Titel: Finansiering i mikroföretag - En kvantitativ studie inom mikroföretags sätt att finansiera sig   Författare: Daniel Johansson, Eva Näätänen, Vlad Ulrich   Handledare: Emil Numminen   Institution: Institutionen för industriell ekonomi, Blekinge Tekniska Högskola   Kurs: Kandidatarbete i Företagsekonomi, 15 högskolepoäng   Syfte: Syftet med denna studie är att undersöka hur tillgängligheten av finansieringsmedel påverkar finansieringen i svenska mikroföretag.   Metod: En kvantitativ studie har genomförts genom att data om 630 mikroföretag samlades via nätenkäter.   Slutsatser: Denna studie visar att svenska mikroföretag väljer sin finansiering enligt en förkortad pecking order. Ett finansiellt gap existerar mellan mikroföretag och finansiella institut i Sverige vilket ökar risken för mikroföretag att blir nekade extern finansiering som exempelvis banklån. Tillgänglighet av banklån påverkar i sin tur hur mikroföretag finansierar sig. Det finansiella gapet minskar under mikroföretagens livscykel och därmed ökar tillgängligheten av vissa externa finansieringsalternativ. / le: Financing of micro-enterprises - A quantitative study in micro-enterprises’ way of funding   Authors: Daniel Johansson, Eva Näätänen, Vlad Ulrich   Supervisor: Emil Numminen   Department: Department of Industrial Economics, Blekinge Institute of Technology   Course: Bachelor’s thesis in Business Administration, 15 credits   Purpose: The purpose of this study is to investigate how the availability of financial resources affects the financing of Swedish micro-enterprises.   Method: A quantitative study was carried out by collecting data about 630 micro-enterprises through online surveys.   Results: This study shows that Swedish micro-enterprises choose their financing in order with a truncated pecking order. A financial gap exists between micro-enterprises and financial institutions in Sweden that increases the risk for micro-enterprises to be denied external finance such as bank loans. Availability of bank loans in turn affects the financial decisions of the micro-enterprises. The financial gap decreases during the businesses' lifecycle and thus increases the availability of some external financing options.

ABSTRACT TITLEThe investors guide to hedge fund strategies – A comparing study of hedge fund strategies on the Swedish market. COURSEBachelor Thesis in Finance KEYWORDSHedge funds, Hedge fund strategies, Swedish hedge fund market, Investors, Average return, Riskadjusted return The Thesis Investor’s general knowledge about hedge funds and hedge fund strategies, is compared to other investment alternatives low. The purpose of this thesis is therefore to clarify to investors how examined hedge fund strategies separate concerning risk and return in hedge funds. This, in order to facilitate for investors understanding which hedge fund strategy will be more suitable for them. To achieve this, the thesis is mainly focusing on quantitative data, which is complemented with qualitative findings in terms of a questionnaire. The hedge funds have been categorized after selected strategy. Furthermore a comparison between the strategies, as well as towards an independent market index has been made, using different measures of risk. The thesis show that all strategies generate less return compared to the stock-related index OMXS, on the other hand the strategies shows a lower level of risk. Fund – of – funds have the best average return and risk-adjusted return, while Multi-strategy have the lowest risk. Macro is the only strategy who achieved quarterly absolute return.

Banks play an increasingly important role in the economy because they are in a position to, inter alia, promote development of the environment by utilising their financial resources. In some instances lenders who took up finance from banks are responsible for damage to the environment. Why should banks that financed projects, in the normal course of events, be held liable for damage to the environment caused by borrowers? The question may be answered by a comparative legal study of the 2002 European Union Proposal for a Directive of the European Parliament and of the Council on Environmental Liability with regard to the prevention and remedying of environmental damage; the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA) of the United States; Part IIA of the Environmental Protection Act of 1990 (EPA) of the United Kingdom and section 28 of the National Environmental Management Act of 1998 (NEM A). NEMA, has its foundation in section 24 of the Constitution of the Republic of South Africa. It incorporates sustainable development as a tool to harmonise the necessity to develop with the need to protect the environment. At the same time NEMA emphasises the role of the principle of intergenerational equity, which presupposes the duty of the current generation to hand over the earth in a better condition than in which it was received from the previous generation. In the future banks, when finance is considered for projects that may harm the environment, must take environmental as well as economical factors into account. Purely economical reasons cannot be the only relevant factor. Development that is financially sound will have to be weighed up against social factors as well as the impact that it will have on the environment. Section 28 of NEMA places a general duty of care on every person who causes, has caused or may cause significant pollution or degradation of the environment to prevent such pollution or degradation from occurring, continuing or recurring. The persons saddled with the duty of care are the owner, the person in control, or the person who has the right to use land or premises. Banks may, under certain circumstances, be considered to be the owner, person in control, or even the person who has the right use land or premises. The polluter pays principle is introduced by section 28 as a basis for liability but the principle is expanded to include, not only the polluter, but also entities, such as banks, who in no way whatsoever, contributed to pollution or degradation. NEMA affords no protection to banks in cases where banks became owner of land by virtue of their security interest in the property. By following established commercial practices, banks may be held liable for environmental damage caused by their clients or erstwhile clients. The traditional role of banks as financial institutions has to change because of the duty placed on banks by the Constitution and NEMA to act as instruments in the protection of the environment. By exerting their influence and by implementing new procedures banks will be able to draw the attention of prospective clients to the need to comply with environmental legislation. In terms of the 2002 Directive of the European Union, the operator who directs an operation by which damage is caused can be held liable for environmental damage. It is necessary to prove that the bank exercised operational control over the business of the borrower. The 2002 Directive is more restrictive than section 28 of NEMA. CERCLA is the primary federal legislation dealing with pollution of hazardous substances. The Environmental Protection Agency has the authority to recover the costs for the reparation of damage to the environment. After the US v Fleet Factors Corporation decision the position was that banks might be held liable if their involvement with the management decisions of the borrower are such that they are in a position to influence the decisions of the borrower. The Asset Conservation Lender Liability and Deposit Insurance Protection Act of 1996 (ACA) changed the magnitude of the Fleet Factors decision. Provision is made by ACA to exempt lenders who held security in terms of a secured creditor exemption, on the condition that the property is alienated at the earliest practicable commercially reasonable time after acquiring it. The requirement for liability is that banks must exercise control over the day-to-day activities of a borrower. The Environmental Protection Act of 1990 in the United Kingdom states that the owner (other than the mortgagee in possession) is the person who has the right to receive the rent of the property if the property was let out. It includes the occupier of the property. The test is whether such a person is in control of the property. If the inference can be drawn that the lender is in control then it can be held liable for environmental damage. EPA, CERCLA as well as the Directive makes it clear that if sufficient control is exercised by a lender over the business of a borrower it may be held liable for damage to the environment. The emphasis should rather be placed on the ability of banks, generally, to influence borrowers than to hold them liable for damage caused to the environment by borrowers. / Thesis (LL.M. (Import and Export Law))--North-West University, Potchefstroom Campus, 2005.

Denna kandidatuppsats undersöker finansieringsprocessen för besöksattraktioner i turismindustrin. Studiens syfte är att beskriva hur större besöksattraktioner sökt olika vägar för att finansiera uppstarten av sin verksamhet. Dessutom syftar uppsatsen till att se hur företagen i den inledande processen arbetat med affärsutveckling samt om och hur det påverkat möjligheten att realisera projektet. Uppsatsen ger kunskap i hur olika finansieringsalternativ kan se ut, samt vilken roll affärsutvecklingen har för att attrahera finansiering till besöksattraktionen. För att besvara de framtagna frågeställningarna för studien har kvalitativa intervjuer genomförts med fem svenska etablerade besöksattraktioner.  En intervju har även genomförts med en entreprenör som är under finansieringsprocessen för att kunna tas fram på marknaden. Intervjuerna har genomförts för att ge svar på vilka finansieringsval som gjorts, vilka hinder som påträffats, vilken roll affärsutveckling haft i processen samt hur den vidare finansieringen av attraktioner ser ut. Resultatet av studien visar att bidrag, riskkapital, banklån och “bootstrapping” har används för att finansiera besöksattraktionerna. Att kunna finansiera en projektgrupp ansågs vara en viktig del av initieringsprocessen. Affärsplanen har även fungerat som ett verktyg för att erhålla finansieringen i utvecklingsprocessen hos två av besöksattraktionerna. Tillgången till rätt kontakter vid sökandet efter finansiärer i utvecklingen ansågs även som en viktig del hos två av besöksattraktionerna. Samarbeten, partnerskap och sidoverksamheter anses även vara vitala för den fortsatta finansieringen av attraktionen. / This bachelor thesis examines the funding process for visitor attractions in the tourism industry. The purpose of this study is to describe how the larger experience attractions have sought various ways to finance the start up of their business. In addition, the study aims to see how companies in the initial process worked with business development and if and how it has affected the ability to realize the project. To answer the questions developed for the study, qualitative interviews were conducted with five Swedish established visitor attractions. An interview was also carried out with an entrepreneur in the funding process. The interviews were conducted to provide information on the funding choices made, obstacles encountered, how business development is used in the process and how the further financing of the attractions might look like. The results of the study show that venture capital, bank loans and “bootstrapping” has been used to finance the visit attractions. The funding of the project group was considered an important part of the start up process. The business plan has functioned as a tool to obtain funding in the development process at two of the visitor attractions. Access to the right people in the search for funding in the development was considered as an important part by two of the visitor attractions. Collaborations, a partnership and ancillary activity is also considered important for the continued funding of the attraction.

The demands of a fast growing third world population on the education system of the Republic of South Africa places great stress on an economy already battling against sanctions and disinvestment. The challenge is to keep up standards of education in order to supply sufficient numbers of qualified manpower to keep the economy going whilst at the same time attempting to create equal educational facilities for an exploding black school population. At the other end of the scale is the problem of dwindling numbers of well qualified white teachers, especially in certain subjects like mathematics, science and commerce as they are recruited into the private sector offering them large increases in salaries. The intention of the study was to try to find a new model for financing and the related decision making of education. The modus operandi was: - i) A theoretical basis to the study was provided by looking at the development of the growing role of the state within the education system and the implications it has for the other participants in the system. ii) A look is taken at the "new right" philosophy as practised by Mrs Thatcher in England where the position of the individual vis-a-vis the state is being re-evaluated. iii) An analysis of the situation surrounding education and the economy as it presents itself in South Africa at the present moment is made. At the same time the position of each of the participants, namely the state, the parents, the educators and employers are evaluated. iv) The English system with its new Education Reform Act and the new concept of school-based management practised in Dade County, Florida in the USA is discussed for purposes of comparison. v) In conclusion a few suggestions are made regarding a future model for financing and managing of educational institutions in the RSA. / Skripsie (MBA)--PU vir CHO, 1989

I en värld där finansieringskunskap blir allt mer viktig för individer kan man ställa sig frågan vilken effekt finansiell utbildning har på finansiellt beteende; och vad det är som påverkar finansiellt beteende. Syftet med denna studie är att undersöka hur ekonomistudenter på Handelshögskolan vid Umeå Universitet påverkas av de kurser inom finansiering de kan läsa vid institutionen då det kommer till deras vilja att spara och investera i olika sparformer och finansiella instrument.  Vi har identifierat ett forskningsgap inom detta ämne. Artiklar som fanns på området var både geografiskt och metodologiskt skilda, vilket indikerar ett starkt behov av denna studie. Utifrån den befintliga teorin valde vi att undersöka sex finansiella beteenden: pensionssparande, hållande av lågriskobligationer, sparande i sparkonton samt övriga sparformer, och hållande av aktier samt riskfyllda investeringar. Vi ställde även frågan om vad i de finansiella utbildningarna studenterna själv tycker påverkar deras vilja att spara och investera i dessa i en positiv riktning. Vi valde att utgå ifrån om både nivå av och antalet tagna finansiella utbildningar kan ha en effekt på graden av de ovan nämnda finansiella beteendena. Med hjälp av en enkät i pappersform och en webbenkät samlade vi in data från 154 studenter uppdelat i fyra årskullar; främst civilekonomer men även andra ekonomistudenter. Resultatet vi fick var att pensionssparande och handel med aktier ökar med en ökande grad av finansiell utbildning. Vi tolkar även resultatet som att mer grundläggande finansiell utbildning har störst effekt på studentens vilja att spara och investera efter utbildningen; om de själva får tycka till. Detta resultat anser vi kan ha implikationer för flera berörda parter. Den akademiska världen och andra läroinstitutioner ha intresse i att utforma sina finansiella utbildingar för att ha möjligheten att påverka studenters finansiella beteende i en önskad riktning. Studenter som har intresse av att öka sitt pensionssparande eller aktiehandlande kan ha nytta av grundläggande utbildningar inom finansiering. Finansiella rådgivare och liknande institutioner kan även rekommendera denna typ av finansiella utbildning för att öka de två beteendena. Slutligen kan finansmarknaden i stort börja erbjuda aktier och pensionsplaner mot studenter som läst finansiella utbildningar för att bredda sin kundbas, då resultatet tyder på att dessa finansiella beteenden ökar efter finansiell utbildning.

Banks play an increasingly important role in the economy because they are in a position to, inter alia, promote development of the environment by utilising their financial resources. In some instances lenders who took up finance from banks are responsible for damage to the environment. Why should banks that financed projects, in the normal course of events, be held liable for damage to the environment caused by borrowers? The question may be answered by a comparative legal study of the 2002 European Union Proposal for a Directive of the European Parliament and of the Council on Environmental Liability with regard to the prevention and remedying of environmental damage; the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA) of the United States; Part IIA of the Environmental Protection Act of 1990 (EPA) of the United Kingdom and section 28 of the National Environmental Management Act of 1998 (NEM A). NEMA, has its foundation in section 24 of the Constitution of the Republic of South Africa. It incorporates sustainable development as a tool to harmonise the necessity to develop with the need to protect the environment. At the same time NEMA emphasises the role of the principle of intergenerational equity, which presupposes the duty of the current generation to hand over the earth in a better condition than in which it was received from the previous generation. In the future banks, when finance is considered for projects that may harm the environment, must take environmental as well as economical factors into account. Purely economical reasons cannot be the only relevant factor. Development that is financially sound will have to be weighed up against social factors as well as the impact that it will have on the environment. Section 28 of NEMA places a general duty of care on every person who causes, has caused or may cause significant pollution or degradation of the environment to prevent such pollution or degradation from occurring, continuing or recurring. The persons saddled with the duty of care are the owner, the person in control, or the person who has the right to use land or premises. Banks may, under certain circumstances, be considered to be the owner, person in control, or even the person who has the right use land or premises. The polluter pays principle is introduced by section 28 as a basis for liability but the principle is expanded to include, not only the polluter, but also entities, such as banks, who in no way whatsoever, contributed to pollution or degradation. NEMA affords no protection to banks in cases where banks became owner of land by virtue of their security interest in the property. By following established commercial practices, banks may be held liable for environmental damage caused by their clients or erstwhile clients. The traditional role of banks as financial institutions has to change because of the duty placed on banks by the Constitution and NEMA to act as instruments in the protection of the environment. By exerting their influence and by implementing new procedures banks will be able to draw the attention of prospective clients to the need to comply with environmental legislation. In terms of the 2002 Directive of the European Union, the operator who directs an operation by which damage is caused can be held liable for environmental damage. It is necessary to prove that the bank exercised operational control over the business of the borrower. The 2002 Directive is more restrictive than section 28 of NEMA. CERCLA is the primary federal legislation dealing with pollution of hazardous substances. The Environmental Protection Agency has the authority to recover the costs for the reparation of damage to the environment. After the US v Fleet Factors Corporation decision the position was that banks might be held liable if their involvement with the management decisions of the borrower are such that they are in a position to influence the decisions of the borrower. The Asset Conservation Lender Liability and Deposit Insurance Protection Act of 1996 (ACA) changed the magnitude of the Fleet Factors decision. Provision is made by ACA to exempt lenders who held security in terms of a secured creditor exemption, on the condition that the property is alienated at the earliest practicable commercially reasonable time after acquiring it. The requirement for liability is that banks must exercise control over the day-to-day activities of a borrower. The Environmental Protection Act of 1990 in the United Kingdom states that the owner (other than the mortgagee in possession) is the person who has the right to receive the rent of the property if the property was let out. It includes the occupier of the property. The test is whether such a person is in control of the property. If the inference can be drawn that the lender is in control then it can be held liable for environmental damage. EPA, CERCLA as well as the Directive makes it clear that if sufficient control is exercised by a lender over the business of a borrower it may be held liable for damage to the environment. The emphasis should rather be placed on the ability of banks, generally, to influence borrowers than to hold them liable for damage caused to the environment by borrowers. / Thesis (LL.M. (Import and Export Law))--North-West University, Potchefstroom Campus, 2005.

Diss. Göteborg : University, 2002.

The aim of this thesis is to deepen our knowledge of librarians' experiences of working with projects. Focus is on the characteristics of successful projects implemented in public libraries and how they are assimilated into the regular and ordinary activities of the library. A grounded theory approach is adopted and complemented with theory on learning and change in organizations and from new public management. The study is based on semi-structured qualitative interviews with five librarians. The result reveals that librarians enjoy working in projects. The possibility of being able to develop new teaching tools, create new relationships and to form new network alliances between library, schools, associations and the business community increase the librarians' motivation to initiate new projects. Successful projects are defined by number of participants, cost efficiency, the opportunity to create new knowledge. Project inclusion in regular programs in libraries usually an objective and is likely to be pre-planned in advance.

I en situation med underskott på bostäder i många kommuner är det angeläget att det som planeras också blir byggt. Denna uppsats belyser kommunalt markägande och dess roll i genomförandet av detaljplaner. Syftet är att undersöka kommuners erfarenheter av tider för plangenomförande, att visa hur de arbetar för att säkerställa genomförande på egen och privat mark samt att undersöka hur deras och byggherrars agerande kan förstås i termer av markägande och makt. I uppsatsen presenteras erfarenheter från fyra kommuner genom studier av policydokument och intervjuer med tjänstemän. Resultatet visar att markägande har väldigt olika betydelse för bostadsproduktionen i de beskriva kommunerna. I några kommuner förefaller det ha en avgörande betydelse för bostadsproduktionen, i en kommun knappt någon alls. Överväganden kring markägande är dock i samtliga exempel centrala ur ett kommunalekonomiskt perspektiv. Kommunerna har inte någon enhetlig tillämpning av att säkerställa genomförande, olika metoder prövas utifrån förutsättningar i varje kommun. De krav som kommunerna kan ställa på genomförande och kvalitet uppfattas stå i relation till deras attraktivitet för bostadsutveckling och till markens värde. Det framförs också att kommunalt ägande av strategisk mark, under vissa förutsättningar, kan vara ett verktyg för att komma till rätta med flera hinder för bostadsbyggande.