Denna uppsats utgörs av en jämförande studie vars mål var att utröna huruvida åtta stycken utvalda investmentbolag på Stockholmsbörsen hade varit ett konkurrenskraftigt alternativ som sparform eller inte med avseende på risk och avkastning. Detta jämfört med SIX Return Index och den riskfria räntan under en tidsperiod på tio år, 2001-01-01 till 2010-12-31. Syftet med undersökningen var att den i slutändan skulle mynna ut i generella slutsatser kring investmentbolag som sparform utifrån de data som hämtats in från de berörda investmentbolagens hemsidor. Författarna kunde efter avslutad undersökning dra slutsatsen att investmentbolagen historiskt sett hade klarat sig mycket bra och kunnat uppvisa resultat som varken marknaden eller den riskfria räntan var i närheten av. Även om vissa av investmentbolagen hade presterat sämre än jämförelsemåtten så var dock den samlade bilden att de som grupp hade varit ett mycket fördelaktigt investeringsalternativ. Detta med en genomsnittlig totalavkastning som överträffade index med drygt åtta procent. / This essay examines how well eight chosen Swedish investment companies in the Stockholm stock market hold up as an investment alternative in relation to the risk and return of the investment. They will be compared with the SIX Return Index and the yield to maturity within a time period of ten years, 01.01.2001 – 31.12.2010. The purpose of this examination is to come to a general conclusion about investment companies as an investment alternative regarding their risk-adjusted return with the help of quantitative information gathered mainly from their company’s homepage. After the comparison the authors were able to come to the conclusion that investment companies historically had managed to show way better results than both the markets index and the yield to maturity. Despite a few investment companies achieving weaker results than the market index, investment companies as a group would have been a very beneficial investment alternative with an average rate of return that beats the market index by 8 percent.

I takt med e-handelns starka tillväxt så har även antalet returer ökat och e-handelsföretag kan ha upp till 50 % i returandel vilket kan medföra höga kostnader. Detta har inneburit att returhanteringen blivit en allt viktigare del för e-handelsföretag. Syftet med denna studie är att få en bättre förståelse för hur returhanteringen ser ut hos e-handelsföretag inom klädbranschen. Problemfrågorna berör vilka utmaningar står e-handlare inför idag och vilka aktiviteter kan de använda sig av för att överkomma dessa utmaningar men även hur stort fokus olika stora företag bör lägga på sina returaktiviteter. Studien baseras på en litteraturgenomgång samt en intervjustudie på fyra olika stora e-handelsföretag. De intervjuade företagen är olika stora och har ett olika stort fokus på sin e-handel. Denna studie visar på vad de olika e-handelsföretagen har för fokus på sina returaktiviteter och vad det kan leda till. Returhanteringen och dess utmaningar ser annorlunda ut för olika e-handelsföretag. För att överkomma de utmaningar som e-handelsföretag står inför är det viktigt att ha väl fungerande aktiviteter inom avoidance, gatekeeping och returpolicy som stöds av den operativa returhanteringsprocessen. För både stora och små företag är det viktigt att ha en hög medvetenhet men för mindre företag behöver det inte vara kostnadseffektivt att lägga ett allt för stort fokus på sina returaktiviteter. Syftet med returhantering är att skapa en balans mellan försäljning och kostnader / In line with the strong growth of e-commerce, the number of returns has also increased and some e-retailers can have a return ratio of 50 % which can cause high costs. Because of this, return management has become an increasingly important part of e-retailers. The purpose of this study is to increase the understanding of how return management is performed by e-retailers in the apparel business. The problem questions in this study is about what challenges are e-retailers faced with and what activities can they use to respond to these challenges. This study is based on a literature review and the interview of four companies. The interviewed companies are different ones in size with a different focus on their e-commerce. This study shows how much the interviewed companies are focusing on their activities around returns and what the outcome can be. Return management and its challenges are different for different e-retailers. To overcome their challenges, it is important to have well-functioning activities within avoidance, gatekeeping and return policy that supports the operational returns management process. Regardless size on the companies it is important to achieve a high level of awareness, however, it does not need to be profitable for smaller companies to have a strong focus on their return activities as bigger ones. The purpose of return management is to create a balance between sales and cost.

The purpose and intent of this study is to conduct comparative research between domestic and foreign investors in regard to short selling positions on the Swedish financial market. The performance differences are measured by compounding short selling positions by the investors between 2015-2018. Two comparative methods were utilized to conduct this research: The cumulative abnormal return (CAR) and the buy-and-hold abnormal return, with each calculation being utilized in accordance with Barber & Lyon (1997). The produced results have been scrutinized via univariate descriptive statistics (t-test) and a regression in order to verify if there is any significant difference between the investors. The result of the study shows that there is a tangible, noteworthy difference in an average performance amongst the investors. We can now recognize that foreign investors who hold their short selling positions for a longer time-period demonstrate better performance. To compare with the domestic investors, their displayed trading behavior seems to be more unpredictable and they have not been performing as good in this selected time-interval.

I takt med e-handelns starka tillväxt så har även antalet returer ökat och e-handelsföretag kan ha upp till 50 % i returandel vilket kan medföra höga kostnader. Detta har inneburit att returhanteringen blivit en allt viktigare del för e-handelsföretag. Syftet med denna studie är att få en bättre förståelse för hur returhanteringen ser ut hos e-handelsföretag inom klädbranschen. Problemfrågorna berör vilka utmaningar står e-handlare inför idag och vilka aktiviteter kan de använda sig av för att överkomma dessa utmaningar men även hur stort fokus olika stora företag bör lägga på sina returaktiviteter. Studien baseras på en litteraturgenomgång samt en intervjustudie på fyra olika stora e-handelsföretag. De intervjuade företagen är olika stora och har ett olika stort fokus på sin e-handel. Denna studie visar på vad de olika e-handelsföretagen har för fokus på sina returaktiviteter och vad det kan leda till. Returhanteringen och dess utmaningar ser annorlunda ut för olika e-handelsföretag. För att överkomma de utmaningar som e-handelsföretag står inför är det viktigt att ha väl fungerande aktiviteter inom avoidance, gatekeeping och returpolicy som stöds av den operativa returhanteringsprocessen. För både stora och små företag är det viktigt att ha en hög medvetenhet men för mindre företag behöver det inte vara kostnadseffektivt att lägga ett allt för stort fokus på sina returaktiviteter. Syftet med returhantering är att skapa en balans mellan försäljning och kostnader. / In line with the strong growth of e-commerce, the number of returns has also increased and some e-retailers can have a return ratio of 50% which can cause high costs. Because of this, return management has become an increasingly important part of e-retailers. The purpose of this study is to increase the understanding of how return management is performed by e-retailers in the apparel business. The problem questions in this study is about what challenges are e-retailers faced with and what activities can they use to respond to these challenges. This study is based on a literature review and the interview of four companies. The interviewed companies are different ones in size with a different focus on their e-commerce. This study shows how much the interviewed companies are focusing on their activities around returns and what the outcome can be. Return management and its challenges are different for different e-retailers. To overcome their challenges, it is important to have well-functioning activities within avoidance, gatekeeping and return policy that supports the operational returns management process. Regardless size on the companies it is important to achieve a high level of awareness, however, it does not need to be profitable for smaller companies to have a strong focus on their return activities as bigger ones. The purpose of return management is to create a balance between sales and cost.

De senaste åren har den digitala utvecklingen lett till stor utveckling inom konsumenters köpbeteenden online. I takt med att det uppkommit fler aktörer på marknaden har e-handelsföretag konkurrerat inom pris, fraktalternativ och andra kostnader för att underlätta köpupplevelsen för kunder. Det har lett till att kundens köpbeteende förändras och produkt returerna ökat. Studien undersöker konsumenters returbeteende inom e-handel kopplat till konsumentens personlighet för att hitta samband i beteenden som kan bidra till kunskap kring vilka personlighetsdimensioner som är mer benägna att returnera varor. För att undersöka om det finns ett samband mellan konsumentens personlighetsdimensioner och returbeteende testar studien hypoteser utformade efter femfaktorsteorins dimensioner och de legitima- samt opportunistiska returbeteendet. Studien kommer att bidra med vidare forskning inom returbeteende genom en enkätundersökning av svenska konsumenter. Slutsatsen som kan dras i studien är att vissa personlighetsdimensioner kan kopplas till opportunistiskt och legitimt returbeteende. Denna studie har kunnat visa att neuroticism, välvillighet och samvetsgrannhet är viktiga faktorer som påverkar en individs returbeteende. Den har även visat att det finns ett stort behov av framtida forskning inom området, eftersom det finns indikationer till fler samband. / This essay is in Swedish. In recent years, digital developments have led to major developments in consumers' purchasing behavior online. As more players emerged in the market, e-commerce companies have competed on price, shipping options and other costs to facilitate the shopping experience for customers. This has led to a change in the customer's buying behavior and an increase in product returns. The study examines the return behavior of artifacts in e-commerce linked to the consumer's personality in order to find connections in behaviors that can contribute to knowledge about which personality dimensions are more likely to return goods. To investigate whether there is a relationship between the consumer's personality dimensions and return behavior, the study tests hypotheses designed according to the dimensions of the five-factor theory and the legitimate and opportunistic return behavior. The study will contribute to further research in return behavior through a survey of Swedish consumers. The conclusion that can be drawn in the study is that certain personality dimensions can be linked to opportunistic and legitimate return behavior. This study has been able to show that neuroticism, agreeableness and conscientiousness are important factors that influence an individual's return behavior. It has also shown that there is a great need for future research in the area, as there are indications of more connections.

This thesis examines the integration of customer satisfaction into the DuPont model to understand its impact on long-term corporate profitability. A company was selected to conduct the study. By applying the company’s data to the DuPont model, it was observed how changes in customer satisfaction affected profitability. The purpose and research question were answered through the literature review, case study, interviews, and data from the company. The analysis showed that increased turnover during the years 2022 and 2023 led to improved profit margins and asset turnover rate, resulting in higher return on total capital. Critical factors such as long delivery times and inefficiencies in customer service have affected the company’s customer satisfaction, which the company is striving to address. The study has concluded that regular measurement of customer satisfaction and the use of feedback from customers contribute to adjusting strategies and processes. The literature review supports the link between customer satisfaction and long-term profitability. The company’s situation shows a connection between customer satisfaction and profitability at present. The company should conduct sporadic surveys regarding customer satisfaction to predict the outcomes of the DuPont model.  Improvement suggestions presented in the study are based on data from the company and interviews. Based on these factors, the company could recommend actions such as improving delivery times and optimizing the supply chain and enhancing internal and external communication in order to strengthen customer satisfaction and profitability. / Detta examensarbete undersöker integrationen av kundnöjdhet i DuPont-modellen för att förstå dess påverkan på företags lönsamhet på lång sikt. Ett företag blev utvalt för att genomföra undersökningen. Genom att tillämpa företagets data i DuPont-modellen kunde det observeras hur förändringar i kundnöjdheten påverkade lönsamheten. Genom litteraturstudien, fallstudie, intervjuer och data från företaget kunde syftet och frågeställningen besvaras. Analysen visade att ökad omsättning under år 2022 och år 2023 ledde till förbättrad vinstmarginal och kapitalomsättningshastighet, vilket resulterade i högre räntabilitet på totalt kapital (Rtot). Kritiska faktorer såsom långa leveranstider och ineffektivitet i kundtjänsten har påverkat företagets kundnöjdhet, vilket företaget strävar efter att åtgärda.  Studien har kommit fram till att regelbunden mätning av kundnöjdhet och användning av feedback från kunder bidrar till att justera strategier och processer. Litteraturstudien stödjer kopplingen mellan kundnöjdhet och långsiktig lönsamhet. Företagets situation visar en koppling mellan kundnöjdhet och lönsamhet i nuläget. Företaget behöver göra mer tydliga och sporadiska undersökningar för att förutse hur DuPont-modellens resultat kommer se ut.  Förbättringsförslag som presenteras i studien grundar sig på data från företag och intervjuer. Utifrån dessa faktorer kunde företaget rekommenderas åtgärder som att förbättra leveranstider, optimera försörjningskedjan samt förbättra intern och extern kommunikation för att stärka kundnöjdheten och lönsamheten.

This essay focuses on gender behaviour in The Return of the Soldier by Rebecca West. The claim for this essay argues that West has changed the traditional gender roles in her novel by giving female characters masculine attributes and the male character feminine attributes. The theoretical framework provides a comparison of how West’s gender construction in her novel differs from older literature. The comparison is carried out by providing examples from two novels from the nineteenth century, in which we can see how men and women could be portrayed. The theoretical framework also discusses feminist theories by Toril Moi, masculinity studies by Alex Hobbs, and typical gender stereotypes according to Jeff Hearn. These theories are used to analyse how the characters’ gender behaviour is affected by social factors and how West deviates from the traditional construction of gender roles.

The efficient market hypothesis and behavioural finance have been the cause of much debate for decades, with one theory advocating market efficiency and the other opposing it. The efficient market hypothesis (EMH) assumes that investors always act rationally and stock prices adjust rapidly to new information and should reflect all available information. In contrast, behavioural finance suggests that markets are not rational and investors make irrational decisions, which may lead them to over- or under-price stocks. Researchers for years have been empirically testing these assumptions in stock markets. However, there has been no consensus on which asset-pricing models perform better in capturing the effect of market anomalies and what impact these market anomalies have on the expected returns of different stock market’s sectors. The aim of the study was to test the effect of selected market anomalies on expected return in different sectors of the Johannesburg Stock Exchange (JSE). More specifically, the study aimed to compare the performance of different asset-pricing models and their ability to account for market anomalies in different sectors of the JSE. Additionally, this study tested the applicability of the recent Fama and French five (FF5-factor) model, in estimating the expected return on the JSE. The study used a quantitative approach with secondary data over a period of 12 years starting from January 2002 to December 2014. The sample used in the study consists of monthly data obtained from McGregor BFA and the South African Reserve Bank. The study examined for the effects of size, value, January and momentum variables across six sectors of the JSE. This was accomplished by the use of various asset-pricing models such as the Capital asset pricing model (CAPM), the Fama and French three-factor model (FF3-factor), the Carhart four-factor model (C4F) and the recent five-factor model of Fama and French (FF5-factor). The study showed that whenever the asset-pricing models were not restricted, they tend to capture the market anomalies in four out of the six sectors examined. However, no market anomalies were found present in two of the six sectors analysed. In contrast, when the asset-pricing models are restricted, the asset-pricing models only seem to capture the effects of market anomalies in one of the six examined sectors. The findings in this study suggest that market anomalies are sensitive to model specifications, as restricting the models tends to capture the different market anomalies across the sectors of the JSE. The study also found that market anomalies differ across sectors and that some sectors are more efficient than others. The study also reveals that the FF5-factor model is able to account for expected returns on the JSE. In addition, the FF5-factor model tends to perform better when the model is restricted. It is also evident from the findings presented in this study, that the value anomaly loses its predictive power when profitability and investment variables are included in the model. Overall, the study illustrated that market anomalies have an effect on returns of the JSE, that the model specifications play an important role in an asset-pricing model and that the FF5-factor model is applicable on the JSE, however, it is not certain whether four or five factors apply to the South African market.

The efficient market hypothesis and behavioural finance have been the cause of much debate for decades, with one theory advocating market efficiency and the other opposing it. The efficient market hypothesis (EMH) assumes that investors always act rationally and stock prices adjust rapidly to new information and should reflect all available information. In contrast, behavioural finance suggests that markets are not rational and investors make irrational decisions, which may lead them to over- or under-price stocks. Researchers for years have been empirically testing these assumptions in stock markets. However, there has been no consensus on which asset-pricing models perform better in capturing the effect of market anomalies and what impact these market anomalies have on the expected returns of different stock market’s sectors. The aim of the study was to test the effect of selected market anomalies on expected return in different sectors of the Johannesburg Stock Exchange (JSE). More specifically, the study aimed to compare the performance of different asset-pricing models and their ability to account for market anomalies in different sectors of the JSE. Additionally, this study tested the applicability of the recent Fama and French five (FF5-factor) model, in estimating the expected return on the JSE. The study used a quantitative approach with secondary data over a period of 12 years starting from January 2002 to December 2014. The sample used in the study consists of monthly data obtained from McGregor BFA and the South African Reserve Bank. The study examined for the effects of size, value, January and momentum variables across six sectors of the JSE. This was accomplished by the use of various asset-pricing models such as the Capital asset pricing model (CAPM), the Fama and French three-factor model (FF3-factor), the Carhart four-factor model (C4F) and the recent five-factor model of Fama and French (FF5-factor). The study showed that whenever the asset-pricing models were not restricted, they tend to capture the market anomalies in four out of the six sectors examined. However, no market anomalies were found present in two of the six sectors analysed. In contrast, when the asset-pricing models are restricted, the asset-pricing models only seem to capture the effects of market anomalies in one of the six examined sectors. The findings in this study suggest that market anomalies are sensitive to model specifications, as restricting the models tends to capture the different market anomalies across the sectors of the JSE. The study also found that market anomalies differ across sectors and that some sectors are more efficient than others. The study also reveals that the FF5-factor model is able to account for expected returns on the JSE. In addition, the FF5-factor model tends to perform better when the model is restricted. It is also evident from the findings presented in this study, that the value anomaly loses its predictive power when profitability and investment variables are included in the model. Overall, the study illustrated that market anomalies have an effect on returns of the JSE, that the model specifications play an important role in an asset-pricing model and that the FF5-factor model is applicable on the JSE, however, it is not certain whether four or five factors apply to the South African market.

For more than three decades, the World Economic Forum’s annual Global Competitiveness Reports have studied and benchmarked the many factors underpinning national competitiveness. The quality of higher education and training is considered particularly crucial to ensure national competitiveness. The globalizing economy requires countries to nurture pools of well-educated workers who are able to perform complex tasks and adapt rapidly to their changing environment and the evolving needs of the economy. Vocational and continuous on-the-job training and the constant upgrading of workers’ skills is critical to sustain the economical status of the country. Despite the acknowledgement that education, training and development (ETD) is a key driver for a country's economical sustainability and growth, the contributions that companies make to this effect are a concern. This is ascribed to the difficulties experienced in companies regarding the management of ETD. In this study it is postulated that communication problems are at the heart of the challenges which are experienced in managing ETD. Strategic conversation is proposed as one of the methods to address the communication and performance shortcomings experienced by business and ETD managers. It is argued that if the level of conversations is raised to make them strategic, the potential to optimise results and make an impact at organisational and national level is increased. Hence, the purpose of this study was to propose a Strategic ETD Conversation (SETDC) model to optimise Return on Occupational Training Expectations (ROTE) that would contribute towards the achievement of organisational and national strategic goals. In lieu of the limited empirical research available on the strategic conversation phenomenon in general, the purpose of this study was inter alia to conduct empirical research to explore the essence of strategic ETD conversations in order to propose a model of practical value to ETD managers. Hence, the empirical research was situated in both an explorative paradigm and a pragmatic paradigm with the aim to provide practical solutions and an instrument to successfully engage in strategic ETD conversations which would enhance the quality of ETD and thus contribute to global competitiveness. / Educational Leadership and Management / D. Ed. (Education Management)