Purpose: The purpose of this study is to examine whether hedge funds generate higher risk-adjusted Returns than traditional managed funds in Sweden.Methodology: This study was based on quantitative data about the funds historical Returns. The funds historical Returns were taken from the database Morningstar and the risk-free rate from the Swedish central bank. Random samples of 36 funds have been divided into three portfolios in the form of a hedge fund portfolio, stock portfolio and mix fund portfolio.Result & Conclusion: The study concluded that the stock portfolio has shown the highest average yield for the study period where all portfolios below market index. Hedge fund portfolio has achieved the highest risk-adjusted return calculated by the portfolios Sharpe Ratio. Of all hedge strategies, arbitrage had the highest average return and risk-adjusted Returns..

Purpose: The purpose of this thesis is to investigate whether abnormal stock Returns could be identified as a result of a layoff announcement during weak economy.Method: An event study methodology.Theory: Efficient market hypothesis, signal theory.Empirical results: Quantitative data from observations of stock prices in thirty two companies listed on the Nasdaq OMX Stockholm, in the period 2008 -2012.Conclusion: The results indicate that the market reaction was negative because there were negative abnormal Returns on the Stockholm Stock Exchange during the period 2008-2012 in connection with the layoff announcements. The market reaction was milder when staff reductions were carried out as a result of a restructuring and stronger when staff reductions were carried out as part of a cost reduction program.The layoff announcements elicited different market reactions depending on the company's industry affiliation. The most negative reaction was in the Healthcare industry. Negative abnormal Returns were lower in industries Industrials, Consumer Services and Consumer Goods. There were no abnormal Returns for shares of companies in the industry Financials.

This paper studies the option market?s implied dividend as a predictor of future equity market Returns. We introduce this variable in the simple total return framework and discuss some complications of using it as a proxy for the expected dividend. We construct some regressions using the price-dividend ratio and the implied dividend growth, and test them on six years worth of data on the EURO STOXX 50-index. The main result is that implied dividend growth exhibits some forecastability over two-year horizons, but that the dataset is too short to draw any definitive conclusions about long-horizon forecastability.

Every day a large numbers of transactions occur by people with different backgrounds. Insiders? are a part of them and are considered to have an insight in companies that is not accessible to outsiders. This affects the market conditions for the participants when trading stocks, where individual participants regularly have the possibility to earn abnormal Returns at the expense of others. Although Sweden, Germany and the United States continually keep developing the insider trading regulation, research shows that insiders? still have the ability to earn abnormal Returns.

This study test the short-termism of companies listed on the market OMX Stockholm 30. We will use a deductive point of view where the purpose of this study is to investigate whether corporate short-term Returns can be explained by the independent variables related to corporate governance and compensation practices. This is to investigate whether there is an intentional action on raising the short-term return in order to achieve a higher CEO compensation. In the study, theories dealing with corporate governance and agency theory have resulted in two hypotheses. Basic Hypothesis H1 is: if short-termism of Swedish industry due to the company's short-term Returns can be explained by the independent variables related to the company's management and compensation. This hypothesis could not be verified through the quantitative study. Alternative Hypothesis H2 is: the compensation of a CEO can be explained by the independent variables related to company performance and size.

Forecasting stock market Returns is an interesting topic since more and more Swedes enter and invest in this market. Theory implies, however, that such exercises should be impossible. The aim of this thesis is to investigate the possibility to forecast future stock Returns by looking at macroeconomic variables? history. The study is limited to the Swedish market as it is based on the OMXS30-index which represents the 30 most exchanged stocks on Stockholms¬börsen, the Swedish stock exchange.

The value investing philosophy, which can be traced at least to the teaching of Graham and Dodd in the 1930?s, entails identifying and investing in potentially under valued stocks with a potential for extraordinary Returns. The focus of this thesis is to identify patterns and characteristics in financial accounting data preceding creation of shareholder value. The authors of this thesis utilize a multivariate discriminant analysis in order to identify indicators of value creation and subsequent extraordinary Returns in value stocks. A discriminant function is derived which successfully identifies which value stocks will eventually become growth stocks.

Intention: The purpose of this thesis is to see if an active investment decision in the Swedish Premium Pension System would result in a higher return than a non-active investment decision. A non-active investment decision is equivalent to leaving the money in AP7 Premium Savings Fund.Method: This thesis is a statistical analysis and has a descriptive character in which the calculations are based on secondary data, thus the thesis has a quantitative character. Furthermore three active portfolios in different risk categories have been chosen. These portfolios are compared with the AP7 Premium Savings Fund?s Returns.

This study test the short-termism of companies listed on the market OMX Stockholm 30. We will use a deductive point of view where the purpose of this study is to investigate whether corporate short-term Returns can be explained by the independent variables related to corporate governance and compensation practices. This is to investigate whether there is an intentional action on raising the short-term return in order to achieve a higher CEO compensation. In the study, theories dealing with corporate governance and agency theory have resulted in two hypotheses. Basic Hypothesis H1 is: if short-termism of Swedish industry due to the company's short-term Returns can be explained by the independent variables related to the company's management and compensation. This hypothesis could not be verified through the quantitative study. Alternative Hypothesis H2 is: the compensation of a CEO can be explained by the independent variables related to company performance and size.

Objective: Our purpose with this study is to demonstrate the impact of natural disasters on banks' share prices.Method: Quantitative survey method, an event study.Conclusion: There is no association or a very weak correlation in this study between natural disasters and the Swedish banks' share prices..

The purpose of this paper is to investigate if a dynamic investment strategy on the Swedish asset market can accomplish better Returns then a static investment strategy. The dynamic investment strategy is created by incorporating business cycle predictors and firm-level variables to predict future stock Returns. The predictive regression is calculated wih 60 months of observation (1999 01-2005 12) and is then used to estimate future Returns for 23 months in the period 2004 01 -2005 11. The structure of the regression, with linear functions of ? and ?, goes back to Shanken (1990) and Avramov and Chordia (2005) has had success with the variables chosen.

This paper attempts to investigate the correlation of 12 month abnormal Returns and the fundamental value of stocks in theSwedish stock market between the year 2000-2011. Also, the paper tries to apply and evaluate the concept of the margin ofsafety. In estimating the fundamental value we use the residual income valuation model and three different estimationapproaches of the beta coefficient in order to correct for financial and operational biases. We find that our different portfoliosearn abnormal Returns. However, this could be explained by the size effect and P/B effect.

The purpose of this paper is to study whether or not stock Returns increase abnormally over month ends on the Swedish stock exchange. Previous research has proven an international so called ?Turn-of-the-Month? effect where stock Returns increase significantly over a few days around month ends. If the effect exists, it is a violation of Fama?s Efficient Market Hypothesis.

Even if the main purpose is to decide if the companies profitability and financial position is a determining factor for its growth, the purpose is to determine if there are any differences between big and small companies in there economical positions then they grow, in the selected industry. This thesis is mainly a quantitative study. The selected industry for the study is extraction of turf. The financial measurement that most clearly differ the growing companies from the not growing companies or the companies that didn?t change there amount of employees was the Returns of the companies own capital.

Even if the main purpose is to decide if the companies profitability and financial position is a determining factor for its growth, the purpose is to determine if there are any differences between big and small companies in there economical positions then they grow, in the selected industry. This thesis is mainly a quantitative study. The selected industry for the study is extraction of turf. The financial measurement that most clearly differ the growing companies from the not growing companies or the companies that didn?t change there amount of employees was the Returns of the companies own capital. It was also the Returns of the companies own capital there the main difference existed between the big and the small companies.