SEB Merchant Banking provides to its institutional customers a true market neutral product called Dynamic Manager Alpha (DMA). The DMA is constructed by a long position in an exceptionally well performing mutual fund and a beta adjusted short position in an appropriate index. The key to making the product market neutral is adjusting with the correct beta, since the beta changes, it is very important to have a good model for predicting beta in the future.This master thesis begins with describing what beta is in a CAPM sense. It then continues with recognizing the so called ?Two Beta Trap?, which separates two kinds of beta.

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.

SEB Merchant Banking provides to its institutional customers a true market neutral product called Dynamic Manager Alpha (DMA). The DMA is constructed by a long position in an exceptionally well performing mutual fund and a beta adjusted short position in an appropriate index. The key to making the product market neutral is adjusting with the correct beta, since the beta changes, it is very important to have a good model for predicting beta in the future.This master thesis begins with describing what beta is in a CAPM sense. It then continues with recognizing the so called ?Two Beta Trap?, which separates two kinds of beta.

SEB Merchant Banking provides to its institutional customers a true market neutral product called Dynamic Manager Alpha (DMA). The DMA is constructed by a long position in an exceptionally well performing mutual fund and a beta adjusted short position in an appropriate index. The key to making the product market neutral is adjusting with the correct beta, since the beta changes, it is very important to have a good model for predicting beta in the future.This master thesis begins with describing what beta is in a CAPM sense. It then continues with recognizing the so called ?Two Beta Trap?, which separates two kinds of beta.

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.

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.

The thesis main objective is to establish the determinants for granting executive stock options and to examine their impact on performance for firms listed on OMXS30. The analysis is based on accounting data gathered from annual reports and Thomson Datastream. The empirical results display that firms grant stock options to mitigate the principal-agent problem. Furthermore, risk proves to be positively significant with executive stock options, implying that either executives increase the level of risk after being granted stock options or influence the decision of the remuneration towards stock options when the firm increase the level of risk, in purpose to boost the expected value of their options. No relation between executive stock options and firm performance could be established..