The use of livestock guarding dogs (LGDs) to mitigate farmer-predator conflict in Namibia was evaluated. As farmer-predator conflict has two sides, LGDs were evaluated in terms of livestock production and conservation. The main objectives in terms of livestock production were to document: 1) the perceived ability of LGDs to reduce livestock losses in a cost-effective manner; 2) the farmers’ satisfaction with LGD performance; and 3) factors influencing LGD behaviour. The main objectives in terms of conservation were to record: 1) predator killing by farmers relative to LGD introduction; 2) direct impacts of LGDs on target (damage-causing) species; and 3) the impact of LGDs on non-target species. This evaluation was conducted on LGDs bred by the Cheetah Conservation Fund (CCF) and placed on farms in Namibia. The data were collected during face-to-face interviews with farmers using LGDs. Historical data from the CCF programme were used in conjunction with a complete survey of the farmers in the CCF LGD programme during 2009-2010. In terms of livestock production, 91 percent of the LGDs (n = 65) eliminated or reduced livestock losses. Subsequently, 73 percent of the farmers perceived their LGDs as economically beneficial, although a cost-benefit analysis showed that only 59 percent of the LGDs were cost-effective. Farmers were generally satisfied with the performance of their LGDs. However, farmer satisfaction was more closely linked to good LGD behaviour than the perceived reduction in livestock losses. The most commonly-reported LGD behavioural problems (n = 195) were staying at home rather than accompanying the livestock (21 percent) and chasing wildlife (19 percent). LGD staying home behaviour was linked to a lack of care on subsistence farms, as high quality dog food was not consistently provided. Care for LGDs declined with LGD age on subsistence, but not commercial, farms. In terms of conservation, predator-killing farmers killed fewer individuals in the year since LGD introduction than previously; this result was only significant for black-backed jackal Canis mesomelas. However, 37 LGDs killed jackals, nine killed baboons Papio ursinus, three killed caracals Caracal caracal and one killed a cheetah Acinonyx jubatus (n = 83). Farmers and LGDs combined killed significantly more jackals in the survey year than the same farmers (n = 36) killed before LGD introduction. Conversely, five farmers killed 3.2 ± 2.01 cheetahs each in the year before LGD introduction, whereas LGDs and these farmers combined killed only 0.2 ± 0.2 cheetahs per farm in the survey year. Only 16 LGDs (n = 83) killed non-target species. The high LGD success rate in terms of livestock production was facilitated by livestock husbandry practices in the study area. In terms of conservation, LGDs were more beneficial for apex predators than for mesopredators and had a minor impact on non-target species.

We live in a complex, interconnected and constantly changing world. Human driven global climate change is now a local reality that reinforces the inherent need for adaptability in human systems. Adaptability, the capacity to adapt to disturbance and change and navigate system transformation, can be understood as a function of socio-political interactions. The capacity of governing systems to deal with novel challenges through novel forms of interaction is a key issue in the governance literature, but which is only beginning to be explored. We therefore know little of how global change will impact the local level and how institutions and governing systems will respond. The need for adaptability is likely to be more pronounced for tightly coupled human-environmental systems. Indigenous and natural resource dependent communities in general, and in the Northern hemisphere in particular, are among the most exposed to ongoing and projected climate change. In Sweden, reindeer husbandry is an Indigenous Sami livelihood and extensive land-use practice highly exposed to weather conditions and increasing competition over land and resources. Whereas herders struggle to deal with the challenges that now confront them, the practice is also known as resilient and sustainable, having withstood large-scale social, ecological and economic change before. The aim with this thesis is to explore adaptability from a governancetheoretical perspective in the case of Sami reindeer husbandry in Sweden. The thesis thereby contributes to the emerging literatures on governance and adaptability and addresses empirically identified needs. Theoretically, the thesis draws on Kooiman’s interactive governance framework, which offers a multidimensional approach to governance analysis where structural aspects are addressed through modes (self-, coand hierarchical governing) and intentional aspects through governing elements (images, instruments and action). While conceptually encompassing, the framework has rarely been employed in empirical analyses. In advancing an operationalisation of the framework based on governing orders (operational, institutional and meta-order), the thesis thereby makes a theoretical contribution. Designed as a qualitative case study, the thesis explores how reindeer husbandry is governed and how governing has changed over time (institutional and meta-order); how the governing system restricts or facilitates adaptation and transformation (operational order); and how a governance-theoretical perspective can contribute to our understanding of adaptability. Methods include document analysis, focus groups, interviews and participatory observation. Studies focussing the operational order have been conducted in collaboration with Vilhelmina North reindeer herding community in Västerbotten county, Sweden. The results show that only marginal change has occurred over time and state actors still dominate governing interactions. The governing system is riddled with inconsistencies among governing elements and particularly problematic is the lack of coherence between different meta-order images and between different actors. This gives rise to divergent and conflicting views as to ‘what’ the system of reindeer husbandry is and explains some of the observed governing inaction and limited problem-solving capacity of the governing system. Herders are currently highly restricted in their opportunities for adaptation and transformation and the governing system therefore acts restricting rather than facilitating on adaptability. By adopting a governance-theoretical approach, adaptability as a system quality has been decomposed and challenged and the important role of governing images and power in determining adaptability has been highlighted. It has called attention to questions such as who is forced to adapt, how images and governing interactions are constructed, and how different socio-political actors can exercise influence over the governing system and interactions taking place therein. The thesis calls for more critical and empirical research on adaptability and argues that future studies need to situate and balance adaptability against other fundamental values and rights. In the case of reindeer husbandry, efforts are needed to create a better internal fit between governing elements as well as between involved socio-political actors. This could enable more equal governing interactions with other land-users and thereby contribute to mitigating conflicts as well as increasing adaptability.

Social trading platforms are an increasingly popular venue for sharing investment ideas. We investigate if followers on these platforms herd, i.e., copy leader traders’ trades, to the extent that it affects stock markets. To do so, we use an event study to detect abnormal returns and trading volume after a trade is conducted by a leader trader. Furthermore, we investigate if the leader trader’s sentiment on the stock and the leader trader’s perceived trustworthiness have explanatory power over the herding behavior. We find signs of herding in terms of abnormal returns within thirty-minutes after the leader trader’s trade. However, we do not find signs of herding for longer event windows, nor do we find that the sentiment of the leader trader can explain herding. Finally, we find some signs that affect-based signals of trustworthiness can explain herding. However, most signals of trustworthiness are non-significant.

På aktiemarknaden finns det stora mängder kapital och en ansenlig del av detta kapital förvaltas aktivt av professionella fondförvaltare. Att psykologiska aspekter kan påverka beslut gällande investeringar är känt genom tidigare forskning, men huruvida professionella investerare påverkas av det vid investeringsbeslut är mindre känt. Studien syftar till att undersöka vilken påverkan de psykologiska fallgroparna disposition effect och herding har på förvaltare på svenska fondbolag. I undersökningen har åtta institutionella fondförvaltare deltagit och genom semistrukturerade intervjuer har ett antal teman fångats upp för att sedan analyseras. Utifrån den insamlade datan och efterföljande analys uppvisade förvaltarna tendenser till att falla för vissa aspekter av de psykologiska fallgroparna. Den fallgrop som studien fann starkast stöd för hos förvaltarna var benägenhet att falla i disposition effect, de tenderar att hålla sina förlorare för länge medans de släpper sina vinnare för tidigt.

Background: Within capitalistic economies the notion persists that only the most efficient and profit-maximizing companies and industries, that withstand the market mechanisms, should sustain. However, market mechanisms currently do not sufficiently consider non-monetary value creation such as social and environmental contributions. Thus, the notion of “survival of the fittest” drives industries that deliver social and environmental contributions, but are not as profitable, into extinction. One such industry whose viability is currently challenged is the indigenous Sami reindeer industry in Fennoscandia. Reindeer herding carries great social, cultural, and environmental value beyond economic terms. It is an essential part of Sami culture and does not only provide income but preserves traditional knowledge, practices, and identity. The reindeer industry, however, exists under pressure-like conditions and is facing multiple social, economic and environmental challenges. Purpose: The purpose of this study is to contribute to the understanding of the interrelations that constitute the struggle faced by the Swedish reindeer industry in which its viability is challenged. Method: This study is a grounded theory case study of the reindeer industry in Sweden. Following a qualitative theory building approach, key stakeholders were interviewed as part of fieldwork in Norrbotten County, Sweden. Through data analysis a theory was developed which is mapping out the struggle of the reindeer industry in its context. Conclusion: The study highlights the struggle of the Swedish reindeer industry from an inside-out perspective. The theoretical contribution is in the form of a process map which shows the interrelations and context of the struggle. Three conditions affecting the struggle were identified (missing value recognition, power asymmetry, and clashing cultures and values) whereas needs, challenges and adaptation strategies and the interrelations between them constitute the struggle. Overall, for the reindeer industry to be viable long-term, the political and economic systems need to recognize and respect the real value it is creating. / Bakgrund: I kapitalistiska ekonomier finns det en föreställning om att endast de mest effektiva och vinstmaximerande företagen och branscherna, som klarar marknadsmekanismerna, bör bestå. Marknadsmekanismerna tar dock för närvarande inte tillräcklig hänsyn till icke-monetärt värdeskapande, t.ex. skapande av sociala och miljömässiga värden. Därför driver begreppet "den starkaste överlever" industrier som ger sociala och miljömässiga bidrag, men som inte är lika lönsamma, till utrotning. En sådan industri vars livskraft för närvarande ifrågasätts är den inhemska samiska rennäringen i Fennoskandia. Renskötseln har ett stort socialt, kulturellt och miljömässigt värde som går utöver de ekonomiska aspekterna. Den är en viktig del av den samiska kulturen och ger inte bara inkomster utan bevarar också traditionell kunskap, praxis och identitet. Renskötseln lever dock under pressade förhållanden och står inför flera sociala, ekonomiska och miljömässiga utmaningar. Syfte: Syftet med denna studie är att bidra till förståelsen av de samband som utgör den kamp som den svenska rennäringen står inför, där dess genomförbarhet utmanas. Metod: Denna studie är en fallstudie med grundad teori om rennäringen i Sverige. Efter en kvalitativ teoribildning intervjuades nyckelaktörer som en del av fältarbetet i Norrbottens län i Sverige. Genom dataanalys utvecklades en teori som kartlägger rennäringens kamp i sitt sammanhang. Slutsats: Studien belyser den svenska rennäringens kamp ur ett inifrån-och-ut perspektiv. Det teoretiska bidraget är i form av en processkarta som visar på kampens inbördes relationer och sammanhang. Tre villkor som påverkar kampen har identifierats (bristande erkännande av värden, maktasymmetri och kolliderande kulturer och värderingar) medan behov, utmaningar och anpassningsstrategier och deras inbördes relationer utgör kampen. För att rennäringen ska vara långsiktigt livskraftig måste de politiska och ekonomiska systemen erkänna och respektera det verkliga värde som den skapar.

Background: The emerging cryptocurrency market becomes more and more recognized around the globe. Therefore, it has become of great interest to policymakers, institutional investors, and individual investors. The new encrypted blockchain technology offers individual investors contemporary opportunities to invest contrary to traditional means. However, the volatile market presents instabilities and uncertainty for market participants creating a research gap for academics to investigate what poses these difficulties.  Purpose: The objective of the study is to investigate the determinants that affect individual investors' adoption intention of Bitcoin. By incorporating theories to understand investment behaviors and attitudes.  Methodology: The thesis utilized a quantitative methodology and collected data through an online questionnaire with the help of a Likert-scale instrument. The survey participants ended with a number of 114 respondents that are characterized as young adult investors. Interpretation and evaluation of the results were analyzed through an OLS linear regression with the help of a software program, Minitab.  Findings: Theresearchquestionwasansweredtoasatisfactorylevel,whereresultsattested to past works of literatures. The study found that consumer characteristic is a driving cause for individual investors' adoption intention of Bitcoin. To elaborate, subjective norms of individuals navigate their attitude towards Bitcoin, and investors’ peers’ opinions and acceptance play a crucial role in their engagement in the market. The herding trend was the most significant variable that contributed to investors’ adoption intention. The results also showed a significant correlation toward the technology acceptance model. Nonetheless, the study lacked empirical evidence to support market characteristics steering private investors’ adoption intention.  Implications & Future Research suggestions: The main implications of the study were factors that regarded data collection and methods. Due to a time limitation, the survey was not available for a longer period of time, a longitudinal study could be of interest whilst incorporating more consumer characteristics into the analysis. In addition, future scholars ought to focus on market characteristics and how they influence varying cryptocurrencies such as Ethereum and Tether alongside Bitcoin. To conclude, a larger scope of the study could bring about more significant results and interesting findings.

This dissertation consists of two essays investigating the trading by institutions and its impact on the stock market. In the first essay, I investigate why changes in institutional breadth predict return. I first show that changes in breadth are positively associated with abnormal returns over the following four quarters. I then demonstrate that this return predictability can be attributed to the information about the firms' future operating performance. When I examine different types of institutions independently, I find that the predictive power varies across the population of institutions. More specifically, institutions that follow active management style are better able to predict future returns than the passive institutions, and their predictive power appears to be associated with information about future earnings growth. These findings are consistent with the information hypothesis that changes in breadth of institutional ownership can predict return because they contain information about the fundamental value of firms. In the second essay, I examine institutional herding behavior and its impact on stock prices. I document that herds by institutions usually last for more than one quarter and that herds occur more frequently for small and medium size stocks. I find that after herds end, there are reversals in stocks returns for up to four quarters. The magnitude of reversals is positively related to the duration of herding, and negatively related to the price impact of current herding activity. This pattern in returns prevails for all sub-periods examined and is concentrated in small and medium size stocks. My findings suggest that institutional herding may destabilize stock prices.

Titel: Mind the Gap: Generations at Risk Författare: Samuel Hansson och Fabian Stenseth Handledare: Zahida Sarwary  Bakgrund: Efter en tid av positiv avkastning har förändringar i omvärlden lett till ökad inflation. Investerare från Generation Z upplever sin första tid på börsen i en ekonomisk oro, medan Generation X upplever det igen efter finanskraschen 2008. Dessa generationers riskbenägenhet vid finansiella beslut har inte kunnat kartläggas i modern tid, och därmed har en kunskapslucka identifieras.     Syfte: Studien ämnar undersöka och kategorisera riskbenägenhet utifrån börspsykologiska faktorer mellan Generation X (personer födda 1965–1980) och Generation Z (personer födda 1997–2012), där investerarna har en eftergymnasial utbildning inom ekonomi.  Metod: Studien har tillämpat en kvantitativ metod, bestående av en deduktiv ansats. Empiriska data har utförts via en enkätundersökning och ett slumpmässigt urval. Empirin bestod av 105 användbara svar, varav 46 svar från Generation X och 59 svar från Generation Z. Empiriska data analyserades utifrån deskriptiv statistik, t-tester, korrelationsmatris, samt multipel linjär regressionsanalys.  Resultat: Analysen redovisade en signifikant positiv samvariation mellan generationerna vid olika börspsykologiska faktorer, där mental accounting påverkade Generation X och överkonfidens påverkade Generation Z.  Slutsats: Studiens resultat påvisade en positiv signifikant samvariation för Generation Z gällande överkonfidens, vilket innebär att högre överkonfidens leder till en högre riskbenägenhet. För Generation X påvisades en positiv signifikant samvariation för mental accounting, vilket leder till en högre riskbenägenhet.  Nyckelord: Behavioral finance, investment, mental accounting, herding bias, overconfidence, financial literacy, cognitive reflection ability / Title: Mind the Gap: Generations at Risk Authors: Samuel Hansson and Fabian Stenseth Supervisor: Zahida Sarwary  Background: After a period of positive returns, changes in the environment have led to increased inflation. Investors from Generation Z are experiencing their first time in the stock market during economic uncertainty, while Generation X is experiencing it again after the 2008 financial crisis. The risk propensity of these generations in financial decision-making has not been adequately studied in modern times, creating a gap in knowledge. Purpose: The study aims to examine and categorize risk propensity based on behavioral finance factors between Generation X (individuals born between 1965 and 1980) and Generation Z (individuals born between 1997 and 2012), with investors having a post-secondary education in finance and economics. Methodology: The study applied a quantitative method with a deductive approach. Empirical data was collected through a survey and random sampling, resulting in 105 usable responses of which 46 respondents from Generation X and 59 respondents from Generation Z. The empirical data was analyzed using descriptive statistics, t-tests, correlation matrices, and multiple linear regression analysis. Results: The analysis revealed a significant positive association between the generations in various behavioral finance factors, with the risk propensity being affected by mental accounting for Generation X and overconfidence for Generation Z. Conclusion: The study's results demonstrated a significant positive association for Generation Z regarding overconfidence, indicating that higher overconfidence leads to a greater risk propensity. For Generation X, a significant positive association was found for mental accounting, which also leads to a higher risk propensity. Key words: Behavioral finance, investment, mental accounting, herding bias, overconfidence, financial literacy, cognitive reflection ability

The demand for natural resources is increasing, leading to more exploitations in northern Sweden. This project is situated in the region of Norrbotten, which is currently undergoing significant transformations due to continued mining activity, energy production, and forestry. These activities are claiming, destroying, and disrupting large areas of land. In addition, little of the resources produced from these activities benefit the communities. Sami people were nomads, moving to different hunting, fishing, and reindeer land. However, the Sami community has had southern models imposed upon them, which has affected the loss of Sami knowledge and culture. This project challenges the dominant narrative of ‘green development’, stating that the exploitations are not sustainable or just. Through the lens of sustainability, the project understands the practices of Sami culture and the value of local ecologies in the region to derive solutions. By building on nomadic practice and utilizing the land like the Sami community, this project generates resilient, productive landscapes. This project puts forward an alternative future scenario, one where Sweden is based on a distributed, decentralized structure. This thesis aims to provide strategies for a more self-sufficient, interdependent region where the connection between local communities and local ecologies is re-established.

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