This diploma thesis is focused on return on investment associated with the construction of a residential building in Česká Třebová. First, the author finds all costs associated with the construction of a residential building. Subsequently, the residential building will be evaluated according to the law, as a complex and as an individual flats. It will also be based on the prevailing prices of rents calculated yield value of the house. Then the comparative method provides the prevailing price of apartments in the area and find out how much revenue would amount to, if the house is sold off for flats. Finally the resulting values are compared among themselves and determine the best option to deal with new residential building in Česká Třebová.

<p>In Chapter 1, I construct a new proxy for Tobin's q that incorporates the replacement cost of patent capital. This proxy, PI (physical plus intangible) q, explains up to 64\% more variation in investment than other proxies for q. Furthermore, investment is more sensitive to PI q than to other proxies for q. Although investment is predicted more accurately by, and is more sensitive to, PI q, controlling for PI q leads to relatively higher, not lower, cash flow coefficients. All results are stronger in subsamples with more patent capital. Overall, using PI q strengthens the historically weak investment-q relation.</p> <p><br></p> <p>Chapter 2 includes Noah Stoffman and M. Deniz Yavuz as co-authors, and in this chapter, we find that small innovators (i.e., small, innovative firms) earn higher returns than small non-innovators for up to five years. We find no such innovative premium among large firms. A battery of tests shows that our results are explained by risk, not investor underreaction. Small innovators are especially risky because they focus more on risky product innovation and rely more on organization capital that amplifies their systematic risk. In addition, small innovators contribute significantly to the size premium. Overall, small innovators have a higher cost of equity, which potentially explains why they rely heavily on internal capital.</p>

Abstract Date:                         2020 June 08 Level:                        Bachelor thesis in Business Administration, 15 cr Institution:                School of Business, Society and Engineering, Mälardalen University Authors:                   David Kuwa                                   Sajjad Ahmed                                  (87/01/12)                                      (88/01/03) Title:                         Return it or not?                                  How informed e-commerce customers are in relation to environmental effects caused by e-purchase returns. Tutor:                       DAVID FREUND Keywords:                E-commerce, Returns and return policies, Customer behaviour, Environmental factors Research question:                   How informed are e-commerce customers regarding negative environmental impacts of e-commerce returned goods? Aim &amp; Purpose:        To understand the environmental effects caused by E-commerce purchase returns and research on how informed the E-commerce consumers in Sweden are on these effects in subject to their buying and returning behaviour. Method:         Qualitative research method approach is used where focus groups are organized and discuss with the help of semi-structured discussion questions   Conclusion:   Online buyers concentrate more on the return policy a company gives, and many will utilize the free policies to order goods impulsively, just to later make returns of the extra goods that they do not require. They found using e-commerce to return goods to be very beneficial. This is as a result of little knowledge of the environmental effects caused by goods returns. Given ample information by retailers, (which many consumers suggest is necessary), customer could practice more caution in making order returns.

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Cette thèse est construite autour de trois essais empiriques centrés sur l'efficience rendement risque des banques européennes cotées et sur la tarification des obligations qu'elles émettent. Avec le premier essai, on mesure l'aptitude relative des banques à choisir efficacement le couple rendement / risque. On montre que cette aptitude relative est stable, surtout à court terme et que les banques les plus efficaces dans leurs choix rendement / risque partagent des caractéristiques communes et bénéficient d’une notation de solidité plus avantageuse. Le second essai apporte la preuve que l'introduction de cette mesure d'efficience du choix rendement / risque améliore de manière sensible l'explication de la prime de défaut qu'exigent les investisseurs sur les obligations émises par les banques et que les mesures traditionnelles du risque de défaut ne captent pas à elles seules l’intégralité de la prime de défaut. En outre, la capacité des banques à gérer efficacement le couple rendement / risque s’avère être un élément déterminant de la confiance que mettent les détenteurs d'obligations dans la mesure du risque effectif de défaut des banques. Avec le dernier essai on traite des conséquences d'une éventuelle divergence entre droits de contrôle et droits pécuniaires des actionnaires ultimes des banques sur la tarification des obligations qu'elles émettent. Si les obligataires ne semblent pas sensibles à une telle divergence avant la crise financière, les résultats montrent en revanche qu’ils le deviennent pendant la crise en exigeant un spread d'autant moins élevé que cette divergence est plus prononcée. Il est intéressant de noter que ce résultat ne tient que lorsque les banques font face à un risque de défaut élevé. / This thesis consists of three empirical essays with an emphasis on bank risk-return efficiency and bond pricing. Chapter 1 aims at a better understanding of the quality of banks’ risk management by providing, for a set of European listed banks, a measure of each bank’s relative efficiency in terms of risk-return trade-off. We show that the level of bank risk-return efficiency is quite stable in the short term, whereas in the long term low performing banks are not condemned to remain inefficient. We also identify some common characteristics for the most risk-return efficient banks, which are assigned, by rating agencies, a more attractive financial strength rating. In chapter 2, we investigate the determinants of bank bond spread and we show that bank managerial ability, proxied by bank risk-return efficiency, improves the explanation of the default premium required by bondholders. Our results underline that standard default risk measures do not entirely reflect the default premium and banks’ managerial ability turns out to be a determinant of bondholders’ confidence in the measure of the effective level of bank default. Chapter 3 examines the effect of divergence between control rights and cash-flow rights of ultimate owners in pyramid ownership structure on the pricing of banking bonds. Whereas before the financial crisis such a divergence does not affect bank bond yield spread, during downturns bondholders require a lower spread from banks controlled by an ultimate owner with excess control rights. The investigation on more restrictive subsets underlines that this result is only significant when banks experience a high level of default risk.

In the first essay, I examine stock market implications of state-to-state migration flows that are known to provide the basis for social and business networks. I observe sizeable and robust excess return comovement between migration-flow receiving and sending states at both the individual stock and the state portfolio levels. Although I find that migration flows are associated with firms’ business activities, this comovement is not fully explained by economic fundamentals and decreases substantially when firms relocate to other states. In line with the view that migration networks form the basis for a common investor base for receiving and sending states stocks, I find that a) receiving states account for a significant portion of sending states stocks’ trading volume, and b) migration comovement is strongly correlated with the percent of local population born in migration states and more prevalent in states where retail investors display “old home” bias in addition to local bias. Moreover, consistent with the view that migration comovement may be rooted in sentiment shared by a common investor base, I find that it coexists with mispricing, measured by stock return reversals. In the second essay, I test whether takeover targets are more likely to be connected to bidders via domestic migration network by relating acquisitions with the availability of social and business networks formed via interstate migration flows. I find that targets are more likely to be from the migration sending states when migration networks are sturdier. Additionally, I find that targets are more likely to be from migration sending states with stronger migration network a) when acquirer and targets are in different industries, b) when migration network involves non-neighboring states, and c) when targets are small. The results are consistent with the notion that information advantage is at least a partial explanation of firms’ propensity to choose targets from migration sending states, especially when information asymmetry about target is more pronounced. Moreover, I find that takeover premium is smaller and acquirer announcement returns are higher when migration sending states targets are small with low institutional ownership, which substantiate the view that migration networks present enhanced accessibility of soft information to acquirers and that the effect of such information advantage is valuable when there is substantial degree of information asymmetry regarding targets.

Philosophiae Doctor - PhD / Cardiovascular disease is amongst the top three leading causes of mortality in South Africa and the world. The effects of cardiovascular disease can be seen in limitations of function within all spheres of life, including work function. Cardiac rehabilitation programmes have been documented to improve functional abilities, but little is known about the return to work rate after cardiac rehabilitation. Access to cardiac rehabilitation programmes in the Western Cape is limited. This study aimed to determine the return to work rates and influencing factors after cardiac rehabilitation as well as to design an intervention programme that is accessible and could facilitate return to work for individuals with cardiovascular disease.

Diploma thesis The Russian Approach to the Process of Disengagement of the Returning Foreign Fighters is dealing with the issue of terminating one's membership and participation on activities of the terrorist organizations abroad in the context of the Russian Federation. The aim of the thesis is to fill the gap in the research which has neglected the Russian approach. The thesis is working with the theoretical knowledge of the current research on disengagement and transfers it to the state level. The approach of the Russian Federation to the process of disengagement is analysed within the categories of hard and soft measures which are being implemented by the Russian Federation in connection with the disengagement of the foreign fighters returning from Syria and Iraq mainly to the North Caucasian region. Based on the balance between hard and soft measures, the complexity of the Russian approach is being assessed. The approach of the Russian Federation to the process of disengagement of the foreign fighters is varied on the federal and within the regional level as well. The federal level approach is strictly based on hard measures and involuntary disengagement of the returning foreign fighters. The regional level in cases of Chechnya, North Ossetia, Stavropol region and Karachay-Cherkessia is...

På senare år har intresset för hållbarhet ökat i samhället. Allt fler vill bidra till samhället på ett positivt sätt genom att exempelvis källsortera, åka mindre bil eller minska på köttkonsumtionen. I och med det ökade intresset för hållbarhet, har även intresset för hållbara investeringsalternativ ökat. Studiens syfte är att undersöka sambandet mellan graden av hållbarhet och prestation hos fonder på den svenska fondmarknaden. Detta är en kvantitativ studie där totalt 32 svenskregistrerade fonder undersöks. Fonderna valdes ut från Morningstars onlineregister och jämfördes utifrån de fem hållbarhetsbetygen, där betyg 1 anses vara minst hållbart och betyg 5 är mest hållbart. Perioden som analyserades var 2015-01-01 till 2019-12-31. För att få fram ett resultat som kan besvara studiens frågeställningar användes faktisk avkastning, CAPM, Sharpekvot, Jensens alfa och Treynorkvot. Studien visar inte på några signifikanta resultat i att fonder presterar sämre desto hållbarare de är. Detta leder till slutsatsen att det inte går att bevisa att hållbara fonder presterar bättre eller sämre än konventionella fonder. / In later years, the interest for sustainability has increased in society. More and more people want to contribute to society in a positive way by for example, sorting at source, driving less with cars or reducing meat consumption. With the increased interest in sustainability, the interest in sustainable investment alternatives has also increased. The purpose of the study is to investigate the relationship between the degree of sustainability and performance of funds in the Swedish fund market. This is a quantitative study in which a total of 32 Swedish-registrered funds are examined. The funds were selected from Morningstar’s online register and compared on the basis of the five sustainability ratings, where grade 1 is considered as the least sustainable and grade 5 is the most sustainable. The period that was analyzed was 2015-01-01 to 2019-12-31. In order to get a result that can answer the questions of this study, actual return, CAPM, Sharpe ratio, Jensen’s alpha and Treynor ratio are used. The study does not show any significant results regarding the degree of sustainability and the performance. The conclusion regarding whether sustainable funds perform better or worse than conventional funds cannot be established.

Aim: This study aims to examine whether highly ranked companies in sustainability generate a higher return then companies operating in controversial industries in the swedish market during the years 2015-2019.  Method: This study examines return and if connections exist whether the companies apply sustainability thinking or controversial industry. To investigate correlations this study uses a quantitative method thru using regression analysis with data obtained from the years2015-2019 in the swedish market. The study has formed a null hypothesis and an alternative hypothesis to test collected secondary data. The study is based on a deductive approach.Totally 32 companies are included in this study and the collected secondary data comes från Nasdaq and the companies own annual reports. The return is the studies dependent variable and P/E ratios, the standard deviation and ROA are used as control variables in this study.  Result and conclusion: The studies conclusion is that the result is insignificant, thesustainable companies nor the controversial companies performs better according to this studies data and analysis. The study’s regressions show no difference in returns between the studied controversial companies and the sustainable companies. The result shows neither positive nor negative relationships and therefore the study’s alternative hypothesis is rejected. / Syfte: Syftet med denna studie är att undersöka ett urval av hållbara företag eller kontroversiella företag presterar en bättre avkastning på den svenska marknaden under perioden 2015-2019. Studien grundar sig på att reda ut om en hållbar investering kan ge en förklaring till investeringens avkastning.  Metod: Studien har utifrån litteraturgenomgången format en nollhypotes och alternativhypotes som har prövats med hjälp av tillämpad sekundär data. Insamlingen av den sekundära datan som studien tillämpat har byggts på en deduktiv ansats. Urvalet resulterade i att 32 företag stycken företag har undersökts. Sekundärdatan har hämtats från Nasdaq och företagens årsredovisningar. Avkastningen är använd som beroende variabeln, hållbara företag som den oberoende och P/E-tal, standardavvikelsen och ROA är studiens kontrollvariabler. Detta har testats med hjälp statiska regressionsanalyser. Resultat &amp; slutsats: Resultatet från regressions analyserna visade att inget signifikant samband inte kunde påvisas. Vilket betyder inget signifikant samband mellan hållbarhet och avkastning. Vi kunde inte se någon skillnad i avkastning mellan de studerade kontroversiella företagen och de hållbara företagen. Resultatet visar inte att sambandet är negativt eller positivt och studiens alternativ hypotes förkastas.