Background: Operating on the stock market is associated with risks. If a particular asset is not traded with the same frequency as the average market asset, this particular asset is exposed to a liquidity risk. It means that the investor might not be able to sell the asset at a desired time without incurring expensive transaction costs. The query is whether or not the investor is compensated with a liquidity premium for bearing the extra risk. Earlier studies on the Stockholm Stock Exchange have failed to prove that there is a relation between stock return and liquidity.

Background: In today?s business environment it is important to find new customers. An action that has been widely used is to enter foreignmarkets. Most firms are always seeking to maximize their profits,which can be achieved if an entry into a foreign market is performed.Due the European Union (EU), new economies open theirborders for international trade and foreign investments. In 2004 Poland received membership.

This paper investigates the relationship between dividends and institutional and foreign ownership in Swedish firms. We use a dataset which covers the Swedish stock market over the period 1999-2009. The institutional ownership is defined as mutual funds, pension funds and insurance companies and these are analysed separately. The study confirms the expected positive relationship between the level of institutional investors in a firm and the size of dividends. We also confirm? the expected negative relationship between foreign investors and the size of dividends paid by Swedish firms.

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.

This report is about Adobe Acrobat 3D and their new PDF format witch can contain 3 dimensional models that are interactive. The purpose is to find out if the program and the format work in a level that is suitable for the market. To create this PDF you need Acrobat 3D installed on your computer but it only needs Acrobat Reader 7 or 8 to open it, and the Reader is free to download on the internet.The examination is focusing on four formats: U3D, 3DS, DWG and DXF because they are the most common in the building industry seen from the architects? way. From a 3D model exported to these four formats they where converted to PDF in different settings to be compared in different points as information and size of the files.

Purpose: The main purpose of the thesis is to examine the profitability of Momentum Strategies on the Nordic stock markets. This will provide insight and contribute to the debate on efficient markets. Finding profitable Momentum Strategies will provide strong evidence of inefficiency in the market. A secondary purpose is to examine factors which might cause or impact the profitability of the Momentum Strategy. We will look closely at the relationship between the profitability and factors such as risk (CAPM-beta), market capitalization, trading volume and seasonality.

When contemplating entering an alliance the rationale behind the decision should differdepending on the size of the companies involved as well as on other important factors. The importantfactors 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. Theanalysis has shown proof of a need for cooperation if one wish to succeed in the telecommunicationindustry and it has also determined which resources that are deemed to be most important toget in touch with, for our study object, to facilitate its access to the market. Those resources aredefined as a direct channel to the customer, funds/capital and the access to relevant businessnetworks. To get in touch with these lacking resources, three alternative approaches has beenproposed; all of them involving a strategic alliance decision.

There are only a few published studies on the normal variation in ovary size in bitches. All of the previous studies have been made on the beagle breed. This study was performed on indian street dogs with the objective to measure ovaries and structures in the ovaries after ovariehysterectomy to decide if smaller dogs have smaller ovaries and how small and big they can be in the normal dog. The structures (follicle and corpus luteum) where also measured to get a maximum size for normal structures in the bitch. This information can be valuable when examining the ovaries of the bitch with ulstrasound.

The effects of prey size on prey choice in different cohorts of juvenile turbot (Psetta maxima)were studied in three nursery areas at Gotland. Prey length measurements showed that gobies(Gobiidae) increased in average length during the season, while mysids (Mysidae) did not.Experiments on predation capacity of different size classes of turbot on different size classesof prey showed that juvenile turbot easily can eat gobies that are up to two thirds of their ownbody length, while the body size of turbot does not have any effect on the predation capacityon mysids. Stomach content of 217 turbots, less or equal 35 mm, was analysed to see if therewas any change in diet during the season, but there was no significant change in diet. Theoverall conclusion was that early settlers most likely have an advantage due to greater accessof alternative prey..

Hazel (Corylus avellana L.) is a common feature of meadows and pastures where it can grow in large populations and become very old. Is it possible to use the size of hazel stools for age determination and is it possible to use the size distribution of a population to provide information about how the land has been used? Hazel populations on ground where the lake-water level had been lowered, has been studied to validate an already developed growth model of hazel clones. Different hazel populations, on wooded meadows affected by mowing or grazing or overgrown meadows, were studied to evaluate the method utilizing hazel as land use indicator. The growth model was used to compare the size distributions of hazel populations with historical periods, which has been important for changes in agriculture or demography.

A future expansion of wind power in the Nordic power system makes the balancing for the transmission system operator Svenska Kraftnät (SvK) more complicated. Up to the hour of delivery the balance responsible parties? (BRP) makes prognoses and plans, for consumption and production, to help maintain the balance in the electrical grid. How well this is accomplished is affected by the setup of the market design. Therefore SvK has proposed the following possible changes in market design: Increase the imbalance costsIntensify the regulation of imbalancesIncrease the temporal resolution on the different marketsPresent the prices for balancing power in real-timeModify the balancing market to simplify auction of consumption bidsA mapping over the BRPs? processes within planning and trading on the day-ahead, intra-day, and the balancing market has been performed in this thesis.

Electricity production from renewable energy resources such as wind energy and photovoltaics is variable. Integration of these intermittent resources into the electricity system leads to new challenges in how to manage imbalance between supply and demand on the grid.One way to meet these challenges is to develop so-called smart grid solutions. One idea, called demand response, is to adjust the amount or timing of energy consumption, e.g. by control of household appliances, to provide flexibility that could be used to balance the grid. In aggregate, when applied to many units across the system, large volumes of energy could be made available when needed and this grid flexibility can be used as a product on the electricity regulation market.Despite the potential benefits, the number of demand response bids is currently low.

Today automotive manufacturers are facing a crisis with increased pressure to strengthen their brands. To prevent declining results many automakers have chosen to extend its brand to other industries i.e. various forms of brand extensions. Automotive manufacturers have developed an international strategy for what merchandise to offer. The strategy has received an overall positive response, however, it does not apply well within the Swedish market where merchandise is sold in less quantity than abroad.

The purpose of this study is to examine the capital market reaction generated by layoff announcements. The study takes place in Sweden and tests 138 news concerning layoffs which are categorized according to a content analysis. They are divided as: positive or negative news. The layoffs are also divided into three subgroups with varying sizes: 0,98 percent or less, between 0,99 and 4,49 percent or 4,5 percent or larger. The study uses an event study method to measure the reaction of the capital market.

We acknowledge the lack of empirical studies of the performance of analyst target prices in the Swedish stock market by examining the profitability of target prices for stocks publicly traded on the Stockholm Stock Exchange. We use consensus target prices issued between 2006-2010 and create two different strategies to observe the abnormal returns generated during this period. Going long in the top decile stocks with the best target prices and going short in the bottom decile stocks with the worst target prices generates a statistically significant abnormal buy-and-hold return of 8.9%. An active strategy with daily portfolio rebalancing and a timely response to target price changes generates a less significant monthly alpha of 1.4% against CAPM. The results show to be robust against the size effect discovered by Fama and French.