<p>Syfte med detta arbete är att undersöka huruvida avkastningsberäkning för en datalagerinvestering bör göras, hur det kan göras och om det görs. Vidare avses att undersöka om generella kalkylmetoder kan användas av företag, oavsett storlek, som avser att starta datalagerinvesteringsprojekt. Datalagerteknologin har ännu en hög utvecklingstakt och detta medför ofta höga utvecklingskostnader i samband med investeringar inom datalager.</p><p>Undersökningen baseras på en kombinerad dokumentstudie och enkätundersökning. Dokumentstudien belyser den problematik vilken förknippas med problemområdet. Enkätundersökningen fokuseras mot olika större organisationer såsom banker, post och dagligvaruhandeln, vilka idag använder sig av datalager. De tillfrågas om huruvida avkastningsberäkning görs i deras organisation och, i så fall, hur den utförs.</p><p>Analysen och resultatet tyder på att problemområdet inte har en enkel lösning och att någon typ av avkastningsberäkning bör användas. Svårigheterna ligger i att värdera de potentiella fördelar som ett datalager kan generera.</p>

<p>Background and purpose</p><p>In Sweden private savings in stocks has experienced a large increase and in year 2006 there were 6.7 million people, or 77 per cent of the population owning stocks. A recent study shows that more than every other Swede has deficient knowledge in trading with stocks. Since small private investors often do not know how to gather and interpret information they must utilize investment advices. The large increase in private savings in stocks, the lack of investment knowledge together with the large increase in Internet usage has resulted in investment advice seeking on the Internet. One of the largest sources of investment advices on the Internet in Sweden today is Avanza.se. The purpose with our thesis is to describe and analyze if, after a buy recommendation issued at Avanza’s website, the effects with respect to abnormal return and market efficiency differ significantly depending on a company’s capitalization value.</p><p>Method</p><p>We have used a quantitative approach to fulfill our purpose. The secondary data required to do so was gathered from the OMX-Group’s website, where historical prices and Index information was collected, and from the online broker Avanza’s website where the buy recommendations were compiled. In order to conduct statistical tests and calculations we have used the statistical software SPSS.</p><p>Frame of Reference</p><p>The theories we made use of mainly treated market efficiency and abnormal return.</p><p>Conclusions</p><p>We have seen that the recommendations’ effect concerning abnormal return differ signifi-cantly depending on capitalization value, where the effect on companies with smaller capitalization values are larger. We have also found tendencies of market inefficiency at the semi strong level for stocks with smaller capitalization value.</p>

<p>One of the newest emerging areas of research in supply chain management is ReverseLogistics. It involves all activities related to the flow of products from the customerback to the supplier. In the last decade scholars have developed theories and models,however empirical data is still in its infancy. In response, this paper strives to close thisgap by conducting research to create new knowledge on the first element of reverselogistics, which is the product return process. The main intention of having a returnprocess is to handle returned products efficiently in order to recover value and to savecosts. Therefore, it is a value-adding operation and can become profitable for thecompany.The purpose of this study is to investigate the implementation and perception of thereturn process of Swedish e-retailers. Sweden is considered to be one of the mostmatured e-commerce markets. In addition, e-retailers experience the highest rate ofproduct returns. Together those two factors influenced the decision to dedicate thisthesis to this particular region and industry.Initially, this paper introduces reverse logistics focusing specifically on the productreturn process. An overview of the existing theories and concepts within the returnprocess is presented and summarized, resulting in the creation of the Boomerang ReturnModel. Based on this foundation the questionnaire was created. By cooperating with theSwedish e-retail federation - Svensk Distanshandel, access to the industry was gained toperform a quantitative study.It was found that the empirical data only gives insight into the implementation andperception of the return process of small sized companies. The findings demonstrate thelimited awareness of the importance of an efficient return process. Companies tend toperceive the return process as unimportant instead of value adding. Hence, there is anopportunity for improvements in the Swedish e-retail market. From these findings amodified version of the Boomerang Return Model was created to adjust the initialmodel particularly for small sized companies. The model can be utilized as a theoreticalgroundwork in future research. Additionally, it could also serve as guidance for smallcompanies how to implement an appropriate return process.</p>

<p>The paper examines the investment performance of the world automotive industry using a sample of 21 original equipment manufacturers (OEMs) based in three major continents, North America, Europe and Asia between the years 1999 and 2004. The empirical findings suggest that there exists persistent overinvestment not only in the global level but also in the major automotive production regions analyzed. Proving that none of the 3 regions gain returns on investment at least as large as their costs of capital, shareholder wealth is not maximized in the world automotive industry. Europe, among these regions, proves to gain the highest return on investment of its cost of capital. The empirical results also show that the return on investment financed by debt is high around the world and close to 100% of its cost of capital.</p>

<p>This paper examines whether the phenomena of price drift around quarterly earnings re-leases exist among firms listed on the large cap. list at the Stockholm Stock Exchange for a time period ranging from the first quarter of 2003 to the second quarter of 2006. It fur-thermore examines the ability of the variables forecast error, relative to analyst’s estimates, and firms’ size to explain the variation in price drift among firms.</p><p>A sample of some 30 firms were drawn in the first three quarters of each year between 2003 and 2005, for the year of 2006 only the fist two quarters were included in the study. For each quarter all firms were classified into three different portfolios on the basis of earnings deviations relative to mean analyst’s estimates (forecast error). The returns for each firm in all portfolios were investigated during 20 days post- and pre quarterly earnings release date, resulting in an event window totaling 41 days. In order to clear out effects from general market movements the Capital Asset Pricing Model, CAPM, was used in which betas were estimated for all firms each quarter.</p><p>The findings from this study indicate that price drift, measured by cumulative abnormal re-turn, occur for firms with both negative forecast error as well as positive. For firms with positive error, statistically significant positive price drift was found for both the pre- and post period. As for the firms with earnings below analyst’s mean estimates, negative prean-nouncement drift was statistically supported.</p><p>The ability of firms size and forecast error to explain the variation in price drift on a stock level was very weak, R2 measures of below 5% was reported. However, forecast error was a strongly significant independent variable in the context of the regressions run for both pre- and post-announcement drift. The firms below the lower market cap. quartile in the sample show, on average, lower pre-announcement drift than the firms belonging in the largest quartile.</p><p>Concerning market efficiency among the large cap. firms the price drift found is an indica-tion of market inefficiency both it terms of the semi strong and the strong form. However, care should be taken before generalizing the results from this study but. Possible misspeci-fication of the equilibrium return model will skew the price drift measurement. Moreover, speculation is not explicitly controlled for in this test. Finally, this study is done within a li-mited time span; hence generalization over time is not possible</p>

<p>There are several authors Markowitz (1991), Elton and Gruber (1997) that discuss the main issues that an investor faces when investing, for example how to allocate resources among the variety of different securities. These issues have led to the discussion of portfolio theories, especially the Modern Portfolio Theory (MPT), which is developed by Nobel Prize awarded economist Harry Markowitz. This theory is the philosophical opposite of tradi-tional asset picking.</p><p>The purpose of this thesis is to investigate if an investor can apply MPT in order to achieve a higher return than investing in an index portfolio. Combining a strong portfolio that beats the market in the longrun would be the ultimate goal for most investors.</p><p>The theories that are used to analyze the problem and the empirical findings provide the essential concepts such as standard deviation, risk and return of the portfolio. Further, diversification, correlation and covariance are used to achieve the optimal risky portfolio. There will be a walk-through of the MPT, with the efficient frontier as the graphical guide to express the optimal risky portfolio.</p><p>The methodology constitutes as the frame for the thesis. The quantitative method is used since the data input is gathered from historical data. This thesis is based on existing theories, and the deductive approach aims to use these theories in order to accomplish a valid and accurate analysis. The benchmark that is used to compare the results from the portfolio is the Stockholm stock exchange OMX 30. This index mimics and reflects the market as a whole. The portfolio will be reweighed at a preplanned schedule, each quarter to constantly obtain an optimal risky portfolio.</p><p>The finding from this study indicates that the actively managed portfolio outperforms the passive benchmark during the selected timeframe. The outcome someway differs when evaluating the risk adjusted result and becomes less significant. The risk adjusted result does not provide any strong evidence for a greater return than index. Finally, with this finding, the authors can conclude by stating that an actively managed optimal risky portfolio with guidance of the MPT can surpass the OMX 30 within the selected timeframe.</p>

<p>Sammanfattning</p><p>Antalet investeringsfonder och intresset för dessa har under de senaste åren ökat drama-tiskt. 94 % av den svenska befolkningen mellan 18-74 år sparar i någon form av fond. Un-der 2005 uppgick det totala fondkapitalet till ungefär 1,4 miljarder SEK. Det gör detta till ett viktigt ämne att studera vidare.</p><p>Syftet med denna uppsats att analysera om det är något samband mellan förvaltningsavgif-ter, avkastning, riskjusterad avkastning och marknadsanpassad förvaltningsavgift och av-kastning i svenska aktiefonder. Vidare, skiljer sig prestationen mellan fonder beroende på om de är förvaltade av banker, listade som premiepensionsfonder eller förvaltade av andra fondbolag?</p><p>För att analysera dessa frågor användes ’panel least square’ regressioner. Populationen bestod av 63 aktiefonder inom en tidsram av 20 kvartal. Dummy variabler användes för att särskilja bank- och premiepensionsfonder från den totala populationen.</p><p>Observationerna visade liksom tidigare forskningen blandade resultat. Ingen relation hitta-des mellan avkastning, riskjusterad avkastning och förvaltningsavgift. Detta indikerar att fondbolagen inte tar hänsyn till den förväntade avkastningen när de fastställer sin förvaltningsavgift, vilket överensstämmer med tidigare forskning.</p><p>Ett negativt samband hittades emellertid mellan den marknadsanpassade avkastningen och förvaltningsavgiften.</p><p>Generellt presterade banker i genomsnitt bättre än fondbolag som varken var bank- och/eller premiepensionsfonder när det gäller avkastning, riskjusterad avkastning och marknadsanpassad avkastning. Vidare, fonderna med någon avgift utöver förvaltningsavgif-ten var de med den i genomsnitt näst sämsta gällande avkastning.</p> / <p>The number of investmentfunds have dramatically increased in the last years and so have the interest in funds. 94% of the Swedish population between 18-74 years are investing in some kind of mutual fund. In 2005 the total fund capital was approximately 1.4 billion SEK. That makes this an important topic to investigate further.</p><p>Therefore this thesis purpose is to analyse if there is any relationship between administrationfees, returns, the risk-adjusted performances. Furthermore, does the performance of the Swedish mutual funds differ dependent on whether they are managed by banks or if they are listed as Premiepensionsmyndigheten (PPM) funds, or run by other mutual fund companies?</p><p>To analyse the problem a panel least square regression was used. The population consisted of 63 Swedish mutual equity funds over 20 quarters. Dummy variables were used to separate the banks- and PPM funds from the total population.</p><p>The findings are mixed compared to previous research. There seem to be no relationship between the return, the risk-adjusted return and the administration fee. This indicates that the fund companies do not set their administration fee based on the expected return.</p><p>However, a negative relationship was found between the market-adjusted return and administration fee.</p><p>In general, the banks, on average, outperformed, the mutual fund companies that were not bank and/or PPM funds, in return, risk-adjusted return and market-adjusted return. Further, the funds with some additional fee had the on average second lowest efficiency in terms of return on the market.</p>

<p>Spinoffs are an increasing phenomenon on the Swedish stock market. In this report one can read about factors that trigger spinoffs as well as about the short and medium term risk and return that spinoffs yield. I have observed 17 pre-spinoff companies that become 34 post-spinoff companies which continued to be traded on the stock market.</p><p>For the purpose of the investigation I use time-series regression, and my model is the sin-gle-factor market model. I use this model to estimate the beta and the firm specific factor. Supporting theories are: efficiency, portfolio theory, valuation method and asymmetry all those topics are central parts in a spinoff.</p><p>From my research I can not prove that spinoffs increase shareholders wealth. That means that the new units created through a spinoff are not more worth than the old corporation as such the new units do not outperform the old conglomerate structures expected return. However, the new units beta is not equal the old conglomerate structures beta, and this may due to change in capital structure. The weighted beta increase in half of the times, as such, it suggests a higher level of debt financing.</p><p>By comparing the spinoff company and the parent company in the post-spinoff scenario it can be concluded that the company who is performing the best is also the riskier alternative and the spinoff performs better than the parent company in eleven out of seventeen times. There is also a correlation between risk and return - when higher return is observed it also brings higher risk, and it holds true in all samples except one.</p><p>Further, at group level the spinoff group performs better than the market return and the spinoff group performs on average better than the parent group. Thus, if an outside inves-tor is to invest in either a spinoff company or a parent company one should buy the spinoff company at preferred weight according to the investors risk preferences.</p>

<p>Background: A well-known study, similar to ours, was made in 1985 in America, showing that "loser" portfolios outperformed the market while "winner" portfolios earned less return than the market. This finding is not in accordance with the theory of efficient markets. If a market is efficient, there should be no possibility of making sustainable excess returns and prices should follow a random walk. </p><p>Purpose: The purpose of this thesis is to study a "winner" portfolio and a "loser" portfolio in order to establish whether the Swedish stock market is efficient in the weak form. We will study the efficiency of the A-list at Stockholm Stock Exchange. </p><p>Delimitations: We test efficiency of the Swedish stock market in the weak form. Our investigation comprises stocks registered on the A-list of the Stockholm Stock Exchange. We do not take tax- and transactions costs into consideration in this study. </p><p>Methodology: "Winner" and "loser" portfolios are formed for the period 1997- 2002. We keep the portfolios during a test period of one year, i.e. form new portfolios at the end of each year. The first winner and loser portfolios are selected on the last day of trading in 1996 and the last two portfolios are selected on the last day of trading in 2001. </p><p>Results: Our result indicates that the Swedish stock market is efficient in the weak form during the period 1997-2002.</p>

<p>This study analyzes the determinants of return migration from Sweden to Bosnia and Herzegovina, and outmigration to third country during the time period 1994-2003. The study is limited to the refugees who arrived to Sweden 1993-1994. One important aim is also to find out to what extent the propensity of return migration is affected by integration and participation in the Swedish labor market.</p><p>There is a larger fraction of the refugees from Bosnia and Herzegovina who return than migrate to a third country. The results show that a higher education is affecting the return migration decision positively, but not the migration to another country. Since the social protection system in Bosnia and Herzegovina is partially undeveloped, only those with a well paid job or wealthy relatives can afford any mishaps. Highly educated individuals are expected to have these economical prerequisites. Being employed in Sweden or receiving social benefits there, give negative marginal effects on the probability of emigration. Therefore, the position on the Swedish labor market has importance for an emigration decision. Being married or having children decreases the probability of emigration. However, the family status effects are stronger for outmigration to a third country. Further, it is more likely for a family to return than emigrate to a third country. It is also more likely for women to return, while there is a larger fraction of men that migrate to a third country. Summarizing the most important findings, the probability of outmigration is strongly reduced by the level of integration.</p><p>This is not only an analysis of individual micro data. The political and economic differences between home country and source country are also compared. Pull-factors seem to dominate return migration since Sweden has a more stabilized economic and political situation. However, the refugees must have strong economic prerequisites or wealthy relatives to support them, in order to realize a return migration decision. A large fraction of the refugees who wish to return do not have the possibilities to realize their return intentions. They consider themselves as temporary migrants, but have involuntary become permanent migrants in Sweden.</p>