This paper analyzes the determinants of venture capital (VC) investments after the 2008 Global Financial Crisis. We conduct a quantitative study using panel data methods with a data set of 17 OECD countries over the years 2007-2017. We use the reduced form models to analyze three main groups of factors affecting the demand for and supply of VC. The three groups include macroeconomic conditions, entrepreneurial environment, and technological opportunities. The results reveal that the short-term interest rate, market capitalization and the population percentage with tertiary education have a positive impact on venture capital investments, meanwhile, the unemployment rate, corporate profit tax and the growth of market capitalization are negatively correlated to VC investments. Moreover, we also perform regression analysis using the Financial Crisis period data and try to capture the effects of the crisis on the driving forces of VC investments. According to the comparison of regression results using data of different periods, we find that the Financial Crisis generates huge economic fluctuations, which makes the effects of determinants difficult to capture. / 本论文分析了2008全球金融危机之后风险投资的决定因素。我们采集了17个OECD国家2007到2017年的面板数据，进行了一项量化研究。我们使用了简化模型对三类影响风险投资需求和供给的因素进行了分析。这三类包括了宏观经济条件、企业生存环境和科技机会。分析结果显示短期利率、市值和国民高等教育比例与风险投资量显著正相关，与此同时，失业率、企业利润税率以及市值增长率与风险投资量显著负相关。我们也使用了金融危机时的数据进行了回归分析，试图捕捉金融危机对风险投资决定因素的影响力改变。比较了不同时期数据的回归结果，我们发现金融危机会带来巨大的经济波动，使得风险投资的决定因素失灵或者很难捕捉。 关键词: 风险投资 风险投资决定因素 金融危机 面板数据

The global bank crisis between 2008 and 2013 posed a great threat against many organizations globally, especially towards small-medium enterprises (SMEs), which several researchers have investigated through quantitative studies. However, few studies have explored the strategic decisions made by SMEs regarding internationalization processes and international work during this time, beyond numbers. Based on previous research, this qualitative study aims to examine and provide insights on the impact of the bank crisis on strategies and processes used by Swedish SMEs during the crisis. Through a multiple case study approach, seven semi-structured interviews with Swedish SMEs in different industries were conducted. This was followed by theories, models and frameworks related to internationalization motives and processes, risk management and crisis management. The findings revealed limited information on strategies used by SMEs during the crisis, however, much of the empirical material could be related to and identified in the presented theory. The observed SMEs demonstrated remarkable resilience, exhibiting minimal vulnerability to the crisis – an interesting discovery considering previous research. Moreover, they underscored the significance of maintaining a financial buffer and maintaining a keen awareness of global circumstances, to avoid potential future crises. Additionally, several new aspects of the initial topic emerged during the interviews; transparency, exchange rates, cost management, and business relations, which could be of interest for future research. The thesis explains the impact of the bank crisis on the examined SMEs, delving into the key strategies and processes used to sustain international operations. This research offers valuable insights to both academics and industry professionals on how to navigate turbulent waters as a Swedish SME during a global bank crisis.

Credit institutions constitute a central part of life as it is today and has been doing so for a long time. A fault within the banking system can cause a tremendous amount of damage to individuals as well as countries. A recent and memorable fault is the global financial crisis 2007-2009. It has affected millions of people in different ways ever since it struck. What caused it is a complex issue which cannot be answered easily. But what has been done to prevent something similar to occur once again? How has the business models of the credit institutions changed since the crisis? Cluster analysis is used in this thesis to address these questions. Banking-data were processed with Calinski-Harabasz Criterion and Ward's method and this resulted in two clusters being found. A cluster is a collection of observations that have similar characteristics or business model in this case. The business models that the clusters represents are universal banking with a retail focus and universal banking with a wholesale focus. These business models have been analyzed over time (2007-2016), which revealed that the credit institutions have developed in a healthy direction. Thus, credit institutions were more financially reliable in 2016 compared to 2007. According to trends in the data this development is likely to continue. / Kreditinstituten utgör en central del av livet som det ser ut idag och har gjort det under en lång tid. Ett fel inom banksystemet kan orsaka enorma skador för individer likväl som länder. Ett nutida och minnesvärt fel är den globala finanskrisen 2007-2009. Den har påverkat millioner människor på olika vis ända sedan den slog till. Vad som orsakade den är en komplex fråga som inte kan besvaras med lätthet. Men vad har gjorts för att förebygga att något liknande händer igen? Hur har affärsmodellerna för kreditinstituten ändrats sedan krisen? Klusteranalys används i denna rapport för att adressera dessa frågor. Bankdata processerades med Calinski-Harabasz Kriteriet and Wards metod och detta resulterade i att två kluster hittades. Ett kluster är en samling observationer med liknande karakteristik eller affärsmodell i detta fall. De affärsmodeller som klustrena representerar är universella banker med retail fokus samt universella banker med wholessale fokus. Dessa affärsmodeller har analyserats över tid, vilket har avslöjat att kreditinstituten har utvecklats i en hälsosam riktning. Kreditinstituten var mer finansiellt pålitliga 2016 jämfört med 2007. Enligt trender i datan så är det troligt att denna utveckling forsätter.

No

Titel: Psykologiska bias påverkan på försäkringsbranschen – En kvalitativ studie om samvariationen mellan psykologiska bias och efterfrågan på företagsförsäkringar. Författare: David Byman & Gustav Köhler Handledare: Mikael Knutsson Bakgrund: Att vara felaktigt försäkrad kan leda till allvarliga ekonomiska konsekvenser för företag. Perioden mellan år 2021–2023 har präglats av stora ekonomiska och geopolitiska påfrestningar vilka påverkat inflationen, världsekonomin och den internationella handeln. De unika marknadsförhållandena har resulterat i stor osäkerhet på de finansiella marknaderna och gett upphov till nya bedömningar inom risk och försäkring. Omfattande forskning har visat att både bedömningar och beslut påverkas av psykologiska faktorer. Av denna anledning är det relevant att studera hur psykologiska faktorer påverkar dessa bedömningar inom risk och försäkring för att hjälpa företag fatta bättre beslut i framtiden. Syfte: Undersökningens syfte är att, genom en abduktiv ansats, analysera i vilken utsträckning experter inom risk- och försäkringsområdet upplever att de psykologiska faktorerna risktolerans, vana, överkonfidens, förlustaversion, dispositionseffekten, kognitiv förmåga och optimism och pessimism påverkat svenska företags riskbedömningar mellan 2021–2023. Metod: För att besvara studiens syfte har en kvalitativ metod med elva semistrukturerade intervjuer utförts. Slutsats: Resultaten från de studerade experterna visar att samtliga undersökta psykologiska faktorer kan påverka företags beslutsfattande inom risk och försäkring, dock på olika sätt och i varierande omfattningar. Av de undersökta fallgroparna är det risktolerans, överkonfidens, förlustaversion, vana och känslor som har haft störst påverkan. / Title: Psychological biases' impact on the insurance industry – A qualitative study on the covariation between psychological biases and the demand for corporate insurance. Authors: David Byman & Gustav Köhler Supervisor: Mikael Knutsson Background: Being wrongly insured can lead to serious financial consequences for businesses. The period between the years 2021-2023 has been marked by major economic and geopolitical strains which have affected the inflation, world economy and international trade. The unique market conditions have resulted in great uncertainty in the financial markets and given rise to new assessments in risk and insurance. Extensive research has shown that both assessments and decisions are influenced by psychological factors. For this reason, it is relevant to study how psychological factors influence these decisions in risk and insurance to help companies make better decisions in the future. Purpose: The purpose of the survey is to, through an abductive approach, analyze the extent to which experts in the risk and insurance field perceive that the psychological factors risk tolerance, habit, overconfidence, loss aversion, the disposition effect, cognitive ability and optimism and pessimism have influenced Swedish companies' risk assessments during the years 2021-2023. Method: To fulfill the purpose of the study, a qualitative method with eleven semi- structured interviews has been conducted. Conclusion: The results from the studied experts show that all the examined psychological factors can influence companies' decision-making within risk and insurance, however in different ways and to varying extents. Among the investigated pitfalls, risk tolerance, overconfidence, loss aversion, habit, and emotions have had the greatest impact.

This research examines the impact of external shocks on Nigeria’s output performance for the period 1981 – 2015. It aims to bring to the fore the importance of considering external shocks during policy design and implementation. The multivariate VAR and VECM frameworks were used to evaluate the impact of the shock variables on Nigeria’s output performance and to achieve the stated objectives. Findings show that the external shock and domestic policy variables have short-run effects on Nigeria’s output performance. Also, all the measures of external shocks and domestic policies display some viable information in explaining the variabilities in Nigeria’s output performance over the horizon. The comparison between the results of the VECM and the unrestricted VAR shows that the unrestricted VAR model outperformed the VECM. The overall result of the study confirms the view about the vulnerability of the Nigerian economy to external shocks. These shocks explain more than half of the variance in real output performance and have varying effects on output performance in Nigeria. The dynamic response of output performance to each of the defined shock variables show that output performance responds rapidly to the shock variables, while its response to the domestic economic variables is seemingly moderate. Finally, the variance decomposition show that international crude oil price and terms of trade have the largest share in accounting for the variability in output performance, followed closely by the shares of capital inflows and monetary policy.

A sound banking system is essential to a well-functioning economy. With the financial crisis beginning in 2007, a renewed interest in the safety of financial institutions has dominated both the political and financial landscape. Mounting loan losses in real estate lending led to the failing of over 460 banks from 2008 to 2012. This crisis is not unique; in fact, the Savings & Loan Crisis of the 1980's to early 1990's led to the closure of 700 savings institutions. Both instances created a panic in financial markets and heavy losses to deposit insurance funds. These losses are ultimately borne by taxpayers and prudently managed banks, especially if the insurance fund requires re-capitalization. The focus of this paper is on explaining the contributing factors to different categories of loan losses. Namely, total loan losses, residential real estate loan losses, commercial real estate loan losses, and commercial and industrial loan losses are examined. A multivariate regression approach is taken in this paper to explain the four rates of loan losses for the period of 2001 to 2012. Aggregate macroeconomic data from 2001 to 2012 is used to explain loan losses across categories. It was found that the delinquency rate of loans, the consumer financial obligations ratio, and the financial crisis were all significant factors in explaining loan losses.

The global financial system was marked by several crises frequently connected to Commercial Real Estate (CRE). As a precursor to financial crisis events, the phase of Financial Instability (FI) is generally considered from a more macroeconomic perspective with a focus on systemic risk to better identify environmental dynamics in the run-up to such a crisis. However, there is no common understanding about FI on a corporate level that enables organisations to undertake such a strategic analysis. This study aims to explore the corporate meaning of the phenomenon from a managerial perspective. It emphasises executives` lived experience in FI and the underlying procedures in organizational sensemaking. The data was collected using semi-structured interviews with senior executives of German CRE companies with reference to the Global Financial Crisis (GFC) 2007/08. Within the social constructivist paradigm, the study adopts a hermeneutic phenomenological research approach using the theoretical lenses of van Manen's ‘lifeworld existentials' and Weick's ‘properties of sensemaking'. The corporate definition of FI that emerged from this study extends existing ones. The revealed procedures indicate that organisational sensemaking was underrepresented in such a phase. From this, qualitative indicators and implications are developed grounded in behavioural dynamics of the market participants. The findings of this research contribute to theoretical and applied knowledge about FI. The study proposes the systematic incorporation of this definition and sensemaking procedures by executives and institutionalises the monitoring of the developed indicators in SM to better control a CRE company prior, during, or after a phase of FI.

Yes / The relationship between banks and society in UK remains fragile more than 10 years after the financial crisis. The level of public mistrust, though lower than in the aftermath of the crisis, still re-mains at unsatisfactory levels especially as scandals continue to plague the sector. This raises the question of the effectiveness of reforms adopted in UK during the past 10 years to improve the public oversight of banks and change their culture. The reforms resulted in a significant expansion of the scope of financial regulation through the adoption of large numbers of new rules with binding effect on banks. In addition, new supervisory bodies were created to more closely monitor bank activities. This paper reviews the effects of the reforms on bank culture and concludes that expanded regulation and compulsory norms brought about mixed results and had only moderate effect on re-pairing the relationship between banks and UK society. The paper argues that more significant cultural change could come only from the banks themselves and therefore, going forward, the scope of compulsory norms should be reduced. The paper contributes to the ongoing dialogue between industry experts, policy makers and lawyers about the optimum levels of financial regulation especially in light of recent calls for rolling back parts of public interventions in the financial sector.

Den här studien undersöker hur den senaste finansiella krisen (Covid-19) har motiveratsvenska små och medelstora företags kapitalstruktur, genom att jämföra kapitalstrukturen förekris (2015-2018) och under kris (2019-2022). För att genomföra detta undersöktes fyrabranscher i 328 små och medelstora företag i Sverige och hur deras hävstång har förändratsunder studieperioden. Resultaten av denna studie visar att de undersökta svenska små ochmedelstora företagen sänkte sin hävstång under krisperioden, ökade kortfristiga skuldkvotenoch sänkte långfristiga skuldkvoten. / This study examines how the recent financial crisis (Covid-19) has motivated the capitalstructure of Swedish small and medium-sized enterprises, by comparing the capital structurebefore the crisis (2015-2018) and during the crisis (2019-2022). To carry this out, fourindustries in 328 small and medium-sized enterprises in Sweden were investigated and howtheir leverage has changed during the study period. The results of this study show that thesampled Swedish small and medium-sized enterprises lowered their leverage during the crisisperiod, increased the short-term debt ratio and lowered the long-term debt ratio.