<p><strong><p>Trading based on technical analysis has its roots in the U.S. financial industry where it has long been common practice, in Sweden however the trading style has not had the same impact. Based on the results from the preliminary study we believe this is about to change and that the topic therefore requires further studying. Several online stockbrokers today provide information and tools for technical analysis to their clients. As the list of indicators to use for creating strategies is so immense it is interesting for an investor to know what actually could be the basis for a profitable investment strategy. <strong><p>The purpose of this thesis is to examine and analyze the returns from trading strategies, based on technical analysis, which professionals use when investing in Nordic shares. <strong><p>The strategies that will be studied are derived from a preliminary study that was carried out before any work on this study began. The purpose of this preliminary study was to determine which strategies professionals use. The way we examine the different strategies is with a trading model built in Microsoft Excel which calculates buy and sell signals depending on which strategy is studied and then evaluates this in comparison with the buy and hold strategy. Testing has been carried out on 15 years of historical data on the most actively trades shares in Sweden, Denmark, Finland and Norway. The data material was divided in five different periods which were tested separately and combined. The study included six trading strategies, six time periods and five countries and consequently tested 144 different combinations of phases, markets and strategies. <strong><p>We conclude that the results of our study are unambiguous as to how the investigated strategies performed in comparison with the buy and hold strategy. Overall there is a very small percentage of the studied strategies that generated excess returns in so many cases that the strategy might be considered to be good in the long term. There were clear differences between how strategies performed during different market trends, and when the strategies were tested on the entire data set which included both ups and downs there were no longer any clear connection to what strategies were viable. There were also some differences concerning the return of the various strategies but since they all performed so poorly none of them should be recommended to an investor. The study also shows that there is no big difference in how the strategies performed on the different Nordic markets.</p></strong></p></strong></p></strong></p></strong></p> / <p><strong><p>Handel utifrån teknisk analys har sitt ursprung i den amerikanska finansbranschen där den länge varit vanligt förekommande, men Sverige har den inte haft samma genomslag. Vi anser, med förstudien som bakgrund att är på väg att förändras och därmed ett intressant ämne att studera vidare. Flera nätmäklare tillhandahåller idag information och verktyg för teknisk analys till sina kunder. Då det finns en uppsjö av verktyg att använda sig av är det intressant för en investerare att veta vilka som faktiskt kan ligga till grund för en lönsam investeringsstrategi.</p><p><strong>Denna studie syftar till att undersöka och analysera avkastningen från handelsstrategier, grundade på teknisk analys, som professionella aktörer använder sig av vid investeringsbeslut i enskilda nordisk aktier. <strong></strong></strong></p><p>De strategier som kommer studeras grundar sig på en förstudie som genomfördes innan arbetet med denna studie påbörjades. Syftet med förstudien var att ta reda på vilka strategier professionella aktörer använder sig av. Själva genomförandet av studien är uppbyggd kring en handelsmodell i Microsoft Excel som beräknar köp- och säljsignaler beroende på vilken strategi som testas och sedan utvärderar denna jämfört med buy and hold strategin. Tester har gjorts på 15 års historisk data för de mest omsatta aktierna i Sverige, Danmark, Finland och Norge. Tidsperioden delades in i fem faser vilka testades separat och dessutom testades hela perioden. Studien omfattade sex strategier och följaktligen testades 144 olika kombinationer av faser, marknader och strategi. <strong></strong></p><p>Vi kan konstatera att resultaten från vår studie är entydiga vad det gäller hur de undersökta strategierna presterade jämfört med buy and hold strategin. Sammantaget var de en liten andel som lyckades generera en överavkastning i så pass många fall att den strategin skall anses vara bra på lång sikt. Det fanns tydliga skillnader i hur de undersökta strategierna presterade under olika marknadstrender, men när strategierna testades på hela datamaterialet där det ingår både upp- och nedgångar fanns inte längre några tydliga samband för vilka strategier som var lönsamma. Det fanns även vissa skillnader gällande den avkastning som de olika strategierna genererade, men då samtliga presterade så pass dåligt bör en investera inte ägna sig åt någon av dem. Vidare visar studien på att det inte är några större skillnader mellan de nordiska marknaderna när det kommer till hur väl de olika strategierna presterar.</p></strong></p>

<p>Background: Mutual funds have become an important part of the Swedish deposit market. Savings in mutual funds add up to almost 20 percent of the households'assets. When the pension reform is carried out all employees are going to have savings both in mutual and bond funds. But only if the fund overperforms the market it is worth investing. </p><p>Purpose: The purpose of this study is to explore if Swedish mutual funds have generated higher returns than market portfolio in the late nineties. </p><p>Research method: Returns of the mutual funds have been examined by four different measures. These are return on investment, the Sharpe ratio, the Treynor ratio and Jensens alpha. </p><p>Results: According to the results from my study only one mutual fund has performed better than the market on the average. Some funds had higher return than expected under some years but no extraordinary performance was found. Even lower return than expected was found in some mutual funds.</p>

<p><p>The reason to return is a phenomenon which tells us that many people want to travel back to a destination they visited before. Even if there are changes in the society with the New tourist who seeks for the authentic, this essay is proving that there still is a dominance of repeat tourism and search for belonging and safety. That implication shows evidence that there still are remaining from old tourism about security with the destination and so on. Further, investigation tells us about the returning tourists, their driving forces and push-factors that create a will for tourists to return. Is it a question of how loyal tourists are to the destination, attitudes and/or tradition when planning the trip? We have made a survey that covers why tourists travel and what impacts are created during their decisions. Also included are the questions about the will of return and the reasons why. Having children proved to be a crucial part of the decision making process, where parents chose destinations out of the children-oriented places. Returning to a destination, on the other hand, is a product of safety-seeking together with a positive experience and beautiful surroundings, all weaved up to raison d'être - just to be.</p></p>

<p>Huvudsyftet med uppsatsen är att se hur ett företags annonsering om återköp av aktier påverkar dess börskurs i Sverige. Som delsyfte kommer även en undersökning göras om huruvida reaktionen skiljer sig mellan olika branscher samt om Sveriges reaktion skiljer sig från den tidigare forskningen i USA och i Storbritannien.<strong><em> </em></strong></p><p>Undersökningen har genomförts med hjälp av en eventstudie där den abnormala avkastningen beräknas. En intervju utförs för att bekräfta resultatet.</p><p>Resultatet gav en sammanlagd kumulativ avkastning på 0,57 %. Det visade även att det finns en skillnad mellan olika branschers reaktion på en annonsering av ett återköp. Sveriges reaktion jämförs bäst med Storbritanniens som har en abnormal avkastning på 1,14 % än med USA som har en abnormal avkastning på 3,5 %.<strong><em></em></strong></p> / <p>The purpose with this study is to examine how a company’s announcement of a repurchase of stocks affect the stock price in Sweden. There will also be an investigation about how the reaction differ between branches and if the reaction found here in Sweden is different than the ones that has been found in USA and the United Kingdom.</p><p>The examination has been carried out with an event study where the abnormal return has been calculated. An interview has been performed to confirm the result.</p><p>The result showed a cumulative abnormal return with 0,57 %. It also showed that there is a difference in reaction between branches. Sweden is more comparable with the United Kingdom who has an abnormal return with 1,14 % than it is with USA which has an abnormal return with 3,5 %.</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>

<p>The shareholder is supposed to be indifferent if one share costs 100 SEK, or 10 shares cost 10 SEK each. In an efficient market, shares should be valued directly to new expectations as a result of the announcement of the reverse split. We investigate whether abnormal returns incur surrounding reverse split and if owner structure change.</p><p>One reason for the reverse share split is that most companies have plans to imple-ment other company’s specific events in order to survive rather than to change the price range to a more attractive level. We found a negative return in the ex-day at 8,1 per cent. When the ex-day is pure enough from other price driving information should the outcome be a reaction to how the market perceives changes in future divi-dends after the reverse split. In consideration of stock ownership of votes accounted for a reduction of individual owners, and increasing institutional owners, more in companies with low Market to Book. This may suggest that the institutional share-holders have increased their share of votes to increase their power in the companies.</p>

The paper sheds some light on the education returns in Germany in the post war period. After describing higher education in Germany the current stand of higher education financing within the single states is presented. In six states tuition fees will be introduced in 2007/08 and discussions are going on in even some more. In the second part of the paper an empirical analysis is done using longitudinal data from the German social pension system. The analysis over the whole lifecycle renders results which proof that the higher education advantages are quite remarkable and might be a justification for more intensified financing by tuition fees. But all this has to be embedded into an encompassing strategy of tax and social policy, especially to prevent a strengthened process of social selection, which would be counterproductive for an increased and highly qualified human capital in Germany.

Der vorgestellte Beitrag gibt einen Überblick über die gegenwärtige Hochschulfinanzierung in Deutschland; kürzlich haben einige Bundesländer Studiengebühren eingeführt, die zu einer teilweisen Finanzierung der Studienkosten beitragen sollen. Im II. Kapitel werden außerdem kurz die finanziellen Strukturen der tertiären Ausbildung in den OECD-Ländern beschrieben. Dabei geht es vor allem um die Kostenaufteilung zwischen öffentlichem und privatem Sektor. Im III. Kapitel werden dann die Verteilungswirkungen des gegenwärtigen Finanzierungssystems kritisch hinterfragt. Dabei wird auch auf den Lebenseinkommensvorteil einer Hochschulausbildung im Detail eingegangen, bevor dann mögliche Auswirkungen einer Gebührenfinanzierung diskutiert werden. Es wird deutlich hervor gehoben, dass die Einführung von Studiengebühren in eine umfassende hochschul- und bildungspolitische Strategie eingebettet sein muss, damit eine negative Selektionswirkung auf die Jugendlichen aus Haushalten mit prekären Einkommen vermieden wird. / The paper sheds some light on the financial structures of higher education in Germany. Recently in several member states of Germany tuition fees have been introduced. Chapter II describes the current situation in Germany, the financial structures in the OECD countries and sheds some light on the higher education costs as well as parts to be borne by the public and private sector. Chapter III discussed the distributional impacts of the current German system and adds some information on the education returns in Germany in the post war period. The analysis over the whole lifecycle renders results which proof that the higher education advantages are quite remarkable and might be a justification for more intensified financing by tuition fees. But all this has to be embedded into an encompassing strategy of tax and social policy, especially to prevent a strengthened process of social selection, which would be counterproductive for an increased and highly qualified human capital in Germany.

Diese Arbeit beschäftigt sich dem Thema Studienfinanzierung. Zuerst richtet sich der Fokus auf die Analyse des Gutes Hochschulausbildung. Anschließend werden die Finanzierungsmöglichkeiten der Studierenden aufgezeigt, wobei den Krediten eine besondere Aufmerksamkeit zukommt. Die Analyse der Finanzierungssysteme in den USA und Australien ist ebenfalls Bestandteil der vorliegenden Arbeit. Hier richtet sich das Augenmerk auf die Entwicklung der Studiengebühren und die angebotenen Finanzierungsmöglichkeiten. Daran anschließend erfolgt eine Darstellung der Auswirkungen des jahrelang gebührenfrei angebotenen Hochschulstudiums in Deutschland. In diesem Zusammenhang werden die Finanzierungsstruktur deutscher Hochschulen, die soziale Zusammensetzung der Studierenden und die Akademikerquote beleuchtet. Zum Abschluss erfolgt eine empirische Untersuchung der Lebenseinkommen verschiedener Bildungsgruppen in Deutschland und damit verbunden eine Berechnung der Bildungsrenditen bestimmter Ausbildungsniveaus. / This work is directed at the theme financing of higher education. The first view goes to the analysis of the good higher education. Following, the ways of financing higher Education will be presented, in which the loans play a particular role. The breakdown of the financing schemes in the USA and Australia is a part of this work as well. In this section the history of tuition fees and the offered financing proposals are disclosed. Afterwards a presentation of the impacts of the long lasting tuition free higher education in Germany occurs. In this context the financing structure in German universities, the social composition of students at German universities and the percentage of graduates are outlined. An empirical analysis of the lifetime income from different education groups and the calculation of education returns of particular education levels in Germany conclude this work.

Background: Mutual funds have become an important part of the Swedish deposit market. Savings in mutual funds add up to almost 20 percent of the households'assets. When the pension reform is carried out all employees are going to have savings both in mutual and bond funds. But only if the fund overperforms the market it is worth investing. Purpose: The purpose of this study is to explore if Swedish mutual funds have generated higher returns than market portfolio in the late nineties. Research method: Returns of the mutual funds have been examined by four different measures. These are return on investment, the Sharpe ratio, the Treynor ratio and Jensens alpha. Results: According to the results from my study only one mutual fund has performed better than the market on the average. Some funds had higher return than expected under some years but no extraordinary performance was found. Even lower return than expected was found in some mutual funds.