Background: The devolopment in the exchange market has attract a large number of investors. The information flow is extensive and it might be hard to follow the dynamic market. Some investors therefore choose to place their capital in a stock portfolio which is manged by a professional firm with no influence from the capital owner, this management is called discretionary managing. Purpose: the purpose of the thesis is to examine the working methods and the rationality regarding the management of the discretionary portfolios. The purpose is also to try to examine whether there is a relation between the selected risk, return and fees. Realization: in this thesis our primary data comes from interviews with portfolio managers. By means of snowball sample we found portfolio managers in banks and in stock broker firms. Anonymity has been used to promote the right information from our interviews. Result: Discretionary portfolio management differ between banks and stock brokers. The managing in the banks has a passive investment strategy and the stock brokers has an active strategy. The chosen stategy characterize the selected risk, expected return and the required fees.

Managing projects in an organization, especially a project-oriented organization, is a challenging task. Project data has a large volume and is complex to manage. It is different from managing a single project, because one needs to integrate and synthesize information from multiple projects and multiple perspectives for high-level strategic business decisions, such as aligning projects with business objectives, balancing investment and expected return, and allocating resources. Current methods and tools either do not well integrate multiple aspects or are not intuitive and easy to use for managers and executives. In this dissertation project, a multidimensional and visual exploration approach was designed and evaluated to provide a unique and intuitive option to support decision making in project portfolio management. The research followed a general design science research methodology involving phases of awareness of problem, suggestion, development, evaluation and conclusion. The approach was implemented into a software system using a prototyping method and was evaluated through user interviews. The evaluation result demonstrates the utility and ease-of-use of the approach, and confirms design objectives. The research brings a new perspective and provides a new decision support tool for project portfolio management. It also contributes to the design knowledge of visual exploration systems for business portfolio management by theorizing the system.

Bakgrund: Ett sätt att minska risker vid handel med finansiella instrument är att bygga portföljer. För att kunna hantera portföljer med olika finansiella instrument och valutor samt kunna hantera flera portföljer samtidigt, används portföljhanteringssystem. Studenter kan genom att använda sig av sådana system lära sig hur finansiella marknader fungerar. Kraven på ett portföljhanteringssystem är inte desamma som kraven på ett kommersiellt system och därför finns det ett behov att utveckla en modell för denna kontext. Syfte: Denna uppsats ämnar bygga en modell i PowerPlus Pro som studenter kan använda sig av för att befästa sina kunskaper och öka sin förståelse för hur finansiella instrument fungerar. Metod: För att bygga modellen har kvalitativ metod används och för att studera hur portföljhanteringssystem ska byggas och anpassas efter studenters behov har kvalitativa intervjuer använts. Slutsatser: Vår modell uppfyller de krav som ställts på den och är anpassad för undervisning på ett universitet genom att den är användarvänlig och pedagogiskt uppbyggd. Modellen lämpar sig inte för användning av markadsaktörer. / Background: A common strategy for minimizing market risk, when trading with financial instruments, is to build portfolios. In order to manage portfolios with different kinds of financial instruments and different currencies and to manage many portfolios at one time, systems for portfolio management are used. Student can with use of such systems learn how financial markets work. The requirements of a system for students are not the same as the ones of a system for commercial use are not the same and therefore there is a need to develop a model fitted to this context. Aim: The purpose of this bachelor thesis is to build a model in PowerPlus Pro, which students can use in order to confirm their knowledge of and understanding for the function of financial instruments. Method: To build the model a quantitative method has been used and to study how systems for portfolio management should be built and adapted to the needs of students has qualitative method been used. Conclusions: Our model satisfies the demand and the technical specifications that were us given and it is adapted to teaching of students, because it is user-friendly and pedagogic built. The model is not adequate for use of market actors.

Despite the many researches made on emergent strategies and project portfolio management, one can hardly find studies on the link between them. It can easily be assumed that emergent strategies and market dynamics have considerable effect on the portfolio of projects in organizations and, supposedly, give rise to emergent projects. We defined emergent projects to be untypical or irregular projects for the organization which are at the borderline or even outside the mainstream of the current portfolio of projects. These types of projects impact the company’s strategy with the aim to increase the organizations competitiveness. This study will try to find out the possible distinct characteristics and strategic impact of emergent projects on large organizations so that these kinds of projects can be properly recognized for what they really are and managed effectively.   We used a semi-structured interview method to collect data from six international companies in four countries. The countries are Germany, Switzerland, Sweden, and Taiwan. Using template analysis method, we analyzed the collected data. The analysis confirmed our assumption that there is a correlation between emergent strategies and project portfolio management. Moreover, we found out some of the characteristics and strategic impacts of emergent projects. The results of the study, therefore, shows that emergent projects are kinds of strategic projects which have bigger significance and bring a higher sense of urgency to organizations than the normal projects in their portfolio. Furthermore, the study indicated that emergent projects do not need any different project management methodology than typical projects do. Nonetheless, emergent projects are characterized by rarity, disrupting routine operations, enhancing company-customer relationship, causing resource reallocation, bringing profit, demanding higher budget, opening both internal and external new opportunities, posing risk due to shorter planning phase and limited implementation time, and capturing higher attention from top management. The major result we have found out in the research about the strategic impact of emergent projects is that they have a higher potential to bring profit and new business opportunities which in total make organizations more competitive in their respective markets. The theoretical and managerial implications of our research have a common idea that emergent projects should be recognized and categorized as strategic projects of organizations. Further studies should be carried out on how the dynamic situations of business environments and emergent strategies affect the project portfolio of organizations. Moreover, it is worth researching on how the idea of emergent projects are dealt in the studies of strategic project management and project categorization both in the academic and practitioners world. Overall, the study has brought the linkage between emergent strategies and project portfolio management into light through the discussion on emergent projects.

NJ, Rutgers State Univ. of New Jersey, Diss.--Newark, 2005. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 2 Beitr.

Zugl.: Mainz, Universiẗat, Diss., 2009.

Bakgrund: Det rådande pensionssystemet i Sverige består av sex så kallade AP-fonder. Genom åren har pensionssystemet flertalet gånger kritiserats för dess låga avkastning. Problem: Vår huvudfråga är att jämföra AP-fondernas risk och avkastning med aktiemarknaden som helhet, detta ska ske med hjälp av två jämförelseindex: MSCI World och SIXRX. Syfte: Syftet med uppsatsen är att jämföra de fyra första AP-fondernas risk och avkastning med aktiemarknaden som helhet under åren 2002-2010. Metod: Vi har använt oss av en kvantitativ metod, genom att samla in information från AP-fondernas årsredovisningar och hemsidor. Vi har samlat in historisk data, som vi sedan har bearbetat och analyserat. Slutsats: De studerade AP-fonderna har presterat sämre än aktiemarknaden. / Background: The current pension system in Sweden consists of six so called AP-funds. Throughout the years the pension system has been criticized for its low return. Problem: We will compare the pension funds’ risk and return with the rest of the stock market as a whole. This will be done by the aid of two comparison registers: MSCI World and SIXRX. Purpose: Our purpose with the essay is to compare the pension funds in the Swedish pension system, their risk and return, with the share market as a whole. Method: We have used a quantitative method, by gathering information from the annual reports and relevant websites. We have also gathered historical data, which has been processed and analyzed. Conclusion: The studied pension funds have achieved lower results than the stock market market.

Baigiamajame magistro darbe aptariama optimalaus investicijų portfelio sudarymas iš Lietuvoje platinamų investicinių fondų. Pirmoje darbo dalyje nagrinėjama investicinio fondo samprata ir veikimo principas, aptariama jų klasifikavimas bei privalumai, trūkumai ir galimos rizikos investavimu į investicinius fondus. Yra pateikiami pagrindinai investicinių fondų rodikliai bei apžvelgiama Lietuvos investicinių fondų rinka. Antroje darbo dalyje pateikiama informacija apie diversifikuoto investicijų portfelio kūrimą bei aptariama optimalaus investicijų portfelio formavimo principai. Taip pat yra apžvelgiami aktyvaus ir pasyvaus investicijų portfelio valdymo privalumai ir trūkumai. Trečioje darbo dalyje yra pateikiami praktiniai skaičiavimai, atliekamas trijų sudarytų portfelių palyginimas. Gauti rezultatai yra aptariami ir pateikiamos išvados bei pasiūlymai. Darbo apimtis – 63 p. teksto be priedų, 31 iliustr., 12 lent., 44 bibliografiniai šaltiniai. Atskirai pridedami darbo priedai. / The master thesis discusses the building an optimal investment portfolio from mutual funds distributed in Lithuania. The first part deals with the investment fund concept and principle of operation, discusses their classification, advantages, disadvantages and possible risks for investing in mutual funds. Presents the main indicators of investment funds and an overview of Lithuanian investment fund market. The second part contains information about the development of a diversified investment portfolio, and discusses the optimal portfolio-making. It also provides an overview of strengths and weaknesses of active and passive portfolio management. The third part discusses the practical calculations and the comparison of three portfolios is carried out. The results obtained are discussed and the conclusions and recommendations are given. Work size - 63 p. text without appendixes, 31 pictures, 12 tables, 44 bibliographic sources. Appendixes included.

Disertacijoje nagrinėjama investicijų portfelio sudarymo ir valdymo rinkų dinamikos sąlygomis problematika. Globali finansų krizė parodė, kad investuojant atsiranda ne tik uždarbio galimybės, bet ir gana didelė praradimų rizika. Pagrindinis disertacijos tikslas – pasiūlyti ir empiriškai aprobuoti šiuolaikinių rinkų dinamikos iššūkius atitinkančius investicijų portfelio sudarymo ir valdymo sprendimus skirtingus investavimo polinkius turintiems investuotojams. Daktaro disertaciją sudaro įvadas, trys skyriai ir bendrosios išvados. Įvade suformuluojama mokslinė darbo problema, pagrindžiamas jos aktualumas, įvardijamas tyrimo objektas, darbo tikslas ir uždaviniai, pristatoma tyrimo metodika, darbo mokslinis naujumas ir gautų rezultatų praktinė reikšmė, įvardijami ginamieji teiginiai. Pirmajame skyriuje nagrinėjamos plačiai diversifikuoto investicijų portfelio sudarymo galimybės. Įvertinami mokslininkų pasiūlymai dėl skirtingų aktyvų (investicinio turto klasių) įtraukimo į investicijų portfelį, sudarytas biržoje prekiaujamų fondų portfelis ir įvertintas jo efektyvumas. Pasiūlytas investuotojo realiai patirtos rizikos vertinimo metodas. Antrajame skyriuje detalizuoti aktyvaus investicijų portfelio valdymo taikant finansinį svertą sprendimai. Įvertinti efektyviosios portfelių ribos pokyčiai bei aktyvaus portfelio valdymo taikant finansinį svertą tikslingumas. Pasiūlytas prognozavimo tikslumu praeityje paremtas prognozių integravimo metodas ir įvertintas jo efektyvumas integruojant... [toliau žr. visą tekstą] / The dissertation analyses the topic and problems of selection and management of investment portfolio in terms of market dynamics. The global financial crisis has revealed that investments bear not only return possibilities but also a relatively high risk of loss. The main aim of the Thesis is to propose and test empirically investment portfolio selection and management solutions matching the tendencies of modern markets for the investors with different investing preferences. The Doctoral Thesis consists of the introduction, three body chapters and conclusions. The introduction presents the scientific problem, its relevance, the object of the research, the aim and tasks of the research, methods of research, scientific novelty of the Thesis, practical significance of its results and defended statements. The first chapter provides analysis of possibilities for a widely diversified investment portfolio selection. The study of proposals of scientists on different assets combining into an investment portfolio is carried out. Portfolio of exchange traded funds is created and its efficiency is evaluated. The method for actually incurred risk evaluation is suggested. Solutions for active investment portfolio management with financial leverage are specified in the second chapter. The changes of efficient set of portfolios and expediency of active portfolio management with financial leverage are evaluated. Forecasts integration method, based on prediction accuracy in the past, is... [to full text]

The dissertation analyses the topic and problems of selection and management of investment portfolio in terms of market dynamics. The global financial crisis has revealed that investments bear not only return possibilities but also a relatively high risk of loss. The main aim of the Thesis is to propose and test empirically investment portfolio selection and management solutions matching the tendencies of modern markets for the investors with different investing preferences. The Doctoral Thesis consists of the introduction, three body chapters and conclusions. The introduction presents the scientific problem, its relevance, the object of the research, the aim and tasks of the research, methods of research, scientific novelty of the Thesis, practical significance of its results and defended statements. The first chapter provides analysis of possibilities for a widely diversified investment portfolio selection. The study of proposals of scientists on different assets combining into an investment portfolio is carried out. Portfolio of exchange traded funds is created and its efficiency is evaluated. The method for actually incurred risk evaluation is suggested. Solutions for active investment portfolio management with financial leverage are specified in the second chapter. The changes of efficient set of portfolios and expediency of active portfolio management with financial leverage are evaluated. Forecasts integration method, based on prediction accuracy in the past, is... [to full text] / Disertacijoje nagrinėjama investicijų portfelio sudarymo ir valdymo rinkų dinamikos sąlygomis problematika. Globali finansų krizė parodė, kad investuojant atsiranda ne tik uždarbio galimybės, bet ir gana didelė praradimų rizika. Pagrindinis disertacijos tikslas – pasiūlyti ir empiriškai aprobuoti šiuolaikinių rinkų dinamikos iššūkius atitinkančius investicijų portfelio sudarymo ir valdymo sprendimus skirtingus investavimo polinkius turintiems investuotojams. Daktaro disertaciją sudaro įvadas, trys skyriai ir bendrosios išvados. Įvade suformuluojama mokslinė darbo problema, pagrindžiamas jos aktualumas, įvardijamas tyrimo objektas, darbo tikslas ir uždaviniai, pristatoma tyrimo metodika, darbo mokslinis naujumas ir gautų rezultatų praktinė reikšmė, įvardijami ginamieji teiginiai. Pirmajame skyriuje nagrinėjamos plačiai diversifikuoto investicijų portfelio sudarymo galimybės. Įvertinami mokslininkų pasiūlymai dėl skirtingų aktyvų (investicinio turto klasių) įtraukimo į investicijų portfelį, sudarytas biržoje prekiaujamų fondų portfelis ir įvertintas jo efektyvumas. Pasiūlytas investuotojo realiai patirtos rizikos vertinimo metodas. Antrajame skyriuje detalizuoti aktyvaus investicijų portfelio valdymo taikant finansinį svertą sprendimai. Įvertinti efektyviosios portfelių ribos pokyčiai bei aktyvaus portfelio valdymo taikant finansinį svertą tikslingumas. Pasiūlytas prognozavimo tikslumu praeityje paremtas prognozių integravimo metodas ir įvertintas jo efektyvumas integruojant... [toliau žr. visą tekstą]