Denna uppsats undersöker, genom en komparativ analys, hur ett större och ett mindre Private Equity-bolag (PE-bolag) skapar värde i portföljbolag, med fokus på skillnader i hur styrningsmekanismer appliceras. Med hjälp av en kvalitativ metod, semistrukturerade intervjuer och en hermeneutisk innehållsanalys, ämnar studien belysa skillnader i synen på värdeskapande baserat på PE-bolagens storlek. Utifrån Kaplan och Strömbergs identifierade (2008) styrningsmekanismer: Finansiell styrning, Bolagsstyrningstekniker och Operativ styrning, ämnar uppsatsen öka förståelsen för PE-bolags värdeskapande aktiviteter i portföljbolag genom att analysera skillnaderna som finns för två PE-bolag av olika storlek. Resultatet visar, i linje med studiens förväntan, att även om finansiell styrning är grundläggande för PE-bolagens värdeskapande i portföljbolag, prioriterar det större PE-bolaget i högre grad operativ styrning till följd av dess övertag i resurser. / This research paper investigates how Private Equity (PE) firms create value in portfolio companies by conducting a comparative analysis of the activities of one large and one small PE firm. Utilizing a qualitative approach, including semi-structured interviews and a hermeneutic content analysis, the study highlights differences in value creation activities based on PE-firms' size. Based on Kaplan and Strömberg's (2008) Financial engineering, Governance engineering and Operational engineering, the research aims to enhance the understanding of PE firms' value creation mechanisms and their implications for two different-sized firms. Key findings indicate that although financial engineering is fundamental to PE firms' value creation in portfolio companies, the larger PE firm prioritizes operational engineering to a greater extent due to its superiority in resources.

The relationship between disclosure about sustainability, financial performance, andcorporate governance deserves more attention in the modern business environment. Thisthesis investigates the complex variations in this relationship in the case of Swedish listedcompanies. This study intends to provide insight on the mechanisms by which governancestructures influence the financial consequences of sustainability initiatives byinvestigating how corporate governance functions as a mediator between sustainabilitydisclosure and financial performance. Utilizing data from the NASDAQ Stockholm via the REFINITIV EIKON Database, thestudy investigates the implicit impact of corporate governance components such as boardgender diversity and CEO-Chairman duality on determining the relationship betweensustainability practices and financial performance. The study's systematic search strategyand methodical analysis aim to provide significant insights for companies, investors, andregulators on how to use governance frameworks to generate sustainable andadvantageous business models. This study contributes to the broader conversation on corporate sustainability andgovernance practices by addressing a knowledge gap about how governance structuresregulate the relationship between sustainability disclosure and financial performance. Thefindings are meant to inspire stakeholders about the crucial role that governance plays inpromoting sustainable business practices in the Swedish corporate landscape, as well as tohave practical implications for companies looking to enhance their financial performanceand sustainability strategies.

本研究旨在探討公司規模及產業競爭對CEO現金薪酬與股票報酬敏感性之影響。根據Leone et al. (2006)之研究，認為依未實現利得而給付之現金薪酬將產生事後交割成本，未實現損失可能遞延CEO之決策責任。由於未實現損益可反映至股票報酬上，因此有效率的現金薪酬契約對含有未實現利得之正股票報酬的敏感性低於含有未實現損失之負股票報酬，顯示現金薪酬與正、負股票報酬之敏感性呈現不對稱關係。本研究以此文獻作延伸，探究CEO現金薪酬與股票報酬之敏感關聯性及其不對稱性關係是否受公司規模與產業競爭之影響。 以ExecuComp資料庫2000年至2009年的CEO現金薪酬樣本進行迴歸分析，結果發現公司規模愈大，現金薪酬對市場績效之敏感性愈大，顯示為避免CEO從事會計盈餘管理，公司現金薪酬之給付更著重於市場績效之衡量；產業競爭方面，產業競爭愈激烈，現金薪酬與市場績效之敏感性愈小，符合風險差異化假說。關於CEO現金薪酬與正、負股票報酬敏感性之不對稱關係，實證結果顯示大規模公司及產業競爭程度較高者對CEO決策之審慎性更加要求，因此CEO現金薪酬與正、負股票報酬敏感性之不對稱的差距愈大。 / This study investigates the effect of firm size and industry competition on the asymmetric sensitivity of CEO cash compensation to the stock returns. Leone et al. (2006) shows that since stock returns include both unrealized gains and losses, cash compensation would be less sensitive to stock returns when returns contains unrealized gains (positive returns) than when returns contain unrealized losses (negative returns). As an extension, this study examines whether firm size and industry competition affect the sensitivity of cash compensation to market performance and the asymmetry of sensitivity of cash compensation to stock returns. Based on the CEO cash compensation during 2000 and 2009 from ExecuComp database, the empirical results show that the firm size has positive effect on sensitivity of cash compensation to market performance while the industry competition has negative effect. Moreover, the asymmetry of sensitivity of CEO cash compensation to stock returns increases as firm size and industry competition increase.

This study will validate several key results from previous studies of bank loan announcement effects by using the data from Hong Kong market following the 1997 Asian crisis. Banks are believed to play a unique role in financial market which could effectively reduce the problem of information asymmetry and moral hazard. Banks could access borrowers’ inside information which is not available to other participants. Thus bank loan announcements convey valuable information to the market, and market response of the stock price should be positive. However, because of the significant reform in both financial market and information market, the valuation of bank loan announcement conveyed need to be reconsidered. This study investigates whether banks are still “unique” in the financial market or whether they are like middlemen between borrowers and investors. Data used in this study is collected from the Hong Kong Stock Exchange Index, and a standard event study with the market model is applied in the research to conduct the empirical analysis. The results suggest bank loan announcements are associated with significantly higher positive abnormal returns than non-bank loan announcements. Based on the market model of event study, market response is found to be significantly positive for loan syndication, short maturity loan and borrower’s debt ratio, and negatively related to firm size and loan size. Bank loans with refinancing and capital expenditure and no specific purpose have significantly higher positive abnormal returns, and borrowers with property and industrial industry type have more significant positive abnormal returns compared to other industry type. The findings also suggest the Hong Kong stock market is efficient in both strong and semi-strong form for bank loan announcements. A strong evidence of information leakage problem is found for non-bank loan announcements. The results are generally consistent with the existing literature.

This thesis consists of five individual essays and an introductory chapter. The essays are all in the field of industrial dynamics and more specifically focus on firm entry and exit in Swedish industrial sectors. The essays mainly contribute to the empirical literature on entry and exit. In four of the five essays, panel data methods are used in the empirical investigation. The first essay presents the patterns of entry and exit in industrial sectors in Sweden and studies the importance of different determinants of entry and exit rates in industries. The second essay focuses on the relationship between entry and exit. The third essay has a regional perspective, focusing on regional determinants of entry and exit. It also investigates the importance of the differences in industry structure for differences in entry and exit rates across regions. The fourth chapter uses the theory of product life cycle to investigate how knowledge intensity differs in entering and exiting firms in different stages of the product life cycle. The fifth and last essay focuses on the importance of firm demography, in terms of firm size and age, for the decision to perform process R&D, product R&D or combine process with product R&D.

Syfte: Studien har utrett om aktiesplit genomförda på Stockholmsbörsen under åren 2004-2008 genererat överavkastning och i sådana fall om det har funnits några skillnader i överavkastning beroende på företagens storlek. Teori: Den effektiva marknadshypotesen, framförallt i dess semistarka form, har utgjort en teoretisk referensram för arbetet. Metod: En kvantitativ deduktiv forskningsansats har tillämpats med eventstudiemetodik som grund. Undersökningen behandlar en femårsperiod mellan 2004-2008 där ett urval av 56 stycken splitar mötte uppsatta kriterier. Dessa delades in i tre undergrupper beroende på bolagens kapitalstorlek vid splitgenomförandet. Kursdata för 250 dagar innan spliten och 250 dagar efter har samlats in för berörda bolag med hänsyn till splitdagen. OMXSPI har använts som jämförelseindex. Resultat: Resultatet tillsammans med hypotesprövning visar att överavkastning i samband med aktiesplit har påträffats för hela populationen under mätperioden. Ett möjligt samband mellan storleken på bolag och omfattningen överavkastning har även upptäckts. Den enskilt största överavkastningen uppmättes på splitdagen. Analys: En analys av resultaten pekar på att marknaden uppfattat aktiesplit som en positiv nyhet och i linje med tidigare forskning har det funnits överavkastning i tiden runt en aktiesplit. Vid uteslutande av en undergrupp som inte klarat hypotestestet kunde sambandet mellan företagsstorlek och omfattningen överavkastning till viss del bekräftas som negativt. Slutsats: Investerare har kunnat generera överavkastning i samband med aktiesplit på Stockholmsbörsen mellan 2004-2008. Resultatet tyder på ett negativt samband mellan företagsstorlek och överavkastning, däremot kan inte sambandet bekräftas tillfullo. / Purpose: The study has investigated whether or not stock splits on the Stockholm Stock Exchange during the years 2004-2008 generated positive abnormal return and in such case, has there been any difference in the positive abnormal return depending on firm size. Theory: The efficient market hypothesis, especially in its semi-strong form, has provided a theoretical framework for the essay. Method: A quantitative deductive research approach is applied with event study methodology used as basis. The study concerns a five-year period 2004-2008, where a selection of 56 splits met set criteria. These were divided into three groups depending on their capital size at the split date. The price data for 250 days before the split, and 250 days after were collected for the companies with regard to split day. The same data was collected for OMXSPI that was used as a benchmark. Results: The result together with hypothesis testing shows that positive abnormal return associated with stock split has been found in the overall population. A possible correlation between the firm size and the extent of positive abnormal returns has also been discovered. The single greatest positive abnormal return was measured on the split date. Analysis: An analysis of the results indicates that the market perceived stock split as positive news. There has been a positive abnormal return around the time of a stock split in line with previous research. The exclusion of a subgroup that failed hypothesis test revealed a partly confirmed negative relationship between firm size and the amount of positive abnormal returns. Conclusion: Investors have been able to generate positive abnormal returns in association with stock split on the Stockholm Stock Exchange from 2004 to 2008. The results suggest a negative correlation between firm size and positive abnormal returns, however, the correlation is not fully confirmed.

This thesis investigates the determinants of UK corporate cash holdings between 1980 and 2012. The global and long term phenomenon of corporate cash pilling has drawn significant attention from researchers. Similarly, this study aims at shedding light on the empirical relationship between cash holding and specific firm characteristics. Our preliminary research incorporates a comprehensive literature review. Towards this end, the relevant financial theory is presented and the previous empirical studies are highlighted. Afterwards, the expected results of our research are synthesized into a set of distinct hypotheses and tested with regression analysis. The empirical findings suggest that cash holdings are positively related to investment opportunity, as R&D and market to book ratio. Cash ratio is also positively related to industry cash flow volatility and negatively affected by cash flow, net working capital, capital expenditures, leverage, tax expenses, age and size. Regarding the development of the determinants of cash holdings, the study indicates that three major variables influenced cash holdings over the years of analysis. In particular, leverage, tax regime and capital expenditures significantly affect the corporate liquidity in UK market. Furthermore, the results suggest that cash holdings are mostly defined by trade off theory. Indeed, our findings offer stimulating insights on the factors that determine the firms’ cash holdings during the past three decades. These findings may be beneficial for financial managers, investors and consultants. / Στην παρούσα διατριβή εξετάζονται οι προσδιοριστικοί παράγοντες του δείκτη μετρητών σε επιχειρήσεις του Ηνωμένου Βασιλείου μεταξύ των ετών 1980 και 2012. Η διακράτηση μετρητών αποτελεί παγκόσμιο φαινόμενο και λαμβάνει της ανάλογης προσοχής από πληθώρα ερευνητών. Σε αυτή τη βάση, η μελέτη αυτή έχει ως στόχο να ρίξει φως σχετικά με την εμπειρική σχέση μεταξύ του δείκτη μετρητών και τα συγκεκριμένα χαρακτηριστικά που επηρεάζουν την ρευστότητα στις επιχειρήσεις διαχρονικά. Αρχικά η έρευνα ενσωματώνει μια βιβλιογραφική ανασκόπηση. Προς το σκοπό αυτό, οι σχετικές οικονομικές θεωρίες και οι προηγούμενες εμπειρικές μελέτες παρουσιάζονται. Στη συνέχεια, τα αναμενόμενα αποτελέσματα της έρευνας συντίθενται σε ένα σύνολο διακριτών υποθέσεων και δοκιμάζονται με ανάλυση παλινδρόμησης. Τα εμπειρικά ευρήματα υποδηλώνουν ότι ο δείκτης μετρητών σχετίζεται θετικά με τις επενδυτικές ευκαιρίες, τις δαπάνες Ε&Α και τον λόγο της αγοραίας προς τη λογιστική αξία των βιβλίων της επιχείρησης. Ο δείκτης μετρητών επίσης, σχετίζεται θετικά με την μεταβλητότητα των ταμειακών ροών του κλάδου και επηρεάζεται αρνητικά από τις ταμειακές ροές, το καθαρό κεφάλαιο κίνησης, τις κεφαλαιακές δαπάνες, την μόχλευση, τα φορολογικά έξοδα, την ηλικία και το μέγεθος των επιχειρήσεων. Όσον αφορά την εξέλιξη των προσδιοριστικών παραγόντων των ταμειακών ρευστών διαθεσίμων, η μελέτη δείχνει ότι τρεις είναι οι κύριες μεταβλητές που επηρεάζουν τη διακράτηση μετρητών κατά τη διάρκεια των χρόνων της ανάλυσης. Ειδικότερα, η μόχλευση, το φορολογικό καθεστώς και τις κεφαλαιακές δαπάνες επηρεάΖουν σημαντικά την απόφαση για εταιρική ρευστότητα στην αγορά του Ηνωμένου Βασιλείου. Επιπλέον, τα αποτελέσματα δείχνουν ότι η διακράτηση μετρητών ακολουθεί κυρίως την trade off θεωρία. Πράγματι, τα ευρήματά προσφέρουν χρήσιμες γνώσεις σχετικά με τους παράγοντες που καθορίζουν τη διακράτηση μετρητών των επιχειρήσεων κατά τη διάρκεια των τριών τελευταίων δεκαετιών. Τα ευρήματα αυτά μπορεί να είναι επωφελή για οικονομολόγους, επενδυτές και συμβούλους.

本研究之目的為透過中國大陸A股、B股公司財務報表之比較，探討相對於中國大陸會計準則（PRC GAAP），國際財務報導準則（IFRS）是否更具審慎性。研究方法採Khan and Watts在2009年發展之C_Score來衡量財務報表審慎性。研究期間為2001年初至2006年底，研究標的為在上海或深圳證券交易所同時掛牌上市A、B股之公司（意即同時按PRC GAAP及IFRS編製兩套財務報表之公司）。實證結果如下： 1.A股市場之C_Score小於B股市場之C_Score，顯示相對於依照PRC GAAP編製之財務報表，依照IFRS編製之財務報表其審慎性較高。 2.無論是針對個別產業進行A股、B股之比較，或是針對A股或B股市場進行跨產業比較，均證實產業因素會對財務報表之審慎性造成影響。 3.無論是針對A股或B股市場進行事務所規模之比較，均顯示在中國大陸，四大事務所查核之財務報表，其審慎性不但不如非四大事務所，而且在A股市場甚至不具審慎性。 / Using C_Score developed by Khan Watts(2009) to test the financial statements of Chinese companies which have both the A-Share and B-Share listed on the stock exchange marke of Shanghai and Shenzhen during 2001 to 2006, this study aims to examime whether International Financial Reporting Standards(IFRS) are more conservative than People’s Republic of China’s generally accepted accounting principles(PRC GAAP). The empirical results are as follows: 1.The average C_Score of A-Share companies is smaller than B-Share Companies, which means that, as compared to PRC GAAP-based financial statements, IFRS-based financial statements are more conservative. 2.Regardless of whether the comparison is between A-Share and B-Share companies in a specific industry, or between industries in a specific stock market, the results show some industry effect on the conservatism of financial statements. 3.Regardless of whether the stock is traded on the A-Share or B-Share market, the results show that in China, financial statements audited by Big 4 are not more conservative than non Big 4. In fact, for stocks traded on the A-Share stock market, financial statements audited by Big 4 are not conservative at all.

Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-09T18:12:28Z No. of bitstreams: 1 swaelen.pdf: 570327 bytes, checksum: cfd7441dce726c4b44c74dc6c12e1c99 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-09T18:13:19Z (GMT) No. of bitstreams: 1 swaelen.pdf: 570327 bytes, checksum: cfd7441dce726c4b44c74dc6c12e1c99 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-09T18:13:35Z (GMT) No. of bitstreams: 1 swaelen.pdf: 570327 bytes, checksum: cfd7441dce726c4b44c74dc6c12e1c99 (MD5) / Made available in DSpace on 2013-10-09T18:16:09Z (GMT). No. of bitstreams: 1 swaelen.pdf: 570327 bytes, checksum: cfd7441dce726c4b44c74dc6c12e1c99 (MD5) Previous issue date: 2008 / Este estudo examina a relação entre o porte da empresa de auditoria e a manipulação da informação contábil. Consistente com a literatura, o porte de auditoria tem sido utilizado como proxy de qualidade do serviço, e classificado como auditoria Big 6 e não-Big 6, sendo quanto maior o porte, maior a qualidade. A pesquisa abrangeu os estudos que utilizam acumulações discricionárias na estimação da manipulação da informação contábil. Por meio de uma revisão sistemática da literária, foram selecionadas 14 pesquisas empíricas, abrangendo Estados Unidos, Europa e Ásia. Com base na análise dos seus aspectos substantivos e metodológicos, a conclusão é que a magnitude da manipulação da informação contábil não é uniforme nos países estudados sugerindo que os ambientes cultural, institucional e legal podem influenciar a capacidade da auditoria em mitigar a ação discricionária dos gestores. / This study examines the relation between the audit firm size and the manipulation of accounting information. Consistent with the literature, firm size has been used as a proxy for quality of service, and classified as Big 6 and non-Big 6, and the larger the size, the better the quality. The survey covered the studies that use discretionary accruals in the estimation of earnings management Through a systematic review of literature, 14 empirical researches were selected, covering the United States, Europe and Asia. Based on the analysis of their substantive and methodological issues, the conclusion is that the magnitude of the accounting manipulation of information is not uniform in the countries surveyed suggesting that the cultural, institutional and legal environments may influence the ability of the audit to mitigate managers’ discretion.

Inledning: Historiskt sett har IPO:er ofta varit underprissatta vilket har resulterat i att de i genomsnitt haft en hög initial avkastning, det vill säga, hög avkastning den första handelsdagen. Detta har skapat en uppfattning om att nyintroduktioner är ett bra investeringsalternativ för de som vill ha en avkastning utöver det normala. Syfte: Syftet med uppsatsen är att studera huruvida aktiers utveckling på kort och lång sikt påverkas av variabler som bolagets storlek, ålder, branschtillhörighet, noteringsperiod och könsfördelning i styrelsen. Syftet är också att undersöka huruvida IPO:er är underprissatta och om de underpresterar på lång sikt. För att studera detta har aktier noterade på Stockholmsbörsen, Aktietorget och First North mellan år 2013 och 2014 analyserats. Metod: För att kunna genomföra denna studie har ett kvantitativt tillvägagångssätt tillämpats. Vidare har en deduktiv ansats använts då avsikten var att analysera det insamlade materialet utifrån tidigare forskning. Urvalet består av 56 bolag där sekundärdata inhämtats via Nasdaq OMX, Nordnets- och Avanzas webbsida samt Skatteverket. Teori: Den teoretiska referensramen som studien baseras på består av teorier som har skapats kring hur IPO:er presterar på kort och lång sikt och varför de presterar som de gör. Vidare presenteras tidigare forskning kring hur könsfördelning i bolagsstyrelser kan påverka bolagens utveckling. Resultat och slutats: Resultatet visade att IPO:er på kort sikt blir överprissatta då de haft en negativ initial utveckling. Resultatet visade vidare att IPO:er överpresterar på lång sikt samt att de mest underprissatta IPO:erna presterar bäst. För de oberoende variablerna storlek, ålder, branschtillhörighet, noteringsperiod och könsfördelning i styrelsen kunde inga signifikanta samband återfinnas. / Introduction: Historically, IPO’s have often been underpriced, which has resulted in a high initial return on average, i.e. high return on the first trading day. This has created the perception that new introduction is a good investment option for those who want an abnormal return. Purpose: The purpose of this study is to examine whether the short- and long-term performance of IPO’s are affected by variables as firm size, firm age, industry affiliation, issue period and gender diversity on board of directors. The purpose is also to determine whether IPO’s are underpriced and if they underperform in the long run. To study this, Initial Public Offerings on First North, Aktietorget and Stockholmsbörsen during the period of 2013 to 2014 have been analyzed. Methodology: To implement this study, a quantitative approach has been applied. Furthermore, a deductive approach was used since the purpose was to analyze the collected material based on previous research. The data selection consists of 56 firms were the secondary data has been obtained from Nasdaq OMX, Nordnet website, Avanza website and The Swedish Tax Agency. Theory: The theoretical frame that the study is based on consists of theories that were created regarding how IPO’s perform in short- and long-term and why they perform as they do. Furthermore, earlier research is presented which examine how gender diversity in board of directors affect corporate performance. Result and conclusions: The result in this study shows that in the short run, IPO's are overpriced due to a negative initial return. Further, the result show that IPO's outperform other companies, and the most underpriced shares perform better in the long run. For the dependent variables size, age, industry affiliation, listing period and gender diversity, no relationship of statistical significance could be found.