Ägare av aktier i privata bolag har sämre möjlighet att avyttra sina aktier än ägare av aktier i publika bolag, allt annat lika. Därför används en generell rabatt vid värdering av privata bolag, en privat bolagsrabatt, för att kompensera köpare för den reducerade möjligheten att avyttra sina aktier i ett senare skede. Undersökningen ämnade därför undersöka huruvida en generell rabatt är applicerbar på samtliga bolag genom att undersöka skillnader i den privata bolagsrabatten mellan olika branscher i Norden. Genom att använda publika aktietransaktioner skapades publika referensportföljer som kunde jämföras med privata bolagstransaktioner i Norden under perioden 2006- 2013. Utifrån dessa jämförelser kunde värden för den privata bolagsrabatten framställas. Resultatet tyder på att det finns skillnader i den privata bolagsrabatten mellan branscher. I två av branscherna, transport och finans, visade enskilda multiplar signifikanta resultat. Utifrån det tolkade resultatet finns motiv för att inte använda en generell, branschöverskridande rabatt. Detta då det kan medföra problematik i värderingen och ge felaktigt värderade privata bolag. / Owners of shares in private companies have less opportunity to sell their shares than owners of shares in public companies, all else being equal. Therefore, when valuing private companies, a general discount are used, a private company discount, to compensate buyers for the reduced opportunity to sell their shares at a later stage. This study therefore aimed to examine whether a general discount is applicable to all companies by examine differences in the private company the discount between different industries in the Nordic region. Public reference portfolios were created in order to compare public transactions with private transaction in the Nordic region between 2006-2013. The results showed that there are differences in the private company discount between industries. Significant results were found for some isolated multiples in two of the examined industries, transportation and finance. Those results indicated that there are motives not to use an overall, cross-industrial discount. That is due to the problems involved within the valuation process and can result in wrongly valued private companies.

The thesis "Communication and approach to language in multilingual children" is focused on language production of bilingual children, 7 to 13 years old, living permanently in Brussels, the capital of Belgium, who attend the local "Czech school without borders". Its first part presents a theoretical introduction to the field of study, defines all relevant concepts and terms, especially those regarding: child development, the Complexity, Accuracy and Fluency analysis, unprepared speech and other linguistic terms used in following research. In the practical part the empirical execution of aforementioned analysis will be presented. It involves all relevant data about the participants in the research and describes how the interviews were transcribed. The practical part also shows all transcribed interviews of 15 participants of the research. Each participant was monitored for 6 months prior to the interview by the author of the thesis. The abstract of the observation of their language behaviour at school is a part of the practical part as well. This introduction is followed by a detailed Complexity, Accuracy and Fluency analysis and its summary. The end of the thesis provides a table with results of all participants in all parts of the analysis and describes what can be concluded from it. The aim of...

Abstract: Background: In the southern areas of Sweden, around the birthplace of household brands such as IKEA, Peab, and Husqvarna, widespread entrepreneurial ventures have grown and seen their first few years of success. Alongside our collaborating private equity firm Entreprenörinvest we are trying to further expand the knowledge and descriptive concepts of what makes these entrepreneurial ventures successful. Purpose: The thesis builds on our pre-existing idea of developing research that would aim to bring the research fields of management and finance together while examining literature taught during our bachelors’ program. The managerial and finance-oriented literature rarely explain equity transactions on a regional level, in smaller companies. M&A practices are useful when firms look for organic growth yet want to continue their growth journey at a sustainable pace.  Method:  A qualitative research method has been used together with case studies, and case interviews from our collaborating company.  Conclusion: This thesis is written in collaboration with the private equity firm Entreprenörinvest. The literature would suggest that a structure such as the Acquisitional Paradigm would be used since private investments have many unknown factors and risk possibilities. The Case studies predict certain concepts brought up by the Acquisitional Paradigm while explaining and defining the core idea or rather the philosophy of the investment. The research concludes that the aspects of the entrepreneurial process are more related to proper due diligence rather than relations and people involved in the transaction. However, the entrepreneurial process also roots itself in the knowledge and relationship between buyers and sellers. Usually, more entrepreneurial business owners tend to prefer investing alongside their pre-existing relationships.

本研究之主旨為透過「併購交易比較法」探討日本市場「未公開發行公司」之流動性折價幅度。綜觀現存文獻中，衡量流動性折價的實證研究方法有「首次公開發行比較法」、「限制性股票比較法」與「退場之市場倍數期望值比較法」。由於上述研究方法皆有其缺失之處，因此本研究沿用Koeplin, Sarin, and Shapiro[2000]提出之「併購交易比較法」以併購交易之市場倍數衡量「未公開發行公司」之折價幅度。更進一步藉由建構「參考配對組合」，為併購標的為「未公開發行公司」之交易案尋找一組與其在相同國家、交易年份、產業與類似規模之併購標的為「公開發行公司」交易案，計算各市場倍數之流動性折價幅度。 本研究檢視西元1998年至2007年，共十年間於日本發生之併購交易，並限制為控制性股權交易。最終可得樣本為146個配對組合，平均流動性折價幅度為22%～30%。經由橫斷面迴歸分析發現，所觀察到的流動性價差隨「未公開發行公司」特性與產業不同而有所差異。產業別之研究分析發現，「建築業」為六大產業中各市場倍數所計算的流動性折價幅度最深者；「金融、保險及不動產業」，則為六大產業中各市場倍數所計算的流動性折價幅度最小者。交易年份別之研究發現，各市場倍數計算出的流動性價差所呈現的趨勢與日本市場歷年來併購交易案數量呈現「反向關係」，即當併購交易熱絡期間，「流動性價差」走降；而於併購交易案較為冷卻期間，「流動性價差」則上升。對於若為高成長的大型公司，其流動性折價幅度則將大幅低於其他條件之公司。由本研究之實證結果顯示，投資人爾後於評價「流動性之價差」時，將不宜應用單一折價幅度於所有「未公開發行公司」。 / Little is known about valuation of privately held companies, for which the fact that there is no sufficient information and no ready market. In general, investors will pay less for one there is no ready market compared to one that is readily marketable, ceteris paribus. Then we all accept that a private firm’s value will be reduced for lack of marketability, applying the value of the discount is a difficult matter. To the best of our knowledge, research in the past decades has relied on “IPO Approach”, “Restricted stock approach”, and “Expected exit multiple approach”. Those approaches have inherent drawbacks so this study follows the current approach of Koeplin, Sarin, and Shapiro (2000) to use a matching technique. This study uses “reference portfolio” to construct control portfolios of acquisitions of public companies for each acquisition of private companies. For 146 comparable reference portfolio between 1998 and 2007 in Japan, the average discount is 22%～30%. Our cross-sectional analysis shows, however, that the discount observed varies with the characteristics of the firm and with the industry. This study breaks down the discount by industry, with the highest discount found in construction and the lowest in finance, insurance and real estate. We also found discount decreases during hot M&A years and increases during cold M&A years. For large and growth private firms, the discount tends to be much smaller. Overall, our findings suggest that using constant discount across private firms is wrong.

Submitted by Rosangela Silva (rosangela.silva3@unioeste.br) on 2018-11-26T21:52:56Z No. of bitstreams: 2 Luis Claudio Sampaio.pdf: 2726458 bytes, checksum: a945e17875694074ea2acad820f69396 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-11-26T21:52:56Z (GMT). No. of bitstreams: 2 Luis Claudio Sampaio.pdf: 2726458 bytes, checksum: a945e17875694074ea2acad820f69396 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-08-18 / The advancement of Information and Communication Technology has required high and increasing investments in information systems and technological infrastructure. In this context, management systems are strategic for companies, because they bring with them practices, resources and functionalities capable of creating or even destroying competitive differential in companies. Thus, selecting a system appropriate to the needs and expectations of organizations is a costly, time-consuming and difficult task, since a broad set of criteria that exceed functionalities, such as support for strategic development; the costs; growth; the expansion of the business and the qualification of the supplier regarding the evolution of the product, technology, consultants and technical support, should be considered in the acquisition of the systems. This work presents a structured approach to software acquisition supported by the Analytic Hierarchy Process, whose objective is to support the acquisition of Enterprise Resource Planning systems, considering the various criteria present in these projects. Its application is demonstrated from a case study and the results achieved indicated a classification among the candidate suppliers, indicating that the presented approach has the potential to be applied in several types of organizations / O avanço da Tecnologia da Informação e Comunicação tem exigido investimentos elevados e crescentes em sistemas de informação e infraestrutura tecnológica. Nesse contexto, os sistemas de gestão são estratégicos para as empresas, pois trazem consigo práticas, recursos e funcionalidades capazes de criar ou mesmo destruir diferencial competitivo nas empresas. Assim, selecionar um sistema adequado às necessidades e expectativas das organizações é uma tarefa custosa, demorada e difícil, pois um amplo conjunto de critérios, que excedem as funcionalidades, tais como suporte ao desenvolvimento estratégico; os custos; o crescimento; a ampliação dos negócios e a qualificação do fornecedor quanto a evolução do produto, tecnologia, consultores e suporte técnico, devem ser considerados na aquisição dos sistemas. Este trabalho apresenta uma abordagem estruturada de aquisição de software apoiada pelo método Analytic Hierarchy Process, cujo objetivo é apoiar a aquisição de sistemas de Enterprise Resource Planning, considerando os vários critérios presentes nesses projetos. Sua aplicação é demonstrada a partir de um estudo de caso e os resultados alcançados apontaram uma classificação entre os fornecedores candidatos, indicando que a abordagem apresentada tem potencial para ser aplicada em diferentes tipos de organizações