<p>Syftet med denna uppsats är att få en djupare insikt om hur en frikoppling mellan redovisning och beskattning skulle kunna se ut. Genom att undersöka hur revisionsbolagen ställer sig till SamRoBs förslag om en frikoppling, SOU 2008:80, och vilka konsekvenser ett avskaffande av det materiella sambandet kan medföra för K2-företagen vill vi skapa en djupare förståelse i diskussionen om en total frikoppling av det materiella sambandet för K2-företagen.</p><p>Uppsatsens undersökning utgår från en kvalitativ forskningsmetod och har en analytisk ansats. Data består av primär- och sekundärdata som kritiskt granskas för att bedöma undersökningens giltighet och tillförlitlighet.</p><p>För att skapa förståelse kring sambandet mellan redovisning och beskattning presenteras relevanta begrepp och teorier. Vidare redogörs för innehållet i utredningen SOU 2008:80.</p><p>Empirin presenterar respondenternas åsikter och synpunkter om utredningens, SOU 2008:80, förslag om en frikoppling mellan redovisning och beskattning. Respondenterna avser tre anställda från tre av de största revisionsbolagen i Sverige.</p><p>För K2 företag innebär en frikoppling i praktiken en samordning. Om SamRoBs förslag anpassas till K2 reglerna kommer det nya regelverket i längden innebära en förenkling för K2 företagen. I stora drag kommer inte revisorernas arbete att förändras även om dagens revisorer kan tycka att arbetsbördan blir tyngre.</p> / <p>The purpose of the thesis is to gain a deeper insight into a decoupling between accounting and taxation. By a study on the audit firms’ attitude concerning SamRoBs proposal on decoupling and what affects K2 companies may be facing are we intending to create a deeper understanding in the discussion of a total decoupling of the material relationship for K2 companies.</p><p>The study is based on a qualitative research and has an analytical approach. The data consists of primary and secondary data that is critically reviewed to assess the validity and reliability of the study.</p><p>In order to create understanding of the relationship between accounting and taxation relevant concepts and theories are presented. The contents of SOU 2008:80 will also be described.</p><p>The empirical data presents the respondents´ views and comments on the proposal, SOU 2008:80, for a decoupling between accounting and taxation. Respondents interviewed were three employees from three of the largest audit firms in Sweden.</p><p>The true meaning of decoupling for K2 companies in practice is coordination. If SamRoBs proposal is adapted to the K2 regulation a new framework will appear and in the long run involve a simplification for K2 companies. Broadly, the work of the auditing firms will not mean considerable changes even though current auditors may think the workload will increase.</p>

Syftet med denna uppsats är att få en djupare insikt om hur en frikoppling mellan redovisning och beskattning skulle kunna se ut. Genom att undersöka hur revisionsbolagen ställer sig till SamRoBs förslag om en frikoppling, SOU 2008:80, och vilka konsekvenser ett avskaffande av det materiella sambandet kan medföra för K2-företagen vill vi skapa en djupare förståelse i diskussionen om en total frikoppling av det materiella sambandet för K2-företagen. Uppsatsens undersökning utgår från en kvalitativ forskningsmetod och har en analytisk ansats. Data består av primär- och sekundärdata som kritiskt granskas för att bedöma undersökningens giltighet och tillförlitlighet. För att skapa förståelse kring sambandet mellan redovisning och beskattning presenteras relevanta begrepp och teorier. Vidare redogörs för innehållet i utredningen SOU 2008:80. Empirin presenterar respondenternas åsikter och synpunkter om utredningens, SOU 2008:80, förslag om en frikoppling mellan redovisning och beskattning. Respondenterna avser tre anställda från tre av de största revisionsbolagen i Sverige. För K2 företag innebär en frikoppling i praktiken en samordning. Om SamRoBs förslag anpassas till K2 reglerna kommer det nya regelverket i längden innebära en förenkling för K2 företagen. I stora drag kommer inte revisorernas arbete att förändras även om dagens revisorer kan tycka att arbetsbördan blir tyngre. / The purpose of the thesis is to gain a deeper insight into a decoupling between accounting and taxation. By a study on the audit firms’ attitude concerning SamRoBs proposal on decoupling and what affects K2 companies may be facing are we intending to create a deeper understanding in the discussion of a total decoupling of the material relationship for K2 companies. The study is based on a qualitative research and has an analytical approach. The data consists of primary and secondary data that is critically reviewed to assess the validity and reliability of the study. In order to create understanding of the relationship between accounting and taxation relevant concepts and theories are presented. The contents of SOU 2008:80 will also be described. The empirical data presents the respondents´ views and comments on the proposal, SOU 2008:80, for a decoupling between accounting and taxation. Respondents interviewed were three employees from three of the largest audit firms in Sweden. The true meaning of decoupling for K2 companies in practice is coordination. If SamRoBs proposal is adapted to the K2 regulation a new framework will appear and in the long run involve a simplification for K2 companies. Broadly, the work of the auditing firms will not mean considerable changes even though current auditors may think the workload will increase.

This report is the result of a 20-points project at the University of Jönköping. The project was carried out in form of a case study with the object of analysing the value flow at DIAB AB’s confection department in Laholm. The aim of this project is to submit proposals to the production management on how to increase the efficiency of the production flow at the confection department and reduce the capital accumulation in form of products in work. The information in this report is gathered from interviews, observations and measurements. Furthermore, a literature study was carried out in view to find suitable theories when analysing present as well as future suggested production conditions. This report is based on four main questions: • What does the existing process of the value flow for the most produced product family look like? • How does the process of the value flow for GS perform considering the through-put-time? o How long through-put-time does a representative product of the GS-family have? o How long is the value- and no value adding time for that product along its production flow? • Which production related disturbances and cost prompters exist in the present value flow process? • How could the process of the value flow for GS be made more efficient, less persistent to disturbances and more competitive? The existing process of the value flow for the most producing product family has been mapped and is illustrated in appendix 3. For now, the process includes nine working stations along the production chain. The through-put-time of a representative GS-product is according to my survey 18,5 days. The value adding time is only 16,1 minutes, that is 0,061 % of the entire through-put-time. The remaining time, in other words the no value adding time, is 440 hours and it represents mainly storage and transport of products. The representative production disturbances and cost prompters that characterise the process of the value flow contain material related disturbances, a high number of long shifts, long storage time prior to the customer order point and with that, high capital accumulation and finally unnecessary transports. Improvement proposals aim to increase the efficacy of the process of the value flow and reduce the capital amounts by shifting from the present production strategy involving manufacturing towards order (TMO) to assembling towards order (MMO). In order to make this possible a semi-manufactured storage will be introduced after the standard confection which will represent the new decoupling point. The production at the standard confection will then occur according to the semi-manufactured storage. The standard confection should produce in larger aggregated order quantities based on prognosis in order to benefit from the advantages of economy of scale and the production must proceed in a continuous flow according to the FIFU-system (First In First Out). In addition to that, the special confection must produce according to a pull-system and only when the customer makes a request. The tact-time of the GS products should constitute a limit for all the cycle times along the production chain, both on the standard- and special confection. This is partly due to creating a constant and balanced production flow which enables short through-put-time and partly due to avoiding in-between-storage as a result of various bottlenecks.

Diese Dissertation befasst sich mit der sensorgeführten Regelung von Industrierobotern zur Konturverfolgung. Beispiele dafür sind das robotergestützte Nähen, Entgraten oder das Auftragen von Dichtmasse entlang von Schweißnähten. Beim Nähen und Entgraten müssen während der Verfolgung der Kontur bestimmte Kontaktkräfte an möglicherweise nachgiebigen Werkstücken eingehalten werden. Dabei ist es in modernen Fertigungsprozessen wichtig, die Bewegung des Roboters mit wenig Einrichtaufwand vorzugeben. Dazu werden Sensorsysteme eingesetzt, die Bildinformationen und Kraftmessungen verarbeiten, um den Roboter mit gewünschter Kontaktkraft entlang sichtbarer Konturen eines Werkstückes zu führen. Der Fokus dieser Arbeit ist die Fusion der Sensordaten, um die Vorteile der einzelnen Sensoren in einer Aufgabe zu vereinen. Es werden Messwerte eines Kraft-Momenten Sensors, einer Kamera, eines Beschleunigungssensors und der kartesischen Position und Orientierung des Roboters verwendet. Zuerst wird die Berechnung der kartesischen Roboterposition untersucht. Es wird ein Beobachter vorgestellt, um unter Verwendung eines Beschleunigungssensors die Präzision des Positionssignales zu erhöhen. Anschließend wird das Kamerasystem untersucht und ein Verfahren vorgestellt, um Geschwindigkeit, Position und Orientierung des robotergeführten Werkzeuges entlang der Kontur vorzugeben. Danach wird auf die Ermittlung von Kontaktkräften eingegangen, wobei die Kompensation von Trägheitskräften mittels Beschleunigungssensoren untersucht wird. Der letzte Abschnitt befasst sich mit der Verbindung von bildgestützter Konturverfolgung und Kraftregelung an nachgiebigen Werkstücken. Durch die Nachgiebigkeit des Werkstückmaterials verformt sich die Kontur bei Kontakt. Durch bildgestützte Konturverfolgung wird eine Anpassung an diese Verformung vorgenommen -- somit besteht über die Verformbarkeit des Werkstückes eine Kopplung zwischen den beiden Regelkreisen. Diese Kopplung wird gelöst, indem auf Basis eines dynamischen Modells der Umgebung eine Kompensation der Werkstückverformung berechnet wird. Die Modellparameter zur Kompensation werden durch online Identifikation ermittelt. / This thesis focuses on the sensor-guided control of industrial robots for contour-following. Examples include the robot-guided sewing, grinding or the application of sealant along weld seams. Grinding and sewing require a certain contact force while following a countour of a workpiece, whereas the worpieces might be compliant. Modern production processes require a fast and simple way to set up the motion of the robot for the required task. Therefore sensor systems are used, which process visual and tactile information to guide the tool at a desired contact force along visible contours of a workpiece. The focus of this work is the fusion of sensor data, used to benefit from the advantages of each of the individual sensors in one control scheme. I combine the measurements of a force-torque sensor, a camera, an acceleration sensor and of the Cartesian position of the robot. First, I introduce details on the calculation of the Cartesian robot position. I present an observer-based structure that uses an acceleration sensor to improve the precision of the robot position signal. Then, I analyze the camera system and present a control structure that adapts the position, orientation and velocity of the robot-guided tool along the contour. Thereafter, I show details of force measurement, whereas I compensate for inertial forces using an acceleration sensor. The last chapter addresses the combination of visual contour-following and force control on compliant workpieces. Under a certain contact force, the workpiece deforms due to its compliance. The position and orientation then is adapted to this deformed contour by visual control -- hence, there is a coupling between force and visual control. This coupling is solved by compensating for workpiece deformation using a dynamic model of the environment. The environmental parameters for compensation are identified online.

<p>This report is the result of a 20-points project at the University of Jönköping. The project was carried out in form of a case study with the object of analysing the value flow at DIAB AB’s confection department in Laholm. The aim of this project is to submit proposals to the production management on how to increase the efficiency of the production flow at the confection department and reduce the capital accumulation in form of products in work.</p><p>The information in this report is gathered from interviews, observations and measurements. Furthermore, a literature study was carried out in view to find suitable theories when analysing present as well as future suggested production conditions.</p><p>This report is based on four main questions:</p><p>• What does the existing process of the value flow for the most produced product family look like?</p><p>• How does the process of the value flow for GS perform considering the through-put-time?</p><p>o How long through-put-time does a representative product of the GS-family have?</p><p>o How long is the value- and no value adding time for that product along its production flow?</p><p>• Which production related disturbances and cost prompters exist in the present value flow process?</p><p>• How could the process of the value flow for GS be made more efficient, less persistent to disturbances and more competitive?</p><p>The existing process of the value flow for the most producing product family has been mapped and is illustrated in appendix 3. For now, the process includes nine working stations along the production chain.</p><p>The through-put-time of a representative GS-product is according to my survey 18,5 days. The value adding time is only 16,1 minutes, that is 0,061 % of the entire through-put-time. The remaining time, in other words the no value adding time, is 440 hours and it represents mainly storage and transport of products.</p><p>The representative production disturbances and cost prompters that characterise the process of the value flow contain material related disturbances, a high number of long shifts, long storage time prior to the customer order point and with that, high capital accumulation and finally unnecessary transports.</p><p>Improvement proposals aim to increase the efficacy of the process of the value flow and reduce the capital amounts by shifting from the present production strategy involving manufacturing towards order (TMO) to assembling towards order (MMO).</p><p>In order to make this possible a semi-manufactured storage will be introduced after the standard confection which will represent the new decoupling point. The production at the standard confection will then occur according to the semi-manufactured storage. The standard confection should produce in larger aggregated order quantities based on prognosis in order to benefit from the advantages of economy of scale and the production must proceed in a continuous flow according to the FIFU-system (First In First Out). In addition to that, the special confection must produce according to a pull-system and only when the customer makes a request.</p><p>The tact-time of the GS products should constitute a limit for all the cycle times along the production chain, both on the standard- and special confection. This is partly due to creating a constant and balanced production flow which enables short through-put-time and partly due to avoiding in-between-storage as a result of various bottlenecks.</p>

Die vorliegende Arbeit hat zum Ziel, den Einfluss der Rückkopplung zwischen Landoberfläche und Atmosphäre auf den regionalen Wasserhaushalt abzuschätzen. Dazu erfolgen Modellsimulationen mit dem gekoppelten Vegetations-Grenzschichtmodell HIRVAC (HIgh Resolution Vegetation Atmosphere Coupler) für das Einzugsgebiet Sperrgraben (Bayerische Alpen). Im Ergebnis wird der Zusammenhang zwischen dem Entkopplungsfaktor Omega und der Verdunstung als Wasserhaushaltsgröße für einen festgelegten Zeitraum untersucht. Die Kombination eines vertikal hochaufgelösten Grenzschichtmodells (HUB) mit einem mechanistischen Photosynthesemodell (PSN6) im Modell HIRVAC ermöglicht eine detaillierte physikalische Beschreibung der turbulenten Austauschprozesse innerhalb der atmosphärischen Grenzschicht. Gleichzeitig werden die Wechselwirkungen zwischen Vegetation und Atmosphäre für jede Modellschicht innerhalb des Bestandes und zu jedem Modellzeitschritt simuliert. Die Definition des Entkopplungsfaktors erfordert die Festlegung eines geeigneten Referenzniveaus über der Vegetationsobergrenze zur Ermittlung der Widerstände gegen den turbulenten Austausch von Wärme und Feuchte. Die Bestimmung dieser Modellschichthöhe wird nach Untersuchungen zur Ausbildung der dynamischen Grenzschicht sowie der Vertikalprofile der Transportwiderstände und des Omega-Faktors vorgenommen. Die dabei erzielten Ergebnisse zum höhenabhängigen Verlauf des Entkopplungsfaktors über der Wiesenfläche und dem Fichtenbestand zeigen, dass mit dem Modell HIRVAC das unterschiedliche Kopplungsverhalten von kleinen Beständen mit glatter Oberfläche (Oberflächenrückkopplung) und hohen, rauen Beständen (Grenzschichtrückkopplung) qualitativ und auch quantitativ sehr gut wiedergegeben werden kann. Die Sensitivitätsstudien für die Landnutzungsarten Fichte und Wiese verdeutlichen den Einfluss veränderter Bestandesparameter wie Bestandeshöhe, LAI und Kronenschlussgrad auf den Entkopplungsfaktor und die Evapotranspiration. Sehr gut ersichtlich wird außerdem das unterschiedliche atmosphärische Turbulenzspektrum durch die Verwendung verschiedener Schließungsansätze im Modell und deren Einfluss auf die turbulenten Diffussionskoeffizienten. Die Ergebnisse werden mit dem Ziel der Ableitung einfacher Zusammenhänge zu Landschaftskennziffern parametrisiert. Zur Bereitstellung von flächenhaften Klimadaten wird das Modell HIRVAC mit einem Geographischen Informationssystem (ArcView) gekoppelt. Das Modell HIRGIS bietet eine geeignete Basis für die Regionalisierung von Klimagrößen im kleinräumig strukturierten Gelände. Auf der Grundlage der digitalen Gelände- und Landnutzungsdaten können topoklimatisch beeinflusste Größen, wie z.B. Einstrahlung, Temperatur, Strahlungsbilanz und Verdunstung für Gebiete flächendeckend berechnet werden. In den Ergebniswerten sind die Rückkopplungseffekte zwischen Bestand und Atmosphäre in aktueller Form enthalten. Außerdem entfallen Generalisierungseffekte, wie sie bei statistischen Übertragungsmethoden (Interpolation von Messwerten) auftreten. Durch die Möglichkeit der messwertunabhängigen Modellierung kann HIRGIS prinzipiell für Regionen mit anderem Gebietscharakter eingesetzt werden. Bei der Anwendung von HIRGIS auf das Einzugegebiet Sperrgraben wird allerdings deutlich, wie wichtig eine präzise Anpassung der Modellparametrisierung, insbesondere der Vegetation, an den Standort ist. Die erzeugten Karten zu den Klimagrößen liefern dem Nutzer eine gute Grundlage für klimatologische Gebietsinformationen. Eine Quantifizierung des Einflusses der Rückkopplung auf die Verdunstung im Einzugsgebiet Sperrgraben erweist sich für den untersuchten Zeitraum als schwierig. Die Ergebnisse zur Verdunstung zeigen trotzdem eine sehr gute Übereinstimmung mit Transpirationswerten aus Saftflussmessungen für Buche und Fichte im Einzugsgebiet Sperrgraben und decken sich mit den Transpirationswerten aus der Literatur für vergleichbare Bestände.

Sustainable production and consumption, as well as decoupling environmental impact from economy growth are one of the main goals for countries with transition economies. Lithuania, as other Central and Eastern Europe (CEE) countries experienced changes in political, social and economic life in relative short time after the collapse of Soviet Union. Because of an essentially reduced production, use of natural resources and environmental pollution decreased respectively. However, present pronounced growth of transition countries and demand for better quality of life could lead to the increase in material and energy consumption. Such increase would have two implications: firstly, increasing pressure on the environment and health in enlarged EU and could outweigh achievements in Western Europe, and secondly, such increase could impede to reach foreseen objectives to decouple resource consumption from economic growth. The aim of the research was to analyze the main trends of production and consumption and their environmental impact in Lithuania and to assess eco-efficiency of production and consumption and its main determinants. Research on eco-efficiency and the course of decoupling of environmental impact from economy growth in Lithuania is relatively rare and is mostly based on energy issues or covers only one sector. In this study, the eco-efficiency of production and consumption in Lithuania is analyzed jointly for the first time. For the better interpretation of ongoing... [to full text] / Darnios gamybos ir vartojimo siekimas, o tuo pačiu ir poveikio aplinkai atsiejimas nuo ekonomikos, yra vienas pagrindinių darnaus vystymosi tikslų pereinamosios ekonomikos šalims. Lietuva, kaip ir kitos posovietinės šalys, po Sovietų Sąjungos griūties paveldėjo imlų ištekliams ir neefektyvų ūkį. Ūkio restruktūrizavimas lėmė transformacinį ūkio nuosmukį ir jį sekusį išteklių naudojimo ir aplinkos teršimo sumažėjimą. Tačiau dabartinis spartus pereinamosios ekonomikos šalių, kurių dauguma jau tapo ES narėmis, augimas ir geresnės gyvenimo kokybės siekimas gali lemti didesnes medžiagų ir energijos sąnaudas, o tai savo ruožtu sąlygotų didėjantį poveikį aplinkai ir žmonių sveikatai išsiplėtusioje Europos Sąjungoje ir atsvertų kai kuriuos ES šalių senbuvių pasiekimus bei trukdytų pasiekti numatytus išteklių naudojimo atsiejimo nuo ekonomikos augimo tikslus. Darbo tikslas - išanalizuoti Lietuvos gamybos, vartojimo ir jų poveikio aplinkai kitimo tendencijas, ekologinio veiksmingumo pokyčius ir nustatyti jį lemiančius veiksnius. Ekologinio veiksmingumo bei poveikio aplinkai atsiejimo nuo ekonomikos augimo tyrimai Lietuvos mastu palyginti mažai vykdyti ir dažnai apsiriboja tik energetinių išteklių naudojimo veiksmingumo analize arba skirti tik atskiriems sektoriams. Darbe pateikiama dvigubo atsiejimo koncepcija, numatanti būtinybę atsieti gamtos išteklių naudojimą nuo ekonomikos augimo ir aplinkos teršimą nuo gamtos išteklių naudojimo bei sudaranti galimybes detaliau įvertinti... [toliau žr. visą tekstą]

Darnios gamybos ir vartojimo siekimas, o tuo pačiu ir poveikio aplinkai atsiejimas nuo ekonomikos, yra vienas pagrindinių darnaus vystymosi tikslų pereinamosios ekonomikos šalims. Lietuva, kaip ir kitos posovietinės šalys, po Sovietų Sąjungos griūties paveldėjo imlų ištekliams ir neefektyvų ūkį. Ūkio restruktūrizavimas lėmė transformacinį ūkio nuosmukį ir jį sekusį išteklių naudojimo ir aplinkos teršimo sumažėjimą. Tačiau dabartinis spartus pereinamosios ekonomikos šalių, kurių dauguma jau tapo ES narėmis, augimas ir geresnės gyvenimo kokybės siekimas gali lemti didesnes medžiagų ir energijos sąnaudas bei poveikį žmonių sveikatai, o tai savo ruožtu sąlygotų didėjantį poveikį aplinkai išsiplėtusioje Europos Sąjungoje ir atsvertų kai kuriuos ES šalių senbuvių pasiekimus bei trukdytų pasiekti numatytus išteklių naudojimo atsiejimo nuo ekonomikos augimo tikslus. Darbo tikslas - išanalizuoti Lietuvos gamybos, vartojimo ir jų poveikio aplinkai kitimo tendencijas, ekologinio veiksmingumo pokyčius ir nustatyti jį lemiančius veiksnius. Ekologinio veiksmingumo bei poveikio aplinkai atsiejimo nuo ekonomikos augimo tyrimai Lietuvos mastu palyginti mažai vykdyti ir dažnai apsiriboja tik energetinių išteklių naudojimo veiksmingumo analize arba skirti tik atskiriems sektoriams. Darbe pateikiama dvigubo atsiejimo koncepcija, numatanti būtinybę atsieti gamtos išteklių naudojimą nuo ekonomikos augimo ir aplinkos teršimą nuo gamtos išteklių naudojimo bei sudaranti galimybes detaliau įvertinti... [toliau žr. visą tekstą] / Sustainable production and consumption, as well as decoupling environmental impact from economy growth are one of the main goals for countries with transition economies. Lithuania, as other Central and Eastern Europe (CEE) countries experienced changes in political, social and economic life in relative short time after the collapse of Soviet Union. Because of an essentially reduced production, use of natural resources and environmental pollution decreased respectively. However, present pronounced growth of transition countries and demand for better quality of life could lead to the increase in material and energy consumption. Such increase would have two implications: firstly, increasing pressure on the environment in enlarged EU and could outweigh achievements in Western Europe, and secondly, such increase could impede to reach foreseen objectives to decouple resource consumption from economic growth. The aim of the research was to analyze the main trends of production and consumption and their environmental impact in Lithuania and to assess eco-efficiency of production and consumption and its main determinants. Research on eco-efficiency and the course of decoupling of environmental impact from economy growth in Lithuania is relatively rare and is mostly based on energy issues or covers only one sector. In this study, the eco-efficiency of production and consumption in Lithuania is analyzed jointly for the first time. For the better interpretation of ongoing... [to full text]

This thesis, “Empirical Asset Pricing and Investment Strategies”, examines a number of topics related to portfolio choice, asset pricing, and strategic and tactical asset allocation. The first two papers treat the predictability of asset returns. Since at least the mid-1980s until quite recently, the conventional wisdom has been that it is possible to predict the return on, for example, an index of stocks. However, a series of recent papers have challenged this conventional wisdom. I answer this challenge and show that it is possible to predict returns if structural changes in the underlying economy are taken into account. The third paper examines the comovement between stocks and bonds. I show how it is possible to improve the composition of a portfolio consisting of these two asset classes by taking into account how the comovement changes over time. All three papers are self-contained and can therefore be read in any order. The first paper is entitled “Structural Breaks in Asset Return Predictability: Can They Be Explained?” Here I investigate whether predictability has changed over time and, if so, whether it is possible to tie the change to any underlying economic variables. Dividend yield and the short interest rate are often used jointly as instruments to predict the return on stocks, but several researchers present evidence that the relation has undergone a structural break. I use a model that extends the conventional structural breaks models to allow both for smooth transitions from one state to another (with a break as a special case), and for transitions that depend on a state variable other than time. The latter allows me to directly test whether, for example, the business cycle influences how the instruments predict returns. The results suggest that this is not the case. However, I do find evidence of a structural change primarily in how the instruments predict returns for large firms. The change differs from a break in that it appears to be an extended non-linear transition during the period 1993—1997. After the change, the short rate does not predict returns at all. Dividend yield, on the other hand, is strongly significant, and the return has become more sensitive to it. In the second paper, “Restoring the Predictability of Equity Returns,” I take another perspective on predictability and structural shifts. Several recent papers have questioned the predictability of equity returns, potentially implying serious negative consequences for investment decision-making. With return data including the 1990s, variables that previously predicted returns, such as the dividend yield, are no longer significant and results of out-of-sample tests are often weak. A possible reason is that the underlying structure of the economy has changed. I use an econometric model that allows for regime shifts over time as well as due to changes in a state variable, in this case the price-earnings ratio. This makes it possible to separate influences from these two sources and to determine whether one or both sources have affected return predictability. The results indicate that, first, a structural change occurred during the 1990s, and, second, that the unusually high level of price earnings in the late 1990s and early 2000s temporarily affected predictability at the 12-month horizon. In the third paper, “Coupling and Decoupling: Changing Relations between Stock and Bond Market Returns,” I investigate stock-bond comovement. The correlation between stocks and bonds has changed dramatically over the last ten years, introducing a new type of risk for portfolio managers, namely, correlation risk. I use GARCH estimates of stock volatility, simple regressions, and regime-switching econometric models to assess whether level of volatility, or changes in volatility, can be used to explain some of the changes in comovement in seven different countries. As regards volatility level, strong support is found in almost all countries to suggest that high volatility predicts lower, or negative, comovement. I argue that this can be evidence of a market-timing type of behavior. As for changes in volatility, the results are more mixed. Only for the U.S. market do I find strong support to conclude that large changes tend to coincide with lower, or negative, comovement. This could be evidence of a flight-to-quality (or cross-market hedging) type of behavior. / <p>Diss. Stockholm : Handelshögskolan, 2007</p>

Organic-inorganic nanostructured composites are nowadays integrated in the field of material science and technology. They are used as advanced materials directly or as precursors to novel composites with potential applications in optics, mechanics, energy, catalysis and medicine. Many properties of these complex materials depend on conformational rearrangements in their inherently dynamic organic parts. The focus of this thesis is on the study of the molecular mobility in ordered nanostructured composites and lyotropic mesophases and also on the development of relevant solid-state NMR methodologies. In this work, a number of new experimental approaches were proposed for dipolar NMR spectroscopy for characterizing molecular dynamics with atomic-level resolution in complex solids and liquids. A new acquisition scheme for two-dimensional dipolar spectroscopy has been developed in order to expand the spectral window in the indirect dimension while using limited radio-frequency power. Selective decoupling of spin-1 nuclei for sign-sensitive determination of the heteronuclear dipolar coupling has been described. A new dipolar recoupling technique for rotating samples has been developed to achieve high dipolar resolution in a wide range of dipolar coupling strength. The experimental techniques developed herein are capable of delivering detailed model-independent information on molecular motional parameters that can be directly compared in different composites and their bulk analogs. Solid-state NMR has been applied to study the local molecular dynamics of surfactant molecules in nanostructured organic-inorganic composites of different morphologies. On the basis of the experimental profiles of local order parameters, physical motional models for the confined surfactant molecules were put forward. In layered materials, a number of motional modes of surfactant molecules were observed depending on sample composition. These modes ranged from essentially immobilized rigid states to highly flexible and anisotropically tumbling states. In ordered hexagonal silica, highly dynamic conformationally disordered chains with restricted motion of the segments close to the head group have been found. The results presented in this thesis provide a step towards the comprehensive characterization of the molecular states and understanding the great variability of the molecular assemblies in advanced nanostructured organic−inorganic composite materials. / <p>QC 20150225</p>