Under de senaste årtiondena har finansmarknaderna genomgått storastrukturomvandlingar samt internationaliserats, vilket bidragit till en snabb tillväxt. Utvecklingen har lett till att värdepappersmarknaden har kommit att betraktas som samhällsekonomiskt allt viktigare. Samtidigt har insiderhandel under de senaste decinitet blivit föremål för en omfattande reglering från statligt håll. Från 1970-talet och framåt har Sverige genomfört flera lagskärpningar. 1989 kom ett EU-direktiv som förbjöd insiderhandel. Utvecklingen visar på en tydlig trend mot en strängare syn på insiderhandel. Trots denna regleringskarusell är det tveksamt varför regleringen behövs. Det regleringspolitiska motivet bygger på att insiderhandel antas skada allmänhetens förtroende på ett allvarligt sätt. Till detta kommer att mycket tyder på att omfattningen av insiderhandel är opåverkad av lagstiftningen. De välfärds teoretiska argumenten till förmån för insiderlagstiftnigen är svaga. Om lagstiftnigen inte är välfärdsteoretiskt motiverad ställer sig fågan hur den skall förklaras. Syftet med uppsatsen är att belysa regleringen av insiderhandel från intressegruppsperspektiv och utifrån det perspektivet förklara förbudet mot insiderhandel. För att genomföra detta tillämpas ekonomiska teorier kring framväxten av marknadsregleringar. Slutsatserna som dras är att insiderlagstiftningen inte påverkar allmänhetens förmåga att framgångsrikt placera tillgångar. Lagstiftnigen gynnar professionella aktörer (s.k. kvasiinsiders) på bekostnad av traditionella insiders. Slutsatsen som dras är att det finns inget allmänintresse i att bevara insiderlagstiftnigen. Samtidigt kan regleringen av värdepappersmarknaden vara ett sätt att uppvisa politiska handlingskraft.

This thesis aims to describe how Swedish firms have established themselves on the Japanese market with help from their business network. This research has been conducted in the light of the economic recession and the complicated Japanese business networks. We have chosen to use a qualitative approach and by doing so we received the three respondents’ views of doing business on the Japanese market. We have focused this thesis on the importance of networks and relationships and have chosen to use new theories regarding business networks and business relationships for the base of our research and to link them with our empirical findings. The interviews conducted have been focused on three respondents who all have broad experience of the Japanese market. These three interviews have been compared to each other in our analysis and through this we have drawn our conclusions. We also give recommendations for Swedish firms who aim to establish themselves on this market.

Background: Studying insider trading is difficult due to its sensitive and delicate nature. Therefore it is hard to gauge the extent of such activities. This problem has resulted in a fierce debate whether it should be prohibited or not. Using a method where the effect on monopolistic information usage can be isolated insider trading can be monitored. Such an event is a profit warning. Purpose: This paper examines whether insider trading exist for companies making a profit warning between year 2003 and 2007 on the Stockholm Stock Exchange. Furthermore the aim with the study is to contribute to the debate on the insider trading legislation. Method: The study’s purpose is achieved through an event study studying the cumulative abnormal return as well as average daily returns during the thirty days preceding the warning for a sample of thirty companies. Since profit warnings should be completely random and as such almost impossible for the market to know in advance, a significant abnormal return can only be explained with insider trading. The abnormal returns were calculated using the Capital Asset Pricing Model since it is the most widely used model. Conclusion: For the chosen time frame, when testing on a 95% significance level, the study found a significant abnormal return during the last 10 days of the event window but not for the entire period of thirty days. The daily average return for the thirty companies were significant for six of the thirty days within the event window. Two of them were included in the last ten day period with a confirmed significant abnormal return which might suggest that on average insider trading tend to occur during these days. The other four was discarded due to sample issues. Since the study was limited to a period of four years extending the results to a period other than tested should be made with great care since conditions may differ over time. Concerning the current debate on the insider legislation, the findings can be used by both sides. Either to argue for a strengthening of the law or to question its existence.

Background: Studying insider trading is difficult due to its sensitive and delicate nature. Therefore it is hard to gauge the extent of such activities. This problem has resulted in a fierce debate whether it should be prohibited or not. Using a method where the effect on monopolistic information usage can be isolated insider trading can be monitored. Such an event is a profit warning. Purpose: This paper examines whether insider trading exist for companies making a profit warning between year 2003 and 2007 on the Stockholm Stock Exchange. Furthermore the aim with the study is to contribute to the debate on the insider trading legislation. Method: The study’s purpose is achieved through an event study studying the cumulative abnormal return as well as average daily returns during the thirty days preceding the warning for a sample of thirty companies. Since profit warnings should be completely random and as such almost impossible for the market to know in advance, a significant abnormal return can only be explained with insider trading. The abnormal returns were calculated using the Capital Asset Pricing Model since it is the most widely used model. Conclusion: For the chosen time frame, when testing on a 95% significance level, the study found a significant abnormal return during the last 10 days of the event window but not for the entire period of thirty days. The daily average return for the thirty companies were significant for six of the thirty days within the event window. Two of them were included in the last ten day period with a confirmed significant abnormal return which might suggest that on average insider trading tend to occur during these days. The other four was discarded due to sample issues. Since the study was limited to a period of four years extending the results to a period other than tested should be made with great care since conditions may differ over time. Concerning the current debate on the insider legislation, the findings can be used by both sides. Either to argue for a strengthening of the law or to question its existence.

Offentliga uppköpserbjudande utgör en viktig del av den moderna svenska samhällsekonomin. Ett företagsförvärv på aktiemarknaden genererar stora ekonomiska möjligheter och konsekvenser för de flesta intressenter såsom arbetstagare och aktieägare. Det är särskilt intressant med tanke på att aktiemarknaden präglas i mångt och mycket av självreglering. Det är således aktörerna på marknaden som etablerar lämpliga regler för vad som skall anses utgöra god sed. Denna sortens reglering är ett avsteg från Sveriges sedvanliga normbildning som vanligtvis utgörs av strukturerad lagstiftning. Det är sedermera intressant till vilken grad det är gynnsamt med en kombination av dels självreglering, dels lagstiftning. Det har anförts att aktiemarknaden är en komplicerad marknad som kräver denna sortens flexibilitet som självreglering medför. Denna framställning har inte ambitionen att strikt väga, å ena sidan lagstiftning som är en oundgänglig del av den moderna ekonomiska infrastrukturen, å andra sidan självreglering som är väl förankrat på aktiemarknaden. Däremot krävs det enligt min mening högre ställda krav på självregleringen för att uppnå en balans bland de olika intressegrupper som finns representerade på aktiemarknaden och därmed upprätthålla förtroendet för marknaden. Informationsgivning är en central del av aktiemarknaden. Med tanke på självregleringen, krävs att rättvis och korrekt information finns tillgänglig till samtliga aktörer under ett och samma tillfälle. Allt i enlighet för att bevara förtroendet. Däremot är due diligence-processen ett vedertaget avsteg från likabehandlingsprincipen som ett led i ett offentligt uppköpserbjudande. Det är brukligt att budgivaren företar en due diligence där denne har möjlighet att bilda sig en uppfattning huruvida målbolaget infriar de ställda förväntningarna och förhoppningarna med företagsförvärvet. Processen fungerar som ett verktyg för att allokera risker som är förknippade med detta stora åtagande samt avgör ofta om ett förvärv är för handen eller ej. Innan takeover-direktivet fanns inga särskilda regler för offentliga uppköpserbjudanden. För Sveriges vidkommande implementerades direktivet med dels självreglering, dels lagstiftning. 2 kapitlet 1 § lag om offentliga uppköpserbjudanden stipulerar numera att aktiebolag skall ”följa de regler som börsen har fastställt för sådana erbjudanden”. Det innebär bland annat att alla noterade aktiebolag har underkastat sig att följa NBK:s takeover-regler. Däremot är reglerna idag utformade aningen egendomliga när det angår due diligence-processen som ett led i ett offentligt uppköpserbjudande. Det föreligger enligt min mening oskäliga risker för budgivaren som är förknippade med ett offentligt uppköpserbjudande. Problematik uppstår då budgivaren väljer att inte lämna något bud på målbolaget efter en genomförd due diligence. Eftersom då bortfaller målbolagets skyldighet att informera marknaden om förhållandet som rimligen förväntas påverka värderingen av målbolagets aktie. Däremot kvarstår budgivarens skyldighet att varken avyttra eller förvärva aktier i målbolaget med anledning av att denne fått selektiv information som inte övriga marknaden tagit del av. Eftersom budgivaren numera innehar selektiv information, som skall offentliggöras om denne inte vill vara belastad med handelsförbud. Det innebär således att om budgivaren förvärvat aktier innan genomförd due diligence att denne inte kan avyttra aktierna. Det blir särskilt betungande i det fall att budgivaren genom en due diligence insett att dessa är övervärderade eller till och med värdelösa. Danmark och Storbritannien har däremot valt en annan implementering av direktivet. Enligt min åsikt borde Sverige blicka västerut och lära av det land som varit förfadern och utvecklaren av takeover-reglerna sedan 1960-talet, avseende offentliga uppköpserbjudanden. I min slutsats föreslår jag därmed en förändring till nuvarande takeover-regler.

Bakgrund: Börsen ger en möjlighet för företag att erhålla kapital och för placerare atttillgodogöra sig avkastning. Personer med insyn i det egna företaget, så kalladeinsiders, kan dock i egenskap av sin position inneha kurspåverkande information somövriga aktörer på marknaden inte har möjlighet att ta del av. Tidigare forskning harpåvisat att insiders utnyttjar denna informationsasymmetri för att på så sätt tillgodogörasig överavkastning. Syfte: Syftet med studien är att undersöka om insiders kan tillgodogöra sigöveravkastning genom handel med aktier på Nasdaq OMX. Vidare ämnar studienutröna eventuella skillnader i överavkastning beroende på företagsstorlek,transaktionsstorlek samt tidsperiod. Metod: I denna studie har en kvantitativ forskningsstrategi i form av en eventstudietillämpats. Studien har en deduktiv ansats och undersöker insidertransaktioner från 90företag på stockholmsbörsen under tidsperioden 2006-01-01 till 2011-12-31. Förberäkning av överavkastning har den justerade marknadsmodellen använts. Kursdata förrespektive företag har hämtats från databasen Thomson Reuters EcoWin Pro.Information om insidertransaktioner har hämtats från finansinspektionensinsynsregister. Resultat: Resultatet visar att insiders tillgodogör sig överavkastning genom handel medaktier i det egna företaget, främst i samband med säljtransaktioner. / People with insight into their own company, also known as insiders, can have access toprice-sensitive information which other investors are not able to access. Previousresearch has shown that insiders exploit this asymmetric information to thereby obtainabnormal returns. The purpose of this study is to investigate whether insiders can obtain abnormal returnsby trading shares on Nasdaq OMX. Furthermore, the study aims to investigate if thereare any differences in the abnormal return depending on company size, transaction size,and time period. This study investigates insider transactions of 90 companies on the Stockholm StockExchange during the time period 2006-01-01 to 2011-12-31. The results show that insiders obtain abnormal returns by trading shares in their owncompany. The abnormal returns occur primarily related to sales transactions.

Community-based ecosystem management (CBEM) is increasingly advocated as a way to conserve biodiversity, monitor, and maintain ecosystem functions in the context of local land use practices through an inclusive management approach. However, while CBEM is based in principles of inclusion, there is very little attention in environmental management and education literature directed to the role of youth in stewardship activities, and the environmental learning outcomes and other meanings that may result from these practices.<p>The purpose of this thesis is to describe participatory and experiential environmental learning carried out in the Frenchman River Basin, Southwestern Saskatchewan. Here, I investigated how students participation in an ecological monitoring program contributed to their understanding of their local environment and to their sense of place, and considered how the development of a learning community among students, teachers, community members, and academic researchers influenced these processes.<p>This research adopts a mixed methods approach, employing knowledge-based tests to explore student learning outcomes and using interpretations of place through student photographs and interviews to examine their sense of place. I take a phenomenological approach to defining what constitutes place for students, as well as how sense of place is formed for them, elucidating how their experiences participating in the ecological monitoring program entered the process of meaning construction.<p>This case study found that both experiential and participatory approaches to learning helped foster environmental understanding as well as place appreciation and attachment. The Frenchman River, previously described as a taken-for-granted feature of the familiar landscape and largely associated with its agricultural importance, was re-negotiated as a social space, a place of play, learning, and biological significance. Research findings also suggest that place meanings are deeply rooted in students rural identity, and that this influenced their participant experience, independent of environmental learning outcomes. <p>The creation of a learning community was a mobilizing force for school-based ecological monitoring and information sharing, while acting as a source of symbolic significance for student participants, helping students to see their place from the perspective of an outsider.

This research has studied the relationship between insider trading activity and its effect on the level of informational efficiency. The authors have used insider data from Finansinspektionen and data regarding stock prices, market capitalization and GDP from Thomson Reuters Datastream. The sample includes 193 companies on the Swedish stock exchange for a period of 10 years. A Variance Ratio test employed on moving sub-sample windows was used to establish the level of time-varying informational efficiency, which subsequently was used in an OLS-regression as a dependent variable. The result of the regression implies a negative effect on firm price information efficiency by insider purchasing, while selling has a positive effect. This can be concluded using a confidence level of 99%. The results are interesting since they imply an asymmetrical effect of insider trading on informational efficiency, while current insider legislation treats buying and selling by insiders equal. Thus, the results are of interest in future adjustments of laws regulating insider trading.

Community-based ecosystem management (CBEM) is increasingly advocated as a way to conserve biodiversity, monitor, and maintain ecosystem functions in the context of local land use practices through an inclusive management approach. However, while CBEM is based in principles of inclusion, there is very little attention in environmental management and education literature directed to the role of youth in stewardship activities, and the environmental learning outcomes and other meanings that may result from these practices.<p>The purpose of this thesis is to describe participatory and experiential environmental learning carried out in the Frenchman River Basin, Southwestern Saskatchewan. Here, I investigated how students participation in an ecological monitoring program contributed to their understanding of their local environment and to their sense of place, and considered how the development of a learning community among students, teachers, community members, and academic researchers influenced these processes.<p>This research adopts a mixed methods approach, employing knowledge-based tests to explore student learning outcomes and using interpretations of place through student photographs and interviews to examine their sense of place. I take a phenomenological approach to defining what constitutes place for students, as well as how sense of place is formed for them, elucidating how their experiences participating in the ecological monitoring program entered the process of meaning construction.<p>This case study found that both experiential and participatory approaches to learning helped foster environmental understanding as well as place appreciation and attachment. The Frenchman River, previously described as a taken-for-granted feature of the familiar landscape and largely associated with its agricultural importance, was re-negotiated as a social space, a place of play, learning, and biological significance. Research findings also suggest that place meanings are deeply rooted in students rural identity, and that this influenced their participant experience, independent of environmental learning outcomes. <p>The creation of a learning community was a mobilizing force for school-based ecological monitoring and information sharing, while acting as a source of symbolic significance for student participants, helping students to see their place from the perspective of an outsider.

Starting from 2005 the disclosure of financial forecast for Taiwanese public companies has not been mandatory, firms can decide whether they want to disclose, and if so, how and when to disclose. How does the investor's reaction affect this decision? Furthermore, what is the trade-off between transparency and precision? This study develops a theoretical model in which the voluntary disclosure of earnings forecast is a double-edged sword. Such disclosure may reduce information asymmetry, but simultaneously allows entrepreneurs to hype the stock. The proposed model assumes that insiders might manipulate information and investors can learn with bounded rationality. The analytical results demonstrate that entrepreneurs may forgo earnings forecast disclosure if they can achieve greater profit under non-disclosure. In the multiperiod case, this study shows that insiders would reduce their forecast manipulation behavior due to the cost of forecast error and diminishing marginal expected profit. This study accommodates an explanation of the decrease in voluntary disclosure and the popularity of investor conferences in Taiwan. The inferences of the proposed model are examined based on forecasts issued by Taiwanese listed firms. The empirical results evidence a positive relationship between insiders¡¦ trading profit and manipulation of earnings forecast. Additionally, insiders¡¦ trading profit regarding forecast revisions is greater under voluntary disclosure than mandatory disclosure. This study offers important insights into earnings forecast policy in emerging markets.