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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.

Accountants' enterprise-Income and the value added concept-A comparative study

Sinha, Gokul Chandra 27 July 1978 (has links)
Value added concept

The impact of sovereign credit rating changes on financial market returns in Africa

Mutize, Misheck 01 February 2019 (has links)
In both developed and developing countries, the extent to which sovereign credit rating announcements bridge the information gap between investors and issuers of securities is debatable. Thus, this thesis investigates the effects of the information provided by credit rating agencies on financial markets in 30 African countries during the period of 1994 to 2014 in order to determine whether long-term foreign currency sovereign credit rating announcements contain material information that influences the secondary market stock and bond returns. The analyses draws the following findings. First, African financial markets are weakly sensitive to sovereign credit rating announcements, which implies that there is no significant evidence of excess market returns influenced by sovereign credit rating announcements. Hence, it is inferred that the announcements of sovereign credit ratings do not significantly change the African financial market returns because they are already perceived to be risky markets, and thus attract mostly passive and long-term investors. Second, the changes in sovereign ratings do not have the same implications for both stockholders and bondholders as shown by the weak positive association between sovereign credit ratings and stock and bond markets. Third, there are marginal regional sovereign rating spillover impacts that are quickly absorbed into capital markets trading long-term securities. However, there are marginal spillover effects that persist over longer time periods in sovereign ratings of countries in the same region from a sovereign rating change in a neighbouring country. These results imply that the regional bilateral linkages between countries serve as channels of capital and sovereign credit rating information flow. Lastly, the sovereign credit ratings do not significantly impact bond market efficiency. In contrast, stock markets show evidence of weak form efficiency implying that long-term sovereign credit ratings positively affect equity market efficiency in Africa. Thus, the empirical findings in this thesis show that the operations of credit rating agencies and their sovereign credit ratings appear to be less important in the operation of stocks and bond markets in Africa. Governments should however take cognizance of the long-term information exchange between investors and borrowers, and the consequential nature of credit ratings to proactively manage the risks of negative sovereign credit rating announcements.

Women and franchising in Finland : - A case study of motivation factors

Koponen, Nella January 2006 (has links)
Theme: This thesis is about women as entrepreneurs in the area of franchising. Entrepreneurship, and franchising as part of it, has increased numerously during the last decades. The increase has been significant especially among women. Therefore, the aim of this thesis is to understand what are the motives that drive women to become entrepreneurs in the franchising business. The thesis is only concentrated on female franchisees in the retailing business, since a big amount of the franchisees are operating in this type of business. Theories: The main theory used in this thesis is Model of female entrepreneur motivation by Muriel Orhan and Don Scott (2001). The theory looks at women’s background and classical motivation factors. Based on these factors, Orhan and Scott have then identified seven categories of motives for a woman to become an entrepreneur. Methods: A qualitative method was chosen to do this research. The study was deductive with four interviews that were carried out in 2006. In two franchising chains, both a female franchisee and a female franchisor were interviewed. Results: The franchisees interviewed and their decisions to become franchisees were mainly affected by their identity. These franchisees were enthusiastic about experiencing new things. They were also very goal-oriented. The respondents had also a desire of becoming entrepreneurs at some point of their lives. Nevertheless, many women franchisees on these specific retail branches are not too interested about entrepreneurship and they entered the field for totally different purposes.

Inköpsfunktionens interna strategiska betydelse : En fallstudie av Sanofi-Aventis inköpsfunktion

Wickberg, Mattias, Söderström, Robert January 2005 (has links)
Denna uppsats har till syfte att beskriva och analysera läkemedelsbolaget Sanofi-Aventis inköpsfunktions interna strategiska betydelse. Efter eget intresse och ett behov från Sanofi-Aventis sida med en utomstående betraktare genomförde vi denna studie. Studien har genomförts genom intervjuer, genomgång av litteratur och analys av tidigare forskning samt ett frågeformulär. Inköpsfunktionen har idag en alltför låg intern strategisk betydelse inom Sanofi-Aventis. Detta beror på en rad olika faktorer inom olika områden, såsom; relationerna till leverantörerna, de inköpta tjänsternas karaktär, inköpsprocessen samt inköpsfunktionens struktur. För att stärka denna funktions betydelse krävs ytterligare åtgärder. Dessa åtgärder innefattar bland annat en klassificering av leverantörsbasen, en större involvering från ledningen samt en implementering av en intern benchmarking.

Värdet av aktierekommendationer / The value of stockrecommendations

Ehnberg, Petrus, Brännberg, Per January 2005 (has links)
This paper presents a study that evaluates the performance of stock recommendations issued on Swedish stocks during 2003. The selection of recommendations in this paper originates from banks, major brokerage firms and financial press located in Sweden. The total of 171 recommendations consisted of 99 buy recommendations and 72 sell recommendations. Forecast revisions presented in this paper suggest that Investment managers have no ability to predict performance winners, nor do their forecasts in general have any significant impact on stock prices. A mere 50 percent of the recommendations in this revision had a weak ability to outperform their benchmark indexes as in other similar revisions. A prolonged revision-cycle extended to the spring of 2005 was made in order to observe long-term consequences and essentially showed negative performances.

Lågprislivsmedelsbutikernas existens i svensk varudaglighandel : Fallstudier av Netto och Lidl

Hazapi, Crissoula, Tomas, Madelene January 2005 (has links)
The Swedish oligopoly system that prevailed within the provision-industry has during the latest years subsided. The competition on the market has increased when new participants were given the opportunity to enter the Swedish market. Today the provision-industry is characterized by different foreign participants. Among these new participants one can find Lidl and Netto, who have entered the market enable to provide the Swedish people with an inexpensive range of products. In pace with the growing rivalry the benefits favor the consumers whom are being given several options to choose between. This gives the consumers a great power to control the companies whom are being forced to adjust to the prevailing situation. Due to the entries of new participators traditional companies such as ICA have compulsory lowered their price tags enable to not loose market shares. The purpose with this essay is to obtain a view over how competitive a low-price-grocersstore is. To achieve the above an illustration of the current situation for low-price-grocerstores will be studied together with how they obtain competitive advantages. Further on we will try to locate which factors are essential when using a low-price-strategy. Enable to answer the purpose of the essay we have chosen a selection of theories which have been connected to one and other. This gives us a tool to analyze the empirical material that has been collected. The conclusion was that low-price-stores exist to a certain extent due to the stabile introduction stage that they posses. They start in a secure position and afterwards work hard in cost reduction. To assure the risk of being competed out the products they provide have to be cheaper than the ones the traditional stores offer. In hence the products have to posses the same quality as the traditional stores have if they want the costumers to choose them. An additional conclusion is that company’s image ought to be strong enable to sell their concept to the costumers. The costumers opinions of the company is farthest out important and consequently the company has to be prepared to defend them selves in any possible criticism.

Portfolio management under transaction costs: Model development and Swedish evidence

Olsson, Rickard January 2005 (has links)
Portfolio performance evaluations indicate that managed stock portfolios on average underperform relevant benchmarks. Transaction costs arise inevitably when stocks are bought and sold, but the majority of the research on portfolio management does not consider such costs, let alone transaction costs including price impact costs. The conjecture of the thesis is that transaction cost control improves portfolio performance. The research questions addressed are: Do transaction costs matter in portfolio management? and Could transaction cost control improve portfolio performance? The questions are studied within the context of mean-variance (MV) and index fund management. The treatment of transaction costs includes price impact costs and is throughout based on the premises that the trading is uninformed, immediate, and conducted in an open electronic limit order book system. These premises characterize a considerable amount of all trading in stocks. First, cross-sectional models of price impact costs for Swedish stocks are developed using limit order book information in a novel fashion. Theoretical analysis shows that the price impact cost function of order volume in a limit order book with discrete prices is increasing and piecewise concave. The estimated price impact cost functions are negatively related to market capitalization and historical trading activity, while positively related to order size and stock return volatility. Total transaction costs are obtained by adding the relevant commission rate to the price impact cost. Second, the importance of transaction costs and transaction cost control is examined within MV portfolio management. I extend the standard MV model by formulating a quadratic program for MV portfolio revisions under transaction costs including price impact costs. The extended portfolio model is integrated with the empirical transaction cost models developed. The integrated model is applied to revise portfolios with different net asset values and across a wide range of risk attitudes. The initial (unrevised) portfolios are capitalization-weighted and contain all Swedish stocks with sufficient data. The standard MV model, which neglects transaction costs, realizes non-trivial certainty equivalent losses relative to the extended model, which, in addition, exhibits lower turnover, higher diversification, and lower transaction costs incurred. The evidence suggests that transaction cost control improves performance in MV revisions, and that price impact costs are worthwhile to consider. Third, the research questions are studied within index fund management. I formulate two index fund revision models under transaction costs including price impact costs. Each model is integrated with the empirical transaction cost models. Transaction costs including price impact costs, cash flows, and corporate actions are incorporated in the empirical tests, which use ten years of daily data. In the tests, the two index fund revision models and several alternative approaches, including full replication, are applied to track a Swedish capitalization-weighted stock index. Instead of using an extant index, an index is independently calculated according to a consistent methodology, mimicking that of the most used index in the Nordic region, the OMX(S30). The alternative approaches are tested under a number of variations including different tracking error measures and different types and degrees of transaction cost control. Index funds implemented by the index fund revision models under transaction cost control dominate, in all dimensions of tracking performance considered, their counterparts implemented without transaction cost control as well as the funds implemented by full replication. Price impact costs constitute the majority of the transaction costs incurred. Additional results indicate that some common tracking error measures perform similar and that the technique to control transaction cost by constructing an index fund from a pre-defined subset of the most liquid index stocks is not efficient. The overall conclusion of the thesis is that transaction costs matter, that transaction cost control improves portfolio performance, and that price impact costs are important to consider.

Creating and sharing subsidiary knowledge within multinational corporations

Andersson, Maria January 2003 (has links)
The conditions facing multinational corporations today reflect the increasing globalization of international business, in which knowledge is an important ingredient. Subsidiaries are important as they, to various degrees, possess unique knowledge, thus accounting for the strength of the multinational corporation, which is the topic under study in this thesis. The multinational corporation consists of geographically dispersed units, which are linked together in a complicated pattern. One of the issues explored in this thesis is what drives the knowledge creation of subsidiaries, as it is acknowledged that the strength of a multinational corporation resides in these globally dispersed units. Another issue is to investigate the role of headquarters’ recognition and of corporate relationships in sharing of subsidiary knowledge. A third issue explored is the use of Centres of Excellence and transnational teams as two organizational forms for knowledge creation and sharing. A combination of research methods was used to provide an enhanced picture of the research phenomena. As a part of an international research project, a survey was undertaken, resulting in data from 2107 foreign-owned subsidiaries located in seven different countries. In addition, two case studies have been performed in order to gain deeper understanding of (i) how subsidiaries create knowledge and (ii) the use of different organizational forms in MNCs for processing knowledge. The five papers included discuss creation and sharing of subsidiary knowledge. It was confirmed that subsidiaries create knowledge of significance for other units within the multinational corporation. The results show that that one of the main drivers for the creation of knowledge is interaction based on local market relationships, especially those with market customers. Corporate sharing of subsidiary knowledge is brought about by headquarters recognition of these units’ knowledge. This is facilitated if other corporate units have been involved in the creation of that knowledge. Another finding in the study is the use of Centres of Excellence and transnational teams for knowledge creation and sharing. Although the two different organizational forms serve the same purpose, they differ in organization and in antecedents to their knowledge processes.

Studenters förhållningssätt till valet av framtida bank

Lundin, Anna, Eriksson, Elin January 2005 (has links)
Since the middle of the 1980´s the Swedish bank market has experienced a change concerning structure and pressure of competition. Before the year 1985, the market was characterized as a market with few operators but have changed to a market with many operators and seen as one of the most intense in Europe where the four major banks; Nordea, Handelsbanken, SEB and Föreningssparbanken together have a strong position. Their market share has recently decreased, mostly for the benefit of foreign banks and niche banks. The Swedish market has experienced difficulties in generating profits which mostly depends on new establishments that have increased the pressure on competition, a low growth as well as weakened customer relations. The development has resulted in a growing importance of market segmentation, mainly by the fact that costumers have become more disloyal as a result of the increased competition. Students are a market segment of interest for the financial market, mainly because of the expectations of their positive financial situation in the future. Students are seen as an expensive group of costumers to attract and seem to be more disloyal towards banks than other customers. The banks in Sweden have developed specialized offers to attract students, these offers are estimated to be long-term investments. The purpose of this thesis was to examine how young intellectuals relate to the choice of their future bank. The main question at issue; “What impacts have the defined key factors on young intellectual’s choice of future bank” was answered on the basis of a few defined key factors concerning consumer loyalty. The method used for answering the purpose of the thesis was a focus group discussion. One of the conclusions were that the major banks should not identify students as a homogenous group of costumers, mainly because there are many directions of education that leads to diverse banking needs in the future. Students’ choices of future bank are also affected by surrounding and individual factors. Reasons to why students during their education are loyal to their bank were namely customer satisfaction, low involvement, inactiveness and undeveloped banking needs. The result from the thesis showed that students’ disloyalty increases when they graduate from the university and develop different banking needs. The banks need to establish strong relations with the students before this crucial stage arise. Finally banks need to focus on building strong long-term relations and create stimulus for making the students remain as customers within the bank after completed studies. Since the offers from the major banks to students are similar, a distinct profile and a differentiation of the student offers should be developed. / Sedan mitten av 1980-talet har den svenska bankmarknadens struktur och konkurrensförhållanden genomgått en förändring. Innan 1985 karaktäriserades den svenska banksektorn av ett fåtal aktörer, idag beskrivas den dock som en marknad med betydligt fler aktörer och som en av de mest koncentrerade i Europa där de fyra storbankerna Nordea, Handelsbanken, SEB samt Föreningssparbanken tillsammans har en mycket stark ställning. Deras marknadsandelar har minskat något under senare år, främst till förmån för utländska banker och nischbanker. Den svenska marknaden har under en tid haft svårigheter att generera vinster vilket främst berott på nyetableringarna som ökat konkurrensen om marknadsandelarna, samt en låg tillväxt och försvagade kundrelationer. Utvecklingen har resulterat i en ökad vikt av marknadssegmentering då kunderna blivit allt mer illojala till följd av den hårdare konkurrensen. Ett marknadssegment som varit av intresse för bankväsendet är studenter eftersom de efter avslutade studier förväntas få en positiv privatekonomisk utveckling. Kundgruppen anses dock vara dyr att attrahera och illojal mot banker i större utsträckning än andra kundsegment. För att knyta till sig denna kundgrupp har de flesta banker utvecklat erbjudanden i form av studentpaket, dessa beräknar bankerna som en investering som på kort sikt medför höga kostnader, men förväntas generera vinster på lång sikt. Syftet med uppsatsen var att undersöka hur unga högskolestudenter förhåller sig till valet av framtida bank. Utifrån ett antal definierade nyckelfaktorer angående konsumentlojalitet besvarades huvudfrågeställningen ”Vilken påverkan har de definierade nyckelfaktorerna på högskolestudenters val av framtida bank?” För att besvara uppsatsens syfte och frågeställningar användes metoden fokuserad gruppintervju. Utifrån ett antal urvalskriterier valdes 8 deltagare för att diskutera ett antal frågeställningar, vilka formulerades utifrån de teorier som låg till grund för uppsatsen. Av undersökningen drogs slutsatsen att storbankerna inte bör uppfatta studenter som en homogen kundgrupp då det finns många studieinriktningar som leder till skilda framtidsutsikter med i sin tur olika bankbehov. Vidare framkom att studenter påverkas av ett antal omvärldsfaktorer samt individuella preferenser vid valet av bank och banktjänster. Anledningar till varför studenter är lojala mot sin bank under studietiden var främst kundnöjdhet, oengagemang, trögrörlighet samt outvecklade bankbehov. Undersökningen visade att då studierna avslutats och förändrade bankbehov uppträder ökar illojaliteten, innan denna kritiska fas måste bankerna därför ha etablerat starka kundrelationer för att motverka bankbyten. En sammanfattande slutsats av undersökningen var att bankerna bör fokusera på att bygga starka långsiktiga relationer och skapa incitament för studenterna att stanna kvar som kunder i bankerna efter avslutade studier. En tydligare profilering och differentiering av studenterbjudandena bör utvecklas då storbankernas studentpaket i stort sett ser likadana ut.

Vägen till framgång : icehotel AB

Fatahian, Roshanak, Nilsson, Maria, Malmborg, Lisa, Nivaro, Agneta January 2005 (has links)
Denna uppsats är en fallstudie som går ut på att beskriva företaget Icehotel AB och hur de gått tillväga för att bli ett attraktivt turistmål och framgångsrikt företag. Vi har genomfört en kvalitativ undersökning där vi intervjuat företagets VD Yngve Bergqvist samt kunder som besökt Icehotel. I resultatet redovisas svaret från dessa intervjuer. Vi har valt att lägga tyngdpunkten på marknadsföringen av Icehotel och hur de lyckats nå ut till människor från hela världen. I teoridelen tar vi upp Turistmarknadsföringens 8 P och Attraktionsutveckling. I analysen tillämpar vi sedan dessa på företaget. I slutsatsen diskuterar vi kring hur Icehotel gått tillväga för att bli ett framgångsrikt företag. Vi tar upp promotion av företaget, samarbetspartners samt den professionella marknadssegmenteringen.

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