The OMX-case entailed considerable uncertainty about the relationship between tax treaties and Swedish domestic law. Previous approaches to handle rule conflict between them was put out of action for the first time when an internal rule took precedence over tax treaties. The Greece-case came a few years later where there were hopes that it would be decided in plenary session to return to the view that prevailed before the OMX-case, which did not happen. Instead the Supreme Administrative Court ruled that the tax treaties shall in principle be given preference, but that in exceptional situations tax treaties can be infringed to an internal rule's benefit, so called tax treaty override. Such procedure is acceptable if the legislature gives "clear expression" of the intention of a certain type of income is to be taxed in Sweden, or that a particular new rule applies regardless of the provisions in tax treaties. The purpose of this thesis is to analyze the supreme administrative courts management of rule collision between domestic law and tax treaties in the Greece-case. Further analysis of the requirement "clear expression" shall take place and the basis of why the supreme administrative court justifies tax treaty override shall also be analyzed. The conclusion presented in this thesis initially includes problems that arise to conclude the meaning of the term "clear expression" and that application difficulties arise because the supreme administrative court did not provide further guidance of its meaning. Secondly, that the supreme administrative court justify tax treaty override occasionally since there is no constitutional or procedural obstacles for a newer internal law to expand the Swedish taxation when an already implemented taxation agreement restricts it.

No description available.

Abstract Background: The quality of service is considered as an essential component in any service industry. It has been evolved in service marketing and has often been used in other research fields and sectors. Further, researchers have emphasized the importance of measuring the quality dimensions over years and in various industries in order to manage it. Also, they have proposed that enhancing the quality of services enhances customer satisfaction and loyalty, in turn that will enable the service provider to meet the changes and challenges in its business environment. Purpose: Based on listed companies’ perception at Nasdaq Stockholm OMX, the study seeks to evaluate the service quality provided by accounting firms in Sweden and determine the situation of its dimensions, as well as to explore their direct impact on the client satisfaction and client loyalty. In addition, the study utilizes the SERVPERF model to measure the service quality’s dimensions. Approach/methodology: To achieve the purpose, the study conducts a deductive and quantitative approach with explanatory purpose. Also, the data has been collected based an online questionnaire. It was sent to 450 listed companies at Nasdaq Stockholm OMX, resulting in a sample of 58 respondents. The analysis has been conducted based on regression analysis. Result/discussion: the research presents and discusses the result based on two hypotheses groups separately. The first hypotheses group regarding the impact of service quality and its dimensions on customer satisfaction. The second hypotheses group concerning the impact of service quality and its dimensions on customer loyalty. Originality: To the researcher’s knowledge this study is considered as a first attempt using a multi-dimension scale to assess the service quality of the accounting firms in Sweden based on the perception of Swedish listed companies.

In my thesis I will focus on analysis of basic forms of stock exchange cooperation. I will search theoretical fundament of my thesis in history of stock exchanges and cooperation of exchanges. Afterwards, I will focus on characteristics of basic atributes of main stock exchange alliances.For my thesis I decided to focus on these alliances: NYSE Euronext, NASDAQ OMX, and regional cooperation Vienna-Ljubljana-Budapest-Prague. Within these alliances I focus on form of cooperation, law surroundings,trading platform, clearing and settlement system.Analysis of determinants of mentioned markets will help me to evaluate allinaces. From mentioned above I will conclude general determinants of efective stock exchange cooperation.

Aktieåterköp är ett fenomen som indikerar undervärdering av ett bolag och har historiskt lett till en positiv avvikelseavkastning vid offentliggörandet. Diskretionära periodiseringars påverkan vid offentliggörandet av aktieåterköp är inte lika undersökt. I denna uppsats undersöks diskretionära periodiseringars påverkan på avvikelseavkastningen vid offentliggörandet av aktieåterköp på den svenska marknaden från 2010 till 2019. Urvalet består av 25 observationer för att bestämma diskretionära periodiseringars roll vid den initiala marknadsreaktionen. Resultatet för studien visar en positiv avvikelseavkastning vid offentliggörandet av aktieåterköp vilket går i linje med tidigare forskning. Regressionsanalysen visar ingen kortsiktig effekt vid offentliggörandet av diskretionära periodiseringar. Slutsatsen är att diskretionära periodiseringar inte har en signifikant kortsiktig effekt på avvikelseavkastningen vid offentliggörande av aktieåterköp på den svenska marknaden under perioden.

This paper explores how the five largest trading venues in the Nordic region compete after theimplementation of MiFID in November 2007. I investigate: (1) if NASDAQ OMX’s market sharehas increased post the introduction of major changes to its market structure, and (2) how anexchange operator can attract equity share order flow in the near future. By applying event studiesto NASDAQ OMX’s market share over time, I find that introducing a faster trading system andadmitting a high frequency trading firm as a member both have a negative impact on NASDAQOMX’s market share. The reductions in market share can be explained by high frequency tradingfirms’ trading behaviour. Introducing central counterparty clearing has a positive effect onNASDAQ OMX’s market share, which highlights market participants’ appreciation of a securetrading environment, and confirms that it is not only posting the best bid and ask quotes thatattracts order flow to an exchange. It can be concluded that NASDAQ OMX in the future needs toaddress an important trade-off between total turnover and market share, as the two are not alwayspositively correlated.

Syftet med denna studie var att förklara olika konjunkturlägens påverkan på totalavkastningen samt den riskjusterade avkastningen för tre olika investeringsstrategier. Dessa var Stock Selection for the Defensive Investor samt indexen OMX Stockholm 30 och OMX Stockholm Small Cap Price Index. Den förstnämnda strategin utgår ifrån det 14:e kapitlet i Benjamin Grahams bok, The Intelligent Investor. Genom att ställa höga krav på faktorer som lönsamhet, kontinuitet av utdelningar och låg värdering m.m. filtrerar denna aktiva investeringsstrategi bort många bolag och lämnar kvar stabilare bolag med lägre risk. OMX Stockholm Small Cap Price Index valdes eftersom det innehåller helt andra sorters bolag än Stock Selection for the Defensive Investor, vilket är småbolag. OMX Stockholm 30 valdes i sin tur för att bolagen i detta index, likt de Stock Selection for the Defensive Investor väjer ut, är stora bolag som ofta associeras med lägre risk. Detta genomfördes med syftet att hitta större kontraster mellan strategierna. Dessa strategier undersöktes under lågkonjunkturen 2007-2011, högkonjunkturen 2016-2019 samt under 15-årsperioden 2007-2021. Avkastningarna mättes i totalavkastning och CAGR medan deriskjusterade avkastningarna mättes med hjälp av Sharpekvot, Treynorkvot samt Jensen’s Alpha. Denna studie kom fram till att totalavkastningen för de olika strategierna skiljer sig åt mellan de olika perioderna. OMXS30 genererade högst totalavkastning under lågkonjunkturen medan OMXSSCPI genererade högst avkastning under både högkonjunkturen och under 15-årsperioden. Resultaten för de riskjusterade måtten visade på att det inte fanns någon statistisk signifikant skillnad mellan strategierna, vilket indikerar att skillnaderna i totalavkastningen beror på den risk som tas. / This study aimed to explain the impact of different economic conditions on the total return and riskadjusted return of three investment strategies: Stock Selection for the Defensive Investor, OMXStockholm 30, and OMX Stockholm Small Cap Price Index. The first strategy is based on the 14th chapter of Benjamin Graham's book, "The Intelligent Investor." By demanding high profitability, dividend continuity, low valuation, and other criteria, this active investment strategy filters out manycompanies and focuses on more stable companies with lower risk. OMX Stockholm Small Cap Price Index was chosen because it includes a different set of companies compared to Stock Selection for the Defensive Investor, specifically small-cap companies. On the other hand, OMX Stockholm 30 was selected because the companies in this index, similar to those preferred by Stock Selection for the Defensive Investor, are large companies often associated with lower risk. This was done in orderto identify more significant contrasts between the strategies. These strategies were examined during the recession 2007-2011, the economic boom 2016-2019, and a 15-year period 2007-2021. Returns were measured in terms of total return and compound annual growth rate (CAGR), while risk-adjusted returns were assessed using the Sharpe ratio, Treynor ratio, and Jensen's Alpha. This study found that the total returns of the different strategies varied across the different periods. OMX Stockholm 30 generated the highest return during the low economic cycle, while OMX Stockholm Small Cap Price Index produced the highest return during both the high economic cycle and the 15-year period. The results for the risk-adjusted measures indicated no significant differences between the strategies, suggesting that the variations in total returns are attributable to the level of risk undertaken.

FNs hållbarhetsdeklaration är ett initiativ som innefattar 17 globala mål för en hållbar utveckling, vilket världens länder antog i september 2015. Hållbarhet är ett aktuellt ämne som påverkar företagsvärlden allt mer. Uppsatsens syftar således att undersöka om den nordiska aktiemarknaden reagerar vid publicering av hållbarhetsnyheter, där urvalet består av 32 företag inkluderade i OMX Nordic 40. Totala antalet nyheter för studien är 159 nyheter, varav 86 stycken har en negativ klassificering och 73 stycken en positiv klassificering. Utifrån en eventstudie studeras den avvikande aktieavkastningen för respektive nyhet. Resultaten tyder på att den nordiska aktiemarknaden reagerar på hållbarhetsnyheter, i synnerhet negativa nyheter.

År 2016 infördes en ny standard för att öka informationsinnehållet i revisionsberättelsen.Standarden kräver att revisorer för noterade företag ska beskriva särskilt betydelsefullaområden för revisionen och hur de har hanterats. Om denna förändring ökar informationsinnehållet i revisionsberättelsen borde det märkas på investeringsbeslut vid släpp av revisionsberättelsen. Tidigare studier av dessa Key Audit Matters (KAM) har inte givit någon entydig bild av hur KAM påverkar investerares beslut. Vi använder eventstudie som metod för att jämföra avkastningen för företag noterade på en reglerad marknad, OMX Small Cap, som omfattas av regleringen med företag listade på enhandelsplats, First North, som inte har KAM i revisionsberättelsen. Denna forskningsdesign har använts i en tidigare studie i Storbritannien men inte i Sverige. Vi finner att avkastningen vid annonsering av revisionsberättelse ökat för företag på OMX Small Cap efter införandet av KAM relativt företag utan KAM på First North. Skillnaden i avkastning är signifikant på 5% signifikansnivå. Däremot kan vi inte påvisa att förekomsten av för företag nya KAM leder till en större marknadsreaktion. Sammantaget indikerar studiens resultat att målet att göra revisionsberättelsen mer informativ har uppnåtts.

Background: In financial markets, decisions to buy or sell securities are highly influenced by the aim of making a profit and avoiding losses. The signals that insider transactions send to external investors can significantly impact those decisions. The signals can differ depending on the type of transaction, within which sector, and the company's size. Purpose: The purpose of this thesis is to investigate whether insider transactions employ a more potent influence when buying or selling stocks. A partial purpose is distinguishing between small- and mid-cap stocks and between the technology and industrial sectors on the Nasdaq Stockholm Stock Exchange. Methodology: A quantitative approach was utilised with the event Study model. Hypotheses were constructed, and statistical tests in STATA were conducted to determine if the results were significant. The insider trading that was analysed took place between 2018-2023. Thirty-one companies are in the industrial sector, and twenty-eight are in the technology sector, with 3601 insider transactions employed. Conclusion: The results showed the existence of signalling effects and the possibility of achieving abnormal returns, especially if shorting when insiders are selling, particularly technology stocks, with the most prominent returns from mid-cap firms. However, the results contradict most previous research proposing that purchase transactions yield higher abnormal returns and have a more substantial signalling effect.