Bakgrund Investerare som direktinvesterar i företag måste hantera risk som del av beslutsfattandet. Forskning visar att entreprenörerna i sådana företag är en faktor som investerare lägger stor vikt vid i utvärderingen av en potentiell investering. Studien genomför djupgående kvalitativ forskning kring humankapitalets roll och betydelse i investeringsprocesser för investerare vilket inte är lika vanligt förekommande som kvantitativa studier inom detta forskingsområde.  Syfte Huvudsyftet med studien är att, på ett deskriptivt sätt, undersöka humankapitalets roll i investeringsprocessen. Studien syftar även till att undersöka vilken betydelse humankapitalet har för beslutsunderlaget i utvärderingsprocessen. Teoretiskt perspektiv Teoretiska referensramen består av ett antal teorier och vetenskapliga artiklar inom Asymmetrisk informationsteori samt Humankapitalteori. Även annan relevant tidigare forskning som berör studiens område har använts. Asymmetrisk informationsteori hanteras utifrån Pecking Order teorin, Agentteorin samt artikeln Market for lemons (Akerlof, 1970). Humankapitalteorin hanteras med hjälp av definitioner och studier utförda av Becker (1964, 1993), Schultz (1960), Cressy (1996), Mincer (1958) och Gardner (1973). Tidigare forskning inom den teoretiska referensramen består av Hsu et al. (2014), Landström (1998), Mason & Stark (2004) och Mason & Harrison (2003). Vidare har två förklaringsmodeller vid beslutsfattande använts: Compensatory model samt Elimination-by-aspect.     Metod Studien genomfördes utifrån en abduktiv ansats och använde sig av en tvärsnittsdesign där sex investerare undersöktes vid olika tidpunkter. En kvalitativ forskningsstrategi applicerades och undersökningsmetoden bestod av semistrukturerade intervjuer som genom en iterativ arbetsprocess genererade empiri. Slutsatser Studien visar att humankapitalet dels har betydelse som ett verktyg för att överkomma asymmetrisk information i syfte att underlätta investeringsbeslutet, men även för att inhämta fackkunskaper från entreprenörerna. Vidare noterades att entreprenörernas ålder var en viktig faktor i investeringsbeslutet. Sammantaget verkar humankapitalet spela en avgörande roll i beslutsprocessen hos majoriteten av investerarna. / Background Investors that invest directly in companies need to manage risk as a part of their decision making. Studies have shown that the existence of entrepreneurs within companies is an important factor for investors when evaluating a potential investment. This study conducts qualitative research into the role and significance that human capital plays in the investment process for investors, which is not as common as quantitative studies in this particular field. Goal The goal of the study is to investigate the role, as well as the degree of importance, that human capital plays when making investment decisions.  Theoretical perspective The theoretical basis consists of several theories and scientific articles concerning asymmetrical information theory as well as the theory of human capital. Furthermore, relevant earlier research pertaining to the subject has been used. Asymmetrical information theory is handled through the Pecking Order theory, Agency Theory and the article ‘Market for Lemons’ (Akerlof, 1970). The Human capital theory is handled with the help, definitions and studies performed by Becker (1964, 1993), Schultz (1960), Cressy (1996), Mincer (1958) and Gardner (1973). Earlier research in the theoretical field consists of Hsu et. al (2014), Landström (1998), Mason & Stark (2004), and Mason & Harrison (2003). Two different explanatory models about decision-making were used – The Compensatory Model and ‘Elimination-by-aspect’. Method The study was conducted through an abductive approach and used a cross-sectional design where six cases were investigated. A qualitative research strategy was applied and the method of investigation was executed through semi-structured interviews which through an iterative work process generated empirical data. Conclusion The study finds that human capital plays a role in overcoming asymmetrical information when making investment decisions, but also as a tool for evaluating and learning from the entrepreneurs. For most investors, human capital plays a key role when deciding whether to invest or not.

This thesis investigates the choices under risk in the framework of non-expected utility theories. One of the key contributions of this thesis is providing an approach that allows for a complete characterisation of Cumulative Prospect Theory (CPT) preferences without prior knowledge of the reference point. The location of the reference point that separates gains from losses is derived endogenously, thus, without any additional assumptions on the decision maker’s risk behaviour. This is different to the convention used in the literature, according to which, the reference point is preselected. The problem arising from imposing the location of the reference point is that the underlying preference conditions might not be alligned with the predictions made by the model. Consequently, it is difficult to verify such a model or to test it empirically. The present contribution offers a set of normatively and descriptively appealing preference conditions, which enable the elicitation of the reference point from the decision maker’s behaviour. Since these conditions are derived using objective probabilities, they can also be applied to settings such as health or insurance, where the continuity of the utility function is not required. As a result, the obtained representation theorem is not only the most general foundation for CPT currently available, but it also provides further support for the use of CPT as a modelling tool in decision theory and fi…nance. Another contribution that this thesis can be credited with is an application of rank-dependent utility theory (RDU) to the problem of insurance demand in the monopoly market affected by adverse selection. The present approach extends the classical model of Stiglitz (1977) by accounting for an additional component of heterogeneity among consumers, the heterogeneity in risk perception. Speci…fically, consumers employ distinctive probability weighting functions to assess the likelihood of risky events. This aspect of consumers’' behaviour highlights the importance that the probabilistic risk attitudes within the RDU framework, such as optimism and pessimism, have for the choice of insurance contract. The analysis yields a separating equilibrium, with full insurance for a sufficiently pessimistic decision maker. An important implication of this result is that any low-risk individual who sufficiently overestimates his probability of loss will induce the uninformed insurer to o¤er him full coverage, thereby, affecting the high-risk type adversely. This outcome is consistent with the recent empirical puzzle regarding the correlation between ex-post risk and insurance coverage, according to which, agents with low exposure to risk receive a larger amount of compensation. By providing an explanation of this pattern of individual behaviour, the current work demonstrates that theory and practice of insurance demand can be reconciled to a greater extent. The paper also provides a behavioural rationale for policy intervention in the market with RDU agents, where the initial distortions in contracts due to unobservable risks are aggravated by the non-linear weighting of probability of a risky event.

Securitization has been one of the most important causes of recent financial crisis. Diploma thesis characterizes subprime mortgage securitization with the emphasis on entities in the process involved and their motivations for securitization use. The thesis describes the most used securitized assets with the emphasis on risks arising from their characteristics. The thesis also clarifies negatives associated with securitization especially moral hazard, asymmetric information on the market and decline in lending standards and that securitization lead to failure of rating agencies evaluation. Thesis connects cheap money policy with increase demand for mortgages that have been securitized afterword and with losses of investors into securitized assets.

Problem: Sverige har ett tydligt behov att investera i vår infrastruktur och kollektivtrafik samtidigt som det krävs ökade anslag för att upprätthålla och underhålla redan befintlig infrastruktur. Då det påpekas gång på gång att gapet mellan vårt statliga budgetanslag och det faktiska behovet ökar för varje år som går växer problemet. Samtidigt visar erfarenheter från andra europeiska länder att det finns tydliga fördelar med att involvera privata aktörer till samhällsinvesteringar. Sverige ligger dock efter i den utvecklingen, och vi riskerar att våra behov i samhället inte uppfylls. Syfte: Syftet med studien är att utreda huruvida aktörer verksamma inom transportinfrastrukturbranschen ställer sig till OPS-finansiering av kollektivtrafiken. Metod: Undersökningen har utgått från en kvalitativ ansats med semi-strukturerade intervjuer som primär datakälla. Slutsats: I undersökningen har forskarna fastslagit att aktörerna i kollektivtrafiksbranschen är positivt inställda till OPS och dess syfte, och att det finns goda utvecklingspotentialer inom kollektivtrafiken. Forskarna vill dock klargöra att aktörerna menar att det är en lång resa kvar till att större projekt finansieras via OPS, men att kollektivtrafiken i mångt och mycket skulle må bra av att introducera OPS-lösningar i mindre utsträckning för att på så sätt öka kompetensen och öka samarbetet mellan den offentliga och den privata sektorn. / Problem: Sweden has a clear need to invest in our infrastructure and public transport, while it requires increased funding to sustain and maintain existing infrastructure. As pointed out repeatedly that the gap between our state budget and the actual need is increasing, every passing year is a growing problem. At the same time the experience in other European countries, there are clear advantages to involve private players to community investments. Sweden is behind in this development, and we run the risk that our community needs are not met. Purpose: The purpose of the study is to investigate whether the operators active in the transport industry stands to PPP financing of public transport. Method: The survey was based on a qualitative approach with semi structured interviews as the primary data source. Conclusion: In the study, the researchers determined that the actors in the public transport industry are positive to the OPS and its purpose, and that there is good potential for development in public transport. Researchers want to make clear, however that the actors believe that it is a long way to go to major projects financed through PPP, but the public transport in many respects would do well to introduce PPP solutions to a lesser extent so as to increase skills and boost cooperation between the public and private sectors.

No description available.

The law does not regulate the bidding process; it’s the seller who, in consultation with the estate agent, decides the rules. If the estate agent does not inform all the bidders about conditions  attached to the bids,it means that a bidder bid against something he s not fully informed about. This means that the lack of transparency in the bidding process leads to asymmetric information between the bidders and this could be detrimental to a bidder and for the benefit of another. This paper has been written in order to investigate how consumers and the housing market is Affected by the law not regulating the estate agent to inform all the bidders of conditions attached To the bids. Previously nothing has been written on this subject, which means that this paper is of an explorative--‐  and investigative character. Since there was no access to any secondary data in this study, the major part of the work was to collect primary data. The collection of data consisted of a survey to estate agents, a survey/interview to  uyers/speculators And interviews with a number of individuals with special expertise in the subject. The investigations carried out, resulted in a discussion and analysis of how consumers are affected by The estate agent not having to provide information about conditional bids to all bidders. The answers in interviews is not conclusive, there are both pros and cons of not having the bidding Process regulated by law. The conclusion also includes a discussion on how housing prices can be affected by the bidding not being regulated by law regarding conditions. This conclusion is that the prices could both increase and decrease by a regulation of the bidding process, depending on the scenario.

We find that the first investment of a private investor in an IPO affects the private investors future participation in IPO’s. This paper examines Nasdaq Stockholms Main list during 2010-2019. The short- and long-term perspective is examined by two different models. The results show that there is a significant difference between private investors when it comes to participating in future IPO’s, depending on if the private investor experienced a good or bad IPO. The result in this paper show that approximately a third more private investors participate in the upcoming IPO after they experienced a good IPO. In a longer perspective approximately 50% of the investors who experienced a good IPO choose to invest in at least one more IPO.  Out of the private investors who experienced a bad IPO, approximately 30% choose to participate in another IPO. This paper contribute to a better understanding of how private investors are affected by their earlier investments.

The prospect of earning extraordinary returns drives the allure of investing in new companies through IPOs. However, this approach may be flawed due to market conditions, information asymmetry, and behavioral biases. Past research supports evidence of the long-term underperformance of IPOs compared to the market index. Despite the substantial research on IPO performance, limited studies have focused on the long-term performance of IPOs in Sweden and among industries, particularly from 2010 to 2019. The study aims to address the existing knowledge gap and provide investors with insights into the long-term performance of Swedish IPOs and their associated industries. By analyzing IPOs, the study enhances the risk-reward understanding, informs retail investment decisions, and promotes stock market transparency in Sweden. The research employed a quantitative method with a deductive approach. Stock prices 12 and 36 months after the IPO date and prospect prices were collected as the data set. The data were analyzed using statistical applications to assess the significance of the research findings, employing a One-Sample T-test and Kruskal-Wallis H-test. The findings indicate that the IPOs in our sample underperformed the selected index, OMXSGI, with an average underperformance of 7.84% for 12 months and 12.32% for 36 months. The results are in line with previous research of similar markets as Sweden. Additionally, performance varied among industries, with the technology sector performing the best and consumer staples performing the worst.

To redirect capital flows towards sustainable investments, the European Union (EU) has implemented the EU Taxonomy, a classification system with definitions for sustainable economic activities. The Taxonomy constitutes a part of the European Green Deal, which is an initiative to transition the EU towards sustainability and competitiveness. The EU Taxonomy is intended to be used by investors when assessing companies to identify sustainable investment opportunities. Investors have great significance in what impacts the EU Taxonomy will have since the regulation relies on investors using it as a tool when assessing whether to invest in a company or not. Additionally, many companies rely on investors for financial support, and it is therefore essential for companies to have information about to what degree investors will integrate the EU Taxonomy in their investment decisions. There is an information gap between companies and investors where companies lack knowledge about how investors will use the Taxonomy to select which companies to invest in.   The aim of the study is to investigate how the EU Taxonomy is affecting investment decisions of Nordic investment firms and institutional investors. Furthermore, the aim is to examine in what ways the EU Taxonomy will shape the future of sustainable investments and how companies utilize the EU Taxonomy to enhance their attractiveness to investors. A qualitative approach has been used in the thesis, and data constituting the results was collected through 12 semi-structured interviews with investors. In conclusion, all interviewed investors have an interest in promoting sustainable investments. The EU Taxonomy has, moreover, been positively received by investors since many of them have been requesting a tool to define sustainable economic activities. 11 of 12 investors in the study, use the EU Taxonomy when evaluating companies to make investment decisions. However, investors are currently evaluating a variety of factors when assessing companies, such as additional ESG performance indicators. Further, investors consider that the Taxonomy cannot exclusively be used when analyzing companies since it is a narrow tool, excluding multiple economic activities and sectors. A high Taxonomy alignment will be a considerable factor for some investors as they believe that companies with high alignment will be more successful. Other investors will continue to invest in companies with low alignment because these companies have potential to become more sustainable over time. All investors are, however, united in that the most important thing is that companies have an ambition to reach a higher alignment. Further, investors have varying approaches when it comes to prioritizing the environmental objectives when assessing companies' sustainability performance. Some investors value how many and which environmental objectives a company contributes to depending on the company´s operations, while others have not yet considered it. The EU Taxonomy´s significance in the future for sustainable investments will depend on different factors, for example the reporting of alignment. Provided that investors integrate the Taxonomy in their decision making, the framework will likely increase the share of investments which take sustainability aspects into account. However, since the EU Taxonomy only covers companies in the EU and exclude sectors, it is questionable how great significance the regulation will have for sustainable investments on a global scale. Lastly, there are several opportunities for companies to become more attractive to investors by working strategically with the EU Taxonomy and communicate ambitions to reach a higher alignment. The results highlight the importance of companies adapting their business model to the Taxonomy and establishing long-term plans for how to reach a higher share of alignment. Companies can, moreover, improve their attractiveness to investors by improving their Taxonomy data collection and presenting the data in an easily accessible way.

[pt] Essa dissertação investiga a presença de risco moral e de seleção adversa no mercado de crédito brasileiro de financiamento para investimento de micro, pequenas e médias empresas. Usando uma nova base de dados com mais de 15 mil operações de crédito indiretas do BNDES, nós exploramos uma especificadade das políticas de crédito do BNDES e mudanças periódicas nas condições de crédito ofertadas para identificação. Os resultados indicam que o risco moral é um fenômeno relevante que é parcialmente atenuado por seleção vantajosa nos empréstimos com taxas subsidiadas / [en] This paper investigates the presence of moral hazard and adverse selection in the credit market of investment loans granted to micro, small and medium enterprises in Brazil. Using a novel database of over 15 thousand indirect credit operations from BNDES, we explore BNDES distinct credit granting policy and the horizontal changes over time in the offered credit conditions conditions for identification. The results indicate that moral hazard is a relevant phenomenon and that its effect is partially attenuated by advantageous selection in loans with subsidized interest rates.