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Motivation utgör en nyckelfaktor i hur lyckat ett projekt blir. Syftet med denna studie var bidra till förståelsen av hur projektledare motiverar projektgrupper. Datamaterialet grundar sig på kvalitativa data från sex personliga intervjuer med projektledare inom teknikbranschen. Det empiriska materialet har analyserats i huvudsak med motivationsteorierna Self Determination Theory och Tvåfaktormodellen. Studien fann sju framträdande teman som projektledarnas tillvägagångssätt kunde kategoriseras i: Tema 1 - Samhörighet och sociala relationer, Tema 2 - Meningsfullt arbete - Skapa gemensam syn på projektets mål, Tema 3 - Informationsutbyte och progress, Tema 4 - Delaktighet, ansvar och förtroende, Tema 5 - Grad av kontroll, Tema 6 - Feedback och uppskattning, Tema 7 - Fira framgång och avslut. Tillvägagångssätten kan sammanfattas med att lära känna gruppen, att ge en helhetssyn över projektet, att dela med sig av information och projektets framgång, att låta alla vara delaktiga och delegera ansvar, att ha en balanserad kontrollfunktion, att ge återkoppling kontinuerligt och att fira framgångar i projektet. Analysen med Self Determination Theory visade att de grundläggande psykologiska behoven autonomi, kompetens och samhörighet påverkades inom de sju temana. Samma tillvägagångssätt kunde upplevas på olika sätt beroende på hur de utfördes, med konsekvens att de hamnade på olika platser på internaliseringsskalan. Projektledarna använde främst yttre faktorer för att påverka motivationen. Analysen med Tvåfaktormodellen visade att projektledarna använde motivationsfaktorer i större grad än hygienfaktorer för att motivera projektgruppen, med undantag för sociala relationer. Detta beror sannolikt på att de andra hygienfaktorerna oftast är företagsspecifika och ligger utanför projektledarens kontroll. Analysen visade att de sju teman som studien beskriver påverkade olika motivationsbehov. Samtliga projektledare hade förståelse för att motivation var viktigt och att inre motivation var att föredra. Dock fanns inget i studien som tydde på att projektledarna i större omfattning hade förståelse om vilka psykologiska processer som deras tillvägagångssätt påverkade hos deltagarna. Projektledarnas tillvägagångssätt var grundade i deras egna erfarenheter och upplevelser, snarare än förankrade i formulerade processer eller teorier. Inget av företagen hade en medveten uttalad motivationsstrategi som projektledarna använde eller kunde använda sig av. / Motivation is a key factor for the success of a project. The purpose of this study was to contribute to the understanding of how project managers are motivating project teams. The empirical data is based on qualitative data from six personal interviews with project managers in the technology industry. The empirical material has been analyzed mainly with the motivation theories Self Determination Theory and the Two factor model. The study found seven main themes that could categorize the project managers ways of action: Theme 1 – Cohesion and Social relations, Theme 2 – Meaningful work - creating common view of project goals, Theme 3 – Information exchange and Progress, Theme 4 - Participation, Responsibility and Trust, Theme 5 – Degree of Control, Theme 6 – Feedback and Recognition, Theme 7 – Celebrating success and conclusion. The ways of action can be summarized to: Getting to know the group. Giving an overview of the project. Sharing information and success of the project. Allowing everyone to participate and delegate responsibility. Having a balanced control function. Giving continues feedback. Celebrating success. The analysis with the Self Determination Theory showed that the basic psychological needs autonomy, competence and relatedness, were affected within the seven themes. The same ways of action could be experienced in various ways depending how they were performed, with the effect that end up in different places on the internalization scale. The project managers mainly used external factors to influence motivation. The analysis with the Two factor model showed that the project managers used motivational factors to a greater extent than hygiene factors to motivate, except for social relations. This was probably due to the fact that hygiene factors usually are company-specific and are beyond the control of the project managers. The analysis showed that the seven themes described in the study influenced different motivational needs. Every project manager had an understanding that motivation was important and that internal motivation was preferable. However, nothing in the study indicated that the project managers had a greater understanding of the psychological processes of the individuals had, that their ways of action influenced. The project managers’ ways of action were based on their own experiences, rather than anchored in formulated processes or theories. None of the companies in the study had an conscious articulated motivation strategy that project managers could use.

The thesis contains four essays covering topics in the field of macroeconomic forecasting.<p><p>The first two chapters consider factor models in the context of real-time forecasting with many indicators. Using a large number of predictors offers an opportunity to exploit a rich information set and is also considered to be a more robust approach in the presence of instabilities. On the other hand, it poses a challenge of how to extract the relevant information in a parsimonious way. Recent research shows that factor models provide an answer to this problem. The fundamental assumption underlying those models is that most of the co-movement of the variables in a given dataset can be summarized by only few latent variables, the factors. This assumption seems to be warranted in the case of macroeconomic and financial data. Important theoretical foundations for large factor models were laid by Forni, Hallin, Lippi and Reichlin (2000) and Stock and Watson (2002). Since then, different versions of factor models have been applied for forecasting, structural analysis or construction of economic activity indicators. Recently, Giannone, Reichlin and Small (2008) have used a factor model to produce projections of the U.S GDP in the presence of a real-time data flow. They propose a framework that can cope with large datasets characterised by staggered and nonsynchronous data releases (sometimes referred to as “ragged edge”). This is relevant as, in practice, important indicators like GDP are released with a substantial delay and, in the meantime, more timely variables can be used to assess the current state of the economy.<p><p>The first chapter of the thesis entitled “A look into the factor model black box: publication lags and the role of hard and soft data in forecasting GDP” is based on joint work with Gerhard Rünstler and applies the framework of Giannone, Reichlin and Small (2008) to the case of euro area. In particular, we are interested in the role of “soft” and “hard” data in the GDP forecast and how it is related to their timeliness.<p>The soft data include surveys and financial indicators and reflect market expectations. They are usually promptly available. In contrast, the hard indicators on real activity measure directly certain components of GDP (e.g. industrial production) and are published with a significant delay. We propose several measures in order to assess the role of individual or groups of series in the forecast while taking into account their respective publication lags. We find that surveys and financial data contain important information beyond the monthly real activity measures for the GDP forecasts, once their timeliness is properly accounted for.<p><p>The second chapter entitled “Maximum likelihood estimation of large factor model on datasets with arbitrary pattern of missing data” is based on joint work with Michele Modugno. It proposes a methodology for the estimation of factor models on large cross-sections with a general pattern of missing data. In contrast to Giannone, Reichlin and Small (2008), we can handle datasets that are not only characterised by a “ragged edge”, but can include e.g. mixed frequency or short history indicators. The latter is particularly relevant for the euro area or other young economies, for which many series have been compiled only since recently. We adopt the maximum likelihood approach which, apart from the flexibility with regard to the pattern of missing data, is also more efficient and allows imposing restrictions on the parameters. Applied for small factor models by e.g. Geweke (1977), Sargent and Sims (1977) or Watson and Engle (1983), it has been shown by Doz, Giannone and Reichlin (2006) to be consistent, robust and computationally feasible also in the case of large cross-sections. To circumvent the computational complexity of a direct likelihood maximisation in the case of large cross-section, Doz, Giannone and Reichlin (2006) propose to use the iterative Expectation-Maximisation (EM) algorithm (used for the small model by Watson and Engle, 1983). Our contribution is to modify the EM steps to the case of missing data and to show how to augment the model, in order to account for the serial correlation of the idiosyncratic component. In addition, we derive the link between the unexpected part of a data release and the forecast revision and illustrate how this can be used to understand the sources of the<p>latter in the case of simultaneous releases. We use this methodology for short-term forecasting and backdating of the euro area GDP on the basis of a large panel of monthly and quarterly data. In particular, we are able to examine the effect of quarterly variables and short history monthly series like the Purchasing Managers' surveys on the forecast.<p><p>The third chapter is entitled “Large Bayesian VARs” and is based on joint work with Domenico Giannone and Lucrezia Reichlin. It proposes an alternative approach to factor models for dealing with the curse of dimensionality, namely Bayesian shrinkage. We study Vector Autoregressions (VARs) which have the advantage over factor models in that they allow structural analysis in a natural way. We consider systems including more than 100 variables. This is the first application in the literature to estimate a VAR of this size. Apart from the forecast considerations, as argued above, the size of the information set can be also relevant for the structural analysis, see e.g. Bernanke, Boivin and Eliasz (2005), Giannone and Reichlin (2006) or Christiano, Eichenbaum and Evans (1999) for a discussion. In addition, many problems may require the study of the dynamics of many variables: many countries, sectors or regions. While we use standard priors as proposed by Litterman (1986), an<p>important novelty of the work is that we set the overall tightness of the prior in relation to the model size. In this we follow the recommendation by De Mol, Giannone and Reichlin (2008) who study the case of Bayesian regressions. They show that with increasing size of the model one should shrink more to avoid overfitting, but when data are collinear one is still able to extract the relevant sample information. We apply this principle in the case of VARs. We compare the large model with smaller systems in terms of forecasting performance and structural analysis of the effect of monetary policy shock. The results show that a standard Bayesian VAR model is an appropriate tool for large panels of data once the degree of shrinkage is set in relation to the model size. <p><p>The fourth chapter entitled “Forecasting euro area inflation with wavelets: extracting information from real activity and money at different scales” proposes a framework for exploiting relationships between variables at different frequency bands in the context of forecasting. This work is motivated by the on-going debate whether money provides a reliable signal for the future price developments. The empirical evidence on the leading role of money for inflation in an out-of-sample forecast framework is not very strong, see e.g. Lenza (2006) or Fisher, Lenza, Pill and Reichlin (2008). At the same time, e.g. Gerlach (2003) or Assenmacher-Wesche and Gerlach (2007, 2008) argue that money and output could affect prices at different frequencies, however their analysis is performed in-sample. In this Chapter, it is investigated empirically which frequency bands and for which variables are the most relevant for the out-of-sample forecast of inflation when the information from prices, money and real activity is considered. To extract different frequency components from a series a wavelet transform is applied. It provides a simple and intuitive framework for band-pass filtering and allows a decomposition of series into different frequency bands. Its application in the multivariate out-of-sample forecast is novel in the literature. The results indicate that, indeed, different scales of money, prices and GDP can be relevant for the inflation forecast.<p> / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Les difficultés rencontrées par la banque centrale du Vietnam dans la dernière décennie, qui se sont traduites par des écarts importants par rapport à l'objectif d'inflation, nourrissent le débat sur l'adéquation subsistante de l'actuelle stratégie de politique monétaire en place dans le pays depuis 1992. Partant de cette idée, cette thèse a pour objectif d'examiner la pertinence du ciblage monétaire quantitatif. De plus, celle-ci recommande quelques aménagements pour améliorer l'efficacité de la politique monétaire. Après un chapitre introductif, le chapitre 2 propose un état des lieux de l'économie du Vietnam. Les deux chapitres suivants enquêtent sur la satisfaction des exigences imposées dans le cadre du ciblage monétaire, à savoir l'existence d'une fonction stable de demande de monnaie à long terme (traitée dans le chapitre 3) et celle d'un pouvoir prédictif significatif sur l'inflation que possède la monnaie (testée dans le chapitre 4). Il s'avère que la fonction de demande de monnaie est stable, et que l'hypothèse selon laquelle l'évolution des agrégats monétaires a un pouvoir prédictif sur l'inflation n'est pas rejetée. Le ciblage monétaire se trouve ainsi toujours approprié pour le pays. Les deux derniers chapitres calculent et suggèrent les indicateurs de politique monétaire à travers des évaluations exhaustives. Il s'agit des mesures de l'inflation structurelle et d'un indice synthétique des conditions financières, qui se révèlent utile pour la prise de décision de la banque centrale. / Difficulties of the central bank of Vietnam during the last decade in controlling price inflation and securing its inflation goals have launched and nurtured a vigorous debate on whether the current monetary policy strategy, in place since 1992 remains always appropriate. lnspired of this idea, this thesis aims to examine the relevance of the quantitative monetary targeting framework. Furthermore, the thesis recommends some arrangement in order to improve monetary policy efficiency. After an introductory chapter, Chapter 2 propose the state of the art of the economy of Vietnam. Two following chapters investigate the conditions that an effective money targeting strategy requires and whether they are fully satisfied in Vietnam. Indeed, the existence of a stable money demand function in the long run is considered in Chapter 3, and a significant predictive power that money should have on inflation is tested in Chapter 4. It is proved that the money demand function is stable and the hypothesis according to which money growth may forecast future inflation cannot be rejected. The monetary targeting is therefore still relevant for Vietnam. The last two chapters compute and suggest various monetary policy indicators by means of exhaustive evaluation exercises. Different core inflation measure and a composite index of financial conditions are introduced, which are justified to be meaningful for the policy making process of the central bank.

Det är sedan länge känt att det finns en positiv korrelation mellan risk och avkastning. Investerare och bolag kan välja mellan flera olika prissättningsmodeller för att förutspå priset på en aktie. Forskare har, med den kända enfaktormodellen CAPM som utgångspunkt, utvecklat en modell som tar hänsyn till mer än bara marknadsfaktorn. Detta resulterade i framtagandet av Fama &amp; French-trefaktormodellen (FF3) som även inkluderar storleksfaktorn SMB samt värdefaktorn HML. Syftet med studien är att utvärdera två prissättningsmodeller, CAPM och FF3, för att kunna bedöma deras prestanda vid värdering av förväntad avkastning. Tidigare forskning, inom området för nämnda modeller, berör ofta internationella marknader samt modellernas prestanda för portföljer. Vår studie utförs på utvalda enskilda svenska aktier inkluderade på Stockholmsbörsens Large Cap för januari år 2011 till december år 2015, genom att replikera tidigare forskning gjord av Bartholdy &amp; Peare (2005). Utvalda bolag analyseras efter regressioner för modellerna för att kunna utvärdera dessa var för sig, samt för att se om FF3 har en högre justerad förklaringsgrad än CAPM för enskilda svenska aktier. Resultatet av studien visar att både CAPM och FF3 är applicerbara för utvalda enskilda svenska aktier. Ställs FF3 i förhållande till CAPM föreligger skillnad i justerad förklaringsgrad, dock är den ytterst marginell. Sammanfattningsvis bidrar studien med kunskapen om att CAPM och FF3 går att applicera på enskilda svenska aktier, men att det inte föreligger någon större skillnad i val av dessa två modeller. / Investors and companies can choose between multiple pricing models to predict the price of shares. With the known one factor model CAPM, researchers have developed a model that consider more than just the market factor. This resulted in the creation of the Fama &amp; French three factor model (FF3), which also includes the size factor SMB and the value factor HML. The purpose of the study is to evaluate two pricing models, CAPM and FF3, to assess their performance when evaluating expected returns. Previous research often deal with international markets and model performance of portfolios. We study selected individual Swedish shares for January 2011 to December 2015 by replicating previous research by Bartholdy &amp; Peare (2005). Selected companies are analysed by regressions for the models to be able to evaluate these separately, and to see if FF3 has a higher degree of explanation than CAPM for individual Swedish shares. The result of the study shows that both CAPM and FF3 are applicable for selected individual Swedish shares. There is a difference in the adjusted degree of explanation between the models but it is marginal. In conclusion, the study contributes with the knowledge that CAPM and FF3 can be applied to individual Swedish shares, but there is no major difference in the choice of these two models.

This Diploma Thesis deals with an analysis of the company made by selected methods. External environment of the company is analysed using PESTLE analysis and Porter’s five-factor model. The internal environment is analysed by means of Kralicek Quick test and Fundamental analysis. SWOT analysis represents opportunities and threats of the external environment with the strengths and weaknesses of the company. The proposal of betterment of the company’s economic management is designed on the basis of the SWOT matrix.

The diploma thesis deals with an evaluation of the financial health of the company Bosch Rexroth, spol. s r.o. Using various methods of financial analysis evaluates performance and financial health of the company. At the end of this thesis the possible proposals for future strategy are suggested.

Ideella organisationer har en stor betydelse för det svenska samhället. För att de ideella organisationerna ska kunna fortsätta bidra till samhället är det viktigt att organisationerna är tillräckligt attraktiva för att rekrytera och behålla ideella arbetare eftersom dessa individer är väsentliga för de ideella organisationernas överlevnad. Då de som arbetar ideellt inte får någon monetär ersättning uppstod frågan vad som motiverar dem till arbetet. Syftet med detta arbete är därför att undersöka vad som motiverar unga vuxna till att arbeta ideellt utan monetär ersättning. Studien har följt en kvalitativ forskningsmetod. Datainsamlingen har genomförts genom semistrukturerade intervjuer med 14 respondenter som har arbetat ideellt inom en studentförening på en högskola eller ett universitet i Sverige under de senaste två åren. Resultatet visar på fem utmärkande motivationsfaktorer hos respondenterna: gemenskap, möjligheten att påverka, personlig utveckling, karriärutveckling och yttre påverkan. Den insamlade datan har analyserats utifrån motivationsteorier samt tidigare forskning inom ämnet. Studiens slutsats är att de som arbetar ideellt upplever en form av icke-monetär belöning bland annat socialt nätverk, erfarenhet och personlig utveckling. / Non-profit organizations have great importance for Swedish society. In order to make it possible for non-profit organizations to continue contributing, it is important that the organizations are attractive enough to be able to recruit and keep the volunteers since they are essential for the survival of non-profit organizations. Since the non-profit volunteers execute labor without monetary compensation, the question arose regarding their motivation. The purpose of this essay is to examine what motivates young adults to work without monetary compensation. A qualitative method has been used to study this subject, using semi-structured interviews with 14 participants who have worked in a non-profit student association at a college or university in Sweden during the last two years. The results showed five distinctive motivators for the respondents: a sense of belonging, the possibility to make a difference, personal development, career development, and external influence. The collected data was analyzed based on motivation theories and previous studies within the subject. The conclusion of the study is that volunteers in non-profit organizations experience non-monetary compensation, for instance social networking, experience, and personal development.

Capital Asset Pricing Model (CAPM) is an equilibrium model to test relationship between expected return and market risk (Sharpe, 1964). The model research on pricing and return when the securities market reaches equilibrium and investors are rational and investing by diversification based on Markovitz portfolio theory (Markovitz, 1952). Fama and MacBeth (1973) proposed a cross-sectional testing methodology on CAPM and this regression method has been widely used in testing CAPM in developed markets since then. While CAPM is hard to explain more and more market anomalies (excessive return in smaller market value company) in cross section regression, Fama and French (1992) added two more factors (SMB and HML) and proposed three factor model. The empirical results show that three factor model is superior to CAPM in developed markets. Relevant studies have been conducted by Manjuunatha (2006) and Trimech et al. (2015) but show different results. This dissertation will use Fama-MacBeth cross section approach to test CAPM and Fama-French's three factor model in Chinese and Polish stock market respectively. Following Fama and MacBeth (1972) and Shweta and Anil (2015), three sub periods of Polish and Chinese stock market returns ranging from 2007 to 2018 are examined. The empirical results in this thesis...

In this thesis I apply modern econometric techniques on macroeconomic time series. Forecasting is here developed along several dimensions in the three chapters. The chapters are in principle self-contained. However, a common element is represented by the business cycle analysis. In the first paper, which primarily deals with the problem of forecasting euro area inflation in the short and medium run, we also compute the country-specific responses of a common business cycle shock. Both chapters 2 and 3 deal predominately with business cycle issues from two different perspectives. The former chapter analyses the business cycle as a dichotomous non-observable variable and addresses the issue of evaluating the euro area business cycle dating formulated by the CEPR committee, while the latter chapter studies the entire distribution of GDP growth. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished