Denna studie jämför hur Capital Asset Pricing Model (CAPM) och Fama-French trefaktorsmodell förklarar och förutspår avkastning på en global aktiemarknad. CAPM utgår ifrån att investerarna förväntar sig en riskfri ränta adderat marknadspremien multiplicerat med företagens exponering mot marknaden. Fama-Frenchs är en utvidgning av CAPM modellen, där företagens storlek och book-to-market-värde läggs till som förklarande variabler för avkastning. Genom regressionsmodeller och prediktioner för portföljer indelade i storlek och book-to-market jämförs modellerna. Fama-French tycks vara genomgående bättre på att förklara och förutspå avkastning under perioden 1990m07-2013m02 för samtliga portföljer, förutom portföljen för stora företag med medelhögt book-to-market värde.

In latter years there has been a discussion about the increasing importance of intangible assets and how to incorporate this fact into strategies, accounting and valuation. The ?Internet-bubble? is a recent event that drew much attention to intangible assets, and was an indicator of how complex it can be to value assets in general and intangible information in particular. Legislators recently addressed this issue by introducing IFRS3, which led to an update of IAS38, which in turn revised the methods for handling intangible assets. A specific intangible asset that has caused much debate is research and development (R&D), since it is commonly not allowed to be realized as an asset, which could cause implications concerning analysis and valuation.

The aim of this study is to examine whether the two factors SMB and HML in the Fama-French Three Factor Model proxy for default risk. The study is based on companies noted on the Stockholm Stock Exchange between 2003 and 2008. These companies are used to create the factors SMB and HML, as well as a default risk factor we call RMS. In a first set of regressions, we examine the explanatory power of the original Fama-French model on a set of portfolios consisting of Swedish companies of different size and book-to-market ratio. The default risk factor RMS is then added to the original Fama-French model.

?Liberal Democracy? is a common term in political theory, and it is used as if it had a commonly accepted referent, with both normative and descriptive content. This is certainly the case in democratic theory, where it on the one hand seems to refer to a normative democratic model; on the other hand it is used descriptively, to refer to real-life democracies. The deliberative democratic sub-field is not an exception; on the contrary, the term is frequently used albeit rarely defined; yet the concept it refers to is supposedly developed enough to allow detailed propositions about its citizens?s political behaviour.This essay is an attempt to analyze how Liberal Democracy is used by three deliberative democrats (Jürgen Habermas, John Dryzek and Stephen Elstub), in order to understand the democratic model (or models), whether normative or descriptive, they refer to.

Foreign invested SMEs have recently become increasingly interested in China. The enterprises are in this report categorized as second wave companies since they follow the footsteps of previous pioneers, of which mostly were larger companies. The ambitions of the SMEs are either to sell products on the ever expanding Chinese market or to utilize the potential of low cost production for global markets. The existing literature is fragmented and solely based on the experience of larger companies. We believe that SMEs are facing new and different challenges, and thus a new generic theoretical frame work is desirable.

In our globalized society massconsumption is widespread. However there is a trend showingthat people are starting to re-use clothes instead of buying newly produced garments. Reasonsfor buying secondhand clothing are many. During the 1950s people strived to look likeeveryone else but in the 1960s this changed. Subcultures grew stronger.

This paper covers a study of the Swedish charging market for electric vehicles from both the perspective of stakeholders and car owners. By interviewing representatives of four key stakeholders on the market; commercial parkings, malls, service stations and working places, data regarding their business models of today is examined. At present electricity is provided for free, but all stakeholder point out that this business model is not sustainable in the long run. The result of the interviews shows that electricity won?t be offered for free in the future ? the question is which factors affect how long it will take for the different stakeholders to find a suitable business model.

AbstractTitle:Behovet av kundorientering i fastighetsföretag, finns det?Author:Joel Nilsson ErlemanTutor:Agneta SundströmPurpose:Thru a quality point of view, examine and analyze how Akelius AB customer orientatesthem self in an area such as Brandbergen, were the demand is larger then the supply.Method:Through a qualitative research approach with an inductive and a hermeneutic orientation thestudy approaches Akelius AB and the company?s costumer orientation thru several interviews and asurvey. The gathered data?s purpose is to answer research questions to investigate how costumerorientations function and to how to implement it in real estate companies.Theory:The theory explains the meaning of customer orientation and its use in real estate companies.The theoretical discussion is based on a five-gap model, which is used to analyze the service quality inAkelius AB and to analyze the relation to their costumers.Empire:The findings show how Akelius experience costumer orientation in Brandbergen and thecostumer?s perception of Akelius AB service quality.Analysis:Compares the theory and the empirical data to see the service quality thru using the GapModel.Conclusion:Akelius AB satisfy their customer?s need in what could be expected of them. In thesituation with increased demand and lower supply Akelius AB have the possibility to offer theircostumers a much lower quality than the costumers usually wants and expect.

The thesis deals with three document retrieval models based on logic: the Boolean model,the fuzzy model and the Van Rijsbergen model.In Chapter 1, the author presents the purpose of the thesis. This is to give the logical foundationof the models, to describe them and to examine them critically. In Chapter 2, some importantnotions in document retrieval are presented. Chapter 3 is devoted to the Boolean model, Chapter4 to the fuzzy model and Chapter 5 to the Van Rijsbergen model.These three chapters are organized in the same way. First, the logical foundation of the modelis given.

The purpose of our study is to find out if insiders in Sweden generate abnormal earnings through insider trades. We want to pinpoint the cause for abnormal earnings by dividing transactions after company market value, size of the trade and type of insider. A quantitative approach using the Market model have been used. We have conducted an event study over two short term event windows. We conclude that insiders in Sweden generate positive abnormal earnings for sales and negative for purchases in our ?long? event window.

This study is based on a statistical analysis of fundamental key ratios on the Stockholm Stock Exchange during the period 2004-2012. In total 35 financial ratios of 90 companies were tested, ultimately five ratios remained within the 5% significance level. These ratios were ROA, P/B, Total Yield, EV/EBIT and Operating Margin. A custom made investment model was created based on the purpose to achieve a risk-adjusted excess return. The results in general did not show any significant difference in return between the model's portfolio and index.

This Master Thesis treats the non monetarian aspect about the Internet Portal from a consumer and company perspective. The purpose of this thesis i st o give or create a picture and a tool, a model for how the Internetportal could be evaluated an valued. By creating a so called Dynamic Scorecard the authors of this Thesis have created a model throug which the purpose of this thesis is served. Through this model the authors have come to the conclusion that the Internet Portal can be evaluated through both economic, social, service and technical factors as well as through what relationship the companies or consumers value concerning the Internet provider. The product of conclusions of this Thesis is that there are three main factors upon wich the Internet Portal is valued.

The purpose of this thesis is to outline an appropriate model in order for companies to successfully act and compete physically as wholesalers at the same time as acting on the virtual market by selling directly to the end consumer. The approach of this thesis is hermeneutical and abductive with elements of hypothetically deductive approach. Our research has a qualitative research strategy based on case studies and interviews as well as on secondary data. Interviews were conducted with the case company JaymJay Wear AB as well as with other companies, so called mini cases. The secondary data consists mainly of textbooks, web sites and journals.

Every tenth year a financial crisis tend to interfere with an economy. Price bubbles with an accompanying market plunge are therefore not a new phenomenon. Such market disruptions have been causing problems for centuries, as history has a tendency to repeat itself. The intention with this study is to learn more about the bubble phenomenon and increase the knowledge in this area in order to, if possible, prevent such a thing from happening again. The purpose of the essay is to identify factors that significantly affected the development of the so called IT-bubble in Sweden and Finland during the years of 1995-2000.

Foreign invested SMEs have recently become increasingly interested in China. The enterprises are in this report categorized as second wave companies since they follow the footsteps of previous pioneers, of which mostly were larger companies. The ambitions of the SMEs are either to sell products on the ever expanding Chinese market or to utilize the potential of low cost production for global markets. The existing literature is fragmented and solely based on the experience of larger companies. We believe that SMEs are facing new and different challenges, and thus a new generic theoretical frame work is desirable.