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Investments with exit flexibility require decisions regarding both the investment and holding period. Because selling an investment often leads to taxable capital gains, which crucially depend on the duration of an investment, we investigate the impact of capital gains taxation on exit timing under different tax systems. We observed that capital gains taxation delays exit decisions but loses its decision relevance for very long holdings. Often the optimal exit time, which indicates the maximal present value of future cashflows, cannot be determined analytically. However, we identify the breakeven exit time that guarantees present values exceeding those of an immediate sale. While, after-taxes, an immediate sale is often optimal, long holding periods might also be attractive for investors depending on the degree of income and corporate tax integration. A classic corporate tax system often indicates holdings over more than 100 periods. By contrast, a shareholder relief system indicates the earliest breakeven exit time and thus the highest level of exit timing flexibility. Surprisingly, high retention rates are likely to accelerate sales under a classic corporate system. Additionally, the worst exit time, which should be avoided by investors, differs tremendously across tax systems. For an integrated tax system with full imputation, the worst time is reached earlier than under partial or non-integrated systems. These results could help to predict investors' behavior regarding changes in capital gains taxation and thus are of interest for both investors and tax policymakers. Furthermore, the results emphasize the need to control for the underlying tax system in cross-country empirical studies. (authors' abstract) / Series: WU International Taxation Research Paper Series

Tax uncertainty is often claimed to be harmful for investments. Capital taxes, such as property and wealth taxes, are particularly exposed to tax uncertainty. Capital tax un- certainty emerges from expected tax reforms, the unclear outcome of future tax audits, and simplified estimates of capital tax bases in investment models. Uncertain returns on investment as well as stochastic taxation contribute to overall uncertainty and may significantly affect investment decisions. Hitherto, it is unknown how capital tax uncertainty affects investment timing. However, it is well known that both uncertainty and capital tax may be harmful for investment and decelerate investment activities. We are the first to study the investment timing effects of stochastic capital taxes in a real options setting with risky investment opportunities. Our results indicate that even risk neutral investors are sensitive with respect to capital tax risk and may react in a surprising manner to a newly introduced stochastic capital tax. As an apparently paradoxical investment e¤ect, we find that increased capital tax uncertainty can accelerate risky investment if such uncertainty is such ciently low compared to cash flow uncertainty. In contrast, high capital tax risk delays high-risk innovative investment projects. To reduce unintended consequences of uncertain tax policy, tax legislators and tax authorities should avoid high levels of cap- ital tax uncertainty. Broadening the capital tax base or increasing the capital tax rate induces ambiguous timing effects. Furthermore, high-growth investments are likely to be postponed if they experience a capital tax cut. Since investment reactions upon tax reforms are well-known to affect income and wealth distribution, reliable estimations of the impact of taxes on economic decisions are necessary. (authors' abstract) / Series: WU International Taxation Research Paper Series

Since 2007, several studies have been conducted by international and national role players to establish whether the recent efforts to improve financial reporting have been successful. The respondents to the surveys used as part of these studies have indicated that more concise and less complex financial reports would be more understandable to users of financial reports. In view of the call for shorter and simpler financial reports, the fact that the understandability of financial reports appears to be a problem, as well as the fact that a limited amount of research on the understandability of interim financial reports has been done thus far, it was decided to investigate whether individual shareholders understand the context and content of interim financial reports which, per se, are supposed to be more concise and less complex financial reports presented by companies. The study entailed using a postal questionnaire in a survey of a sample of individual shareholders of three large South African listed retail companies to determine whether individual shareholders understand the context and content of interim financial reports, and whether they use these reports, among other sources, to make investment decisions. The study is based loosely on the high profile studies of Lee and Tweedie in respect of individual shareholders performed in the late 1970s. The primary research objective of the current study was to determine whether individual shareholders of South African listed retail companies understand the context and content of interim financial reports. It was found that understanding of these reports was generally limited. However, there is evidence that experience and training in the field of financial accounting improve shareholders’ understanding of the content of interim financial reports. Apart from questions on the demographics and investment objectives of individual shareholders, a number of other questions were also included in the questionnaire to address several secondary research objectives. The questions relating to the secondary research objectives were designed to gather information, inter alia, on how individual shareholders make investment decisions, sources of information used by individual shareholders when making investment decisions, additional information that should be included in interim financial reports, as well as the medium of communication through which individual shareholders would prefer to receive interim financial reports. The study has shown, amongst other things, that the majority of respondents to this study initiated their own investment decisions, that articles in the financial press are the most popular source of information when making investment decisions, and that individual shareholders still prefer to receive interim reports by post. / Thesis (DCom)--University of Pretoria, 2013. / gm2014 / Accounting / Unrestricted

With the current technological trends pointing to people having more capabilities to independently manage their financial future, the financial knowledge a person possesses will become evermore essential to create a sustainable financial future. Simultaneously, the growth of social media platforms and users have substantially increased over the past ten years, which has allowed people to find and create countless types of content. The potential problem culminating from these trends is that people who do not have the necessary financial knowledge to make educated investment decisions will have the opportunity to do so. Furthermore, if people have a lack of understanding about financial concepts, supplementing their lack of knowledge with information and recommendations from social media could lead to people making investment decisions based on unknown individuals' opinions. As a result, this study aims to determine if there is a connection between the financial literacy a person possesses and the usage of social media. We found that the financial literacy of university students in Sweden was not a determinant of social media influences on their investment decisions. Despite this overall conclusion, it was apparent that every participant in this study had been influenced by social media in some capacity when making investment decisions whether they intentionally or unintentionally used social media as a reference or unexpected circumstance.

Early-stage investors increasingly impact the surging video game industry. Thus, understanding their thought processes provides vital insight for entrepreneurs. This thesis explores how early-stage investors assess investment opportunities in the Swedish game industry by presenting semistructured interviews with three prominent angel investors. Thematic analysis was performed on the interview data to extract significant themes regarding investors’ thought processes. Themes were then contrasted with previous research on investor decision-making to establish emergent patterns in the game industry. Results indicate that investors regard the composition and reliability of the team and pursue long-term involvement in companies. It is particularly important for teams to inspire trust. If investors can connect to teams personally, it facilitates successful long-term collaboration. Future research should focus on interviewing investors in other flourishing game markets, such as the U.S. or Chinese. Congruent results may lay the foundation for a framework to aid developers with acquiring funds in the broader game industry.

Det råder idag bostadsbrist i Sverige men trots detta så är antalet nybyggnationer avbostadslägenheter fortfarande mycket lägre än vad som krävs för att behandla bostadsbristen. Närfastighetsmarknaden befinner sig i en uppgångsfas så ökar bostadsproduktionen av hyresrätter ochinvesteringar på den svenska fastighetsmarknaden. Idag står vi inför en nedgång påfastighetsmarknaden vilket gör att färre investeringar i produktion av bostäder görs trots attefterfrågan samt bostadsbehovet består. Det ligger en osäkerhet i dels vilja och dels förmåga attproducera fler hyresrätter idag. Frågan är vilka faktorer som påverkar fastighetsbolagensinvesteringsbeslut gällande nyproduktion av hyresrätter idag? Detta är en kvalitativ studie som grundas av en empirisk insamling och byggs upp av dels enlitteraturstudie och dels en kvalitativ intervjustudie med en avsikt av att kunna ge stöd för varandra.Insamlingsdatan av litteraturstudien är grundad på tidigare forskning och rapporter som berörämnet. Insamlingsdatan av intervjustudien grundas på 7 intervjuer med aktörer som representerarprivata fastighetsbolag och besitter mycket kunskap om dagens marknad och investeringsbeslut. Resultatet av denna studie visar att den största faktorn som påverkar fastighetsbolagensinvesteringsbeslut gällande nyproduktion är att projektet behöver vara lönsamt och genereraavkastning. Konjunkturen är också en faktor på så sätt att det är svårt att tajma projekt eftersom detär svårt att förutse vad som kommer hända på marknaden i framtiden. Samtliga respondenter anseratt Sveriges bostadsbrist inte är en faktor som påverkar bolagens investeringsbeslut utan att detsnarare är fastighetens geografiska läge som påverkar. Sveriges regelverk och lagar tas också uppsom faktorer där Svea hovrätts nya dom om presumtionshyra påverkar många fastighetsbolagsinvesteringar av hyresrätter. Den stigande räntan, inflationen, avkastningskraven ochproduktionskostnaden är också faktorer som har lett till att fastighetsbolagen är mer defensiva iinvesteringar idag. Det förekommer också vissa skiljaktiga åsikter angående vilken investering som ärmest lönsam: hyresrätter eller bostadsrätter. Detta påverkar också många fastighetsbolag i vilkenupplåtelseform de väljer att investera i. Slutsatsen är att faktorerna som påverkar fastighetsbolagens investeringsbeslut i nyproduktion tillstor del är påverkade av konjunkturläget i samhället. I nuläget kostar det helt enkelt för mycket förfastighetsbolagen att starta nyproduktion. Det går inte att anta ett projekt som genererar en lönsaminvestering, vilket är det viktigaste för alla fastighetsbolag vid ett investeringsbeslut. Ett förslag påvidare forskning är att utvidga arbetet och intervjua ytterligare fastighetsbolag vilket skulle leda tillökad validitet i studien. Det hade varit intressant att göra en likartad studie men att också få in deallmännyttiga fastighetsbolagens perspektiv. Ett ytterligare förslag på vidare forskning är attundersöka forskningsfrågan i andra områden i Sverige eller utifrån ett internationellt perspektiv sområder av andra marknader och förutsättningar. / Today, there is a housing shortage in Sweden, but despite this, the number of new constructions ofresidential apartments is still much lower than what is required to address the housing shortage.When the real estate market is in an upswing, the production of rental properties and investments inthe Swedish real estate market increases. Today we are facing a downturn in the real estate market,which means that fewer investments in the production of housing are made, even though thedemand and the need for housing remain. There is an uncertainty in both the will and the ability toproduce more rental properties today. The question is which factors influence the real estatecompanies' investment decisions regarding new production of rental properties today? This is a qualitative study that is based on an empirical collection and is built up partly by a literaturestudy and partly by a qualitative interview-study with the intention of being able to provide support for each other. The collection data of the literature-study is based on previous research and reports concerning the subject. The interview-study is based on seven interviews with people who representprivate real estate companies and possess a lot of knowledge about today's market and investmentdecisions. The results of this study indicate that the biggest factor that influences real estate companiesinvestment decisions regarding new production is that the project needs to be profitable andgenerate yield. The economy is also a factor in that it is difficult to account for happenings in themarket when planning a project. All respondents believe that Sweden's housing shortage is not afactor that affects companies investment decisions, but rather that it is the property's geographicallocation that affects it. Sweden's regulations and laws are also brought up as a factor. Svea Court ofAppeal's new ruling on presumptive rent has affected many property companies desire to invest inrental properties. The rising interest rate, inflation, yield requirements and production costs are alsofactors that have led to real estate companies being more defensive in investments today. There arealso some differing opinions regarding which investment is more profitable: rental properties orcondominiums. This also affects many property companies in which form of lease they choose toinvest in. The conclusion is that the factors that influence the real estate companies investment decisions innew production are largely influenced by the economic situation in society. Today, it costs too muchfor property companies to start new production. It is not possible to adopt a project that generates aprofitable investment, which is the most important thing for all real estate companies when makingan investment decision. A suggestion for further research is to expand the work and interviewadditional real estate companies, which would lead to increased validity in the study. It would havebeen interesting to do a similar study but to also get the perspective of the public propertycompanies. Another suggestion for further research is to investigate the research question in otherareas in Sweden or from an international perspective that is governed by other markets andconditions.

Den svenska aktiemarknaden har genomgått en märkbar förändring de senaste åren, med en ökning av intresset för aktier bland unga. Samtidigt står samhället inför utmaningar att hantera bristen på kunskap när det gäller att fatta ekonomiska beslut. Det är av stor betydelse att kunna fatta välgrundade finansiella val, då det har en omfattande påverkan på både individen och samhällets ekonomiska välbefinnande.  Mot bakgrund av att allt fler unga människor tar ekonomiska beslut redan i tidig ålder är det nödvändigt att undersöka vad som påverkar finansiell läskunnighet. Finansiell läskunnighet innebär att ha en grundläggande förståelse för finansiella begrepp och att ha förmågan att fatta välgrundade beslut. Tidigare forskning betonar att flera faktorer har en viktig roll vid undersökning av finansiell läskunnighet, inklusive kön, ålder och utbildning. Dessutom är det avgörande att framhäva vikten av att förstå risktolerans vid finansiella beslut. Den finansiella risktoleransen avser den grad av osäkerhet som en individ är villig att acceptera.  Syftet med studien är att genomföra en undersökning av finansiell läskunnighet bland individer i Norra Sverige och identifiera faktorer som kan påverka och främja en ökning av finansiell läskunnighet. Med hänsyn till den växande trenden som unga människor har på aktiemarknaden, är det särskilt relevant att undersöka vad som bidrar till ökad finansiell läskunnighet. För att besvara studiens syfte har en enkätundersökning konstruerats och svaren har analyserats med hjälp av statistiska tester.  Resultaten av studien, som baserar sig på ett stickprov om 100 individer, visar att kön inte har någon betydande påverkan på finansiell läskunnighet. Däremot är ålder en faktor som påverkar nivån av finansiell läskunnighet, individer i åldersgruppen 18–44 år visade sig ha högre finansiell läskunnighet än de som var 45 år och äldre. I den här studien är också utbildningsnivå en betydande faktor för att förstå finansiell läskunnighet, vilket stöder tidigare forskning. Sambandet mellan finansiell läskunnighet och risktolerans kunde inte bekräftas i denna studie. Därmed kan det konstateras att utbildning och ålder är de faktorer som bidrar till högre nivå av finansiell läskunnighet, vilket understryker vikten av att främja utbildning i finansiell läskunnighet i tidig ålder. Studien bidrar till en ökad medvetenhet om finansiell läskunnighet i Norra Sverige och lägger grund för fortsatt forskning kring faktorer som kan bidra till att öka finansiell läskunnighet och främja en mer hållbar ekonomisk framtid för individer och samhället som helhet.

本研究定義運用技術指標建構投資決策之步驟，明確描述各步驟細節，投資人根據此流程定義，可利用技術指標逐步運算出投資標的之投資價值，作為最終投資決策之依據。同時，本研究建立技術指標、偵測機制等分類架構，讓投資人主觀的投資需求對應（map）到技術指標，建立個人化的投資決策。 / This paper defines the stages that how to build an investment decision with technical indicators and describes the details of each stage definitely. According to the process definition, investors can calculate the investment value of the investment target with technical indicators step by step. The investment value can be the foundation of the final investment decision. This paper also establishs both classificaton models of technical indicators and detect mechanisms. It makes investors map their subjective demand for investment information to technical indicators, personlize their investment descions.

Bakgrund och problem: Immateriella investeringar har ökat inom det svenska näringslivet och utgör en betydande del av landets totala investeringar. Fortsättningsvis är immateriella investeringar väsentliga för samhällets och företagens produktivitet samt konkurrenskraft. Utvecklingen av immateriella investeringar tyder på att betydelsen av immateriella investeringsbeslut ökat. Trots det uppmärksammas ämnesområdet inte av den nuvarande forskningen eller litteraturen i en större omfattning. Syfte: Syftet är att studien ska bidra till en djupare förståelse angående immateriella investeringar genom att generera kunskap inom ett område som inte tidigare uppmärksammats i en större omfattning. Uppsatsen avser att tillföra information i relation till den immateriella beslutsprocessen samt angående faktorer som anses utgöra en väsentlig påverkan på det immateriella investeringsbeslutet. Metod: Studien avser en kvalitativ flerfallsdesign där fyra företag har utgjort det empiriska underlaget. Vidare genomfördes intervjuerna på ett semi-strukturerat tillvägagångssätt för att erhålla information.Slutsats: De immateriella investeringarnas beslutsprocessen initieras genom en identifiering av problem och målsättning, om företaget har upplevt ett initialt dilemma. Därefter framställs olika investeringsalternativ som utvärderas utifrån väsentliga faktorer. Avslutningsvis genomförs det immateriella investeringsbeslutet av högre insatser i organisationen. Väsentliga faktorer vid det immateriella investeringsbeslutet är lönsamhet, ny teknologi, tillväxt och riskbedömning. Nyckelord: Immateriella investeringar, investeringsbeslut, beslutsunderlag, immateriell beslutsprocess / Background and problem: Intangible investments have increased in the Swedish business sector and constitute a significant part of the country's total investments. Intangible investments are essential for the society's productivity and companies competitiveness. The development of intangible investments indicates that the importance of intangible investment decisions has increased. Despite this, the subject area is not noticed by the current research or literature to a greater extent. Purpose: The purpose of this study is that it will contribute to a deeper understanding of intangible investments by generating knowledge in an area that has not previously been recognized to a greater extent. The paper intends to provide information in relation to the intangible decision-making process and regarding factors that are considered to have an impact on the intangible investment decision. Method: The thesis is based on a qualitative multi-case design in which four companies have constituted to the empirical basis. Furthermore, the interviews were conducted on a semi-structured approach to obtaining information.Conclusion: The decision-making process of the intangible investments is initiated through an identification of problems and goals, if the company has experienced a first dilemma. Then there are different investment options that are evaluated based on essential factors. Finally, the intangible investment decision is made by higher units in the organization. Key factors in the intangible investment decision are profitability, new technology, growth and risk assessment. Keywords: Intangible investments, investment decisions, decision basis, intangible decision process