Bachelor-Arbeit Univ. St. Gallen, 2006.

Följande rapport beskriver ett projektarbete i att ersätta en automatisk spännings regulator (AVR) till en gammal ASEA dieselgeneratoranläggning. Generatorn är installerad på M/S Calmare Nyckel som tillhör Sjöfartshögskolan i Kalmar. Generatoranläggningen används enbart i utbildningssyfte. Den AVR som ska ersättas är en ASEA UTWH310. Det är ett väldigt gammal anläggning och vi uppskattar att den härstammar från 60-talet. Problemet med den gamla regulatorn är att när systemet har körts en stund så är det inte längre möjligt att reglera den reaktiva effekten. Vi blev tillfrågade att ersätta det gamla systemet, därför har vi inte gjort något försök att laga det. Regulatorn matar ström till en liten DC generator, mataren, som är ansluten till den större AC generatorn med remdrift. Mataren magnetiserar sedan rotorn i AC generatorn. För att få klarhet i hur systemet fungerade så gjorde vi några testkörningar. Vi tog reda på nödvändiga parametrar för att kunna ersätta den gamla anläggningen. Eftersom vi inte hade någon tidigare erfarenhet av den här typen av projekt, så hade vi lite problem att hitta en leverantör av den nya AVR utrustningen. Som tur var kom vi i kontakt med Subtron AB, ett litet företag från Enköping. De var mycket hjälpsamma, och de hade både kunskapen och utrustningen som vi behövde. Vi beslutade oss för att beställa Leroy-Somers R 448 AVR. Det är en enkel AVR men fullt kapabel att utföra det vi efterfrågar. Vi beställde också en del kringutrustning till installationen. Efter att ha testkört den nya utrustningen och kommit fram till att den fungerade utmärkt så utfördes installationen sedan på några dagar. / This following report describes a project in replacing the Automatic Voltage Regulator (AVR) in an old ASEA diesel generator system. The generator is installed on M/S Calmare Nyckel which belongs to Kalmar Maritime Academy. The Generator system is solely used for educational purposes. The AVR that is being replaced is an ASEA UTWH310. It is a very old system and we assume its from some where around 1960. The problem with the old AVR is that when the system has been running for a while there is no longer possible to control the reactive power. We were asked to replace the old system, so not much effort has been put on trying to repair it. The AVR feeds current to a small DC generator, feeder, witch is connected by a strap drive to the larger AC generator. The feeder then excites the rotor in the AC generator. To find out how the system actually worked we made some test runs. We measured necessary variables to be able to replace the old system. Because we had no formerly experience in this type of project, we had some troubles in finding a supplier of AVR equipment. Luckily we came in contact with a small company called Subtron AB from Enköping. They were very helpful and had both the equipments and the knowledge that we needed for our project. We decided to order Leroy-Somers R 448 AVR. It is a simple but fully capable AVR to preform what we asked for. We also ordered some auxiliary equipment for the installation. After a test run with the new equipment, we found out that it worked very well. The installation process was then made in a few days.

<p>Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market.</p><p>Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations.</p><p>Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance.</p><p>Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event.</p><p>Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.</p>

Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market. Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations. Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance. Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event. Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.

Diss. Wirtschaftswiss. St. Gallen, 1997 ; Nr. 2063. / Literaturverz.

<p>Följande rapport beskriver ett projektarbete i att ersätta en automatisk spännings regulator (AVR) till en gammal ASEA dieselgeneratoranläggning. Generatorn är installerad på M/S Calmare Nyckel som tillhör Sjöfartshögskolan i Kalmar. Generatoranläggningen används enbart i utbildningssyfte.</p><p>Den AVR som ska ersättas är en ASEA UTWH310. Det är ett väldigt gammal anläggning och vi uppskattar att den härstammar från 60-talet. Problemet med den gamla regulatorn är att när systemet har körts en stund så är det inte längre möjligt att reglera den reaktiva effekten. Vi blev tillfrågade att ersätta det gamla systemet, därför har vi inte gjort något försök att laga det.</p><p>Regulatorn matar ström till en liten DC generator, mataren, som är ansluten till den större AC generatorn med remdrift. Mataren magnetiserar sedan rotorn i AC generatorn. För att få klarhet i hur systemet fungerade så gjorde vi några testkörningar. Vi tog reda på nödvändiga parametrar för att kunna ersätta den gamla anläggningen.</p><p>Eftersom vi inte hade någon tidigare erfarenhet av den här typen av projekt, så hade vi lite problem att hitta en leverantör av den nya AVR utrustningen. Som tur var kom vi i kontakt med Subtron AB, ett litet företag från Enköping. De var mycket hjälpsamma, och de hade både kunskapen och utrustningen som vi behövde.</p><p>Vi beslutade oss för att beställa Leroy-Somers R 448 AVR. Det är en enkel AVR men fullt kapabel att utföra det vi efterfrågar. Vi beställde också en del kringutrustning till installationen. Efter att ha testkört den nya utrustningen och kommit fram till att den fungerade utmärkt så utfördes installationen sedan på några dagar.</p> / <p>This following report describes a project in replacing the Automatic Voltage Regulator (AVR) in an old ASEA diesel generator system. The generator is installed on M/S Calmare Nyckel which belongs to Kalmar Maritime Academy. The Generator system is solely used for educational purposes.</p><p>The AVR that is being replaced is an ASEA UTWH310. It is a very old system and we assume its from some where around 1960. The problem with the old AVR is that when the system has been running for a while there is no longer possible to control the reactive power. We were asked to replace the old system, so not much effort has been put on trying to repair it.</p><p>The AVR feeds current to a small DC generator, feeder, witch is connected by a strap drive to the larger AC generator. The feeder then excites the rotor in the AC generator. To find out how the system actually worked we made some test runs. We measured necessary variables to be able to replace the old system.</p><p>Because we had no formerly experience in this type of project, we had some troubles in finding a supplier of AVR equipment. Luckily we came in contact with a small company called Subtron AB from Enköping. They were very helpful and had both the equipments and the knowledge that we needed for our project.</p><p>We decided to order Leroy-Somers R 448 AVR. It is a simple but fully capable AVR to preform what we asked for. We also ordered some auxiliary equipment for the installation. After a test run with the new equipment, we found out that it worked very well. The installation process was then made in a few days.</p>

<p>Syftet med denna magisteruppsats är att undersöka Stockholmsbörsens reaktion i samband med företagens kungörelser av börsavknoppningar enligt Lex Asea. För detta ändamål genomfördes en eventstudie för alla företag som har kungjort deras avknoppningsplaner mellan åren 2000 och 2005. Undersökningspopulationen för denna studie uppgick till 23 företag som sammantaget gjort 25 kungörelser under den studerade perioden. För beräkning av eventuella abnormala avkastningar användes marknadsmodellen, med uppskattningar baserade på den historiska utvecklingen hos OMX SPI –indexet och hos de berörda aktierna. Resultatet från studien visade att det förelåg en positiv abnormal avkastningsutveckling under det studerade eventfönstret. Den positiva utvecklingen inträdde redan 6 dagar innan själva kungörelsen för att sedan jämnas ut dagarna efter tillkännagivandet. En vidare utredning om eventuella samband mellan en viss positiv abnormal avkastning och ett specifikt motiv kunde inte identifieras. Det fanns heller inget annat som tydde på att branschtillhörighet eller att företagen knoppat av till en viss börs skulle medföra en specifik positiv abnormal avkastning. Slutsatserna för denna studie blir således:</p><p>·Kungörelser av avknoppningar mellan åren 2000 och 2005 har</p><p>generellt medfört positiva priseffekter, som innebär att större</p><p>delen av dessa företag har fått positiva abnormala avkastningar.</p><p>·Det finns ingenting som tyder på att branschtillhörigheten,</p><p>avknoppning till en viss börs eller angivande av ett visst motiv</p><p>skulle medföra en viss abnormal avkastning.</p> / <p>This master thesis studies the Stockholm Exchange’s reaction towards the company announcements for spin-offs, complying with Lex Asea. For this purpose an event study has been conducted, which included all the companies that made announcements regarding their spin-off plans for the period between years 2000 and 2005. The sample for this study consisted of 23 companies and 25 spin-off events. The market model was used to compute the abnormal returns on a number of selected securities. The findings of this study suggest that announcements have positive impacts on companies’ securities. These positive effects are shown as early as 6 days before the announcement day, and it tends to stabilize over the days after the announcement. Furthermore any relations between the companies’ abnormal returns and their line of businesses or their listings to a certain stock exchange cannot be identified in this study. There is no further evidence in this study that indicates any relations between a company’s abnormal returns and specific motives. The conclusions for this study are as follows:</p><p>·The spin-off announcements during the period 2000-2005 have in</p><p>general contributed positive effects to the companies’ securities.</p><p>·There is no evidence whatsoever that indicates there is any</p><p>correlation between a company’s abnormal returns and its line of</p><p>business, spin-off listings in a certain stock exchange or specific</p><p>motives.</p>

Syftet med denna magisteruppsats är att undersöka Stockholmsbörsens reaktion i samband med företagens kungörelser av börsavknoppningar enligt Lex Asea. För detta ändamål genomfördes en eventstudie för alla företag som har kungjort deras avknoppningsplaner mellan åren 2000 och 2005. Undersökningspopulationen för denna studie uppgick till 23 företag som sammantaget gjort 25 kungörelser under den studerade perioden. För beräkning av eventuella abnormala avkastningar användes marknadsmodellen, med uppskattningar baserade på den historiska utvecklingen hos OMX SPI –indexet och hos de berörda aktierna. Resultatet från studien visade att det förelåg en positiv abnormal avkastningsutveckling under det studerade eventfönstret. Den positiva utvecklingen inträdde redan 6 dagar innan själva kungörelsen för att sedan jämnas ut dagarna efter tillkännagivandet. En vidare utredning om eventuella samband mellan en viss positiv abnormal avkastning och ett specifikt motiv kunde inte identifieras. Det fanns heller inget annat som tydde på att branschtillhörighet eller att företagen knoppat av till en viss börs skulle medföra en specifik positiv abnormal avkastning. Slutsatserna för denna studie blir således: ·Kungörelser av avknoppningar mellan åren 2000 och 2005 har generellt medfört positiva priseffekter, som innebär att större delen av dessa företag har fått positiva abnormala avkastningar. ·Det finns ingenting som tyder på att branschtillhörigheten, avknoppning till en viss börs eller angivande av ett visst motiv skulle medföra en viss abnormal avkastning. / This master thesis studies the Stockholm Exchange’s reaction towards the company announcements for spin-offs, complying with Lex Asea. For this purpose an event study has been conducted, which included all the companies that made announcements regarding their spin-off plans for the period between years 2000 and 2005. The sample for this study consisted of 23 companies and 25 spin-off events. The market model was used to compute the abnormal returns on a number of selected securities. The findings of this study suggest that announcements have positive impacts on companies’ securities. These positive effects are shown as early as 6 days before the announcement day, and it tends to stabilize over the days after the announcement. Furthermore any relations between the companies’ abnormal returns and their line of businesses or their listings to a certain stock exchange cannot be identified in this study. There is no further evidence in this study that indicates any relations between a company’s abnormal returns and specific motives. The conclusions for this study are as follows: ·The spin-off announcements during the period 2000-2005 have in general contributed positive effects to the companies’ securities. ·There is no evidence whatsoever that indicates there is any correlation between a company’s abnormal returns and its line of business, spin-off listings in a certain stock exchange or specific motives.

The Border Trade between border provinces of Mainland China and their neighboring countries is a unique form of economy and trade. Before the reform and opening up in 1978, due to political, diplomatic, secure and planned economic considerations, the border trade had been rather limited. After the reform and opening, PRC began to reform foreign trade regime and to execute decentralization. Provinces scrambled developing foreign trade to prosper local economy. Border provinces, geographically in disadvantage, relied on border trade as a means of boosting economy, which has been featured in the model of foreign trade. Meanwhile, in order to take care of the ethnic minority in border provinces, the government has applied preferential rules successively to help promote border trade. Since the 1980¡¦s, accompanied with the improvements of relation between the PRC and its neighboring countries, Mainland China began to pay attention to the development of border trade. The Guangxi¡¦s ethnic minority lives in a gathered community. Owing to poor natural circumstances and long-term fighting, it has become one of the economically laggard provinces of border. Guangxi borders on Vietnam. Bilateral border trade has a long history, though it had been interrupted for a certain time due to strategic status and deterioration of China-Vietnam relationship. Until the relationship was normalized in the end of 1991, the border trade between both sides reached a new stage. While the PRC carries out an open-door system for border and has endowed with border trade preferential policies since 1992, Vietnam also executes opening the market and reforming economic policies. In consequence, the amount of Guangxi-Vietnam¡¦s border trade has been growing fast; border trade carries a heavy weight in foreign trade. Border trades make effects on promoting the living standard, increasing the income of frontiers, escalating local government¡¦s revenue, improving local construction, adjusting industrial structure, attracting foreign investment, strengthening local economic capability, benefiting the frontier steadiness and people united, as well as expanding good relationship with neighboring-countries. Obviously, border trades have made a significant meaning and contribution in economic development. Recently, it became a trend for countries and regions all over the world to carry out a closer economic cooperation on free trade, and form a regional economic group. Appropriate method to develop Guangxi¡¦s border trade is to furthermore become involved in the framework of economic regionalization of the neighboring-countries, to enlarge the magnitude of foreign-trade and to strengthen economic and trade cooperation with the Association of Southeast Asian Nations.

Thesis (Ph. D.)--Stockholm School of Economics. 1996. / Errata slip (1 leaf) inserted. Includes bibliographical references (p. 373-390).