Sammanfattning Denna studie utreder om ett långsiktigt samband mellan oljepriset och valda aktieindex kan påvisas. Tre typer av aktieindex har valts, generalindex, industriindex och råvaruindex, för Sverige respektive Norge. För att undersöka det långsiktiga sambandet mellan oljepriset och aktieindex används kointegrations- och regressionsanalys. Studien visar att det bara förekommer ett långsiktigt samband mellan oljepriset och ett fåtal av aktieindexen. Nyckelord: Olja, Kointegration, Tidsserier, Aktieindex Abstract This Study investigates if a long-term relationship between oil price and selected stock indices can be proved.

We acknowledge the lack of empirical studies of the performance of analyst target prices in the Swedish stock market by examining the profitability of target prices for stocks publicly traded on the Stockholm Stock Exchange. We use consensus target prices issued between 2006-2010 and create two different strategies to observe the abnormal returns generated during this period. Going long in the top decile stocks with the best target prices and going short in the bottom decile stocks with the worst target prices generates a statistically significant abnormal buy-and-hold return of 8.9%. An active strategy with daily portfolio rebalancing and a timely response to target price changes generates a less significant monthly alpha of 1.4% against CAPM. The results show to be robust against the size effect discovered by Fama and French.

ABSTRACT TITLE: Oil price shocks impact on the British and the Swedish stock markets SEMINAR DATE: 2007-06-07 COURSE: Bachelor thesis in Business Administration and Economics, 10 Swedish credits (15 ECTS) AUTHORS: Carl Hersaeus, Sven Piehl Trygg ADVISORS: Hossein Asgharian, Göran Andersson KEY WORDS: Dummy Variables, United Kingdom, Oil Price, OLS, Regressions, Stock Markets, and Sweden PURPOSE: The purpose of this paper is to study whether, and how, oil price shocks have an impact on British and Swedish stock markets. METHODOLOGY: Our paper is based on secondary data, focused on historical spot prices on Brent oil and stock indices from Sweden and UK. We construct dummy variables to register positive and negative disturbances in the oil price. Furthermore we try to find a relation between the price disturbances and the different stock indices. THEORY: We take off from earlier studies, which prove that there is a relation between oil prices and stock markets.

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.

Background: The reasons why this study is conducted is because of the latest recession in the global economy. The current recession has made a lot of companies more aware of its cost, and in order to fit the new harsher economic climate the companies has to be more cost efficient. In order to do so many companies choose to reduce their amount of employees. When this happens in a recession, most of the layoffs are an effect of reactive causes, such as lower incoming orders, and fewer customers. This leads to a problem for the companies that don?t know how these kinds of layoffs will affect the value of the company?s stock.

Demand has become increasingly difficult to forecast in today?s volatile markets. Being able to produce towards real demand is becoming vital for companies, since inventories of finished goods are expensive to maintain and because miscalculated products tie up capital that in the end is never repaid. More and more companies are using postponement strategies to delay the process of producing until real demand has become known. Tooling Support Halmstad is a company within the manufacturing industry, which has become aware of the benefits with postponement strategies for parts of their production.

In this paper we have looked closer on a car-retailer in the middle of Sweden. We have chosen to dig deeper in the different problems that can occur, related to the supply. Soon we realized that that the problems weren?t related to stock management. Through studying the whole of the company, we have identified reasons to why details aren?t in the stock.

This study investigates how the concept of Social Responsible Investment (SRI) can be applied to futures trading. More specifically, this study examines the possibility of creating a SRI-product for an investor, active in futures investments within commodities, energies and stock indices, and the content of such a product is suggested. We conducted a qualitative study, based on a number of interviews. The study suggests that investments in futures of specific assets are to be equated with investments directly in the underlying assets from a SRI point of view. Therefore, we analyzed the underlying assets of futures traded commodities, energies and stock indices, and used social screening, together with specific screening criteria, for the analysis.

SummaryThe purpose of this thesis is to examine what effect the IFRS 2 has on earnings, equity, financial strength and return on equity for listed Swedish companies with active stock option plans. The purpose is further to investigate the companies? attitudes towards IFRS 2 and to find out if companies tend to deviate from stock option plans due to the changed accounting rules. We also want to examine the view of IFRS 2 from an auditor?s perspective.We have used a deductive approach and a mix of quantitative and qualitative research methods with a view to get a completely clear picture within the field of study.

A trading halt is a measure conducted by a securities exchange in order to reduce information imbalances between market participants, thus enabling a higher level of market efficiency. A market is said to be efficient when new information concerning a company is instantly reflected in its stock price, implying that abnormal stock returns cannot be systematically achieved in an efficient market. The purpose of this study is to examine the occurrence of abnormal stock returns following trading halts on the Stockholm Stock Exchange. The study is based on a sample of 64 trading halts executed between January 2003 and February 2008. Historical daily prices for stocks subject to trading halts during the period have been gathered from the Datastream Advance database, while information on date and time of trading halts have been collected from the Stockholm Stock Exchange website.

This study explores whether environmental, social and governance (ESG) issues affect the monetary value of a company.The samples used in this study have been taken from the Johannesburg Stock Exchange (JSE) in South Africa. Since 2010, JSE have been categorizing companies using the King Code III criteria to establish a Socially Responsible Investment index (SRI index). Companies that fulfill the required number of criteria are classified as 'best performers' using the SRI index.  In this study the monetary value of a random sample of 'best performers' has been compared to the monetary value of a random sample of companies without an SRI index evaluation.This study found that companies without a SRI index have a higher unique risk, which means a lower stock price with a higher dividend yield. Companies with an SRI index evaluation have a lower unique risk, which means a higher stock price and lower dividend yield. In conclusion, this study shows that SRI adjusted companies have an enhanced monetary value in comparison to non- SRI adjusted companies..

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.

SummaryThe purpose of this thesis is to examine what effect the IFRS 2 has on earnings, equity, financial strength and return on equity for listed Swedish companies with active stock option plans. The purpose is further to investigate the companies? attitudes towards IFRS 2 and to find out if companies tend to deviate from stock option plans due to the changed accounting rules. We also want to examine the view of IFRS 2 from an auditor?s perspective.We have used a deductive approach and a mix of quantitative and qualitative research methods with a view to get a completely clear picture within the field of study.

Transfers of joint stock companies can be executed in several ways - for example by transferring individual shares or by transferring all shares or by selling the company's assets and liabilities. It is not fully clear which rules should apply to transfers of joint stock companies. Some legal experts claim that the Sales Act (Köplagen) is applicable, while others claim that the rules for promissory notes (Skuldebrevslagen) should apply. This distinction is of great significance regarding the extent of the vendor's liability. According to Skuldebrevslagen the vendor's liability is rather limited, while Köplagen enjoins the vendor a more extensive liability.A transfer of a joint stock company brings about great economical risks, both for the vendor and for the purchaser.

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.