Syfte: Huvudsyftet med denna uppsats är att undersöka betydelsen av finansiella rapporter genom att studera aktiekursens reaktion på Stockholmsbörsen för tidpunkten när företags finansiella rapporter blir offentliga. Detta bryts ned i två delsyften; Skapar årsrapporter synbara reaktioner på svenska aktiemarknaden OMX vid tidpunkten för offentlighetsdatumet? samt följer reaktionerna på svenska aktiemarknaden årsrapporternas status? Metod: Undersökningen är uppdelad i två delar. Den första utgörs av en nyckeltalsanalys, på 81 finansiella rapporter mellan åren 1991-2009, för att fastställa rapporternas status och den senare är en eventstudie som behandlar aktieutvecklingen vid offentlighetsdatumet för rapporterna. Undersökningen har en kvantitativ ansats där empirin består av sekundärdata i form av årsredovisningar, delårsrapporter och börskursindex. Teori: Rapporten bygger på hypotesen om effektiva marknader, signalteorin samt teorin om insiderinformation. Empiri: Utav 81 undersökta rapporter var 32 stycken starka, 27 stycken svaga, och 22 stycken neutrala.  Alla rapporters eventfönster för offentliggörandet gav antingen ett positivt eller negativt AAR. Åren 1991, -99, -07, -08 och -09 fick ett positivt AAR medan åren 1992, -93, -00 och -01 fick ett negativt AAR. Varje status AAR blev 0,123 för de starka, -0,124 för de svaga och 0,011 för de neutrala. Analys/Slutsats Då en rapport offentliggörs kan en reaktion på aktiemarknaden generellt urskiljas. I majoriteten av fallen har rapporten medfört svagt positiva priseffekter vid offentliggörandet av en stark rapport, svagt negativa effekter vid en svag rapport och ingen signifikant reaktion vid en neutral rapport som inte bringar några större nyheter. Det finns dock inget statistiskt samband mellan marknadsreaktionen och rapportens status vid en korrelationsanalys. Detta kan bero på att antalet studieobjekten kan ha varit för få och avvikelserna har därmed fått ett stort inflytande på det totala resultatet. På det hela taget motsäger sig inte studien den effektiva marknadshypotesen, det skapas reaktioner av olika storlek vid offentliggörandet men för att kunna fastställa ett säkert samband mellan status och reaktioner krävs en djupare och bredare undersökning. / Purpose: The aim of this study is to investigate the significance of financial reports through stock market reactions when financial reports become public. This is broken down into two part purposes; do annual reports create reactions on the Swedish stock market OMX for the date of public enunciation? and does the reaction on the Swedish stock market follow the nature of the financial report? Methods: The study has two methodological aspects. The first one consists of a ratio analysis, of 81 financial reports between 1991-2009, in order to determine the report's status. The second one is an event study that deals with share developments for the time of annual reports public enunciation. The study has a quantitative approach where the empirical data consists of information from annual reports, interim reports and share price index. Theoretical: This paper relies on the efficient market hypothesis, signal theory and the theory perspectives of insider information. Empirical: Out of 81 examined annual reports 32 had a strong approach, 27 had weak and 22 had neutral. All the reports event windows for time of public enunciation had either a positive or negative AAR. The years 1991, -99, -07, -08 and -09 had a positive AAR while the years 1992, -93, -00 and -01 had a negative AAR. Every natures AAR become, 0,123 for the strong, -0,124 for the weak and 0,011 for the neutral. Conclusion When a financial report is published and becomes available to stakeholders a reaction on the stock market tends to occur. In the majority of cases the report provides positive reactions on the stock market when the underlying report is of a strong nature, negative reactions when the report is weak and no significant reaction when it is neutral. There is, however, no immediate correlation between the market reaction and the nature of the report.  This may be due to the number of research objects that can have been too few and there for have gotten an excessive influence on the overall result. Overall, the study does not contradict the efficient market hypothesis, reactions do accrue but to determine the correlation between the nature of the report and the effects on stock direction it require a deeper and wider study then this.

La presente tesi è dedicata all'applicazione della teoria pragma-dialettica ai rendiconti di gestione bancari. Essa è suddivisa in tre parti: la prima propone un riassunto delle principali teorie argomentative sviluppatesi dai tempi di Aristotele ai giorni nostri. In particolare, si vuole inquadrare l'approccio pragma-dialettico e il modo in cui questo attinge a teorie ad esso antecedenti adattandone i principi alla comunicazione reale. Nella seconda parte si considera il concetto di testo , si evidenziano i caratteri del testo argomentativo, e si afferma che ogni testo, anche se scritto, ha natura dialogica. Si introduce infine il rendiconto di gestione inquadrandolo nella più ampia comunicazione economico-finanziaria. Al rendiconto di gestione quale strumento di interazione e di discussione persuasiva è dedicata la terza parte della tesi, in cui vengono applicati al rendiconto bancario i principi riguardanti la critical discussion formulati dalla Scuola di Amsterdam. Particolare attenzione viene dedicata al concetto di manovra strategica, il quale tenta una conciliazione di dialettica e retorica, e afferma la necessità della loro coesistenza nello stesso testo per il successo della argomentazione. / My dissertation aims at applying pragma-dialectical concepts to banks' annual reports. It is divided into three parts: in the first part the main theories of argumentation, from Aristotle to the most recent philosophers, are summed up. In particular, we intend to set the pragma-dialectical approach among argumentation theories and to explain the way how the School of Amsterdam has adopted previous concepts and has applied them to real argumentative communication. In the second part of our dissertation the main features of texts, and especially of argumentative texts, are highlighted. We also stress the fact that every text, even if written, has a dialogical nature. Moreover, we introduce banks' annual reports as means of interaction in economic and financial communication. In the third part of our dissertation we focus our attention on annual reports as means of persuasive discussion on the basis of the pragma-dialectical concepts regarding the critical discussion. In particular, the last chapter deals with the technique of strategic maneuvering, which tries to restore the balance between dialectic and rhetoric and stresses the necessity of their coexistence in the same text in order to argue successfully.

<p>Problem: After several corporate scandals concerning accounting around the world a discussion concerning corporate governance arose. The public demanded greater insight and better corporate governance in public companies. The discussions led to the development of codes of corporate governance, codes such as the Sarbanes Oxley Act, the Combined Code and the Swedish Code of Corporate Governance. The Swedish code is a clarifying of the Swedish law, a codification of praxis and in some cases an increase in the demands on reporting of information from the companies.</p><p>Purpose: The purpose of the thesis is to describe what effects the Swedish Code of Corporate Governance has had on the content of annual reports of listed companies and if different types of companies have been affected in different ways.</p><p>Method: The investigation was conducted using both qualitative and quantitative methods. Through a preliminary study knowledge about the subject was gathered. Using this knowledge, the authors could develop a questionnaire which was sent to all companies listed on the Swedish Stock Exchange’s A- and O-lists.</p><p>Conclusions: A large part of the participating companies has chosen to implement the Swedish Code of Corporate Governance in some way. The larger companies have chosen to do this, but not to the extent that could be expected. Among the smaller companies there is also a will to implement the code even though it is not a forcing code for them. However, not as many companies have chosen to print a report of corporate governance and the board’s report on internal control. Instead, the companies seem to have to chosen to give out information which they were forced to give out since earlier. New information according to the code has then been added to this old information. A great deal of the companies feel that the code has a relatively large use and that the demands of the code are accurate. Finally, it can be concluded that the Swedish Code of Corporate Governance has had an effect on the annual reports of listed Swedish companies but to what extent and how varies greatly.</p> / <p>Problem: Efter flertalet redovisningsskandaler runt om i världen uppkom diskussioner kring Corporate Governance; bolagsstyrning. Allmänheten krävde större insyn och bättre bolagsstyrning i publika företag. Diskussionerna mynnade ut i bolagskoder, koder såsom Sarbanes Oxley Act, Combined Code och den svenska versionen Svensk kod för bolagsstyrning. Den svenska koden är ett förtydligande av lagtext, en kodifiering av praxis och innebär i vissa fall utökade krav på informationsrapportering från företagen.</p><p>Syfte: Syftet med uppsatsen är att beskriva vilka effekter Svensk kod för bolagsstyrning har haft på innehållet i de börsnoterade företagens årsredovisningar och om olika typer av företag har påverkats olika mycket.</p><p>Metod: Undersökningen genomfördes med både kvalitativa och kvantitativa metoder. Genom en förundersökning i form av en granskning av årsredovisningar anförskaffades kunskap om ämnet. Med hjälp av denna kunde författarna sedan ta fram en enkät som skickades till samtliga företag på Stockholmsbörsens A- och O-listor då koden främst berör dessa företag.</p><p>Slutsatser: En stor del av de deltagande företagen har valt att på något sätt tillämpa Svensk kod för bolagsstyrning. De större företagen har valt att göra just detta men inte i så stor utsträckning som kunde antagits, då koden trots allt är ett regelverk. Även bland de mindre företagen finns en vilja att tillämpa koden trots att den inte är tvingande för dessa bolag. Däremot är det inte lika många företag som inkluderar en bolagsstyrningsrapport och styrelsens rapport om intern kontroll. Företagen verkar istället välja att lämna ut sådan information som har krävts sedan tidigare, exempelvis uppgifter om styrelse, VD och incitamentsprogram, som då kompletteras med den utökade information som krävs enligt koden. Många av företagen anser att koden har relativt stor nytta och att kodens krav är tillräckliga. Slutligen kan konstateras att Svensk kod för bolagsstyrning har haft effekt på svenska börsnoterade företags årsredovisningar men i vilken utsträckning och på vilket sätt varierar kraftigt.</p>

In 2012 the HZDR, and in consequence also the Institute of Ion Beam Physics and Materials Research (IIM) including its Ion Beam Center (IBC), has undergone a scientific evaluation. The evaluation committee composed of the Scientific Advisory Board and numerous external experts in our field of research concluded that “the overall quality of the scientific work is excellent”, that “there are an impressive number of young scientists working enthusiastically on a variety of high-level projects” and that “the choice of these projects represents a clear underlying strategy and vision”. We feel honored and are proud that the external view on our scientific achievements is that extraordinary. In view of this outstanding result we would like to express our gratitude to all our staff members for their commitment and efforts! In the past year, we continued our integration into the Helmholtz Association of German Research Centers (HGF) with our Institute mostly active in the research area “Matter”, but also involved in a number of activities in the research area “Energy”. In this respect, many consultations were held with the Helmholtz centers contributing to common research areas to precisely define the role we will play in the newly established HGF program “From Matter to Materials and Life” (see schematic below). Our IBC has been recognized as a large-scale user facility for ion beam analysis and modification of materials, i.e., specializing on materials science. In particular, the IBC plays a prominent role in the recently approved Helmholtz Energy Materials Characterization Platform (HEMCP), which mainly concentrates on the development of dedicated analytical tools for the characterization of materials required for future energy technologies. The successes achieved by the IBC allows us to invest 7200 k€ to further improve and strengthen the ion beam capabilities at the Institute. In addition to this infrastructure-related grant, we were also successful in our funding application for the establishment of the International Helmholtz Research School for Nanoelectronic Networks (IHRS NANONET), aiming at promoting the next generation of leading scientists in the field of nanoelectronics. The IHRS NANONET is coordinated by our Institute and offers a well-structured PhD program to outstanding students of all nationalities with emphasis on interdisciplinary research and comprehensive training in technical and professional skills.

This past year 2014 was the year when we finally completely arrived as a “full member” in the Helmholtz Association. This is related to the successfully passed research evaluation in the framework of the Program Oriented Funding (POF), which will give us a stable and predictable funding for the next five years (2015 – 2019). This is particularly true for our large-scale user facilities, like the Ion Beam Center (IBC) and the electron accelerator ELBE with the free-electron laser. Most of our activities are assigned to the program “From Matter to Materials and Life” within the research area “Matter”, in cooperation with several other German Helmholtz Centers. Our in-house research is performed in three so-called research themes, as depicted in the schematic below. What is missing there for simplicity is a small part of our activities in the program “Nuclear Waste Management and Safety” within the research area “Energy”. Our research and facilities were well appreciated by the evaluation committee, who made the following judgement about the Ion Beam Center: “The Ion Beam Centre (IBC) of HZDR is an internationally leading ion-beam facility (with ion energies ranging from several eV to several tens of MeV). At both the national and international level it is one of the key players and is unique in its kind. The synergy between forefront research and user service has been leading to a very good publication output for both in-house research and user research. … The very broad range of beam energies, the versatility of techniques and applications – both for ion beam modification of materials and for ion-beam analysis – makes the IBC unique in its kind. … The strength of IBC is that its activities are based on a combination of forefront research and user service, which mutually interact in synergy and strengthen one another. In turn, this synergy has been leading to a very good publication output for both in-house research and user research.” In order to make our Annual Report a bit more compact, we have decided to include only four full journal papers this year. This was also triggered by the fact that our publication activities have turned out be become more diverse, in more diverse journals than in the past, and often through longer papers, which would be too long to reprint them here. However, apart from the constantly quantitatively high publication output, we succeeded to publish in excellent journals such as Nature Physics, Nano Letters and Physical Review Letters, in fields as diverse as ion beam physics, magnetism and terahertz spectroscopy. Two of our scientists, Dr. Artur Erbe and Dr. Alexej Pashkin obtained their Habilitation in 2014, both at University of Konstanz. For the first time, we are hosting an Emmy Noether Young Investigator Group funded by the Deutsche Forschungsgemeinschaft (DFG); the group works on the hot topic of magnonics and is headed by Dr. Helmut Schultheiß. Finally we would like to cordially thank all partners, friends, and organizations who supported our progress in 2014. Special thanks are due to the Executive Board of the Helmholtz-Zentrum Dresden-Rossendorf, the Minister of Science and Arts of the Free State of Saxony, and the Minister of Education and Research of the Federal Government of Germany. Numerous partners from universities, industry and research institutes all around the world contributed essentially, and play a crucial role for the further development of the institute. Last but not least, the directors would like to thank again all IIM staff for their efforts and excellent contributions in 2014.

Studien behandlar revisorers syn på K-regelverken och vilka motiv som ligger till grund för deras rekommendationer till mindre företag i valet mellan K2 och K3. Studiens syfte är att komplettera den tidigare kunskapen på området för att skapa förutsättningar för att företagen skall bli mer självständiga i valet av redovisningsregelverk. Studien strävar även efter att få en inblick i huruvida revisorernas oberoende går att ifrågasätta i den här typen av rådgivning. För att skapa mig en uppfattning har jag använt mig utav en kvalitativ metod i form utav semistrukturerade intervjuer med fyra stycken revisorer. Det empiriska materialet har sedan analyserats och slutsatser dragits att K3 kan ha fördelar på bolagets ekonomiska ställning, bland annat på grund av den handlingsfrihet som regelverket ger. K3 kan också vara fördelaktigt när företagets intressenter skall tillgodoses med information samt för att underlätta framtida expansioner. När revisorerna rekommenderar K2 tenderar regelverkets förenklingar vara ett viktigt motiv vilket kan ses som en intention för rådgivarna att hjälpa klienterna till att göra rationella kostnadsbesparingar i form av minskad administration i redovisningen. Åtgärder för att upprätthålla revisorernas oberoende var bland annat interna kvalitetssäkringar, "second opinions" från andra byråer, använda sunt förnuft, använda en teknik med att lägga fram rekommendationernas fördelar och nackdelar snarare än att fatta beslut åt klienten, utbildningar och seminarier i ämnet, rådfråga jurister, eftersträva en kultur med " högt i tak" samt att dela upp revision och rådgivning i två grupper inom teamen. / The study discusses accountants' view of the K frameworks and what motives that lies behind their recommendations to smaller businesses choosing between K2 and K3. The purpose of the study is to supplement the previous knowledge within the area to create opportunities for the businesses to become more independent when choosing accounting framework. The study also aims to look at if the accountants' independence can be questioned for this type of consulting. I've used semi structured interviews, a qualitative method, with four accountants to define an opinion. The empirical material has then been analyzed and conclusions been made that K3 can propose advantages for the business economic status, among other things because of the trading freedom the framework provides. K3 can also be favorable when the business' stakeholders are informed as well as making future expansions easier. When the accountants recommends K2, the simplifications of the framework seems to be an important motive, which can be assumed to be a way for the accountants to help their clients making rational savings as a result of less administration within the accounting. Measures to maintain the accountants' independence were, among other things, internal quality measures, second opinions from other agencies, using common sense, using a technique where the recommendations' pros and cons are proposed rather than making a decision on the behalf of the client, education and seminars within the subject, asking solicitors for advice, aiming for a culture where everyone feel free to express their opinions, as well as splitting auditing and consulting within the teams.

Purpose This paper analyses the use of marketing metrics and marketing information and metrics contained in 2006/7 annual reports of companies listed on the Johannesburg Stock Exchange. The assumption is that the annual reports are the vehicle whereby listed companies communicate to their shareholders and other stakeholder constituencies. Methodology The assessment criteria is based on Ambler’s (2003) suggested marketing metrics and qualitative data is based on a checklist compiled from various academic sources. The elements which are assessed pertain to brand equity, other customer metrics, segmentation, competition, innovation and environmental and strategic aspects. The information obtained is compared to information required by investors and rating is done based on a grand total maturity. Findings Research results indicate that the use of quantitative metrics and qualitative data is very limited. The majority of companies display a lack of information pertaining to marketing. The results reflect a bi-modal tendency. Half (53%) of the companies do not provide any or poor information on their brand whereas 26% of companies supplied good and excellent information. The grand total score indicates that nearly two thirds (60%) of companies obtain a score of less than 50%, providing insufficient information. On the other hand, 27% of companies provide good and excellent information. Segmentation metrics are generally not reflected in annual reports, neither are competitors. Innovation and environmental aspects influencing market trends are covered by two thirds, however a third provides insufficient information. Other findings include that no standard reporting format exists. Information pertaining to marketing is spread throughout the annual reports. None of the companies provide a glossary of marketing definition or brand terminology. Research implications More in-depth research needs to be conducted on various industry sectors and amongst investors as to their needs. Originality/ value The paper is of value to corporate executives, marketing and communication practitioners who seek to improve communication and to convey optimal information for the investment community. The aim is to stimulate executive management to revise their relationship towards customers, the brand, marketing strategy and investors. / Graduate School of Business Leadership / MBL

本研究探討財務年報公布時間點的早晚是否對股票報酬率有定價的能力。我們透過盈餘管理、訊號效果與資訊不對稱理論推論財務年報公布時間點的早晚會與下一年的股票報酬率有相關。本研究的樣本來自1995年到2016年所有上市上櫃公司（但不含金融股）的財報資料及市場資料。 實證結果顯示沒有充分證據能說明財務年報公布時間點的早晚會對股票報酬率有定價的能力。此結果支持Fama (1970)提出的效率市場假說(Efficient-market hypothesis)，即當證券市場中的公司股價完全反映出包括公司財務資訊與公布時間點的差異等所有可以獲得的信息帶來的影響，我們就認為市場為效率市場。即使是在較早公布的資訊中好消息的比重較高的情況下，投資人對提早公布財務年報的公司進行投資也無法獲取較高的報酬，反映出公布時間的早晚對股票報酬率不具定價的能力。 / This study examines the relation between the early or late annual report disclosure and the changes of the return on portfolios over time. Empirical results suggest that the stock returns are not significantly related to the disclosure time of annual report. The fact that financial characteristics and stock returns are not related to the sooner or later annual report disclosure supports the Efficient-market hypothesis. However, in the long run, we did not find the annual report disclosure with the predictive power of the systemic risk of companies. Furthermore, firms with early disclosures are more likely to beat analysts' prediction than firms with late disclosures, but we still do not find such disclosure with significant pricing power of stock returns.

Das Jahr 2013 brachte eine ganze Reihe von erfreulichen Neuerungen, auch wenn es nicht frei von Sorgen war. Was im letzten Tätigkeitsbericht angesprochen wurde, trat ein: Eine Krise bei den Erwerbungsmitteln, die sich seit längerem ankündigte (s. Tabelle unter IV ). Eine Reihe von Online‐Lizenzen konnte nicht mehr verlängert werden. Im Verein mit dem Rektorat und den Fakultäten bemüht sich die Universitätsbibliothek um Verbesserungen in der angespannten Situation.

Das Jahr 2014 war ein Jahr der Weichenstellungen: Bauten wurden geplant und begonnen (s. I), ein neues Serviceportfolio in Sachen Katalog inauguriert (s. II), sowie Open Access an der Universität etabliert (s. III). Drittmittelstark ist die Universitätsbibliothek Leipzig mit über 40 Projektvorhaben, davon allein knapp 30 in den Bereichen Erschließung und Erforschung (s. V). Mit jedem Fortschritt öffnen sich neue Horizonte: Wo ein Erschließungsprojekt endet, knüpft ein Forschungsprojekt an. Wo ein Bauvorhaben geplant oder realisiert wird, wird die Ausstattung zur Herausforderung. Die Universitätsbibliothek arbeitet in allen Bereichen und Abteilungen daran, sich planmäßig und zielstrebig als ein zentraler Dienstleister der Universität und als Forschungsbibliothek zu profilieren. Der hier vorgelegte Tätigkeitsbericht dokumentiert Leistungen auf diesem Weg.