recommendations from BBR and Arbetsmiljöverket in the office spaces. Consider that Embla 5  is an office building where the people only staying for 8-10 hours/day so was the ide to see how much energy saving if the air flow is reduced the time people not being in the building.

For some time now, there has been a debate concerning the relationship between the Cultural Heritage of Sweden and the public. It is said that mediation has been, and still is a, one-waydialog between the two. As a result, people have found a new way to interact with our heritage, thru cultural tourism. This area has been blamed for commercializing our CulturalHeritage, but also ignoring the great problems concerning fragile monuments and sites, which can be destroyed by tourism. Is it possible to find a solution regarding these problems, andcan these two areas benefit from each other?.

This study is about a social workers? knowledge of shame. Shame in this context is the embarrassment and humiliation that many people feel when they have to apply for financial assistance which equates to approximately half a million people each year in Sweden. The aim of this study is to understand if and how social workers in this field become acquainted with shame, and how it is exposed and then handled by the social workers in the meeting and work with clients. In order to achieve the purpose of the study, we also to some extent, need to study knowledge and how social workers obtain knowledge in social work.

This thesis is the result of the investigation and solution of a mechanicalproblem regarding flywheel malfunctions. A flywheel is, in short, a devicethat relies on a rotating object?s moment of inertia to store energy overshort time spans. This project is part of the development of a fourthflywheel prototype at the division for electricity at Uppsala university,which uses magnetic levitation to keep a hollow cylinder rotating at veryhigh speeds inside a vacuum chamber. Should the magnets fail however, orsome other error occur that leads to an uncontrolled state of rotation, thecylinder needs to be stabilized mechanically by a device usually referredto as ?back-up bearing?.

Real estate financing is one of the key figures for financial success and fundamental to asuccessful business. Funding will come in several different ways, from existing cashflows andassets to new capital requirements which are aimed at different markets.These markets are constantly changing and since the recent financial crisis, there have beenadjustments and austerity measures which led to that the banks have become more restrictive intheir lending.The real estate industry is characterized by both long-term and short-term thinking that ischaracterized by a solid continuity. Our thesis discuss how the demand is in the real estatebusiness and how mature the Swedish market is for junior financingwith focus aroundmezzanine debt and where are we headed in the near future.We've reached out to the key players in the industry on both the buy and sell side of real estatefinancing but also people between lenders and borrowers that handles transaction advice. Tohave been able to implement the analysisa survey and simulation of an investment calculationwas created. This questionnaire was answered by many real estate companies with senior peoplethat had operational positionsmost associated with corporate commitments.

Introduction: Interplay between all the different subsystems of the financial markets is currently considered as an important internal force in the market. In a financially liberalized economy exchange rate stability is a basis for a wellbeing stock market. If these interactions between all the different subsystems of the financial markets are not detected, this means that there is information inefficiency in the markets.Problem: Can we find any correlation between changes in currency, interest rate and bonds with the stock market index? If so, how do these changes affect the Stockholm Stock Exchange?Purpose: The purpose of this study is to examine if there is any linkage between the interest rate, currency and bonds with the stock market. The researchers wanted to find out how these variables affect the stock market index OMX S30 which consists of the 30 largest companies on the Stockholm Stock Exchange.Method: This research has been based on a quantitative approach.