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During 2021, mergers and acquisitions (also known as M&A) experienced record-breaking numbers. In line with there being an array of M&As having been realized, there also exist various and multiple reasons for the company owners to go through with the process - or to decline the offer. As such, the motives and reasoning steering the owner’s decision regarding offers from external actors constitute a fascinating research area. Thus, out of interest of the aforementioned, the aim of this study is to provide a deeper understanding of the motives driving the decision-making of family-owned business owners in times of external offers being put on the table. Undertaking this endeavor, the frameworks of Socioemotional Wealth Theory (SEW) and Agency Theory (Economic-Rational) constitute key theoretical concepts. More specifically, we ask: how does the family who owns the business value an external offer - and why do they reason the way they do? Conducting semi structured interviews with four owners of small family companies located in Småland, this thesis provides insights and interpretations generated by a qualitative research design and abductive data collection. The conclusion drawn is that motives differ greatly. More specifically, the evaluation of external offers is generally impacted by values and priorities associated with SEW. However, in connection to suboptimal change-of-generation possibilities, the economic-rational reasoning receives greater attention. Thus, recognizing the importance of change-of-generation, future research should explore this factor more extensively.

[pt] Na contemporânea reforma do Papa Francisco em busca de uma Igreja em Saída e na instituição da celebração de Maria, Mãe da Igreja, pode-se identificar em Maria um sinal da maternidade e da ternura da Igreja na nova evangelização. Isso é perceptível através de uma redescoberta do papel da Virgem Maria no Mistério de Cristo e da Igreja, a partir de um caminho trilhado através da sagrada escritura, da tradição e do magistério, especialmente desenvolvido na mariologia eclesiotípica do Concílio Vaticano II e do Documento de Aparecida. / [en] In the contemporary reform of Pope Francis in search of an Church in exit and in the institution of the celebration of Mary, Mother of the Church, we may identify in Mary a sign of motherhood and tenderness of the Church in this new evangelization. That is noticiable by the rediscovery of the Virgin Mary s new role in the Mistery of Christ and of the Church, from a path trod along the Holy Scriptures, the Tradition and the Sacred Magisterium, specially developed in the typical ecclesiastical Mariology of Vatican Council II and the Document of Aparecida.

The Swedish real estate market is going through a period where many properties require extensive refurbishments, either to keep the property in good condition or for developing purposes. No matter which of the stated purposes, renovations of a larger scale lead to major changes in the affected property. This is, in turn, associated with substantial investments which will affect the value of the property to varying degrees. Theoretically this is something that should be reflected in the property yield to prevent incorrect valuations and possible write-downs. Parameters of interest are the ones included in the initial or exit yield such as the cost of capital and growth where the former depends on the risk premium. What is currently taking place in the real estate market regarding the property yield in conjunction with renovation is an interesting question since there are currently no predictions on how the former is affected. This paper aims to find out what happens to the yield after refurbishment and how different companies consider the ingoing parameters affecting the yield. The report has as its starting point the goal of explaining the concepts of total return, exit yield and income return and how they are assembled. The paper subsequently seeks to perform a deeper analysis of the property yield and which parameters can affect it. In particular, the concepts of risk and growth are analyzed with a focus on how they affect real estate property undergoing renovations. Thereafter we investigate how the property yield theoretically would be altered when the property is valuated after the renovation is completed. The empirical study is based on a total of nine interviews. Three of the interviews were held with companies who own residential properties, three with owners of mainly commercial properties and three real estate valuation companies. By doing this we hope to get a comprehensive coverage of how the market interprets our topic and how the property yield is considered in a renovation process. The study shows that among our respondents, there is a consensus that the property yields are generally reduced when the refurbishment process has been carried through by comparison to what they were during the original condition of the property. The main reason for this is said to be the reduced risk in form of higher technical quality resulting in a higher net operating income. The growth potential is also considered but not to the same extent, especially not by the commercial real estate companies which give it only limited attention. A final observation we made was the fact that none of the surveyed companies considered possible long-term risks in future high rents due to the increased quality of the property. This could be an indicator of an over-reliance on the Swedish real estate market although this requires further investigation. / På fastighetsmarknaden idag sker många omfattande renoveringar, antingen för att hålla fastigheten i dugligt skick eller för att vidareutveckla den. Oavsett motiv så innebär större renoveringar stora förändringar i fastigheten vilket i sin tur är förknippat med betydande investeringar som i varierande grad sedan påverkar fastighetens värde. Detta är något som bör speglas i fastighetens direktavkastningskrav för att undvika felaktiga värderingar med möjliga upp- respektive nedskrivningar som följd. Faktorer som i sammanhanget är av intresse är de ingående parametrarna i direktavkastningskravet, kalkylräntan och tillväxt där den första i stor utsträckning beror av riskpremien. Vad som idag sker på marknaden med direktavkastningskravet i samband med renoveringar är en intressant fråga och i teorin finns idag inga klara prediktioner på hur det påverkas vid en renovering. Denna uppsats syftar till att reda ut vad som händer med direktavkastningskravet efter en genomförd renovering och anledningen till de olika aktörernas agerande. Rapporten har som utgångspunkt att redogöra för begreppen totalavkastning, direktavkastning, och direktavkastningskrav samt hur dessa är uppbyggda. Därefter görs en djupare analys av direktavkastningskravets ingående parametrar samt hur dessa kan variera och vilka faktorer som kan inverka på detta. Särskilt kommer begreppen risk och tillväxt att behandlas. Vi behandlar sedan hur direktavkastningskravet idag tillämpas på fastigheter som genomgår renoveringar och hur direktavkastningskravet teoretiskt bör ändras vid en fastighetsvärdering efter att renoveringen är genomförd. Den empiriska studien kommer att bygga på totalt nio intervjuer. Tre aktörer som äger bostadsfastigheter, tre ägare av kommersiella fastigheter samt tre renodlade värderingsföretag. På detta sätt hoppas vi få en bred bild över hur marknaden ser på vår frågeställning och hur direktavkastningskravet hanteras i en renoveringsprocess idag. Studien visar att det idag hos våra respondenter finns en samsyn på att direktavkastningskravet efter en genomförd renovering generellt sänks i förhållande till det ursprungliga kravet. Anledningar som framhålls varierar bland de tillfrågade men vanliga faktorer som beaktas är den minskade risken i fastigheten i form av en bättre teknisk kvalitet och ett högre resulterande driftnetto. Tillväxtpotentialen benämns också av marknadens aktörer men ges begränsad uppmärksamhet, särskilt på den kommersiella fastighetssidan. En avslutande observation vi gjort är att ingen av de tillfrågade aktörerna påtalar eventuella långsiktiga risker i höga hyresnivåer. Det torde dock vara av viss betydelse, speciellt för kommersiella fastigheter. Detta kan vara en indikator på en övertro på marknaden. Om detta är fallet låter vi framtida undersökningar utvisa.

<p>Programs have multiple exits in the presence of certain control structures, e.g., exception handling and coroutines. These control structures offer flexible manipulations of control flow. However, their formalizations are overall specialized, which hinders reasoning about combinations of these control structures.</p> <p>In this thesis, we propose a unifying theory of multi-exit programs. We mechanically formalize the semantics of multi-exit programs as indexed predicate transformers, a generalization of predicate transformers by taking the tuple of postconditions on all exits as the parameter. We explore their algebraic properties and verification rules, then define a normal form for monotonic and for conjunctive indexed predicate transformers. We also propose a new notion of fail-safe correctness to model the category of programs that always maintain certain safe conditions when they fail, and a new notion of fail-safe refinement to express partiality in software development.</p> <p>For the indexed predicate transformer formalization, we illustrate its applications in three models of multi-exit control structures: the termination model of exception handling, the retry model of exception handling, and a coroutine model. Additionally, for the fail-safe correctness notion and the fail-safe refinement notion, we illustrate their applications in the termination model. Six design patterns in the termination model and one in the retry model are studied. All the verification rules and design patterns in the thesis have been formally checked by a verification tool.</p> / Doctor of Philosophy (PhD)

Nine independent and four dependent variables are used to build a response surface to calculate strip crown using the difference in the industry standard strip height measurements. The single element response surface in use provides the advantages of continuous derivatives and decouples rolling load from the determination of exit height. The data points to build the response surface are the product of a calibrated finite element model. The rolling dynamics in the finite element model creates a transient that requires nonlinear regression to find the system steady-state values. Weighted-least squares is used to build a response surface using isoparametric interpolation with the non-rectangular domain of the mill stands represented as a single element. The regression statistics, the 1-D projections, comparisons against other response surface models and the comparisons against an existing strip crown model are part the validation of the response surface generated. A four-high mill stand is modeled as a quarter-symmetry 3-D finite element model with an elastic-plastic material model. A comparison of the pressure distribution under the arc of contact with existing research supports the pressure distribution found with experiments conducted by Siebel and Lueg [16] and it also suggests the need for one improvement in the initial velocity for the strip in the finite element model. The strip exit heights show more sensitivity to change than strip exit crown in seven out of the nine independent variables, so a response surface built with the strip exit height is statistically superior to using the derived dependent variable strip exit crown. Sensitivity of strip exit crown and the strip exit heights to changes in work-roll crown are about equal. Backup-roll diameter sensitivity is small enough that oversampling for the mean trend has to be considered or ignore backup-roll altogether. Strip entry velocity is a new independent variable, unless the response surface is built from the derived variable, strip exit crown. A problem found is that the sensitivity of strip entry crown and work-roll crown requires a larger than typical incremental change to get a reliable measure of the change strip exit crown. A narrow choice of high and low strip entry crowns limits the usefulness of the final response surface. A recommendation is to consider the use of the strip cross-section as an exit crown predictor. / Master of Science