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.

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.

The insurance industryis challengedby major changesthrough internationalizationand thusgrowingcompetitionwithmore optionsand greater availabilityfor customers.Solvency II, a new regulatoryframework and anew standard forinsurance companies,is therefore implemented in a steptowardsa more competitive Europeaninsurancemarket. Solvency II will result in extensive structural changes for many insurance companies. Newstandards andinternal models must also be implemented by the companies. Solvency IIhasa tightening effect on thesolvency capital requirements forinsurance companies. At the same time it also leads tomajor changesandincreased demandon risk management andinternal control, alongside with demands fordisclosure of informationto the market.

En nyskapande byggnad, en opera. Trots det perfekta läget mellan berg och mot vattnet så vänder sig byggnaden innåt. Med formen av ett kvarter där innergården är det centrala. Runt den grönskande gården finns de publika rummen och så fort man kommit upp i dessa öppnar sig Stockholms inlopp för besökarna. Byggnaden har ett fokus, besökarna får ett fokus..

Uppsatsen handlar om användningen av pedagogisk dokumentation i förskolan. Vi har problematiserat dess betydelse för relationen mellan förskollärare och föräldrar. Syftet med uppsatsen är därför att undersöka pedagogisk dokumentation i förskolan och dess betydelse för föräldrasamarbete. Vi vill genom vår undersökning studera hur förskollärare använder pedagogisk dokumentation i relation till föräldrar samt hur föräldrar upplever den dokumentation de tar del av.Dagens förståelse av pedagogisk dokumentation i förskolan placerar vi i ett sammanhang genom att beskriva dokumentationens rötter i utvecklingspsykologiska observationer. Vi presenterar Reggio Emilia som en inspirationskälla till dagens dokumentationsarbete samt presenterar portfolio som ett arbetssätt.

This study presents a methodology that enables the annual average power of a wind turbine to be increased by automatically optimizing it?s airfoil, twist and chord dis- tribution. As a part of the study the software SiteOpt has been developed. This software connects the open source software XFOIL with the blade element momen- tum theory. XFOIL gives lift and drag coefficients which enable the blade element momentum theory to predict the power of a wind turbine at different wind and ro- tational speeds.

Purpose: The purpose of this thesis is to clarify and evaluate the concept of scenario planning.Methodology: Our research methodology has a qualitative approach and uses deductive reasoning. The theoretical field of strategy formulation has been reviewed and in specific the concept scenario planning was unravelled and mapped. Thereafter, our model was tested in a case study where the empirical data was collected through personal interviews. Theoretical field: Literature and articles from the strategic management field have been reviewed with a focus on strategy formulation, scenario planning and Williamson?s theory for the creation of a portfolio for strategic options.Empirical base: Personal interviews and secondary sources such as financial reports, articles mainly from industry media and articles found in the databases ELIN and Affärsdata.Analysis: The analysis work constitutes the testing of our model for scenario planning, integrated into Williamson?s portfolio of strategic options for the future.Result: The work has resulted in a clarified model of scenario planning with links to strategic management schools.

The ability to detect protein-based biomarkers, which are linked to different diseases like colorectal cancer, is very important as a diagnostic tool. Usually complex biological samples like blood are studied which will contribute to different technical issues when performing an assay. The aim with the project is to optimize and develop the high throughput protein detection technique Proximity Extension Assay, PEA, into a 96-plex panel, in hopes of discovering an expression profile for colorectal cancer. PEA was developed by Olink Bioscience and allows specific proteins in a sample to be quantitatively transformed into nucleic acid sequences that are subsequently detected and quantified with real-time PCR. Two proximity probes containing oligonucleotide sequences bind pairwise to target protein and when brought in proximity, a DNA polymerase will extend a hybridization arm from one probe over to the second forming a double-stranded DNA sequence that can serve as a template in real-time PCR.

Asset management in insurance companies differs from conventional asset management to the extent that respect has to be taken to both assets and the commitments the insurance company has towards its customers. A model that has proven to fit well regarding the matching of assets and liabilities is the Asset Liability Management Model (ALM model). In addition to the matching in the balance sheet, the ALM model can be used in a company's work with strategic portfolio allocation by applying it as a basis for analyzing investment strategies with expected risk and return. From this, the ALM model also becomes relevant for calculating key figures according to the legal framework Solvens II which includes laws and regulations regarding the demands on economical strength (solvens) of insurance companies.Hence, the goal of this masters thesis has been to, on behalf of Bliwa Livförsäkring, create an ALM model to support the asset management department of Bliwa in their work with defining a credible way of analyzing the future risk and return of Bliwa's asset portfolio and insurance undertakings.The ALM model generally consist of four submodels, the scenario model, the liability model, the asset model and the company model, where the scenario model often is named as the core of the ALM model. The course of action has been to develop these submodels individually, with focus on the scenario model.

Direkt viktoptimering (Direct Weight Optimization, DWO) är en ickeparamterisk systemidentifieringsmetod. DWO bygger på att man skattar ett funktionsvärde i en viss punkt genom en viktad summa av mätvärden, där vikterna optimeras fram. Det faktum att DWO har en inparameter som man måste veta i förväg leder till att man på något sätt vill skatta denna inparameter. Det finns många sätt man kan göra denna skattning på men det centrala i denna uppsats är att skatta inparametern lokalt. Fördelen med detta är att metoden anpassar sig om till exempel systemet ändrar beteende från att variera långsamt till att variera snabbare.

Bakgrund: Det finns ma?nga aktier att va?lja mellan pa? aktiemarknaden. Fo?r en person som aldrig tidigare har handlat med aktier kan det vara sva?rt att veta vilken investering som efter en tid kan generera ett ho?gre va?rde a?n det satsade kapitalet. Relativva?rdering a?r en investeringsstrategi som kan tilla?mpas fo?r att identifiera dessa aktier.Syfte: Syftet med studien a?r att underso?ka om va?rdemultiplarna P/E-talet, P/BV-talet och direktavkastning kan generera o?veravkastning genom investeringar i underva?rderade aktier i finansbranschen.

This bachelor thesis aims at investigate how a specified house can optimize its energy consumption.Today the house often stands for the major part of the energy consumption in a consumers? life,whereas an energy optimization creates economic as well as environmental advantages. It is importantto make old houses more energy efficient, but putting high energy demands on new houses could beargued to be more important. The installations functions as both the heart and brain in a house, thusmaking it important to energy optimize these. Since the background describes the importance ofenergy efficiency and optimization in a house, the focus area of this report will be an investigation ofdifferent types of heating systems in order to be able to choose the one most suited for the house.Aspects considered when choosing the heating system was how economic the system is both inservice- and investment costs and how environmental and operational friendly the system is.Through literature reviews there were sufficient information gathered that served as a foundation whencomparing and choosing between the four systems - district heating, pellet-fired boiler, geothermalheating and solar heating.

Syftet med detta arbete var att undersöka hur elevdokumentation så som portfolio, individuella utvecklingsplaner samt loggböcker fungerar i praktiken och dess värde vid överlämnande samt övertagande av elever från år 6 till 7. Undersökningen är grundad på kvalitativa intervjuer genomförda i två olika kommuner med lärare i år 6 och 7 samt rektorer på två F-9 skolor. Enligt skolans styrdokument ska lärarna följa upp eleverna och möta dem där de är genom att anpassa undervisningen efter varje individuellt behov. Olika faktorer som försvårar detta kan vara för få lärare i för stora klasser. Ute på skolorna finns olika verktyg för att hjälpa lärare att uppnå detta mål, men problemet som uppstått är att olika skolor/lärare arbetar på väldigt olika sätt och att innehållet i elevdokumentationen då blir väldigt varierande och därför inte tas tillvara vid övertagandet av elever i år 7.

Examensarbetet ställer frågan i vilken mån den individuella utvecklingsplanen integreras i den dagliga undervisningen och elevernas lärande. Utgångspunkten har varit två frågeställningar: vilka arbetsmetoder använder lärare i arbetet med den individuella utvecklingsplanen och vilka för- och nackdelar ser de med dokumentet? Problemområdet introduceras med en förklaring av den individuella utvecklingsplanen för att senare ge en inblick i den tidigare forskningen. De teoretiska utgångspunkterna har varit det sociokulturella, kognitiva samt det behavioristiska perspektivet på inlärning och lärande. Empirin bestod av sex klasslärare i de lägre årskurserna från tre skolor.

Background: The design industry is relatively immature in Sweden but large on the international market, where companies have used services from industrial design firms for a long time. Companies incresignly realise that design is an efficient mean to gain competitive advantages on the market. Several design companies fancy growth and to receive a wider market share to expand on the international market. One of them is Design Communicaton who has made a couple of acquisitions, to receive wider comptences and to cover different segments. That has lead to an increased brand portfolio with different subbrands, which can be complicated to handle efficiently in the internal and external communication.