<p>Syftet med denna uppsats är att testa Modigliani och Millers teorem i praktiken, samt undersöka om svenska och amerikanska företags val av kapitalstruktur har någon påverkan på deras företagsvärde och avkastning på eget kapital.</p><p>Uppsatsen har använt sig av en kvantitativ ansats där regressionsanalys och hypotesprövning har utförts för att mäta sambandet mellan variablerna.</p><p>Franco Modigliani och Merton Millers teorem om kapitalstruktur visade att valet av finansiering har betydelse för ett företags värde. Ett företag finansierat med skulder blir på grund av skattereduktioner högre värderat än ett obelånat företag.  </p><p>Svenska företag visar ett relativt starkt samband mellan skuldsättningsgrad och P/BV till skillnad från de amerikanska där det inte förekommer ett samband. Både de svenska och amerikanska företagen visade ett klart samband mellan skuldsättningsgraden och avkastning på eget kapital, samt ett samband mellan företagsvärde och avkastning på eget kapital.</p><p> </p>

Syftet med denna uppsats är att testa Modigliani och Millers teorem i praktiken, samt undersöka om svenska och amerikanska företags val av kapitalstruktur har någon påverkan på deras företagsvärde och avkastning på eget kapital. Uppsatsen har använt sig av en kvantitativ ansats där regressionsanalys och hypotesprövning har utförts för att mäta sambandet mellan variablerna. Franco Modigliani och Merton Millers teorem om kapitalstruktur visade att valet av finansiering har betydelse för ett företags värde. Ett företag finansierat med skulder blir på grund av skattereduktioner högre värderat än ett obelånat företag.   Svenska företag visar ett relativt starkt samband mellan skuldsättningsgrad och P/BV till skillnad från de amerikanska där det inte förekommer ett samband. Både de svenska och amerikanska företagen visade ett klart samband mellan skuldsättningsgraden och avkastning på eget kapital, samt ett samband mellan företagsvärde och avkastning på eget kapital.

Förstudiens syfte var att kartlägga användarbehov kring ROE inom svenska Marinen och ta fram stöd och hjälpmedel för att underlätta ROE-arbetet. I kartläggningen medverkade personal från olika staber, förband och skolor inom Försvarsmakten. Flertalet deltog sedan också i det iterativa utvecklingsarbetet. Tre användargrupper urskiljdes; Stabs- och fartygspersonal samt personal under utbildning. Några av de svårigheter som identifierades; Tolkningsskiljaktigheter mellan stabs- och fartygspersonal. ROE-arbetet ger ett administrativt merjobb för stabs- och fartygspersonal. Det finns inte tid eller resurser att öva ROE på ett realistiskt sätt med lämplig upptrappning av hotnivå. Det bedrivs ingen specifik ROE-utbildning vid Försvarsmaktens skolor eller centra. Utvecklingsarbetet bedrevs parallellt med kartläggningen och involverade stabs- och fartygspersonal. Efter ett antal utvärderingar med användare kunde tre koncept för stöd och hjälpmedel ges. För att öka förståelsen och visualisera koncepten har tre demonstratorer skapats. Koncepten har fått arbetsnamnen; - ADMIN - Administrativt stöd för ROE-hantering. - FARTYG - Utbildningshjälpmedel för fartygsledning och eventuellt skolor. - STAB - Stöd för framtagning av ROE-profil. Författarna rekommenderar FOI att fortsätta utreda ROE-arbetet inom Försvarmakten och även internationellt samt vidareutveckla de tre föreslagna koncepten. För att skapa en gemensam grund för sin personal bör Försvarsmakten hålla seminarium och utbildning inom ROE och tydligare definiera ansvarsförhållanden och begrepp.

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This thesis is the study of one of the most consistently used primary sources of early seventeenth century Mughal India. The Embassy of Sir Thomas Roe, written by England's first ambassador to the court of Jahangi r, has traditionally been construed to be a succinct and perceptive account. Moreover, historians have relied on Thomas Roe's observations and conclusions to offer certain interpretations of Jahangi r's court: most notably, its decline as a forum of centralized absolutism into an arena of intrigue and rivalry. / Roe, as a product of Jacobean society, perceived Mughal events and institutions from an early seventeenth century English context, thus limiting any hope of "objective" reporting. To substantiate this assertation, this thesis investigates (a) Roe's life in England and how it related to ongoing literary and political movements; (b) the appearance of Jacobean language and metaphors in his text; (c) and highlighting these incongruencies by examining indigenous Mughal documents. Lastly, the study researches historiographical trends of the colonial era and why they have contributed to the consistent use of this source.

Banks today are the largest financial institutions around the world, with branches and subsidiaries throughout everyone’s life. However, commercial banks are facing risks when they are operating. Credit risk is one of the most significant risks that banks face, considering that granting credit is one of the main sources of income in commercial banks. Therefore, the management of the risk related to that credit affects the profitability of the banks. The aim of the research is to provide stakeholders with accurate information regarding the credit risk management of commercial banks with its impact on profitability.   The main purpose of the research is to investigate if there is a relationship between credit risk management and profitability of commercial banks in Europe. We also aim to investigate if the relationship is stable or fluctuating. In the research model, ROE and ROA are defined as proxies of profitability while NPLR and CAR are defined as proxies of credit risk management. The research collects data from the largest 47 commercial banks in Europe from 2007 to 2012 and formulates four hypotheses which are related to the research question. A series of statistical tests are performed in order to test if the relationship exists. Other statistical tests are performed to investigate if the relationship is stable or not.   The findings reveal that credit risk management does have positive effects on profitability of commercial banks. Between the two proxies of credit risk management, NPLR has a significant effect on the both ROE and ROA while CAR has an insignificant effect on both ROE and ROA. However, from 2007 to 2012, the relationships between all the proxies are not stable but fluctuating.

Thesis (doctoral)--Universität des Saarlandes. / Includes bibliographical references (p. 105-139).

There is much debate amongst academics regarding the contribution of women on corporate boards, particularly, the effect on financial performance. There has been a stride post democracy to ensure equality in South Africa. Although there has been progress, the percentage of women on corporate boards is still microscopic. The purpose of this study was to examine the effect of board gender diversity on financial performance of publicly listed companies. Similar studies have been conducted in other countries with equivocal results implying that results are country-specific. Quantitative research methodology was employed, where financial ratios ROE, ROA and Tobin's Q, of companies with gender diverse boards were compared to those of companies whose boards are not considered gender diverse. Gender diverse boards are defined in this study as boards with 25 percent or more female representation on boards. Differences in financial performance of companies with gender diverse boards across industries were also examined. ROE and ROA mean scores were higher for the gender diverse group, whereas, mean scores of the market-based ratio Tobin‟s Q were higher in the group whose boards were not gender diverse. Market-based results are subjective and influenced by investors and analysts perceptions. Tobin‟s Q was higher in industries with lower percentages of women on boards; however, these results were not statistically significant. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

The diploma thesis aims on creation of investment portfolios with their creation. When creating will be based on economic results issuers. The theoretical part will describe the methods that will lead to this result. In particular, the determination of the intrinsic value of the shares and the influence of other issuer indicators that affect the final decision whether to buy the company's shares or not and, if so, what quantity. Portfolios will be created in 2017 with yearly adjustment.

Corporate governance debates and reforms have been advocating for majority inclusion of independent non-executive directors on the board of directors. There is spreading belief that independently structured boards is associated with the effectiveness of the board and therefore translate into high value company performance. Although studies on board composition in South Africa have been conducted, most studies paid special attention to board diversity such as gender and race but very little attention to the expertise of an independent director. The aim of this study is to examine the causal relationship between a board composition and financial performanceThe research was conducted using listed South African platinum mining companies in Johannesburg Stock Exchange (JSE). Quantitative research methodology was chosen for the study. The proxies for a board composition were the size of the board, independent non-executive director and non-executive director with industry expertise. The Proxies for company performance are ROA, ROE, Tobin‟s q and EVA. Three hypotheses about the size of the board, proportion of independent non-executive director and non-executive directors with industry expertise were proposed and tested.The research result on the first hypothesis suggested that a small size of the board of directors has statistical significant positive relationship with EVA as compared the larger size of the board. The second hypothesis result suggested there is statistically positive relationship between the independent non-executive director and EVA. The third hypothesis result on inclusion of non-executive with industry expertise was not conclusive. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted