Objective: The objective of this study is to examine the extent to which the London stock exchange and the US stock exchange Nasdaq respectively contributes to the price discovery of Swedish stocks listed on the Stockholm stock exchange, the London stock exchange and the US stock exchange Nasdaq.Method: The study is a replicate study of the studies by Grammig, Melvin and Schlag (2000) and Eun and Sabherwal (2003). The methodology is based on the methodology of the latter study. The data material consisting of quoted stock prices for three Swedish stocks on the three stock exchanges at five-minute intervals during a 49-day-period in 2003 has been run through different statistical tests in a five-step process.Conclusion: The evidence of this study shows that prices on SSE, LSE and NASD are cointegrated and mutually adjusting. The evidence suggests that in all three cases, price discovery takes place on the home stock exchange SSE. Moreover, LSE contributes more to price discovery than Nasdaq.

The purpose of this study is to examine the expiration day effect on a stocks volatility due to stock option expiration, which is every third Friday in the month on Stockholm stock exchange. Volatility is the standard deviation of a stock. It measures the uncertainty about a stocks future movement. When volatility increases, the chance or probability of a stock going up or down increases. It?s a common rumor among stock traders that stock volatility tends to increase nearby expiration day.

The Swedish building stock accounts for nearly 40 percent of the total energyconsumption in the country. Properties built today are likely to last for 100 years orlonger. This places high demands on long-term and smart energy solutions that willkeep the future Swedish building stock energy consumption at low levels. This thesishas focused on examining how the energy performance of buildings is affected bydifferent choices of window types in different cardinal directions. The objective wasto obtain a basis for recommendations on how window properties can be optimizedfor different types of buildings and orientations.

This study examines how the stock prices are affected when articles, which negatively describe the companies? incentive programs, are published. According to the efficient market hypothesis, only new information should have an effect on the stock price. Furthermore, this study aims to examine whether this reaction is dependent of the economic climate. During the period of September 2005 to September 2009, stock price data was collected from the NasdaqOMX stock exchange and 75 articles were gathered from leading Swedish newspapers.

There has been an increase in the importance and amount of information concerning publicly traded stocks in recent years. When analyzing and valuing stocks finding new ways of collecting information has therefore increased in importance. This thesis aims to explore how meetings with management can impact the stock valuation done by the security analysts. Furthermore the case study examines what kind of information analysts can receive by interpreting management at these meetings. This case study of ten Swedish security analysts show that the analyst?s stock valuation is directly or indirectly affected by the meetings.

Previous research has found an increased transmission of stock movements in Europe, partly caused by the establishment of institutions as the EU and the EMU. The purpose of this paper is to find the possible impact from the EU and the EMU concerning the evolution of international transmission of stock market movements, on four Scandinavian markets, Denmark, Finland, Norway and Sweden. The research is based on primary data, existing theories and earlier studies regarding international transmission of stock market movements. The examined method is a VAR (Vector autoregressive model) including a 10x1 vector of variables. Furthermore the tests considered are correlation, granger-causality, variance decomposition and impulse response.

The aim of this study was to develop a simple model for calculating stock costs for bio fuel at Billerud Karlsborg and subsequently recommending a suitable stock level of bio fuel. The stock components considered in the model are GROT (branches and tops), bark, dry wood chips, raw wood chips from barking and sawdust. The calculations are based on a probability distribution of historical deviations between ordered and delivered volumes. The model presents two different ways to manage the supply in case of irregular deliveries. The first way is to stock enough volume to cover the deviations and the second way is to compensate with a quick purchase from the spot market (at extra high purchase prices).

The swedish rule concerning the treatment of employee stock-options have changed and the new wording of the rule will be applicable for the first time in 2010. The previous wording of the rule stated that the employee shall be taxed for the stock-option when moving abroad, even if the option is not exercised. The Swedish Skatteverket and Regeringsrätten have found that this rule is in conflict with the free movement of persons within the European Union. The new wording of the rule states that the employee shall be taxed when the option is excercised, no matter where the employee is situated. A state`s right of taxation of a stock-option determines wheter and to what extent the employee stock-otion derives from that state..

It is easy to see that oil has a big part in our economy, by looking at the repeated news from the media and at the stock market, where they follow the oil price very closely. Behavioral finance is about investors making small or big mistakes in the stock market. Behavioral finance describes the importance of understanding your own faults, as well as others investor?s faults. Behavioral finance emphases the importance of not assuming that the financial market is a flawless environment, but to understand the psychology behind investment decisions.

Roughly 130 000 dwellings have been officially registered since Norway as of summer 2009 passed their bill ?Energimerkeforskriften? on energy performance certificates in buildings. The main objective is to decrease the total amount of national energy consumption by producing a methodology of calculation of the integrated energy performance of buildings as well as proposing cost effective measures to lower each building?s energy consumption. As the measures should not contravene nor be incompatible with the intended quality and character of the building, the ?Energimerkeforskriften? exempts buildings that due to their historical and cultural values are protected cultural heritage legislation. The current system offers a couple of professional certification alternatives, but when two online semi-automatic methods developed specifically for non-professionals are by far the most used, and since the methods of calculation primarily have focused on modern building materials and construction, the rest of the historical building stock stands literally unprotected by incorrect performance certificates and high-risk energy efficient measures. The objective of this thesis is to identify if the current Norwegian energy certificate system poses a threat to older buildings.

Stock lending is primarily a professional activity. The supply of stocks in the lending market comes mainly from pension funds and insurance companies, while intermediaries provide valuable services by taking positions as borrowers as well as lenders. Borrowers use stock lending for various reasons. For instance, hedge funds usually borrow stocks to cover a short position. There has been a lot of controversy in the stock lending industry and the debate has mainly concerned its effects for the stock markets.

Stock lending is primarily a professional activity. The supply of stocks in the lending market comes mainly from pension funds and insurance companies, while intermediaries provide valuable services by taking positions as borrowers as well as lenders. Borrowers use stock lending for various reasons. For instance, hedge funds usually borrow stocks to cover a short position. There has been a lot of controversy in the stock lending industry and the debate has mainly concerned its effects for the stock markets.

Previous research has shown that the market reacts on stock recommendations. As the Internet has made financial information more available and cheaper to assess one could believe that the market reflects more available information today. If this is true the market will react less on recommendation made by journalists, which generally consists of processed public information. The stock market should thus be more efficient according to the efficient market hypothesis. This study examines initially if we can conclude that stock recommendations made by journalists generate returns above the expected returns, hence abnormal returns.

The swedish rule concerning the treatment of employee stock-options have changed and the new wording of the rule will be applicable for the first time in 2010. The previous wording of the rule stated that the employee shall be taxed for the stock-option when moving abroad, even if the option is not exercised. The Swedish Skatteverket and Regeringsrätten have found that this rule is in conflict with the free movement of persons within the European Union. The new wording of the rule states that the employee shall be taxed when the option is excercised, no matter where the employee is situated. A state`s right of taxation of a stock-option determines wheter and to what extent the employee stock-otion derives from that state..

Denna studie undersöker ifall det förekommer earnings management (EM) vid stock-for-stock-förvärv på den svenska marknaden. Tidigare forskning har gett tydliga tecken på att EM sker inför företagsförvärv och det finns starka incitament att använda sig utav det. Detta undersöks genom att studera om det sker en ökning av diskretionära periodiseringar, som mäts genom Modified Jones Model, åren innan förvärvet till skillnad från tidigare år. Studien undersöker även om målföretagets relativa storlek har en påverkan på EM. Undersökningens resultat från första hypotesprövningen indikerar att EM förekommer i svenska bolag redan tre år innan stock-for-stock-förvärv.