<p><strong>Purpose: </strong>The purpose of this thesis is to investigate if abnormal patterns concerning the rates of return during specific weekdays and months are observable for the companies in the OMXS30 during the period 2003-2010. A special focus will be put on the Monday effect anomaly.</p><p><strong>Background: </strong>Investors have a tendency to search for investment opportunities. If errors exist in the pricing of stocks it indicates that anomalies are present and that the stock market is inefficient. Investors then have the possibility to utilize the anomalies in order to receive above average returns.<strong> </strong></p><p><strong>Method: </strong>This study is using data of stock prices from Nasdaq OMX in the period of 2003-2010. The strength and existence of the Swedish stock market efficiency is measured through autocorrelation-, chi-square- and regression tests.<strong> </strong>Average monthly stock returns are calculated on daily-, monthly-, and yearly basis. The returns are compared in order to examine if day-of-the-week and turn-of-the-year anomalies exist.</p><p><strong>Conclusion: </strong>No Monday effect is found in 2003-2010. However, positive Thursday- and positive Friday effects are detected. A negative turn-of-the-year effect as well as a positive April effect is found. The investment opportunities that could be utilized in 2003-2010 due to the specific anomalies in the period do not necessarily imply that the same anomalies can be expected on the OMXS30 in the future.</p>

The first part of thesis describes the Efficient Market Theory, its characteristics and forms. Another theoretical approach are Behavioral Finances that can also explain the stock market price making. The main topic is Financial Market Anomalies that defy the Efficient Market Theory. Anomalies state that an investor is able to achieve above average profits in the long term regularly. The thesis is focused on two anomalies selected for further testing on the data of companies traded on German exchange Xetra. Data was obtained from Yahoo Finance and processed for statistical tests. Anomalies occurrence was scarce, therefore it cannot be said that an investor is able to achieve above average profits in the long term regularly.

Esta pesquisa aborda qualitativamente a importância de trabalharmos em escolas brasileiras, em especial no espaço de formação de professores, a Lei 10.639/03 que altera a LDB 9394/96, inserindo no currículo escolar a história e a luta dos negros oriundos da diáspora africana. Problematiza: “O que fazer para que professores e gestores educacionais abordem questões referentes à negritude em sala de aula, com a categoria de pertencimento étnico-racial?” A metodologia utilizada busca dar conta das complexidades étnicas da sociedade brasileira, ao navegarmos num passado não muito longe, e em conjunto com uma comunidade escolar, tornamos possível estabelecermos correlações com ações transformadoras da comunidade negra nestas terras, a partir das práticas educativas, promovendo ações realizadas através de oficinas, dinâmicas, desenhos, escritas e leituras, nas quais construímos novos caminhos. No diálogo com o movimento negro, suas principais bandeiras (Vinte de Novembro e o Estatuto da Igualdade Racial), objetivam dar visibilidade às lutas, nas políticas públicas, na desconstituição do mito da democracia racial, no espaço educativo. Muitas mãos se somaram numa prática pedagógica em que professores permitiram a inclusão temática e expressão de desejos de uma transformação social. Da África para o Brasil reconto um pouco da história apresentada no currículo educacional. Trabalho dialogando permanentemente para a desmistificação de rótulos, mitos e preconceitos, para que coletivamente possamos avançar na implementação de políticas de ações afirmativas para a sociedade brasileira. Foi no espaço de formação de professores, que identifiquei as necessidades de criação de condições para trabalhar as Leis 10.639/03 e 11.645/08 para a nação e suas correlações no currículo escolar, promovendo pertencimentos nos diversos espaços sociais frente às negações, situando questões de gênero, examinando contradições entre teorias e práticas, e as etnias. / This work regards qualitatively the importance of working in the Brazilian schools, specially inside the area of the teacher‟s skills building, the law 10.639/03 which alters the LDB 9394/96, adding to the scholar curriculum the history and the struggle of the black people descending from the African scatter. The given problem: “What is supposed to be done in order to make the teachers and the educational managers regard the matters related to the black people consciousness in the classroom, in the category of ethnic-racial subject?” The methodology applied seeks to consider the ethnical complexities of the Brazilian society, so after navigating not too much far in the past, and together with the school community, making it possible to establish correlations with transformational actions of the black people community in the Brazilian land, and through the education itself, actions can be promoted. These were made through workshops, assessment centers, art works, writings and lectures, in which we built new ways. In the dialogue with the black people movement, and analyzing their main stands (The 20th of November and the Statute of Racial Equalty), our goal is to give visibility to their struggles, in the public policies, in the deconstruction of the myth of the racial democracy, in the educational environment. Many hands were summed in a pedagogical practice in which the teachers permitted a thematic inclusion and an expression of wishes of a social transformation. From Africa to Brazil we retell a little of the history presented in the educational curriculum. We work dialoging permanently in order to demystify labels, taboos and prejudices, so we can collectively advance in the implementation of affirmative action‟s policies to the whole Brazilian society. It was in the area of the teacher‟s skills building that we identified the needs for creating the conditions to implement the Law 10.639/03 and the Law 11.645/08 to the Brazilian nation, in their correlations inside the scholar curriculum, promoting the people‟s feelings of belonging to the various social environments in front of their negative aspects, regarding matters of gender, examining contradictions between theories and practices, and the ethnics.

Esta pesquisa aborda qualitativamente a importância de trabalharmos em escolas brasileiras, em especial no espaço de formação de professores, a Lei 10.639/03 que altera a LDB 9394/96, inserindo no currículo escolar a história e a luta dos negros oriundos da diáspora africana. Problematiza: “O que fazer para que professores e gestores educacionais abordem questões referentes à negritude em sala de aula, com a categoria de pertencimento étnico-racial?” A metodologia utilizada busca dar conta das complexidades étnicas da sociedade brasileira, ao navegarmos num passado não muito longe, e em conjunto com uma comunidade escolar, tornamos possível estabelecermos correlações com ações transformadoras da comunidade negra nestas terras, a partir das práticas educativas, promovendo ações realizadas através de oficinas, dinâmicas, desenhos, escritas e leituras, nas quais construímos novos caminhos. No diálogo com o movimento negro, suas principais bandeiras (Vinte de Novembro e o Estatuto da Igualdade Racial), objetivam dar visibilidade às lutas, nas políticas públicas, na desconstituição do mito da democracia racial, no espaço educativo. Muitas mãos se somaram numa prática pedagógica em que professores permitiram a inclusão temática e expressão de desejos de uma transformação social. Da África para o Brasil reconto um pouco da história apresentada no currículo educacional. Trabalho dialogando permanentemente para a desmistificação de rótulos, mitos e preconceitos, para que coletivamente possamos avançar na implementação de políticas de ações afirmativas para a sociedade brasileira. Foi no espaço de formação de professores, que identifiquei as necessidades de criação de condições para trabalhar as Leis 10.639/03 e 11.645/08 para a nação e suas correlações no currículo escolar, promovendo pertencimentos nos diversos espaços sociais frente às negações, situando questões de gênero, examinando contradições entre teorias e práticas, e as etnias. / This work regards qualitatively the importance of working in the Brazilian schools, specially inside the area of the teacher‟s skills building, the law 10.639/03 which alters the LDB 9394/96, adding to the scholar curriculum the history and the struggle of the black people descending from the African scatter. The given problem: “What is supposed to be done in order to make the teachers and the educational managers regard the matters related to the black people consciousness in the classroom, in the category of ethnic-racial subject?” The methodology applied seeks to consider the ethnical complexities of the Brazilian society, so after navigating not too much far in the past, and together with the school community, making it possible to establish correlations with transformational actions of the black people community in the Brazilian land, and through the education itself, actions can be promoted. These were made through workshops, assessment centers, art works, writings and lectures, in which we built new ways. In the dialogue with the black people movement, and analyzing their main stands (The 20th of November and the Statute of Racial Equalty), our goal is to give visibility to their struggles, in the public policies, in the deconstruction of the myth of the racial democracy, in the educational environment. Many hands were summed in a pedagogical practice in which the teachers permitted a thematic inclusion and an expression of wishes of a social transformation. From Africa to Brazil we retell a little of the history presented in the educational curriculum. We work dialoging permanently in order to demystify labels, taboos and prejudices, so we can collectively advance in the implementation of affirmative action‟s policies to the whole Brazilian society. It was in the area of the teacher‟s skills building that we identified the needs for creating the conditions to implement the Law 10.639/03 and the Law 11.645/08 to the Brazilian nation, in their correlations inside the scholar curriculum, promoting the people‟s feelings of belonging to the various social environments in front of their negative aspects, regarding matters of gender, examining contradictions between theories and practices, and the ethnics.

Esta pesquisa aborda qualitativamente a importância de trabalharmos em escolas brasileiras, em especial no espaço de formação de professores, a Lei 10.639/03 que altera a LDB 9394/96, inserindo no currículo escolar a história e a luta dos negros oriundos da diáspora africana. Problematiza: “O que fazer para que professores e gestores educacionais abordem questões referentes à negritude em sala de aula, com a categoria de pertencimento étnico-racial?” A metodologia utilizada busca dar conta das complexidades étnicas da sociedade brasileira, ao navegarmos num passado não muito longe, e em conjunto com uma comunidade escolar, tornamos possível estabelecermos correlações com ações transformadoras da comunidade negra nestas terras, a partir das práticas educativas, promovendo ações realizadas através de oficinas, dinâmicas, desenhos, escritas e leituras, nas quais construímos novos caminhos. No diálogo com o movimento negro, suas principais bandeiras (Vinte de Novembro e o Estatuto da Igualdade Racial), objetivam dar visibilidade às lutas, nas políticas públicas, na desconstituição do mito da democracia racial, no espaço educativo. Muitas mãos se somaram numa prática pedagógica em que professores permitiram a inclusão temática e expressão de desejos de uma transformação social. Da África para o Brasil reconto um pouco da história apresentada no currículo educacional. Trabalho dialogando permanentemente para a desmistificação de rótulos, mitos e preconceitos, para que coletivamente possamos avançar na implementação de políticas de ações afirmativas para a sociedade brasileira. Foi no espaço de formação de professores, que identifiquei as necessidades de criação de condições para trabalhar as Leis 10.639/03 e 11.645/08 para a nação e suas correlações no currículo escolar, promovendo pertencimentos nos diversos espaços sociais frente às negações, situando questões de gênero, examinando contradições entre teorias e práticas, e as etnias. / This work regards qualitatively the importance of working in the Brazilian schools, specially inside the area of the teacher‟s skills building, the law 10.639/03 which alters the LDB 9394/96, adding to the scholar curriculum the history and the struggle of the black people descending from the African scatter. The given problem: “What is supposed to be done in order to make the teachers and the educational managers regard the matters related to the black people consciousness in the classroom, in the category of ethnic-racial subject?” The methodology applied seeks to consider the ethnical complexities of the Brazilian society, so after navigating not too much far in the past, and together with the school community, making it possible to establish correlations with transformational actions of the black people community in the Brazilian land, and through the education itself, actions can be promoted. These were made through workshops, assessment centers, art works, writings and lectures, in which we built new ways. In the dialogue with the black people movement, and analyzing their main stands (The 20th of November and the Statute of Racial Equalty), our goal is to give visibility to their struggles, in the public policies, in the deconstruction of the myth of the racial democracy, in the educational environment. Many hands were summed in a pedagogical practice in which the teachers permitted a thematic inclusion and an expression of wishes of a social transformation. From Africa to Brazil we retell a little of the history presented in the educational curriculum. We work dialoging permanently in order to demystify labels, taboos and prejudices, so we can collectively advance in the implementation of affirmative action‟s policies to the whole Brazilian society. It was in the area of the teacher‟s skills building that we identified the needs for creating the conditions to implement the Law 10.639/03 and the Law 11.645/08 to the Brazilian nation, in their correlations inside the scholar curriculum, promoting the people‟s feelings of belonging to the various social environments in front of their negative aspects, regarding matters of gender, examining contradictions between theories and practices, and the ethnics.

I uppsatsen redogörs för hur olika hyressättningssystem har varierat i Sverige under det senaste seklet. De hyressättningssystem som behandlas är hyresreglering, bruksvärdessystemet samt marknadshyra. En historisk bakgrund inför respektive systems tillblivelse skildras genom sammanställning och bearbetning av rättskällor. På hyresbostadsmarknaden tillämpas idag i huvudsak bruksvärdessystemet som för med sig ett starkt besittningsskydd för dagens hyresgäster. Vidare tolkas och redogörs för ett reformförslag om ett närmande till fri hyressättning. Under januari år 2019 förhandlade de politiska partierna Centerpartiet, Liberalerna, Miljöpartiet och Socialdemokraterna, i en överenskommelse, fram en lista med 73 punkter (Januariavtalet). I denna lista beskrivs under punkt 44, att den aktuella hyresmodellen ska komma att reformeras genom bland annat införande av fri hyressättning vid nybyggnation. Detta reformförslag kommer troligtvis att implementeras på hyresbostadsmarknaden år 2021, en bostadsmarknad som genomgår ständiga förändringar. I Stockholm sker idag omvandling av hyresrätter till bostadsrätter, likaväl har priserna stigit i förorterna som i stadens centrala delar. Utvecklingen har lett till en stor andel höginkomsttagare i de mest attraktiva och centrala områdena och segregationen är tydligare än någonsin. Idag är efterfrågan och behovet av hyresbostäder högre än beståndet och många är drabbade, inte minst unga och utrikesfödda som är begränsade och saknar ekonomisk kraft för att kunna få tag på en hyresrätt. Ytterligare en begränsning är den genomsnittliga kötiden för att få en hyresrätt i innerstan. Under år 2018 låg den genomsnittliga kötiden på 17 år, enligt bostadsförmedlingen i Stockholm. I uppsatsen dras bland annat slutsatsen om att ett verkställande av reformförslaget enligt den aktuella formuleringen med fri hyressättning vid nyproduktion, kommer att leda till två parallellt verkande marknader; en reglerad marknad samt en oreglerad marknad. På sikt kommer dock båda att innebära en viss reglering, men som ändå kommer att ligga på två jämförbara prisklasser. Ena för nyproducerade och attraktiva bostäder riktad till den del av befolkningen med högre inkomst och en annan för ett redan befintligt bestånd med en relativ hög efterfrågan. Likaväl kommer det troligtvis att leda till att respektive system får olika besittningsskydd på marknaden. / A description of how different renting systems have varied in Sweden during the last century, will be presented in the project. The renting systems that are described are rental control, the utility value system and market rent. A historical background for respective system's appearance is presented. Today, the utility value system is used in the Swedish rental housing market. The system provides a strong protected tenancy for today's tenants. Furthermore, a reform proposal on free rental market is presented. In January 2019, a negotiation between the political parties Centerpartiet, Liberalerna, Miljöpartiet and Socialdemokraterna, led to an agreement, a list of 73 points (the January agreement). In this list, under point 44, the current rental system is described to be reformed by imposing free rent on newly built rental apartments. This reform proposal will probably be implemented in the rental housing market in 2021, a housing market that is going through constant changes. Today many rental apartments in Stockholm are converted into cooperative apartments, yet prices have risen in both suburbs and the city's central parts. The development has led to a large proportion of highincome people in the most attractive and central areas of the city and the segregation is clearer than ever. The need and the demand of rental apartment is higher today than the supply can cover and many are affected, not least the younger generation and the foreign-born who are limited and have lack of financial power to be able to obtain a rental apartment. According to the housing agency in Stockholm, the average queue time was 17 years in 2018 for obtaining a rental apartment in the inner city. The conclusion that can be drawn is, among others, that the implementation of the reform proposal according to the current formulation in the January agreement about imposing free rent for newly built rental apartments, will lead to two parallel operating markets; one regulated market and one unregulated market. In the long term, however, both markets will entail some regulation, but they will still be on two comparable price ranges. One for newly produced and attractive apartments aimed for that part of the population with higher income and the second one for an already existing supply with a relatively high demand. The two parallel markets will furthermore probably lead to different strength of protected tenancy.

No description available.

No description available.

因有眾多實證研究支持若隨持有期不同，而能適時調整投資策略，便可獲取超額報酬，且月營收資訊具有相當程度的資訊內涵。因此，本研究延伸傳統動能策略的概念，而改以三種當月營收成長率做為篩選投資組合的條件，進而形成營收動能策略(sales momentum strategy)，研究主要目的為欲確認此策略於台灣股市之有效性，並同時印證『強者恆強』與『漲時重勢、跌時重質』觀念是否適用。再者，亦提供利用市場公開訊息建構投資組合之選擇，以協助彌補一般投資者無法與專業機構法人同步取得領先資訊之劣勢，進而改善投資績效。 本研究投資組合建構之方式為，於每月11日，上市公司月營收全數公布，並可自TEJ資料庫取得完整資料時，依照當月營收月增率、當月營收年增率及當月累計營收年增率等三項篩選條件，分別將所有上市公司進行排序，排序方式則區分為十等分(10%)及五等分(20%)兩種。其中，成長率排名前10%或20%的群體稱為贏家組合，排名後10%或20%的群體則稱為輸家組合。當贏、輸家組合篩選完成後，買入贏家組合，同時賣出輸家組合，即可產生一零成本營收動能策略投資組合。 綜合本研究各項實證分析的結果推斷，營收動能策略於台灣股市確實具有其效果，亦即台灣股市的投資人對於營收成長率訊息普遍存在反應不足現象，且印證營收宣告存在資訊內涵，惟各種投資組合績效將因篩選條件與持有期不同而產生差異。其中，尤以當月營收年增率為篩選條件，所建構之營收動能策略投資組合可獲得最佳的績效表現，且獲利並非來自於承擔市場系統性風險。此外，營收動能策略投資組合之元月效應並不明顯，而『強者恆強』與『漲時重勢、跌時重質』的觀念，則的確存在一定的參考價值。

This Study uses a period between 1939-2017 to analyse calendar anomalies on the Swedish equity market. We test whether calendar anomalies’ return deviates from the return of ordinary trading days. Our result shows that the day of the week effect, weekend effect, turn of the year, turn of the month and holiday effect have had an impact on the daily rate of return, both domestic and abroad. Similar to international markets the calendar anomalies in Sweden start to be less prominent during 1980’s. Also, our result displays that, since the 1970’s, UK holidays have had a negative impact on the daily return in Sweden. In contrast, American holidays have since the 2010’s had a positive impact. Turn of the year and turn of the month in Sweden have been more clustered around the first trading day of the year and month, compared to studies on other equity markets. Negative returns on Tuesdays, rather than Mondays, do also distinguish Sweden’s equity market relative to other markets.