! ! Abstract This thesis explores and analyses influence of smartphones, tablets and e-readers launch on today's media development both from publisher's and media consumer's view. Main goal of this work is to map turbulent media evolution thanks possibilities, brought by revolutionary devices especially iPhone and iPad and their impact on publishing houses and traditional media. The thesis envisages the future of printed media and its co-existing together with the digital versions of traditional titles, possibilities and consumer willingness to pay for the digital content and specifics of the copyright in the digital media world. Least but not last thesis tries to discover individual target groups of each media including their typical behavior and arguing over the diversion from the traditional media towards the digital media.

L’augmentation de l’espérance de vie affecte les régimes de retraites français, fondés sur la répartition et la solidarité intergénérationnelle. Pour soutenir ce premier pilier de retraite, composé, pour un salarié du secteur privé, des régimes de base de la Sécurité sociale et des régimes complémentaires rendus légalement obligatoires de l’ARRCO et de l’AGIRC (pour les seuls salariés cadres), le recours à un deuxième pilier de retraite s’avère nécessaire. Fondé sur une gestion par capitalisation, ce pilier prend vie dans le cadre de l’entreprise. L’employeur décide de la portée de l’engagement souscrit à l’égard de son salarié : le versement d’une cotisation définie au cours de sa carrière ou celui d’une prestation viagère pendant sa retraite dont le montant est déterminé à l’avance. Si la création de régimes de retraite professionnelle relève de la liberté des entreprises, le législateur oriente leur action à travers un régime social et fiscal de faveur. Enfin, les régimes de retraite professionnelle entrent dans le champ du droit de la concurrence en vue de créer, au niveau européen, un marché unique des retraites professionnelles. Les retraites professionnelles se situent au carrefour de nombreux droits. Normes travaillistes, assurantielles, fiscales, commerciales, trouvent à s’appliquer aux côtés des dispositions des Codes de la sécurité sociale et de la mutualité. De leur articulation naissent des conflits. Leur résolution est la condition nécessaire à la création d’un cadre juridique propice au développement des retraites professionnelles. / The increase in life expectancy affects the French pension schemes, founded on principles of distribution and solidarity between generations. In order to support this first pillar of the retirement system, consisting both in a core Social Security program for employees in the private sector and in the legally mandatory supplementary schemes of ARRCO and AGIRC (only for executive-level employees), it has become necessary to turn to a second pillar. Based on management by capitalization, it becomes effective in the business framework. The employer determines the scope of the undertaking signed in favor of his employee: either the payment of a levy defined during the employee’s career or the payment of a lifetime benefit during his retirement, whose amount is determined in advance. While the creation of occupational pension schemes is up to the businesses, the legislature orients their initiatives towards a favorable social and fiscal scheme. Finally, occupational pension schemes are subject to competition law in order to create, at the European level, a unique market for occupational pension schemes. These schemes are at the crossroads of numerous branches of law. Labor law, insurance law, taw law, and commercial law are applicable along with the French “Code de la sécurité sociale” and the French “Code de la mutualité”. Conflicts stem from the linkage between all of these laws. Their resolution is the sine qua non condition to create a legal framework enabling occupational pension schemes to evolve.

Leasingstandarden IAS 17 har motstått en del kritik eftersom företag har kunnat ta del av fördelarna av operationell leasing då både leasade tillgångar och motsvarande skulder har effektivt hållits utanför balansräkningen med endast not-upplysningar om framtida leasing skyldigheter. Under 2005 uttrycktes oro över brist på öppenhet och information gällande leasingförpliktelser av US Securities and Exchange Commission (SEC), något som redan bekymrade investerare och andra intressenter. Som svar på kritiken initierade International accounting standards board (IASB) tillsammans med Financial accounting standards board (FASB) ett projekt i hopp om att förbättra redovisningen av leasingavtal. Den nya standarden, IFRS 16, innebär att alla operationella leasingavtal kapitaliseras och redovisas i balansräkningen, det vill säga, en modell som liknar redovisningen av finansiella leasingavtal. Således elimineras uppdelningen av leasingavtal i operationella och finansiella leasingavtal. Syftet med denna studie är genom att analysera skillnaderna mellan IAS 17 och IFRS 16, utforska vilken inverkan IFRS 16 kommer att ha på företagens finansiella rapporter och nyckeltal. Vidare utgörs syftet av att förklara hur effekterna på nyckeltal förhåller sig till jämförelseperioder särskilt vid tillämpning av den modifierade retroaktiva övergångsmetoden. I denna studie har en kvalitativ ansats i kombination med ett induktivt angreppssätt tillämpats. Undersökningen har genomförts på ett fiktivt bolag samt åtta årsredovisningar från åtta olika företag inom detaljhandel och flygbranschen. Vad gäller de verkliga företagen har datamaterialet som extraheras från årsredovisningarna bearbetats med hjälp av den konstruktiva kapitaliseringsmodellen utformad av Imhoff, Lipe och Wright (1991, 1997) och modifierad av Fülbier, Silva och Pferdehirt (2008). Utifrån studiens undersökning blir det tydligt att IFRS 16 handlar om öppenhet och delgivning av information. IFRS 16 inverkan på resultat- och balansräkningen leder till att nyckeltal som bland annat soliditet, skuldsättningsgrad, räntabilitet på eget- och totalt kapital och genomsnittlig skuldränta påverkas. Användare av finansiella rapporter använder dessa nyckeltal för att identifiera problemområden samt möjligheter inom ett företag. Vi finner att kapitaliseringen av operationella leasingavtal förser användare av finansiella rapporter med mer verklighetstrogen information. Vidare bidrar studien till en djupare förståelse för hur och varför en del nyckeltal kommer att påverkas av IFRS 16 i förhållande till jämförelseperioder. Studien bidrar även till att förstå relevansen av IFRS 16 och hur denna standard bidrar till redovisningens informationsvärde. / The lease accounting standard IAS 17, has been criticized for enabling companies to take advantage of the benefits of operational leasing, since both leased assets and their corresponding liabilities have been kept off-balance sheet with information on future lease obligation presented only in notes. In 2005, the US Securities and Exchange Commission (SEC) raised some concerns due to the lack of transparency and information on lease obligations, something that already worried investors and other stakeholders. In response to the criticism, the International Accounting Standards Board (IASB), together with the Financial Accounting Standards Board (FASB), launched a project hoping to improve the accounting of leases. With the new IFRS 16 standard, all operating leases will be capitalized and reported on the balance sheet. Hence, a model similar to the accounting for financial leasing agreements eliminating the division of lease agreements into operational and financial leases. The aim of this study is to analyze the differences between IAS 17 and IFRS 16, examine what impact IFRS 16 will have on the companies' financial reports and key ratios. Furthermore, the study aims to explain how the effects on key ratios relate to comparative periods in particular when applying the modified retrospective approach. In this study, a qualitative approach in combination with an inductive approach has been applied. The study has been carried out on a fictitious company and eight annual reports from eight different companies within the retail and airline industry. With regard to the actual companies, the data material extracted from the annual reports has been processed using the constructive capitalization model designed by Imhoff, Lipe and Wright (1991, 1997) and modified by Fülbier, Silva and Pferdehirt (2008).Based on the study's results, it becomes clear that IFRS 16 is about transparency and disclosure of information. IFRS 16’s impact on the income statement and balance sheet results in key ratios such as equity ratio, debt/equity ratio, return on equity and total capital and average debt interest rate to change. Users of financial reports use these key ratios to identify problem areas and opportunities within a company. This study finds that the capitalization of operating leases provides users of financial reports with more accurate information. The study contributes to a deeper understanding of how and why some key ratios will be affected by IFRS 16 in relation to comparative periods. The study also helps in understanding the relevance of IFRS 16 and how this standard contributes to the information value in accounting.

Att göra en rättvis prissättning av aktier vid en börsintroduktion kan vara svårt och det är i företagens, emissionsinstitutens och investerarnas intresse att detta sker. Rådande informationsasymmetri leder ofta till att aktier underprissätts för att locka investerare att delta vid en börsintroduktion. Syftet med denna uppsats är att undersöka skillnader i aktiekursens utveckling den första handelsdagen på de officiella och de inofficiella börslistorna för att se om varierande krav på informationsutgivning och marknadsvärde har en påverkande faktor. De officiella börslistorna som undersöks är Nasdaq Small, Mid och Large Cap, medan de inofficiella börslistorna är First North och Spotlight. Undersökningens resultat visar att företagens marknadsvärde inte har en betydande påverkan på aktiekursutvecklingen den första handelsdagen då samtliga börslistor på Nasdaq hade en liknande utveckling samt andel underprissatta aktier. Detta trots att kravet på marknadsvärde för att noteras på dessa börslistor skiljer sig markant. De olika börslistornas krav gällande informationsutgivning har visat sig ha en betydande påverkan på aktiekursutvecklingen. Resultatet visar även att inofficiella börslistor har en större spridning av aktiekursutvecklingar där det förekom mycket höga under- och överprissättningar. Detta innebär att investerare som deltar vid en börsintroduktion på First North och Spotlight tar högre risk samt har möjlighet till högre avkastning. / Pricing shares for an upcoming IPO can be difficult and it is in the companies’, theInvestment Bank’s and investor’s interest that the shares are fairly priced. The current information asymmetry often results in companies underpricing their shares to attract investors to participate in an upcoming IPO. The purpose of this paper is to analyze the difference in share performance on the first trading day between different stock lists on the Swedish IPO market. This is done in order to see if the different listing requirements, such as information publishing and market capitalization, are important factors for the underpricing of shares. The different stock lists that have been analyzed are Small, Mid and Large Capfrom Nasdaq OMX Stockholm which are all official stock lists, as well as the Multilateral Trading Facilities (MTF) First North and Spotlight. The result of this study shows that market capitalization doesn’t affect the pricing of shares for upcoming IPOs. This because there was minor differences between the different official stock lists Small, Mid and Large Cap, eventhough the required market capitalization to get listed are very different. The different requirements regarding information publishing however, have shown leads to more inaccurately priced shares. The result shows that MTFs’ such as First North and Spotlight experience a wider range of pricing where the average under- and overpricing är very high.This means a higher risk for the investor, but also the potential for higher returns.

Esta dissertação tem o objetivo de analisar a figura dos juros sobre o capital próprio, especialmente para definir a sua natureza jurídica e adequada qualificação no âmbito dos acordos para evitar a dupla tributação. Para tanto, além de fazermos uma digressão sobre o histórico de tal figura e os motivos da sua instituição, visando entendê-la melhor, estudamos, sob a perspectiva do Direito Tributário e também do Direito Comercial, as diferentes formas de remuneração do capital financiado por meio de capital próprio e de capital de terceiros, quais sejam: os dividendos e os juros remuneratórios. Analisamos detalhadamente as regras tributárias aplicáveis ao pagamento de juros sobre o capital próprio e também aquelas que definem a sua forma de cálculo. Comparamos as particularidades dos juros sobre o capital próprio às figuras dos dividendos e dos juros remuneratórios, de modo a definir a sua natureza jurídica como espécie de remuneração de sócios, diversa dos dividendos. Criticamos alguns aspectos das correntes atualmente existentes sobre o assunto, justificando a nossa posição. Analisamos, também, a forma adequada de qualificação dos juros sobre o capital próprio nos acordos para evitar a dupla tributação, especialmente em relação à Convenção Modelo da Organização para a Cooperação e Desenvolvimento Econômico (OCDE). Ao final, concluímos que, a despeito de os juros sobre o capital próprio terem natureza de remuneração de sócios diversa da figura dos dividendos, para fins de aplicação dos acordos para evitar a dupla tributação, devem ser qualificados como dividendos. / This dissertation aims at analyzing the interest on equity, especially to define its nature and proper qualification within the treaties to avoid double taxation. For this purpose, in addition to the history of the interest on equity and the reasons that justified its creation, we study, from a Corporate Law and also Tax Law standpoint, the different kinds of remuneration of equity and debt, which is: dividends and interests. We also analyze in details the tax rules applicable to the payment of the interest on equity and the ones that provide for its calculus. We compare the specificities of the interest on equity with the dividends and interests, in order to define its nature as a kind of equity remuneration, which may not be associated to dividends. In this regard, we criticize specific aspects of the existing understandings on the issue, justifying our opinion. Moreover, we analyze the proper qualification of the interest on the equity within the treaties to avoid double taxation, in particular the Model Tax Convention of the Organisation for Economic Co-operation and Development (OECD). We conclude that, even though the interest on equity is a kind of equity remuneration, which is different from the dividends, for the purposes of applying treaties to avoid double taxation, it should be qualified as dividends.

Bakgrund: Den 1 januari 2019 infördes IFRS 16, som är en ny standard för hur börsnoterade företag ska redovisa leasingavtal. Tidigare har företag som följer IFRS haft möjlighet att redovisa leasingavtal finansiellt eller operationellt. Fram tills nu har det varit vanligt att företag redovisar leasingavtal operationellt, inte minst inom industribranschen där leasing av maskiner och fastigheter är vanligt. I och med IFRS 16 ska alla leasingavtal istället redovisas som en nyttjanderätt i balansräkningen. Målet med IFRS 16 är att redovisningen av leasingavtal korrekt ska återspegla företagets faktiska finansiella ställning och ge en rättvisande bild av verksamheten. Det finns dock de som är kritiska till den nya standarden som menar att den är onödig och endast kommer medföra ytterligare jobb för företagen. Syfte: Syftet med denna studie är att undersöka om IFRS 16 kommer uppfylla sin funktion, och således minska informationsasymmetrin mellan företag och investerare, eller endast är ett ”onödigt ont”. Metod: Studien har genomförts med en kvantitativ ansats för att kunna generalisera effekterna inom industribranschen. För att uppfylla studiens syfte har vi med en kapitaliseringsmetod för operationell leasing undersökt hur 30 börsnoterade industriföretags finansiella rapporter och nyckeltal kan komma att påverkas av reglerna i IFRS 16. Vi har även, med hjälp av en regressionsanalys som testade sambandet mellan redovisning av operationell leasing och ett företags marknadsvärde, undersökt hur IFRS 16 kan komma att påverka investerares värdering av företag. Slutsats: De slutsatser vi kan dra är att företagens balansnyckeltal är de som kommer påverkas mest av IFRS 16, oavsett företagens storlek. Lönsamhetsnyckeltal och likviditetsnyckeltal påverkas endast signifikant för medelstora och stora börsnoterade industriföretag. Studien visar även att IFRS 16 inte kommer minska informationsasymmetrin mellan företag och investerare, då informationen kring operationell leasing redan finns tillgänglig i noterna. IFRS 16 kommer dock uppfylla sin funktion för mindre sofistikerade investerare samt minska de resurser investerare behöver lägga på att justera de finansiella rapporterna. Vi kan därmed dra slutsatsen att IFRS 16 inte är ett ”onödigt ont”. / Background: The new standard for lease accounting, IFRS 16, was introduced January 1st, 2019. Until this date, companies that comply with IFRS have had the choice to report leasing agreements as financial or operating leases. Before IFRS 16, the majority of lease agreements have been reported as operating leases, not least in the industrial sector where machines and properties are frequently used. In accordance with IFRS 16, all leasing agreements will instead be reported as a right-of-use asset in the balance sheet. The objective of IFRS 16 is that the accounting of leases should accurately reflect the company's actual financial position and give a true and fair view of the business. However, there are critics of the new standard, who consider it an “unnecessary evil”. Purpose: The purpose of this paper is to investigate whether IFRS 16 will fulfill its objectives and reduce information asymmetry between companies and investors, or if it is only an "unnecessary evil". Methods: In order to generalize the effects of IFRS 16 in the industrial sector, this paper was conducted with a quantitative approach. To fulfill the purpose of the paper, we used a capitalization method for operating leases, to examine how the financial statements and ratios of 30 listed companies may be affected by IFRS 16. A regression analysis was conducted to test the correlation between operating lease accounting and a company's market value in order to observe how IFRS 16 may affect investors' business valuation. Conclusion: In conclusion, the financial ratios most effected by IFRS 16, are the balance ratios, regardless of the size of the companies. Performance ratios and liquidity ratios are only significantly affected for medium-sized and large listed industrial companies. The study also shows that IFRS 16 will not reduce information asymmetry between companies and investors, as the information on operating leases is already disclosed in the notes. However, IFRS 16 will fulfill its function for less sophisticated investors and reduce the costs of adjusting the financial statements for investors. We can therefore conclude that IFRS 16 is not an "unnecessary evil".

Made available in DSpace on 2016-10-13T14:10:35Z (GMT). No. of bitstreams: 1 PaolaMazzili.pdf: 18960632 bytes, checksum: ea670220a736636fcd2f982b7fb976df (MD5) Previous issue date: 2011-03-25 / This work addresses the subjective constructions of the media and consumption culture, attempting particularly to understand how maternal representations would be acquiring new meanings and, even, undergoing a process of capitalization in the contemporary scenario. We initially discuss the fictionalization of life and relate it to hyper-visualization practices and the spectacularization of motherhood. We next investigate an exacerbation of this phenomenon, namely, the consumption of reborn babies or hyper-real baby-puppets. At this stage, we argue how fantasies and idealizations related to maternity are appropriated by material culture. In the end, we study the commercialization of reborn babies, searching for the logics and strategies within the marketing of these objects, as well as the implicit process of capitalization of motherhood involved in it. All through this work, we have avoided judgments and propositions of evaluative nature. From the methodological viewpoint, we have adopted an interdisciplinary perspective which includes bibliographic and field research. / Este trabalho aborda as construções subjetivas na cultura da mídia e do consumo, buscando particularmente refletir sobre como representações da maternidade estariam ganhando novas acepções e, inclusive, passando por um processo de capitalização no cenário contemporâneo. Discutimos, inicialmente, a ficcionalização da vida relacionando-a a práticas de hiper-visualização e espetacularização do materno. Na sequência, investigamos uma exacerbação deste fenômeno, a saber, o consumo de reborn babies ou bonecos-bebê hiper-reais. Neste momento, problematizamos de que maneira fantasias e ideais relacionados à maternidade são apropriados pela cultura material. Finalmente, desenvolvemos um estudo sobre a comercialização desses objetos, buscando observar a lógica de funcionamento do mercado reborn e o processo de capitalização do materno que lhe é implícito. Ao longo deste trabalho evitamos julgamentos e apreensões de caráter avaliativo. Do ponto de vista metodológico, valorizamos uma perspectiva transdisciplinar e desenvolvemos uma pesquisa bibliográfica e de campo.

Este trabalho emprega métodos quantitativos a dados de Demonstrações Financeiras para avaliar a existência de relação de causalidade entre a Lei 12.249 de 11 de junho de 2010, que institui normas de subcapitalização no Brasil, e a estrutura de capital de empresas brasileiras que possuem partes vinculadas no exterior. Esta lei estabeleceu limites ao endividamento oriundo de tais partes vinculadas para que os respectivos juros pagos sejam considerados dedutíveis para fins da apuração de tributos sobre o lucro e foi usada como intervenção exógena na análise proposta. Os dados são oriundos de empresas fechadas e de empresas públicas, coletados manualmente, em jornais publicamente disponíveis, e na base de dados Economatica® e foi obtida uma amostra inicial de 2,070 observações. Após exclusão daquelas com Patrimônio Líquido negativo, restaram 1,816 observações em um painel não balanceado, subamostra usada para estimação com o método principal de investigação deste trabalho, que foi o de Diferenças-em-diferenças (DD). Neste, a variável dependente consistiu da razão entre dívida onerosa total e Ativo Total, observados anualmente no período compreendido entre o ano de 2006 e ano de 2014. Este método foi estimado por OLS seus resultados foram complementados com o pareamento de observações por meio de quatro procedimentos de propensity score matching (PSM), one-to-one, nearest neighbour, radius e kernel, em que a variável resposta consistiu da diferença, observada entre o ano de 2011 e o ano de 2009, dos valores da variável resposta descrita anteriormente. Para estimação por meio de matching, foram excluídas observações de empresas que variaram a composição societária ao longo do período de forma a possuir partes vinculadas estrangeiras em determinado momento e não possuí-las mais tarde e também foram excluídas aquelas empresas que não possuem observações durante todo o período avaliado, obtendo-se um painel balanceado com 114 empresas e 1,026 observações. O propensity score obtido foi ainda empregado para ponderar as observações no modelo previamente estimado com o método DD. As variáveis de controle empregadas tanto no DD quanto na estimação do propensity score consistiram dos valores de Ativo Imobilizado, Vendas Líquidas, Lucro Bruto e Patrimônio Líquido, obsevados anualmente e dividido pelo Ativo Total. Os resultados obtidos não foram significantes aos níveis convencionais de confiança, apontando para possível redução da relação entre dívida total e Ativo Total das empresas do grupo tratamento em valores que variaram entre 4.17% e 0.5% em termos de Ativo Total, dependendo do método e modelo estimados. Observa-se que tanto a variável resposta quanto o endividamento oneroso total das empresas de ambos os grupos parecem ter aumentado durante o período investigado, mas a variável resposta, aparentemente, já apresentava crescimento menos acentuado nas empresas do grupo tratamento antes do advento da lei, não sendo possível concluir que esta seja a causa da tendência de decréscimo da relação entre dívida e Ativo Total no grupo de empresas que possuem partes vinculadas estrangeiras. Ressalvadas as limitações do estudo, conclui-se que a lei não teve efeito sobre o endividamento total e, portanto, sem efeitos sobre a arrecadação de tributos sobre o lucro destas empresas. / This work applies quantitative methods to data from Financial Statements to assess the existence of a causal relationship between the Law 12,249 of June 11, 2010, which establishes thin capitalization rules in Brazil, and the capital structure of Brazilian companies that keep foreign related parties. This law established limits to the tax deductibility arising from interest payments to such related parties and was here employed as a source of exogenous variation to perform the proposed analysis. The data came from private and public companies, were manually collected, from publicly available newspapers, and obtained from the Economatica database. An initial sample of 2,070 observations was obtained. After the exclusion of those with negative Equity, there were 1,816 observations composing an unbalanced panel, sub-sample which was used for estimation with the main research method of this investigation, which was the Differences-in-differences (DD) method. A dependent variable consisted of the ratio between total costly debt and Total Asset, observed annually in the period between the years 2006 and 2014. This method has been estimated by OLS and its results were complemented with the pairing of companies by means of four matching methods: One-to-one, nearest neighbour, radius, and kernel, where the response variable consisted of the difference between the dependent variable\'s values observed in the years 2011 and 2009. To estimate the laws\' effects by means of matching procedures, data from companies that showed variation at the societal composition in such a way that led them to have foreign related parties in less than the whole period and from those companies that do not have data throughout the whole period evaluated were excluded, and a balanced panel with 114 companies and 1,026 observations remained. Yet again, the obtained propensity score was applied as weight for another OLS DD estimation. Control variables consisted of the values of Fixed Assets, Net Sales, Gross Profits and Shareholders\' Equity, reported annually and divided by Total Assets. The results obtained were not significant at any conventional confidence levels, nevertheless pointing to a reduction of the treatment group companies\' ratio between debt and Total Assets which varied between 4.17% and 0.5% of Total Assets, depending on the estimated method and model. It appears that the companies\' both response variable and total costly indebtedness increased during the period analysed, but the response variable seems to have already presented a less pronounced growth in the treatment group\'s companies before the existence of the law, therefore making it not possible to conclude that this legislation piece is the cause of the downward trend in the ratio between debt and Total Assets of companies that keep foreign related parties. Subject to this study\'s limitations, it is possible to conclude that the law had no effect on total indebtedness and, therefore, had no effect on profit taxes base erosion regarding this group of companies.

Världsekonomin har gått från att vara industribaserad till att bli mer och mer kunskapsbaserad. Nya kunskapsbaserade företag som Google och Spotify har växt fram utan stora materiella tillgångar och med helt andra framgångsfaktorer än tidigare. Detta har skapat ett växande gap mellan företags bokförda värde och marknadsvärde. Det värde som utgör skillnaden mellan marknadsvärde och bokfört värde kan kallas intellektuellt kapital. Definitionen av intellektuellt kapital har förändrats utvecklats och anpassats genom år av tidigare forskning. Med växande börsvärden och osynliga tillgångar har en global efterfrågan på ökad transparens i företags redovisning uppkommit. Av flertalet internationella initiativ för harmonisering av redovisning, anses standardiserad redovisning av intellektuellt kapital vara en del i lösningen på bristande information i den traditionella balansräkningen. Med växande gap mellan redovisat värde och börsvärde följer ett antagande om ett växande gap mellan tillgång och efterfrågan på information. Tidigare studier som undersökt redovisning av intellektuellt kapital i Sverige har dock givit resultat som inte är helt förenliga med det antagandet.Studiens syfte är att synligöra det intellektuella kapitalets förändring i svenska företag och därigenom förklara tillgång och efterfrågan på ytterligare information i den existerande redovisningen för att spegla företags marknadsvärde. Studien använder en modifierad version av Karl Erik Sveibys analysmodell för identifiering och kategorisering av intellektuellt kapital i de tre huvudkategorierna internt-, externt- och humant kapital. En kvantitativ innehållsanalys på årsredovisningar åren 2007, 2009 och 2011 från Sveriges fem största företag, utförs för att besvara frågan: Hur har redovisning av intellektuellt kapital förändrats i Sverige?Resultatet visar inte på någon markant bestående förändring i mängden redovisat intellektuellt kapital. Detta kan indikera att befintlig tillgång på information i redovisning möter efterfrågan och ger skäl att ifrågasätta och debattera en standardiserad redovisning av intellektuellt kapital baserat på en global efterfrågan. För vidare forskning föreslås studier med större antal företag samt empiriska studier av efterfrågan på information om intellektuellt kapital i redovisningen. / Program: Civilekonomprogrammet

The objective of this paper is to examine the impact of implementing the static and dynamic volatility interruption rule on idiosyncratic volatility and stock returns in Nasdaq Stockholm. Using EGARCH and GARCH models to estimate the conditional idiosyncratic volatility, we find that the conditional idiosyncratic volatility and stock returns increase as stock prices hit the upper static or dynamic volatility interruption limits. Conversely, we find that the conditional idiosyncratic volatility and stock returns decrease as stock prices hit the lower static or dynamic volatility interruption limit. We also find that the conditional idiosyncratic volatility is higher when stock prices reach the upper dynamic limit than when they reach the upper static limit. Furthermore, we compare the conditional idiosyncratic volatility and stock returns on the limit hit days to the day before and after the limit hit events and find that the conditional idiosyncratic volatility and stock returns are more volatile on the limits hit days. To test the volatility spill-over hypothesis, we set a range of a two-day window after limit hit events and find no evidence for volatility spill-over one or two days after the limit hit event, indicating that the static and dynamic volatility interruption rule is effective in curbing the volatility. Finally, we sort stocks by their size and find that small market cap stocks gain higher returns than larger market cap stocks upon reaching the upper limits, both static and dynamic.