Ekologisk hållbarhet har de senaste åren tagit allt större plats både i den offentliga debatten men även bland företag och investerare. Detta leder till att fondbolagen måste arbeta med sina produktutvecklingsprocesser för att möta de krav som ställs på hur de arbetar med hållbarhet. Syftet med detta arbete är att bidra till ökad kunskap kring hur fondbolag arbetar med ekologisk hållbarhet i sina produktutvecklingsprocesser. Arbetet undersöker fyra frågeställningar kopplat till fondbolagens arbete med ekologisk hållbarhet. Inledningsvis genomfördes en litteraturstudie för att ge kunskap och förståelse för hur man i finansbranschen arbetar med ekologisk hållbarhet. Fortsättningsvis gjordes en kvalitativ semistrukturerad intervjuundersökning där fem representanter från fyra olika fondbolag i Stockholm intervjuades. Det visade sig att det var stor skillnad mellan hur de olika fondbolagen arbetade med integrering av ekologisk hållbarhet både i arbetssätt men också i omfattning. Slutsatserna är att de flesta fondbolag, oavsett vilken sorts förvaltning de bedriver, arbetar med ekologisk hållbarhet. Det kan finnas många anledningar till detta, dels den ökade efterfrågan på marknaden men också tron på ökad avkastning. Det finns också hinder för att arbeta med ekologisk hållbarhet vid investeringar. Dels avsaknaden av utbud, men också ökad risk på grund av minskad diversifiering vid uteslutande av branscher eller bolag. Det saknas fortfarande tydliga riktlinjer för hur man säkerställer om en investering är hållbar eller inte. Den nya taxonomin har som syfte att klargöra det, men det skulle behöva utvecklas ytterligare för att ge en mer nyanserad bild av vad som faktiskt är en hållbar investering. / Ecologic sustainability has become increasingly important in the public debate, as well as among companies and investors in the recent years. This causes the investments companies to further improve their product development processes to meet the requirements concerning sustainability. The purpose of this thesis is to increase the knowledge on how investment companies work with ecological sustainability in their product development process. The thesis examines four research questions, all of them linked to the investment companies' work concerning ecological sustainability. Initially, a literature study was conducted to provide the writers with knowledge and understanding of inclusion of ecological sustainability in the financial market. Five representatives representing four different investments companies in Stockholm were interviewed with focus on the integration of ecological sustainability in their product development processes. It has transpired that there was a big difference regarding how different investment companies worked with integration of ecological sustainability in working methods likewise in the scope. In conclusion, most investors somehow work with sustainability. The incentives for working with ecological sustainability varies. First, due to the increased demand from customers on ecologically sustainable products in more recent years. Secondly, many investments companies believe this will give a higher return. Although, the green market is still not big enough to give the investment companies the possibility to invest only in ecological sustainable companies. Also, reduced diversification can lead to an increased risk. Furthermore, there is still a shortage of guidelines concerning how an investment company can ensure whether an investment is sustainable or not. The new taxonomy aims to clarify this, although, it still has a need of further development in order to give a more nuanced picture of what actually is a sustainable investment.

We investigate various methods for generating a market-based proxy for climate related transition risk in financial markets, and use these to determine the sensitivities of various investments towards climate change policies. We find that assets tied to the energy and materials sector have consistently high sensitivity towards market factors which are likely to decline in response to climate regulations, and as such consequently face mark-to-market losses conditional on systemic climate events. For beta estimation we use both traditional linear regression and the dynamic conditional beta model developed by Engle, based on multivariate GARCH volatility models. We find suggestive evidence that our stylised climate factors, based on stranded assets, responds negatively to news of policies related to a move towards renewable energies. / Vi undersöker olika metoder för att skapa en marknadsbaserad proxy för klimatrisk inom finansmarknaden, och använder dessa för att bestämma känsligheter för olika investeringar mot klimatrelaterade händelser. Vi finner att tillgångar med koppling mot sektorer såsom energi eller material har konsekvent hög känslighet mot marknadsfaktorer som sannolikt kommer minska som svar till klimatbestämmelser, och således också tappa marknadsvärde vid en systemisk klimathändelse. Vi uppskattar ett klimatbeta genom både linjär regression, och Engles dynamic conditional beta modell baserad på en GARCH process i flera variabler. Vi finner suggestiva bevis för att våra klimatfaktorer, baserade på strandade tillgångar, svarar negativt till nyheter som hanterar omställningen till förnybar energi.

Increasingly there is debate concerning the number of board memberships a person can hold before loss of quality in their work. Previous research has not reached consensus regarding the effect of busy directors on firm performance. We therefore hypothesize there are modifying factors affecting that relationship, namely firm size and the presence of concentrated ownership. We designed a quantitative study to study first the effect of busyness on firm performance in Swedish listed companies, and secondly, to study the effect of the modifying factors on that relationship. It was found that busyness is positively related with firm performance measured by Tobin’s Q, and that concentrated ownership affects that relationship such that companies with more concentrated ownerships also have higher Tobin’s Q values. There was however partial support that firm size is a negative modifier on the relationship between busyness and firm performance. Overall our results indicate that more regulation that limits board busyness is not currently warranted. / Det debatteras alltmer hur många styrelseuppdrag en styrelseledamot kan ha innan det börjar påverka kvaliteten på deras arbete negativt. Tidigare forskning har inte nått ett enhetligt svar på frågan om effekten av många styrelseuppdrag och ett företagets prestation. Vi tror därför att det finns modifierande variabler som inverkar på detta förhållande, nämligen företagets storlek och om företaget har en koncentrerad ägarkrets. Vi genomförde en kvantitativ studie för att undersöka effekten av många styrelseuppdrag på företagens prestation bland Svenska bolag noterade på Stockholmsbörsen. Våra resultat tyder på att ledamöter med många uppdrag har en positiv inverkan på måttet Tobin’s Q och att bolag med en hög ägarkoncentration påverkar detta samband än mer positivt. Det fanns delvis underlag för att företagets storlek påverkade sambandet negativt. Överlag indikerar våra resultat att utökad reglering som begränsar antalet styrelseuppdrag inte är motiverat i dagsläget.

Purpose: The purpose of this study is to examine whether the awareness of social- and environmental factors could be beneficial within M&A transactions in such that companies tend to obtain a higher success in such transactions if they are aware of these factors. The study also examines whether the actual return by the event date strikes higher for the social- and environmental aware companies than the unaware companies, where the event date is when the M&A transaction was due. Method: The authors have chosen to use two different methods; the Event Study- and Panel Study methods. The event window consists of five days before- and five days after the due date of the M&A, which makes it a total of 11 days. The estimation window is based on the 30 days before the event window and is examined in order to obtain an expected return of which is not affected by the event. The sample is based on international, Swedish companies which has undergone a M&A with a non- Swedish company, and is connected to the UN’s initiative Global Compact. Theory: The authors have chosen to apply the Efficient Market Hypothesis and besides that, a developed model based on a current one, the Merger Management Model. The difference between the models is that the Merger Management Model is based on tangible factors whereas the developed model, Social and Environmental Merger Management Model, is based on intangible factors. The chapter starts with the Efficient Market Hypothesis and then continues with the Merger Management Model and an explanation of the social- and environmental factors. The chapter ends with an explanation of the factors’ impact on companies and culminates onto the developed model. Conclusion: The outcome shows that companies of which are aware of social- and environmental risks, have incentives to a higher success rate in M&A transactions than companies that are unaware of these risks. The results of the hypothesis test made in this study strengthens the conclusion since the outcome of the p-value almost reached 64 percent, which means that there most likely is a correlation between the companies’ awareness of the social- and environmental factors and their success in M&A transactions.

<p>In 2000, more then 4 million Swedish citizens were given the responsibility to invest a part of their earned money in the new premium pension system. With limited knowledge in financial markets was it now up to the people themselves to decide how to invest. Due to the citizens lack of knowledge lead them to a passive behavior. This meant a new role for the financial institutions and the advising that followed. Since the start, there has been constant debates on how well the system has been working and who it has been beneficial to.With the new role of the pension advisors the problem question was stated as: considering the customers’ knowledge and understanding of the financial factors, how has the advising of premium pension funds evolved since 2000? With the sub question: what role will the future of pension funds advising have?The aim of the study is to research how the knowledge among the Swedish public has changed, how the perception of risk has altered, how the trust and confidence among financial advisors have changed, what importance new laws and regulations have had, and how the relations between customer and advisors has developed with the uneven knowledge. The future of pension advising will be investigated.This study has a qualitative approach with seven semi-structured interviews with different institutions that are related to pension saving. Due to the nature of the study a hermeneutic approach and abductive perspective is obliged.The respondents have observed the level of knowledge among the public to be low, however has it gotten better. The laws and licenses implemented has changed how pension advisors are working, and increased the confidence for advisors. For the future, a majority of the advisors are calling for the government to take the responsibility on educating the public in private economy. This would, according to the respondents, simplify the advisors job. The insufficient level of knowledge has created both problems and opportunities for advisors. The trouble with a product/service such as advising its complexity, which makes it hard for the institutions to explain, and for the customers to understand it. Therefore, the authors agree with the respondents, to educate the Swedish citizens in order for them to understand the opportunity that is in front of them.</p>

<p><strong>Title</strong>: Nordea Life and Pension during financial crisis</p><p><strong> </strong></p><p><strong>Subject: </strong>Business administration, Candidate thesis 15 p.</p><p> </p><p><strong>Authors:</strong> Seyithan Öngörur och Adnan Yari</p><p> </p><p><strong>Instructor: </strong>Peter Lindberg</p><p><strong> </strong></p><p><strong>Date: </strong>2010-01-13</p><p> </p><p><strong>Key words: </strong>Nordea, the financial crisis, advice, marketing, customer relationship</p><p><strong> </strong></p><p><strong>Purpose: </strong>The purpose of the study is to provide an understanding of how the financial crisis has affected Nordea Life and Pensions market growth based on market share. We also want to give an understanding of what factors may be responsible for the outcome that it may be helpful in future financial crises.</p><p><strong> </strong></p><p><strong>Method: </strong>A qualitative study was the basis for the study, where three interviews were carried out by the respondents from Nordea Life and Pension.<strong> </strong></p><p><strong> </strong></p><p><strong>Theory: </strong>In this section we have focused on relevant theory and has divided them into different themes, advice, current legislation, marketing, consumption and buying behavior.</p><p><strong> </strong></p><p><strong>Conclusion: </strong>The study shows that Nordea Life and Pension had a positive growth during the financial crisis and a number of factors are presented that may be the basis for the outcome.</p><p><strong>Proposal for further research: </strong>Since this study was limited to one company it may be intresting to investigate and examine the consuling industry market as a whole affected by the financial crisis.</p><p><strong> </strong></p><p><strong>Contributions: </strong>This paper has provided an understanding of how Nordea Life and Pensions affected during a financial crisis, based on market share and the factors that may have been the basis for this.</p> / <p><strong>Titel:</strong> Nordea Liv och Pension under finanskris</p><p> </p><p><strong>Ämne: </strong>Företagsekonomi, kandidatuppsats 15 hp, C-nivå</p><p><strong> </strong></p><p><strong>Författare: </strong>Seyithan Öngörur och Adnan Yari</p><p><strong> </strong></p><p><strong>Handledare: </strong>Peter Lindberg</p><p><strong> </strong></p><p><strong>Datum: </strong>2010-01-13</p><p><strong> </strong></p><p><strong>Nyckelord:</strong> Nordea, Finanskris, rådgivning, marknadsföring, relationsmarknadsföring</p><p> </p><p><strong>Syfte:</strong> Syftet med undersökning är att ge en förståelse för hur finanskrisen har påverkat Nordea Liv och Pensions tillväxt på marknaden, baserat på marknadsandelar. Vi vill också ge en förståelse för vilka faktorer som kan ligga bakom utfallet som därmed kan vara till hjälp vid framtida finanskriser.</p><p><strong>Metod:</strong> En kvalitativ studie har varit i grund för undersökningen, där tre intervjuer har genomförts av respondenter från Nordea Liv och Pension.</p><p><strong>Teori: </strong>I detta avsnitt har vi fokuserat på relevant teori och har delat upp dessa i olika teman, rådgivning, rådande lagstiftning, marknadsföring, konsumtions- och inköpsbeteende.</p><p><strong>Slutsats:</strong> Studien visar att Nordea Liv och Pension haft en positiv tillväxtfas under finanskris och ett antal faktorer presenteras som kan vara till grund för utfallet.</p><p><strong>Förslag till fortsatt forskning:</strong> Då denna undersökning begränsades till ett företag kan det vara idé att vidareforska och undersöka hur rådgivningsbranschen i sin helhet påverkats av den globala krisen.</p><p><strong>Uppsatsens bidrag: </strong>Uppsatsen har gett en förståelse för hur Nordea Liv och Pension påverkats under en finanskris, baserat på marknadsandelar och vilka faktorer som kan ha varit till grund för detta.</p>

<p>Background and research problem: The former highly inflationary property market is currently undergoing a stagnation process. Investors have been used to annual growth figures in double digits,</p><p>but now this is no longer considered to be a realistic outlook for future years. According to a report from PriceWaterhouseCoopers and Urban Land Institute, published by Avanza Wealth Management,</p><p>the three most attractive markets for property investment in Europe are London, Paris and Stockholm. Because of this the authors have focused their investigation on two companies in the London and</p><p>Stockholm. The authors will additionally use an international bank, an estate agent and a consultancy firm for further information, with regards to the property market and risks associated with these types</p><p>of investment in particular. This leads us into the purpose and research problem for this thesis which is concentrated around risks involved in property investments and how companies handle these risks.</p><p>What are the biggest risks associated with these types of investment and how does different organisations analyse these identified risk factors? What different risk factors do companies in the property sector consider? Furthermore, a comparison between the investigated companies in London and London will be undertaken.</p><p>Delimitations: The authors have chosen to limit the thesis geographically to the regions of London and Stockholm, since these markets have been categorised as being amongst the most attractive for</p><p>property investments in Europe. Also, the authors have chosen not to consider the risk factors associated with new productions in debt since this will make this thesis far to indecisive and immense,</p><p>hence it will be impossible for the intended reader to grasp the actual risks associated with the</p><p>property market as a whole.</p><p>Method: A number of interviews have been held with representatives at both board and management levels within the property companies which have been the focal point of this thesis. Moreover, several</p><p>other interviews have been held with other associated companies to create a broad picture of the property market and the inherent risks in these investments.</p><p>Results and conclusions: The largest risks associated with property investments, according to the interviewed property organisations are: fluctuations in interest rates, economic cycles, the position of</p><p>the property, change in property law or property regulations. The interviewed bank had partially diverging opinions about the risk factors and summarised these as: fluctuations in rental income,</p><p>vacancies, the ability of repayments and also the position of the property. This divergence would seem to be a result of the fact that the bank focuses on just the aspects of loans to finance the investment. To sum up the thesis, the authors conclude that the organisations, whether in London or Stockholm, seem to have identified relatively similar risk factors and that they also use roughly the same countermeasures to meet these risks.</p><p>Suggestions for further research: It would be of interests for the industry to investigate the possibility of being able to quantify these risks into figures to be able to build models for calculations</p><p>of these risks and thus be able to estimate the actual cost of risk associated with investments in property. Furthermore, it would be interesting to perform a large scale investigation with more</p><p>organisations together with quantitative analysis and questionnaires.</p>

Title: Nordea Life and Pension during financial crisis   Subject: Business administration, Candidate thesis 15 p.   Authors: Seyithan Öngörur och Adnan Yari   Instructor: Peter Lindberg   Date: 2010-01-13   Key words: Nordea, the financial crisis, advice, marketing, customer relationship   Purpose: The purpose of the study is to provide an understanding of how the financial crisis has affected Nordea Life and Pensions market growth based on market share. We also want to give an understanding of what factors may be responsible for the outcome that it may be helpful in future financial crises.   Method: A qualitative study was the basis for the study, where three interviews were carried out by the respondents from Nordea Life and Pension.   Theory: In this section we have focused on relevant theory and has divided them into different themes, advice, current legislation, marketing, consumption and buying behavior.   Conclusion: The study shows that Nordea Life and Pension had a positive growth during the financial crisis and a number of factors are presented that may be the basis for the outcome. Proposal for further research: Since this study was limited to one company it may be intresting to investigate and examine the consuling industry market as a whole affected by the financial crisis.   Contributions: This paper has provided an understanding of how Nordea Life and Pensions affected during a financial crisis, based on market share and the factors that may have been the basis for this. / Titel: Nordea Liv och Pension under finanskris   Ämne: Företagsekonomi, kandidatuppsats 15 hp, C-nivå   Författare: Seyithan Öngörur och Adnan Yari   Handledare: Peter Lindberg   Datum: 2010-01-13   Nyckelord: Nordea, Finanskris, rådgivning, marknadsföring, relationsmarknadsföring   Syfte: Syftet med undersökning är att ge en förståelse för hur finanskrisen har påverkat Nordea Liv och Pensions tillväxt på marknaden, baserat på marknadsandelar. Vi vill också ge en förståelse för vilka faktorer som kan ligga bakom utfallet som därmed kan vara till hjälp vid framtida finanskriser. Metod: En kvalitativ studie har varit i grund för undersökningen, där tre intervjuer har genomförts av respondenter från Nordea Liv och Pension. Teori: I detta avsnitt har vi fokuserat på relevant teori och har delat upp dessa i olika teman, rådgivning, rådande lagstiftning, marknadsföring, konsumtions- och inköpsbeteende. Slutsats: Studien visar att Nordea Liv och Pension haft en positiv tillväxtfas under finanskris och ett antal faktorer presenteras som kan vara till grund för utfallet. Förslag till fortsatt forskning: Då denna undersökning begränsades till ett företag kan det vara idé att vidareforska och undersöka hur rådgivningsbranschen i sin helhet påverkats av den globala krisen. Uppsatsens bidrag: Uppsatsen har gett en förståelse för hur Nordea Liv och Pension påverkats under en finanskris, baserat på marknadsandelar och vilka faktorer som kan ha varit till grund för detta.

Background and research problem: The former highly inflationary property market is currently undergoing a stagnation process. Investors have been used to annual growth figures in double digits, but now this is no longer considered to be a realistic outlook for future years. According to a report from PriceWaterhouseCoopers and Urban Land Institute, published by Avanza Wealth Management, the three most attractive markets for property investment in Europe are London, Paris and Stockholm. Because of this the authors have focused their investigation on two companies in the London and Stockholm. The authors will additionally use an international bank, an estate agent and a consultancy firm for further information, with regards to the property market and risks associated with these types of investment in particular. This leads us into the purpose and research problem for this thesis which is concentrated around risks involved in property investments and how companies handle these risks. What are the biggest risks associated with these types of investment and how does different organisations analyse these identified risk factors? What different risk factors do companies in the property sector consider? Furthermore, a comparison between the investigated companies in London and London will be undertaken. Delimitations: The authors have chosen to limit the thesis geographically to the regions of London and Stockholm, since these markets have been categorised as being amongst the most attractive for property investments in Europe. Also, the authors have chosen not to consider the risk factors associated with new productions in debt since this will make this thesis far to indecisive and immense, hence it will be impossible for the intended reader to grasp the actual risks associated with the property market as a whole. Method: A number of interviews have been held with representatives at both board and management levels within the property companies which have been the focal point of this thesis. Moreover, several other interviews have been held with other associated companies to create a broad picture of the property market and the inherent risks in these investments. Results and conclusions: The largest risks associated with property investments, according to the interviewed property organisations are: fluctuations in interest rates, economic cycles, the position of the property, change in property law or property regulations. The interviewed bank had partially diverging opinions about the risk factors and summarised these as: fluctuations in rental income, vacancies, the ability of repayments and also the position of the property. This divergence would seem to be a result of the fact that the bank focuses on just the aspects of loans to finance the investment. To sum up the thesis, the authors conclude that the organisations, whether in London or Stockholm, seem to have identified relatively similar risk factors and that they also use roughly the same countermeasures to meet these risks. Suggestions for further research: It would be of interests for the industry to investigate the possibility of being able to quantify these risks into figures to be able to build models for calculations of these risks and thus be able to estimate the actual cost of risk associated with investments in property. Furthermore, it would be interesting to perform a large scale investigation with more organisations together with quantitative analysis and questionnaires.

In 2000, more then 4 million Swedish citizens were given the responsibility to invest a part of their earned money in the new premium pension system. With limited knowledge in financial markets was it now up to the people themselves to decide how to invest. Due to the citizens lack of knowledge lead them to a passive behavior. This meant a new role for the financial institutions and the advising that followed. Since the start, there has been constant debates on how well the system has been working and who it has been beneficial to.With the new role of the pension advisors the problem question was stated as: considering the customers’ knowledge and understanding of the financial factors, how has the advising of premium pension funds evolved since 2000? With the sub question: what role will the future of pension funds advising have?The aim of the study is to research how the knowledge among the Swedish public has changed, how the perception of risk has altered, how the trust and confidence among financial advisors have changed, what importance new laws and regulations have had, and how the relations between customer and advisors has developed with the uneven knowledge. The future of pension advising will be investigated.This study has a qualitative approach with seven semi-structured interviews with different institutions that are related to pension saving. Due to the nature of the study a hermeneutic approach and abductive perspective is obliged.The respondents have observed the level of knowledge among the public to be low, however has it gotten better. The laws and licenses implemented has changed how pension advisors are working, and increased the confidence for advisors. For the future, a majority of the advisors are calling for the government to take the responsibility on educating the public in private economy. This would, according to the respondents, simplify the advisors job. The insufficient level of knowledge has created both problems and opportunities for advisors. The trouble with a product/service such as advising its complexity, which makes it hard for the institutions to explain, and for the customers to understand it. Therefore, the authors agree with the respondents, to educate the Swedish citizens in order for them to understand the opportunity that is in front of them.