The aim of the thesis is analysing and evaluating the situation in each region through macroeconomical factors. First chapter is focused on Europe. The most interesting part of this chapter is the fiscal policy. Second chapter provides insight to fascinating Asia and its huge rise in recent past. Third chapter provides analysis of development of interesting economical values in America. Last fourth chapter includes econometrical analysis of relationships between time series of macroeconomical values and stock prices of representative bank shares from all regions enriched by equations for forecasting of future stock prices.

The thesis deals with valuation of shares of financial service institutions. This process is specific due to the characteristics by which financial service institutions differ from non financial service institutions. The thesis focuses on these characteristics and on the methods of fundamental analysis suitable for valuation of shares of financial service institutions. The aim of the thesis is valuation of the Erste Group's share considering selected international, macroeconomic, sectoral and corporate factors and determination of an investment advice. The thesis focuses on financial service institutions of the EU and financial markets at which they are present. The analysis of interdependence of financial markets of the EU is done in the thesis.

Este trabalho remete seus esforços para uma investigação que indaga a possibilidade de autenticidade do fenômeno jurídico no público. O método, concebido no sentido de caminho, é trilhado a partir da analítica fundamental de Martin Heidegger, e da hermenêutica compreensiva de Hans-Georg Gadamer percebida sob o viés da via fenomenológica de investigação. O jurídico é constitutivo do ser humano existente, Dasein. Desse modo, o trabalho procura discutir o fenômeno jurídico, sua condição de autenticidade, o modo de ser tradicional do ente humano existente e a mundanidade que o constitui, sob a luz da filosofia heideggeriana do ser. Dasein é ontológico, reconhece esta existência e é interrogado quanto a ela. Dasein pode se mostrar como é, em sua autenticidade e propriedade, mas também pode ocultar-se de diversos modos. O impessoal, modo de ser preponderante do Dasein na cotidianidade, promove a dispersão do Dasein em seu ser-no-mundo, mediano e afastado e, determinado pela publicidade, obscurece o Dasein em sua propriedade. Assim considerando uma investigação do contexto em que se deu a emersão da analítica do ser tornou-se essencial. Uma vez lançadas as bases do pensamento heideggeriano e investigada a analítica fundamental, o modo de ser do direito que se conserva e se repete e que é ditado pela publicidade passa a ser questionado e a compreensão da juridicidade do Dasein no mundo circundante público abre possibilidades para o projeto autêntico na preocupação com o social. / The present work addresses its efforts on the inquisition of the possibility of authenticity in the legal phenomenon as perceived in the public. The method, conceived as a path, follows Martin Heideggers fundamental analytics, and Hans-Georg Gadamer´s comprehensive hermeneutics perceived phenomenologically. The legal phenomenon constitutes the Being that ex-ists, Dasein. Therefore, this study seeks to discuss the legal phenomenon, its Beingones-self condition, the everyday Being-with and its constitutive worldhood in the light of Heideggers philosophy of Being. Dasein is ontological, recognizes this existence and is questioned about it. Dasein can show itself as it is, in its authenticity and constitution, but it can also cloak its appearance in various modes. The They, the preponderant Dasein mode in its everydayness, promotes dispersion of the Dasein in its being-in-the world, making it detached and, keeps its authenticity obscured by publicity. Thus, it is essential to investigate Heideggers analytical thoughts in context. Once Heideggers basic thoughts have been studied and his fundamental analytics have been analized, the way of being of the law, maintained, repeated and dictated by publicity, begins to be questioned and the understanding Dasein´s legal phenomenon of the public world provides possibilities for an authentic project in its social concern.

<p>This paper investigates whether the traditional accrual based trading strategy first documented by Sloan (1996) can be refined using fundamental analysis. Specifically, this is done by implementing the composite signal F_SCORE introduced by Piotroski (2000) to identify financially strong or weak firms. We find that by applying both investment models simultaneously, in a model we call P_KOMB, the mean market-adjusted return earned by an investor exploiting the accrual anomaly can be increased by 14.8% annually. This is achieved by taking a long position in strong firms (as defined by the composite signal) in the lowest accrual portfolio, while an offsetting short position is taken in weak firms in the highest accrual portfolio, repeated annually between 1997 and 2007. Consistent with prior studies, positive market-adjusted returns can be attained through assessment of accruals as well as key value drivers found in historical financial data. Moreover, our results indicate that accruals are a more powerful determinant for future return than the fundamentals in the composite signal. The evidence suggests, however, that the accrual anomaly is best exploited in combination with the fundamental signals to maximise returns.</p>

<p>This study aims to evaluate the value relevance of Piotroski’s (2000) nine fundamental signals. In order to do this, the signals are tested on the OMX Nordic Exchange Stockholm between the years 2003 and 2009. The hypotheses of the study are whether the signals are value relevant and if the value relevance has changed. To test this, a Chi-square test and a regression are used. The tests show that some signals are value relevant, and that some are not. We also find evidence for a change in the value relevance during the years of the observation. Some explanations to why the value relevance has changed is also discussed.<em></em></p>

This paper investigates whether the traditional accrual based trading strategy first documented by Sloan (1996) can be refined using fundamental analysis. Specifically, this is done by implementing the composite signal F_SCORE introduced by Piotroski (2000) to identify financially strong or weak firms. We find that by applying both investment models simultaneously, in a model we call P_KOMB, the mean market-adjusted return earned by an investor exploiting the accrual anomaly can be increased by 14.8% annually. This is achieved by taking a long position in strong firms (as defined by the composite signal) in the lowest accrual portfolio, while an offsetting short position is taken in weak firms in the highest accrual portfolio, repeated annually between 1997 and 2007. Consistent with prior studies, positive market-adjusted returns can be attained through assessment of accruals as well as key value drivers found in historical financial data. Moreover, our results indicate that accruals are a more powerful determinant for future return than the fundamentals in the composite signal. The evidence suggests, however, that the accrual anomaly is best exploited in combination with the fundamental signals to maximise returns.

This study aims to evaluate the value relevance of Piotroski’s (2000) nine fundamental signals. In order to do this, the signals are tested on the OMX Nordic Exchange Stockholm between the years 2003 and 2009. The hypotheses of the study are whether the signals are value relevant and if the value relevance has changed. To test this, a Chi-square test and a regression are used. The tests show that some signals are value relevant, and that some are not. We also find evidence for a change in the value relevance during the years of the observation. Some explanations to why the value relevance has changed is also discussed.

Background: The interest in shares has increased over the years, despite several stock market crashes. One reason for this is the emergence of stock trading online,which makes it easier for individuals to trade in shares. However, there has been much criticism towards financial analyst with the lack of fundamental basis to support their recommendations. Objective: The purpose of this study is to examine the share valuation models swedish financial analysts today applies and consider appropriate. A comparison will also be carried out in previous studies, to see if the application of the modelsand their suitability has changed. Method: The study used a qualitative approach with deductive approach. Semistructured interviews were conducted and the basis for the study's primary data.The theories and previous studies obtained through secondary data. Results: Our results demonstrate that no single model applied, is appropriate. Therefore, the financial analyst combines the models. Financial analysts place great emphasis on the macro-economic aspects in the valuation of shares. Macroeconomic analyses underlying fundamental valuation models.

När man väljer att analysera företag, finns det flera olika värderingsmodeller att använda.En av dessa är Piotroskis F-score. Denna modell har mestadels tidigare använts för att analysera företag på den amerikanska marknaden. Nu vill författarna undersöka hur tillämpbar modellen är på den svenska aktiemarknaden och dessutom kombinera denna modell med en Magic Sixes värdering för att öka dess precision. Syftet med denna studie är att undersöka om F-score i samarbete med Magic Sixes kan generera överavkastning och överträffa den svenska aktiemarknaden. Författarna har genomfört en kvantitativ studie med en deduktiv ansats. Data har samlats in med hjälp av databasen Orbis och Dagens Industri. Författarna har upprättat identiska listor för att beräkna företagens F-score och Magic Sixes. Därefter har en beräkning av portföljernas lönsamhet genomförts. Författarnas studie har visat att F-score i kombination med Magic Sixes lyckas slå marknaden under 3 av de 6 studerade åren. F-score har en träffsäkerhet på 65,15% och Magic Sixes har en träffsäkerhet på 58,82%. Modellerna bör inte användas självständigt eller i kombination med varandra som enda grund för ett beslut, men bör ses mer som ett komplement till andra analysmetoder. Slutsatsen är att modellerna kan ge en god indikation på huruvida investerare bör undersöka investeringsobjektet närmare.

In this paper, the popular fundamental analysis model Economic Value Added is tested for any ability to generate returns above that explained by book-to-market effects on American large cap stocks. A zero net-investment hedge portfolio-test was undertaken where the Economic Value Added® fundamental analysis was applied on a sample of large cap stocks, sorted into quintiles after book to market valuation. The portfolio investing in the extreme quintiles gained positive returns between the years 1999 – 2010 equal to an average yearly total return of 7,32 %. During the test-period, the benchmark portfolio constituent of stocks sorted in the same way but without the Economic Value Added® analysis only managed to score returns equaling 2,3 %, adding evidence in favor of the Economic Value Added® analysis. The Economic Value Added also showed a better risk-profile than the benchmark portfolio, measured as the Modigliani Risk-Adjusted Performance over the entire period, further acknowledging the abnormal returns. However, the Economic Value Added® sample portfolios where unevenly distributed regarding number of stocks, foremost in the short-sold part for some years, mitigating the test as strong evidence in favor of the Economic Value Added® analysis. An independent samples t-test also did not reject the null hypothesis. Despite the mixed results of the test, the strength in the specification of sample and choice of method leads us to conclude that that the Economic Value Added® seems like a moderately effective tool for identifying mispriced stocks.