Tidigare forskning är inte enig om aktivt förvaltade fonder presterar bättre eller sämre än index. Då hänsyn inte tas till olika nivåer av aktivitet tycks de flesta studier visa att aktiv förvaltning är en förlustaffär för fondsparare. Vi introducerar ett nytt mått på aktivitet, aktivitetsgrad, som utgår från de åtgärder förvaltaren vidtar. Aktivitetsgraden definieras av mängden och storleken på förändringar i portföljsammansättningen som sker under ett kvartal. Vi undersöker aktivitetsgraden hos 22 svenska småbolagsfonder mellan 2008 och 2013 och finner att de flesta fonder har en låg aktivitetsgrad. Vi finner att aktivitetsgraden verkar negativt på prestation samt att aktivitetsgrad är bättre på att förutsäga prestation än Tracking Error.

A company without proper strategy is like a person without sight. The research deals with identifying the lost market that the company could not yet replace due to border conflict with Ethiopia, and with recommending future actions. The main goal of this research is to assess and analyze the external and internal situations of Dahlak Share Company. In order to formulate the best strategy, the company resources must correlate with the macro and microenvironment situation. Dahlak Share Company operates in Asmara, capital of Eritrea and it sells its products in local market and foreign countries, mainly in the Great Lakes region of Africa. Therefore, assessing and analyzing Eritrean and relevant other countries' situation, information regarding the footwear industry, stakeholder's interest and the company's capacity lends significance to the quality of the formulated strategy. The discussion on the research objective is based on the strategy formulation process. This research is a case study and is qualitative in nature. Therefore, financial reports, and other relevant company documents are used to collect the secondary data. Interviews have also been conducted with the company's management body to collect the primary data. According to the study findings the company has the opportunity to increase the demand of the Great Lakes region of African market and consciousness of Eritrean customers insistence on best quality products. The company is well branded in the region and it is known for its long time experience in shoe production. Moreover, the company has a strong management staff. Though there is tough competition in local and international market, Dahlak Share Company is able to succeed by minimizing unnecessary cost and improving the quality of its products. / Thesis (MBA)-University of KwaZulu-Natal, 2004.

The present thesis is a study of the economic consequences of declining real wages in the United States. It proposes that, when the real wages of the majority of the U.S. workforce declined in the 1970s, 1980s and the first half of the 1990s, household labour supply increased. Consequently, real family income in the bottom eighty percent of the income distribution rose. Wage-earning households were not only struggling to maintain their acquired standard of living as real wages were declining, but they were also, perhaps more importantly, trying to raise their standard of living. It was precisely when household labour supply hit a ceiling in the second half of the 1990s, that household debt exploded. Surging household debt from the late 1990s until 2007 – driven primarily by home mortgage debt – suggests that the culturally powerful “American Dream” motivated wage-earning households to seek and expect a continuously rising standard of living via home ownership even in the face of topped out work hours and historically low real wages.

This is a study to see the relationship between earnings per share and dividends during a period of both boom and depression. The study will focus on companies listed on Stockholm stock exchange and see if they follow theories from the past and if the dividend is smooth over times with a fluctuant economy. To see this we had this problem: Is it a relationship between earnings per share and dividend during a fluctuant economy, also if there is a difference between the different Caps on Stockholm stock exchange? We studied 163 stocks of the 293 listed stock on Stockholm stock exchange during a period of 8 years. The study is focused on the time period between year 2005 and year 2012. We used IBM SPSS statistics to see the correlation and regression between earnings per share and dividend and analysed that. We used Microsoft Excel to make graphs and analysed them. The study didn’t find any strong relationship between earnings per share and dividend. The strongest connection we found was for companies listed on Small Cap where the correlation was 0,461. The weakest connection that was found was for companies listed as Mid Cap where the correlation was 0,211. For companies listed as Large Cap the correlation was 0,283.

The present thesis is a study of the economic consequences of declining real wages in the United States. It proposes that, when the real wages of the majority of the U.S. workforce declined in the 1970s, 1980s and the first half of the 1990s, household labour supply increased. Consequently, real family income in the bottom eighty percent of the income distribution rose. Wage-earning households were not only struggling to maintain their acquired standard of living as real wages were declining, but they were also, perhaps more importantly, trying to raise their standard of living. It was precisely when household labour supply hit a ceiling in the second half of the 1990s, that household debt exploded. Surging household debt from the late 1990s until 2007 – driven primarily by home mortgage debt – suggests that the culturally powerful “American Dream” motivated wage-earning households to seek and expect a continuously rising standard of living via home ownership even in the face of topped out work hours and historically low real wages.

The marketing literature so far only considers attraction models with strict functional forms. Greater exibility can be achieved by the neural net based approach introduced which assesses brands' attraction values by means of a perceptron with one hidden layer. Using log-ratio transformed market shares as dependent variables stochastic gradient descent followed by a quasi-Newton method estimates parameters. For store-level data the neural net model performs better and implies a price response qualitatively different from the well-known MNL attraction model. Price elasticities of these competing models also lead to specific managerial implications. (author's abstract) / Series: Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

This paper documents how Swedish firms implemented and executed open-market sharerepurchases over the period 2000 to 2007 by using a unique hand-collected data set withdetailed information of each repurchase transaction. I find that my sample firms have a higherrepurchase fraction in the first half of the repurchase year. Analysis of liquidity of stocksoffers mixed results as the first proxy, turnover, improves in the second half of the program,whereas the Amihud measure of illiquidity indicates lower liquidity. Positive abnormalreturns following approval of the repurchase program is documented and large repurchaseprograms are associated with higher abnormal returns. My multivariate analysis indicates apositive correlation between abnormal return and repurchase size. Finally, I also find thatmanagers in repurchasing firms exhibit market timing skill, a skill which is more pronouncedfor firms with multiple programs. / This version: July 2009

This thesis is about how insights from double jeopardy can validly be applied to market dynamics. It has been stated that when a brand increases its market share it will tend to move up some conceptual double jeopardy (DJ) line, with its penetration increasing comparatively more than its purchase frequency for a given market share change. There remains a gap in this approach to dynamics that is academically and managerially relevant. The growth of a particular brand immediately implies a change in the market of some sort and that means the double jeopardy line is likely to move. Rather than riding up a static double jeopardy curve a growing brand could be thought of as taking up a position on a new curve. / Thesis (PhD)--University of South Australia, 2007.

This thesis investigates the impact of the reform of the split share structure on the Chinese capital market. It adopts an event study methodology to examine the share price performance around the announcements of the reform and its predicted determinants, the type and level of consideration by using a sample of the top 300 companies listed in the combined Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). I find the three-day cumulative abnormal returns (CAR) to be negative and significant around government announcement of the reform on 29 April 2005, but the three-day CAR around company???s announcement of the reform to be positive and significant. I attribute this change of sentiment by the market to the release of information about the reform process concerning features such as type and level of consideration. I also regress the company???s CAR on the type and level of consideration and find evidence to suggest that type of consideration matters, where investors prefer payment of shares from capital reserves or retained profits, cash, warrants or any combination of these methods as opposed to payment of shares from non-tradable shareholders. However, I observe no relation between level of consideration and CAR. I interpret this reaction to be that investors perceive that the consideration level is fair and reasonable based on the company???s financial and operating conditions. These results imply that the reform of the split share structure exerts a positive impact on a company???s share price and the extent of impact is a function of the type of consideration.

Diss. Stockholm : Stockholms universitet, 2005.