Syfte: Syftet med denna uppsats är att undersöka huruvida 2000-talets finanskris har haft någon inverkan på den svenska bolånemarknaden för privatpersoner. Då krisen har slagit hårt mot fastighetsmarknader runt om i världen, vill vi se i vilken utsträckning den har drabbat Sverige. Arbetet ämnar undersöka huruvida bankernas inställning till att utfärda bostadslån har förändrats något, samt utifall det har skett några förändringar av regelverk och direktiv från svenska myndigheter. Metod: I vår uppsats har vi använt oss utav såväl en kvalitativ metod som en kvantitativ. Den kvalitativa metoden utgörs av intervjuer, medan den kvantitativa metoden utgörs av information som insamlats genom internet samt diverse litteraturer. Forskningsarbetets avgränsning sträcker sig till att undersöka den svenska bolånemarknaden. Vi har valt att enbart koncentrera oss på privatpersoner och därmed uteslutit företag i vår studie. Vi har valt att undersöka tre banker – Nordea, Handelsbanken och SBAB samt deras tillsynsmyndighet, Finansinspektionen. Detta för att få en övergripande bild av den svenska bostadsmarknaden. Resultat & Slutsats: Vi har i vår studie kommit fram till att den svenska bolånemarknaden för privatpersoner till stor del inte har påverkats. Finanskrisen har inte åtgjort bolåneinstituten någon skada. Bostadslånen avsedda för privatpersoner har fortsatt att öka. Det som kunnat ses är en skillnad i räntenivå. Regelverk och direktiv har inte förändrats i Sverige i och med finanskrisen på bolånemarknaden. Förslag till fortsatt forskning: Vi rekommenderar att fortsätta studien genom att se huruvida nuvarande krisen i Grekland kommer att påverka världsekonomin och därigenom den svenska bolånemarknaden. Man skulle även kunna forska vidare genom att undersöka om Finansinspektionens införande av bolånetak på 85 %, den 1/10-2010, kommer att innebära någon förändring för den svenska bolånemarknaden. Uppsatsens bidrag: Uppsatsen kommer att bidra till en ökad förståelse för den svenska bolånemarknaden samt hur denna har påverkats utav finanskrisens utbrott år 2008. Uppsatsen kommer ge en insyn i den finansiella världen för bolån och förklara hur regelverk och direktiv präglar den svenska bankrörelsen. Nyckelord: Svenska bolånemarknaden, finanskrisen, utlåning till privatpersoner / Purpose: The purpose of this study is to examining whether the 2000s financial crisis has had an impact on the Swedish mortgage market for private individuals. Since the crisis has knocked property markets around the world, we want to see how it has affected Sweden. The work will examine whether banks' attitude towards the issue of housing has changed slightly, and if there have been any changes to regulations and directives from the Swedish authorities. Method: In this essay we have used both a qualitative approach and a quantitative. The qualitative approach consists of information that we have collected through interviews; while the quantitative approach consists of information collected through internet and various literatures. Research activity distinction goes to investigate the Swedish mortgage market. We have chosen to concentrate only on the individuals and excluded companies in our study. We have chosen to investigate three banks – Nordea, Handelsbanken and SBAB and their regulator, Finansinspektionen. This is to get an overall picture of the Swedish mortgage market. Results and Conclusion: We have in our study concluded that the Swedish mortgage market for individuals largely is not affected. The financial crisis has not hit the mortgage institutions any harm. Housing loans that are intended for individuals has continued to increase, but what you can see is a difference in interest rates. Regulations and directives have not changed in Sweden due to the financial crisis in the mortgage market. Proposal for further research: We recommend continuing this study by reviewing whether the current crisis in Greece will have an impact on the world economy and thereby the Swedish mortgage market. Another recommendation to research further is by examining whether Finansinspektionens introduction of 85 % housing mortgage ceiling in 1/10-2010, will mean any change for the Swedish mortgage market. Contributions: This paper will contribute to a better understanding of the Swedish mortgage market and how the financial crises starting in 2008, has affected the Swedish mortgage market. The essay will give an insight into the financial world of mortgages and explain the regulations and directives characterizing the Swedish banking. Keywords: Swedish mortgage market, financial crisis, lending to individuals

Denna studie syftar till att beskriva problematiken kring finansiering av nystartade tjänsteföretag som saknar säkerheter i form av materiella tillgångar. Våra slutsatser är att samtliga respondenter anser att finansieringsproblematiken existerar och att detta yttrar sig genom att kreditbedömningar blir svåra att genomföra när företag saknar materiella tillgångar att ställa som säkerhet. Två av de företag vi intervjuat har upplevt problem med finansieringsprocessen. De externa finansiärerna anser att problematiken främst yttrar sig för forsknings- och utvecklingsföretag. / This study aims to describe issues surrounding the financing of start-up Service businesses with no collateral in the form of tangible assets.  Our conclusions are that all respondents believe that the financial problem exists and that this manifests itself through the credit ratings will be difficult to implement when the company has no tangible assets to offer as security. Two of the companies we interviewed have experienced problems with the funding process. The external financiers believe that the problem mainly manifests itself in research and development companies.

A variety of factors are the reasons for adjusting or changing company’s strategy, such as the change of customer demand, company’s internal financial factors, the influence of external environment and so on. This research is to find out the link between the change of external environment and the adjustment of internal strategy. Choose the suspension of one flight in SAS as the case to state this point. Show the strategy change of SAS when they were facing the serious impact of financial crisis. SAS as the biggest airline in North Europe it could be a typical firm to investigate this kind of situation. A deep-interview and reading the published reports of SAS are the main data collection approached. Some resources were from the internet because it is real-time news and the reports from the company are published on their website. The interviewee is from the top of the company who is familiar this area and has full experience in international business. The study used lots of theories from different books and journals to integrate the information that we collected to analysis and achieve our final conclusion. After analyzed the study it found the SAS used the retrenchment strategy as their new international strategy to reverse the negative situation. The financial crisis affected the customer demand badly not just in China also around the world and forced them to change the strategy. The report ultimate believed there were still a lot of other factors, beside the financial crisis, caused the adjustment of strategy in SAS.

Prior research on the ability of financial ratios to predict bankruptcies has shown a significant difference between the companies that went into bankruptcy and those that survived. This paper investigates whether there is a difference in the prediction ability of financial ratios during the last financial crisis compared to relatively normal macroeconomic environments in which most previous studies have been conducted. We use univariate analysis to compare companies that went into bankruptcy during 2010 and 2011 with companies that remained active. Our dataset consists of 51 failed companies that are matched with 102 companies that remained active. All companies were Swedish limited companies with more than 50 employees and the comparison is made with 26 financial ratios. Our result indicates that financial ratios were better tools to predict bankruptcy during the crisis than during more stable macroeconomic conditions. In total 24 of the analyzed financial ratios differed significantly between the two populations and many of them showed significance earlier prior to the bankruptcy than in comparable studies.

本篇論文使用2001年到2012年的美國公司作為研究樣本，探討借款公司在金融危機下的表現，是否與借款公司的融資方式有關。實證結果顯示在金融危機下確實僅能透過貸款融資的公司表現會較差，因為在金融危機時，會造成金融體系的信用緊縮，所以導致受金融危機影響的銀行會減少借出量並增加貸款利差。另外，融資彈性較佳的公司似乎表現沒有特別突出，可能隱含在金融危機時也無法在貸款市場上獲得一些好處。 / In this paper, we use U.S. company data from 2001 to 2012 as the research sample to examine the relationship between borrowers’ performance and borrowers’ financing methods in the financial crisis. Empirical results show that the performance of borrowers which can only use loan financing is the worst in the financial crisis. There is credit crunch in the financial system because of the financial crisis, and the banks which are affected by financial crisis will reduce the lending amount and increase loan spreads. In addition, the performance of borrowers with more financing methods did not seem particularly prominent, and we think it implies borrowers with more financing methods could not get benefits from the loan market in financial crisis.

The current economic-financial conditions in Italy are characterized by the financial crisis, decrease in demand, increase in taxation and banking credit restriction. Moreover, this aspects add up to structural problems of the Italian economy, like low level of labor productivity and high public debt. Italian industry is formed mainly by micro and small companies, that are suffering particularly this situation. This research wants to identify successful strategies for micro and small Italian companies to face actual difficulties and compete in these dynamics. To do that, the method chosen is the multiple-case and the qualitative research with semi-structured interviews to key respondents and strategic decision makers of three micro and small Italian companies. Starting from the literature review on strategic subjects, this paper wants to contribute to investigate a range of successful strategies that Italian micro-small companies could adopt to overcome current problems. The findings of this research are that part of the strategic process should be internal to companies, adopting a right size and boundaries, a good corporate culture, a rigorous financial management and a deep innovation’s process, both for process and products. Then, the more successful competitive strategy for Italian small company seems to be a hybrid strategy, mostly balanced on differentiation. Finally, a partial diversification by developing new products or/and new markets is a good strategy to diversify the high risk of the current situation and create new possibilities of success.

Introduction and background: The 1990s crisis and the global financial crisis year 2008 shows the same indications that the property market was affected negative. The Swedish Property companies had a difficult time on the market when the crisis led to decreased property trade and financing problems for the Property companies. The Swedish property companies became less attractive on the market and contributed to a drop in prices on investment property. Purpose: The purpose of this essay is to examine if there is any relation between the Swedish Property companies impairments on their investment property and the global financial crisis year 2008. Method: The essay is based on a quantitative study where we examined Swedish Property companies’ annual reports. We answered our questions and our purpose from the empirical data that we collected from the annual reports. Conclusions: The study resulted in that we found a correlation between the Swedish Property companies’ impairments on their investment properties and the global financial crisis year 2008. However, we found that the Swedish Property companies’ impairments were lower than market indications prove.

Olofström som ligger i södra Sverige är en ort som är beroende av bilindustrin vilket gör att orten drabbats hårt av finanskrisen. Många invånare har förlorat sina arbeten och arbetslösheten har mer än fördubblats på ett år. Detaljhandeln på orten har också påverkats när de drabbade invånarna med stor sannolikhet har dragit ner på sin konsumtion och det är därför intressant att studera om detaljhandelsföretagen har hanterat finanskrisen på olika sätt. För att ta reda på om det är några skillnader delades en enkät ut till alla detaljhandelsföretag på orten och svarsfrekvensen var mycket hög.   Teorin i uppsatsen baseras på krishantering, strategi och marknadsföring. Avsnittet om krishantering utgår ifrån det faktum att det finns olika faser i en kris som ett företag måste ta sig igenom och vilken fas företaget befinner sig i beror på vilka åtgärder som har vidtagits. Teorin om strategi handlar om strategins fyra principer samt avsiktliga och framväxande strategier. Beroende på vilka åtgärder ett företag har vidtagit så är det möjligt att karaktärisera dessa handlingar som avsiktliga eller framväxande. Till sist handlar marknadsföringsavsnittet bland annat om marknadsföringens fyra p som representerar delar av företaget som ständigt måste ses över för att anpassa företaget till omgivningen.      Efter genomförd undersökning har vi kommit fram till att detaljhandelsföretagen i Olofström har hanterat finanskrisen på olika sätt, att de inte har nått samma fas i krishanteringsprocessen och att de har vidtagit diverse åtgärder som kan relateras till strategi och marknadsföring. / Olofström, located in southern Sweden, is a town dependent on the automotive industry which makes the place hard hit in the financial crisis. Many people have lost their jobs and unemployment has more than doubled in a year. Retail businesses in the town has also been affected when the affected population in all probability have scaled down their consumption and it is therefore interesting to study whether the retailers have handled the financial crisis in different ways. To find out if there are any differences a questionnaire were distributed to all retail businesses in the town and the response rate was very high. The theory in the thesis is based on crisis management, strategy and marketing. The section on crisis management is based on the fact that there are different phases of a crisis that a company has to get through and what phase the company is in depends on the measures taken by it. The theory of strategy deals with the four principles of strategy and deliberate and emergent strategies. Depending on what measures a company has taken, it is possible to characterize the actions as deliberate or emergent. Finally, the theory of marketing includes for example the four p:s of marketing which represents parts of the company that must constantly be reviewed in order to keep up with changes in the environment surrounding the company. After conducting our research, we note that retail businesses in Olofström has handled the financial crisis in different ways, that they have not reached the same phase in the crisis management process and that they have taken various measures that can be related to strategy and marketing.

The purpose of this study is to examine the volatility spillover among a country&rsquo / s foreign exchange, bond and stock markets and the volatility transmission from the global bond, stock and commodity markets to these local financial markets. The sample for the study includes data from both emerging and developed economies in the time period between 2004 and 2011. A multivariate GARCH methodology with the BEKK representation is applied for the local financial markets and global variables are included as exogenous variables into the model. The volatility integration of the financial markets of the emerging economies is stronger compared to the integration of the developed economies. Global variables have a spillover effect on the developed markets only after the global financial crisis, whereas they significantly affect the volatility in emerging markets for both the pre- and post-crisis period. North American countries in the sample, U.S. and Mexico, have low local volatility integration in the pre-crisis era and the integration rises in the post-crisis period. Moreover, they are more open to the internal and global short-term shocks in the post-crisis period. Germany and Turkey are the representatives of the EMEA (Europe, Middle East and Africa) region and they have high local market integration and are open to global shocks for both sub-periods. Far Eastern markets, Japan and Korea, also have high local market integration and their vulnerability to the global effects is large and getting larger for the post-crisis period. The most important limitation of this thesis is the difficulty of reaching sharp generalizations due to the small number of countries analyzed. This limitation can be addressed by the inclusion of a larger number of geographically dispersed countries. The most noteworthy originality of this study is the addition of the exogenous global variables for modeling volatility spillovers. Furthermore, comparison of results for emerging versus developed markets and the pre- versus post-crisis periods is another contribution of this study to the existing literature. The findings of this study can be used by investors interested in assessing the risks of investing internationally.

The rapid growth of the Internet has shaped up the global economy. The stock market information is thus more and more transparent. Although the investors can get more helpful information to judge future trend of the stock market, they may get wrong judgments because the stock market data are too huge to be completely analyzed. Therefore, the purpose of this study is to develop an artificial stock market analyst by employing the information technology with high speed and performance, as well as integrating the artificial intelligence techniques. We exploit case-based reasoning to simulate the analysts in using history stock market data, employ the artificial neural network to imitate the analysts in analyzing the macrofactors of stock market, and apply the fuzzy logic to humanize the artificial stock market analyst in making judgments close to the real stock market analysts. The artificial stock market analyst would use the modified case-based reasoning system combined with the artificial neural network, and incorporate the designed membership functions for macrofactors of stock market. We expect the system to improve the accuracy of Taiwan electric stock price prediction by applying macrofactors from the technical analysis indicators and financial crisis factors, and make better stock trading strategies.