The Stockholm office market segment have for a long time been considered a safe havenwhen it comes to withstand negative turmoil in the form of rental compression due toeconomic fluctuation, especially in the CBD demographic. Recently however, a large numberof banks and institutions, amounting to some 200000 square meters, have decided to relocateto more peripheral locations with the aim of cost reductions on rent. This mass exodus isstudied with focus on rental dynamics as the result of increased vacancies. Other variables arestock changes and employment. The method is econometric combined with an interviewseries.

När man väljer att analysera företag, finns det flera olika värderingsmodeller att använda.En av dessa är Piotroskis F-score. Denna modell har mestadels tidigare använts för att analysera företag på den amerikanska marknaden. Nu vill författarna undersöka hur tillämpbar modellen är på den svenska aktiemarknaden och dessutom kombinera denna modell med en Magic Sixes värdering för att öka dess precision.Syftet med denna studie är att undersöka om F-score i samarbete med Magic Sixes kan generera överavkastning och överträffa den svenska aktiemarknaden.Författarna har genomfört en kvantitativ studie med en deduktiv ansats. Data har samlats in med hjälp av databasen Orbis och Dagens Industri. Författarna har upprättat identiska listor för att beräkna företagens F-score och Magic Sixes.

Since 2005 all companies listed on a regulated stock exchange within the European Union are required to present their financial reports in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). The purposes of these standards are to accomplish international harmonization of accounting rules to make financial reports more comparable. However, recent research has shown that some firms tend to use goodwill strategically in a business combination by manipulating the acquired assets and consciously allocate the intangible assets to goodwill to reduce the depreciation in the income and decrease costs. This phenomenon may reduce the comparability between financial reports and thus has an opposite effect on the purpose of IFRS and IAS.The aim of this study is to show how the companies involved in this study allocate goodwill strategically. Furthermore, the introduction of the new standards has contributed to that goodwill now is a subject for impairment test, therefore we want to show whether this affected the comparability of the companies in this study.An empirical study was conducted, based on interviews with four Swedish managers.

Background: Mergers and acquisitions have evolved from initially almost exclusively having been an American phenomenon, to becoming a common occurrence throughout the world. Companies though, are not defenseless against hostile bids, but must take many factors into account when selecting defense measures. Purpose: This paper aims to enhance the understanding of acquisitions through hostile bids on the companies studied. More specifically, this study aims to create a deeper understanding in how Scania and Skandia have chosen their defense measures, or could have chosen, before and during their hostile bidding processes with specific concern for their strategic credibility. Method: This paper is based on two companies listed on the Stockholm Stock Exchange exposed to hostile takeover attempts in a similar time period.

The purpose of this study is to examine which factors played an important role in the food price crisis of 2007-2008. Theories used are Microeconomic theory, explaining changes in supply and demand, and Macroeconomic theory, explaining the impact of changes in exchange rate on prices. A theory regarding speculation is also used to explain the impact of speculative activities effects on price. The method used is multiple regression analysis in order to determine the effects which ethanol production, oil price and dollar exchange rate had on the surge in the price of corn, rice and wheat.The data used is in monthly observations during the period 2005-2008. However, other factors are taken into consideration during the study, such as production quantity, stock size, economic growth, speculative activity and population growth.

Bakgrund: Dagligen diskuteras utländsk makroekonomiska data i svensk media, där förväntningarna på utvecklingen av dessa sätts i sammanhang med utvecklingen på den svenska börsen.Syfte: Målet med den här studien var att utröna i hur stor utsträckning denna information kan anses vara betydande för en aktieinvesterare med kapital på den svenska börsen. Hänsyn togs även till börscykler samt varierande tidsperioder.Genomförande: Med grund i the Arbitrage Pricing Theory genomfördes multipla regressionsanalyser, med det svenska indexet OMXS30 som beroendevariabel. Undersökningarna baserades på månadsdata för perioden april 1991 till och med augusti 2006. Den makroekonomiska datan försköts därtill en period för att ta hänsyn till variablernas eventuella fördröja effekter på Stockholmsbörsen.Resultat: Integrationen mellan börserna visade sig ha ökat över tiden, med undantag för extraordinära perioder som IT-boomen, där makroekonomiska fundamentaldata istället slås ut. En positiv utvecklingen av långräntan samt konsumentförtroendet i USA tyder på en samtida börsuppgång i Sverige.

This paper describes a study examining four different GARCH models AR(1)-GARCH(1,1), AR(1)-EGARCH(1,1), AR(1)-APGARCH(1,1) and AR(1)-GJR-GARCH(1,1), and their ability to predict future volatility and thereby providing more reliable estimates for Value-at-Risk. The study is based on daily observations for the return of the OMX Stockholm 30 Index, during the time period 31st December 1996 to 29th December 2006. The coefficients for these GARCH models have been estimated using a five-year rolling estimation window, with one-year lags, for five different in-sample-periods. These five in-sample-periods, and the coefficients given by them, have been used to generate five out-of-sample predictions for the volatility in each year. Using these volatility predictions, the daily Value-at-Risk has been calculated for confidence intervals of 90 percent, 95 percent, and 99 percent, respectively, during the time period between 1st January 2001 and 29th December 2006.

Purpose: The main objective of this study is to research whether an announcement of an acquisition generates positive/negative abnormal short-term return towards the buying company?s shareholders. The secondary purpose is to research whether any differences could be due to selected factors: firm size and industry.Method: The study is quantitative in nature where the research aims at the stock price movement around the announcement of an acquisition. The sample size includes 30 companies between the years 2000-2010. The abnormal return is investigated by an Event Study.Conclusion: Our study shows that the publication gives a positive abnormal return in comparison to the respective sector indexes.

Since 2005 all companies listed on a regulated stock exchange within the European Union are required to present their financial reports in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). The purposes of these standards are to accomplish international harmonization of accounting rules to make financial reports more comparable. However, recent research has shown that some firms tend to use goodwill strategically in a business combination by manipulating the acquired assets and consciously allocate the intangible assets to goodwill to reduce the depreciation in the income and decrease costs. This phenomenon may reduce the comparability between financial reports and thus has an opposite effect on the purpose of IFRS and IAS.The aim of this study is to show how the companies involved in this study allocate goodwill strategically. Furthermore, the introduction of the new standards has contributed to that goodwill now is a subject for impairment test, therefore we want to show whether this affected the comparability of the companies in this study.An empirical study was conducted, based on interviews with four Swedish managers.

Agency theory describes the conflict of interest between the principal (stockholders) and the agent (CEO). Aligning the incentives of executives with those of the owners is the most direct way to mitigate the agency problem. If there is no meaningful link between CEO compensation and company performance, it is doubtful that the large sums of assets in public corporations are being managed efficiently. In theory the solution is simple reward the CEO when shareholders wealth increases. The purpose of this paper is to investigate if there is a relationship between company performance and CEO compensation among Swedish companies, in materials and information technology industry.

The aim of this essay is to examine different discourses concerning adolescents and library youth services that can be identified in the material. 73 articles from the Swedish library journal, Biblioteksbladet, were analysed trough a model. The different articles were all published between 1916 and 2005. The analysis revealed a result that consists of four discourses about adolescents and youth services at different libraries between 1916 and 2005: the library as fostering discourse, a new era discourse, the visiting activities discourse and the young adult discourse. The library as fostering discourse is based on the idea that the library itself doesnt need to change the service to adolescents, instead the adolescents are supposed to change into good library users.

Background: At the turn of the year 2004/2005, IAS 19 replaced Tryggandelagen (TrL) and RR 29 as the accounting standard in Swedish concerns. This introduction was associated with a certain apprehension for the possible changes in the companies? pension liabilities and equity.Purpose: To illustrate the difficulties of the introduction of IAS 19 by observing how it differs from TrL, and what kind of problems these differences can cause.Procedure: Individuals who are well up in, and work with pension liabilities have been interviewed. After this follows an example of the calculated pension liability of a company, to illustrate the differences between the calculations according to TrL and IAS 19. To conclude the chapter, a comparison between a number of companies from the Stockholm stock exchange is made to establish their various actuarial assumptions.Method: The essay mainly follows the qualitative research method, since this method is more appropriate when the substance in the matter is based on detailed differences and opinions.Results and conclusions: The introduction of IAS 19 has taken time and been an expensive matter, although the expenses weren?t as great as feared.

Purpose: The purpose of this study is to explain which factors that affects Swedish listed companies choice of placement for the corporate governance report when the regulation gives different options.Methodology: The chosen research philosophy is positive, research strategy is deductive and methodology is quantitative.Theoretical Perspectives: As support for the dependent (placement) and independent factors agency theory, positive accounting theory, accounting choice, legitimacy-, stakeholder-, and institutional theory are used.                  Empirical foundation:The sample consists of 249 companies. The empirical data consists of the companies Annual reports and Corporate Governance reports for financial year 2011 or when split financial year, 2010/2011. Limitations: A limitation of the study is that it is based on observations from only one year why it is not certain that the results should have been the same if a comparison between several years had been done.Conclusions: The factors size and growth explain the placement of the Corporate Governance Report in Swedish listed companies..

Bakgrund: Läkemedelsbranschen är idag en av de mest reglerade branscherna på marknaden. Forskning och utveckling har en stor betydelse för läkemedelsföretagen. För att lansera ett läkemedel krävs det att företagen genomför kliniska prövningar, deras utfall kan mycket väl avgöra företagens framtid.Problemformulering: hur stor inverkan har de olika faserna inom produktutvecklingen på aktiekurserna för företag i läkemedelsbranschen.Syfte: Syftet med uppsatsen är att undersöka hur marknaden reagerar när läkemedel som är under utveckling går in i de tre olika kliniska faserna.Metod: Studien baseras på kvantitativ data där ett bekvämlighetsval gjorts på sju stycken läkemedelsföretag. PR meddelanden där läkemedel i utveckling går in i fas-1, fas-2 och fas-3 kliniska prövningar har valts ut som enskilda händelsen i eventstudien som genomförts. Vi har studerat vad som händer 5 dagar före och 5 dagar efter att händelsen utspelar sig.

This master?s thesis aims to study the practice of separating popular genres of fiction from the rest of the fiction stock, often seen at public libraries. The method being used is critical discourse analysis according to Norman Fairclough?s three-dimensional conception of discourse. The textual dimension of this analysis is the book shelf itself and the sociocultural practice is the everyday practice at a public library of supplying and mediating books to the visitors.