Tidigare forskning har visat underprissättning under Dotcom bubblan. I denna studie har underprissättning för börsnoteringar på amerikanska börser samt variabler som påverkar underprissättning undersökts för åren 1995-2018. Med utgångspunkt i teorin underprissättning vid börsnotering, använder sig studien utav relevanta teorier. Studien undersöker avkastning som uppstår vid första handelsdagen för börsnoteringar och kontrolleras sedan för oberoende variabler. De oberoende variabler består av ålder, Market Cap, USA, FinTech, skulder, intäkter och Market to book. Urvalet består av 123 IPO:er för både Dotcom och FinTech. Den period som vi undersöker för Dotcom-företagen är mellan 1995-2002. För FinTech företagen är perioden 2008-2019. Studien tillämpar en linjär multipel regression för att behandla de olika variablernas förklaringsgrad. Resultaten visar att underprissättning för FinTech IPO mellan 2008-2019 är lägre än underprissättningsnivån för Dot-Com IPO: er. Slutsatsen som dras är att stickproven från Dot-Com IPO:er består av företag som var etablerade under Dotcom perioden 1995-2002. / This paper examines the valuation of Dotcom and FinTech companies by observing the under-pricing level of Initial Public Offerings (IPOs). The sample that we are analysing are 123 IPOs for both Dotcom and FinTech companies. The period that we are examining for the Dotcom companies is between 1995-2002. For the FinTech sample, the period is between 2008-2019. The results show that the underpricing level of FinTech IPO in the past years is less than the underpricing level of Dot-Com IPOs. The study shows that Dotcom IPOs had approximately 120% more in underpricing than the FinTech samples. To understand if there were any variables affecting the underpricing between the two samples the study used Multivariate regression. The variables are age, market cap, US, FinTech, debts, revenue and market to book. For both FinTech and Dotcom companies, the study has shown that age was the only variable who had significant positive correlation to under-pricing.

No / This book provides an interdisciplinary critical perspective regarding risk, uncertainty, and governance challenges of cryptocurrencies. It considers the perspectives of several disciplines including accounting, cybersecurity, cyberlaw, economics, ethics, finance, financial regulation, shariah (Islamic) law and technology. Distinguished from other books on similar topic, our in-depth analysis and critical discourse on cryptocurrency risk categories are supplemented by research evidence gathered from surveys and interviews with stakeholders. The inclusion of an Islamic insight matters given mixed views at present regarding the permissibility of cryptocurrencies albeit some countries have imposed somewhat restricted function of cryptocurrencies for non-religious reasons. It is envisaged that this book will help enlighten stakeholders on this aspect of uncertainty and inspire fit and proper governance strategies for the public interest.

In this research we conduct an in-depth examination of the several financial theories as well asevaluating different implementations of a hypothetical Robo-advisor and the correspondingperformance under market stress (COVID-19). Thus, we contribute a view on Robo-advisors’ benefitsand limitations, providing a foundation for better understanding its potential. Attained with knowledgeof Robo-advisors’ and the underlying models the historical data is collected from Handelsbankenplatform and different portfolios is created using Value at Risk and Expected Shortfall as the measureof risk. Finally, the different risk measures are compared through back testing where the frame of thetest align with the period of the chosen market stress COVID-19. The results shows that an investmentportfolio utilizing the underlying statistics to construct the Value at Risk and respectively ExpectedShortfall manages to outperform both the Mean Variance Optimization portfolios, as well asoutperforms the historical Value at Risk and Expected Shortfall.

Purpose: The purpose of this work is to analyze investors as well as analysts' views on the development of technology in Automated Trading recommendations in the stock market. Theoretical framework: The study is based on The Efficient Market Hypothesis. Method: The methodological framework of this thesis have included both a quantitative and qualitative approach. A deductive approach has been used. Empirical framework: Data was obtained from 206 members of the Swedish share savers association (Aktiespararna) plus 4 semi-structured interviews with advisers and analysts. Analysis: Data shows average investors do not trust, and are reluctant to take advice, from Robo-advisors but higher percentage of technically savvy traders rely on Robo-advisors. Most analysts perceive no threat to robo-advisor replacing their job. In fact they believed it could replace advisors job. Advisors believed the opposite. Conclusion: 67 % of the investors surveyed believed that in five years Roboadvisors will completely replace human advisors despite the fact that 82 % still liked and trusted recommendations made by humans more. Financial operators see Robo-advisors as a tool rather than threat and plan to integrate it in their own business.

The financial industry has been greatly influenced by the Internet revolution and mobile technology, which has laid a solid foundation for innovation in the field of FinTech. However, we need to be concerned that the revolutionary digital technologies employed by FinTech companies can only be profitable if they can be brought to market with a suitable business model, which means that FinTech companies rely on their business logic, value network, and company position. Therefore, it is particularly important to adopt an efficient business model or even an innovative business model. In the FinTech industry, many innovative business models have emerged that can effectively generate value across a company’s numerous variables to build strong competitiveness. FinTech business models are often modifiable, flexible, and innovative. The generic business model innovation process consists of seven steps, namely Analysis, Ideation, Feasibility, Prototyping, Decision-making, Implementation, and Sustainability. In FinTech's business model innovation, two key points facilitate this process, which are the organizational structure and customer relationship management based on the Klarna case study. / Finansbranschen har i hög grad påverkats av internet-revolutionen och mobilteknologin, som har lagt en solid grund för innovation inom FinTech. Vi måste dock vara medvetna om att de revolutionerande digitala teknologier som används av FinTech-företag endast kan vara lönsamma om de kan föras ut på marknaden med en lämplig affärsmodell, vilket innebär att FinTech-företag förlitar sig på sin affärslogik, värdenätverk och företagsposition. Därför är det särskilt viktigt att anta en effektiv affärsmodell eller till och med en innovativ affärsmodell. I FinTech-branschen har många innovativa affärsmodeller dykt upp som effektivt kan generera värde över ett företags många variabler för att bygga en stark konkurrenskraft. FinTechs affärsmodeller är ofta modifierbara, flexibla och innovativa. Den generiska affärsmodell innovationsprocessen består av sju steg, nämligen Analys, Idéation, Feasibility, Prototyping, Beslutsfattande, Implementering och Hållbarhet. I FinTechs affärsmodell innovation är det två nyckelpunkter som underlättar denna process, vilket är organisationsstrukturen och kund relationshanteringen baserad på fallstudie av Klarna.

This thesis is an exploratory qualitative study aiming at exploring and advancing the current knowledge of the Swedish PropTech industry. In this study, the investigations will mainly focus on how the Swedish PropTech companies improve the liquidity, for instance, higher supply, lower transaction costs and more accessible access, in the property transaction process. Besides, the impacts of Covid-19 on these companies and the challenges and opportunities they foresee in the post-covid situation will be investigated. To answer the research questions, first of all, five semi-structured interviews with the experts from the Swedish PropTech industry were held to gather their insights into the unique functionalities facilitated by PropTech in the property transaction process. Besides, the method of reviewing industry reports was applied to complement the findings from the interviews. To measure liquidity in the market, five main categories of measurement metrics, including (1) transaction costs, (2) volume-based measures, (3) price impact, (4) time-based measures, and (5) return-based measures, are considered. After that, the collected data material was compared and analysed by means of thematic analysis with the support of the query tool “NVivo” to explore the answers to the research questions “how do the Swedish PropTech companies facilitate liquidity in the property transaction process”, “what are the impacts of Covid-19 on these companies, and what challenges and opportunities do they foresee in the future” and “what is the future of the PropTech industry”. Lastly, by building a novel tool, this thesis could contribute to the research field of PropTech and give more instructions to the Swedish real estate market when adapting to innovations in the real estate industry. / Detta examensarbete är en undersökande kvalitativ studie som syftar till att utforska och föra fram den nuvarande kunskapen om den svenska PropTech-branschen. I denna studie kommer utredningarna främst att fokusera på hur de svenska PropTech-bolagen förbättrar likviditeten, till exempel högre utbud, lägre transaktionskostnader och mer tillgänglig tillgång, i fastighetstransaktionsprocessen. Dessutom kommer effekterna av Covid-19 på dessa företag och de utmaningar och möjligheter de förutser i post-covid-situationen att undersökas. För att besvara forskningsfrågorna hölls först och främst fem semistrukturerade intervjuer med experterna från den svenska PropTech-branschen för att samla in deras insikter om de unika funktioner som PropTech underlättar i fastighetstransaktionsprocessen. Dessutom användes metoden för granskning av branschrapporter för att komplettera resultaten från intervjuerna. För att mäta likviditet på marknaden, fem huvudkategorier av mätvärden, inklusive (1) transaktionskostnader, (2) volymbaserade mått, (3) prispåverkan, (4) tidsbaserade mått och (5) avkastningsbaserade mått. åtgärder, övervägs. Därefter jämfördes och analyserades det insamlade datamaterialet med hjälp av tematisk analys med stöd av frågeverktyget “NVivo” för att utforska svaren på forskningsfrågorna “hur underlättar de svenska PropTech-bolagen likviditeten i fastighetstransaktionsprocessen”, “vad är effekterna av Covid-19 på dessa företag, och vilka utmaningar och möjligheter förutser de i framtiden” och “vad är framtiden för PropTech-branschen”. Slutligen, genom att bygga ett nytt verktyg, skulle detta examensarbete kunna bidra till forskningsområdet PropTech och ge fler instruktioner till den svenska fastighetsmarknaden vid anpassning till innovationer inom fastighetsbranschen.

Robotrådgivare har presenterat ett nytt sätt att hjälpa privatpersoner med investeringar. Istället för att ta hjälp av en mänsklig kapitalrådgivare, krävs ett par knapptryck på en dator för att få den investeringshjälp som behövs. Robotrådgivare har trots sina fördelar inte fått ett genomslag på marknaden. Orsaken till detta är låg kundupplevelse. Dagens forskning visar att konfigurationer av variabler som mål, värderingar, transparens, tid, risk och teknologi kan öka kundupplevelsen. För att undersöka om dessa variabler kan implementeras i praktiken, har en kvalitativ studie utförts bestående av sex intervjuer med företrädare från tre stora och tre små aktörer på den svenska robotrådgivningsmarknaden. Resultaten visar att vissa variabler anses vara viktigare än andra beroende på aktörernas marknadsställning. För stora aktörer är variablerna transparens, risk och tid i fokus. För små aktörer är variablerna teknologi, mål och värderingar i fokus.

(EN) The main aim of this diploma thesis is to critically assess the implications of the revised Directive on Payment Services (PSD2) for Banking and the Fintech Industry. In order to do so, the thesis firstly focuses on the current banking system together with the recent problems associated with the Global financial crisis of 2007-2008, which have given rise to substantial changes of the regulation of banking system at the EU level. Subsequently, the thesis compares the banking system with the rising financial technology (Fintech) industry and provides an overview of this industry together with regulation thereof. The provided overview of Banking and the Fintech Industry is followed by the analysis of the original Directive on Payment Services (PSD) and the PSD2, which also includes relevant case-law of the CJEU. Finally, the last part of the thesis assesses the possible implications of the PSD2, while it takes into account other relevant factors that may affect the potential development of the Fintech Industry. From the respective analysis it becomes apparent that the regulation of the banking system at the EU level has been strengthened in response to the Global financial crisis given that the insufficient regulation of banking was one of the main causes of the Global financial crisis....

This master thesis examines the effect of ex-ante uncertainty about the intrinsic value of US FinTech IPOs stock on the underpricing level. Baron (1982) Asymmetric information model and Beaty and Ritter (1986) the ex-ante uncertainty model were tested using regression analysis by selecting different proxies of ex-ante uncertainty (Firm Age and Market capitalization, IPO proceed and Number of uses of proceed, Venture backing and Underwriter reputation). The Data set consists of 62 US FinTech IPOs during the period from January, 2005 to July, 2017. The underpricing level of US FinTech IPOs was 20.46%. The market capitalization, venture backing and the number of uses of proceed were found to be significant in determining the level of underpricing. The thesis also concludes that Baron (1982) and Beaty and Ritter (1986) models don’t hold for the FinTech IPOs during the period from January, 2005 to July, 2017.

This thesis is mapping in a detail and describes the current situation and prediction of the penetration of information technology based mostly on the cloud and blockchain technologies into the real global economy and identifying trends that affect these areas. Focus is primarily on socialization of services, concept of sharing economy and financial-technology (FinTech) companies. Next part describes the process of maturing of information technologies, which enables bypassing of costly intermediaries, who are replaced by other users or advanced algorithms in the fields, which werent fundamentally touched by ICT until now. Work intersects the knowledge of the of the IT industry and minor specialization from FFU VSE.