We examine the market liquidity impact of open market share repurchases in a computerized order driven market. Using a detailed dataset of daily repurchase transactions on the Stockholm Stock Exchange together with intraday data on bid-ask spreads and order depths enable us to examine liquidity effects on the actual repurchase days. Overall, we find that repurchase trades inside the order driven trading system contributes to market liquidity through narrower bid-ask spreads and deeper market depths. After controlling for total trading volume, price, and volatility we still find a significant decrease of the bid-ask spread on repurchase days relative to surrounding non-repurchase days. However, repurchases executed as block trades outside the order driven trading system have a detrimental effect on the bid-ask spread, consistent with a negative response to the presence of informed managerial trading. / <p>QC 20130515</p>

The main objective of this research is to estimate internal and external wage effects associated with a changing share of college graduates in Canada. This paper uses data drawn from the Canadian 1991, 1996, and 2001 Public Use Microdata File for 25 to 65 years old individuals working full-time and full-year in metropolitan areas. These workers are then separated into four different levels of education groups in order to estimate the effect of change in the share of college-educated workers on their earnings. <p>The Ordinary Least Squares (OLS) estimates, controlling for potential work experience, total years of schooling, individual occupation, employment industry, immigration status, visible minority status, show a significant positive relationship between the percentage change of the share of college-educated workers and the percentage change of individuals real weekly wage rates. We found that one percentage point increase in a census metropolitan areas share of college-graduated workers was associated with a 0.35 percentage change in all workers wage rates in that city. For separated education groups, our results showed that a one percentage expansion in the supply of college-graduated workers raised less than high schools wage rate by 0.245 percent, raised high-school graduates wage rate by 0.363 percent, raised more than college-educated workers wage rate by 0.385 percent, and raised college-educated wage rate by 0.326 percentage. These results are consistent with the conclusion arrived at by E. Moretti, (2004) that all types of workers earnings increased when a citys share of college graduates rose.

This thesis aims to investigate the effects of the Swedish minimum capital requirement in relation to the Swedish private limited liability companies. The issue of whether there should be a requirement for minimum share capital has been debated in Sweden and the rest of the European Union. Sweden and other continental European countries have a tradition of providing a minimum share capital requirement in order to provide creditor protection. Countries that administer an Anglo-Saxon tradition such as England and the United States do not express the same belief in the minimum share capital’s function as creditor protection and has therefore abolished these requirements. The European Union’s Second Company Law Directive provides a minimum share capital of EUR 25,000 for companies similar to the Swedish public limited liability company. The companies comparable to the Swedish private limited liability companies is thus regulated under the law of the Member States themselves. In Sweden the frequently used arguments for abolishing the minimum share capital requirement are the rule’s dysfunction as creditor protection, the fact that the minimum share capital does not consider the specific capital demand of the company and the potential obstacle effect on entrepreneurship. The author agrees with these arguments but emphasises the minimum share capital’s function as an “entrance fee” to the private limited liability company form as an argument why the requirement should maintain in Swedish company law. The rules in ABL regarding protection of restricted equity could be replaced by a solvency-sufficiency test similar to the provision in § 6.40 MBCA. The minimum share capital’s obstacle effect on entrepreneurship could be reduced by introducing a beneficial loan with low interest rate provided by the state or the municipalities.

Sänkningen av aktiekapitalkravet från 100 000 till 50 000 SEK den 1 april 2010, förverkligades för att förbättra de institutionella villkoren för de privata aktiebolagen och för att fungera som ett incitament till att öka småföretagande. Syftet med denna uppsats är att undersöka om de privata aktiebolagen har valt att lösgöra eller behålla sitt aktiekapital efter denna nya regel och varför. Dessutom ämnar studien att undersöka om det finns skillnader mellan de som väljer att minska eller att behålla sitt aktiekapital avseende bransch, ålder och omsättning. Studien baseras på en enkätundersökning som innefattar 212 respondenter. De resultat som denna undersökning kommer fram till är:  Att majoriteten av de privata aktiebolagen har valt att behålla sitt aktiekapital. Att anledningen bakom att behålla aktiekapitalet är att bevara företagets kreditvärdighet, att använda aktiekapitalet i verksamheten och för att proceduren med att sänka aktiekapitalet anses vara krångligt och tidskrävande. Framförallt anser inte dessa företag att en minskning av aktiekapitalet har någon större betydelse då det mesta av minskningen antingen försvinner i form av beskattning eller att mängden 50 000 SEK inte anses vara en väsentlig summa. Skillnaderna mellan de privata aktiebolagen utgörs endast av omsättningsvolym. För företag med omsättning över 3 000 000 SEK/år tenderar en minskning av aktiekapitalet att avta helt och förkommer bland företagen med mindre omsättning än 3 000 000 SEK/år.  Detta innebär att de privata aktiebolagen som ingår i studien inte upplever möjligheten till att sänka aktiekapitalet som en förbättring av de institutionella villkoren eller som ett incitament, där regeln inte alls anses ha någon inverkan för företagen. / The reduction of share capital requirement from 100 000 to 50 000 SEK, which was implemented April 1, 2010 to improve the institutional conditions for the private limited companies and to act as an incentive to increase small businesses. The purpose of this essay is to examine whether the private limited companies have chosen to reduce or maintain its share capital after this new rule and why. In addition, the study intends to investigate whether there are differences between those who have chosen to reduce or maintain its share capital regarding branch, age and revenue. The study is based on a survey involving 212 respondents. The results of this study are the following: The majority of the private limited companies have chosen to maintain their share capital. The reason behind keeping the share capital is to maintain the company’s credit rating, to use the share capital in their respective the business and because of the process of lowering the share capital is considered to be complex and time consuming. Above all, these companies do not consider a reduction of share capital having a greater significance when most of the reduction either disappear in the form of taxation or the amount of 50 000 SEK is not considered as a substantial amount.  The differences among the private limited companies consist only of revenue. For companies with revenue of more than 3 000 000 SEK/year, tends a reduction of share capital to subside completely and occurs among the companies with turnover less than 3 000 000 SEK/year. This means that the private limited companies do not perceive the possibility of lowering the share capital as an improvement of the institutional conditions or as an incentive where the reduction of share capital requirement is not considered to have any impact on businesses.

As architects, we cannot resist the opportunity to build good houses on generous budgets to accommodate happy families. We could use this opportunity, however, to reconfigure the detached single-family house for a group of people that are not yet family, let alone happy. These are distressed times for a growing margin of society: seniors are lonely, young families struggle with little household help and middle-aged couples continue to pay large mortgages on their “empty nest” homes. We live in a society that copes. Seniors move into annexes of their children’s homes, two young families share daily chores, and middle-aged couples invest in a property with friends. It is happening all around us, and much can be done to provide the infrastructure to both accommodate and encourage the shift. This work builds the case for a house: a shared house for the emerging demographic of non-autonomous households that fall outside the conventions of the nuclear family. The project is a social experiment that investigates, probes and predicts the dynamics between 7-12 occupants who may be family, friend or stranger. It promises not only to test current proclivities, needs and desires for domesticity and privacy, but begs to be considered as an acceptable, and even preferable, way of living.

The main objective of this research is to estimate internal and external wage effects associated with a changing share of college graduates in Canada. This paper uses data drawn from the Canadian 1991, 1996, and 2001 Public Use Microdata File for 25 to 65 years old individuals working full-time and full-year in metropolitan areas. These workers are then separated into four different levels of education groups in order to estimate the effect of change in the share of college-educated workers on their earnings. <p>The Ordinary Least Squares (OLS) estimates, controlling for potential work experience, total years of schooling, individual occupation, employment industry, immigration status, visible minority status, show a significant positive relationship between the percentage change of the share of college-educated workers and the percentage change of individuals real weekly wage rates. We found that one percentage point increase in a census metropolitan areas share of college-graduated workers was associated with a 0.35 percentage change in all workers wage rates in that city. For separated education groups, our results showed that a one percentage expansion in the supply of college-graduated workers raised less than high schools wage rate by 0.245 percent, raised high-school graduates wage rate by 0.363 percent, raised more than college-educated workers wage rate by 0.385 percent, and raised college-educated wage rate by 0.326 percentage. These results are consistent with the conclusion arrived at by E. Moretti, (2004) that all types of workers earnings increased when a citys share of college graduates rose.

Underwriter need to participate in the process of new issue firms going public. Related reference about Taiwan's underwriter IPOs market share haven't appear. In this study, we expect to find out the relationship between Taiwan's underwriter IPOs market share and some related factors. Then offer issuer, underwriter and investor the conclusion as reference. The IPOs samples are selected during the period 1991 through 2000 in Taiwan. There are 475 newly issued firms in this period. We subtract some incomplete data samples and bank samples.There are 247 IPOs samples in our regression model. Although underwriter IPOs market share is less significantly impacted by IPOs offer price , results imply that when offer price is too low,this would damage issuer's benefit and lead to underwriter IPOs market share decrease. When offer price is too high, this would damage investor's benefit and just lightly lead to underwriter IPOs market share decrease. Results show that there is no industry specialization in Taiwan's underwriter industry. Although underwriter IPOs market share is less significantly impacted by IPOs one year performance,results imply that when underwriter market higher one year return IPOs, this would attract more investors and lead to underwriter IPOs market share increase.Results show that underwriter IPOs market share is significantly impacted by nderwriter's asset and age. The underwriter with larger asset and larger age gains more IPOs market share.

<p>Bakgrund: Den 10 mars 2000 blev Sverige ett av de sista västländerna att tillåta noterade bolag att återköpa egna aktier. Intresset för denna nya möjlighet har varit stort bland svenska börsbolag och fram till idag har ett femtiotal bolag återköpt egna till ett värde av åtskilliga miljarder. </p><p>Syfte: Syftet med uppsatsen är att studera hur ett bolags återköp av egna aktier påverkar aktiekursen. </p><p>Genomförande: Vi har studerat litteratur och artiklar om ämnet återköp. Vi har undersökt 48 företags återköp och dess kursutveckling en månad efter avslutat återköp. En jämförelse har gjorts med respektive företags branschindex. Därutöver har vi även undersökt om det går att se någon mer långsiktig effekt från starten av respektive återköpsprogram till det att de avslutades i varje företag. </p><p>Resultat: I knappt hälften av de undersökta bolagen fann vi att återköpen haft en positiv effekt på aktiekursen.</p>

This paper develops a model of distribution to analyze the effects of neoliberal globalization on labor in the developing countries. Distribution is determined via wage bargaining by workers, price setting by firms, and improvements in productivity. The full model has the nature of a Post-Keynesian conflicting claims model for an open economy under the pressure of globalization. The conflict inflation is extended to an open economy case with imported inputs, where the pass through effect of the depreciation of the local currency also becomes important. The variables that reflect the macroeconomic effects of globalization are modeled as parameters that affect the bargaining power of labor on two levels: the first group is related with the interaction with the global economy, i.e. international trade, and FDI. The second is about the domestic fiscal and monetary policy variables, which are particularly related to the specific form that globalization takes in the era of neoliberalism, i.e. government expenditures, and the interest rate. Then the model is solved for distribution of income, i.e. the wage share, thus a reduced form of the model is obtained, which is estimated in a companion paper to test whether the change in the international and domestic macroeconomic environment has affected the decline the labor's share. (author's abstract) / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

An important part for projects, organizations etc. is to have a good system of how to manage information so that it´s constantly updated, accurate and available for all affected operators. Current degree project is performed on behalf of the IT-company Eurostep AB who has developed a software named Share-A-space for information management and they are now interested to see if there are any demands for Share-A-space in the field of urban development. During the degree project, a model was built using Share-A-space and the model is called CIM (City Information Model). The objective with the degree project was to investigate how information is managed today at the Administration of Urban Development, Stadsbyggnadsförvaltningen, at Eskilstuna municipality and if CIM would facilitate their work. A deeper investigation was made to locate where processes can be more efficient and how functions that CIM contains would be helpful. The degree project contains a literature study, a case study and a result where the literature study contains an environment monitoring, today’s visions of a future coherent digital work approach within municipalities and procedures for urban development. The case study contains information how Eskilstuna municipality is managing information, it also contains a description of how the model was built. The result contain information of how the model operates and the responds from interviews performed after a presentation of the model at the municipality. This degree project concludes that CIM in some ways definitely could be a valid alternative in the municipal work. The municipality didn’t see any benefits by having access to all technical information regarding all specific objects in the city. Processes would on the other hand, become more efficient and CIM would be a helpful tool in planning processes and contribute to make the municipal work more transparent. There were functions in CIM, especially the function to “travel in time”, that was considered extra useful for the employees at the municipality when planning the city but also for private residence to receive a greater understanding of future plans. To implement CIM would, on the other hand, be a resource demanding process which the municipality can´t perform at the moment without receiving financial support.