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This thesis investigates the performance of Swedish listed family-controlled firms using re-turn on assets (ROA) and Tobin’s Q as performance measures. Results show that found-ing-family firms perform 6.1 % better than other firms for ROA. Firm-specific knowledge of the founder-CEO is the main cause of the enhanced performance. The results are not robust to residual testing which suggests caution when drawing conclusions from these re-sults. The main contribution of this thesis is an empirical analysis of family insider repre-sentation and the relation to ROA and Tobin’s Q in a sample consisting entirely of Swedish firms.

Despite its name, Corporate Social Responsibility is not exclusively a concept for large corporations; however, previous studies have primarily focused on CSR within larger firms. As Small and Medium sized Enterprises both possess unique characteristics, and are important actors in the global economy, this is an area that deserves deeper research. As pressure from internal and external stakeholders are mounting, firms needs to ensure that they are following the current rules of the game. As such, firms put pressure on their suppliers, in order to protect their business. Consequently, a failure to cope with this pressure from the supplier’s part is a potential source for a conflict. Thus, the actual CSR standards used by a focal firm, has a direct link to a potential conflict within an offshoring relationship. Hence, this thesis aims to investigate how Swedish SMEs apply CSR policies and activities regarding social issues in their organisations, and how these policies and activities affect conflicts between Swedish SMEs, and their foreign suppliers. Three Swedish SMEs where interviewed, and their CSR activities, and conflict management were analysed. While all the three firms used CSR to a various degree, this research suggests that the nature and direction of the CSR activities are largely determined by the industry in which the firm operates. Furthermore, SMEs typically lack the power to enforce their CSR standards on their suppliers. However, SMEs can act in the roles of supervisors, in order to communicate that CSR is an important aspect within a relationship. The case companies also illustrated that clear goals of CSR activities within SMEs, connected to the actual business goals, aids in the establishment of CSR in small firms. Finally, none of the three case firms experienced any conflicts with their suppliers, based on social issues within CSR. Instead, this research suggests that SMEs avoid conflicts, by emphasising a careful selection of suppliers.

The game of football has transformed from just being a game into a huge economic market attracting investors from all over the world. As clubs spend more and more money on player acquisitions, player registrations (considered intangible assets) now represent a significant part of the total assets of major European football clubs. Due to this, treatment of player registrations has become a significant accounting issue. The purpose is to analyze and compare from the perspective of an investor, how a sample of European football clubs account and disclose values of player registrations. The purpose aim to answer the questions how and what kind of information each club discloses on their financial statements. Also, are current accounting procedures and disclosure harmonized, and do they present a true and fair view of top European clubs financial status. A descriptive case study was the most appropriate as it aims to answer the questions “how” and “why”. A sample selection filter was set in the beginning of the process together with the research questions. The final sample was set to be: Arsenal FC, Manchester United, Borussia Dortmund, Juventus FC and FC Porto. The purpose of the selection filter was to get a study both fair on economical as well as competitive sports level. Primary data consist of information from annual financial reports, and in order to enhance validity, interviews with professionals have been conducted and used.  Findings show similarities as well as differences in disclosure and treatment of football player registrations. All clubs meet the minimum requirements from IAS 38 and UEFA. However, how and what kind of information each clubs disclose differ substantially and due to lack of valuation models and the possibility to capitalize home-grown players and free agents, the value of player registrations is not presented in a true and fair view.

The purpose of this thesis is to analyze the attractiveness of the regional housing market and the factors effecting it. The analysis focuses on municipalities in Sweden and is based on the appliance of Tobin’s Q as a measurement of regional attractiveness, inspired by the previous work of Berg and Berger (2006). Nine market determinants were identified and analyzed with respect to regional attractiveness. Out of these, a well-educated labor force, along with the amount of consumer services available within a municipality and its proximity to the coastline proved to induce the most significant influence. Additionally, some evidence of varying impact from the factors was found across urban-rural range.

This paper provides methods to select pairs potentially profitable within the frame of statistical arbitrage. We employ a cointegration approach on pairwise combinations of five large energy companies listed on the New York Stock Exchange for the period 27th September 2012 to 22nd April 2014. We find one cointegrated pair, for which we further investigate both short and long run dynamics. A vector-error correction model is constructed, supporting a long run relationship between the two stocks, which is also supported by the mean-reverting characteristic of a stationary linear combination of the stocks. Impulse response functions and variance decomposition are also studied to further describe the interrelation of the stocks, supporting a unidirectional causality between the stocks.

We use GARCH(1,1), EGARCH and MIDAS regression to forecast weekly and monthly conditional variance of the OMXS30 equity index and USD/SEK exchange rate. Forecasts are compared with realized volatility and accuracy is evaluated using a Quasi-likelihood loss function and Diebold Mariano test. We estimate normal and t-distributed Value at Risk using forecasted conditional variances and evaluate these estimates using Likelihood Ratio tests for unconditional coverage and temporal independence. We show that MIDAS regression outperforms both GARCH-class models in forecast accuracy, while the difference between GARCH(1,1) and EGARCH varies between data and frequency. Findings suggest that GARCH-class models underestimate conditional variance and react slowly to shocks, producing temporally dependent Value at Risk exceptions for some data. The superiority of MIDAS regression in the variance forecasting problem has implications for option pricing and risk management in the financial sector.

Introduction: Obstructive sleep apnea (OSA) is a highly prevalent disorder, especially in populations with cardiovascular disease. Unfortunately most cases with OSA remain undiagnosed. The ability to identify OSA is important for both the individual and the society, as it is a treatable risk factor for cardiovascular disease and also associated with impaired quality of life. This could be particularly important in populations with cardiovascular disease where the most beneficiary treatment effects could be expected. However, the diagnostic process in OSA may be affected by positional dependency (a majority of OSA patients have more breathing interruptions in supine sleep compared to other sleeping positions). Based on the assumption that individuals have different proportions of supine and non-supine sleep on different nights, positional dependency may be a potential confounder in both diagnosis, classification of OSA severity and evaluation of treatment efficacy. Another aspect of OSA is that the pathogenesis is not fully understood. Data indicate that OSA might be a progressive disease, and many patients report years of snoring before witnessed apneas and symptoms occur. One hypothesis on the pathogenesis of OSA is that long-standing, snoring-induced vibrations cause neurogenic lesions in upper airway tissues, progressively damaging the reflex circuits responsible for keeping the upper airway open during sleep. Aims: To describe the occurrence of undiagnosed OSA and to identify determinants of moderate/severe OSA in patients with hypertension (study I). To describe the prevalence of position dependent OSA (POSA) and its relation to OSA severity classification (study II). To compare two methods for quantitative testing of cold sensory function (as a sign of neuropathy) in the upper airway with special focus on test-retest repeatability (study III). To evaluate signs of upper airway sensory neuropathy, by cold sensory testing, in non-snorers, snorers, and snoring OSA subjects with special reference to AHI and duration of snoring history (study IV). Methods: In study I 411 consecutive patients with hypertension from four primary care health centers in Sweden were evaluated for OSA as measured by the apnea hypopnea index (AHI) through polygraphic (PG) recordings. Different predictors for moderate/severe OSA were evaluated. In study II the PG recordings of 265 subjects were specially assessed for POSA and the relation between severity classification based on POSA and traditional OSA severity classification. In study III 40 non-snoring subjects were tested for cold detection thresholds at the soft palate and the lip at two separate occasions with two different methods (MLE/MLI). Bland-Altman analysis was used to compare test-retest repeatability. In study IV cold sensory testing of the soft palate and lip was used to evaluate signs of upper airway sensory neuropathy in both non-snorers; snorers, and subjects with OSA (groups were formed based on AHI and snoring history, n=90). Results and Conclusions: Undiagnosed OSA is common in Swedish primary care patients with hypertension, and male gender, BMI>30 kg/m2, and a clinical history of snoring and witnessed apneas are predictors of moderate/severe OSA. POSA is common both in subjects that by traditional classification had OSA as well as those without OSA. The severity of OSA, if based on total AHI, could be dependent on supine time in a substantial amount of subjects. Cold sensory testing is easily performed in the oropharynx, with acceptable test–retest repeatability. MLI is considerably faster to perform and have a slightly better repeatability than MLE. Therefore MLI should be the used method for cold thermal testing at the soft palate. Both self-reported snoring years and OSA severity are correlated to the degree of cold sensory impairment in the upper airway. Our results strengthen the hypothesis that snoring vibrations may cause a neuropathy in the upper airway, which may contribute to the progression and development of OSA.

Chronic obstructive pulmonary disease (COPD) is a major cause of morbidity and mortality worldwide. COPD is a slowly progressive, inflammatory disease in the airways and lungs, caused mainly by smoking. The inflammation leads to a narrowing of the small airways (airway obstruction) and a destruction of tissue in the lungs. This gives a decreased expiratory airflow which leads to dyspnea, the primary symptom of the disease. The chronic airflow limitation also is associated with the development of limb muscle dysfunction. Decreases in both limb muscle strength and endurance have been shown which, in turn, is associated with exercise intolerance, one of the key disabling factors of the disease. Pulmonary rehabilitation including exercise training is the cornerstone of treatment and is strongly recommended. However, it is still unclear how to optimize exercise training for this group of patients. Also how to address the increase in dyspnea which limits the exercise stimulus, and how to assess muscular strength, need further study. Partitioning the exercising muscle mass, known as single limb exercises, is a novel exercise strategy aimed at reducing the negative consequences of chronic airflow limitation in patients with COPD. The aim of this thesis was to study the current evidence of single limb approaches in patients with COPD, to examine the feasibility and effects of a high-repetitive single limb exercise (HRSLE) regimen in patients with COPD and to examine whether elastic resistance could be used to evaluate muscular strength. This thesis is based on five papers. In order to study the evidence on single limb exercises, a systematic review of randomized controlled trials was performed. The review showed that single limb exercises, performed as one-legged cycling appeared to be more effective than two-legged cycling with regard to exercise capacity but not dyspnea, and might be included in exercise programs for patients with COPD (Paper I). Thirty healthy older women and men participated in a validation study comparing elastic resistance maximal strength with isokinetic dynamometry measurements. Excellent levels of agreement and no differences between the two pieces of equipment were found which indicates that elastic resistance could be used to evaluate muscular strength (Paper II). A study protocol was created for a randomized controlled trial designed to identify the effects of HRSLE in combination with COPD-specific patient training (experimental group) in comparison to patient information alone (control group) (Paper III). HRSLE was performed as resistance training, using a single limb at a time, elastic bands as resistance and a high number of repetitions (25 repetitions in 2 sets) with the aim of increasing limb muscle endurance. After eight weeks of exercise, the differences between the groups were in favor of the experimental group on lower- and upper-extremity functional capacity, upper-extremity endurance capacity and muscular function. No differences were seen between the groups on endurance-cycle capacity or health-related quality of life (Paper IV). In patients with COPD, the HRSLE regimen was considered feasible with a high attendance rate, excellent compliance and high relative exercise intensity. No severe adverse events occurred. The physiotherapists conducting the HRSLE in the clinical setting also found it to be feasible (Paper V). This thesis shows that single limb exercises performed as one-legged cycling may be useful and effective for patients with COPD. Eight weeks of HRSLE was feasible and effective with regard to exercise capacity but without effect with regard to health-related quality of life. Elastic resistance could be used as exercise equipment to improve limb muscle function in patients with COPD and to evaluate muscular strength in healthy older adults. / Kroniskt obstruktiv lungsjukdom (KOL) är idag ett stort globalt problem.  KOL är en långsamt fortskridande inflammatorisk sjukdom i luftvägar och lungor, i huvudsak orsakad av cigarrettrökning. Inflammationen leder till en förträngning i de små luftvägarna och förstör vävnaden i lungorna. Detta medför en luftvägsobstruktion där flödet av luft vid utandning är minskat, vilket bidrar till varierande grad av andnöd hos patienten. Luftvägsobstruktionen är relaterad till försämrad muskelfunktion hos patientgruppen. Både nedsatt muskulär styrka och uthållighet har påvisats vilket är relaterat till ett av huvudproblemen vid KOL; nedsatt förmåga till fysisk aktivitet och träning.  Lungrehabilitering inklusive fysisk träning är centralt i behandlingen och starkt rekommenderat. Det är dock inte fastställt hur patientgruppen skall träna för att optimera effekterna av träningen eller hur träningen bäst kan utvärderas. Det är också oklart hur man skall hantera den successivt ökande andfåddheten vid träning. Träning med en arm eller ett ben i taget, så kallad lokal muskelträning är en strategi som syftar till att minska andnöd under träning hos patienter med KOL Syftet med denna avhandling var att undersöka vilken evidens det finns för lokal muskelträning hos patienter med KOL, utvärdera genomförbarhet och effekter av lokal högrepetitiv muskelträning utfört med elastiska träningsband hos patienter med KOL samt att undersöka ifall elastiska träningsband kan användas för att utvärdera muskelstyrka. Avhandlingen består av fem delstudier. För att undersöka evidens för lokal muskelträning genomfördes en systematisk litteraturgranskning av randomiserade kontrollerade studier. Granskningen visade att lokal muskelträning, i form av cykling med ett ben i taget kan vara effektivt, avseende fysisk förmåga, men utan effekt avseende andfåddhet för patienter med KOL (delstudie 1). Trettio friska kvinnor och män, deltog i en valideringsstudie där jämförelser gjordes mellan maximal kraftutveckling utfört med elastiska träningsband och en isokinetisk dynamometer. Ett högt samband mellan de två metoderna och ingen skillnad i maximal kraft, indikerade att elastiska band kan användas för att utvärdera muskelstyrka (delstudie 2). Ett studieprotokoll skapades för en randomiserad kontrollerad studie, som syftade till att undersöka effekterna av lokal högrepetitiv muskelträning i kombination med KOL-specifik patientutbildning (interventionsgrupp) jämfört med enbart KOL-specifik patientutbildning (kontrollgrupp) (delstudie 3). Lokal högrepetitiv muskelträning utfördes i grupp med elastiska träningsband som redskap. Övningarna genomfördes med en arm eller ett ben i taget med 25 repetitioner i 2 set med syfte att påverka muskulaturens uthållighet. Efter åtta veckors träning hade interventionsgruppen bättre muskelfunktion i både övre och nedre extremitet samt en bättre funktionell förmåga jämfört med kontrollgruppen. Inga skillnader i effekt sågs mellan grupperna avseende uthållighet vid test på ergometercykel eller avseende hälsorelaterade utfallsmått, såsom livskvalitet och tilltro till sin egen förmåga (delstudie 4). För patienter med KOL, visade sig lokal högrepetitiv muskelträning vara en genomförbar metod avseende följsamhet och närvaro i träningen. De fysioterapeuter som ledde träningen i klinisk verksamhet ansåg att den var möjlig att genomföra med hög relativ intensitet och utan allvarliga biverkningar (delstudie 5). Sammanfattningsvis visar denna avhandling att lokal muskelträning kan vara en användbar och effektiv metod för patienter med KOL. Åtta veckor med lokal högrepetitiv muskelträning är genomförbart och effektivt avseende fysisk förmåga hos dessa patienter. Elastiska träningsband kan användas som träningsredskap för att förbättra muskelfunktion hos patienter med KOL samt för att utvärdera muskelstyrka hos friska vuxna.

Given the similar conditions that e-Sport participant and athletes face during competition, itbecomes challenging to scientifically test if traditional applied sport psychological techniquescould affects e-Sport participants in their practice. Altogether, eight participants (age 22-25)participated in the study based on a convenience sample localized in the southwestern regionof Sweden. Each participant was randomly assigned to one of three training techniques (i.e.PETTLEP, concentration or physical activity) or placed as a control. The instrument in usewas the CSAI-2 survey combined with a brief semi-structured qualitative interview. The studyranged from 7th till 23rd of April, 2014. The hypothesis suggested that the participant assignedto PETTLEP and concentration training would increase more in (a) self-perceivedperformance and (b) self-confidence while decreasing in (c) cognitive and somatic stateanxiety, compared to the participants assigned to physical activity or as control. The resultindicates that PETTLEP and concentration training could, to a certain extent, be beneficial toenhance self-perceived performance and self-confidence within e-Sport practice. The result isdiscussed especially in relation to the IZOF-multidimensional model. The thesis also includesdiscussions regarding methodological issues (e.g. bias effect) followed by suggestions forfuture research. / Sedan likartade konditioner finns mellan vad en e-Sport utövare och atlet bemöter utmedtävling, blir det utmanande att vetenskapligt testa huruvida traditionellt tillämpadeidrottspsykologiska tekniker skulle inverka på e-Sport utövare i dess utövade. Åtta deltagare(ålder 22-25) deltog i studien baserat på ett bekvämlighetsurval lokaliserade i sydvästraregionen av Sverige. Varje deltagare var randomiserat anförd till en av tre tränings tekniker(i.e. PETTLEP, koncentration eller fysisk aktivitet) eller placerade som kontroll. Det användainstrumentet var CSAI-2 enkäten kombinerat med en kort semistrukturerad kvalitativeintervju. Studien pågick från 7’e till 23’e april, 2014. Den föreslagna hypotesen var att dedeltagare som var anförda till PETTLEP och koncentrations träning skulle öka mer i (a)självuppskattad prestation och (b) självförtroende samt uppvisa minskning i (c) kognitiv ochsomatisk tillstånd av oro, vid jämförelse med de deltagare som var anförda till fysisk aktiviteteller som kontroll. Resultatet indikerar att PETTLEP och koncentrations träning kan, till enviss grad, vara fördelaktig för att öka självupplevd prestation samt självförtroende inom e-Sport utövande. Resultatet är diskuterats synnerligen i relation till IZOF-multidimensionelamodellen. Uppsatsen innehåller även diskussion gällande metodologiska problem (t.ex.fördoms effekter) följt av förslag till framtida forskning.