The real estate industry is a sector where the companies generally have a capital structure which is high leveraged. The financing? with the related terms ? is therefore specifically of high importance for the companies in the sector. Traditionally, the way of obtain financing is by borrowing from the bank. Lately, due to new bank regulations, the banks have become more restrictive in their lending which have lead to a growth of other financing alternatives.

The number of elderly people has been steadily rising in Sweden for a long time and as a proportion of the population, the increase has been even greater. The population structure in the country means that in the not too distant future, there will be a sharp rise in demand for care and elderly accommodation.A tighter credit market as a consequence of new rules and regulations with a stricter capital and liquidity requirements combined with market turbulence, has made financing property developement more difficult and more expensive which has resulted in many companies using alternative sources of finance.DEmand for safe investments with low risk is high as the market is volatile and banks, pension funds, fund management and life insurance companies are looking for investments outside the stock market that can deliver a safe return in the longer term. There has also been a debate about whether institutional Investors as the AP pension funds really should own properties directly.As properties for care and elderly accommodation are definable assets with predictable payment flows, long leases and often a local authority as tenant that would not risk cancelling payments, these would be highly appropriate for securitisation, i.e. to issue bonds or other tradable securities based on the cash flows from the assets.In other words, the securitisation of rent flows would offer the opportunity to create an attractive investment product of the type being demanded, well suited to institutional Investor requirements, while at the same time, it can provide an attractive financing opportunity to meet the need for more care and elderly accommodation..

Title: Have IFRS made the accounting more efficient for Investors? ? A study of goodwill-relevance Level: Final assignment for Degree of Master (One Year)Author: Patrik Nygard and Andreas Pettersson       Supervisor: Markku Penttinen            Date: 2010 ? MayAim: The Swedish banks SEB and Swedbank are on the same market but their goodwill is amortized totally differently and its results will be different. We decided to examine the accounts in Sweden and see if they have been more efficient, from a user perspective, after the introduction of IFRS in year 2005Method:  This paper is made from a quantitative and a deductive approach. We have collected data from all companies listed on the Stockholm Stock Exchange between the years 2002-2008 using the computer program Financial Datastream and then made the regression and other analyses and comparisons with the program MinitabResult & Conclusions: We have in this paper demonstrated that how the accounting of goodwill designed is relevant to Investors and that this relevance has increased in Sweden after the transition to IFRS. We have also concluded that the goodwill has greater relevance in a rising market than in a downward.Suggestions for future research: In future researches can the aim be to compare other accounting standards changes that occurred in the year 2005 and see if the accounting, from that perspective been more efficient.Contribution of the thesis: We have shown how the account influences Investor?s decisions during different accounting systems and in particular how they react on the changed account of goodwill.

This study analyzes 66 Swedish actively managed mutual funds investing in the Swedish stock market during the period 2005-2014. The purpose is through pooled data regressions analyze the relationship between both the mutual fund?s annual fee and risk-adjusted return to the fund?s characteristics. The characteristics of the study are the size of the fund's assets, age, if the fund is bank managed or not, Tracking Error, and standard deviation of return.By using the performance measures of CAPM, Fama and French 3-factor model, and Carhart?s 4-factor model monthly risk-adjusted returns are created for all funds over the period.

This study analyzes 66 Swedish actively managed mutual funds investing in the Swedish stock market during the period 2005-2014. The purpose is through pooled data regressions analyze the relationship between both the mutual fund?s annual fee and risk-adjusted return to the fund?s characteristics. The characteristics of the study are the size of the fund's assets, age, if the fund is bank managed or not, Tracking Error, and standard deviation of return.By using the performance measures of CAPM, Fama and French 3-factor model, and Carhart?s 4-factor model monthly risk-adjusted returns are created for all funds over the period.

Abstract  Title: High-Risk Funds vs. Mutual- Index FundsA study of macro -variables influence on different funds choice Level: Final assignment for Bachelor Degree in Business Administration Author: Moses Yokie & Bo Lemar Supervisor: Ogi Chun & Cheick Wagué Date: 2011-05-25 Aim: The purpose with this thesis is to compare two different types of mutual-index fond and a high-risk fund in relation to the macro variables. The purpose also includes an investigation about if an Investor will receives a higher return on high-risk fund than on mutual-index fund in a 10 years period.Method: A quantitative method has been use in this study, where the information has been received from Morningstar. Microsoft Excel has been used to process the collected data in order to calculate the expected return and the risk measures. The result is presented in graphs and tables on the empirical capital, in order to analyse and compare it with the theories and the selected macro- variables to see if there will be any correlation. Conclusion: This research shows that there is no possibility that the macro-variable factors can benefit an investment on high-risk fund or on mutual-index fund in the short run.

Scania är ett tillverkningsföretag inom nyttofordonsbranschen och det senaste året har vindarna blåst kring Scania. Diskussionerna har rört sig runt huruvida de ska bli uppköpta eller inte av den tyska konkurrenten MAN som verkar inom samma bransch eller om Scania ska köpa upp MAN istället. MAN är tillsammans med Volkswagen och Investor Scanias huvudägare. Just nu verkar det vara Investor med familjen Wallenberg bakom sig är dem som bromsar affären. Scania har varit utsatt för uppköpsförsök tidigare, två gånger har Volvo varit den andra parten och nu är det som sagt MAN.

Swedish listed property companies report their investment properties under the standard IAS 40 that gives the opportunity to value investment properties to either historical cost or to fair value model. One problem with the fair value model is that there is no observable market price since the real estate market is far from complete which means that the price of the asset is hard to determine because of the limited information.IAS 40 gives companies the opportunity to choose between internal or external valuation and this study aims to show how the property companies? values appeared between the years 2007-2011. From the result we will study if there could be a difference in the outcome depending on if the company chose either internal or external valuation.To investigate this we observe all Swedish real estate companies listed on OMX Nordic Stockholm and their financial reports during this period of time and complement this information by interviewing people working with these matters in the property companies. The methodology for the study is therefore partly quantitative and partly qualitative since we collect data both from financial reports and from interviews.

Den beteendebaserade finansiella teorin framför vikten av att undersöka människan i desshelhet. Detta är något som de klassiska finansiella teorierna ignorerar då de anser attmänniskor handlar fullständigt rationellt. Då investerare på aktiemarknaden influeras av dess tidigare erfarenheter samt information är det av vikt att undersöka och förstå hur individen agerar på aktiemarknaden inför investeringsbeslut. För att kunna besvara denna fråga har en webbaserad enkätundersökning använts där urvalet består av medlemmar från Sveriges Aktiesparares riksförbund. De resultat som framkommit ur undersökningen tyder på att majoriteten av respondenterna på den svenska aktiemarknaden aktivt undviker att försätta sig i risksituationer där de står inför en förlust eller möjligheten att ångra ett beslut de fattat.

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.

In the future the Swedish pension system will face major problems. With an increasing aging population combined with a decreasing share of working population the financing of the pension system is becoming a bigger problem than previously predicted. This means the individual himself will have a bigger responsibility to invest money for their future retirement. It has been shown that a large proportion of the people who invests for their future pension have neither the interest nor the time to actively invest their pension capital. To make it easier for those who invest for their retirement, some Swedish banks have created so-called generation funds.

Abstract  Title: High-Risk Funds vs. Mutual- Index FundsA study of macro -variables influence on different funds choice Level: Final assignment for Bachelor Degree in Business Administration Author: Moses Yokie & Bo Lemar Supervisor: Ogi Chun & Cheick Wagué Date: 2011-05-25 Aim: The purpose with this thesis is to compare two different types of mutual-index fond and a high-risk fund in relation to the macro variables. The purpose also includes an investigation about if an Investor will receives a higher return on high-risk fund than on mutual-index fund in a 10 years period.Method: A quantitative method has been use in this study, where the information has been received from Morningstar. Microsoft Excel has been used to process the collected data in order to calculate the expected return and the risk measures. The result is presented in graphs and tables on the empirical capital, in order to analyse and compare it with the theories and the selected macro- variables to see if there will be any correlation. Conclusion: This research shows that there is no possibility that the macro-variable factors can benefit an investment on high-risk fund or on mutual-index fund in the short run.

Stock analysts have through the analyses they write a large impact on the expectations on the market and the direction of Investors investments. This creates undesired fluctuations on the market that raises the level of uncertainty. The way that the analysts satisfy their need for information is connected to how their final analysis will be shaped. There is a large knowledge gap concerning the way that the analysts work and this gives unsatisfactory ways of communication. This thesis is set out to create a greater understanding of how optimal communication towards this target group should be brought out.

The world has changed its understanding of environmental issues dramatically and more people are showing awareness of social and environmental problems. Various stakeholders have increasingly begun to show an interest in how companies are taking responsibility for their actions. This has led to an improved activity amongst organizations to make their production consequences positive. They work with Corporate and Social Responsibility (CSR). In order to communicate their responsibilities, many companies work with CSR and ethical guidelines.