Zugl.: Diss. Bern, 1965. / Dissertationsausgabe als Sonderdruck erschienen.

Diss. Phil.-Naturwiss. Bern, 1965. / Sonderdruck aus: Beiträge zur Geologischen Karte der Schweiz. Neue Folge, Lfg. 130 (1966).

Diss. Phil. II Bern, 1941. / SA aus: Schweizerische mineralogische und petrographische Mitteilungen. - Bd.21,H.1(1941).

Every day a large numbers of transactions occur by people with different backgrounds. Insiders’ are a part of them and are considered to have an insight in companies that is not accessible to outsiders. This affects the market conditions for the participants when trading stocks, where individual participants regularly have the possibility to earn abnormal returns at the expense of others. Although Sweden, Germany and the United States continually keep developing the insider trading regulation, research shows that insiders’ still have the ability to earn abnormal returns. The difference in insiders’ ability to earn abnormal returns is believed to be because of that the countries are from different legal families, which in turn influence the market conditions where the insider trading occurs. The purpose is to examine whether legal insider trading generates abnormal return relative to index and analyze whether there are differences between the studied countries and what the differences may be due. Method: The study takes ledge in previous research using a quantitative method where 90 sorted companies in Sweden, Germany and the U.S. are used to gather insider transactions between 2006 and 2012. The data is then analyzed with statistical methods to find answers to the purpose of the study. The results shows that insiders have abnormal return for both the buy and sell transactions, which prove that there is an information gap between insiders and external stakeholders. The legal origin may have an effect on the relationship when it is linked to insiders’ abnormal return through ownership concentration and accounting quality, which in turn affects insiders’ ability to generate abnormal returns. The insiders’ position has also shown to have an impact on the abnormal returns, but is not completely consistent with the theory of information hierarchy. / Det sker varje dag stora mängder av transaktioner av personer med skilda bakgrunder. Insiders är en del av dem och anses ha insyn i företag som inte är tillgänglig för utomstående. Detta påverkar förutsättningarna för marknadens aktörer vid aktiehandel där enskilda aktörer regelbundet kan tjäna på bekostnaden av andra. Sverige, Tyskland och USA utvecklar kontinuerligt regleringen för insiderhandeln men tidigare forskning visar, trots harmonisering i lagstiftningen, på skillnader mellan länderna. Detta antas bero på att länderna härstammar från olika legala familjer, vilket påverkar förutsättningarna på ländernas respektive marknader, och därför påverkar insiders förmåga till att skapa överavkastning.  Syfte är att undersöka om laglig insiderhandel genererar överavkastning jämfört med index och analysera om det finns skillnader mellan de undersökta länderna och vad skillnaderna kan bero på. Studien tar avsats i tidigare forskning och använder en kvantitativ metod där 90 utsorterade bolag i Sverige, Tyskland och USA används för att inhämta insidertransaktioner mellan 2006 och 2012. Materialet analyseras sedan med hjälp av statistiska verktyg för att få svar på arbetes syfte. Resultatet är att insiders har överavkastning för både köp och säljtransaktioner och bevisar att det finns ett informationsgap mellan insiders och utomstående intressenter. Det legala ursprunget kan ha en påverkan på förhållandet då det kopplas till insiders överavkastning genom ägarkoncentrationen och redovisningskvalitén som i sin tur påverkar insiderns förmåga till att skapa överavkastning. Insiderns position visas också ha en påverkan på överavkastningen där en högre position ger högre överavkastning, vilket går i linje med informationshierarkin.

Comparisons are drawn of the effects of the Alpine orogeny on Mesozoic sediments and the underlying Hercynian massif basement rocks at the SW end of the Aar Massif. The study has also brought a clearer understanding of the pre-Permian geological history of the massif. The main lithological units in basement and cover are briefly described, and their mapping on 1 : 10,000 scale has shown large and medium scale structures. Deformation sequences have been established for the basement (D1b to D6b) and for the cover (D1c to D3c) and there is a clear correlation of Alpine st ructures (D1c to D3c equivalent to D4b to D6b). In the basement the late-Hercynian deformation of Upper Carboniferous metasediments is recognizable. These sediments were deposited on the older Altkristallin gneiss complex which had previously suffered the main Hercynian deformation and metamorphism. The trend of Alpine structures is subparallel to the trend of late-Hercynian structures, producing difficulties in discernment, and consolidating the regional NE-SW trend of basement structures. Alpine deformation was fairly simple, comprising one main deformation, followed by two weak phases producing only localized small-scale structures. Quantitative strain analysis for the main Alpine deformation investigates local situations and compares different types of strain marker. Incremental strains are recorded in curved pressure shadow quartz fibres in both basement and cover. These indicate early extension directions steeply plunging SE, later rotating through gentle plunge E, to subhorizontal NE and gentle plunge SW. Deformed Carboniferous pebbles, and cover ooids, intraclasts, faecal pellets, and ammonites have been analyzed, but all except faecal pellets suffer from the presence of initial preferred orientations and ductility contrasts with their matrix materials. Illite crystallinity studies show that the pelitic rocks investigated (basement and cover) reached a degree of Alpine metamorphism just inside low-grade as defined by WINKLER (1974) though the presence of graphite may have allowed this grade to be attained at relatively low temperatures. Further studies show this to have been a Barrovian-type syntectonic metamorphism. Generally similar finite Alpine deformation of basement and cover may be inferred from similar development of structures and similar quantitative strain estimates, but the very varied compositions and textures of rocks will have required somewhat different deformation mechanisms, and varied strain distribution.

In all listed companies, there are people who have close ties to the business, either as employees or directors, or indirectly through relationships with the company. Such individuals are usually named as insiders and often have information about the company's prospects that has not yet been made public or reflected in the stock's price. This information asymmetry between insiders and external investors can create a signal value when insiders trade in the company's stock. The interpretation and valuation of insider trading by external investors can then affect the share price, both positively or negatively depending on the type of trade.Previous studies show different results regarding whether insider trading generates abnormal returns or not. Some studies have shown that there is no systematic profitability in following insider trading, while others have shown that it can generate an abnormal return.The purpose of this study is to investigate whether insider trading generates abnormal returns and to investigate whether the abnormal return differs depending on position, year and transaction type. The study is conducted in the form of an event study to investigate the effect that insider trading has on a company's share price. The results of this study show that insider trading does not generate any abnormal return for the event period or for the event day, but that there are significant differences in CAAR between buy and sell transactions. The result also shows that there is no difference in abnormal returns between different positions or between different years.

En eventstudie gjordes på aktierekommendationer publicerade på Privata Affärers hemsida mellan 2009-2010. Publiceringsdagen för rekommendationen utgjorde eventdagen och ett eventfönster på fem dagar innan och fem dagar efter. Rekommendationerna delades upp i olika kategorier för att kunna se skillnader mellan köp, avvakta och säljrekommendationer samt för Mid Cap och Small Cap. Uppsatsen kunde inte påvisa någon generell statistisk signifikant överavkastning i någon av de undersökta kategorierna.

Purpose                               The main purpose of this study is to test in which part of the economic cycle that generates the best results on corporate acquisitions for the acquirer in the short-term. The study examines the Swedish market and has the aim to study both domestic and foreign acquisitions made by Swedish acquirers. The study also has a purpose of examining if there is a difference in results with domestic acquisitions and foreign acquisitions.   Theory The theoretical perspective will include previous research, concepts and theories. The theoretical framework includes Efficient market hypothesis, The random walk theory and the Non-random walk theory.  Method This study undertakes a quantitative approach with a deductive reasoning. The event study includes a 10 day event window (t-4, t+5). It is an event study that examines 100 acquisitions listed on the Nasdaq OMX Stockholm during the time period 2008- 2018.  Results Data has been collected from the databases Zephyr, Orbis and Nasdaq OMX Nordic. In the empirical foundation AAR and CAR is presented. The results show that it is better to make acquisitions during a upturn in the short-term perspective. The results also show a very slim difference between domestic and foreign acquisitions. / Syfte Syftet med denna studie är att undersöka i vilket konjunkturläge företagsförvärv genererar högst abnormal avkastning på det förvärvande företagets aktie på kort sikt. Studien mäter förvärv på den svenska marknaden och avser att analysera om förvärv utförda mellan svenska företag kontra svenska förvärv på utländska företag påverkar den abnormala avkastningen på. Teori Studien utgår från två stycken teorier och innefattar en referensram med utvalda tidigare forskningar inom området. Teorierna som ingår i studien är Effektiva marknadshypotesen och The Random walk som även inkluderar non-random walk. Metod Denna studie har en kvantitativ forskningsdesign med deduktiv ansats som bygger på ett metodval i form av eventstudie. Eventstudien består av ett eventfönster på 10 dagar (t-4 till t+5)och undersöker reaktionen på marknaden vid 100 stycken förvärv där det förvärvande företaget är börsnoterat på OMX Stockholm nasdaq. Resultat Datan är insamlad via databaserna Zephyr, Orbis och Nasdaq OMX Nordic. I empirinpresenteras AAR och CAR där resultaten visar på att det är bättre att genomföra förvärv i högkonjunktur i ett kortsiktigt perspektiv. Resultaten för inhemska kontra utländska marknadenvisar på väldigt små skillnader.

Made available in DSpace on 2015-02-24T20:17:26Z (GMT). No. of bitstreams: 1 AndreLBS_DISSERT.pdf: 2336976 bytes, checksum: 8dfd6a3f335c142b16fcc2ff38debedf (MD5) Previous issue date: 2011-10-07 / The generation of direction, sensemaking, is the process where the actors start to perceive the events around them establishing and creating meanings in their actions that they play daily. At the moment where they happen the interactions in a net business-oriented between the actors are that sensemaking is generated. A business-oriented example of a relationship net is the work developed for the Committee of Associations and Regional Cooperatives of Handcraft of Serid? - CRACAS. This organization, with headquarters in the city of Caic? - Rio Grande of North exists with the objective to manage the net of craftsmen of the region of the norteriograndense Serid?. The present inquiry had as objective generality to understand the generation of sensible of the activities carried through for the organizational, inserted actors in the CRACAS in Caic?/RN, directed toward the use of the resources in its daily business-oriented. The specific objectives had been) To identify the resources used for the organizational actors of the CRACAS; b) To apprehend the way for which the craftsmen play activities directed toward the control and use of the available resources in its environment business-oriented; c) To identify the role played for the organizational actors (craftsmen) in its business-oriented daily activities; d) To understand as the organizational actors of the CRACAS they generate sensible of its business-oriented activities and finally e) To verify the principles that guide the interactions of the craftsmen. Of this process of empirical inquiry, the methodology used in the inquiry consisted of a Study of Case in the CRACAS and the seven Associations of the Embroidering it. It was concluded that sensemaking happens during the accomplishment of the activity as during the confection of the products. In accordance with craftsman the financial resources do not come from the CRACAS. One evidenced that the seven cities of the business-oriented embroidering interact as a net of the handcraft and that it exists a lack of resources and infrastructure in the associations / A gera??o de sentido, sensemaking, ? o processo onde os atores organizacionais come?am a perceber os eventos ao seu redor estabelecendo e criando significados nas a??es que desempenham em seu cotidiano. No momento em que acontecem as intera??es em uma rede de neg?cios entre os atores ? que o sensemaking ? gerado. Um exemplo de uma rede de relacionamento de neg?cios ? o trabalho desenvolvido pelo Comit? de Associa??es e Cooperativas Regionais de Artesanato do Serid? - CRACAS. Essa organiza??o, com sede na cidade de Caic? - Rio Grande de Norte existe com o objetivo de administrar a rede de artes?os da regi?o do Serid? norteriograndense. A presente investiga??o teve como objetivo geral compreender a gera??o de sentido das atividades realizadas pelos atores organizacionais, inseridos no CRACAS em Caic?/RN, voltadas para a utiliza??o dos recursos em seu cotidiano de neg?cios. Os objetivos espec?ficos foram a) Identificar os recursos utilizados pelos atores organizacionais do CRACAS; b) Apreender a maneira pela qual os artes?os desempenham atividades voltadas para o controle e utiliza??o dos recursos dispon?veis em seu ambiente de neg?cios; c) Identificar o papel desempenhado pelos atores organizacionais (artes?os) em suas atividades cotidianas de neg?cios; d) Compreender como os atores organizacionais do CRACAS geram sentido de suas atividades de neg?cios e por fim e) Verificar os princ?pios que norteiam as intera??es dos artes?os. Nesse processo de investiga??o emp?rica, a metodologia utilizada na investiga??o consistiu-se em um Estudo de Caso no CRACAS e nas sete Associa??es das Bordadeiras filiadas a ele. Concluiu-se a gera??o de sentido acontece durante a realiza??o da atividade como a confec??o dos produtos. De acordo com as artes?s os recursos financeiros n?o prov?m do CRACAS. Constatou-se que os sete munic?pios do bordado interagem como uma rede de neg?cios do artesanato e que existe uma car?ncia de recursos e infraestrutura nas associa??es

(Diss. Phil.-Naturwiss. Bern : 1964).