This thesis comprises, firstly, a careful and detailed description of the institutional workings of the Chinese stock market; secondly, a literature review of the Chinese segmented markets and dual-listed shares price premium; and thirdly, three evidence-based contributions designed to cast new light on the Chinese A-shares premium puzzle. Publicly-listed firms in China, under certain criteria, can issue two different types of shares, namely A-shares and B-shares, to local and foreign investors respectively. These shares carry the same rights and obligations, but are however priced differently due to market segmentation. After a review of the literature on determinants of the premium, the first contribution offers a complementary explanation. I propose that the premium reflects the difference in valuation preferences between the local and foreign investors, i.e., local investors pay more attention to stock liquidity, while foreign investors pay more attention to firm’s intrinsic value, and so firms having more favorable fundamentals tend to have lower premia. The second contribution involves the examination of a controversial question that which investor group is better informed about local assets, by testing the direction of information flows between the A- and B-shares markets. Both time series methods, and panel data techniques which are used for the first time in this context, are employed, in order to get a distinct and more insightful picture against the current literature. The third contribution compares and contrasts institutional settings of China, Singapore and Thailand which have similar market segmentation and dual-listing systems; examines whether or not the premia in the three countries are caused by same factors; and tries to answer why foreign investors in China pay less, rather than more, as commonly observed in other segmented markets, for identical assets. It provides the first cross-country comparison evidence after 1999 with updated data.

Bakgrund och problem: Det finns många olika aspekter som avgör om ett bolag ska börsnoteras eller inte vilket gör det till ett komplext beslut. Det uppstår därmed olika effekter inom bolagens lönsamhet, tillväxt och finansiella struktur beroende på om de är noterade eller onoterade samt vilken sektor de är verksamma i. Vidare kan noterade bolag utsättas för strängare regler och krav på marknaden jämfört med onoterade bolag vilket leder till olika konsekvenser. Att vara eller icke vara ett noterat bolag är därför betydelsefullt för att få en bättre förståelse av marknaden.   Syfte: Syftet med studien är att undersöka om det finns skillnader mellan olika nyckeltal inom lönsamhet, tillväxt och finansiell struktur genom att jämföra svenska Small Cap-bolag med motsvarande onoterade bolag inom samma sektor.   Metod: En kvantitativ studie med ett deduktivt synsätt genomförs där 3 hypoteser utformas utifrån teorin. Dessa hypoteser utgår ifrån att noterade bolag har en högre lönsamhet, tillväxt och bättre finansiell struktur jämfört med onoterade bolag. Studiens empiriska material består av 25 noterade svenska Small Cap-bolag som matchas med 25 onoterade “tvillingbolag” som är motsvariga inom storlek och sektor. Bolagen jämförs under tidsperioden 2009-2015 och studeras både över samtliga tidsperioder samt inom tre olika tidsperioder för att finna möjliga skillnader mellan de noterade och onoterade bolagen. Både t-tester och multipla regressioner utförs för att tyda möjliga skillnader och samband.   Slutsats: Studien finner signifikanta skillnader mellan noterade och onoterade bolag inom deras finansiella struktur under olika tidsperioder. Det kan dock inte tydas några signifikanta skillnader mellan bolagens lönsamhet och tillväxt. Det framkommer även bevis på att tillväxt och finansiell struktur skiljer sig mellan sektorerna. En anledning till att inga signifikanta skillnader kan påvisas mellan lönsamhet, tillväxt och förändring i kassalikviditet kan vara för att skillnaderna mellan de noterade och onoterade bolagen har minskat genom åren, i jämförelse med tidigare studier. / Background and problem: There are many different aspects that determine whether a company should be listed or not, which makes it a complex decision. Thus, there are different effects within the companies' profitability, growth and financial structure depending on whether they are listed or unlisted, and the sector in which they operate. Furthermore, listed companies may be subject to stricter rules and requirements in the market compared to unlisted companies, resulting in different consequences. To be or not to be a listed company is therefore important for a better understanding of the market. Purpose: The purpose of the study is to investigate whether there are differences between various key ratios in profitability, growth and financial structure by comparing Swedish small cap companies with corresponding unlisted companies within the same sector. Method: A quantitative study with a deductive approach is implemented where 3 hypotheses are constructed from the theory. These hypotheses assume that listed companies have higher profitability, growth and better financial structure than unlisted companies. The empirical material of the study consists of 25 listed Swedish small cap companies, which are matched with 25 unlisted "twin companies" which are similar in size and sector. The companies are compared over the period 2009-2015 and are studied within all periods and three different periods to find possible differences between listed and unlisted companies. Both t-tests and multiple regressions are performed to indicate possible differences and relationships. Conclusion: The study finds significant differences between listed and unlisted companies within their financial structure during different periods of time. However, there are no significant differences between the companies' profitability and growth. There is also evidence that growth and financial structures differ between the sectors. One reason why no significant differences can be found between profitability, growth and the change in liquidity ratio may be because the differences between listed and unlisted companies have decreased over the years, compared with previous studies.

Alarming statistics provides that only 10,2 percentage of companies listed on the Swedish stock exchange has achieved gender equality in their top management. The fact is that women being discriminated, since men dominates these positions of power. The study is of a qualitative nature and aims to achieve a deeper understanding and knowledge contribution of how gender equal companies´ has achieved this gender diversity in their top management. Sweden's highest ranking business leaders has been interviewed in order to obtain their view, and the companies they represent, in order to get an answer to what the most important requirements has been in the achievement. The study's main result has shown that strong core values and corporate culture are basic and required condition for a successful gender equality strategy. A deliberate or emergent strategy can then be successfully implemented, and it is mainly the impact of structural barriers that determine which strategy a company uses. At a deliberate strategy, following measures are in additional to core values and corporate cultural crucial; commitment towards gender equality, a specific plan with clear objectives, and a conscious objective recruitment process. The result found aboute these two factors and three measures also identified a required specific order to follow in order to achieve gender diversity in top management. These findings, which in a near future, aims to contribute to a more gender equal Sweden.

L'objectif de cette recherche est d'évaluer la communication environnementale (CE) des entreprises tunisiennes et marocaines et de déterminer les facteurs susceptibles de la favoriser ou de la contraindre. En se basant sur la théorie des parties prenantes, nous empruntons le modèle conceptuel d'Ullmann (1985) pour tester l'effet du pouvoir des parties prenantes, de la culture d'entreprise, de la situation économique et financière de l'organisation sur l'étendue de la CE. L'échantillon de l'étude est composé de 18 entreprises tunisiennes et de 20 entreprises marocaines cotées respectivement sur les bourses de Tunis et de Casablanca. L'évaluation de l'étendue de la CE est faite sur la base des rapports annuels collectés sur la période allant de 2000 à 2007. Les résultats de l'analyse quantitative montrent que la CE est principalement orientée vers les actionnaires et les investisseurs. En outre, l'influence de la culture d'entreprise, de la situation économique et financière de l'entreprise, du secteur d'activité, de la taille ainsi que du pays d'origine est confirmée. Dans le but d'approfondir ces résultats, une analyse qualitative est conduite sur 10 cas d'entreprises retenus de l'échantillon initial. Les résultats révèlent que le niveau d'internationalisation de l'activité de l'entreprise, son appartenance à une multinationale réputée par son engagement dans le développement durable, la taille de l'auditeur ainsi que la composition du Conseil d'Administration expliquent l'étendue de la CE des entreprises tunisiennes et marocaines. / The purpose of this research is to assess the corporate environmental reporting (CER) of Tunisian and Moroccan companies and to determine the factors likely to support it or constrain it. Relying on the stakeholder theory, we use the conceptual model of Ullmann (1985) to test the effect of the stakeholder power, corporate culture and the economic and financial performances on the extent of the CER. The sample comprises 18 Tunisian and 20 Moroccan companies listed respectively on Tunisian and Moroccan stock exchanges markets. The evaluation of the extent of CER is made on the basis of annual reports collected over the period from 2000 to 2007. The results of the quantitative analysis show that CER is made mainly to shareholders and investors. The influence of corporate culture, economic and financial performances, company's industry, size and country's origin is confirmed. Furthermore, a qualitative analysis is conducted on 10 companies selected from the initial sample. The results reveal that the company's level of internationalization, being a subsidiary of multinational renowned for its commitment to sustainable development, the size of the auditor and the composition of the Board explain the extent of the CER of Tunisian and Moroccan companies.

Czech language is an unattractive and boring subject for some pupils. In this work I deal with linguistic game, by which I would like to promote interest in the subject. In the theoretical part I determine the subject matter of the word classes, new algorithms and principles that should be followed in the curriculum. In addition, there is a definition of game and its place in the life of a child. Other concepts, such as "didactic play" and "language game", are explained as well. In the practical part I analyze the questionnaire, which is concerned with language games in the third and fourth year of primary school. I evaluate teachers' opinions on play, if they involve games during their lessons and whether pupils play these games with interest or not. This section also contains a reservoir of language games that are designed to practice and consolidate the particular curriculum. I tried to link theory with practice as much as possible. The main aim of my thesis is to use games to make teaching methods more interesting and fun for children.

Problemformulering: Jämställdheten i bolagsstyrelser debatteras flitigt och företag jobbar aktivt med att öka andelen kvinnor. Inflödet av nya bolag och utflödet av bolag från Stockholmsbörsen påverkar andelen kvinnor i styrelserna totalt och denna effekt är inte tidigare analyserad. Outforskat är även hur fördelningen av oberoende och ägarberoende styrelseledamöter ser ut i de nylistade och avlistade bolagen. Vad dessa två parametrar har för effekter, vad jämställdhetsarbetet har för ursprung och vad som kan påverka könsfördelningen är aspekter som genom analys skulle kunna bidra med värdefulla insikter för det framtida arbetet för ökad jämställdhet i bolagsstyrelser. Syfte: Att studera in- och utflödet av bolag på Stockholmsbörsen för att se hur det påverkar det totala snittet när det gäller könsfördelningen i bolagsstyrelser. Genom intervjuer ämnar studien ge en djupare förståelse för frågans uppkomst samt att utifrån detta försöka ge relevanta rekommendationer gällande åtgärder och framtida forskning. Metod: I studien används både kvantitativ och kvalitativ metod för att uppfylla syftet. Detta innebär att både kvalitativ och kvantitativ metod har använts för datainsamlingen. Studien har en abduktiv ansats och tre olika designer för att nå en slutsats. Åtta semi-strukturerade intervjuer har genomförts för att komplettera den kvantitativa datainsamling som genomförts för nylistade och avlistade bolagen på Stockholmsbörsen. Slutsats: Både nylistade och avlistade bolag har en lägre andel kvinnor än de befintliga, vilket gör att effekterna i princip tar ut varandra. Andelen ägarberoende kvinnor i de nylistade bolagen är väldigt låg. Huvudägaren i ett bolag har stort inflytande på styrelsesammansättningen och att få kvinnor äger och grundar börsnoterade bolag förklarar delvis varför det ser ut som det gör. / Problem discussion: A question that is frequently discussed is the gender equality among board of directors in listed companies and how companies actively try to increase the average share of women. The newly listed and unlisted companies on Nasdaq’s Stockholm Exchange affects the total average share of women but the actual effect has never been analyzed before. The difference in gender allocation between independent and owner dependent board of directors in newly listed and unlisted companies are unexplored. The effect of these two categories of board of directors, the origin of the development in gender equality among the board of directors and what effects that can increase the gender equality are interesting to research. By analyzing these aspects, the study can contribute with valuable knowledge for the future development of more gender equal boards. Purpose: By researching the board of directors gender in the newly listed and unlisted companies on Nasdaq’s Stockholm Exchange the result can be compared to the gender of the existing board of directors. The study also analyzes the background to the average gender equality among the board of directors as well as potential recommendations to increase the average. Methodology: A mixed methods research has been used in order to fulfill the study’s purpose. This means that a mix of a quantative and a qualitative study has been used to collect data. The study has an abdutive approach as well as three different designs in order to accomplish the study’s purpose. Eight semi-structured interviews have been conducted to complement the data of the average gender equality among the board of directors gathered from the inflow and outflow of companies Nasdaq’s Stockholm Exchange. Conclusion: The study concludes that the newly listed and unlisted companies decrease the total average share of women on Nasdaq’s Stockholm Exchange, also the newly listed companies’ owner dependent directors is under represented among women. The majority share holders’ influence on the combination of board members is high and there are very few women who own and start listed companies which partly explains the underlying reason why the average gender equality is what it is today.

Student Number : 9005994G - MSc research report - School of Construction Economics and Management - Faculty of Engineering and the Built Environment / The objectives of this research are to assess the returns, risks and correlation of a mixed-asset portfolio, establish the role of real estate in a mixed-asset portfolio and suggest an appropriate real estate allocation in the South African pension fund industry. The issue of low real estate allocation has been a subject of interest to practitioners and academics, both locally and internationally, despite the diversification benefit that real estate provides in a mixed-asset portfolio. A statistical approach was considered most the appropriate tool for analyzing returns. Solver optimizer in the excel spreadsheet package was used to generate efficient frontiers and the associated values of portfolios. Real estate provided a lower return of 1.25% and a lower standard deviation of 4.90% compared to equities with a return of 1.39% and the highest standard deviation of 6.23%, whilst bonds provided the best risk-return trade off, with a return of 1.42% and the lowest standard deviation of 2.64%. An equally -weighted portfolio consisting of bonds and stocks and a portfolio consisting bonds, stocks and real estate was simulated. The equally -weighted portfolio of bonds and stocks provides a return of 1.41% and a standard deviation of 3.76%. The minimum variance with bias to bonds provides a higher return of 1.42% at a lower level of risk of 2.62%. The equally -weighted portfolio consisting of bonds, stocks and real estate provides a return of 1.35%, with a lower risk of 3.49%. The minimum variance with bias to bonds provides almost the same return of 1.40% at a lower level of risk of 2.54% compared to the bond and share portfolio. The Chi-Square statistical tool was used to test the diversification benefit of real estate. It can be concluded that the standard deviation of the portfolio with property is close enough to the standard deviation without property of 3.76% and cannot statistically say that it is different given the 5% level of significance. The Sharpe ratio was used to test the favourable risk adjusted returns offered by real estate. It concluded that property provides favourable risk adjusted returns and diversification benefits, as illustrated with the increasing portfolio return from 7.44% to 8.66% on Sharpe ratio basis and standard deviation of the portfolio decreasing from 3.76% to 2.54%. The literature review generally supported the view that real estate has a role in a mixed-asset portfolio. Research topics such as securitized versus unsecuritized real estate, real estate allocation and diversification, returns and risk, inflation hedging, modern portfolio theory and the efficient -frontier were analysed and related to the research report. The empirical analysis supports the hypothesis that real estate provides diversification benefits. The property cycle is positive and it is supported by positive property fundamentals like (vacancies are at lowest levels, capitalisation rates are strengthening, the property cycle is turning positive and a stable interest rate environment). The positive property fundamentals will lead to earnings growth. An allocation of between 10% based on the lower end of the minimum variance and 15% based on the lower end of the risk/return ratio is recommended for a mixed-asset portfolio.

Introduction - Sustainability reporting is becoming more and more important for businesses all around the world. Extant empirical literature investigating the relationship between family status and sustainability reporting provides inconclusive results. No previous studies investigated this association in the Swedish setting. Purpose - The purpose of this study is to investigate how family control and influence affects sustainability reporting behavior of Swedish listed firms. Theoretical framework – Sustainability disclosures are considered as effective means for companies to communicate with their stakeholders. Family firms are more concerned about their internal and external stakeholders in order to protect family’s socioemotional endowments. Methodology design – We use panel data on Swedish listed firms over the period of 2008-2015. We analyze data with random-effects ordered probit regression for panel data. Empirical findings - When we treat all family firms as homogenous, there are no statistically significant differences in the levels of reports of family and non-family firms. However, when we take into account internal contexts of family firms, we find that a family member(s) in top management or a family CEO make family firms more transparent about their sustainability performance. Conclusion – We document that presence of a family top manager(s) or of a family CEO is associated with higher level of details of sustainability reports. Family top managers are more likely to be concerned about internal and external stakeholders to preserve the family’s SEW.

Ao redor do mundo, a maioria das companhias listadas de grande porte tem acionista controlador, à exceção dos EUA e do RU, em que o comando da atividade empresarial é exercido, de fato, pelos administradores. A conformação de controle dominante em cada país resulta de uma série de fatores, muitos deles de ordem jurídica, os quais levam ao surgimento e permanência de uma dessas variantes, ao mesmo tempo em que parecem inibir o desenvolvimento da estrutura alternativa. A gradativa convergência global dos padrões de propriedade acionária a um denominador comum, aparentemente em curso - dos extremos da dispersão e concentração absolutas para o cenário intermediário dos blocos de participação minoritária relevante detidos por investidores institucionais não tem sido acompanhada de transformações significativas nas estruturas de poder de controle interno dominantes em cada país, as quais, em essência, continuam as mesmas. Isso significa que os fatores (jurídicos, especialmente) que levam à predominância de tais estruturas continuam em atuação, não obstante modificações havidas no grau de dispersão do capital com direito a voto de companhias listadas. Este trabalho visa apresentar um conjunto mais específico de fatores jurídicos que, ao mesmo tempo e de modo decisivo, favorecem a proliferação de uma dentre as duas estruturas de controle consideradas (controle acionário ou gerencial) e inibem o desenvolvimento de outra. Trata-se dos instrumentos jurídicos de dissociação entre representatividade política e participação econômica de acionistas, os quais exercem papel central na conformação do regime jurídico das companhias abertas com elevada dispersão do capital votante, integrantes do Novo Mercado da BVSP. / Most of the large listed companies outside USA and UK have a controlling shareholder. The dominant control structure in each country is the result of multiple determinants, many of them arising from the legal system. The gradual convergence of ownership patterns around the world from the extremes of the total concentration and separation of ownership and control to the intermediate scenario of significant blockholdings held by institutional investors - has not been accompanied by a relevant shift in the control structures in listed companies of most of the countries, specially those in the Brazilian Novo Mercado. This Doctorate Thesis presents a specific subset of legal factors contributing for that outcome: the legal instruments separating voting rights from cashflow rights.

A dupla listagem é uma estratégia que supostamente pode minimizar os efeitos de uma crise financeira internacional sobre as empresas. Este estudo buscou analisar se esta suposição é válida para companhias brasileiras, no contexto da crise de 2008. O problema de pesquisa que direcionou este estudo foi: A dupla listagem internacional fez com que os impactos da crise financeira de 2008 sobre determinados indicadores das empresas fossem compatíveis com os previstos na literatura e fossem diferentes daqueles sofridos pelas empresas domésticas? O objetivo foi analisar se a dupla listagem pode minimizar os efeitos gerados pela crise financeira de 2008 sobre determinados indicadores associados às empresas listadas. Os efeitos da crise de 2008 foram também comparados com os sofridos pelos papéis de empresas domésticas, sem dupla listagem. Os indicadores analisados foram: liquidez, volume, risco, retorno, custo de capital, alavancagem financeira, valor da empresa e concorrência. O teste de hipóteses foi utilizado para verificar se houve impacto significativo nas variáveis das empresas antes e após a crise financeira. Foram utilizadas para a amostra 37 empresas duplamente listadas (EDL) e 37 empresas domésticas (ED). Os resultados obtidos com o estudo sugerem que, durante uma crise financeira internacional, a maioria dos indicadores das EDL apresenta diferença significativa quando comparados os períodos pré e pós-crise. Os resultados das empresas domésticas foram semelhantes. Estes resultados estão em consonância com os apresentados nos estudos de Bailey, Chan e Chung (2000), Huang e Stoll (2001), Bin, Blenman e Chen (2004), mas contradizem os resultados de Huang e Stoll (2001). Em relação às diferenças entre os dois grupos de empresas Chandar, Patro e Yezegel (2009) afirmam que empresas com dupla listagem ficaram mais protegidas no período da crise; porém, Chira e Marciniak (2014) comprovaram que por serem duplamente listadas as empresas ficaram mais expostas durante as crises financeiras. As duas conclusões principais do estudo são que a crise afetou de forma semelhante os dois grupos de empresas e que, portanto, a dupla listagem não minimizou seus efeitos / The cross-listing is a strategy that supposedly can minimize the effects of an international financial crisis on businesses. This study sought to analyze if this supposition is valid for Brazilian companies, in the context of the crisis of 2008. The research problem that directed this study was: The international cross-listing has meant that the impact of the financial crisis of 2008 on certain indicators of the companies were compatible with the expected in the literature and were different from those experienced by domestic firms? The objective was to analyze if the cross-listing can minimize the effects generated by the 2008 financial crisis on certain indicators associated with listed companies. The effects of the 2008 crisis were also compared with those suffered by the papers of domestic companies, without cross-listing. The indicators analyzed were: liquidity, scale, risk and return, cost of capital, financial leverage, firm\'s value and competitors. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. They were used for the sample 37 cross-listed firms (CLF) and 37 domestic firms (DF). The results of the study suggest that, during an international financial crisis, most of the indicators of the CLF presents significant difference when compared to the periods before and after the crisis. The results of domestic companies were similar. These results are consistent with those presented in studies by Bailey, Chan and Chung (2000), Huang and Stoll (2001), Bin, Blenman and Chen (2004), but contradict the results by Huang and Stoll (2001). Regarding the differences between the two groups of companies Chandar, Patro and Yezegel (2009) state that companies with cross-listing were more protected in times of crisis; however, Chira and Marciniak (2014) confirmed that cross-listed companies were more exposed during the financial crisis. The two principal conclusions of the study are that the crisis affected in a similar manner both groups of companies and, therefore, the cross-listing did not minimize their effects