Valet mellan aktiv respektive passiv fondförvaltning har sedan länge varit en omdiskuterad fråga inom privata fondsparandet. På senare tid har frågan kommit att återaktualiserat efter att de aktivt förvaltade storfonderna Allemansfond komplett och Kapitalinvest anklagats för vilseledande marknadsföring, då de inte har generat en högre avkastning än den generella marknaden. Inom den akademiska världen har erkända forskare och sedermera pristagare av Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, påvisat att aktivt förvaltade fonder inte kan generera en högre avkastning med hänsyn till förvaltningsavgifterna.Utifrån förvaltningsavgifterna påvisade betydelse har vi valt att studera effekten av de rabatterade förvaltningsavgifterna, inom Premiepensionssystemet. Studiens syfte är således att under tidsperioden, 1 januari 2004 till 31 december 2013, analysera om aktiv förvaltade fonder har genererat en högre riskjusterad avkastning än passivt förvaltade fonder, då hänsyn tagits till de rabatterade förvaltningsavgifterna.Studien baserades på dagliga marknadsnoteringar av 174 aktivt förvaltade premiepensionsfonder och årliga förvaltningsavgifter.  Vidare använde vi oss av ett globalt aktiemarknadsindex, MSCI World, som utifrån definitionen av passivt förvaltade fonder var synonymt med studiens jämförelseindex. I enlighet med studiens syfte använde vi oss av det riskjusterade avkastningsmåttet Sharpekvot för att kunna besvara studiens frågeställning. Resultatet av studien påvisade att aktivt förvaltade fonder har genererat en högre avkastning än passivt förvaltade fonder då hänsyn tagits till förvaltningsavgifter.

The main purpose of this Master Thesis has been to evaluate whether active fund management is profitable on Emerging Markets. The material used to examine this consists of 106 actively managed funds, with varying length during the period 1988-2006 and who uses MSCI Emerging Markets (MSCI EM) as benchmark index. The thesis has been written under the supervision of the Asset Management Department of Länsförsäkringar AB (LFAB) and the Department of Production Economics, Linköping Institute of Technology. Apart from the main purpose, the methodology used is also meant to form a template for in-depth or similar studies, preferably by the assigner of this survey, LFAB.The results shows that the median manager underperforms the MSCI EM throughout the whole period, which leads to the conclusion is that active management on Emerging Markets is not profitable. A grouping of the funds based on tracking error still shows that a majority of the managers in all of the groups underperforms against the benchmark.

The Purpose of this paper is to illustrate how schoollibrarians work with integration. The study is based on thefollowing questions:1. How does the school library personal look on integration?2. What does the school library personal approach say abouttheir work with integration of persons with a differentbackground then Swedish?The method I chose to study this through is severalqualitative interviews with school library personal as well asearlier related research.The theory I chose to use for this study is Hans Ingvar Rothsmodel of the integration process.The results show that the school library personal does defineintegration even if they do not work with integration rightnow.My study also shows that there are some obstacles to thiswork, which is related to the lack of funds and other issues.And that the school library personal has different view ofwhat integration is..

The aim of this study was to investigate physical education teachers (PET) view of the needs of physiotherapy in compulsory school. Semi structured interviews were conducted with five PET. The study was carried out as a qualitative content analyse study. The interviews were coded in categories independently by the two authors. The categories were then brought together in four major categories: PET work situation, pupil health, physiotherapy and cooperation.

In a global context the traditional democratic process is facing new challenges. Scholars are talking about a transition from government to governance, where local and regional networks as well as international collaboration are an important part in how regional policy is produced and implemented. In this paper the processes in regional projects funded by the European Union are considered, and related to the traditional democratic process. The study has been fulfilled through informant interviews with representatives from four EU-projects. The interviews are supplemented by a qualitative text analysis of current statutes.

Den i dagsläget mycket komplicerade IAS 39 som bland annat berör säkringsredovisninghade en del till den stora finanskrisen enligt vissa. Oavsett bakgrund så har utveckling av enny redovisningsstandard för att ersätta och förenkla säkringsredovisning påskyndats. Ettförsta utkast av förslag till förändring för redovisning av säkringar presenterades i december2010. IASB som leder arbetet har redan kritiserats, så hur tar användarna ? företagen emotförändringsförslagen? Genom att ta del av företagens skriftliga åsikter är studiens syfte attundersöka attityderna till förslagen i exposure draft IFRS 9 Fas III Säkringsredovisning.Detta är en kvalitativ studie där datainsamlingen består av comment letters i vilka företag harskrivit sina kommentarer och uttryckt sina attityder i olika frågor om förändringsförslagenställda i exposure draft specifikt skrivna angående IFRS 9 Fas III Säkringsredovisning.

I have observed that hedges are not as prevalent in gardens in the north of Sweden as in the south despite a number of beneficial qualities attached to their use. Consequently, the primary purpose of this essay is to examine the potential for the use of ligneous or woody plants as hedges in a cold climate. The aim of this study is to provide information about the various varieties of ligneous plants that can be used for both pruned and unclipped hedges in the north of Sweden. Because the hardiness of the ligneous plants is a vital factor here, only plants that are hardy enough to survive in the Swedish hardiness zones V to VIII are included in this study. Roses, dwarf shrubs, conifers, bushes with a final height of less than 1 metre and plants that ?bleed? have been excluded.

The name of the study means ?The short arm - a study in diversity and arm?s length in the cultural collaboration model?. Right now there is a reform in the Swedish cultural administration where the responsibility for handing out state funds and grants to cultural organizations is changing from the state government to the local regional governments. The purpose of this study is to map the organisational changes caused by the reform and investigate how this affects the regional policies concerning cultural diversity and the arm?s length principle.

This thesis is an attempt to study if the school cinema project in Kungsbacka is an establishedactivity. Qualitative interviews have been performed with the cinema owner, the projectleader and a politician of the municipality, about their views on the project. Teachers andpupils have also been interviewed. In the case of an established activity, the thesis also attemptsto answer what causes have contributed to such an establishment.The study shows that the school cinema project is an established activity in Kungsbacka andthat all parties involved are satisfied with it. The project has guaranteed the cinema's existence.According to the thesis, the reasons for the establishment are that govemment funds enabiedthe project to initiate.

The purpose of this essay is to evaluate stock index bonds return to risk ratio in order to investigate to which degree an investor in a stock index bond take part of the underlying index return and what the investor must pay for the security of not losing his funds. In order to carry out this evaluation an average return per year and the Sharpe ratio will be calculated and a mean- standard deviation analysis will be made. All investigated stock index bonds are based on a Swedish underlying asset.The results show that the stock index bonds haven?t generated a higher risk adjusted return than its underlying asset. The stock index bonds took part of 57 % of the underlying assets return, and the loss of 10 percentage points per year for the stock index bonds compared to its underlying asset can be seen as the cost for the guarantee a stock index bond gives..

Purpose: The purpose of this thesis is to test for the existence of Capital Structure Arbitrage oppertunities in the equity-credit markets. Methodology: The mispricing of Credit Default Swap contracts are calculated and used as input in an Equity-Credit market trading strategy. The returns are then evaluated with a modified Value-at-Risk simulation. Theoretical perspectives: A Merton-based structural model, CreditGrades, is used for credit pricing and a mispricing-convergence trading-strategy between the credit and equity markets is implemented. Empirical foundation: Daily quotes for the Credit Default Swap spread of 37 European firms were collected for a period of two years, as well as equity-prices for the same period and the previous two years, used for model calibration.

When contemplating entering an alliance the rationale behind the decision should differ depending on the size of the companies involved as well as on other important factors. The important factors influencing the decision are related to the resource pooling potential of the alliance, the power structure along with the business network the companies are a part of. The analysis has shown proof of a need for cooperation if one wish to succeed in the telecommunication industry and it has also determined which resources that are deemed to be most important to get in touch with, for our study object, to facilitate its access to the market. Those resources are defined as a direct channel to the customer, funds/capital and the access to relevant business networks. To get in touch with these lacking resources, three alternative approaches has been proposed; all of them involving a strategic alliance decision.

The name of the study means ?The short arm - a study in diversity and arm?s length in the cultural collaboration model?. Right now there is a reform in the Swedish cultural administration where the responsibility for handing out state funds and grants to cultural organizations is changing from the state government to the local regional governments. The purpose of this study is to map the organisational changes caused by the reform and investigate how this affects the regional policies concerning cultural diversity and the arm?s length principle.

The following thesis will examine how a smaller library manages the prioritization of media between Swedish and 'minority language'. We are also interested in the challenges and problems that can occur in such work, as well as how the librarians think about their role in the integration process. We have studied this through several qualitative interviews with librarians as well as earlier related research. The results show that librarians display a high propensity of appreciation related to working with minority languages and consider this an important aspect of their profession ? they fully ingratiate and accept the importance of helping the immigrant population in learning Swedish.

AbstractIn this thesis I will discuss the relationship between the European Union and the regions of Europe. The development of the European Union has meant that many decisions are taken in Bruxelles. Many actors participate in the policyprocess ranging from national goverment to policynetworks of different kinds. An emerging actor has been the regions of Europe. Their influence on the policyprocess have grown and today almost all of them are represented in Bruxelles through Region Offices.