<p>Sammanfattning</p><p>MiFID, direktiv om marknader för finansiella instrument är ett nytt europeiskt regelverk för den finansiella sektorn som träder i kraft den 1: a november 2007. Direktivet syftar till att förstärka konkurrenskraften för den finansiella sektorn, förbättra konsumentskyddet samt inkludera hela utbudet av finansiella tjänster och produkter. Då MiFID: s införlivande i svenska lag försenades fick de svenska värdepappersföretagen under 2007 en relativt kort tidsperiod på sig att anpassa sina verksamheter till de nya bestämmelserna. Syftet med denna uppsats är att undersöka vilka svårigheter tre svenska värdepappersföretag erfarit vid arbetet med att anpassa deras verksamheter till de nya bestämmelserna i MiFID. Vi har studerat direktivet och jämfört med nuvarande regleringar samt genomfört fyra intervjuer, varav tre med svenska värdepappersföretag av varierande storlek. Genom vår undersökning har vi funnit att särskilt två områden varit besvärliga för våra respondenter, orderhanteringen och kundkategoriseringen.</p><p>Abstract</p><p>MiFID, the Markets in Financial Instruments Directive is a new European regulation for the financial service industry which comes in to effect on 1 November 2007. The purpose of the directive is to strengthen the competitiveness of the financial sector, improve consumer protection and include all financial services and products. Because the implementation of MiFID into Swedish law was delayed the Swedish securities firms were given a relatively short period of time during 2007 to adapt their businesses to the regulations in MiFID.</p><p>The purpose of our thesis is to examine what difficulties three Swedish securities firms have experienced making their businesses compliant with the new regulations in MiFID. We have studied MiFID and compared it with Swedish regulations and carried through four interviews, three with Swedish securities firms of different size. Through our research we have found that client order handling and client categorisation were experienced as troublesome areas.</p>

The primary purpose of the study was to quantify the parameters of successful agricultural producers. Through the use of the Financial and Risk Management (FARM) Assistance database, this study evaluated economic measures for row-crop producers, livestock producers and diversified producers (farms which can not be classified as primarily crop or livestock). The sample population for this study was agricultural producers (N=196) who had participated in the Texas Cooperative Extensions FARM Assistance program in the years 2002 to 2004. Financial performance was determined by several financial measures, such as net cash farm income, ending cash reserves, return on assets (ROA), equity growth and working capital. In addition, information gathered about the FARM Assistance clientele was used to examine the relationship between their demographic backgrounds and their financial success. SPSS was used to calculate frequencies, percentages, means, standard deviations, and administer one-way analysis of variance and independent sample t-test. The major findings of the study showed that the average age of the FARM Assistance participants was 51 years old. A large number of the participants (41.90%) in the FARM Assistance program had a Bachelor of Science degree. This study also revealed that the mean net cash farm income for the 196 operations was $91,970 with a range from negative $152,990 to $822,610. Row crop producers had a statistically significant higher ProScore index, net cash farm income, and net cash farm income per acre than livestock farms. Producers who started as farm employees had a statistically significant higher ProScore index than producers who started on their own, partnered with a family member, or those who selected other. Finally, producers who had fulltime, off farm employment had a statistically significant lower ProScore index than those producers who had part-time employment or those who did not have an off farm job.

The economic downturn of 2008-2010 has encouraged many economists andpoliticians to reconsider the role of fiscal policy. Whereas there is a broadly acceptedmodel which describes the influence of monetary policy on the economy, there is noconsensus concerning the fiscal policy.This paper aims to study the effectiveness of fiscal policy actions in Sweden over thepast 15 years, starting from the end of the banking crisis of 1992-93 to date. It has aspecific focus on the measures which were introduced in 2007-2010 and employs bothqualitative and quantitative analyses.The qualitative analysis investigates different expansionary fiscal measures, inter alia,the earned income tax credit, the new legislation for crisis management of banks, theguarantee program and the establishment of stability fund.The quantitative analysis is based on a 4-variable Vector Autoregression model whichhelps to identify the influence of general government expenditure, revenue and centralgovernment debt on GDP fluctuations over the past 15 years. The results demonstrate apositive response of GDP to an increase in government expenditure, with the maximumvalue of response achieved after 8 quarters. GDP also grows in response to a positiveshock in the central government debt, which is in line with the macroeconomic theory ofexpansionary fiscal policy. The positive response to an increase of revenue is somewhatcontradictory, and can become a topic for a further in-depth research.The economic downturn of 2008-2010 has encouraged many economists andpoliticians to reconsider the role of fiscal policy. Whereas there is a broadly acceptedmodel which describes the influence of monetary policy on the economy, there is noconsensus concerning the fiscal policy.This paper aims to study the effectiveness of fiscal policy actions in Sweden over thepast 15 years, starting from the end of the banking crisis of 1992-93 to date. It has aspecific focus on the measures which were introduced in 2007-2010 and employs bothqualitative and quantitative analyses.The qualitative analysis investigates different expansionary fiscal measures, inter alia,the earned income tax credit, the new legislation for crisis management of banks, theguarantee program and the establishment of stability fund.The quantitative analysis is based on a 4-variable Vector Autoregression model whichhelps to identify the influence of general government expenditure, revenue and centralgovernment debt on GDP fluctuations over the past 15 years. The results demonstrate apositive response of GDP to an increase in government expenditure, with the maximumvalue of response achieved after 8 quarters. GDP also grows in response to a positiveshock in the central government debt, which is in line with the macroeconomic theory ofexpansionary fiscal policy. The positive response to an increase of revenue is somewhatcontradictory, and can become a topic for a further in-depth research.

Sammanfattning MiFID, direktiv om marknader för finansiella instrument är ett nytt europeiskt regelverk för den finansiella sektorn som träder i kraft den 1: a november 2007. Direktivet syftar till att förstärka konkurrenskraften för den finansiella sektorn, förbättra konsumentskyddet samt inkludera hela utbudet av finansiella tjänster och produkter. Då MiFID: s införlivande i svenska lag försenades fick de svenska värdepappersföretagen under 2007 en relativt kort tidsperiod på sig att anpassa sina verksamheter till de nya bestämmelserna. Syftet med denna uppsats är att undersöka vilka svårigheter tre svenska värdepappersföretag erfarit vid arbetet med att anpassa deras verksamheter till de nya bestämmelserna i MiFID. Vi har studerat direktivet och jämfört med nuvarande regleringar samt genomfört fyra intervjuer, varav tre med svenska värdepappersföretag av varierande storlek. Genom vår undersökning har vi funnit att särskilt två områden varit besvärliga för våra respondenter, orderhanteringen och kundkategoriseringen. Abstract MiFID, the Markets in Financial Instruments Directive is a new European regulation for the financial service industry which comes in to effect on 1 November 2007. The purpose of the directive is to strengthen the competitiveness of the financial sector, improve consumer protection and include all financial services and products. Because the implementation of MiFID into Swedish law was delayed the Swedish securities firms were given a relatively short period of time during 2007 to adapt their businesses to the regulations in MiFID. The purpose of our thesis is to examine what difficulties three Swedish securities firms have experienced making their businesses compliant with the new regulations in MiFID. We have studied MiFID and compared it with Swedish regulations and carried through four interviews, three with Swedish securities firms of different size. Through our research we have found that client order handling and client categorisation were experienced as troublesome areas.

Recently there have been a lot of talk a about the financial crisis and recession. This is understandable since the crisis, which initially was limited to the U.S. now has spread its concern globally in form of bankruptcies, less investment and lots of people have lost here jobs. The purpose of this thesis is to examine how the financial crisis have affected the construction industry relating to market and personnel, but also examine what measures the construction companies have taken. The examination was carried out by information received from the majority of construction-related websites which then was followed up with interviews in the various construction sectors. I have come to conlusion that the housing market has been hardest affected by the financial crisis becuase it is controlled by the household economy and future hopes. At year-end housing with some form of private ownership or operation, in principle, completely disappeared. The local and construction market has done well thanks to government investment. The most affected construction companies are the larger contractors that largely focuses on new construction of housing. Within the construction sector over 10,000 people have lost their jobs where the majority are artisans and new recruits. Most of all needed right now is positive political signal so the banks dare to lend again, and households dare invest so that housing can be restored.

Research on food consumption and expenditures usually employs the use of unitary models that do not account for type of family financial structure. This research presents two collective models of household behavior, conditional and unconditional models, which were used in the analysis of the household data that came from the “Parental Time, Role Strain and Children’s Fat Intake and Obesity Related Outcomes”. This research utilized the Generalized Method of Moments in the estimation of the system of expenditures on food at and away from home to test the validity of the unitary model by testing one of the implications of this model, the income pooling hypothesis, as well as family financial structure. It was found that the omission of family financial structure and not the income pooling hypothesis would lead to the incorrect assertion that the unitary model is the correct model for the analysis of intrahousehold allocation. The collective models proposed in this research were found to be preferred to those of the unitary models. These two models, conditional and unconditional, not only allow for the effect of earned and unearned incomes of fathers and mothers to be different, but also incorporate family financial structure into the analysis of expenditures on food at and away from home. This research shows that the parameters of the unitary models are reduced form parameters that do not represent the effect that the variable of interest has on the household expenditures category of interest. This research finds that these reduced form parameters show the total effect which is composed of three parts. First, the change in the expenditure category of interest that comes about from a change in the variable of interest when we hold family financial structure constant. Second, the change in the expenditure category of interest that comes about from a change in the family financial structure. Third, the change in family financial structure that comes about from a change in the variable of interest.

The Study of Employee Passion- Financial Industry as the Example Abstract ¡§Work Passion¡¨ has been gradually gained attention. Most likely is that work plays an important part in our daily life. People could benefit from the joy and energy of the working. However, the related research in the field is insufficient. In this research, literature review and interview were first applied to developing the framework and questionnaire. The next stage is to adopt empirical survey approach which contains multiple regression and hierarchical regression to verify the following hypotheses. 1. A positive relationship between the sources of work passion and the behaviors of work passion. 2. A positive relationship between the behaviors of work passion and the effects of work passion. 3. A positive relationship between the sources of work passion and the effects of work passion. 4. Moderating effects exist between variables. The main conclusions are summarized as follows. 1. Hypothesis one is supported. Someone who enjoys the relationship with others or with an active personality will have passionate behaviors. The behaviors cover the goal oriented, self motivation, helpfulness, to overcome difficulties, ideas sharing, insistence on something, and so on. Except for the above mention, an open culture or influence of co-workers will enable employee to have the kind of behaviors, too. 2. Hypothesis two is supported. Someone who has passionate behaviors will be satisfied with his/her job and salary. 3. Hypothesis three is supported. The sources of work passion will bring effects on job and salary satisfaction. An open culture is a particular one which has a close relationship with job and salary satisfaction. 4. Person-job conflict will affect not only the relationship between sources and behaviors but also behaviors and effects. 5. Person-organization conflict will affect the relationship with sources and behaviors.

The purpose of M&A usually directs to the exploration of business scale and the decrease of operation cost. The post-merge integration not only emphasizes on the integration of business unit to increase the profit, but also on the centralization of supporting lines regarding similar function, in order to decrease the duplicated cost of workforce. Most of the research papers focus on the performance of M&A or the integration manners of business unit, however, few of the research points out how the supporting lines integrate with each other. Thus, this report intends to figure out the key points of the centralization of supporting lines thorough the integration of human resource division. The practice of the case study reveals that the success of the integration relies on the determination of senior management, which helps to facilitate the execution part. Meanwhile, the similarity of the operation process within the subsidiaries also contributes to the success of the integration. However, the failure of the integration results from the characteristics of the different industries and the resistance of the subsidiaries¡¦ HR managers rather than the issues concerned by the senior management or the project execution.

The purpose of this article is try to find the efficient factor that affect corporate's financial structure.

The primary purpose of the study was to quantify the parameters of successful agricultural producers. Through the use of the Financial and Risk Management (FARM) Assistance database, this study evaluated economic measures for row-crop producers, livestock producers and diversified producers (farms which can not be classified as primarily crop or livestock). The sample population for this study was agricultural producers (N=196) who had participated in the Texas Cooperative Extensions FARM Assistance program in the years 2002 to 2004. Financial performance was determined by several financial measures, such as net cash farm income, ending cash reserves, return on assets (ROA), equity growth and working capital. In addition, information gathered about the FARM Assistance clientele was used to examine the relationship between their demographic backgrounds and their financial success. SPSS was used to calculate frequencies, percentages, means, standard deviations, and administer one-way analysis of variance and independent sample t-test. The major findings of the study showed that the average age of the FARM Assistance participants was 51 years old. A large number of the participants (41.90%) in the FARM Assistance program had a Bachelor of Science degree. This study also revealed that the mean net cash farm income for the 196 operations was $91,970 with a range from negative $152,990 to $822,610. Row crop producers had a statistically significant higher ProScore index, net cash farm income, and net cash farm income per acre than livestock farms. Producers who started as farm employees had a statistically significant higher ProScore index than producers who started on their own, partnered with a family member, or those who selected other. Finally, producers who had fulltime, off farm employment had a statistically significant lower ProScore index than those producers who had part-time employment or those who did not have an off farm job.