The S&P 500 Index is a leading indicator of U.S. equities and is meant to reflect the risk and return on the U.S. stock market. Many derivatives based on the S&P 500 are available to investors. The S&P 500 Futures of the Chicago Mercantile Exchange and the S&P 500 Index Options of the Chicago Board Options Exchange are both actively traded. My thesis argues that the S&P 500 Index is only a summary statistic designed to reflect the evolution of the stock market. It is not the value of a self-financed tradable portfolio, and its modifications do not coincide with changes of the value of any mimicking portfolio, due to the particular way the S&P 500 Index is computed and maintained. Therefore, the Spot-Futures Parity and the Put-Call Parity do not hold for the S&P 500 Index and its derivatives. Furthermore, its derivatives cannot be priced by using the standard option pricing models, which assume that the underlying asset is tradable. Chapter One analyzes why the S&P 500 Index does not represent the value of a self-financed tradable portfolio and why it cannot be replaced by the value of a tracker such as the SPDR. In particular, we show that the nonlinear and extreme risk dynamics of the SPDR and of the S&P 500 Index are very different. Chapter Two provides empirical evidence that the non-tradability of the S&P 500 Index can explain the Put-Call Parity deviations. Even after controlling for the liquidity risk of the options, we find that the Put-Call Parity implied dividends depend significantly on the option strike. In Chapter Three, we develop an affine multi-factor model to price coherently various derivatives such as forwards and futures written on the S&P 500 Index, and European put and call options written on the S&P 500 Index and on the S&P 500 futures. We consider the cases when the underlying asset is self-financed and tradable and when it is not, and show the difference between them. When the underlying asset is self-financed and tradable, an additional arbitrage condition has to be introduced and implies additional parameter restrictions.

More and more SME’s, which create entrepreneurial spirit and innovation, which are primarily responsible for wealth and economic growth, are internationalizing. This increases their probability of business closure due to the increased risk they face from operating in foreign markets. Much of the world blames the U.S. financial excesses for these business closures, but at the same time there are also SME’s withdrawing activities from foreign markets in economic stable times. This indicates that there are more and other reasons for de-internationalization and raises the problem of how do SME’s close their businesses in foreign markets. The purpose of this study is to explore how the drivers and determinants of deinternationalization affect the form and the paths of de-internationalization for SME’s. The aim is to provide and contribute to a better understanding of deinternationalization. This was studied through developing four case studies with Dutch SME’s with a qualitative research approach. For empirical data collection interviews were conducted with the persons closely involved with the de-internationalization of the SME’s. This in combination with the developed theoretical framework, based on a theory discussion and synthesis, provided more insight into the de-internationalization topic. The findings of this study show that a unique combination of drivers and determinants of de-internationalization is present in each case study and the relative influence of them differs. Most of the de-internationalization took place in a voluntary way, due to the nature and predictability of the occurring drivers. Moreover, it was found that the drivers of de-internationalization combined with the determinants influence the form in which de-internationalization can take place. It was also found that the form of deinternationalization, which SME’s have chosen, determines the two paths of deinternationalization, which are partial divestment and full market exit. This study contributes to the better understanding of de-internationalization, by identifying the forms and paths which SME’s can choose when withdrawing activities in foreign markets. Moreover, the main drivers and determinants have been identified and it was analysed how they affect the different forms and paths of de-internationalization and this was conceptualized in a model. The recommendations are, that deinternationalization should be seen as a strategic option SME’s have and should be considered in corporate strategies. Therefore, the associations with this phenomenon could be seen (more) positive.

Television advertising is a billion-dollar industry in the United States. Currently, advertisers place their messages in television programs that are estimated to have a high proportion of their target demographic viewers. The advertising spots are usually purchased months in advance at set list prices or at negotiated prices. Technologies that can place advertisements at the cable box level, instead of the program level, will provide advertisers with the ability to target any demographic group directly and in real-time. This thesis explores the new decision-making required by this new technology and how the television advertisement space can be sold more effectively. In particular, it compares a list price system to a number of new auction models. The structure of the auctions for the new targeted television advertising system is unique and has not been previously studied in the literature. This thesis explores new auction models that can capture these unique features and lead to desirable results for the seller of the advertisement space. A simplified analytical model shows how these features impact advertisers’ bidding behavior and how a list price system compares to the auction models in the ability to raise revenue for the seller of the advertising space. These issues are then explored under various market settings with differing numbers of advertisers and value distributions that these advertisers have for the advertising space. Since sequential first price auctions have undesirable consequences such as strong price fluctuations, this work focuses on second price auctions. The Vickrey-Clarke-Groves (VCG) mechanism is customized for this problem by developing an optimization formulation that determines the best set of advertisers for a particular advertisement space. Because execution time may be an issue, other auction models are developed that lead to similar outcomes as the VCG mechanism but require less computational effort. This thesis provides guidance on when a list price system will lead to higher expected revenue than an auction model and vice versa in a targeted television advertising system. It also demonstrates why some of the standard auction models cannot be applied to this problem and what type of new models are required to lead to desirable advertising outcomes.

Enligt Market timing-teorin styr marknadens värdering av företag huruvida nya investeringar finansieras med lån eller med nytt eget kapital. Syftet med denna uppsats är att undersöka om teorin kan förklara svenska företags val av finansiering och således företagens kapitalstruktur. För att uppfylla syftet med uppsatsen har företagsdata insamlats kvartalsvis. Vidare har en regression genomförts mellan de beroende variablerna "Bokförd skuldsättningsgrad" och "Marknadsmässig skuldsättningsgrad" med diverse oberoende variabler för att analysera ifall Market timing-teorin stämmer överens med svenska företag. Av de oberoende variablerna anses marknadsvärdet dividerat med bokfört värde (M/B) bäst förklara Market timing-teorins korrekthet. Regressioner har även genomförts med både samtida oberoende variabler och tidslaggade oberoende variabler för att se ifall Market timing-teorin skiljer sig åt med tiden. Slutsatsen av undersökningen är att Market timing-teorin stämmer överens i förhållande till den marknadsmässiga skuldsättningsgraden vilken vi anser bäst överensstämmer med innehållet i Market timing-teorin. Vi har alltså statistiskt säkerställt att svenska företags kapitalstruktur påverkas av marknadens värdering av företagen och därigenom fastställt att market timing påverkar svenska företags kapitalstruktur.

Esta tesis es dividida en tres capítulos que se refieren a dos temas diferentes. El segundo capítulo se concentra en los efectos incentivos de bajar salarios llanos y su papel en la ayuda del fracaso de coordinación vencido. Los resultados débilmente apoyan los efectos positivos de bajar salarios llanos. Los dos papeles en los terceros y cuartos capítulos relacionan los estudios de la incertidumbre de información de riesgo y ambigüedad en juegos de entrada de mercado. Estudiamos experimentalmente decisiones bajo la incertidumbre de riesgo y ambigüedad en juegos de entrada de mercado, que captura los rasgos básicos de los fenómenos sobre la entrada en el mercado. La tarea importante es averiguar si la participación excesiva está relacionada con los tipos de información de riesgo y ambigüedad, y si las decisiones son diferentes en riesgo y ambigüedad en ambientes estratégicos. Encontramos la ambigüedad que busca en un ajuste de mercado de un ambiente relativo del mercado de información arriesgado y ambiguo en la correspondencia fija. Sin embargo, en un ambiente no relativo del mercado de información arriesgado y ambiguo, la busca de ambigüedad es saliente en la correspondencia arbitraria, pero no en la correspondencia fija. Encontramos que los efectos de ambigüedad en juegos estratégicos no dependen de si el riesgo y la ambigüedad son puestos en contextos relativos o no relativos, pero en la complejidad estratégica en los juegos. Más fuerte la complejidad estratégica es, más saliente la ambigüedad efectúa. / This thesis is divided into three chapters that refer to two different topics. The second chapter focuses on the incentive effects of lowering flat wages and its role in helping overcome coordination failure. The results weakly support the positive effects of lowering flat wages. The two papers in the third and fourth chapters relate the studies of information uncertainty of risk and ambiguity in market entry games. We study experimentally decisions under uncertainty of risk and ambiguity in market entry games, which captures the basic features of the phenomena over entry in the market. The important task is to find out whether the excessive participation is related to the information types of risk and ambiguity, and whether decisions are different in risk and ambiguity in strategic environments. We find ambiguity seeking in a market setting of a comparative environment of risky and ambiguous information market in fixed matching. However, in a non-comparative environment of risky and ambiguous information market, ambiguity seeking is salient in random matching, but not in fixed matching. We find that ambiguity effects in strategic games do not depend on whether risk and ambiguity are put in comparative or non-comparative contexts, but on the strategic complexity in the games. The stronger the strategic complexity is, the more salient the ambiguity effects.

Television advertising is a billion-dollar industry in the United States. Currently, advertisers place their messages in television programs that are estimated to have a high proportion of their target demographic viewers. The advertising spots are usually purchased months in advance at set list prices or at negotiated prices. Technologies that can place advertisements at the cable box level, instead of the program level, will provide advertisers with the ability to target any demographic group directly and in real-time. This thesis explores the new decision-making required by this new technology and how the television advertisement space can be sold more effectively. In particular, it compares a list price system to a number of new auction models. The structure of the auctions for the new targeted television advertising system is unique and has not been previously studied in the literature. This thesis explores new auction models that can capture these unique features and lead to desirable results for the seller of the advertisement space. A simplified analytical model shows how these features impact advertisers’ bidding behavior and how a list price system compares to the auction models in the ability to raise revenue for the seller of the advertising space. These issues are then explored under various market settings with differing numbers of advertisers and value distributions that these advertisers have for the advertising space. Since sequential first price auctions have undesirable consequences such as strong price fluctuations, this work focuses on second price auctions. The Vickrey-Clarke-Groves (VCG) mechanism is customized for this problem by developing an optimization formulation that determines the best set of advertisers for a particular advertisement space. Because execution time may be an issue, other auction models are developed that lead to similar outcomes as the VCG mechanism but require less computational effort. This thesis provides guidance on when a list price system will lead to higher expected revenue than an auction model and vice versa in a targeted television advertising system. It also demonstrates why some of the standard auction models cannot be applied to this problem and what type of new models are required to lead to desirable advertising outcomes.

Denna uppsats har skrivits som en del i de studier i krigsvetenskap jag erhållit under yrkesofficersprogrammet.      Syftet med detta arbete är att ta fram faktorer som påverkar luftburna förband, vad gäller deras förmåga till rörlighet på marken. Detta för att ge en ökad förståelse samt bidra till utveckling av reglemente för luftburen bataljon. Den metod som används i uppsatsen är komparation med litteraturstudier som presenteras i deskriptiv form. Den teknik som används för insamling är litteratursökning. Två frågeställningar har behandlats; Vilka faktorer påverkar den grundläggande förmågan rörlighet hos luftburna förband? samt vad säger styrdokumenten om förmågan rörlighet vid luftburen bataljon i Försvarsmakten idag? Utifrån mina gjorda litteraturstudier av Operation Market Garden samt styrdokumenten för luftburen bataljon har jag fått fram att följande faktorer påverkar rörligheten vid luftburna förband: ledning (formering av förband, samordning), verkan (direkt, indirekt, pansarvärnsvapen) underrättelser, skydd, materiel/utrustning samt underhåll.

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Modern Jerusalem has developed against a background of conflict between the European powers and the Ottoman Empire, between Jews and Arabs, and between religious and secular Jews. These conflicts have fragmented the urban fabric and have created a city of ethnically segregated enclaves. The thesis investigates this urban condition through detailed study of a particular institution, Jerusalem’s Machane Yehuda Market. Since its foundation at the end of the nineteenth century, the market has undergone numerous transformations as the city grew and the conflict evolved but, throughout, it has remained a rare place of cultural and economic exchange between otherwise separate communities. The cosmopolitan character of the market suggests a more hopeful alternative for the city and the region, but this character is threatened by changing circumstances. Persistent sectarian tensions continue to encourage increased segregation and, at Machane Yehuda, the problem is compounded by a severe lack of infrastructure, which restricts the market’s ability to operate in the face of increased economic competition and the redevelopment of the surrounding area. In response to these operational requirements, a new logistics terminal is proposed for Machane Yehuda. By ensuring the market’s economic viability, the terminal will sustain an institution that encourages coexistence in the centre of Jerusalem.