This study investigates whether the permanent measurement bias (PMB) has changed over time for Swedish companies listed on the Stockholm Stock exchange at least one year during 1996-2000 or 2005-2010. By using the Residual Income Valuation-model the markets' implicit value on PMB is generated through reversed engineering, as values for all variables except PMB are entered such as the market perceived them at the specific valuation date each year. This implicit value is classified into industries and then sorted by their median. Statistical tests are performed to see if there is a difference between the industry median and the accounting-based values on PMB. The difference from period one to period two is also statistically tested for.The study finds that the implicit values on PMB have changed somewhat between the periods; however the fluctuations are not statistically significant.

This study investigates a method for identifying human capital and its effect on company valuation. We devise a measure for the efficiency of human capital based on the personnel cost. We include all companies listed in the financial and industry sector on Nasdaq OMX Stockholm in an attempt to examine human capital and its effect on firm valuation. Our results indicate that a higher efficiency of human capital has a positive effect on return on assets. However, we find that our measure can be interpreted in two ways; either as a firm?s level of human capital efficiency or its dependency on human capital, to achieve its net sales and revenue.

The global financial crisis hit hard on banking operations worldwide and the sector fell under considerable scrutiny, with particular criticism directed against the banks' own trading practices. A bank owned by the Swedish financial corporation HQ seemed to go without serious financial damage duringthe crisis.In 2008 Finansinspektionen began a review of HQ's activities and a number of shortcomings were identified. Among other things, HQ's risk management was questioned by Finansinspektionen and further how this potentially affected the valuation of complex financial products.In our paper we have chosen to highlight both national and international laws and guidelines that HQ used for their operations and study if HQ followed those laws and guidelines. We also want topresent the theoretical model used by HQ for the valuation of its European options and how HQ calculated their capital requirements ratio. Our purpose is to show how the valuation affected the capitalrequirement ratio and whether HQ followed the necessary laws and guidelines for the valuation of complex financial products.We have chosen to carry out a case study from a deductive approach.

The number of LBOs in Sweden has increased during the last years and the current market trend is positive. MostLBOs involves private companies, but a few concerns public corporations on the national share market. In this thesis we will examine the conditions of a LBO of Cloetta Fazer AB. The purpose is to study existing conditions of Cloetta Fazer AB and to examine pros and cons with the deal. Based upon information presented in the frame of reference and in the empirical part, two cash flow valuations have been carried out.

When the Internet was established in the early 1990`s the daily press got a new market to act on. Contacts with readers was strengthened through the internet and as the years went by interactivity became increasingly important ? both for editorial and audience. One of the most common and most accessible forms of interaction is polls. This paper has examined within what contexts the newspapers are using polls ? in other words in what values of news criteria?s do the articles connected to a vote belong to.

The aim of our master thesis is to study the way valuation of real estate is conducted by real estate companies. Furthermore we want to identify the factors that affect the relevance and reliability of the valuation. The reason for this is the introduction of IFRS, in 2005, and the application of the IAS 40 rules stating that real estate are to be recognized at fair value on the balance sheet. To do this we have performed a case study on 10 Swedish real estate compa-nies listed on the Stockholm stock exchange, OMX, Large Cap and Mid Cap list to see how the share value has performed in relation to the reported net asset value since 2005 and how they value their collection of properties. We also studied the assumptions made by real estate company analysts.

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.

Purpose: The aim of the thesis is to identify principles of valuation and to reach a solution for how Statens järnvägar can present their leased railroad vehicles in the future.Methodology: The authors have done a case study through a qualitative approach. Interviews have been done with Statens järnvägar, Näringsdepartementet and Riksrevisionen. Annual reports from Banverket and Luftfartsverket have been studied.Theoretical perspectives: The regulations that rule the authorities are a base for the study.Earlier researches done within the subject are presented in this section.Empirical foundation: The empirical foundation of this study consists of primary- and secondary data. The primary data is collected from the interviews that have been done, whilst the secondary data is composed of annual reports, regulations and various other documents.Conclusions: The authors have come to the conclusion that the method of valuation that Statens järnvägar choose, depends a lot on the vehicles hypothetical future. It is difficult to say that only one of the methods would be the correct one..

During the past decades the competition for skilful employees has increased and companies and organizations compete to attract the right people. The Swedish municipalities and country councils need to recruit 420 000 new employees before 2020, but have a limited budget to promote themselves as attractive employers. To find a solution, many of the municipalities have started to work with fundamental values to become more attractive employers and to inspire employees to use word-of-mouth to recommend them. There are no empirical studies of how successful this strategy is, and the purpose of this thesis is to show if there are significant correlations between the fundamental values, the employer's attractiveness and word-of-mouth. The results of the study are based on a survey with 1996 answers from employees in three different municipalities in Stockholm, Sweden.

Since year 2005 the accounting has changed for public companies because of the new international standards, IFRS. IFRS 3 provides a single international accounting treatment for acquisitions and has broadened the definition of intangible assets. By IFRS 3 goodwill is defined as the excess of the cost of acquisition and is separated from intangible assets. Now goodwill must be annually tested by an impairment test. There are many valuation issues to considerate when it comes to deciding the value of goodwill.

The aim of this thesis is to illustrate the content of the democratic values tolerance, personal development and political equality, in relation to the Swedish school?s systems fundamental values, and from there problematize the schools approach towards the Sweden Democrats. By using a qualitative text analysis upon the party program of Sweden Democrats, we have been able to fulfill the aim of the thesis. We have motivated and defined our chosen democracy values from the schools fundamental values and from democracy theory. With the use of an analyze schedule we have been able to go through with the interpretation and analyze of the party program of the Sweden Democrats.

Background: Businesses are traditionally valued with the so called Discounted Cash Flow-model. When valuing newly-started businesses, surrounded by high uncertainty, and whose capital mostly consists of unrealized business opportunities, the Discounted Cash Flow-model needs to be complemented if the total value of the business is to be captured. A valuation with the help of real options is capable of valuing these unrealized opportunities, which often exist in newly-started businesses. The unrealized opportunities are to be found in the business plan of the business, why this needs to be valued to capture the total value of a newly-started business. Purpose: To demonstrate what the use of real options can result in when valuing businesses.

The fundamental freedoms and human rights is something the countries, and its citizens, of theEuropean Union more or less take for granted. However, in recent years these rights have become atopic of discussion in the way that a debate about the Islamic headscarves has developed. Thisdebate has resulted in that a number of countries, including France, have taken legislative measuresto ban clothing that fully covers ones face. Out of these bans a discussion has arisen concerning thefundamental freedoms and human rights. These burqa bans, as it is labeled in the pubic debate, havebeen accused to wrongfully limit the individuals freedoms and human rights.This study therefore has the aim to analyze these burqa bans in relation to the European Union,United Nations and the Council of Europe?s general declarations concerning the fundamentalfreedoms and basic human rights.The main result of this study shows that these bans in fact is not a proportionally restrict in thefundamental freedoms and human rights.

This paper investigates whether the traditional accrual based trading strategy first documented by Sloan (1996) can be refined using fundamental analysis. Specifically, this is done by implementing the composite signal F_SCORE introduced by Piotroski (2000) to identify financially strong or weak firms. We find that by applying both investment models simultaneously, in a model we call P_KOMB, the mean market-adjusted return earned by an investor exploiting the accrual anomaly can be increased by 14.8% annually. This is achieved by taking a long position in strong firms (as defined by the composite signal) in the lowest accrual portfolio, while an offsetting short position is taken in weak firms in the highest accrual portfolio, repeated annually between 1997 and 2007. Consistent with prior studies, positive market-adjusted returns can be attained through assessment of accruals as well as key value drivers found in historical financial data.

The Court of Justice of the European Union has progressively revised the rule of purely internal situations to ensure a wider scope of application of the economic freedoms as well as the EU citizenship right to move and reside freely within the Union. This development, combined with the increasing importance of fundamental rights, has strengthened the family life protection of those EU citizens who come within the scope of EU law. The limit between the individuals who may benefit from a EU right to family reunification and fundamental rights protection and those who find themselves in purely internal situations has, however, become more legally uncertain. The disadvantage suffered by those who fall outside the scope of EU law is known as reverse discrimination.The 2011 case Zambrano confirmed the trend towards an increasingly generous EU law protection of family life in cases where the exercise of freedom of movement and enjoyment of EU citizenship rights is potentially restricted by a Member State measure. By contrast, in the subsequent McCarthy- case, it became clear that families in purely internal situations may only rely on national immigration and procedural law to obtain family reunification and protection of their fundamental rights.