The aim with this study is to investigate the market reactions to announcements of Special dividends and redemptions in Sweden and thus if these announcements can signal information. This study is an event study, where the event is the day of the announcement of a suggestion regarding issuance of Special dividends or redemptions. The abnormal returns were estimated for two samples with the market adjusted returns model, one including Special dividend announcing firms and the other redemption announcing firms. The signalling hypothesis and the hypothesis of a tax induced clientele effect are the most important hypotheses for this study. The efficient market hypothesis is another theoretical base that may explain the market reactions to the studied announcements, especially the pre-announcement activities that may occur.

This study aims at examining if abnormal returns have existed on theSwedish stock market surrounding the ex-dividend period between the years2002 and 2006. The ex-dividend period that is studied is the ex-dividend dayplus the following five days. The stocks that have been studied are the thirtymost traded stocks which together constitute the index OMXS30.Furthermore, the study investigates if the size of the dividend has an effecton the size of the abnormal returns.Previously performed studies on both the Swedish stock market and foreignstock markets have shown that abnormal returns exist during the ex-dividendperiod. However, the results from these studies are not unambiguous, why itis interesting to follow up these studies with a new study.The method used for investigating the existence of abnormal returns aroundthe ex-dividend period has taken its starting point in the previouslyperformed studies. However, some changes have been made in order tocalculate for differences in risk between different stocks (using beta) whichhas been neglected in the previous studies.The results of our study are that abnormal returns have existed for four outof six days in the ex-dividend period when calculating a mean value over allfive years.

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.

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.

I uppsatsen undersökts ex-dividend fenomenets förankring på den svenska aktiemarknaden. Syftet med uppsatsen är att observera eventuella skillnader mellan det utdelade värdet och aktiekursförändringen dagen efter utdelningsrätten skiljts från aktien samt hur eventuell överavkastning i sådana fall kan förklaras. I en kvantitativ undersökning analyseras den svenska aktiemarknaden mellan åren 1996-2003. Slutsatsen i denna uppsats blir att det statistisk sätt inte går att påvisa någon överavkastning kring ex-dividend dagen på den svenska aktiemarknaden. Den svenska marknaden visar istället tydliga bevis på en mellanstark form av effektivitet..

Denna studie har undersökt huruvida det är möjligt att på Nasdaq OMX Stockholm generera systematiska överavkastningar i samband med att aktier börjar handlas exklusive rätt till utdelningar. Samtliga utdelningstillfällen har undersökts under perioden 2007-2011 vilket givit en total observationsmängd på 699 stycken tillfällen. Genom att ha tagit hänsyn till eventuella marknadsfluktueringar och vikta dessa med bolagets unika risk, i form av betatal, har resultaten även justerats för normalavkastningar under den undersökta dagen. Resultaten från Large Cap, Mid Cap samt Small Cap har sedan jämförts. Resultaten visar att överavkastningar är möjliga under dagen då aktien slutar handlas inklusive utdelning, samt att effekten är större för de mindre bolagen..

The relationship between dividend policy and investment is a controversial area and the relationship between these two may differ depending on the company's priorities. The study examines this more closely by studying dividend policy's impact on investment and how it differs depending on the company?s market capitalization. The study is based on companies listed on the OMX Stockholm within the segments Large Cap and Small Cap, during the period between 2003-2012. Secondary data was obtained from each company's annual reports where relevant data was used to operationalized into measurable variables.

This is a study to see the relationship between earnings per share and dividends during a period of both boom and depression. The study will focus on companies listed on Stockholm stock exchange and see if they follow theories from the past and if the dividend is smooth over times with a fluctuant economy. To see this we had this problem:Is it a relationship between earnings per share and dividend during a fluctuant economy, also if there is a difference between the different Caps on Stockholm stock exchange?We studied 163 stocks of the 293 listed stock on Stockholm stock exchange during a period of 8 years. The study is focused on the time period between year 2005 and year 2012.

Uppsatsen undersöker aktiepriset sista dagen med rätten till utdelning (cum dividend dagen) samt första dagen utan rätten till utdelning (ex-dividend dagen) och om aktiepriset faller med samma summa som utdelningen på ex-dividend dagen (en aktie köps exkl. rätten till utdelning). Det gör det möjligt att bedöma huruvida marknaden är effektiv eller inte på ex-dividend dagen, det vill säga om marknaden uppvisar en onormal avkastning på och kring ex-dividend dagen. Vi har jämfört vår undersökning med tidigare betydelsefulla studier, där bland andra Elton & Gruber och Lakonishok och Vermaelens studier behandlas, samt en svensk avhandling av Kerstin Claesson. Vårt datamaterial består av alla bolag som var noterade på Stockholmbörsens A- och O-lista mellan åren 2001 och 2005.

Resultaten visar på att abnormal earnings model är en mertillförlitlig modell i förhållande till dividend growth model. Dettafrämst då abnormal earnings model grundar sig på mer tillgängliginformation samt att tillväxträntan i dividend growth model harkonstaterats vara orealistiskt hög. Analytikers prognoser tenderaratt vara optimistiska i början av undersökningsperioden 2000-2002. Perioden 2003-2007 präglas mer av pessimistiskavinstprognoser. Marknadens riskpremie fluktuerar mindre underperioden 2005-2007, vilket kan förklaras utav införandet av IFRSår 2005..

The purpose with this essay is to explore how pupils in a special group of education experience how it feels to be part of this kind of group. Further I want to examine a special educationalist view of this kind of groups. To perform this essay I choose to interview four pupils and one special educationalist. Through the interviews I want to discover the pupils and the special educationalists thoughts and experience. The result has been compared with earlier research and the essay has its basis in different theories.

The aim of this essay has been to surrey the perspective of view the special education teachers have on the tree concepts of special education, compensatory-, critical and dilemma perspectiveThe questions that have been covered in this study areWhat does the concept of special education means for the special teachers? What does the concept of mathematic difficulties means for the special teachers?What does the concept of the diagnostics of dyscalculia means for the special teachers?A qualitative research method has been used to answer the questions in this essay. In the purpose to get the most out of the study..

Within special education, there is a big dilemma where some mean that school should include all pupils in the same school class, regardless of the students' needs for assistance, while others believe that students with special needs to be placed in small adapted groups where students have similar needs is to exclude pupils. While others argue that the inclusion can sometimes lead to exclusion. The aim is to investigate what meaning teachers and special education teachers gives the concept of inclusion in school and what consequences it entails in teaching. This study is based on a number of qualitative interviews of teachers and specialist teachers to obtain answer of the following questions.Has the concept of inclusion and integration the same significance and meaning according to those asked teachers, special educators and special educators?Which students should be included, according to those asked teachers, special teachers and special teachers?What is required to work from an inclusive perspective, according to the asked teachers, special teachers and special teachers?Perceive the asked teacher, special educators and special teachers some disadvantages of inclusion?Which students receive special education instruction in the schools were asked?Do the asked teacher, special educators and special teachers think that there is a school for all?The results of this study is that teachers and special instructors have difficulty indistinguishing the concepts and that they puts the same emphasis on inclusion as the integration, the students must adapt to school and not vice versa.

This study is about how the dialog can help students with special needs to feel participation and inclusion in the class and the teaching. My purpose with this study was to look for how the students with special needs interact with other students and teachers through the dialogue. I also wanted to know if there is any positive and negative effects to teaching students with special need in the classroom compared with the teaching at the special teacher.I have taking purpose of the sociocultural theory in my study because it says that children learn together when they communicate with each other. The theory central words are dialog and scaffolding in the zone of proximal development. I also describe central words like participation, inclusion and students with special needs in the special teaching.I have investigated in four interviews, two of them were with a teacher and a special aids teacher, and two of them were students with special needs.

How do special educators work to include children with special needs in preschool? That was the question that our thesis proceeded from, and the purpose was to get an insight in the methods used by the special educators to achieve inclusion. Our questions were: ? Is Swedish preschool a place for inclusion? ? How are special educators work organized and focused? ? Which experiences do special educators have working with children with special needs in preschool, and what role do they mean that inclusion plays in this work? Our procedure in this enquiry was to perform semi-structured interviews with 5 different special educators in two different cities. Interpretation and analyis proceeded from three different theories: Urie Bronfenbrenner?s ecological systems theory, John Bowlby?s theory of attachment and Karsten Hundeide?s sociocultural theory. The result showed support for the idea of the Swedish preeschool as a place with many opportunities for inclusion. We have also seen how both money and political decisions has an impact on which possibilities the preschools receive to work with inclusion. In addition it became apparent that the methods used by special educators differed depending on both cities and districts.