Green bonds are a growing and popular financial product that aims to channel capital towards environmentally friendly projects and promote sustainable development. Despite some efforts to increase credibility, the lack of standardization, for example in the reporting of environmental impacts, is still a problem in the green bond market. Life Cycle Assessment (LCA) as a tool to address these problems has been investigated by only a few studies, giving reason to further investigate its utilisation in the context of green bond-financed projects. This study investigated the use of LCA as a suitable tool to assess the eligibility and environmental impacts of projects financed through green bonds. The method included a document analysis of three common green bond standards to investigate the current use of LCA and life cycle thinking (LCT) based methods in the context of green bonds. Additionally, four green bond-financed projects were analysed to determine whether LCA is a suitable tool to assess their eligibility and report their environmental impacts with regard to providing relevant results in relation to criteria from the European Green Bond Standard (EUGBS). Furthermore, methodological challenges that can occur when conducting an LCA on the projects were investigated.   The results showed that LCA and LCT based methodologies are already in use by common green bond standards. However, they mainly occur in the criteria that determine whether a project is eligible or not to receive financing. Regarding the impact reporting no binding re-quirements exists for bond issuers to use LCA or LCT based methodologies. According to the results LCA is capable of reporting many relevant environmental impacts of the different pro-jects. However, different impacts were identified which are not covered by LCIA methods, which can limit the suitability of LCA as a method for impact reporting. This includes especially local impacts on the projects which are not covered by an LCA and would therefore be missed in the reporting. Various methodological challenges were identified when conducting an LCA on the projects, including allocation, system boundary, life cycle inventory, time span, data challenges, and challenges in the selection of functional units, which can impact LCA results and the comparison among projects. The results stress the necessity of future research on impact reporting and also for setting binding requirements for the impact reporting of green bonds. / Gröna obligationer är en växande och populär finansiell produkt som syftar till att kanalisera kapital till miljövänliga projekt och främja en hållbar utveckling. Trots vissa ansträngningar för att öka trovärdigheten är bristen på standardisering, till exempel när det gäller rapportering av miljöpåverkan, fortfarande ett problem på marknaden för gröna obligationer. Livscykelanalys (LCA) som ett verktyg för att hantera dessa problem har endast undersökts i ett fåtal studier, vilket ger anledning att ytterligare undersöka dess användning i samband med projekt finansi-erade med gröna obligationer. I denna studie undersöktes användningen av LCA som ett lämp-ligt verktyg för att bedöma stödberättigande och miljöpåverkan av projekt som finansieras ge-nom gröna obligationer. Metoden omfattade en dokumentanalys av tre vanliga standarder för gröna obligationer för att undersöka den nuvarande användningen av LCA och livscykeltän-kande (LCT) baserade metoder i samband med gröna obligationer. Dessutom analyserades fyra projekt som finansierats med gröna obligationer för att avgöra om LCA är ett lämpligt verktyg för att bedöma deras berättigande och rapportera deras miljöpåverkan med avseende på att tillhandahålla relevanta resultat i förhållande till kriterierna i European Green Bond Stan-dard (EUGBS). Vidare undersöktes metodologiska utmaningar som kan uppstå när man ge-nomför en LCA på projekten.   Resultaten visade att LCA- och LCT-baserade metoder redan används i gemensamma stan-darder för gröna obligationer. De förekommer dock främst i de kriterier som avgör om ett pro-jekt är berättigat eller inte att erhålla finansiering. När det gäller konsekvensrapportering finns det inga bindande krav på att obligationsemittenter ska använda LCA- eller LCT-baserade metoder. Enligt resultaten kan LCA rapportera många relevanta miljökonsekvenser av de olika projekten. Dock identifierades olika effekter som inte täcks av LCIA-metoder, vilket kan be-gränsa lämpligheten av LCA som metod för rapportering av effekter. Detta omfattar särskilt lokala effekter på projekten som inte omfattas av en LCA och som därför skulle missas i rap-porteringen. Olika metodologiska utmaningar identifierades när man genomförde en LCA för projekten, inklusive allokering, systemgränser, livscykelinventering, tidsspann, datautma-ningar och utmaningar i valet av funktionella enheter, vilket kan påverka LCA-resultaten och jämförelsen mellan projekt. Resultaten understryker behovet av framtida forskning om konse-kvensrapportering och även av att fastställa bindande krav för konsekvensrapportering av gröna obligationer.

Financial literacy continues to be a significant factor affecting small and medium enterprises (SMEs) in their ability to access finance worldwide. Both new and existing SMEs rely on external financing to grow and expand operations. However, financial literacy remains low among entrepreneurs, resulting in restricted access to finance which leads and contributes to the high failure rate of SMEs. The objective of the study is to determine whether a relationship exists between financial literacy and financial access among SMEs. This study followed a descriptive and quantitative research design. Primary data was gathered in a survey by means of self-administered questionnaires distributed to 397 entrepreneurs in the Ekurhuleni Metropolitan Municipality, Gauteng. The study revealed that entrepreneurs in Ekurhuleni did not fully understand basic financial concepts and thus portrayed low levels of financial knowledge. The study also indicated that access to finance was a major challenge for the majority of the SMEs in the municipality. Furthermore, the study established a positive relationship between financial literacy and financial access among SMEs in the municipality. Recommendations were provided to government, financial institutions, academic institutions and entrepreneurs suggesting measures that could be implemented in an effort to improve the levels of financial literacy and financial access among entrepreneurs. This study is the first to examine the financial literacy-financial access relationship among SMEs in Ekurhuleni Metropolitan Municipality and provides a benchmark for future research studies in this area. / Ukufundiswa ngezezimali kuqhubeke njalo kuba yisithikamezo esikhulu esithinta amabhizinisi amancane nalawo asakhasayo (SMEs) kwikhono lawo lokuthola izimali emhlabeni wonke. Zombili lezi zinhlobo zamabhizinisi akhona ama-(SMEs) encike phezu koxhaso lwezimali oluvela ngaphandle ukuze zihlume futhi zidlondlobalise imisebenzi yazo. Yize-kunjalo, izinga lokufundiswa ngezimali lihlala liphansi phakathi kosomabhizinisi, lokhu kudala ukutholakala kwezimali kube wumnqansa omkhulu, lokhu kusuke kuholele futhi kube nomthelela omkhulu ekudaleni izinga eliphezulu lokwehluleka kwama (SMEs). Inhloso enkulu yocwaningo wukuthola ukuthi ngabe ubudlelwano bukhona yini phakathi kokufundiswa ngezimali kanye kanye nokutholakala kwezimali phakathi kwamabhizinisi amancane nalawo asakhasayo (SMEs). Ucwaningo lulandela indlela yocwaningo echazayo kanye naleyo esebenzisa ulwazi. Idatha yokuqala yaqoqwa ngokwesaveyi ngokusebenzisa imibhalo yemibuzo yokuzenzela, eyasatshalaliswa kosomabhizinisi abakumasipali Ekurhuleni Metropolitan Municipality, eGauteng. Ucwaningo luveza ukuthi osomabhizinisi base-Ekurhuleni abazange bazwisise ngokugcwele amagama ezimali awulwazi oluyisisekelo kanti lokhu kwaveza amazinga aphansi olwazi lwezimali. Ucwaningo futhi luyaveza ukuthi ukutholakala kwezimali kwakuyinselelo enkulu kwiningi losomabhizinisi abancane nalabo abasakhasayo (SMEs) kumasipali. Ngaphezu kwalokho, ucwaningo luye lwancoma ukuthi kukhona ubudlelwano obuhle phakathi kokufundiswa ngezezimali kanye nokutholakala kwezimali phakathi kwamabhizinisi amancane nalawo asakhasayo (SMEs) ngaphakathi komasipali. Izincomo kanye nemihlahlandlela eqondiswe kuhulumeni, kumaziko ezezimali, kumaziko ezemfundo kanye nosomabhizinisi kuye kwanikezwa, kanti lokhu kungasetshenziswa kwimizamo yokuthuthukisa amazinga okufundiswa ngezimali phakathi kosomabhizinisi. Lolu wucwaningo lokuqala oluhlola ubudlelwano obumayelana nokufundiswa ngezimali kanye nokutholakala kwezimali phakathi kosomabhizinisi abancane nalabo abasakhasayo (SMEs) ngase-Ekurhuleni Metropolitan Municipality kanti futhi lolu cwaningo luye lwandlala isisekelo lapho ezinye izinhlelo zocwaningo zingaqhutshekiswa khona ngalesi sihloko / Die finansiële geletterdheid van klein en medium ondernemings (KMO’s) bepaal die mate waarin hulle toegang tot wêreldwye finansiering verkry. Sowel nuwe as bestaande KMO’s steun op finansiering om hulle werksaamhede uit te brei. Omrede min entrepreneurs finansieel ongeletterd is, geniet hulle beperkte toegang tot finansiering, en misluk KMO’s meestal. Die doel van hierdie studie is om vas te stel of daar ʼn verband tussen die finansiële geletterdheid van KMO’s en hulle toegang tot finansiering bestaan. ʼn Deskriptiewe en kwantitatiewe navorsingsontwerp is in hierdie studie gevolg. Die primêre data is ingewin met vraelyste wat deur 397 entrepreneurs in die Ekurhuleni Metropolitaanse Munisipaliteit in Gauteng ingevul is. Uit die studie het geblyk dat entrepreneurs in Ekurhuleni ʼn gebrekkige begrip van basiese finansiële begrippe het, en gevolglik oor weinig finansiële kennis beskik. Daar is bevind dat finansiering ʼn groot struikelblok vir die meeste KMO’s in die munisipaliteit is. Hierdie studie het vasgestel dat daar ʼn bepaalde verband tussen finansiële geletterdheid en finansiering onder die KMO’s in die munisipaliteit bestaan. Aanbevelings word gedoen om die finansiële geletterdheid en finansiering van entrepreneurs te verbeter. Hierdie riglyne is vir die regering, finansiële en akademiese instellings, en entrepreneurs bedoel. Aangesien dit die eerste ondersoek na die verband tussen finansiële geletterdheid en finansiering onder KMO’s in die Ekurhuleni Metropolitaanse Munisipaliteit is, stel hierdie studie ʼn standaard vir ander studies in hierdie streek. / Business Management / M. Com. (Business Management)

Abstracts in English, Afrikaans and Zulu / Small and medium enterprises play a significant role in the economic growth of Lesotho, however, they face low survival rates and competitive growth drawbacks. Market-driven strategies and access to finance have been identified as the major constraints hindering their survival, growth and effective operation in Lesotho. The purpose of the study was to investigate the influence of market-driven strategies and access to finance on the competitive growth of small and medium-sized enterprises in selected districts of Lesotho. A quantitative descriptive-correlation survey approach was followed in the data collection and the analysis phases of the research study. The target population consisted of a probability sample of (N = 400) entrepreneurs in the four selected districts of Lesotho. The data was captured and analysed for descriptive statistics, convergent and discriminant validity, composite and internal reliability and correlation in order to inform the structural equation modelling (SEM). SEM was used to test the research model and hypotheses to answer the research questions. The correlation analysis revealed a positive significant relationship between the market-driven strategies and access to finance constructs and related to the competitive growth of SMEs. The regression results showed a positive and significant influence of market-driven strategies (technological dynamic and competitive intensity) and access to finance (collateral requirement and financial information access) on the competitive growth of SMEs. The structural equation modelling analysis further indicated that the equation model derived from the covariance estimates of all explanatory factors of market-driven strategies and access to finance on competitive growth were within the goodness-of-fit threshold. The study was specific to small and medium enterprises, and the findings suggest that to address their challenges in Lesotho (i) enterprises need to be equipped with market-driven strategic (competitive intensity and technological dynamic) resources to deliver superior value to customers; and (ii) adequate policy initiatives are needed to improve enterprises’ access to finance, and such should (a) focus on improving access to financial information through awareness programmes, (b) consider adequate information on policy initiatives, support programmes and financial schemes geared to support Basotho small and medium-sized enterprises access to finance, and (c) harmonise the collateral requirements by banks to ease Basotho SMEs access to adequate credit funds. In sum, the results suggest the joint implementation of market-driven strategies and access to finance as enabling resources to assist enterprises to achieve and stay competitive in the current dynamic business environment. / Klein en medium ondernemings (KMO’s) speel ʼn beduidende rol in die ekonomiese groei van Lesotho. Hulle ervaar egter lae oorlewingstempo’s en mededingendegroei-nadele. Markgedrewe strategieë en toegang tot finansiering is geïdentifiseer as die vernaamste beperkings in die voortbestaan, groei en doeltreffende bedryf van hierdie ondernemings in Lesotho. Die doel van die studie was om die invloed van markgedrewe strategieë en toegang tot finansiering op die mededingende groei van KMO’s in bepaalde distrikte van Lesotho, te ondersoek. ʼn Kwantitatiewe beskrywende-korrelasie-opname-benadering is in die data-insameling en -ontledingsfases van die navorsingsondersoek gevolg. Die teikenpopulasie het bestaan uit ʼn waarskynlikheidsmonster van (N = 400) entrepreneurs in die vier gekose distrikte van Lesotho. Die data is vasgelê en ontleed vir beskrywende statistiek, konvergente en diskriminantgeldigheid, saamgestelde en interne betroubaarheid en korrelasie, as deel van strukturele vergelykingsmodellering, wat gebruik is om die navorsingsmodel en hipoteses te toets ten einde die navorsingsvrae te beantwoord. Die korrelasie-ontleding het ʼn positiewe beduidende verwantskap tussen die volgende konsepte getoon: markgedrewe strategieë, toegang tot finansiering en die mededingende groei van KMO’s. Die regressieresultate het daarop gedui dat markgedrewe strategieë (tegnologies dinamiese en mededingende intensiteit) en toegang tot finansiering (kollaterale vereiste en toegang tot finansiële inligting) ʼn positiewe en beduidende invloed op die mededingende groei van KMO’s het. Die strukturele vergelykingsmodelleringontleding het verder getoon dat die vergelykingsmodel afkomstig van die kovariansie-skattings van alle verduidelikende faktore van markgedrewe strategieë en toegang tot finansiering rakende mededingende groei, binne die geskiktheidsdrumpel val. Die studie was spesifiek oor KMO’s, en die bevindinge toon dat om die struikelblokke wat in Lesotho ervaar word te bowe te kom, (i) hierdie ondernemings toegerus moet word met markgedrewe strategiese (mededingende-intensiteit en tegnologies dinamiese) hulpbronne sodat hulle voortreflike waarde aan hul klante kan bied; en (ii) voldoende beleidsinisiatiewe nodig is om die ondernemings se toegang tot finansiering te verbeter; hierdie beleidsinisiatiewe moet (a) fokus op verbetering van toegang tot finansiële inligting deur bewustheidsprogramme (b) voldoende inligting voorsien oor beleid, ondersteuningsprogramme en finansiële skemas gerig op beter toegang vir KOMO’s tot finansiering, en (c) die kollaterale vereistes deur banke harmonieer om toegang deur KMO’s tot toereikende kredietfondse te fasiliteer. Kortom stel die resultate die gesamentlike implementering van markgedrewe strategieë en toegang tot finansiering as instaatstellingshulpbronne voor om ondernemings te help om mededingendheid te bewerkstellig en te behou in die huidige dinamiese sakeomgewing. / Amabhizinisi amancane nasafufusa (SME) adlala indima esemqoka ekuhlumiseni umnotho wasezweni laseLesotho. Yize-kunjalo, lincane kakhulu inani lamabhizinisi asindayo futhi lincane kakhulu inani lalawo ahlumayo kwizimakethe zamabhizinisi ezincintisanayo. Amasu aqhutshwa yizimakethe kanye nokutholakala kwezimali kubonwe njengezihibhe ezinkulu ezivimba ukuphumelela, ukuhluma kanye nokusebenza kahle kwamabhizinisi eLesotho. Injongo yalesi sifundo socwaningo bekukuphenya umthelela wamasu aqhutshwa yizimakethe kanye nokutholakala kwezimali zokuhlunyiswa komnotho wama-SME ngendlela ekhonyayo kwizifunda zaseLesotho. Indlela yesaveyi ebizwa nge-quantitative descriptive-correlation survey iye yalandelwa ekuqoqweni kwedatha kanye nakwizigaba zokuhlaziya kwisifundo socwaningo. Inani eliphelele labantu eliqondiwe linamasampuli wethuba lokwenzeka (probability sample of (N = 400) losomabhizinisi abakwizifunda ezine ezikhethiwe zaseLesotho. Idatha iqoqiwe yahlaziywa ukwenzela amanani achazayo, i-convergent and discriminant validity, i-composite kanye ne-internal reliability and correlation ngenhloso yokuhlomisa uhlelo lwe-structural equation modelling ngolwazi, ulwazi olusetshenziswe ukuhlola imodeli yocwaningo kanye nehayipothesisi ukuze kuphenduleke imibuzo yocwaningo. Uhlaziyo lwe_correlation analysis luveze ubudlelwano obubonakalayo phakathi kwezinhlaka zamasu aqhutshwa yizimakethe, ukutholakala kwezimali kanye nokuhluma ngamandla kwezomnotho kwamabhizinisi amancane nasafufusa (SMEs). Imiphumela yohlelo lwe-regression ikhombe amasu aqhutshwa yizimakethe (technological dynamic and competitive intensity) kanye nokutholakala kwezimali (collateral requirement and financial information access) njengezinhlaka ezinomthelela omuhle nobalulekile phezu kokuhluma ngamandla komnotho wamabhizinisi asafufusayo (SMEs). Uhlelo lokuhlaziya imodeli elibizwa nge-structural equation modelling liqhubeke nokuveza uhlelo lwe- equation model olususelwe kwisilinganiso se-covariance sezinhlaka zonke ezichazayo zamasu aqhutshwa yizimakethe kanye nokutholakala kwezimali kumnotho ohluma ngamandla wamabhizinisi amancane nasafufusa ukuthi kube ngaphakathi kohlelo lwe-goodness-of-fit threshold. Ucwaningo belugxile ikakhulu kumabhizinisi aamancane nasafufusa, , kanti ulwazi olufunyenwe luphakamisa ukuthi ukuze kuqedwe izinkinga okuhlangabezanwa nazo eLesotho, (i) la mabhizinisi adinga ukuba ahlonyiswe ngamasu aqhutshwa yimithombo yezimakethe (competitive intensity and technological dynamic) ngenhloso yokuletha izinga eliphezulu lomkhiqizo kumakhasimende; kanti (ii) kudinga imizamo yemigomo eyanele ukuthuthukisa izinga lokutholakala kwezimali ngamabhizinisi; le mizamo yomgomo kufanele (a) igxile ekuthuthukiseni izinga lokutholakala kolwazi lwezimali ngokusebenzisa izinhlelo zokwexwayisa, (b) ukunikeza ulwazi olwanele olumayelana nezomgomo, nezinhlelo zokuxhasa kanye nezikhwama zezimali ezihlelelwe ukuthuthukisa ukuthuthukisa uhlelo lizinga lokutholakala kwezimali ngamabhizinisi amancane nasafufusa, kanti futhi (c) ukuhlanganisa ndawonye izimfuno ezifanayo ngamabhange ukwenzela ukulungisa uhlelo olusiza ukunikezwa kwamabhizinisi amancane nasafufusa izikweletu zemali eyanele. Sekukonke nje, imiphumela iphakamisa ukuthi kube nohlelo oluhlanganyelwe lokusetshenziswa kwamasu aqhutshwa yizimakethe kanye nokutholakala kwezimali ezinceda imithombo ukuthi incede amabhizinisi ekufinyeleleni izinhloso kanye nokugcina ummoya wokuncintisana kwisizinda samanje sezebhizinisi. / Business Management / D. Phil. (Management Studies)

Real estate financing is one of the key figures for financial success and fundamental to a successful business. Funding will come in several different ways , from existing cashflows and assets to new capital requirements which are aimed at different markets. These markets are constantly changing and since the recent financial crisis , there have been adjustments and austerity measures which led to that the banks have become more restrictive in their lending. The real estate industry is characterized by both long-term and short-term thinking that is characterized by a solid continuity. Our thesis discuss how the demand is in the real estate business and how mature the Swedish market is for junior financing with focus around mezzanine debt and where are we headed in the near future. We've reached out to the key players in the industry on both the buy and sell side of real estate financing but also people between lenders and borrowers that handles transaction advice . To have been able to implement the analysis a survey and simulation of an investment calculation was created . This questionnaire was answered by many real estate companies with senior people that had operational positions most associated with corporate commitments. These companies are active in growth areas and especially in the Stockholm area of commercial real estate. After conducting the study , we have determined that the Swedish market is mature and ready for junior financing and it tends to be a gap between the smaller and the larger real estate companies in terms of demand for mezzanine debt . / För fastighetsbolag är tillgång till f inansiering en av nyckelfaktorerna för att uppnå en framgångsrik verksamhet. Finansiering sker på flera olika sätt, allt från befintliga kassaflöden och tillgångar till nytt behov av kapital där man vänder sig till olika marknader. Dessa marknader förändras hela tiden och sedan den senaste finanskrisen har det skett regleringar och åtstramningar vilket lett till att banker blivit mer restriktiva i sin utlåning. Fastighetsbranschen präglas av både långsiktighet och kortsiktighet som kännetecknas av en gedigen kontinuitet och vår uppsats behandlar hur efterfrågan ser ut i fastighetsbranschen och hur mogen den svenska marknaden är för juniorfinansiering med fokusering kring mezzaninekapital och om vi därigenom kan dra någon slutsats vart vi är på väg. Vi har lokaliserat de viktigaste aktörerna i branschen på både köp- och säljsidan vid fastighetsfinansiering men också personer mellan långivare och låntagare som sköter transaktionsrådgivning. För att ha kunnat implementera analysen gjordes en enkät och simulering av en investeringskalkyl. Denna enkät besvarades av flertalet fastighetsbolag med högt uppsatta personer med operativa befattningar samt flertalet bolagsengagemang knutna till sig. Dessa bolag är verksamma i tillväxtorter och framförallt i Stockholmsområdet mot kommersiella fastigheter. Efter att ha genomfört studien har vi fastställt att juniorfinansiering är något den svenska marknaden är mogen för och det tenderar till att uppstå en klyfta mellan de mindre och de större fastighetsbolagen när det gäller efterfrågan på mezzaninekapital.

Författare: Robin Castor och André Rosenqvist  Handledare: Elias Bengtsson  Examinator: Andreas Jansson  Titel: Anti Money Laundering – Förhindra eller undvika? – En studie om svenska AML-chefers inställning till penningtvättsregelverken.  Sökord: AML, Anti-Money Laundering, Penningtvätt, Bankreglering, Compliance, KYC, Kundkännedom, Riskbedömning, Riskbaserat förhållningssätt, Rapportering, Resursallokering  Bakgrund: Penningtvätt är ett växande problem som skadar samhället. För att hantera detta problem utfärdar EU kontinuerligt nya direktiv för medlemsländerna att implementera. Den aktör som hamnat mest i fokus är banker, där skandaler visat på brister i arbetet mot penningtvätt bland svenska banker. Regelverken ställer hårda krav samtidigt som ett riskbaserat förhållningssätt låter banker tolka och implementera arbetet olika. Genom att studera AML-chefers inställning till regelverken bidrar denna studie med en synvinkel som inte tidigare beaktats i Sverige.  Syfte: Denna studie syftar att öka förståelsen kring attityder mot AML och dess regelverk inom svenska banker, om det skiljer sig mellan olika banker samt vad det kan innebära för alla berörda parter.  Metod: En kvalitativ studie med abduktiv forskningsansats har genomförts. Studien har hämtat empiri genom semistrukturerade intervjuer med fem olika AML-chefer på den svenska bankmarknaden.  Resultat/Slutsatser: Studiens resultat visar hur AML-chefer i Sverige har en kritisk syn på penningtvätts-regelverken. Regelverken upplevs ställa höga, men rimliga, krav på bankerna. Flera fördelar med det riskbaserade förhållningssättet lyfts upp, där riskbedömning och kundkännedom ger en god överblick av verksamheten i ett bolagsstyrnings-perspektiv. Regelverken låter bankerna stänga ute de kunder som inte vill samarbeta. Tyvärr kan dessa kunder gå vidare till nästa bank och fortsätta sitt misstänksamma beteende. Detta problem grundar sig i banksekretessen som gör det omöjligt för banker att dela information och samarbeta i arbetet mot penningtvätt. Studien visar därmed hur incitamenten bakom efterföljandet av regelverket till stor del bygger på rädslan av att skada bankens eget rykte eller ådra sig stora bötesbelopp. Fokus har skiftat från att faktiskt försöka stoppa penningtvätt, till att endast undvika att själv bli utsatt för penningtvätt. / Authors: Robin Castor and André Rosenqvist  Supervisor: Elias Bengtsson  Examiner: Andreas Jansson  Title: Anti Money Laundering - Prevent or Avoid? A study of attitudes towards money laundering regulations among Swedish AML-managers.  Keywords: AML, Anti-money laundering, Money laundering, Banking regulation, Compliance, KYC, Know your customer, Risk assessment, Risk-based approach, Legal reporting, Resource allocation  Background: Money laundering is a growing problem that harms society. To address this issue, the EU is continuously issuing new directives for member states to implement. The banking sector has come to be the most affected industry, where scandals have shown deficiency in the work against money laundering among Swedish banks. These regulations set strict requirements at the same time as the risk- based approach allows banks to interpret and implement the regulations in various degrees. By studying how Swedish AML-managers experience these regulations, this study contributes with a point of view that has not been considered in Sweden previously.  Purpose: This study aims to increase the understanding of attitudes and experience towards AML and its regulations within Swedish banks, if it differs between banks and what it could signify for involved parties.  Method: A qualitative study with an abductive research approach has been conducted. The study has gained empirical data through semi-structured interviews with five different AML managers in the Swedish banking market.  Results/Conclusions: The results of the study show how AML managers in Sweden have a critical view of the money laundering regulations. The regulations are perceived to put high, but appropriate, requirements in the banks. Various advantages of the risk-based approach are highlighted, where risk assessment and customer awareness (KYC) provide a good overview of the business from a corporate governance perspective. The regulations allow banks to end their business relationship with customers who do not want to cooperate. Unfortunately, these customers are able continue their suspicious behavior throughout different banks. This problem is based on the bank secrecy, which makes it impossible for banks to share information and cooperate in the work against money laundering. The study shows how the incentives behind compliance with the regulations are largely based on the fear of damaging reputation or receiving heavy fines. The focus has shifted from actually trying to stop money laundering, to only avoiding being subjected to money laundering themselves.

Access to finance is often a vital tool for a company to make investments which in turn leads to increased generation of income. In 2022, the amount of lending to non-financial companies increased by around 13 %. Banks' traditional lending channels have recently been challenged by DeFi. Within DeFi, no central intermediary is used, the security provided is cryptocurrencies and the transaction history is public. The most common cryptocurrency used in DeFi is bitcoin. At the time of writing, bitcoin has a market capitalization of approximately $521 million. The use of DeFi has grown rapidly in 2022 as cryptocurrencies worth just under $110 billion were pledged in DeFi as collateral for credit. The EBA has previously warned about the risks of cryptocurrencies. Despite warnings, neither case law nor any clear legislation regarding cryptocurrencies and creditors protection has thus been created. Though, there is a proposal from EU that will create a uniform regulation for cryptocurrencies that are not currently covered by the EU's existing regulatory framework for financial services, the so-called MiCA regulation. In Swedish legislation, there is an ongoing investigation on how to handle cryptocurrencies. However, neither the proposals at EU-level nor national level deal with substantive legal aspects such as creditors protection. The purpose of the thesis is to present a proposal for what bitcoin as property is classified as according to Swedish law and to identify the most appropriate legal aspect when bitcoins are used within DeFi. Based on the purpose, the following questions arise (i) What type of property should the cryptocurrency bitcoin be legally classified as? (ii) How can creditor protection be achieved when a transaction with bitcoin is made? (iii) How can creditor protection be achieved when bitcoin is used as collateral? In this thesis, the legal dogmatic method and law analogies will be used to answer the questions. The conclusions are that bitcoin should first be seen as a financial instrument according to MiFID II and creditor protection in the case of acquired ownership of bitcoins can basically never be achieved. Creditor protection in case of retained ownership can be achieved with analogous application of RVL and using registration as an element of property rights. When bitcoin is used as collateral, creditor protection can be achieved through the property right element of registration or tradition. In the case of three-party escrow, notification of transfer of claim must be made to the person who holds the pledged property in accordance with the 1936 Pawn Law.

The construction and real estate sector accounts for a significant part of Sweden's total greenhouse gas emissions. Swedish real estate companies play a leading role in the climate transition and represent more than half of the Swedish market for green corporate bonds. International initiatives such as the UN's Agenda 2030, the Paris Agreement, and the EU's Green Taxonomy Regulation promote sustainable development and the identification of sustainable investments. The taxonomy regulation directs investments towards sustainability, which, along with growing global demand, impacts the market for sustainability linked loans.  The thesis aims to investigate the motives and driving forces behind Swedish property companies and banks' participation in sustainability linked loans, their application and impact on their sustainability work, and potential challenges and future prospects for these loans in Sweden. This thesis is based on a qualitative research method and includes seven interviews with respondents from two different stakeholder groups; lenders (banks) and borrowers (property companies). A literature study has been prepared to provide insight into sustainability linked loans and the market's characteristics. The collected empirical material has then been analyzed based on Corporate Social Responsibility (CSR) and Signaling theory. The conclusions are based on the study's empirical data and discussion. The conclusions drawn are that sustainability linked loans play a significant role in Swedish real estate companies' sustainability work by offering financial incentives, strengthening the companies' strategies, and increasing transparency. Banks and property companies see advantages in the form of better conditions and a stronger link between sustainability efforts and financial benefits. Challenges for the future include transparency and the risk of greenwashing. The implementation of the EU's CSRD and ESRS is expected to address these challenges. Despite this, sustainability linked loans are expected to continue to grow and be demanded by more industries. / Bygg- och fastighetssektorn står för en betydande del av Sveriges totala utsläpp av växthusgaser. Svenska fastighetsbolag spelar en ledande roll i klimatomställningen och dominerar mer än hälften av den svenska marknaden för gröna företagsobligationer. Internationella initiativ som FN:s Agenda 2030, Parisavtalet och EU:s gröna taxonomiförordning, främjar hållbar utveckling och identifiering av hållbara investeringar. Taxonomiförordningen styr investeringar mot hållbarhet, vilket tillsammans med växande global efterfrågan påverkar marknaden för hållbarhetslänkade lån.  Uppsatsen syftar i att undersöka motiv och drivkrafter bakom svenska fastighetsbolags och bankers deltagande i hållbarhetslänkade lån, deras tillämpning och inverkan på deras hållbarhetsarbete, samt eventuella utmaningar och framtidsutsikter för dessa lån i Sverige. Denna uppsats baseras på en kvalitativ forskningsmetod och inkluderar sju intervjuer med respondenter från två olika intressentgrupper; långivare (banker) och låntagare (fastighetsbolag). En litteraturstudie har utarbetats för att ge insikt i hållbarhetslänkade lån och marknadens karaktärsdrag. Det insamlade empiriska materialet har sedan analyserats utifrån Företagens sociala ansvar (CSR) och signaleringsteori. Slutsatserna baseras på studiens empiri och diskussion. Slutsatserna som dras är att hållbarhetslänkade lån spelar en betydande roll för svenska fastighetsbolags hållbarhetsarbete genom att erbjuda ekonomiska incitament, stärka företagens strategier och öka transparensen. Banker och fastighetsbolag ser fördelar i form av bättre villkor och en starkare koppling mellan hållbarhetsinsatser och ekonomiska fördelar. Utmaningar för framtiden inkluderar transparens och risk för greenwashing. Implementeringen av EU:s CSRD och ESRS förväntas adressera dessa utmaningar. Trots detta förväntas hållbarhetslänkade lån fortsätta växa och efterfrågas av fler branscher.

Insider trading has long been a controversial phenomenon in the financial world. Several studies have been conducted in the area where the studies have shown ambiguous results. In 2016, Finansipektionen amended the Insider Trading Act, namely that insiders need to report an insider transction within three days. Insiders ability to generate abnormal returns is considered to be in conflict with market efficiency.  This study examines insiders ability to generate abnormal returns on the First North Growth Market during the year 2020, where the sample consists of 47 observations. An eventstudy has been used to investigate the market reaction from the publication of insider trading. Multiple regression analysis has been applied to examine whether there is any difference in the abnormal return based on the position of the insider, the transactionsize of the insider tradingsize and the gender. The hypothesis tests have been answered with the help of a one-sided t-test and multiple regression analysis. A quantitative method and deductive approach have been used in the study where the researcher derived hypotheses based on previous research as well as theories such as the effective markethypothesis, the random-walk theory, the signalinghypothesis, behaviorbased financing and herdbehavior. This study shows that insiders generate abnormal returns during a short-term event window, but that there is no significant difference in the abnormal returns based on the insider’s position, transactionsize and gender. / Insynshandel har länge varit ett omdiskuterat fenomen inom finansvärlden. Flera studier har avlagts inom området som visat på tvetydiga resultat. År 2016 ändrade Finansinspektionen lagen om insynshandel, nämligen att insynspersoner behöver rapportera en insynstransaktion inom tre dagar. Insynspersoners möjlighet till att generera abnormal avkastning anses gå i strid mot marknadseffektiviteten. Denna studie undersöker insynspersoners möjlighet till att generera abnormal avkastning på First North Growth Market under året 2020 där urvalet består av 47 observationer. En eventstudie har använts för att undersöka marknadsreaktionen vid publiceringen av insynshandel. Multipel regressionsanalys har tillämpats för att undersöka ifall det finns någon skillnad i den abnormala avkastningen baserad på befattningen på insynspersonen, transaktionsstorleken av insynshandeln och kön. Hypotesprövningarna har besvarats med hjälp av ett ensidigt t-test samt multipel regressionsanalys. En kvantitativ metod och deduktiv ansats har använts i studien där forskaren härlett hypoteser utifrån tidigare forskning samt teorier som den effektiva marknadshypotesen, random-walk teorin, signaleringshypotesen, beteendebaserad finansiering och flockbeteende. Denna studie visar att insynspersoner genererar abnormal avkastning under ett kortsiktigt eventfönster men att det inte existerar någon signifikant skillnad på den abnormala avkastningen baserat på befattningen av insynspersonen, transaktionsstorleken och kön.

The concept of open banking is on the rise in the financial industry. Not only are banks taking an interest in this topic, but many financial technology start-ups are developing as well. One particular player can be considered challenger banks; they have gained a high degree of digital competence and agility to adapt to changes in the industry. As a result of this trend, these financial players raise the question of what the opportunities are. This study aims to identify potential opportunities for challenger banks and to provide a practical model for companies to assess the opportunities. The results of the study show that the opportunities can be divided into three segments: personalized banking services; modularity; as well as embedded finance. Finally, an opportunity evaluation canvas was developed, providing banks a systematic and comprehensive model to evaluate an opportunity. / Begreppet open banking är på frammarsch inom finansbranschen. Ämnet intresserar därmed såväl bankerna som många nystartade företag inom finansteknologi. En aktör är så kallade utmanarbankerna; de sitter på en hög grad av digital kompetens och flexibilitet vad gäller förändringar i branschen. Som ett resultat av denna trend väcker dessa finansiella aktörer frågan om vilka möjligheter som finns. Den här studien syftar till att identifiera potentiella möjligheter för utmanarbanker, samt att tillhandahålla ett praktisk ramverk inom vilket företag kan bedöma dessa möjligheter. Resultaten visar att möjligheterna kan delas in i tre kategorier: personliga banktjänster; modularitet; samt plattformar och ekosystem. Slutligen utvecklades en utvärderingsmall för möjligheter, som ger bankerna en systematisk och omfattande modell för att utvärdera en möjlighet.

Hur skapar och utvecklar jag metoder för en filmprocess som värnar mitt eget och mina medarbetares mentala och känslomässiga välbefinnande när vi gör film om svåra frågor? Hur tar jag hand om mina medverkande? Hur ser min film ut som är sprungen ur en sådan arbetsprocess? Hur har arbetet med terapeuten Cilla Holm, tidigare filmproducent, bidragit till en hållbar filmprocess? Filmbranschen präglas av högt tempo och utmattningssyndrom är inte ovanligt. För fyra år sedan blev jag utmattad och efter att ha sörjt mitt gamla jag och min nya stresskänslighet kom jag fram till att jag inte tänker acceptera att jag inte ska kunna arbeta med det jag älskar, film och skrivande. Jag tänkte att det måste finnas andra sätt att arbeta med film och fortfarande få må bra. En text om skapandet av min dokumentärfilm Om sorg (2022) och metoden som jag kallar för Den emotionellt hållbara filmprocessen. / How do I create healthy working methods that benefit my own and my team members mental and emotional wellbeing while making film about difficult subjects? What does a documentary sprung out of these methods look like? How has the collaboration with Cilla Holm, film therapist and former film producer, contributed to make the process emotionally sustainable? The film industry is fast paced and burnout is not uncommon. Four years ago it happened to me and I had a total identity crisis. After grieving my old self, my ability to multi-task and my newfound stress intolerance, I came to the conclusion that I will not accept that I have to leave the film industry. I wanted to keep working, I just had to find another way to do it. A text about the creation of my documentary About Grief (2022) and the method that I call The emotionally sustainable film process.