Over a long period of time, there has been a rich debate in the academic and financial world if active management can generate an excess return. Many experts say that the current active management strategies is nothing more than a money grab that produces large gains, for banks and investment firms, through high management fees while producing no excess value for the individuals buying their service. In short, an effective market makes it almost impossible for fund managers to produce value for their clients in the long run.No argument has only one side though, other experts say that active management has a role to play because not all investors are rational. This irrationality can lead to mispricing on financial assets in the marketplace and in turn lead to an ineffective market where active management can fill a much needed role. The purpose of this study is therefore to see if active management strategies can create a higher risk adjusted return, taking management fees into consideration, during times of high volatility when the uncertainty is at its peak.

This study is based on a statistical analysis of fundamental key ratios on the Stockholm Stock Exchange during the period 2004-2012. In total 35 financial ratios of 90 companies were tested, ultimately five ratios remained within the 5% significance level. These ratios were ROA, P/B, Total Yield, EV/EBIT and Operating Margin. A custom made investment model was created based on the purpose to achieve a risk-adjusted excess return. The results in general did not show any significant difference in return between the model's portfolio and index.

The purpose of this report was to compare Lilluns egg production with other Swedish egg producers based on the flow of nutrients (nitrogen, phosphorus and potassium) in the egg production systems. The main focus in the report was the utilization rate of the forage and the excess of nutrients per kg egg. Additionally, the purpose was to identify the environmental impact from Lilluns egg production and compare the results with other egg producers. The inflow of nutrients associated with forage and poultry was compared with the nutrients that were exported from the production. All of the egg producers in this study had an excess of nutrients.

This study is based on a statistical analysis of fundamental key ratios on the Stockholm Stock Exchange during the period 2004-2012. In total 35 financial ratios of 90 companies were tested, ultimately five ratios remained within the 5% significance level. These ratios were ROA, P/B, Total Yield, EV/EBIT and Operating Margin. A custom made investment model was created based on the purpose to achieve a risk-adjusted excess return. The results in general did not show any significant difference in return between the model's portfolio and index.

The question of whether financial analysts can forecast stock movements or not has been widely debated for many years. This study examines if an investor has been able to receive an excess return by following financial analysts? recommendations. We continue by studying if an investor has been able to earn a different excess return by following different types of recommendations. The study includes more than 15,000 recommendations made by 10 first tier banks and brokerages on the Swedish market during the years 2003-2007.

Ten colic horses and seven healthy horses were included in a prospective study aiming to evaluate acid-base disturbances in colic horses. Traditional acid-base methods and measurements of lactate were used to study prognosis and changes before, during and after surgery. Strong ion gap, anion gap and base excess were compared to evaluate their ability to predict lactate. Of the ten colic horses that went through surgery, seven survived, two were euthanised and one died. Significant differences in plasma lactate levels were seen between the group of survivals and non-survivals, p=0,000025. No differences were seen in pH and base excess between the two groups.

Syftet med uppsatsen är att skapa en modell som kan förklara yield spread hos företagsobligationer. För att få en modell som nära återspeglar verkligheten inkluderas både företagsspecifika och makroekonomiska faktorer. Vi utgår från en kvantitativ studie och tillämpat en multipel regression på paneldata innehållande 24 bolag för att förklara yield spread hos företagsobligationer. Den teoretiska referensramen består av forskningsartiklar från främst USA men även Europa som behandlar riskkomponenter hos yield spread. Empirin är kvartalsvis redovisnings- och handelsdata under tidsperioden 2001-2005 som samlas in från finansiella databaser och behandlas med regressioner.

Photovoltaic Systems in Sweden has longbeen heavily dependent on subsidies and grants to bring in a profit for the investor. Production of excess electricity is a major reason for this as the compensation for excess electricity today is low. However, there are businesses that have an electricityneed that are particularly suitable for solar electricity. These businesses have an electricity demand when the sun shines the brightest and if the Photovoltaic System is properly scaled, the excess electricity can be minimized. A golf club is that kind of a business and this thesis aims to examinate the solar power potential for golf businesses in Sweden.Nine golf clubs was selected from different locations in Sweden.

The aim of this study was to investigate the relationship between sleep, photoperiod, milk yield and hormones connected to milk formation. Variations of prolactin (PRL) and Insulin-Like growth factor-1 (IGF-1) in plasma were measured during two different light programs. The light programs consisted of either 24 hours of light (L24:D0) or four hours of light and 20 hours of darkness (L4:D20). Five cows of the Swedish Red breed were used in a cross-over experiment and each light program consisted of five days. Milk yield was measured at every milking and milk samples were analyzed with regard to fat, lactose and protein.

Wheat yield depends on the number of ears per m2, the number of kernels per ear and the kernel weight. By knowing the ability of different cultivars to compensate for the different yield components and knowing which yield component that is the most important for the final yield, the farmer can match the cultivar and management to the location. The objective of the study was to investigate how the yield components of winter wheat vary depending on genotype, environment, sowing density and date of sowing.Seven varieties were grown in four locations in Sweden with three different sowing densities and with an early and a late sowing date. On each experimental site, the surviving plants after winter were counted, as well as the number of shoots at early and late spring and the number of ears. Ten ears from each site were cut at three different occasions, starting from the time of blooming, with 200 day degrees between each cut.

To manage the industry?s need of wood assortments in a optimal and cost effective way the forest companies need to have knowledge of the actual standing volume and the yield of the planned clear cuts. The mean volume of the trunk is also important since it is important for the contractors prices. Today the total volume are estimated either with Näslund (1940) or Brandels (1990) functions of volumes, and the yield is estimated with Rune Ollas (1980) function for trunks and stands. The purpose of this study has been to answer the following questions: How good is the yield forecast with data collected with currently used methods? How well can the yield forecasts became with data collected according to the instructions? How well can the yield forecast be with data collected according to the instruction and calculated with the program Aptan for theoretical bucking? The study has been initiated and financed by SCA Skog AB.The material consisted of a number of randomly selected objects ready for clear cut.

During the past 20 years, the price of forest estates in Sweden has raised more than the price of timber. The purpose of this study is to investigate if it, despite this development, is possible to buy a forest estate based on economic grounds. Different forest parameters will also be studied to analyse their effect on the profitability. The study is done in cooperation with the company LRF Konsult. Purchase price of 34 forest estates near the coast of Norrbotten, Sweden, has been compared to yield valuation. For the valuation, guidelines from the Swedish author Lantmäteriet was used.

Uppsatsens syfte är att förklara Yield Management. Detta gör författarna genom att kvalitativt studera och analysera arbetsgången på två hotell. Det ena hotellet har en uttalad Yield Management strategi emedan det andra hotellet har en Customer Relationship Management strategi. Det sistnämnda hotellet fyller funktionen som referensobjekt till Yield Management. Customer Relationship Management valdes som en referensram eftersom denna teori är vanligt förekommande inom hotellbranschen.

Recently, the selections of ethical funds are increased; at the same time investors with social and moral preferences have increased in the capital market. There are currently debates on whether ethical funds perform better or worse than funds without ethical criteria. This also involves a vivid discussion on whether investors know about the consequences of investing in ethical funds. Therefore, this study involves theories about the rationality and decision theory, in addition to what mainly control the investment decisions. The study also discusses portfolio theory since this is one of the underlying theories behind fund management and its development.The purpose of this study is to explain if ethical limitations in the selection of securities affect risk and return in the fund portfolio.

An efficient market implies that the use of fundamental analysis should not result in excess return, and that any return exceeding the market average can be explained by compensation for risk, accord-ing to The Capital Asset Pricing Model (CAPM). The focus of this study is to test whether the suc-cessful investment strategy developed by Piotroski (2000) generates excess return on American data, after risk adjustment by using Fama & French?s (1993) 3-factor and Carhart?s (1997) 4-factor CAPM. Initially we form stock portfolios based on companies characterized by high book-to-market values, additionally, we divide them into different performance classes by ranking them with Piotroski?s (2000) measure of financial performance, F_SCORE.