The Specifics of Use of Trusts in Business Relations This thesis deals with possibilities brought by trusts (in Czech: svěřenský fond) to business relations. It analyses the key features of a trust, thanks to which it has a unique and often irreplaceable position in number of financial transactions. Selected financial transaction are described in detail and the importance of trusts in these transactions is explained. The main objective of this thesis is to show that trusts have benefits far beyond the governance of personal property and its intergenerational transfers. By this I want to prompt interest in further research of the use of trusts in business relations in the Czech legal environment. After the introduction, the first chapter of this thesis briefly introduces the history of the trust. It is outlined which role the trust played in different legal systems and what were the motives for its development. The second part describes trust as an institute of civil law. There is also described the implementation of the trust into the legal system of the Canadian province Québec, because this regulation served as a model for the Czech lawmakers. This chapter of the thesis also describes the subjects of the trust and the basic concepts related to this institute. The third part introduces the trust...

Commercial terms and clauses in business transactions Abstract The master thesis is focused on the topic of commercial (standard) terms and clauses in business transactions. With respect to increased demands on the entrepreneur, the relevant provisions will be interpreted differently in the business relationship than in the case of a consumer relationship. Standard terms standardize the contracting process and reduce costs. Legislation of commercial terms remains concise but it contains some news. Significant change is the express regulation of the knock-out rule, which is used to determine the final content of a contract in the case of conflict between standard terms. Section 1752 newly contains express regulation for unilateral change of standard terms. A major novelty is specific content/formal control of standard terms which is regulated section 1753. Party is protected against the terms with which that party would scarcely have accepted had it been aware of them. Surprising terms are ineffective. The thesis is dedicated to problematic aspects, which arise in the case of contracting under standard terms. The thesis uses descriptive and comparative methods for accomplishment that goals. Firstly I will try to define the notion of commercial terms. In the second chapter are presented requirements for valid...

The use of smart phones has changed the lifestyle of the society. Almost all kind of useful tools you can find on your smart phone. People used to buy goods every day. And for the purchase of goods they must pay. Security is very important while payment is concern. In this thesis we have designed and demonstrated a mobile phone application that can be used for a small shop or a big market. For any kind of commerce application, three different kind of entities are mostly involved: the customer, the sales person, and the management of the shop. Our designed mobile application has three different interfaces for three different kind of users: Manager Interface, Employee Interface, and Customer Interface. An interface for the system administrator is also designed, which should be used as an desktop application on the point of sale server. This application is flexible with capabilities of different payment options. Our proposed design can be implemented in any smart phone environment for example Android, iOS or Windows phone. This design provides availability, confidentiality, and integrity of payment data.

The urge to consume does not seem to stop, thus, the need for transportation of goods will most likely not decrease. At the same time jurisdictions and regulations around greenhouse gas emissions are sharpening and pushing the industry towards a more environmentally friendly state. The freight and transportation industry is facing a huge challenge in the upcoming years and solutions are needed to feed the demand of society. Two, of many, proposals of solving, at least, parts of the above mentioned problem is platooning and the look-ahead controller. Platooning denotes the concept of slipstream where maximum utilization of aerodynamic drag reduction is endeavoured. The lookahead controller exploits the surrounding topographical information in order to yield an optimal driving strategy, often resulting in that the vehicle initiates the phenomenon of pulse and glide, which denotes alternating between high load operation points and freewheeling, i.e. engaging neutral gear. This work has sought to investigate these concepts to determine whether or not additional fuel-efficiency can be added by manipulating and re-designing the control unit of the system. The proposed addition is built upon the look-ahead controller and supplements it by enabling communication between vehicles such that micro-transactions may occur in order to aid decision making regarding the choice of driving strategies. A vehicle model, a platoon model and the novel optimization based look-ahead-controller was synthesized and developed, where dynamic programming was used as the optimization solver of the controller. The look-ahead controller was verified such that one can conclude that it behaves according to the assumptions of such a system. The proposed micro-transaction system was also verified to conclude that it behaves as assumed, yielding a reduction in fuel consumption. For a platoon of two members, a 1.2% and 1.7% reduction in fuel consumption for the leading and following vehicle respectively was obtained, compared to an identical platooning setup, using a lookahead controller, but where no negotiations using micro-transactions are allowed between the vehicles.

Den genomförda studien syftar till att undersöka transaktionsprocessen och identifiera var det finns störst risk för felbeslut och irrationellt agerande blad fastighetsaktörer i Sverige. Studien bidrar med att skapa en förståelse för läsaren gällande vilka risker som finns i processen samt att framställa var i processen riskerna är som störst. Materialet som ligger till grund för studien består av intervjuer och enkätundersökningar som delats ut till flertalet bolag i branschen. Intervjuerna har genomförts med personer som arbetar med fastighetstransaktioner på väletablerade bolag i branschen. Resultatet av studien indikerar på att det finns stora risker för felbeslut genom hela transaktionsprocessen vilket påverkas av flertalet faktorer i de olika delarna. För den säljande parten är risken för irrationella beslut som störst i början av processen. De förklaras av att det är den säljande parten som i början av processen exempelvis väljer vilken marknadsföringsprocess som ska genomföras, samt vem marknadsföringen ska rikta sig till. Riskerna i processen övergår därefter till köparen. De faktorer som påverkar irrationellt beslutsfattande kan förklaras av de teorier som presenteras i litteraturstudien och teoriavsnittet: ‘Bounded rationality’, ‘principal agent problem’ och ‘ankar effekter’. Det går inte att säkerställa vad som leder till att ett irrationellt beslut genomförs eftersom varje process är unik. Den här studien syftar endast till att identifiera var i transaktionsprocessen det finns risker för aktörerna att agera irrationellt. Nyckelord för studien är: ‘Transaktionsprocess’, ‘bounded rationality’, ‘principal agent problem’, ‘ankar effekt’, ‘due diligence’, ‘fastighetstransaktion’. / The following study aims to examine the transactional process for real estate transactions and establish where there is a risk for irrational decision making amongst real estate investors and advisors in Sweden. The method consists of questionnaires that have been distributed to real estate transaction consultants in Sweden. The study also used semi-structured interviews as a method. The interviews in the study were carried out with real estate consulting companies that focus on real estate transactions in Sweden. The results of the study indicate that there are risks in regards to investment decision making throughout the whole transactionprocess that are affected by various factors for the different parts of the transactionprocess. The underlying explanation is that most of the decision making is done in the initial part of the transactionprocess. The factors that cause irrational decision making can be explained by the theories presented in the literature part of the study and the theory part of the study. Those factors are: Principal agent problems, anchor effects and bounded rationality. It is not possible to ensure exactly what causes irrational behaviour in decision making but the study aims to discover and indicate where in the process there is a risk for the various factors causing irrational behaviour in decision making.

Since the end of World War II the Importance of the teen-age market has steadily grown. An article by Grace and Fred Hechinqer (10) In the 1961 New York Times Magazine substantiates this statement: "the young slowly are capturing an ever-growing share of the nation's market, both through their own purchasing power, and through effective dictation to parents . "

Background: A majority of world trade takes place within rather than between organizations. When transactions take place within an organization and external market forces are absent, internal prices must be developed. The pricing of these internal transactions gives rise to the topic of transfer pricing. Purpose: Previous papers within the transfer pricing field have tended to have a narrow focus where one or a few aspects of transfer pricing have been examined. This paper instead investigates multiple aspects of transfer pricing with guidance from previous literature, stakeholder theory, and institutional theory. By doing so, the aim is to generate a holistic view of how transfer pricing is managed in an international organization. Method: This paper is based on a constructionist standpoint and uses an abductive qualitative approach. The study is a single-case study where data is mainly collected by interviewing employees involved in transfer pricing. To analyze the collected data, thematic analysis is used. Conclusion: Transfer pricing can be understood as a necessity stemming from the internal transactions that were beneficial to the case organization. The findings of this paper indicate that the management of transfer pricing is influenced by a variety of aspects that must be balanced.

År 2019 var rekordår i transaktionsvolym på Stockholms kommersiella fastighetsmarknad där en mångfald av investerarkategorier var aktiva. De lägen där fastighetsinvesteringar görs kategoriseras kommunvis för fastighetstyper efter lägets attraktion på en skala som benämns AA, A, B, C, och D där AA är det mest attraktiva läget och D det minst attraktiva läget. Ett toppläge i en kommun kan inte jämföras med ett toppläge i en annan kommun trots att de båda kan ha samma klassificering, exempelvis A. Generellt för branschen är att de mest attraktiva lägena finns i Stockholms innerstad. Detta har väckt intresset för att finna samband mellan investerarkategorier och fastighetsinvesteringars lägen i Stockholms län som helhet samt mellan Stockholms kommun och Övriga kommuner i jämförelse.  Som en fördjupning utförs en analys i hur investeringspåverkande faktorer i ett A-läge kan skilja sig mellan olika kommuner, där A-lägen valts för att det finns mer data att tillgå än för AA-lägen. Metoden som använts för att finna samband mellan investerarkategorier och investeringars lägen i Stockholms län, Stockholms kommun och dess övriga kommuner har bestått av att kartlägga och analysera transaktionsdata över Stockholms län 2019. För att ta reda på vilka investeringspåverkande faktorer som finns för att investera i ett A-läge i olika kommuner i Stockholms län har en enkätundersökning som grundar sig på teori om investeringspåverkande faktorer genomförts.  Kartläggning av transaktionsdatan visar en spridd fördelning av investerarkategorierna i olika lägen både i Stockholms kommun och övriga kommuner. Exempel på vad kartläggningen visar är att de mest aktiva investerarkategorierna i AA-lägen var privata fastighetsbolag och övriga investerare samt att de opportunistiska fastighetsfonderna enbart genomförde transaktioner i B-lägen i Stockholms kommun. Enkätundersökningen visar att det finns vissa likheter i påverkande faktorer till att investera i industrifastigheterna mellan kommunerna. Faktorer som påverkade att investera i industrifastigheter i ett A-läge visar sig vara anknutna till samtliga nivåer av läget: mikroläge, närområde och närområdets attraktivitet. Vidare fanns en generell inställning att närhet till motorväg och hög teknisk standard var positiva faktorer för att investera i en industrifastighet i ett A-läge. Vidare framgår att påverkande faktorer för att investera i en fastighet för bostadsändamål har koppling till hur detaljplan i området möjliggör önskvärd användning, vilket på längre sikt kan innebära ett lyft för närområdet. Andra påverkande faktorer till att investera i en fastighet för bostadsändamål kan relateras till närområdet där samhällsservice och stadsmiljö ansågs attraktivt enligt investerarna. En intressant skillnad när det kommer till fastighetsinvesteringar för bostadsutvecklingsändamål är att de fysiska faktorerna i mindre grad verkade påverka investeraren i Stockholms kommun, jämfört med investeraren i Täby kommun där det ansågs vara väldigt viktigt. / 2019 was a record year in transaction volume in Stockholm's commercial real estate market. A variety of investor categories were involved in transactions in Stockholm County. The locations where real estate investments are made are categorized by the municipality and its property type according to the location's attraction on a scale with AA, A, B, C, and D where AA is the most attractive location and D the least attractive location. An A-location in one municipality is not necessarily comparable with an A-location in another municipality, where the city in general has the most attractive locations. This has aroused interest in finding links between investor categories and the locations of real estate investments in Stockholm County as well as between Stockholm municipality and other municipalities in a comparison. As a deeper study, an analysis is carried out to explain how factors affecting real estate investment in an A-location can differ between different municipalities. Investments in A-locations are chosen to analyze since it no matter municipality is supposed to be an attractive location and A-locations have more available data than AA-locations. The method used to find links between investor categories and the locations of investments in Stockholm County, Stockholm Municipality, and its other municipalities has consisted of mapping and analyzing transaction data over Stockholm County 2019. To understand how factors affecting investments differ between A-locations in different municipalities in Stockholm County a survey based on the theory of investment influencing factors has been implemented.  The transaction data shows a variation of investor categories in different locations, both in Stockholm municipality and other municipalities. Examples of what the data shows are that the most active investor categories in AA-locations were private real estate companies and “other investors”, and that the opportunistic real estate funds only were involved in transactions in B-locations in Stockholm municipality. The survey shows that there are some similarities in factors affecting the investments in industrial properties between municipalities. Investing in industrial properties in an A-location appears to be linked to all levels of the location: micro, neighborhood, and the attractiveness of the neighborhood. Furthermore, there was a general attitude that proximity to the highway and high technical standards were positive factors for investing in industrial property. Reasons for investing in a property for residential purposes appear to be strongly linked to how the detailed development plan in the area matches the investor's intention of buying the property, which in short-term doesn’t have anything with the location itself to do, but in the long term can affect the neighborhood. Other factors for investing in a property for residential purposes may be related to the neighborhood where community service and urban environment were considered attractive factors for a location. An interesting difference when it comes to real estate investments with housing development purposes is that the physical factors seem to have a lesser impact for the investor in Stockholm municipality, compared to Täby where the investor considered it very important.

In the aftermath of the Covid-19 pandemic, the economy has been in a state of recovery. A far-reaching recovery could be observed in 2021, as economic activities, financial markets and industries showed positive growth throughout the year. The real estate sector in Sweden reached historically high volumes in the transactions market, with a heavy investor demand which also resulted in a record year for M&A. This master thesis aims to examine the motives behind M&A transactions in the Swedish sector, and the role of macroeconomic fundamentals and corporate key figures. The purpose of the study is to explore the M&A activity in the Swedish real estate market and what underlying conditions that may contribute to the rise of such transactions. Previous research within the field has primarily been focused on the occurrence, triggers and effects of M&A in general. This paper is limited to real estate M&A in the Swedish market, where no earlier studies have been found. The study combines a quantitative analysis and a qualitative research method, with the objective of uncovering motives of takeover companies, alongside a nuanced explanation of influencing variables. An initial collection of transactions data and key figures was executed to analyse the relations and developments.The thesis progressed with an empirical study through semi-structured interviews with takeover companies of recent M&A transactions. Results showed that low interest rates, an overall strong economy and stock market has stimulated the M&A activity. Further, the results of the qualitative study presented takeover motives comprising of synergy effects, financial advantages, and the interest to acquire attractive portfolios. It can be concluded that growth ambitions and lowered capital costs have influenced M&A as well, and the consolidation of assets has increased due to a high amount of listed small-sized companies, creating firm-matching opportunities. / I efterdyningarna av Covid-19 pandemin har ekonomin varit i ett tillstånd av återhämtning. Under 2021 kunde en långtgående återhämtning observeras då ekonomiska aktiviteter, finansiella marknader och industrier påvisade positiv tillväxt genom hela året. Fastighetssektorn i Sverige nådde historiskt höga volymer på transaktionsmarknaden med en stark efterfrågan från investerare, vilket också resulterade i ett rekordår för strukturaffärer. Denna masteruppsats mål är att undersöka motiven bakom M&A-affärer i den svenska fastighetsbranschen, samt rollen av makroekonomiska variabler och nyckeltal. Uppsatsens syfte är att utforska aktiviteten kring denna typ av transaktioner i Sverige, och vilka underliggande förhållanden som kan ha bidragit till uppgången av M&A-affärer. Tidigare forskning inom ämnet har främst fokuserat på förekomsten, utlösande faktorer och effekter av M&A i ett generellt perspektiv. Denna studie är begränsad till M&A i fastighetssektorn på den svenska marknaden, där inga tidigare arbeten har hittats. Studien kombinerar en kvantitativ analys och en kvalitativ forskningsmetod, med avsikt att påvisa de köpande bolagens motiv, tillsammans med en nyanserad förklaring av påverkande variabler. En inledande insamling av transaktionsdata och nyckeltal genomfördes för att analysera förhållanden och utveckling. Arbetet fortlöpte med en empirisk studie av semistrukturerade intervjuer som genomfördes med köpande bolag, nyligen aktiva i M&A. Resultatet visade att M&A aktiviteten har stimulerats av låga räntor, samt en generellt stark ekonomi och aktiemarknad. Vidare påvisade resultatet från den kvalitativa studien att de köpande bolagens motiv omfattar synergieffekter, finansiella fördelar och en vilja att förvärva attraktiva portföljer. Författarna drar vidare slutsatsen att tillväxtambitioner och lägre kapitalkostnader har influerat M&A-utvecklingen. Konsolideringen av tillgångar har ökat till följd av att många små fastighetsbolag noterats på börsen, vilket skapat möjligheter för bolagsmatchning.

Sverige och omvärlden har de senaste åren varit under påverkan av den, än idag, rådande Covid-19 pandemin. Pandemin har påverkat vardagen som resultat av nedstängningar, riktlinjer och lagar som medfört ett förändrat förhållningssätt till samhället. Arbete, studier och diverse sysselsättningar anordnades digitalt och bostaden fick därmed en mer central roll i vardagen, men så även sekundära bostäder i form av fritidshus. Studien har till avsikt att undersöka hur pandemin påverkat transaktionsmönstret för dessa fritidshus på den svenska fastighetsmarknaden. För att gå tillväga med detta har pandemi- och transaktionsdata inhämtats. Ett säreget poängsystem har sedan tillämpats för att utse 10 av Sveriges mest representerbara kommuner för rekreationsändamål. Dessa 10 kommuner i fråga har sedan studerats utifrån transaktionsdata och hur denna i sin tur förhåller sig till pandemidata på nationell respektive internationell nivå. Resultatet av studien visar på en tydlig ökning av transaktioner för fritidshus under pandemin, i jämförelse med innan pandemin. De underliggande faktorerna för transaktionsökningen är dock svårpreciserade. Studien bidrar till att kartlägga pandemins påverkan på den svenska fastighetsmarknaden och då, mer preciserat, transaktionsmönstret av svenska fritidshus. / Sweden and the rest of the world have under recent years been, and are still to this day, affected by the Covid-19 pandemic. The pandemic has affected everyday life and our approach to society as a direct consequence of the implementation of various shutdowns, laws and guidelines. Work, study and other occupations have therefore been digitally arranged, which gave the residence a more prominent role in everyday life, something that also applies to secondary residences, in terms of vacation homes. The purpose of this study aims to answer how the pandemic has affected the transaction pattern for vacation homes on the Swedish property market. To proceed and enable this has data regarding the pandemic and transaction history been gathered. Furthermore were 10 counties selected by using a unique, point based system to ensure that these counties were the most representative counties for recreational purposes in all of Sweden. These 10 counties in question were subsequently studied, in regards to their transaction data, and compared to the pandemic data on a national, respectively, international level. The result of the study indicates a noticeably increased number of transactions throughout the course of the pandemic. The underlying causes for this increase are however harder to precise. The study contributes to concretize the actual effect of the pandemic on the Swedish property market, and more precisely, the transaction pattern of Swedish vacation homes.