Bakgrund: För att avgöra huruvida aktieanalytiker som grupp betraktat tillför värde för investerare måste frågan ställas om det är lönsamt att följa analytikernas konsensusrekommendationer. Ett problem med att följa dessa är att rekommendationerna som utgör konsensus kan förbli oförändrade under långa perioder vilket innebär att de vanligtvis blir mindre informativa med tiden. Studier som istället utvärderar värdet av reviderade rekommendationer har visat att det kan vara mer lönsamt att följa analytiker när de ändrar uppfattning om en aktie. Syfte: Syftet med studien är att utvärdera revideringar av aktieanalytikers rekommendationer på den nordiska marknaden och att analysera investeringsstrategier baserade på dessa som tar hänsyn till transaktionskostnaders inverkan på avkastningen. Genomförande: De reviderade rekommendationerna har utvärderats kvantitativt med data från Inquiry Financial för perioden 2006 – 2009. Vi konstruerar sex portföljer för varje studerad marknad, där de olika portföljerna består av upp- respektive nedgraderade aktier med olika innehavsperioder för att testa huruvida revideringarna kan sägas vara informativa. Resultat: Resultaten visar att reviderade rekommendationer är informativa på flera av de studerade marknaderna, där aktiekurser fortsätter att stiga för uppgraderingar och sjunka för nedgraderingar flera månader efter att revideringen har skett. En investerare som agerade på revideringarna hade kunnat generera överavkastning i ett flertal utvärderade strategier innan justering för transaktionskostnader skett. När hänsyn tagits till transaktionskostnadernas inverkan genererar ingen strategi signifikant alfa, men resultaten indikerar ändå att det finns ett värde i att följa revideringarna. / Background: To determine whether or not stock analysts as a group add value for investors the question that should be asked is if it’s profitable to follow the analysts' consensus recommendations. A problem with following these is that the recommendations that enter into the consensus can remain unchanged for long periods which mean that they generally become less informative over time. Studies that instead evaluate recommendation revisions have shown that it can be more profitable to follow the analysts when they change their opinions regarding a stock. Aim: The aim of this study is to evaluate analysts’ recommendation revisions in the Nordic markets and to analyze investment strategies based on these revisions that consider the impact of transaction costs. Completion: The recommendation revisions have been evaluated quantitatively using data from Inquiry Financial for the period 2006 – 2009. We construct six portfolios for each market, where the portfolios consist of up- and downgraded stocks with different holding periods in order to determine how informative the revisions are. Findings: We find that recommendation revisions are informative in several of the studied markets, where stock prices continue to drift upward for upgrades and downward for downgrades several months after the revision. An investor acting on these revisions would have been able to generate abnormal returns in a number of considered strategies, gross of transaction costs. When the impact of transaction costs is considered no strategy generates significant alpha due to the frequent rebalancing required, but the results nonetheless indicates that there is value in following the revisions.

Using retrospective data analysis, this paper looks at the potential effects that the EU financial transaction tax would have on registered Austrian funds. We use original data for 927 investment funds over a 12-month trading period covering the 2014 calendar year. We analyse its effect on total net assets and on performance. We find that the cost of FTT on Austrian funds for 2014 would be Euro 89.5 million. The effect of FTT differs between funds and is influenced by fund category, gilt-edged securities held, risk and investment strategy. Behavioural changes in the market would likely arise in these areas if FTT were to be introduced. (authors' abstract) / Series: WU International Taxation Research Paper Series

Intro: 80 percent of the Swedish population own shares. This makes Sweden the leading country in private investment in securities. It can be difficult for the private investor to know where, when and which security to invest in. The strategies are as ambivalent as the stock markets fluctuations. If the investor prefers to refrain from investing money himself, there are brokers who carry out these types of services. Brokers use complex calculations and analytical tools to reach the best investment strategies. Their results are based on historic data from public information. According to the theory of the efficient market hypothesis, it is not possible to generate excessive returns on investments which are based on publicly available information. Purpose: The study aims to assess if stock recommendations published in a business newspaper have any value for investors, who hopes to generate high returns. Methodology: Since the data is quantitative, a deductive method is used to comprehend the results. Investments are divided into two fictive portfolios where one portfolio follows a passive investment strategy whilst in the other, active investments based on public information are made. A one-sample t-test is used to obtain the statistics for answering the hypothetical questions. Theoretical: The primary theory for the essay is the theory of efficient market hypothesis, perspectives but also passive investment strategies and the random walk hypothesis are being touched upon. Empirical: A study has been conducted of recommendations with the recomendations foundations found on DI.se between 01.01.2005 and 31.12.2006, as the study objects. Theprimary sources have been DI.se and the NASDAQ OMX. The results from the data are solely products of my own empirical findings. Conclusion: The results signify a large difference between a passive and an active investment strategy, although the statistical results indicates no significancy.

Šiame baigiamajame bakalauro darbe tiriamas strategijų, paremtų technine analize, taikymas prekyboje Forex rinkoje. Pirmiausia teorinėje dalyje nagrinėjama pasaulinės valiutų rinkos sistema, aptariami privataus asmens dalyvavimo šioje rinkoje aspektai. Po to atskleidžiama techninės analizės specifika, pateikiant jos sampratą, pagrindines priemones bei teorinius, techninės analizės pagrindu sudarytos, strategijos formavimo principus. Praktinėje dalyje vertinamos, pagal teorinėje dalyje atskleistus principus, sudarytų strategijų efektyvumas Forex rinkoje analizuojant istorinius duomenis. Atliekant tyrimą buvo naudojamos šešios valiutų poros, siekiant įvertinti techninės analizės efektyvumo priklausomybę nuo valiutų poros likvidumo. Rašant darbą buvo naudotasi Lietuvos bei užsienio autorių moksline literatūra, internetiniais portalais bei Meta Trader 4 programa analizuojant istorinius duomenis. / This Bachelor's thesis analyses on technical analysis based strategies usage in Forex market. At first in theoretical part author looks into the system of Forex market, and presents it from private investor point of view. Later the particularity of technical analysis is presented by inducting it‘s definition, basic instruments and theoretical on technical analysis based strategies forming principles. In practical part the efficiency of technical analysis strategies is tested by analysing historical data. In this research six currencies pairs were used in order to value the relation between efficency of technical analysis and currency pair liquidity. In writing of thesis author used Lithuanian and foreigner authors literature, internet sites and Meta Trader 4 program by analysing historical data.

Perspektyvos atžvilgiu, investavimas yra nesudėtingas ir efektyvus būdas, nepriklausomai nuo pajamų ir gyvenimo būdo, siekti ilgalaikių ar trumpalaikių finansinių tikslų ir įgyvendinti svajones bei norus. Nesvarbu, kas esate ir kiek uždirbate – pasinaudoję investavimo siūlomomis galimybėmis turimus pinigus be jokių pastangų galite „užauginti“ ir leisti savo reikmėms. Sėkmingai išmokus investuoti su virtualiais pinigais, galima bus pradėti investuoti į tikrus investavimo instrumentus – akcijas, fondus, obligacijas ir t.t. ir taip siekti savo gyvenimo tikslų. Pagrindinis šios sistemos sukūrimo tikslas suteikti žmonėms galimybę išbandyti investavimo sugebėjimus ir patikrinti savo investavimo strategijas virtualiai. Ši sistema padės suvokti investavimo principus, bei įgyti bazines žinias apie investavimą, neinvestuojant grynųjų pinigų. Šiame darbe aprašomas projektinis sprendimas, panaudotas kuriant sistemą, architektūra ir svarbiausi realizacijos aspektai. Išskirti panašių sistemų privalumai ir trūkumai. Pasiūlytas būdas, kaip galima išplėsti bei papildyti esamų sistemų funkcionalumą. Sukurtas optimizacinis akcijų biržos lošimo modelis, leidžiantis apjungti virtualų biržos modeliavimą su sistemos naudotojų investavimo strategijomis. Eksperimento metu buvo įrodyta, jog virtuliai modeliuojant akcijų biržą gauti rezultatai ne daug kuo skyrėsi nuo rezultatų, gautų tiriant investavimo strategijas su istorinėmis akcijų kainomis. / Perspective, investing is simple and effective way, regardless of income and lifestyle, to achieve long-term or short-term financial goals, dreams and wishes. No matter who you are and how much you earned - through the investment opportunities offered the money without any effort to "grow" and to authorize its use. Successful investing benefits of virtual money, you can begin to invest in certain investment instruments - stocks, funds, bonds, etc. and thus achieve their life goals. The main aim of the system to give people the opportunity to test investment skills and test your investment strategies in the virtual mode. This system will help to understand the investment principles, and to acquire basic knowledge about investing. This paper describes the design solution, used in the system, architecture and key aspects of implementation. Identified and described main advantages and disadvantages of the system. A proposed method to complement and extend the functionality of existing systems. Developed optimized stock gambling model, allowing the exchange of virtual simulations combined with investment strategies of users. In this experiment, it was proved that obtained results of the stock exchange simulation are not much different from the results, obtained in testing the investment strategies of historical stock prices.

The strong form of the efficient market hypothesis (EMH) puts forward that it is impossible to achieve better than market results. Yet there are very famous investors, particularly a famous value based investor named Warren Buffett that have achieved better than market returns. The primary objective of this study is to investigate the role of value based investment in generating better than market or superior investment returns. The study was conducted both as a literature study and an empirical study. The objectives of the literature study were threefold. Firstly, to discover value based investment as part of a discussion on investment strategies. Secondly, to investigate the possibility of achieving better than market returns. Lastly, to investigate the role of value based investing in achieving better than market returns. Through the literature study, value based investment parameters were also identified for empirical testing. It was found in the literature that value based investing has a role to play in achieving superior returns. By way of the application of correlation-based research, as well as regression analysis it was found that there is significant statistical evidence to underscore that value based investment parameters can lead to superior returns. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The strong form of the efficient market hypothesis (EMH) puts forward that it is impossible to achieve better than market results. Yet there are very famous investors, particularly a famous value based investor named Warren Buffett that have achieved better than market returns. The primary objective of this study is to investigate the role of value based investment in generating better than market or superior investment returns. The study was conducted both as a literature study and an empirical study. The objectives of the literature study were threefold. Firstly, to discover value based investment as part of a discussion on investment strategies. Secondly, to investigate the possibility of achieving better than market returns. Lastly, to investigate the role of value based investing in achieving better than market returns. Through the literature study, value based investment parameters were also identified for empirical testing. It was found in the literature that value based investing has a role to play in achieving superior returns. By way of the application of correlation-based research, as well as regression analysis it was found that there is significant statistical evidence to underscore that value based investment parameters can lead to superior returns. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

Die vorliegende Arbeit behandelt die Anlage von Pensionsvermögen im Rahmen von Contractual Trust Arrangements. Es wird untersucht, welche Anlagestrategien sich unter Berücksichtigung bilanzieller, verpflichtungs- und vermögensseitiger Rahmenbedingungen zur Anlage von Pensionsvermögen eignen. Anhand eines geeigneten Anlagemodells für Pensionsvermögen und der Durchführung einer stochastischen Simulation wird analysiert, welchen Einfluss unterschiedliche Anlagestrategien auf die Entwicklung des Pensionsvermögens haben. Die Arbeit geht zunächst den Hintergrund der betrieblichen Altersversorgung und Contractual Trust Arrangements in Deutschland ein. Zur Abbildung der Verpflichtungsseite und der Mitarbeiterstruktur des Unternehmens wird unter Einbezug aktuarischer Ansätze ein Mitarbeitermodell entwickelt. Das in der Arbeit entwickelte Portfoliomodell integriert die Verpflichtungs- und Vermögensseite und zeigt, wie das Vermögen zur Deckung leistungsorientierter Zusagen zur betrieblichen Altersversorgung unter Einbezug der Unternehmensperspektive mit Hilfe dynamischer Risikonebenbedingungen geeignet angelegt werden kann.

Die vorliegende Arbeit behandelt die Anlage von Pensionsvermögen im Rahmen von Contractual Trust Arrangements. Es wird untersucht, welche Anlagestrategien sich unter Berücksichtigung bilanzieller, verpflichtungs- und vermögensseitiger Rahmenbedingungen zur Anlage von Pensionsvermögen eignen. Anhand eines geeigneten Anlagemodells für Pensionsvermögen und der Durchführung einer stochastischen Simulation wird analysiert, welchen Einfluss unterschiedliche Anlagestrategien auf die Entwicklung des Pensionsvermögens haben. Die Arbeit geht zunächst auf den Hintergrund der betrieblichen Altersversorgung und Contractual Trust Arrangements in Deutschland ein. Zur Abbildung der Verpflichtungsseite und der Mitarbeiterstruktur des Unternehmens wird unter Einbezug aktuarischer Ansätze ein Mitarbeitermodell entwickelt. Das in der Arbeit entwickelte Portfoliomodell integriert die Verpflichtungs- und Vermögensseite und zeigt, wie das Vermögen zur Deckung leistungsorientierter Zusagen zur betrieblichen Altersversorgung unter Einbezug der Unternehmensperspektive mit Hilfe dynamischer Risikonebenbedingungen geeignet angelegt werden kann.

This thesis consists of four essays on the topic of asset management. The first essay, Performance and Characteristics of Swedish Mutual Funds studies the relation between fund performance and fund attributes in the Swedish market. The results show, among other things, that good performance is to be found among small equity funds, low-fee funds, funds whose trading activity is high, and in some cases, funds with good past performance. The second essay, Does Active Trading Create Value? An Evaluation of Fund Managers' Decisions decomposes fund performance and examines how it is influenced by fund managers' strategic and tactical decisions. The results support the value of active portfolio management in Sweden. The essay also finds a positive relation between performance and fund managers' voluntary trading decisions. In contrast, there is some evidence of inferior trading decisions when fund managers are forced to trade. The third essay, Investment Strategies, Fund Performance, and Portfolio Characteristics analyzes the relation between fund performance and fund managers' investment strategies. The results show that neither momentum characteristics nor the valuation of stocks in the fund portfolio can explain differences in fund performance. The findings also show a positive relation between performance and the degree of diversification of the fund portfolio. The last essay, Costly Information, Diversification, and International Mutual Fund Performance examines how fund managers' costly search for information affects the performance of mutual funds that invest in Asia and Europe. The essay shows that fund managers who select from a smaller set of Asian stocks perform better than those who select from a larger set. Moreover, the performance of large international mutual fund companies is similar to that of their small competitors. This suggests that there are no economies of scale in the costly search for information. / Diss. Stockholm : Handelshögskolan, 2001