I tidigare studier har det framkommit att amerikanska företag manipulerar sina finansiella räkenskaper inför en nyemission med hjälp av Earnings Management genom oförklarliga periodiseringar. Detta görs i syfte att reflektera en bättre bild av företagets finansiella ställning gentemot hur det i verkligheten ser ut. Företeelsen tillämpas med avsikt att erhålla ett större finansiellt riskkapital då företaget utfärdar nyemission. Denna studie undersöker om svenska företag agerar likt amerikanska företag vid en nyemission och därför är syftet i studien att undersöka om svenska företag tillämpar Earnings Management genom oförklarliga periodiseringar vid perioden då de utfärdar nyemission. Svenska företag har varit av intresse i följande studie då svenska företag verkar under ett annorlunda redovisnings- och skattesystem än amerikanska företag gör, varpå vi vill testa om teorin Earnings Management genom oförklarliga periodiseringar är tillämpbar på även svenska företag, trots de skillnader som föreligger mellan ländernas lagsystem. Studien har genomförts med hjälp av en kvantitativ metod som vi presenterat med hjälp av en deskriptiv statistisk analys. De resultat som framkommit i studien är att även svenska, såväl som amerikanska, företag tillämpar Earnings Management genom oförklarliga periodiseringar vid de kvartal då ska utfärda nyemission, trots de olikheter i redovisnings- och skattesystem som råder länderna emellan. Förutom detta visar studien på att svenska företag även tillämpar en extrem form av Earnings Management samt att olika branscher tillämpar Earnings Management genom oförklarliga periodiseringar i olika grad då de ska utfärda nyemission. De resultat som framkommer i följande studie visar att det är av stor betydelse att investerare har en medvetenhet om att Earnings Management genom oförklarliga periodiseringar förekommer när svenska företag ska utfärda nyemission. Detta är av vikt då tidigare studier har påvisat att många investerare som förvärvat aktier i företagen som tillämpat Earnings Management genom oförklarliga periodiseringar har känt en besvikelse samt upplevt att de blivit missledda av företagens publicerade finansiella rapporter efter nyemissionen. Besvikelsen grundar sig i att det rapporterade resultatet vanligtvis kraftigt sjunker kvartalen efter nyemission då företagen tillämpat Earnings management genom oförklarliga periodiseringar. / In previous studies, it has been found that US companies manipulate their financial statements before issuing Seasoned Equity Offerings (SEO) using Accrual-based Earnings Management. This is done by the company in order to reflect a better financial position compared to their true underlying financial performance. Accrual-based Earnings Management is applied with the intention of obtaining larger financial capital when issuing SEOs. This study examines whether Swedish companies, consistent with US companies, apply the phenomenon in a similar way while issuing SEOs and the purpose of our study is therefore to investigate whether Swedish companies apply Accrual-based Earnings Management in the period they issue SEOs. Swedish companies have been of interest in the following study, as Swedish companies operate under a different accounting and tax law compared to that of American companies. As a result, we want to test the theory of Accrual-based Earnings Management to see if it is applicable to Swedish companies, despite the differences in tax law that exists between the countries. The study has been conducted using a quantitative methodology which has been presented through a descriptive statistical analysis. Our results imply that Swedish- as well as American companies, apply Accrual-based Earnings Management in the period they issue SEOs. This is found despite differences in accounting and tax law between the two countries. In addition to this, the study also shows that Swedish companies apply an extreme form of Accrual-based Earnings Management, and that it exist industrial differences in the level of Accrual-based Earnings Management that is applied when issuing SEOs. The results found in the following study show that it is of the utmost importance that investors have an awareness regarding Accrual-based Earnings Management and that it occurs when Swedish companies issue a SEO. This is important as previous studies have shown that many investors who acquired shares in the companies who applied Accrual-based Earnings Management when issuing SEOs, have felt disappointed and have found that they have been misled by the companies published financial reports following the SEO. The disappointment is based on the fact that as companies apply Accrual-based Earnings Management, the companies reported earnings usually fall in the period after issuing a SEO.

Submitted by Luiz Fernando Hideichi Sasaki (luiz.sasaki@susep.gov.br) on 2016-08-02T19:55:32Z No. of bitstreams: 1 Luiz Sasaki - versão aprovada 29_07_2016.pdf: 2676534 bytes, checksum: 99cae22120aa59917795862e37f9f5b0 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2016-08-03T16:32:17Z (GMT) No. of bitstreams: 1 Luiz Sasaki - versão aprovada 29_07_2016.pdf: 2676534 bytes, checksum: 99cae22120aa59917795862e37f9f5b0 (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2016-08-23T19:56:49Z (GMT) No. of bitstreams: 1 Luiz Sasaki - versão aprovada 29_07_2016.pdf: 2676534 bytes, checksum: 99cae22120aa59917795862e37f9f5b0 (MD5) / Made available in DSpace on 2016-08-23T19:57:07Z (GMT). No. of bitstreams: 1 Luiz Sasaki - versão aprovada 29_07_2016.pdf: 2676534 bytes, checksum: 99cae22120aa59917795862e37f9f5b0 (MD5) Previous issue date: 2016-07-29 / Examining the prevalence of transparency in the sale of auto insurance in Brazil and around the world, this study considers the costs and benefits of this transparency through two surveys and based on extensive contextual and scholarly analyses. The agency relationship in the insurance intermediation consists of two principals (the consumer and the insurer) and one agent (the insurance broker). This relationship presents a classic principal-agent dilemma where the broker’s compensation system — in which insurers pay the brokerage commission — may portend negative effects for consumers. The international survey queried insurance supervisors and organizations representing insurers and insurance brokers about global practices related to the transparency in the auto insurance sale and received responses from 39 foreign jurisdictions (in addition to the European Commission). In the national survey, 191 Brazilian insurance brokers answered a questionnaire on their practices and opinions related to transparency in the auto insurance sale. The results show that 24 out of the 39 international jurisdictions analyzed require or encourage the disclosure of brokerage commissions to consumers. In jurisdictions where disclosure is compulsory, there is prior (prior to the decision made by the consumer) and active (without being requested by the consumer) transparency. In the national survey, results showed that 92% of insurance brokers (legal entities) in Brazil do not disclose to consumers the amount of brokerage commission received, and that 93% of brokers are against active disclosure and 92% against passive disclosure (at consumer request). Given these results, and based on the theoretical and empirical evidence examined, this study recommends the adoption of transparency requirements relating to prior and active disclosure of brokerage commissions in Brazil. / Ao examinar o domínio da transparência na venda do seguro automóvel no Brasil e no mundo, este estudo leva em consideração os custos e benefícios da transparência por meio de dois surveys e com base numa extensa análise contextual e acadêmica. A relação de agência que se forma na intermediação do seguro consiste de dois principais (consumidor e seguradoras) e um agente (corretor de seguro). Esta relação exibe um clássico dilema principal-agente onde o regime de remuneração dos corretores de seguro, no qual o pagamento da comissão de corretagem é feito pelas seguradoras, pode resultar em efeitos negativos para os consumidores. O survey internacional consultou supervisores de seguro e entidades representativas de seguradoras e de corretores de seguro sobre as práticas globais relacionadas à transparência na venda do seguro automóvel e recebeu respostas de 39 jurisdições estrangeiras (além da Comissão Europeia). No survey nacional, 191 corretoras de seguro brasileiras responderam um questionário sobre suas práticas e opiniões relacionadas à transparência na venda do seguro automóvel. Os resultados mostram que 24 das 39 jurisdições estrangeiras analisadas exigem ou apoiam a divulgação da comissão de corretagem aos consumidores. Nas jurisdições em que a divulgação é compulsória, prevalece a transparência prévia (anterior à tomada de decisão pelo consumidor) e ativa (sem que seja solicitada pelo consumidor). No survey nacional, os resultados mostram que 92% das corretoras de seguro (pessoas jurídicas) no Brasil não divulgam aos consumidores o valor da comissão de corretagem que recebem e que 93% das corretoras são contrárias à divulgação ativa e que 92% são contrárias à divulgação passiva (a pedido dos consumidores). Diante desses resultados, e baseado nas evidências teóricas e empíricas estudadas, recomenda-se a adoção de requisitos de transparência no Brasil, relacionados à divulgação prévia e ativa da comissão de corretagem aos consumidores.

Cette thèse a pour objet d’analyser l’impact du suivi par les analystes financiers lors de l’introduction en bourse sur la qualité du marché secondaire et sur la future vie boursière de l’entreprise. Dans cet objectif, trois études empiriques sont menées sur le marché français. La première apporte une nouvelle explication à la relation positive qui existe entre la sous-évaluation initiale et la liquidité sur le marché secondaire. Elle montre que cette relation positive se forme par le biais de la couverture des analystes financiers. En se basant sur la méthode de l’analyse de survie, notre deuxième étude révèle que le suivi par les analystes financiers a un impact positif sur la durée de vie boursière de l’entreprise. La troisième étude démontre que la couverture peut également influencer l’occurrence et la rapidité d’occurrence d’une émission secondaire. Il apparaît que les firmes les plus couvertes au moment de l’introduction sont celles qui retournent le plus rapidement au marché pour effectuer une émission secondaire garantie. Ces travaux soulignent l’importance du suivi par les analystes financiers des introductions en bourse. / This thesis aims to analyze the impact of IPO analyst coverage on the quality of the secondary market and on the future market life of the firm. For this purpose, three empirical studies are conducted on the French market. The first one provides a new explanation for the positive relation between initial underpricing and post-listing liquidity. We find that this positive relation is formed through analyst coverage. Our second study shows that analyst coverage has a significant positive impact on IPOs survival. The third study explores the linkage between analyst coverage and subsequent seasoned equity offerings. Our results indicate that analyst coverage is a significant predictor of subsequent SEO and that more covered firms are those that return more quickly for an insured offering. Our findings enlighten the importance of analyst coverage around IPOs.

Företags sociala ansvar (CSR) blir allt viktigare för både företag, dess intressenter och för samhället. CSR har enligt tidigare forskning visat både positiva och negativa effekter på bland annat företags finansiella prestation. Tidigare forskning har inriktat sig på CSR och dess påverkan på företags finansiella prestation utan ett konsekvent mått för den finansiella prestationen. I litteraturen har vi även identifierat ett gap i forskningen bland europeiska bolag. Syftet med studien är därför att undersöka relationen mellan företags arbete med Corporate Social Responsibility, CSR, och investeringseffektivitet hos företag i Europa som redovisar i valutan Euro. / Corporate Social Responsibility (CSR) is becoming more important for companies, its stakeholders and for the community. Previous studies have shown both positive and negative effects of CSR on financial performance. Previous research has focused on CSR and its impact on the company's financial performance without a consistent measure of the financial performance. Among the previous studies, we have also identified a gap in research among European companies. Therefore the aim of this study is to investigate the relationship between Corporate Social Responsibility (CSR) and investment efficiency among companies in Europe that reports in the currency Euro.

In this article, the authors tell us about great risk insurances and describe its regulation in foreign law. Then, they point out the protective role of State in the consumption relationship is to reduce information asymmetries, but there is no total disclosure obligation in the market. Therefore, information asymmetry ceases to be relevant when the user of the service has negotiating capacity and necessary resources to make an informed decision. They conclude it is pertinent to equate the application of the Peruvian Insurance Contract Law to international standards. / En el presente artículo, los autores nos hablan de los seguros de grandes riesgos y describen su tratamiento en la legislación extranjera. Luego, señalan que el rol protector del Estado en la relación de consumo es reducir las asimetrías informativas, pero no existe una obligación total de divulgación de información en el mercado. Por lo tanto, la asimetría informativa deja de ser relevante cuando el usuario del servicio tenga capacidad de negociación y recursos suficientes para tomar una decisión informada. Concluyen que es pertinente equiparar la aplicación de la Ley del Contrato de Seguro peruana a estándares internacionales.

Equity crowdfunding, which has primarily been developed by private operators, is considered as an alternative financing form where capital is raised from a group of individuals through digital platforms. In the absence of formal regulations and existing high information asymmetries between businesses and crowd-investors, businesses need to build up legitimacy and trust through social actions. In this way, knowing the main participants and developing good relationships with them, become key factors for crowdfunding success. The purpose of this thesis is to examine equity crowdfunding and its context by identifying and describing stakeholders that interact there. In particular, this thesis aims to describe relationships that are being developed between businesses and their crowd-investors. The data has been collected through interviews with both businesses and investors that have experience in using equity crowdfunding in a Swedish context. The interview data have been analysed by using the stakeholder theory. This has helped us to identify and characterise several stakeholders that exist in the context of equity crowdfunding. Especially, two stakeholder management approaches – arm length- and fairness approach - have been chosen as the analytical tools for this thesis. These categories have primarily been used to analyse relationships that are being developed between businesses and crowd-investors. Our discussion highlights equity crowdfunding as a new and alternative type of capital market, where participants act more cooperatively and have versatile roles. As a financial tool, equity crowdfunding opens up possibilities for closer interaction between businesses and investors. As a consequence of high information asymmetries, developing relationships and creating a transparent environment through active communication, become particularly important for businesses. However, our data has shown us that in reality the collaborative relationship depends on how much businesses allow to be influenced by investors as well as how much the investors request participation.

Submitted by Matheus Fortes Bonelli (mfbonelli@gmail.com) on 2018-05-10T17:08:18Z No. of bitstreams: 1 dissertacao_matheus_vfinal 20180504.pdf: 1822759 bytes, checksum: 919f9b54d955ad46d65a80d54a2f6d15 (MD5) / Rejected by Simone de Andrade Lopes Pires (simone.lopes@fgv.br), reason: Boa tarde Matheus, Para que possamos aprovar seu trabalho são necessários alguns ajustes conforme norma ABNT/APA. Seguir a ESTRUTURA abaixo: Capa (obrigatório) - (FUNDAÇÃO GET”U”LIO VARGAS NÃO TEM ACENTO) Contracapa (obrigatório) – Correto. Ficha catalográfica (obrigatório) - Correto. Folha de aprovação (obrigatório) - Correto - DEDICATÓRIA - AGRADECIMENTOS (A PALAVRA AGRADECIMENTO DEVE SER MAIUSCULO/NEGRITO E CENTRALIZADO) - RESUMO (A PALAVRA RESUMO DEVE SER MAIUSCULO/NEGRITO E CENTRALIZADO): espaçamento simples (150 a 500 palavras), com palavras-chave (obrigatório). - ABSTRACT (A PALAVRA ABSTRACT DEVE SER MAIUSCULO/NEGRITO E CENTRALIZADO) em língua estrangeira. A numeração só pode aparecer a partir da introdução, antes não pode. Após os ajustes você deve submete-lo novamente para analise e aprovação. Qualquer dúvida estamos à disposição, Atenciosamente, Simone de Andrade Lopes Pires SRA on 2018-05-10T20:42:58Z (GMT) / Submitted by Matheus Fortes Bonelli (mfbonelli@gmail.com) on 2018-05-10T21:14:44Z No. of bitstreams: 2 dissertacao_matheus_vfinal 20180504.pdf: 1822759 bytes, checksum: 919f9b54d955ad46d65a80d54a2f6d15 (MD5) dissertacao_matheus_vfinal 20180510.pdf: 1822289 bytes, checksum: df5576ca3d2e314dff5d002b339c29cf (MD5) / Rejected by Simone de Andrade Lopes Pires (simone.lopes@fgv.br), reason: Boa Noite Matheus, Segue algumas alterações que ainda são necessárias para aprovação do trabalho: 1º - Pagina do resumo não vai título do trabalho, vai somente a palavra RESUMO em letra maiúscula no centro. Excluir o tema do TA 2º - Pagina do ABSTRACT não vai título do trabalho, vai somente a palavra ABSTRACT em letra maiúscula no centro. Excluir o tema do TA. Se ficar na dúvida há um modelo na pagina 17 e 18 das normas ABNT enviada por e-mail. 3º - Pagina de agradecimentos vem antes do RESUMO. Acredito que com estas alterações, o trabalho será aprovado. Atenciosamente, Simone de Andrade Lopes Pires Secretaria de Registros Acadêmicos on 2018-05-10T23:32:02Z (GMT) / Submitted by Matheus Fortes Bonelli (mfbonelli@gmail.com) on 2018-05-11T13:08:30Z No. of bitstreams: 1 dissertacao_matheus_vfinal 20180511.pdf: 1821920 bytes, checksum: 749b23e245f55beec786ee2a7e5180e3 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-05-11T17:23:37Z (GMT) No. of bitstreams: 1 dissertacao_matheus_vfinal 20180511.pdf: 1821920 bytes, checksum: 749b23e245f55beec786ee2a7e5180e3 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-11T17:57:36Z (GMT) No. of bitstreams: 1 dissertacao_matheus_vfinal 20180511.pdf: 1821920 bytes, checksum: 749b23e245f55beec786ee2a7e5180e3 (MD5) / Made available in DSpace on 2018-05-11T17:57:36Z (GMT). No. of bitstreams: 1 dissertacao_matheus_vfinal 20180511.pdf: 1821920 bytes, checksum: 749b23e245f55beec786ee2a7e5180e3 (MD5) Previous issue date: 2018-05 / Esse estudo aborda a assimetria de informação presente no mercado de crédito com duplicatas no Brasil. Foi analisado um conjunto de dados obtidos de uma empresa que desenvolveu uma ferramenta que permite a consulta de informações sobre o documento fiscal das transações comerciais junto às Secretarias de Fazenda estaduais, a formalização da documentação da operação de crédito, e o controle de unicidade dos títulos de crédito. Com o resultado, o estudo propõe indicadores que podem ser integrados aos processos de concessão de crédito dos agentes financeiros, como forma de melhorar a qualidade de suas carteiras de crédito, reduzir a necessidade de garantias adicionais, aumentar o volume de crédito disponível e permitir redução do spread das operações com estes títulos. Foram analisadas 129.381 notas fiscais eletrônicas de 3.459 empresas, que realizaram operações com 240 agentes financeiros, que resultaram em 171.249 duplicatas somando um valor de R$ 633 milhões. A consulta das notas fiscais eletrônicas retornou 12 diferentes tipos de eventos que informam qualquer ato relacionado por um agente envolvido na transação comercial, que foram combinados com os dados de valor, data de emissão, data de envio para desconto, prazo de pagamento e efetivação da operação de crédito. Os resultados sugerem que é possível utilizar as datas de emissão e envio, valor e prazo de pagamento como variáveis que explicam alguns eventos de cancelamento de Nota Fiscal, permitindo indicar maior ou menor segurança para o documento fiscal que serve de lastro para a duplicata. A análise também mostrou que o retorno do evento de cancelamento reduz em 29% as chances da efetivação de operação de crédito, enquanto o retorno dos eventos de ciência ou confirmação aumentam essas chances em 4%. O estudo contribui por trazer uma perspectiva de redução da seleção adversa, resultando em melhora do ambiente de crédito, principalmente para pequenas e médias empresas, tradicionalmente alijadas do processo de concessão de crédito dos agentes financeiros, em um cenário onde há recente mudança de legislação sobre o tema. / This study addresses the information asymmetry present in Brazilian trade receivable’s credit market, analyzing a set of data obtained from a company that developed a tool that allows checking the information of the commercial transactions’ invoice on the Departament of Taxation and Finance’s (Secretaria da Fazenda) database, the credit document’s formalization and receivable’s uniqueness control. With the result, the study proposes indicators that can be integrated to the processes financial agents’ credit granting, as a way to improve the quality of their loan portfolios, reduce the need for additional guarantees, increase the credit volume available and allow spread reduction. A total of 129,381 electronic invoices were analyzed from 3,459 companies, which carried out operations with 240 financial agents, resulting in 171,249 trade receivables and totaling R$ 633 million. By checking electronic invoices, I obtain 12 different types of events that inform any related act by an agent involved in the commercial transaction, which were combined with the data of value, date of issue, date of discount, payment term and effectiveness of the transaction. The results suggest that it is possible to use the dates of issuance and discount of invoices, value and payment deadline as variables that explain the cancellation of the invoice, which may indicate greater or smaller security to the invoice that serves as collateral for a trade receivable. The analysis also showed that the return of the cancellation event reduces 29% the chances of a credit operation, while the return of science or confirmation events increases those chances by 4%. The study contributes to the reduction of adverse selection, resulting in an improvement in the credit environment, especially for small and medium-sized companies, traditionally left out of the process of granting credit, in a scenario where there is a recent legal change on this subject.

Que tipo de relação existe entre a exposição que uma empresa tem na mídia e o seu valor de mercado e o volume de negócios com suas ações? Partindo da premissa que a exposição de uma empresa na imprensa aumenta o alcance das informações relativas a ela e contribui para diminuir a assimetria informacional entre a administração da companhia e os investidores, o objetivo deste trabalho foi testar empiricamente se existe relação positiva entre a exposição de companhias abertas brasileiras na imprensa e seu valor de mercado e a liquidez de suas ações em bolsa. Trata-se do primeiro estudo feito no Brasil sobre o assunto. A partir de uma amostra de 152 companhias que representavam 81% do valor de mercado da bolsa brasileira em março de 2015, foi levantada a frequência de matérias que citaram essas empresas no jornal Valor Econômico no período de 20 trimestres entre janeiro de 2010 e dezembro de 2014. A técnica estatística usada foi a de regressão com Dados em Painel, que considera a variação tanto entre as companhias da amostra como também as alterações de valores no tempo para cada empresa. Como esperado a partir da plataforma teórica e da evidência de estudos internacionais, os resultados indicam uma relação estatisticamente significativa entre cobertura da mídia e valor de mercado. Os resultados foram consistentes tanto no teste com o múltiplo preço/valor patrimonial (P/VPA) como com a métrica Q de Tobin como variável dependente. Isso significa que, nesta amostra, as empresas que aparecem com mais frequência na imprensa econômica têm maior valor de mercado relativo do que aquelas que aparecem menos. Um terceiro teste foi feito para medir a relação da exposição na mídia com a liquidez das ações, também encontrando associação estatisticamente significante e positiva. No caso do primeiro teste, é importante destacar que, quando a amostra foi dividida em quartis por porte, a cobertura da mídia perdeu significância para explicar o valor de mercado das maiores empresas do país. Espera-se que o trabalho, ainda que com as limitações de um estudo pioneiro no país, possa contribuir para que companhias abertas, assessorias de imprensa, veículos de comunicação e também os reguladores do mercado conheçam melhor as relações existentes com a exposição na imprensa. Se a linha de pesquisa prosperar e uma relação de causa e efeito for comprovada, imagina-se que no futuro as empresas poderão usar planos de mídia em estratégias de relações com investidores e medir esses efeitos. / What kind of relationship exists between the exposure that a company has in the media and its market value and the traded volume of its stocks? Assuming that the exposure of a company in the press increases the extent of information relating to it and helps to reduce the information asymmetry between the company\'s management and investors, the objective of this study was to empirically test whether there is a positive relationship between Brazilian companies exposure in the press and its market value and the liquidity of its shares on the stock exchange. This is the first study in Brazil on the subject. From a sample of 152 companies representing 81% of the market capitalization of the Brazilian stock market in March 2015, I have collected the frequency of stories in which they were mentioned in the Valor Econômico newspaper in the period of 20 quarters between January 2010 and December 2014. The statistical technique used was the regression with Panel Data, which considers the variation both between the sample of companies as well as value changes over time for each company. As expected from the theoretical platform and evidence from international studies, the results indicated a statistically significant relationship between media coverage and market value. The results were consistent in both the test with the multiple price-to-book (P/B) as with the Tobin\'s Q ratio as the dependent variable. This means that companies in this sample that appear more frequently in the financial press have higher market value relative to those that appear less. A third test was done to measure the relationship between media exposure with the liquidity of the shares, also finding statistically significant positive association. For the first test, it is important to note that, when the sample was divided into quartiles by size, media coverage has lost significance in explaining the market value of the largest companies in the Brazilian market. It is expected that work, albeit with the limitations of a pioneering study in the country, can contribute to public companies, press offices, media outlets and also the market regulators to have a more informed perception of the scope of the exposure in the press. If the line of research to thrive and if a cause and effect relationship is proven, it is thought that, in the future, companies may use media plans in investor relations strategies and measure these effects.

Diskontering och nuvärdesberäkning som värderingsmetod har ökat i användning. Acceptansen för värdering till verkliga värden har också ökat och IFRS tillåter i flertalet standarder användning av denna värderingsmetod som, beroende på användning är förknippad med subjektiva inslag. Tidigare forskning uppmärksammar problematiken med diskontering i de avseende att det öppnar upp för subjektivitet och möjligheter för företagsledningen att manipulera resultat och balansräkning. Även om det råder konsensus kring risker med värderingstekniker som innefattar nuvärdesberäkning saknas det, oss veterligen, studier som kartlägger omfattningen av denna värderingsteknik.Mot bakgrund av teorin om informationsasymmetri, earnings management, agentteorin samt de kvalitativa egenskaperna jämförbarhet och tillförlitlighet är studiens syfte att kartlägga användningen av diskontering hos bolag registrerade på NASDAQ Stockholm. Genom att undersöka 268 av 299 företag upptagna på börsen kan vi visa på användningen och utmärkande skillnader mellan företag tillhörande olika storlek och sektorer. Resultatet är att betraktas som vägledande för framtida studier.Slutsatsen är att diskontering förekommer hos merparten av bolagen på NASDAQ Stockholm. Ytterligare slutsats utifrån studien är att företagen avsätter olika stor yta till information om diskontering och nuvärdesberäkning. Konsekvent genom analysen förs resonemanget att om företagen avsätter en liten yta i relation till andra företag kan detta ha en negativ inverkan på den finansiella rapportens kvalité utifrån resonemang om agentteorin, informationsasymmetrin och earnings management, samt den kvalitativa egenskapen tillförlitlighet. I resonemanget kring den kvalitativa egenskapen, jämförbarhet, är det istället en nackdel att företagen avsätter olika stor yta. / Discounting and present value calculation as a valuation method has increased in use. Acceptance for fair value valuation has also increased and IFRS allows in most standards the use of this valuation method which, depending on use, is associated with subjective elements. Previous researches draws attention to the problem of discounting and present value calculations in terms of opening up for subjectivity and opportunities for management to manipulate earnings and balance sheets. Although there is a consensus about risks with valuation techniques that include discounting and present value calculations, we find that there is lacking studies that map the scope of this valuation technique.In view of Information Asymmetry, Earnings management, Agent Theory and the qualitative characteristics of comparability and reliability the purpose of the study is to map the use of discounting and present value calculation by companies listed on NASDAQ Stockholm. By examining 268 of 299 companies listed on the Stockholm stock exchange, we can demonstrate the use and distinctive differences between companies of different sizes and sectors. The result is to be considered as guidance for future studies.The conclusion is that discounting occurs at most of the companies on NASDAQ Stockholm. A further conclusion from the study is that companies allocate different amount of areas to information about discounting and present value calculation. Consistently through the analysis, the reasoning is that, if the companies allocate a small area of information in relation to other companies, this may have a negative impact on the quality of the financial report. This is based on the reasoning of the agency theory, information asymmetry and earnings management, as well as the qualitative characteristics faithful representation. In the reasoning about the qualitative characteristics, comparability, it is rather a disadvantage that companies allocate different large areas.(This thesis is written in Swedish)

The aim of the following thesis reflects current trends in public sector accounting and subsequent audit of public sector entities's financial statements. The main principles of accounting are desribed in order to determine how the financial statements are used during controls and audits. In this context the Supreme Audit Institution is introduced as an independant institution practicing external audit in public sector. For this purpose the SAI's control reports reflected the financial audit of the selected public sector entities will be analyzed.