Theability to beat the market is one of the most discussed topics in finance. Thereare very few investors that manage to accomplish this over longer periods oftime. Most of the financial research claims that this is impossible unless theinvestor increase the risk in the portfolio. However numerous of researchershave shown that it exist anomalies on the stock market which either indicatesthat the Capital Asset Pricing Modell (CAPM) or Fama and French three-factormodel fails to explain stock returns or that the market is not fully efficient.One investor that has claimed that the stock market is not fully efficient andthat it is possible to generate abnormal return is Benjamin Graham. Graham isone of the legends on Wall Street and he has shown that by using few variablesbased on public information, one can manage to beat the market over longer timeperiods.There arejust a few studies that have tested Graham?s criteria?s, however all of themindicates that they work but that the standard deviation might be higher forthe portfolios.

AbstractTitle: Level/Degree/Grade:Authors:Supervisor:Research question:Purpose:How the bank may improve its financial counselling ? A qualitative case study.Bachelor Thesis; Business administration; Corporate finance.Andreas A?strand, Anton Persson, Kristoffer Wedebrand.Hans Mo?rner.How may the bank improve its financial counselling to private investors using portfolio theory?Our purpose is to examine the advice, with basis in portfolio theory, the bank?s financial advisors provide to their clients, the investors, and how they can improve. If we can identify and point out areas of improvement in the financial counselling, we hope to raise the question and contribute with an improved financial counselling. Another positive effect we are hoping for is to improve the situation for the investors whereas all parties benefit from an improved portfolio selection.This study is conducted through a qualitative case study, where we used a deductive approach and collected our data through personal interviews.The conclusion that emerges is that the financial counselling could potentially be improved if financial advisors improve their knowledge in portfolio theory.The originality shapes through the opportunity to investigate a specific bank and because of that an opportunity to examine a specific case more thoroughly was created. Our thesis contributes with opening La?nsfo?rsa?kringar?s and other banks? eyes to how their financial counselling could be improved through new knowledge in portfolio theory.

Med en ökad äldre befolkning förväntas åldersstrukturen i det svenska samhället förändras. Som en följd därav ökar behovet av service, vård och omsorg varpå kommuner ställs inför utmaningen att tillhandahålla de äldres behov utifrån ett bättre resursutnyttjande. Till det kommer att den nya lagen om valfrihetssystem (LOV) möjliggör och förtydligar konkurrensutsättning av hemtjänst. Kan konkurrens enligt LOV leda till ett ökat resursutnyttjande och ökad effektivitet i den kommunala hemtjänstverksamheten? Syftet med denna uppsats är således att förklara hur konkurrensutsättning av hemtjänstverksamhet enligt valfrihetssystem påverkar kommuners effektivitet.

The competition policy in the EU should guarantee that the competition is not distorted in the way that would prevent or create difficulties for the free mobility of goods and services between Member states. It is prohibited for companies to abuse their dominant position according to Article 82, if it affects trade. The essence of Article 82 is control of market power. The perfect competition results when supply and demand appoint the price and quantity of a product. Firms are encouraged to compete then it results in efficiency, quality products and lower prices.

Companies financed through borrowed capital are allowed a tax deduction for the costs re-lated to their borrowed capital. A similar tax relief for companies financed through share-holder?s equity does not exist, why these companies are taxed higher than companies fi-nanced by borrowed capital. The result is that there is an asymmetric tax treatment of companies depending on how they are financed.The autumn of 2012, the Swedish government presents a proposal for an investor deduc-tion which seeks to equalize the above mentioned asymmetry. The proposed investor de-duction is a tax relief for investments in shares in a startup- or small company equal to 50 percent of the acquisition cost of that investment.The venture capital deduction, which in this thesis is treated as an alternative to the inves-tor deduction, is an interest-free tax credit which significate that two-thirds of the acquisi-tion cost is deductible from taxation at the time of the acquisition.

The purpose of this thesis is to identify the most important establishment criteria for companies whointend to do a new establishment. There are differences between regions regarding attraction on startup.Some regions have few new businesses while others continuously expanded its activities in variousfields. The biggest focus on the thesis is the Gävle- Borlänge region where MellansvenskaHandelskammaren is active.Mellansvenska Handelskammaren saw a need for the assignment after the magazine ?IntelligentLogistik? ranked the Gävle region at 15:th place and Falun/Borlänge at 20:th place in the list over thetop 25 best logistics locations in Sweden. This made them wonder what could be made to develop intoa better area with more amenities and a better place in the ranking of the magazine.

Introduction: Bokföringsnämnden started the K-project in 2004. The purpose was to collect rules and standards for different categories of companies in a complete set of regulations. Small businesses were given the option to choose between K3 which is the main regulatory and K2 which is a simplified regulatory framework. One specific difference between the regulations is that companies may not capitalize development costs if the company applies K2, this may causes problems for the companies that can give rise to such costs.Purpose: The purpose is to explain the problems that companies have identified in the choice of regulatory frameworks and the implications that may follow the specific rule in K2 on the company's activities and financial report.Frame of reference: K3 contains definitions and requirements that must be met so development costs can be capitalized in a company. Information presented in the financial statements should be relevant to the reader.

Researchers today anticipate that in the near future, the majority of the owners of a smartphone will use it as a wallet, i.e. for contactless payment. The technology that enables contactless payment today is ?Near Field Communication? (NFC), which is increasingly embedded in smartphones. Applications like mobile payment between a phone and a terminal use NFC.

During the changes of time, the stipulations for the existence of books and libraries also change. With technical advances come new possibilities, and the option to publish literature electronically is one of them. The purpose of this Master's thesis is to answer the question how the advantages and disadvantages of electronically published literature is described and constructed. To further deepen the analysis these questions were asked: What aims are the electronically published literature said to achieve? Why are the electronically published literature said to achieve these aims? And who are favoured/disfavoured by electronically published literature? The analyzed publications are four Swedish library related publications: Biblioteksbladet, Dik-forum, Ikoner and Nya Ciceron.

Background: Since the early 60?s, the CAPM or Capital Asset Pricing Model, has been an invaluable tool for assessing an asset's expected return, assuming that the asset is added to an already well-diversified portfolio of assets. CAPM theory assume that the unsystematic risk can be diversified and that the systematic, market-specific, risk is determined by the Beta value, from the Greek ?. An investor who takes big risks expect higher returns.One of the CAPM?s basic assumptions is that disruption in the market is not taken into account.

3D-modelling in AutoCAD This thesis is done in cooperation with LB-Hus in Bromölla, and have aimed to establish a digital AutoCAD model of one of the company?s house types and to find out what opportunities there are to do visualisations in the form of images directly from the programme. Modeling has been carried out so that the very construction of the house is included. Interiors and installations, with the exception of the ventilation system, have been left out in the model. The model has been created with solid models after a comparative study made between solid models and surface models to find out which option in this case was the easiest to handle and took up the least space.

Från mitten av nittiotalet fram till början av tjugohundratalet har riksbanksräntan haft en sjunkande trend vilket har medfört att många av de svenska småspararna har sökt sig till andra investeringsmöjligheter än enbart bankkonton. Warranter har här varit ett billigt men riskfyllt alternativ på börsen. En warrant är väldigt lik en option, med den skillnaden att en market maker (anställd av emittenten) används för att kontinuerligt ställa köp och säljkurser för en warrant. Detta innebär att prissättningen sker subjektivt, vilket leder oss till vår problemformulering som lyder:Är det möjligt att urskilja olika prissättningsstrategier hos emittenterna när det gäller den implicita volatiliteten?Med tanke på detta problem har vi valt att utgå från en kvantitativ studie och valt att se det från småspararnas perspektiv.

The intention of this thesis is, from a basic statistical viewpoint, to capture the relationship between the price of electricity and a sample of factors influencing the price. The thesis also aims at investigating whether knowledge about the relationship is useful when investing on Nord Pool. Tested factors are temperature, import, price of emission rights as well as a number of hydrological factors. The investigated period stretches from year 2000 until week 32 year 2007. The relevance of each factor was also evaluated yearly as well as for shorter periods in order to get a more comprehensive view of the relationship.

The search for antibiotic compounds from the natural environment has been going on for seven decades, ever since penicillin entered the market and antibiotic treatments became routine. The evolutionary pressure put on the pathogenic microorganisms induced a rapid spreading of naturally occurring resistance genes, leaving only the option of finding new antibiotics to treat the resistant pathogens. Microorganisms have been extensively mined for their biosynthetic abilities to produce biologically active compounds. To date, more than 23 000 microbial natural products have been discovered. The Actinomycetales are ubiquitous bacteria that have been used for antibiotic discovery for more than half a century, and over 10 000 natural products have been identified from the order.

The aim of this master?s thesis is to examine how libraries can organize their collections in terms of library shelving and displays and to what extent these activities stem from a desire to create a user-friendly library. The thesis is based upon a case study of Arkenbiblioteket in Sweden and the material consists of a literature study and qualitative, semi-structured interviews with three librarians at Arkenbiblioteket. The theoretical framework consists of theories on information-seeking behavior, classification and displays. These theories form the basis of the analysis of the empirical material.The main reason for the changes in shelf arrangement at Arkenbiblioteket was a desire among the library staff to create a user-friendly library.