<p>Vi vill undersöka huruvida det finns ett samband mellan riskkapitalföretagets ägarstruktur och deras val av exit genom en positivistisk studie med en deduktiv ansats. Målet är att öppna vägen för mer djupgående forskning kring exits i Sverige genom att undersöka ett antal potentiella samband. Riskkapitalisterna delas upp i tre grupper baserat på deras ägarstruktur: privata, koncernbundna samt offentliga riskkapitalister.</p><p>Utifrån befintlig teori på området har vi utformat nio hypoteser som kan delas in i fyra grupper. Den första gruppen testar huruvida sambandet mellan ägarstruktur och val av exit existerar, den andra gruppen testar sambandet mellan portföljbolagets bransch och val av exit, nästa grupp testar huruvida det finns ett samband mellan investeringslängden och val av exit respektive ägarstruktur och slutligen testar vi om det finns ett samband mellan portföljbolagets potential och deras val av exit.</p><p>För att samla in nödvändig data för att testa dessa hypoteser utgick vi ifrån Förvärv och Fusioners data över alla exits i Sverige från 2003 till och med första halvåret 2006. Databasen fick kompletteras med ett antal variabler: omsättningstillväxt, typ av exit, ägarstruktur samt bransch. All databearbetning har skett i Excel och alla statistiska modeller har bearbetats i SPSS. Vår data innehåller 248 exits men eftersom endast tre av dessa var buybacks valde vi att utesluta dessa eftersom det är för lite data för att kunna testas statistiskt. Analysen har utförts med hjälp av korstabeller och ANOVAtabeller.</p><p>Studiens slutsats är att det finns ett samband mellan riskkapitalbolagets ägarstruktur och deras val av exit även om det fanns en avvikelse när det gäller finansiella försäljningar. De portföljbolag som har privata riskkapitalister som investerare hamnar oftare på börsen eller som en industriell försäljning än de som har offentliga riskkapitalister som investerare. Vidare hittade vi stöd för att portföljbolagets branschtillhörighet också har ett samband med valet av exit samt att även portföljbolagets potential har ett samband med valet av exit. Däremot hittar vi inget stöd för att riskkapitalbolagets ägarstruktur har något samband med investeringslängden men vi hittar stöd för att det finns ett samband mellan investeringslängden och valet av exit. Slutligen diskuterar vi vilka studier som skulle behöva göras för att ytterligare utforska mekanismerna bakom exits på den svenska riskkapitalmarknaden.</p>

Vi vill undersöka huruvida det finns ett samband mellan riskkapitalföretagets ägarstruktur och deras val av exit genom en positivistisk studie med en deduktiv ansats. Målet är att öppna vägen för mer djupgående forskning kring exits i Sverige genom att undersöka ett antal potentiella samband. Riskkapitalisterna delas upp i tre grupper baserat på deras ägarstruktur: privata, koncernbundna samt offentliga riskkapitalister. Utifrån befintlig teori på området har vi utformat nio hypoteser som kan delas in i fyra grupper. Den första gruppen testar huruvida sambandet mellan ägarstruktur och val av exit existerar, den andra gruppen testar sambandet mellan portföljbolagets bransch och val av exit, nästa grupp testar huruvida det finns ett samband mellan investeringslängden och val av exit respektive ägarstruktur och slutligen testar vi om det finns ett samband mellan portföljbolagets potential och deras val av exit. För att samla in nödvändig data för att testa dessa hypoteser utgick vi ifrån Förvärv och Fusioners data över alla exits i Sverige från 2003 till och med första halvåret 2006. Databasen fick kompletteras med ett antal variabler: omsättningstillväxt, typ av exit, ägarstruktur samt bransch. All databearbetning har skett i Excel och alla statistiska modeller har bearbetats i SPSS. Vår data innehåller 248 exits men eftersom endast tre av dessa var buybacks valde vi att utesluta dessa eftersom det är för lite data för att kunna testas statistiskt. Analysen har utförts med hjälp av korstabeller och ANOVAtabeller. Studiens slutsats är att det finns ett samband mellan riskkapitalbolagets ägarstruktur och deras val av exit även om det fanns en avvikelse när det gäller finansiella försäljningar. De portföljbolag som har privata riskkapitalister som investerare hamnar oftare på börsen eller som en industriell försäljning än de som har offentliga riskkapitalister som investerare. Vidare hittade vi stöd för att portföljbolagets branschtillhörighet också har ett samband med valet av exit samt att även portföljbolagets potential har ett samband med valet av exit. Däremot hittar vi inget stöd för att riskkapitalbolagets ägarstruktur har något samband med investeringslängden men vi hittar stöd för att det finns ett samband mellan investeringslängden och valet av exit. Slutligen diskuterar vi vilka studier som skulle behöva göras för att ytterligare utforska mekanismerna bakom exits på den svenska riskkapitalmarknaden.

More and more SME’s, which create entrepreneurial spirit and innovation, which are primarily responsible for wealth and economic growth, are internationalizing. This increases their probability of business closure due to the increased risk they face from operating in foreign markets. Much of the world blames the U.S. financial excesses for these business closures, but at the same time there are also SME’s withdrawing activities from foreign markets in economic stable times. This indicates that there are more and other reasons for de-internationalization and raises the problem of how do SME’s close their businesses in foreign markets. The purpose of this study is to explore how the drivers and determinants of deinternationalization affect the form and the paths of de-internationalization for SME’s. The aim is to provide and contribute to a better understanding of deinternationalization. This was studied through developing four case studies with Dutch SME’s with a qualitative research approach. For empirical data collection interviews were conducted with the persons closely involved with the de-internationalization of the SME’s. This in combination with the developed theoretical framework, based on a theory discussion and synthesis, provided more insight into the de-internationalization topic. The findings of this study show that a unique combination of drivers and determinants of de-internationalization is present in each case study and the relative influence of them differs. Most of the de-internationalization took place in a voluntary way, due to the nature and predictability of the occurring drivers. Moreover, it was found that the drivers of de-internationalization combined with the determinants influence the form in which de-internationalization can take place. It was also found that the form of deinternationalization, which SME’s have chosen, determines the two paths of deinternationalization, which are partial divestment and full market exit. This study contributes to the better understanding of de-internationalization, by identifying the forms and paths which SME’s can choose when withdrawing activities in foreign markets. Moreover, the main drivers and determinants have been identified and it was analysed how they affect the different forms and paths of de-internationalization and this was conceptualized in a model. The recommendations are, that deinternationalization should be seen as a strategic option SME’s have and should be considered in corporate strategies. Therefore, the associations with this phenomenon could be seen (more) positive.

In this thesis, we consider computational methods of finding exit probabilities for a class of multivariate stochastic processes. While there is an abundance of results for one-dimensional processes, for multivariate processes one has to rely on approximations or simulation methods. We adopt a Large Deviations approach in order to estimate barrier crossing probabilities of a multivariate Brownian Bridge. We use this approach in conjunction with numerical techniques to propose an efficient method of obtaining barrier crossing probabilities of a multivariate Brownian motion. Using numerical examples, we demonstrate that our method works better than other existing methods. We present applications of the proposed method in addressing problems in finance such as estimating default probabilities of several credit risky entities and pricing credit default swaps. We also extend our computational method to efficiently estimate a barrier crossing probability of a sum of Geometric Brownian motions. This allows us to perform a portfolio selection by maximizing a path-dependent utility function.

In recent years, awareness of the climate change has increased around the world. Environmental issues have been taking into consideration, both by individuals and companies. Therefore the demands for new environmental friendly technology have increased, also known as cleantech. To further establish and develop cleantech it requires capital. Venture capitalists have as well seen the potential. To increase the number of Venture capital investments in cleantech, it is important the investments generate good returns. Venture capitalists obtain their returns when they exit an investment. The purpose of this essay is to describe the exit strategy Venture capitalists prefer, as well the relationship between exit strategy and the investment strategy for the Venture capitalist investing in the cleantech sector. The different type of exits we have studied are IPOs, trade sale and secondary sale. We identified investment strategies from existing theory which are linked to the Venture capitalist exit strategies. The investment strategies that we have identified for our study are value added activities, control, syndication, industry specialization, industry diversification, stage and geographical location. We used a quantitative analyze method for answering our thesis purpose and issue. We analyzed the relationship between Venture capitalists investment strategy and their preferred choice of exit in cleantech, based on our collected data. The results from the analysis indicated that Venture capitalist prefer a trade sale before IPOs and secondary sale in cleantech. We have also defined that venture capitalist that prefer an IPO do not prefer to invest in a specific geographical region in Sweden, but in opposite they do prefer to use control when their aim is to exit through an IPO in cleantech.

In this thesis, we consider computational methods of finding exit probabilities for a class of multivariate stochastic processes. While there is an abundance of results for one-dimensional processes, for multivariate processes one has to rely on approximations or simulation methods. We adopt a Large Deviations approach in order to estimate barrier crossing probabilities of a multivariate Brownian Bridge. We use this approach in conjunction with numerical techniques to propose an efficient method of obtaining barrier crossing probabilities of a multivariate Brownian motion. Using numerical examples, we demonstrate that our method works better than other existing methods. We present applications of the proposed method in addressing problems in finance such as estimating default probabilities of several credit risky entities and pricing credit default swaps. We also extend our computational method to efficiently estimate a barrier crossing probability of a sum of Geometric Brownian motions. This allows us to perform a portfolio selection by maximizing a path-dependent utility function.

In this thesis, we design a robust concatenated code for the Multiple-Input Multiple-Output (MIMO) system in the presence of slow Rayleigh fading with no channel side information at the transmitter (no CSIT) and perfect channel side information at the receiver (perfect CSIR). Since we are interested in the slow fading channel, outage capacity is used as the measure of performance. Good space-time codes can be designed so as to maximize the so-called rank and the determinant criteria. However, a practical system will concatenate a space-time code with an outer code at the transmitter and perform iterative decoding at the receiver. It is necessary to design the space-time code together with the outer code in practice. We will call this kind of code a concatenated space-time code. At the transmitter, we will consider the bit-to-symbol mapping and space-time code together as a space-time modulator and thus, Bit Interleaved Coded Modulation (BICM) and Multilevel coding (ML) can be applied to design outer codes for the nonbinary constellation. However, the concatenated space-time codes designed by these two methods can only be decoded with arbitrarily small error probability for a fixed channel realization and such designs are not robust over the ensemble of fading channels. Our approach of designing concatenated space-time code is to design an outer code for a space-time modulator such that the concatenated space-time code can be decoded with arbitrarily small error probability in a set of fixed channels which have the same capacity. Through this approach, we discovered a new design criterion for spacetime codes: a good space-time code should stabilize its Extrinsic Information Transfer (EXIT) charts. In other words, the robustness of a space-time code in the slow fading channel and its performance in iterative decoding can be visualized by the EXIT charts. The rank and the determinant criterion do not evaluate the performance of a space-time code in iterative decoding, but the new criterion does. Therefore, the new criterion is applicable to design concatenated space-time codes. Applying our approach and new criterion, a rate 7.2 bits/s/Hz concatenated space-time code is designed. The performance is close to the outage capacity, and the rate lost is 0.2 bits/s/Hz.

Abstract Employee stock option had been discussed for long time and had become very popular topic for current corporates¡¦ financial management. The importance of its option value model becomes hot topic now. The recommended model based on FASB No. 123 may not be helpful to see its payoff distortion from risk aversion and employee exit rate factors. We choose some companies at Taiwan which use employee stock option as their financial tool and study how both risk aversion and employee exit rate impact their value with modified binomial tree method. The results show that risk aversion factor is more sensitivity and cause option payoff change its value within very narrow input range, while employee exit rate also change option value sigfincantly after 10% exit rate range. Hence. Evaluation of risk aversion and employee exit rate factors become important. Companies need to search for optimal solution of those factors to achieve optimal option valuation and its relative incentive effect in order to retain their employee.

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Despite an abundance of executive turnover research in the context of large public firms, little has focused on top executive change in entrepreneurial settings. This study attempts to develop a foundation of theory and evidence on management team restructuring and executive exit in new venture firms, especially for ventures which eventually go public. Taking a political perspective, the study develops and empirically tests a power model of management team restructuring and executive exit in the pre- and post-IPO periods. A central thesis of this study is that the relative power of the executive cadre shifts as an entrepreneurial firm converts from a private venture to a public company, due to the drastic change in firm political coalition structure and the skill requirements for executives. The change of power distribution among the top executives affects the likelihood of management team restructuring and executive exit. Both firm level and individual level factors were examined. The study also investigates the performance implications of pre-IPO management team restructuring and post-IPO executive exit. Empirical results support the major propositions of the power model. VC prestige was found to have a positive impact on management team restructuring and new executive entry before the IPO. Technical skills are negatively associated with pre-IPO executive exit but positively associated with post-IPO executive exit. The addition of new senior executives in the post-IPO period increases the likelihood of executive exit. In addition, when firm performance is low, adding new outside directors tends to increase the probability of executive exit in the post-IPO stage. The study found that firms that had restructured management teams before the IPO tend to have lower likelihood of executive exit in the post-IPO period. In the post-IPO stage, executives with prior public company managerial experience have a significantly lower likelihood of exit than non-managerial executives. Further, the study found that pre-IPO management team restructuring improves the firm??s pre-money market valuation at the IPO. The exits of managerial executives in the post-IPO period have negative effects on subsequent average ROA. The exits of financial executives negatively affect average shareholder return in the years following the exit events.