The market risk Premium is one of the most important parameters in finance. Its value and the ways to calculate a risk Premium for the market is a widely debated subject. This thesis examines numerous ways of calculating a risk Premium for the Swedish market with regard to how good an estimation they make of a real risk Premium. Estimations based on historical periods ranging from 20 to 85 years is calculated as well as a Premium based on forward-looking estimates. The real risk Premium is solved out for a selection of companies and an index with the help of CAPM.

Although previous research conclude that mergers and acquisitions do not always lead to improved profitability or increased shareholder return, the number and size of M&A?s is steadily increasing. In this thesis we examine why an acquirer pays a price higher than the market value. Can accounting data explain the size of the Premium? 618 European transactions between 1997 and 2008 are examined and relationships between the targets? accounting data and the Premium is analysed through statistical regressions.

Syftet med uppsatsen är att diskutera det så kallade equity Premium puzzle. Jaganalyserar teoretiskt den intertemporala konsumtionsbaserade CAPM (C-CAPM),sammanställer en del av litteraturdiskussionen som finns på området samt empiriskttestar C-CAPM på svensk data. Fenomenet equity Premium puzzle innebär attöveravkastningen på aktier är så stor att det inte stämmer med den ekonomiska teorin.Enligt teorin beror C-CAPMs riskpremie på kovariansen mellan konsumtionen ochaktieavkastningen. Litteraturen visar att forskare inte har lyckats förklara equityPremium puzzle genom att ändra antagandena i grundmodellen. Den empiriskaundersökningen visar att equity Premium puzzle även uppkommer på svensk data..

Intention: The purpose of this thesis is to see if an active investment decision in the Swedish Premium Pension System would result in a higher return than a non-active investment decision. A non-active investment decision is equivalent to leaving the money in AP7 Premium Savings Fund.Method: This thesis is a statistical analysis and has a descriptive character in which the calculations are based on secondary data, thus the thesis has a quantitative character. Furthermore three active portfolios in different risk categories have been chosen. These portfolios are compared with the AP7 Premium Savings Fund?s returns.

Personer med kognitiva nedsättningar tillhör en av de största grupperna av funktionsnedsatta personer. Premium Comai är ett hjälpmedel för att hjälpa personer med kognitiva nedsättningar att bli mer självständiga i deras vardag. Denna målgrupp har framförallt svårigheter med de exekutiva funktionerna så till exempel att minnas saker de ska genomföra eller att uppfatta hur lång tid aktiviteter tar. Denna studie undersöker hur användandet av en digital kalender som hjälpmedel för personer med kognitiva nedsättningar ser ut och hur användare av upplever hjälpmedlet, om de upplever att det hjälper dem planera sin tid och att komma ihåg. För att undersöka detta intervjuades användare av Premium Comai, där intervjutekniken var semistrukturerade intervjuer.

Identification and analysis of key success factors for an entrepreneurial firm to achieve leverage when establishing on a foreign market with a Premium consumer product..

This thesis aims to investigate the voting Premium for companies differentiating voting rights between share classes on the Stockholm Stock Exchange. The voting Premium represents the value of a vote attached to the share. The voting Premium can be estimated from the price Premium between two listed share classes with differentiated voting rights. Rydqvist's dissertation (1987) serves as a model for this study which investigates whether the theory of the so called "oceanic games", along with a proxy variable for cost of control, can predict the voting Premium during 2010-2012. To the original model developed by Rydqvist, control variables for differences in liquidity between share classes are added to investigate for an increase in the explanatory power.

This thesis explores some issues regarding estimations of the cost of capital on the Stockholm Stock Exchange through reverse engineering of the Residual Income Valuation model and through usage of the Capital Asset Pricing Model. Previous studies are in conflict of whether the risk Premium changes considerably over time or not. Furthermore, the risk Premium estimated by CAPM tends to be fairly stable. In this study, reverse engineering of the cost of capital implied by analysts? forecasts shows a significant difference in the risk Premium over time.

A1278Undersökningen behandlar Premium Wines vinklubb och ger förslag på hur den kan utvecklas med hjälp av de två första stegen i Stephan Butschers trestegsmodell. Lojalitetsprogram blir alltmer populära, men för ett alkoholimportföretag som det undersökta gäller andra förutsättningar då man begränsas av lagstiftningen. Därför gäller det att förlita sig på bra förmåner med högt uppskattat värde hos medlemmarna istället för enbart monetära förmåner.Premium Wines kundklubb har kartlagts genom intervjuer med klubbens Chief Inspector, som även medverkat i en brainstormingsession för att få fram möjliga förmåner. Därefter har en enkät med poängsättning av förmånerna besvarats av klubbmedlemmar under en vinprovning.Premium Wines nuvarande förmåner fick höga poäng, liksom ett antal av dem som tidigare övervägts. En vidareutveckling av klubben, som startade 2003, är planerad, och de områden företaget bör koncentrera sig på är förutom förmånerna rekrytering av nya medlemmar, datainsamling, kommunikation med medlemmarna och olika sätt att få intäkter från klubben..

This thesis aims to evaluate the concept of Uncovered Interest Parity. The parity states that the logarithmic difference between domestic and foreign interest rate equals the logarithmic difference between expected future spot exchange rate and the spot exchange rate, . In defining the exchange rate it is often presumed that the parity relation prevails even though several studies suggest the opposite. Numerous economists maintain that the theory?s shortcomings can be explained through the existence of a Risk Premium.

The aim of this study is two folded. We wish to investigate if there is a value Premium from hedging jet fuel exposure for American and European airlines. We also seek to answer if airlines can affect their probability to default by using Risk Management. During the period 2003 ? 2006 there existed a value Premium for airlines that hedged their expected future consumption of jet fuel.

Background: Operating on the stock market is associated with risks. If a particular asset is not traded with the same frequency as the average market asset, this particular asset is exposed to a liquidity risk. It means that the investor might not be able to sell the asset at a desired time without incurring expensive transaction costs. The query is whether or not the investor is compensated with a liquidity Premium for bearing the extra risk. Earlier studies on the Stockholm Stock Exchange have failed to prove that there is a relation between stock return and liquidity.

Vattenfall hedge its future electricity production in order to decrease fluctuations in theresult. Hedging can in a simplified way be described as selling the future electricity deliveriesin long-term contracts so that the future price of the delivery becomes fixed. The contractsused are electricity forwards traded at the Nordic electricity market Nord Pool. Animbalance between buyers and sellers can lead to a situation where the forward price notequals the expected spot price. The difference between the forward price and the expectedspot price is referred to as the market risk Premium.

Title: Establishing in China?s ?good-enough? market - A benchmarking study on Scandinavian engineering industries? further establishment in China. Problem discussion: The Chinese market is gaining importance for Scandinavian engineering industries and is by many considered a crucial market to be successful in. These companies have a tradition of producing Premium products for Premium customers. However, in China many are currently experiencing the threat from local competitors producing products of somewhat less quality aimed at the vast Chinese middle market - the good-enough market.

This paper studies the option market?s implied dividend as a predictor of future equity market returns. We introduce this variable in the simple total return framework and discuss some complications of using it as a proxy for the expected dividend. We construct some regressions using the price-dividend ratio and the implied dividend growth, and test them on six years worth of data on the EURO STOXX 50-index. The main result is that implied dividend growth exhibits some forecastability over two-year horizons, but that the dataset is too short to draw any definitive conclusions about long-horizon forecastability.