Optioner är ett instrument som investerare kan använda för att spekulera i framtida upp-eller nedgångar på olika tillgångar. Om dessa optioner är felprissatta finns det möjlighet att göra riskfria vinster med hjälp av Stolls köp-säljparitet. Tidigare studier visar att marknaden inte alltid är effektiv i sin prissättning av aktieindexoptioner och att det därigenom finns möjlighet till arbitrage. Denna studie undersöker huruvida marknaden är effektiv i sin prissättning av VINX30 aktieindexoptioner, d.v.s. finns det möjlighet till arbitrag på VINX30 aktieindexoptioner?.

The thesis explores the Uncovered Interest rate Parity (UIP) and the possibility of cross-currency arbitrage between England, Germany and Sweden. The data is gathered between May 1999 and December 2005 on a monthly basis and is compared using simple regression analysis. The aim is to find out whether UIP holds and, if it does not, a risk premium exists that makes it possible to make arbitrage gains on moving capital between England, Germany and Sweden. It is discovered that UIP does not hold and that cross-currency arbitrage possibilities exist. In the end a an attempt is made to practically show how the arbitrage possibility could be used for a real investor to make risk free gains from the Foreign Exchange market..

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.

This paper is an event study on Initial Public Offering?s return behavior after the dot com bubble. Cumulative Abnormal Returns are used to measure the performance against a market index. The results suggest that the market correctly prices IPOs in the long run thus upholding the Market Efficiency hypothesis. Moreover, value weighted CARs show that large IPOs are more likely to outperform smaller IPOs, however in the long run there is an unpredictable pattern.

The purpose of this study is to examine the effects of joint venture announcements on stock prices behavior and simultaneously to test the German stock market (Frankfurter Wertpapierbörse) for efficiency. We tried not only to analyze the general impacts of a JV-announcement but also to look for differences in the market response to announcements of different types of joint ventures, namely: domestic, international, horizontal and vertical. Our expectations of efficient market were confirmed during our paper, which employed the technique of the standard event study. The calculation of abnormal returns which are the signals for market efficiency or inefficiency respectively were based on the market model, establishing linear relationship between the return on the market and the return on an individual security. The parameters of the model were obtained through regression analysis..

This thesis aims to evaluate the concept of Uncovered Interest Parity. The parity states that the logarithmic difference between domestic and foreign interest rate equals the logarithmic difference between expected future spot exchange rate and the spot exchange rate, . In defining the exchange rate it is often presumed that the parity relation prevails even though several studies suggest the opposite. Numerous economists maintain that the theory?s shortcomings can be explained through the existence of a Risk Premium.

Syftet med uppsatsen är att granska om det finns arbitragemöjligheter på marknaden och när dessa uppstår, med hänsyn tagen till transaktionskostnader. Då arbitrage kan uppstå på flera marknader har vi valt att begränsa oss till aktiemarknaden, eftersom vi har mest kunskap inom detta område. Teorier som använts i uppsatsen är CAPM och den effektiva marknadshypotesen (EMH) i sina tre former svag-, semistark- och stark form. Förutom teorierna har information om arbitrage även hämtats från artiklar. Vi har granskat 10 korsnoterade aktier.

Risk-free profit sounds appealing. The opportunity to arbitrage exists. Investments in underpriced IPO:s can generate profit, but for whom?Previous studies have shown that underpricing is a common phenomenon. This study intends to investigate whether underpricing and the arbitrage opportunity exists on Aktietorget which is a smaller venue.

According to the Employment Protection Act, the permanent employment is the main condition of employment in Sweden. Nevertheless, nowadays a large number of employers choose to apply other conditions of employment than the permanent employment in their businesses. The rapid technical development and the demands for shorter perspective investment in companies on the Swedish labour market have started the requirement for a more flexible workforce. On-call employment is one of the conditions of employment that is increasing the most. This condition of employment is adjusted by the parties on the labour market.

Background: Low Price-Earnings ratio, low Book-to market ratio and low stock prices can give the impression that a stock is ?cheap?. Is it through systematic use of these portfolio strategies possible to beat the market index ? in other words does financial illusions exist? Purpose: To examine if the Stockholm Stock Exchange is an efficient market. Limitations: The efficiency is tested solely through the chosen portfolio strategies: low Price-Earnings ratio, low Book-to-market ratio and low stock prices.

The aim of this qualitative study of service work in the private sector is to examine how the service worker experiences his/her work. There are three dimensions of the service workers experience in focus, and they are the base of my formulation of questions. The first dimension refers to how the service worker experiences the emotional labor demands from the employer. The second dimension concerns the relation between service worker and customer, from the view of the service worker. The third dimension problematizes how service workers experience efficiency.I have interviewed three call center customer workers and two hotel receptionists, using semi-structured interview technique.

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.

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.

This thesis focuses on employers? use of non-­?solicitation of employees in commercial contracts within the union?s internal market and how this can result in restrictive practices in violation of European law. Using legal method, legal economic considerations, and guidance from modern American legal development in antitrust law, this thesis is aiming to investigate how this kind of anticompetitive cooperation in the European labor market should be assessed. The result seems to be that despite a distinct and pronounced restrictive approach to the application of EU competition rules in the labor market, there are strong incentives and not any legal impediment to apply Article 101 TFEU on no cold call agreements between employers. .

En kvalitativ undersökning av hedgares, spekulanters och arbtiragörers möjligheter att verka på en terminsmarknad baserad på svenskt fastighetsindex (SFI)..