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.

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.

This thesis examines the deregulation reform of the Swedish railroad industry, focusing on passenger transport between 1988 and 2005. The purpose of the thesis is to examine the effects from the deregulation reform on prices, market concentration and to determine whether SJ (the state owned incumbent) has been conducting strategic behaviour in order to prevent new entrants to the market. The chosen method consists of interviews with the MD at SJ between 1988 - 1998 Mr Karl-Erik Strand, the transportation researcher at SSE Mr Gunnar Alexandersson. Statistical sources and companies financial reports have also been used. The results that I have found were besides the fact that the market concentration is still significant high and the profitability among the operators low, is that the prices has increased more than CPI during the period but the competitive tendering has resulted in lower government subsidies after the deregulation.

Trading financial securities at stock exchanges and other authorized market places is today a particularly important socioeconomic phenomenon in many industrialized countries. A well functioning securities market is crucial for the economic development in these countries. The modern trading with stocks and other financial securities is characterized by the fact that the majority of the transactions at the stock exchanges are carried out through various intermediaries. The ultimate counterparties that are involved in a securities transaction (the seller and the buyer) are often unknown to each other. The anonymity in the securities trading implies several interesting legal problems.

Problem: Is the free cash flow a value relevant accounting measure in relation to the Swedish stock market?Objective: The aim is that by using an investment strategy to examine whether the free cash flow is an accounting measure that could be perceived as value relevant in relation to the Swedish stock market.Method: The paper is based on a quantitative survey of empirical evidence that has been collected from companies listed on the Large and Mid-Cap lists of the Swedish stock market.Theoretical Frame of reference: value relevance, cash flow, portfolio theory, drive theoryResults: It was concluded that the study results conform to the Finnish survey results. The portfolio shows higher returns than the OMX index..

Question:"Does the market possess perfect information as the efficient market hypothesis says?""Is there any significant relationship between the abnormal stock return on the ex ? day and the dividend?" Purpose: The purpose of this study is to enlighten and find understanding about stock return versus dividend on the ex ? day and try to figure out if abnormal returns occur on the portfolio during dividends.Methodology:The study was based in a quantitative nature and was derived with an event study and a hypothesis testing. The authors investigated the thirty most traded shares on the Stockholm stock exchange during a period of five years (2005 ? 2009). They were analyzed during a total of nine days; the estimation window was set to sixty days.

In latter years there has been a discussion about the increasing importance of intangible assets and how to incorporate this fact into strategies, accounting and valuation. The ?Internet-bubble? is a recent event that drew much attention to intangible assets, and was an indicator of how complex it can be to value assets in general and intangible information in particular. Legislators recently addressed this issue by introducing IFRS3, which led to an update of IAS38, which in turn revised the methods for handling intangible assets. A specific intangible asset that has caused much debate is research and development (R&D), since it is commonly not allowed to be realized as an asset, which could cause implications concerning analysis and valuation.

Our essay treats the use of the annual report when it comes to marketing. Today there are many different ways for companies to reach out with their different messages; the thing that caught our interest was if the annual report is such a way.The annual report is an external accounting report which task is to give information to interested parties of companies. The annual report can be used to examine if the company has followed and achieved their goals. In other words it?s an important source of information that can be found about a company, which different interested parties can take part of for analyze.

This thesis studies the stock price reaction around 68 announcements of special dividends and share redemptions on the Swedish stock market between the years of 2003 and 2007. We show that for the Swedish private investor, the tax effect of a share redemption is lower than that of a special dividend. Moreover, a share redemption could be interpreted as a signal of undervaluation. These two factors lead us to assume that the stock market would react more positively in connection to the announcement of a share redemption. We test this hypothesis through an analysis of the risk-adjusted abnormal return for the observations in the sample.

The purpose of the study is to investigate whether insiders generate an abnormal return compared with other investors on the Swedish Stock Market. This abnormal return is defined as the cumulative average abnormal return (CAAR). The other purpose is to investigate whether it would be profitable for ?outsiders? to mimic the transactions of insider trades. The results indicate several significant abnormal returns on insider trades, especially on buy transactions.

The Swedish stock-market gives investors an opportunity to benefit from the global growth while financing companies invests and contributes to a socio-economic development. Parallel to the ownership of the funds also follows a responsibility as companies in the funds affect society and the environment. The growth of savings in funds, combined with an increased focus on sustainability has developed SRI (socially responsible investment). Therefore it is interesting to examine whether responsibility is an exception, which only concerns SRI-funds or a general principle, which includes the whole Swedish stock-market.The results of the survey makes it clear that all the Swedish major banks actively works to integrate sustainability within the respective bank's business to achieve a more sustainable financial system. Thus concludes the investigation that responsible investments are a general principle on the Swedish mutual stock-market.How responsibility is integrated in fund management differ between the banks.

Title: Overreaction on the Swedish stock market Seminar date:2008-01-30 Course:Nek K01- Bachelor Thesis in Economics (15 ETCS) Authors: Advisor:Oskar Herbe and Ludvig Persson Hossein Asgharian Key Words:Overreaction, Anomalies, Market Efficiency, Contrarian investment strategies Purpose:The purpose of this thesis is to test if the overreaction hypothesis as originally described by De Bondt and Thaler is a good explanation model for the Swedish stock market. Further, our intension is to divide the stock market into three segments by company size, in terms of market capitalization, to control for size effects. Method:We have conducted this study by analyzing Swedish stock data in the period of 1989-2007. Within this time span, using overlapping formation periods, we have constructed two types of portfolios, winner portfolios and looser portfolios. The portfolios represent the 30 per cent best performing respectively worst performing stocks in terms of returns.

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.

This thesis conserns stock options. The writers major task has been to analyse and to show under which circumstanses, according to swedish law, options are considered to be stock options..

After a series of corporate scandals around the world the trust in the business world was damaged, probably most in the United States but also in Sweden. Voices were raised for an increase in the openness and insight into the affairs of the company whereupon different corporate governance codes were developed in a majority of countries. A Swedish corporate governance code was issued in December 2004 with the purpose to re-establish the damaged trust for the companies and the business world. The Swedish code was accepted by the Stockholm Stock Exchange as an exchange rule for A-listed and larger O-listed companies as of July 2005. The purpose of this essay is to study how the Swedish corporate governance code in fact leads to an increase in trust in the stock market and to study the companies? attitudes towards this code.To fulfil the purpose of this essay, the authors have carried out a survey among the concerned companies where the companies? attitudes towards the Swedish code were collected.