Previous research has discussed how voluntary disclosure relates to the cost of equity capital. Theories of estimation risk support a negative association between disclosure and cost of equity capital, as empirically documented by Botosan (1997) among others. In this Bachelor thesis we investigate whether such a relationship exists on the Swedish capital market. Using the CAPM to estimate the cost of equity capital and a disclosure index based on Aktiespararen?s annual evaluation of corporate disclosure, we test a model where disclosure explains cost of equity capital.

This thesis describes and examines a new line of business, CleanTech. CleanTech comprises a wide range of different types of companies and is not yet well defined. In this thesis only the Swedish market is considered, and a variety of players on the market are included to give the most extensive picture of the current situation. Recent research shows that a gap has arisen between governmental financing and private equity-investments in CleanTech-companies. This gap occurs mainly in companies in expansive phases and causes problems both for the companies and for the line of business as a whole. To investigate this gap the Swedish CleanTech-business is described in terms of earlier and existing financing, age and size of the companies and their turnover and profit.

Abstract: Since the recession caught the market in fall 2008, multiple companies have suffered due to their former aggressive investment behavior. Huge goodwill piles have been collected ready to be doomed by the market. The aim of the study is to investigate equity analysts? consideration of goodwill in a recession market. An empirical study is conducted, based on interviews with ten Swedish equity analysts that follow companies with relevant goodwill status.

This study investigates the value relevance of goodwill impairments for equity investors in Swedish listed companies. We provide insight on whether goodwill impairments are value relevant before as well as after the implementation of IFRS 3 and IAS 36. We express market value of equity as a function of book value of equity; net income excluding goodwill impairments and goodwill impairments, using the Ohlson valuation model and Hellström's price regression. Our findings suggest that goodwill impairments are statistically value relevant for equity investors. Prior to the implementation of IFRS 3 and IAS 36, our findings imply that equity investors respond negatively to goodwill impairments.

Title: Brand Brazil ? A study on brand equity in an emerging market Authors: Anders Andersson & Jonathan Karlsson Subject: Bachelor thesis in marketing, 15 credits Keywords: Brand equity, Emerging markets, Brand awareness, Brand associations, Perceived quality, Brand loyalty Purpose: The purpose of this thesis is to gain deeper understanding of how a company operating on an emerging market can work with brand equity, and what benefits it provides to the brand owner. Theoretical framework: The chapter begins with a description of brand equity to be further decomposed to its four dimensions; brand awareness, brand associations, perceived quality, brand loyalty Methodology: A qualitative research method with a deductive approach is conducted, where interviews with Brand/Marketing coordinators for the Brazilian subsidiaries of Volkswagen, Toyota and General Motors, are performed. Empirical framework: The chapter presents performed interviews that are supposed to describe our case studies? work and benefits from brand equity. Conclusion: This study shows that companies operating on an emerging market are working actively with brand equity, often in accordance with theory. The companies also experience positive effects from increased brand equity..

Abstract: Private equity used to be synonymous with tremendous yields and rates of return. However, the private equity market trembled in 2008, due to the financial meltdown caused by the worldwide credit crisis. Considering the current low number of exits within the private equity industry, the purpose of this thesis is to examine if there has been any change in how private equity firms control their portfolio companies since the inception of the crisis. One private equity company and two portfolio companies have been studied. The case study is prepared from interviews with senior directors in the portfolio company and investment managers in the private equity firm.

Problem formulation: This paper will examine how the capital structure of firms affects their market valuation by applying the Modigliani-Miller theory on Swedish listed companies in a boom and a recession. The study will examine whether it is possible to draw any conclusions as to whether companies with high debt to equity ratios are valued lower in a recession, in comparison to companies with low debt to equity ratios.Purpose: To empirically test the Modigliani-Miller theory of capital structure in a boom and a recession in order to see if the companies? market value is affected differently depending on whether they have a high or a low debt to equity ratios.Methodology: The essay has a deductive and a quantitative methodological approach. Data analysis was done through a correlation analysis, a regression analysis and a hypothesis testing.Theory: The Modigliani-Miller theory of capital structure with taxes states that companies with a high debt to equity ratios has a higher value. One of the risks with a high level of debt could be that during a financial downturn companies have more difficulty realizing capital and are thus more likely to go bankrupt.Conclusions: The study shows results that are contrary to the Modigliani-Miller's theory; all the correlation analyses between debt to equity ratios and market value are negative.

Abstract The internationalisation of a company is enabled by integration of markets. New markets mean new revenues, but also demand capital to finance the expansion. To bring in new capital may offer new possibilities but also higher debt-equity ratios, which affect how external interested parties value the company. This thesis, inspired by previous and mainly US based research, researches the debt-equity ratio of Swedish multinational and domestic companies, sampled from the Stockholm Stock Exchange. The research questions have focused on the impact of certain internationalisation variables on the debt-equity ratio; how does the debt-equity ratio differ between international and domestic companies? Can a difference be explained by the degree of internationalisation? Can a difference be better explained by the presence of international ownership? By measuring the concept internationalisation as both trade and presence, the questions were operationalised into four hypotheses.

Earth?s resources have been exploited unsustainably. If an entire conception of exploitationof natural resources does not change now, this will entail enormous costs in the future.This insight has lead to a recently increased interest in clean technologies among privateequity capitalists. In the fourth quarter of 2006 about 10 percent of all private equityinvestments made in the US market were placed in the cleantech industry. Despite a goodinvesting climate in Sweden, Swedish capitalists have shown little interest in cleantechinvestments.

This essay reviews the situation for small actors in the Swedish clothing industry. In this essay we assume that loyalty is a requirement for survival on the competitive clothing market. Four small actors have been analyzed up on theories on loyalty, brand equity, relationship marketing, service marketing, quality, interactive marketing, distribution and value creating activities. The chosen actors are Fifth Avenue Shoe Repair, Boutique Sportif, Jenny Hellström and Ida Sjöstedt. The conclusion of the essay is that it is possible for small actors on the Swedish clothing market to build loyal relationships with their customers.

How capital structure influences corporate performance and value has been in the interest of researchers and scholars for more than half a century, but an answer is yet to be found. The main objective of the present paper is to contribute with data for this cause and hopefully help to clarify this mystery. The method that was used was by analyzing the impact of debt on profitability and market valuation through linear regression. The study examined 17 Swedish property companies listed on Nasdaq OMX Large Mid and Small Cap over a 6 year period (2007-2012). The authors found a slightly negative relationship between debt-to-equity and profitability measured by return on equity (ROE) as well as by return on assets (ROA).

In this thesis we study the development of post-earnings announcement drift (PEAD) in the Swedish equity market from 2000 to 2009. By forming portfolios based on the stock price reaction to quarterly reporting we show that the characteristics of PEAD have changed. We demonstrate that negatively surprising companies show a positive drift during a holding period of six months sufficiently large to render the trading strategy unprofitable. This development holds from 2005 and onwards and these results contradict many a study which finds the same portfolio construction to be indeed profitable. We argue that this development is a trend that will not only affect our study but future studies as well..

In this paper we investigate 67 Swedish buyouts in the manufacturing and retailing sector between the years 2004-2012. The purpose is to measure changes in a set of financial key ratios to see if private equity firms are able to improve performance in their portfolio companies compared to a peer group consisting of other firms within the same industries. Furthermore, we examine if there is a difference in the change of the financial key ratios between private equity-owned firms in the two sectors. The key results are that the private equity owned firms have not outperformed their peers with respect to the chosen key ratios. We also conclude that there is no significant difference in the change of the financial key ratios between private equity-owned firms in the two sectors..

The concept of brand equity emerged inthe eightiesto justify the long term value of marketing investments. Brand equity signify the value that a brand adds to a product and is the result of the marketing of a brand. One of the most widely used strategies to enhance brand equity is to do a brand extension, which means that a firm uses an established brand to introduce a new product to the market. At worst, a failed brand extension can damage the brand equity, which Vinjamuri (2008) claims that the brand Axe is currently in danger of doing. This January Axe launched an extention including products for both men and women for the first time and Vinjamuri claims that this can disappoint Axe´s former target group (men between 14 and 27 years old) (Newman, 2012). In this thesis Axe´s brand equity among the extensions target group (men and women, age 14 to 27) in Sweden is studied to find out if the brand extension is likely to affect the brand equity in the target group.

High brand equity is a great asset for companies that operate their business in a free and competitive market. Brand equity can arise from both product-related and non-product related attributes and may be viewed from many different perspectives. This study examines which different attributes that contribute to enhance brand equity from customers point of view at the Swedish market for agricultural machinery. The study have been developed using a comprehensive literature search in order to investigate the field regarding brand equity and brand image. The literature review results in one product specific and one non-product specific approach in order to examine factors that contribute to enhanced brand equity. This takes the form as one survey-based approach regarding the non-product related attributes which is examined by interpreting the extra value added by different attributes.