Vi undersöker tillgångsrecognition vid återköpsavtal med garanterade restvärden, och hur köpare kan redovisa transaktionen för en materiell anläggningstillgång när avtalet innehåller en återköpsoption. Studien behandlar frågan om kontroll över tillgångar, konsekvenser av koherens respektive inkoherens för finansiella rapporters användbarhet, samt huruvida redovisningen reflekterar återköpsavtals ekonomiska substans. Vi genomför en innehållsanalys för att systematiskt kartlägga köparens olika redovisningsalternativ. Vidare används typfall för att möjliggöra analys av identifierade standarder och riktlinjers tillämpning. Vi finner att IFRS saknar transaktionsspecifika riktlinjer som riktar sig mot köparen. De standarder och riktlinjer som i det principbaserade redovisningssystemet finns tillgängliga för tolkning är vaga, i den bemärkelse att de lämnar utrymme för olikheter i bedömningar, vilket i sin tur har en negativ effekt på finansiella rapporter jämförbarhet och användbarhet. Vidare identifierar studien bristen på tydliga riktlinjer som en risk för medveten manipulation och förekomst av earnings management. / We examine asset recognition for repurchase agreements with guaranteed residual values, and how buyers can account for the transaction for a tangible fixed asset when the contract contains a repurchase option. The study deals with the issue of control over the asset, the consequences of symmetry and asymmetry for the usefulness of financial reports and whether the accounting reflects the financial substance of repurchase agreements. We conduct a content analysis to systematically map out the buyer's different accounting options. Furthermore, typical cases are used to enable analysis of identified standards and guidelines. We find that IFRS lacks transaction-specific guidelines that target the buyer. The standards and guidelines that are available for interpretation in the principle-based accounting system are vague in that they leave room for differences in assessments, which in turn have a negative effect on comparability and usefulness in financial reports. Furthermore, the study identifies the lack of clear guidelines as a risk of deliberate manipulation and the occurrence of earnings management.This paper is written in Swedish.

This dissertation analyzed customers’ intention to repurchase a smartphone based on an analysis of previous research. In particular, this study examined whether social influence directly affects the intention to repurchase, whether positive and negative social influence have differential effects on intention to repurchase, and the effects of habit on intention to repurchase and their role as a mediator. The study focused on two customer groups, customers who bought a smartphone of the same brand as their current smartphones, and customers who bought a different brand of smartphone. Previous studies have suggested that customer satisfaction leads to brand loyalty, which, in turn, leads to repurchase. However, this paper looks at customers’ intentions to repurchase by considering social influence, customer satisfaction, emotion loyalty, and the moderating effects of customer habit. In addition, statistical analysis was conducted to investigate customers' intention to repurchase and their causal relationships. Customer satisfaction and emotional loyalty were studied as mediators. The results showed that for both customer groups, positive social influence affects customer satisfaction, and customer satisfaction affects 'intention to repurchase'. This paper also found that customer habit moderates the relationships among customer satisfaction, emotional loyalty, and intention to repurchase (the latter in the customer group who repurchased the same brand smartphone). The customer group who repurchased the same brand smartphone showed that positive social influence affected customer satisfaction and emotional loyalty. Additionally, both customer satisfaction and emotional loyalty had positive effects on intention to repurchase. In addition, customer habit had a positive effect on intention to repurchase, and habit moderated the relationship between customer satisfaction and emotional loyalty and intent to repurchase (the customer group who repurchased the same brand smartphone). These results suggest that companies should strengthen their customer loyalty programs and subscription business strategically to induce customers to repurchase. If customer satisfaction and emotional loyalty have mediating effects, then companies should establish differentiated marketing strategies considering customer satisfaction and emotional loyalty. Customers' habits should be strategically utilized to induce them to continuously use the same brand of products. Customer repurchases are based on a satisfactory experience of customers' consumption behavior. However, the results of this study show that customer habits also play a role in moderating customer satisfaction in a negative direction. In other words, habit can be an important factor in inducing customers to repurchase smartphones unconsciously, rather than making reasonable decisions. / Business Administration/Management Information Systems

i Abstract Recent financial crisis resulting in global financial instability pointed at the importance of growing shadow banking. Shadow banking activities are gen- erally defined as banking-like activities outside of regulated banking. In this thesis, we study theoretical background of shadow banking, its regulation and supervision. Despite the data availability problem, a qualitative analysis is performed to estimate the volume of the European and the U.S. shadow bank- ing sectors from 2006 until 2013 Q2. European shadow banking system hit its bottom of EUR 8.3 trillion (19% of total European bank assets) in 2008 Q4. Nowadays, it equals to EUR 9.3 trillion (21% of total European bank assets). U.S. shadow banking sector attained its maximum of USD 20.7 trillion (163% of total U.S. bank assets) in 2008 Q1. Nowadays, it equals to USD 15.6 tril- lion which also equals to total U.S. bank assets. Moreover, we concentrate on Chinese money market funds and French and UK repo markets, since these represent an important part of shadow banking. Quantitative analysis studies relationships among traditional banking, shadow banking and economy itself in France and UK. Results show that if repo transactions, GDP and government debt increase, total bank assets increase. Furthermore, if money market fund assets decrease and...

La presente tesis plantea que el merchandising utilizado en las tiendas de conveniencia de la zona 7 de Lima Metropolitana contribuye positivamente en la satisfacción de los clientes, el ticket de compra y la probabilidad de recompra según 4 tipos de clientes, lo cual se ha comprobado mediante la validación de 4 hipótesis específicas. Luego de haber realizado el análisis se obtuvo que, dichas hipótesis fueron aceptadas. En cuanto a la primera fue aprobada mediante un análisis factorial y se encontraron cuatro tipos de clientes: Premium, visuales, buscadores de ofertas y oportunistas. De la segunda hipótesis se obtuvo que de los shoppers que habían tenido una opinión positiva en cuanto al merchandising, el 90% de ellos estaba de acuerdo con que tuvieron una experiencia de compra agradable. En la tercera hipótesis, mediante un análisis descriptivo de la valoración de las técnicas de merchandising; es decir, que los shoppers hayan notado la presencia de dichas técnicas al momento de su ingreso y recorrido por la tienda, se obtuvo que: el incremento promedio del ticket de compra fue de 52% en clientes Premium, 65% en clientes Visuales, 46% en clientes Buscadores de ofertas y 51% en clientes Oportunistas. Por último, en la cuarta hipótesis se pudo comprobar que los shoppers que habían adquirido alguna oferta en la tienda de conveniencia, regresaban en mayor número de veces en comparación con los shoppers que no adquirían ofertas. / This thesis states that the merchandising used in convenience stores in zone 7 of Metropolitan Lima contributes positively in customer satisfaction, the purchase ticket and the likelihood of repurchase according to 4 types of customers, which has been proven through the validation of 4 specific hypotheses. After having made the analysis, it was found that these hypotheses were accepted. As for the first one, it was approved through a factorial analysis and four types of clients were found: Premium, visuals, offer finders and opportunists. From the second hypothesis, it was found that of the shoppers who had a positive opinion regarding merchandising, 90% of them agreed that they had a pleasant shopping experience. In the third hypothesis, through a descriptive analysis of the valuation of merchandising techniques; that is, that the shoppers had noticed the presence of such techniques at the time of their entry and tour of the store, it was found that: the average increase in the purchase ticket was 52% in Premium clients, 65% in Visual clients, 46 % in customers Search engines and 51% in Opportunistic customers. Finally, in the fourth hypothesis it was found that the shoppers who had purchased some offer in the convenience store, returned in greater number of times compared to the shoppers who did not acquire offers. / Tesis

Esta dissertação tem como objetivo central investigar fatores que moderam a relação entre satisfação pós-recuperação e intenção de recompra no varejo online. Mais especificamente, esta pesquisa visa analisar se os construtos qualidade do relacionamento, resistência à mudança e motivo inferido moderam a relação entre satisfação com o gerenciamento de reclamações e intenção de recompra no varejo online. Para verificar tais moderações, inicialmente foi realizada a etapa exploratória de pesquisa, na qual, por meio de entrevistas em profundidade, evidenciou-se que as variáveis propostas poderiam moderar a relação entre a variável independente e dependente desta dissertação, bem como foi adicionado o construto valor econômico como possível moderador da relação entre satisfação pós-reclamação e intenção de recompra. Em seguida, para testar as hipóteses propostas foi aplicada uma survey junto a consumidores norte-americanos (N=500), operacionalizada com auxílio do Qualtrics, via Mechanical Turk. Como resultado dos testes, tem-se que a qualidade do relacionamento, o motivo inferido e a percepção de valor econômico moderam a relação entre satisfação pós-recuperação e intenção de recompra no varejo online, ou seja, podem explicar, em partes, a não linearidade da relação entre a variável independente e dependente desta pesquisa. Destaca-se ainda que as dimensões da qualidade do relacionamento (a saber: satisfação, confiança e comprometimento) sugeridas neste estudo também moderaram, individualmente, a relação entre a variável independente e dependente desta pesquisa. Sendo assim, esta dissertação contribuiu para a literatura de Marketing e comércio eletrônico ao evidenciar que tanto a qualidade do relacionamento, bem como as dimensões de satisfação, confiança e comprometimento moderam a relação entre satisfação com o gerenciamento de reclamações e intenção de recompra. Além disso, evidencia-se que a elevada percepção de valor econômico, e os motivos inferidos pelos clientes (se positivos), diante da falha inicial ocorrida, também podem sinalizar intenções de recompra dos consumidores junto a sites varejistas. / This dissertation aims to investigate factors that moderate the relationship between satisfaction with complaint handling and repurchase intention in online retail. More specifically, this research aims to examine whether the quality of the relationship constructs, resistance to change and inferred motive moderate the relationship between satisfaction with complaint handling and repurchase intention in online retail. To test such moderations, was taken an exploratory research stage through in-depth interviews in which it became clear that the proposed constructs could moderate the relationship between the independent and dependent variables of this dissertation, as well as the variable economic value was added as a possible moderator of the relationships between satisfaction with complaint handling and repurchase intention. Then, to test the hypotheses was applied a survey with online consumers (N=500) from United States, through Qualtrics and Mechanical Turk. The results indicate that the relationship quality, the inferred motive and the perceived economic value moderated the relationship between satisfaction with complaint handling and repurchase intention in online retail. It is emphasized that the dimensions of relationship quality (satisfaction, trust and commitment) suggested in this study also moderated, in an individual way, the relationship between the independent and dependent variables of this study. Thus, this dissertation has contributed to the literature of marketing and e-commerce by showing that both the relationship quality as well as the dimensions (satisfaction, trust and commitment) moderate the relationship between satisfaction with complaint handling and repurchase intention. Furthermore, it is evident that the high perceived economic value, and the motive inferred by customers (if positive), facing the initial failure occurred, can also indicate repurchase intentions of consumers with online retailers.

Background      Catering to customer needs and wants by, at the same time, reaping maximum profits has, since the beginning of trade, been a tricky task for companies. Customer-segment pricing, i.e. offering lower prices to different target group segments, and its retail manifestation, student discounts, cater to students’ budgetary constraints, serving not only their particular needs but in return offering the company the possibility to reap long term profits from loyal students. High levels of price sensitivity among students provide companies a welcome point of action to address students and make them both attitudinal and behavioural loyal customers by means of financial incentives. The Mecenat card grants students access to those discounts – but does it help to make them loyal? Purpose            The purpose of this thesis lies in the exploration and description of a potential relationship between customer-segment pricing, i.e. student discounts and the formation of student loyalty. This exploration shall further be accompanied by a thorough analysis of the Mecenat card as a loyalty program and its ability to evoke student loyalty within the student body of Jönköping International Business School. Method             The research interest was served best by conducting qualitative prior to quantitative research. The focus groups allowed for a first insight into the topic and students’ opinions. These findings were then described by means of content analysis and further processed in quantitative research. An electronic survey was used to collect data from a sample drawn out of the total population of JIBS students. The data then was processed by means of descriptives, correlations, T-tests and factor analysis. Conclusion        Students at JIBS are a highly profitable customer segment, willing to be both attitudinal and behavioural loyal to stores that cater to their budgetary constraints by offering student discounts. The Mecenat card, however, due to low awareness and usage levels within the student body does not facili-tate, but rather hinders, the development of student loyalty. Thus, the find-ings were also processed into managerial implications that could help im-prove the service, such as improvements in communication

År 2000 blev det möjligt för svenska börsnoterade bolag att göra återköp av egna aktier. Detta har medfört ytterligare en möjlighet för hur bolagen kan distribuera den vinst de gör vid brist på andra gynnsamma investeringar. Under perioden 2000 till 2013 har 139 olika bolag genomfört återköp av egna aktier och bland dessa bolag varierar mängden återköpta aktier och antalet genomförda återköpsprogram kraftigt. Aktiebolagslagen sätter ramarna för återköpet och per återköpsprogram får maximalt tio procent av det totala aktiekapitalet köpas tillbaka. Bolagstämman beslutar om återköp skall bli aktuellt och beslutet sträcker sig som längst till nästa bolagsstämma. Sedan 2010 finns en utredning hos regeringen där det föreslås att ta bort tioprocentsspärren och låta det stå bolagen fritt att återköpa hur mycket aktier de vill. Detta examensarbete syftar till att undersöka den svenska markanden och att bidra i debatten och belysa ett område som ej tidigare har undersökts, nämligen sambandet mellan de bolag som genomför återköp av egna aktier samt hur ägarandelen i grupperna styrelsen, ledningen och verkställande direktör påverkas före och efter återköpen. Vidare analyser i den här studien inkluderar 126 av de 139 bolagen. Tretton bolag har exkluderats på grund av bristande uppgifter eller att årsredovisningar helt saknas. Materialet kategoriseras efter dels hur återköpen genomförs; ett enda program, flera program i följd alternativt spridda program, dels efter storlek på bolag enligt SmallCap, MidCap och LargeCap. Vidare analyseras sambandet mellan den genomsnittliga ökningen av det egna innehavet hos bolagets styrelse, ledning och verkställande direktör samt ägarandelen, bolagets storlek och återköpsstrategi. Den slutliga analysen bygger på de bolag som gjort flera återköpsprogram samt där styrelse och VD tillsammans ökat sitt genomsnittliga egna aktieinnehav per återköpsprogram. Vår studie visar ett signifikant samband utifrån den avsedda beroendevariabeln, den genomsnittliga ägarandelen för styrelse och VD samt ett signifikant negativt samband med storlekskategorin largecap. Vilket innebär att den genomsnittliga ökningen i innhav per återköpsprogram delvis kan förklaras genom hur stor ägarandelen var innan återköpet samt bolagets storlek. Även grupptillhörighet, det vill säga typ av återköpsstrategi, har ett samband men detta placerar sig strax under en signifikansnivå på 90 procent. / In the year of 2000 the Swedish government changed a part of the Swedish Companies Act and made it possible for swedish listed companies to repurchase a maximum of ten percent of their own shares. Up until today 139 companies have chosen to use this possibility to distribute some of their profit. Out of the 139 companies thirteen companies are excluded due to missing data, 126 companies remains in further studies of this paper. The pattern of the repurchase varies in three different systems; one share repurchase program alone, several consecutive share repurchase programs and several scattered share repurchase programs. We aim to study if there is a connection between the way the companies repurchase their own shares and the change in ownership within the board, CEO and company management. Our study show that a higher concentration of ownership within the board and CEO has a significant positive effect on the average increase of own shares per program. Also largecap firms has a significant negative effect on the average increase per program.

We study the long-term performance of companies listed on the Stockholm Stock Exchange that announced their intention to repurchase shares between the years of 2005 and 2013. We test the hypothesis that the market underreacts to share repurchase announcements and that repurchasing firms consequently outperform the market in the following years. We find that repurchasing firms yield a cumulative abnormal return of 15.76 percent, significant at the 1 percent level, over the four years following the announcement. To address the concern that microcaps may be driving the results, we also investigate the differences in abnormal returns between companies of different sizes. We form three portfolios based on market capitalization and find that the large, medium-sized and small companies yield 14.34 percent, 20.13 percent and 6.61 percent respectively. / Vi studerar den långsiktiga avvikelseavkastningen för företag noterade på Stockholmsbörsen som annonserat aktieåterköp mellan åren 2005 och 2013. Vi testar hypotesen att marknaden underreagerar på dessa annonseringar och att aktieåterköpande företag överpresterar marknaden de nästkommande åren. Vi finner att företag som återköper aktier ger en kumulativ abnormal avkastning på 15,76 %, signifikant på enprocentsnivån, under fyra år efter att företaget annonserat ett aktieåterköpsprogram. För att bemöta kritik mot tidigare anomaliforskning om att microcaps ofta snedvrider resultaten, undersöker vi skillnader i avvikelseavkastning mellan företag i olika storlek. Vi skapar tre portföljer baserat på företagens marknadsvärde och finner att stora, mellanstora och små företag genererar en kumulativ avvikelseavkastning på 14,34 %, 20,13 % samt 6,61 %.

Les risques perçus associés aux achats en ligne ont un effet critique sur la prise de décision du consommateur. En outre, étant donnée la mondialisation rapide des achats en ligne, une compréhension des raisons pour lesquelles les risques perçus varient en fonction de différentes cultures dans les achats en ligne est pertinente. La question de recherche qui motive cette étude est la suivante: « Quelles sont les différences significatives dans les effets de plusieurs déterminants des risques perçus dans les achats de vêtements en ligne en fonction des différences culturelles entre la Chine et la France ? » Un modèle d'équations structurelles est développé sur les relations hypothétiques entre les construits de l'étude. La recherche a apporté quelques résultats. Tout d'abord, nous avons constaté que les répondants chinois et français perçoivent de faibles niveaux de risques non-personnels et personnels dans leurs achats de vêtements sur Internet, mais les répondants chinois perçoivent un niveau plus élevé de risques non-personnels et personnels que les français. Le deuxième résultat principal est que le rôle des déterminants des risques perçus (la préoccupation des informations personnelles, la protection de la sécurité et la réputation des vendeurs en ligne) sur les risques perçus dans les achats en ligne varient selon les cultures. La réputation du site Web est plus valorisée dans les cultures collectivistes (Chine), tandis que la préoccupation des informations personnelles et la protection de la sécurité sont plus valorisées dans les cultures individualistes (France). Enfin, à la fois pour l'échantillon chinois et français, les risques perçus non-personnels ont un effet significatif sur l'intention à racheter. D'autre part, en ce qui concerne l'effet des risques perçus personnels, nous avons constaté qu'il y avait un effet négatif des risques perçus personnels sur les consommateurs chinois. / The perceived risks associated with online shopping have a critical effect on consumer decision making. In addition, cultural values provide a good theoretical basis for understanding perceived risk. Given the rapid globalization of online shopping, an understanding of the reasons why perceived risk vary in different cultures regarding online shopping should be crucial. The research question furnishing the main impetus for this study is: What are the significant differences in the effect of several determinants of perceived risk of online clothing shopping depending on cultural differences between China and France? Structural equation models with the maximum likelihood estimation method are employed to test all the hypothesized relationships. The research puts forth some findings. First, it is interesting to note that both the Chinese and French respondents perceive low levels of non-personal and personal risk regarding their online clothing purchases, but the Chinese respondents perceive higher non-personal risk than the French respondents and higher personal risk than the French respondents. The second key finding is that privacy concerns, security protection, and reputation have different effects on both consumer perception of non-personal risk and personal risk depending on cultural differences. Reputation is more valued in collectivist cultures (China), while privacy concerns and security protection are more valued in individualist cultures (France). Additionally, for both the Chinese and French samples, non-personal perceived risk significantly effects intention to repurchase. We found personal perceived risk has a significant effect only on Chinese consumer intention to repurchase.

Syfte: Tidigare forskning visar på en positiv abnormal avkastning på företagets aktiekurs vid återköp av aktier. Få studier har vidare undersökt om denna avkastning skiljer sig beroende på frekvensen av återköp. Området kring återköp av aktier är relativt outforskat i Sverige och sedan återköp blev tillåtet år 2000 har det varit en finanskris. Denna studie syftar därmed till att fylla ut forskningsgapet i Sverige med att studera återköp och dess påverkan på avkastningen på den svenska aktiemarknaden, med hänsyn till återköpsfrekvens. Studien är avgränsad till lågkonjunkturen mellan åren 2010-2014 för att se eventuell skillnad från tiden före finanskrisen. Metod: För att besvara studiens syfte har en eventstudie genomförts. Aktiekursdata för de företag som genomfört återköpsprogram under de studerade åren har samlats in från Nasdaq OMX Stockholm. Av dessa aktiekursdata har kumulativ abnormal avkastning beräknats för att jämföras mellan grupper och andra studier samt genomföra t-test och envägs-ANOVA. Studiens data består av 68 återköpsprogram fördelat på 41 företag som har delats in i frekvensbaserade grupper på ”1”, ”2-3” och ”4-5” stycken återköpsprogram. Resultat & slutsats: Studiens resultat stödjer den tidigare forskningen om att återköp ger en positiv abnormal avkastning. Resultatet stödjer även signaleringsteorin om att återköp signalerar undervärdering vilket leder till att investerare pressar upp aktiepriset. Resultatet visar däremot inget stöd till de studier som har visat på att återköpsfrekvensen ska ha betydelse för avkastningen eller att avkastningen skulle ha varit högre under lågkonjunktur. På grund av få och motsägande forskning kring detta behövs det mer forskning som kan förtydliga frekvensen och lågkonjunkturens påverkan på avkastningen. Examensarbetets bidrag: Det är intressant ur företagsekonomisk synpunkt att se vilken effekt återköp får på aktiepriset när företag funderar på att utnyttja bemyndigande om återköpsprogram. Denna studie visar att företag i Sverige kan förvänta sig en positiv abnormal avkastning vid annonsering av ett återköpsprogram, i likhet med andra miljöer. Studien visar även att frekvensens och lågkonjunkturens betydelse fortfarande är oviss. Förslag till fortsatt forskning: Eftersom studien endast har undersökt den kortsiktiga avkastningen vid återköp av aktier vore mer forskning kring den långsiktiga avkastningen intressant. Studien har inte heller studerat egenskaper hos företagen som gör återköp. Eventuella skillnader mellan företag som gör enstaka respektive frekventa återköp vore intressant att se. / Aim: Previous research has indicated that share repurchases result in a positive abnormal return on company's share price but only a few studies have examined further if return on share price differs depending on frequency of share repurchases. In Sweden share repurchases are quite unresearched field of study and after share repurchases became legal in 2000 there has been a financial crisis. This study aims to fulfil the research gap in Sweden and examine share repurchases' effect to return on share prices depending on frequency of share repurchase on Swedish stock market. Time period of the study has narrowed down to recession between years 2010-2014 to see eventual difference from time before recession. Method: To fulfil the aim of the study event study methodology has been used. The share data for companies that have repurchased shares in chosen time period has been collected from Nasdaq OMX Stockholm. Based on share data cumulative abnormal returns for every share repurchase group have been calculated to compare groups and different time periods. Cumulative abnormal returns are even used to accomplish t-test and one-way ANOVA. Data of the study consist of 68 share repurchase programs that were announced by 41 companies. Those 68 repurchase programs were distributed to three frequency based groups that were ”1”, ”2-3” and ”4-5” share repurchase programs. Result & Conclusions: Results of the study are consistent with the previous research about share repurchases resulting in a positive abnormal return. The results are also consistent with the previous research about repurchases signaling an undervalued stock which leads to an increase in interests from the investors. On the contrary this study is not consistent with the previous research about repurchase frequency and recession's impact to return. Because there are only a few studies about repurchasing frequency and recession's impact to return and the results of studies are contradictory, more research needs to be done. Contribution of the thesis: It is interesting to see which kind of effect share repurchases result in share price when company is utilizing authorization of share repurchase program. This study indicates that a company in Sweden can predict a positive abnormal return by announcing about repurchase program. The study indicates even that repurchase frequency and recession's impact to return are still uncertain. Suggestions for future research: As this study has only examined share repurchases' short-term effect to return on share price, it would be interesting to research long-term effect to return on share price. Also characteristics of companies that repurchase shares and eventual differences between companies that repurchase shares frequent and infrequent would be interesting to see.