Följande arbete undersöker den abnormala avvikelsen på olika företags aktiekurser i samband med respektive VD avgångar. Undersökningen utförs med syfte att hitta möjliga mönster för VD avgångars påverkan på aktiekurser, där dagen för ett pressmeddelande angående en VD avgång nämns som händelsedagen. Den normala avvikelsen utgörs av standardavvikelsen mellan aktiekurs utvecklingen för varje bolag och ett generellt branschindex under ett tio dagars händelsefönster. Den abnormala avvikelsen framförs i att forma av skillnaden mellan den normala avvikelsen och standard avvikelsen för samma variabler under händelsedagen. Undersökningen delar upp de observerade företagen i två kategorier i avgränsnings syfte, dessa två typer framförs som Typ av Avgång samt bransch. De två undersökta typerna utgör analysobjekt som författarna analyserar utifrån välkända markandsteorier, dessa är Den effektiva marknadshypotesen respektive Agentteorin. Dessutom används tidigare forskning som jämförelseobjekt. Undersökningens resultat visar inga tydliga mönster mellan olika branschers abnormala avvikelse med händelsedagen däremot nämner författarna intressanta aspekter gällande typ av avgång. I slutdiskussionen lyser författarna upp olika potentiella orsaker till resultatet samtidigt som den ger förslag för vidare forskning.

Syftet med uppsatsen är att genom en eventstudie undersöka vilken påverkan VD- bytenhar haft på aktiekursens upp- och nedgångar beroende på företagsstorlek samt frivillig eller ofrivillig avgång.

I have examined the common stock investments made by members of the U.S. Senate between 2006 and 2009. I find that the average stock portfolio in the Senate exhibits one and two year cumulative abnormal returns (CARs) of -0.15 % and 0.43%, respectively. This suggests that members of the Senate are not trading on insider knowledge as indicated by one previous researcher who calculated a one year CAR of 25%. However, my findings are in line with another previous researcher who found a one year CAR of about -2% and concluded that Congressmen are not trading on inside information. I also examine election-year trades made by senators who lose a reelection bid. This cashing out effect amounts to a CAR of 0.43% during the first year post loss, but after two years these trades exhibit a CAR of -0.03%. The cashing out group performs no better than the group as a whole, indicating that this group did not use their informational advantage to profit during the lame duck session.

The purpose of this study is to analyze reinforced concrete frames subjected to abnormal loads. Structures are rarely subjected to abnormal loads, however, when they are subjected to them, it can lead to a progressive collapse. The World Trade Centers in New York City and the Alfred P. Murrah building in Oklahoma City are examples of structures being deliberately subjected to abnormal loads. Structures can also experience unintentional abnormal loading. Examples include the Ronan Point apartment building in Canning Town, England and Husky Stadium at the University of Washington. Consequently, many analysis and design standards now explicitly account for abnormal loads and try to mitigate their effects. This study presents the development of a nonlinear computer analysis program for reinforced concrete frames. The method of analysis involves discretizing a two dimensional reinforced concrete frame into a series of beam-column elements. The element is linear-elastic, however, its end-sections model nonlinear behaviour of a total member by a series of springs. The springs represent the post-elastic stiffness of the end-sections. The post-elastic stiffness of a member-section is obtained from a post-elastic force-deformation response, which is first obtained by performing sectional analysis on a reinforced concrete section using a public domain computer program. The post-elastic force-deformation responses are modeled as either bilinear or trilinear. So-called stiffness degradation factors, which are defined as the ratio of elastic to elastic plus post-elastic deformation of a member-section, are used in modifying the elastic stiffness coefficients in the element stiffness matrix to account for the nonlinear behaviour. Once a reinforced concrete frame enters the post-elastic range of response the analysis procedure becomes incremental. The stiffness degradation factors are calculated at each load increment and the degree of post-elastic stiffness degradation is progressively tracked throughout the load history. The program also has the capability of performing a progressive collapse analysis whereby debris loads caused by falling members are calculated and applied to the structure. A series of example problems are presented to demonstrate the computer analysis program.

The purpose of this study is to analyze reinforced concrete frames subjected to abnormal loads. Structures are rarely subjected to abnormal loads, however, when they are subjected to them, it can lead to a progressive collapse. The World Trade Centers in New York City and the Alfred P. Murrah building in Oklahoma City are examples of structures being deliberately subjected to abnormal loads. Structures can also experience unintentional abnormal loading. Examples include the Ronan Point apartment building in Canning Town, England and Husky Stadium at the University of Washington. Consequently, many analysis and design standards now explicitly account for abnormal loads and try to mitigate their effects. This study presents the development of a nonlinear computer analysis program for reinforced concrete frames. The method of analysis involves discretizing a two dimensional reinforced concrete frame into a series of beam-column elements. The element is linear-elastic, however, its end-sections model nonlinear behaviour of a total member by a series of springs. The springs represent the post-elastic stiffness of the end-sections. The post-elastic stiffness of a member-section is obtained from a post-elastic force-deformation response, which is first obtained by performing sectional analysis on a reinforced concrete section using a public domain computer program. The post-elastic force-deformation responses are modeled as either bilinear or trilinear. So-called stiffness degradation factors, which are defined as the ratio of elastic to elastic plus post-elastic deformation of a member-section, are used in modifying the elastic stiffness coefficients in the element stiffness matrix to account for the nonlinear behaviour. Once a reinforced concrete frame enters the post-elastic range of response the analysis procedure becomes incremental. The stiffness degradation factors are calculated at each load increment and the degree of post-elastic stiffness degradation is progressively tracked throughout the load history. The program also has the capability of performing a progressive collapse analysis whereby debris loads caused by falling members are calculated and applied to the structure. A series of example problems are presented to demonstrate the computer analysis program.

Reporäntan som är Riksbankens viktigaste styrmedel används för att påverka landets inflation. Det har utförts omfattande undersökningar om ränteförändringar på den amerikanska marknaden. Flera forskare konstaterar att en höjning av reporäntan medför en nedgång av börskursen och vice versa samt att de finner skillnader branscherna emellan. Syfte med undersökningen är att studera om denna teori överensstämmer med den svenska aktiemarknaden. Studiens tidsperiod innefattar åren 2002 – 2011, detta för att få med både en hög- respektive lågkonjunktur, för att på så sätt undersöka om reporänteförändringen ger en starkare effekt under konjunktursvängningar. De urval som vi fokuserar på är branschindexen Finans-, Media-, Hälsa- samt Industri. En kvantitativ metod kommer att genomföras och datan inhämtas från Stockholmsbörsen OMX.  Metoden som används är en eventstudie vilket innebär att det utförs en analys av en händelse effekt. De slutsatser som vi kan dra utifrån våra resultat av beräkningarna är att det inte råder något samband mellan en ränteförändring och börskursen utifrån våra diagram av de generella höjningarna och sänkningarna. Men däremot belyser utfallet av våra hypoteser att det föreligger ett samband mellan ränteförändringar och aktiekursen. Det föreligger heller inga skillnader vad gäller branschkänsligheten mellan branschindexen. När det gäller konjunktursvängningarna fann vi att det förekom ett samband mellan höjningarna under högkonjunkturen samt sänkningarna under lågkonjunkturen. Orsaken till att effekten inte alltid är så tydlig på händelsedagen kan grunda sig i att allmänheten redan sen innan har hunnit rätta sig efter den nya informationen. Sammanfattningsvis är det svårt att förutsäga att marknaden är effektiv utifrån de resultat som vi har fått.

Abstract   Purpose The purpose of this thesis is; “To find out whether a strategy based on accumulated stock recommendations are able to outperform mutual funds and/or index funds with similar holdings over time”. Background During the past 30 years the interest for the financial market has been ever increasing. With the increased interest for the financial market, also an increased interest for the different investment alternatives have developed, thus also the amount of various financial products. Further there has been a discussion whether the different investment products actually add value to the investors. Method To be able to reach our purpose we have constructed a portfolio containing stocks based on recommendations. We have also come up with a method in order to decide the weights of the individual stocks in our portfolio. Further, we have used existing theories in order to estimate the return and the standard deviation. We have also benchmarked our portfolio against popular funds on the market. Conclusion We have seen that our portfolio during the six years running have performed better than the existing funds and also resulted in a lower standard deviation i.e. risk. Thus the results are applicable on our specific data, more research is needed in order to make any statements of statistical significance.

Since its debut in 2002 in Taiwan, private placement has become more and more popular for the corporate to collect capital in the market. However, because of its divergent characteristics and loose regulations, it has also aroused a great number of controversies so far. This study concentrates on the companies collecting capital by private placement from 2002 to 2007 and examines if obvious discount or premium on placement price existed in these cases. In addition, the study also examines the correlation between the degree of placement discount (premium) and firm characteristics. Finally, it will also be discussed if placement discount (premium) causes positive or negative effect on cumulative abnormal return of the firms. The empirical results show that on average a premium exists in placement price in Taiwan. As for firms¡¦ characteristics, financial crisis, free cash flow, and times of placement have a positive correlation with the discount (premium) degree. Two out of three intangible variables also show a positive correlation with the discount (premium). degree. Finally, the degree of discount (premium) is not significantly correlated with long-term cumulative abnormal return of private placed firms.

This study investigates the effect of board networks on M&A transactions. I select 331 samples of M&A transactions among U.S. Fortunate 500 companies which are also U.S. public companies from 2002 to 2011. In addition, I use definition of board networks by Cai & Sevilir (2012) to identify whether there exist board networks in each sample. About research design, first I use event study methodology to estimates cumulative abnormal returns (CAR), and then examine the relationship between the board networks and M&A performance through regression analysis. Empirical analysis results are as follows:¡G 1. M&A announcement brings significantly negative abnormal returns to the U.S. Fortunate 500 companies. 2. The board networks will decrease the M&A performance for the U.S. Fortunate 500 companies. 3. The board networks are not efficient information channels for the U.S. Fortunate 500 companies.

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