One could argue that the most discussed topic in finance is whether or not it is possible to ?beat the market?. Even though many people claim to do this, there is little evidence to support the idea that one can consistently beat the market over a long period of time. There are indeed several examples of investors who have managed to outperform the market consistently for a long time, but the efforts of these individuals or institutions could by many be considered to be pure luck.One of the many strategies that have been evaluated by several researchers and is said to generate a risk adjusted return greater than that of the market, is one based on the P/E-effect. This strategy is based on the financial ratio P/E ? price divided by earnings ? and used by constructing portfolios consisting of stocks with low P/E ratios.

I denna uppsats undersöker jag huruvida CAPM eller APT modellerna ger resultat på den svenska aktiemarknaden mellan 1998 och 2007. Jag undersöker om någon av dessa modeller passar in i den svenska aktiemarknaden och hurdan är resultatet. Det som gör uppsatsen intressant är att jag använder båda modellerna i en och samma studie och jämför resultatet av uppskattningar av modellerna. Som markandsindex har jag använt OMXS30 index och som makroekonomiska variabler i APT-modellen har jag använt inflation, oljepris, industriproduktionsindex och ränta. Resultatet av studien är att med de makroekonomiska variablerna, som jag har använt, ger både CAPM och APT likvärdiga resultat.

Problem:How should a smaller investor behave when investing in the stock market and what knowledge should he have about the business he´s investing in? Purpose:The purpose of this thesis is to give the smaller investor a tool for investing in the stock market. The thesis aim to illustrate, through key ratios, what companies an investor should look for when investing in a company. Method:By studying already existing theories and then apply them on the thesis. The theories was then developed and refined to evolve to the finished thesis.

This study has been conducted in order to determine the existence of predictability for the Stockholm stock exchange. With this purpose the random walk theory has been raised against the theory of mean reversion in order to determine which theory is the most substantial. Data has been collected from Nasdaq OMX Nordic and furtherly been processed using the statistical software EViews. Swedish listed companies? daily share values between 2000-2014 have been analyzed using two tests; an Augmented Dickey Fuller test and a Variance Ratio test.

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.

Who would not like a profit of more then 95 % in a day? Investors in Sweden had thatopportunity, if they had bought a certain stock on the primary market and sold it on the firsttradable day at the Stock Exchange. Most of that profit fell into the hands of institutionalinvestors. The reason for this extraordinary profit was the underpricing of that specific stockduring its initial public offering (IPO).Our report aims to analyze the relationship between offer price, underpricing and theownership structure of stocks. Our investigation is based on all IPO?s on the Stockholm stockexchange during the years between 2000 and 2005.

Since 1983 Sweden has a general audit obligation for joint-stock companies. At this moment the Government has issued an investigation concerning the subject. The purpose of this paper is to examine what effects an abolition of the audit obligation for small joint-stock companies can have on the Swedish tax department regarding economic crime. An angel on the report is to examine how the tax department uses adverse auditor?s reports.

The concept of vulnerability is the capacity or the sensitivity to become damaged. Vulnerability are characterized by one or more of the following terms; a system´s sensitivity to exposure to shock, stress or interference, the state of the system in relations to a threshold of damages, and the system´s ability to adapt to the changing circumstances. Vulnerability in this study is referring to the sensitivity of the circumstances that lead to sustainable livelihood that can´t be maintain and that there is an inability to cope with and manage stress. The choice of making a study in this area is based on that action needs to be taken to moderate the vulnerable aspects of society, in this respect in relations to storms. Analyzes of the social vulnerability to climate change or natural events is needed for effective actions.

From July 2005 on, the new Swedish Corporate Governance Code will be applied gradually by companies listed on the stock exchange or any authorized financial market in Sweden. The Code has been drawn up in order to clarify and to improve the self-regulation in Swedish companies. The need for codified self-regulation standards has been considered as urgent due to negative trends on the market such as the last few years? corporate scandals in domestic and international trade and industry. The sought-after consequence is to clarify the mission framework for corporate directors.Ch.

Previous work by researchers as Eugene F. Fama and Kenneth R. French, show that average return on stocks are related to a firms characteristics like size and book-to-market ratio. These kinds of patterns in average return is not explained by The Capital Asset Pricing Model (CAPM), and are therefore seen as anomalies. Fama and French have proposed a three-factor model, which captures patterns observed in U.S average returns associated with size and value.

This bachelor thesis contains the findings of an investigation into the laying of wedge sawn wood flooring. The advantage of wedge sawn wood flooring is the usage of more material from each board reducing waste. The boards follow the natural profile of the tree where the root part of the board is wider, and the top part is narrower. The technique involves placing boards side by side with adjacent boards in opposite directions. The thick base of one board is neighbored by the narrow top of another, this creates a pattern of wedges in alternating directions, known as a ?root and top? system. Existing literature into this type of flooring is sparce.

Purpose: The purpose of this study is to investigate possible links between short selling and the stock market movements using econometric test models. Methodology: A quantitative study carried out on the time series stock lending and OMX Stockholm 30 index. Information is gathered through qualitative interviews with specialists in the field of stock lending, and studies of relevant newspaper articles and reports. Theoretical approach: The theoretical frame of reference is a further consideration of supply and demand theory. The empirical study is implemented by the simple linear regression model and a vector autoregressive model (VAR).

The purpose of this paper is to study how Swedish CFOs perceive that the requirement for companies to issue quarterly reports affect business operations in the company. The fact that it is regulations on the Stockholm Stock Exchange, and not the law, that requires companies to issue quarterly reports makes Sweden unique in Europe. The paper is based on interviews with CFOs from 32 companies quoted on the Stockholm Stock Exchange. The major finding in the study is that a majority of the CFOs perceive that the pressure for short term results, created by quarterly reports, affect their work and the investment decisions made in the company. Also CFOs feel that the market over interprets the information given in quarterly reports.

The purpose of this paper is to compare two different portfolio strategies consisting of insider transactions and stock recommendations and examine whether they posses any information advantage.  The portfolios are balanced once every three-, six- and twelve- months in the period of 2007-2009. Our results show a pattern for these investment strategies. The portfolio consisting of insider transactions generates a positive return in equity in a negative market environment and the opposite reaction in a positive environment. The result for the portfolio consisting of stock recommendations show a positive return of equity in positive environment and the opposite effect in negative environment. The pattern that has been observed can be classified as an anomaly.

Purpose: To examine how IR-related press releases affect share price for stock companies, and to explore how said companies practice Investor Relations.Methods: The study was conducted using an event study as well as e-interviews. The event study has a quantitative deductive research approach where the market model is used for calculating the abnormal return based on press releases. The e-interviews have a qualitative research approach and follow a semi structured interview guide. The study includes all listed stock companies within the Swedish construction industry and includes press releases from the last decade.Theory: The study is based on the efficient market hypothesis and its semi strong form, theories within Investor Relations and previous research.Results: The event study shows a significant negative abnormal return during a four day period starting the day after the press release event. The negative abnormal return could derive from investor relations being used by companies as damage control, or that the investors? expectations are too high as a result of IR.