Förvaltning och avkastning hos fonder har forskats om i flera studier runt om i världen. Tidigare forskning har gett varierande resultat, där vissa studier visar på att det föreligger ett samband mellan en fonds avgift och avkastning, medan andra inte kan säkerställa ett sådant resultat. Då de svenska hushållen idag sparar mer än någonsin, visar det på att fondsparande är ett aktuellt ämne för ytterligare forskning. Statistik från 2020 visar att fondförmögenheten i Sverige totalt uppgick till 4 554 miljarder kronor och har visat på en fortsatt ökande trend de senaste åren. Dock har endast få studier genomförts på den svenska kapitalmarknaden och de har i huvudsak analyserat ämnet på kort sikt, med en tidsperiod om fem år. Eftersom avgifternas påverkan på fonder är tydligast på lång sikt, ger det utrymme för fortsatt forskning inom ämnet. Syftet med följande forskning är att studera sambandet mellan svenska aktiefonders avkastning och avgift på lång sikt i förhållande till fondernas risk. Studien avgränsas till att undersöka svenska aktiefonder som har varit verksamma i minst tio år, mellan åren 2011-2020. Forskningen antar en kvantitativ forskningsmetod, vilket syftar till att testa teorier. Tillvägagångssätt sker genom en analys av urvalets regression och korrelation i samband med hypotesprövning, där variabler undersöks för att ge underlag till studiens analys av resultat. Studiens resultat visar att svenska aktiefonder i genomsnitt underpresterar den svenska marknaden på lång sikt. Forskningen visar även varierande resultat gällande korrelation mellan riskjusterad avkastning och avgift på lång sikt. Resultaten indikerar att den svenska kapitalmarknaden har en relativ marknadseffektivitet av svag form. I tillägg verkar aktivt förvaltade fonder kunna utnyttja tillfällig trendidentifiering och informationsasymmetri för att uppnå en överavkastning. Forskningen avslutas med slutsatsen att högavgiftsfonder, vilka är mer aktivt förvaltade, indikeras vara ett bättre investeringsalternativ för att uppnå en god långsiktig prestation i jämförelse med passiva fonder. / The management and return of funds have been researched in many studies around the world. Previous research has yielded varied results, with some studies showing that there is a link between a fund's fee and return, while others cannot ensure such a result. As Swedish households save more today than ever, it shows that fund saving is a current topic for further research. Statistics from 2020 show that fund assets in Sweden are 4 554 billion swedish crowns in total, a number that has continuously grown in the past years. However, only a few studies have been conducted on the Swedish capital market where the existing studies have mainly analyzed the subject in the short term, with a time period of five years. Since the impact of fund fees is most noticeable in the long term, the subject can be further explored.  The aim of this research is to study the correlation between returns and fees of Swedish equity funds in the long term in relation to the funds risk. The study is limited to examining Swedish equity funds that have been active for at least ten years, between the years 2011-2020. The study adopts a quantitative research method, which aims to test theories. This research utilizes a regression and correlation analysis in conjunction with hypothesis testing, where variables are examined to provide a basis for the study's analysis of results. The results of this study show that Swedish equity funds on average underperform the Swedish market in the long term. The research also shows varying results regarding the correlation between risk-adjusted return and fee in the long term. The results of this study indicate that the Swedish capital market has a relative weak form of market efficiency. In addition, actively managed funds seem to be able to utilize occasional trend identification and information asymmetry to achieve an excess return. The research concludes that high-fee funds, which are more actively managed, indicate to be a better investment alternative for achieving long-term performance in comparison to passive funds.

Hållbarhet har kommit att bli en av denna generations största utmaningar och som ett resultat av ett globalt växande klimatfokus har regeringar och mellanstatliga organisationer utformat allt mer omfattande regleringar och initiativ för att möta samhällets krav på en hållbar utveckling. Att företag ska engagera sig i hållbarhetsarbete och ta socialt ansvar anses allt mer som en självklarhet och följaktligen har hållbarhetsfrågor inte enbart fått större inslag inom företag och dess ledningsgrupper, utan även hos investerare. Denna studie har som syfte att analysera huruvida ESG påverkar den justerade avkastningen på fonder i Sverige och Norden. För att analysera detta förhållande fokuserar studien på fonders hållbarhetsbetyg grundade på hållbarhetsparametrarna miljö, socialt ansvar och bolagsstyrning (ESG). I denna studie utforskar vi den övergripande frågan om konceptet ESG och för en diskussion kring dess inverkan på fondpriser. Metoden som används innefattar de finansiella kvoterna Sharpe, Sortino och Treynor samt Jensens Alfa, vars värden i sin tur jämfördes mot urvalet av fonder i studien som rangordnats efter Morningstars hållbarhetsbetyg. Studiens resultat leder till slutsatsen att det inte finns något tydligt positivt eller negativt samband mellan fonders riskjusterade avkastning och dess hållbarhetsbetyg. / Sustainability has become one of the biggest challenges for the current living generation and as a result of the increased focus on the climate issue, governments and intergovernmental organizations have designed increasingly comprehensive regulations and initiatives in order to meet society's demands for sustainable development. That companies should become more involved in sustainability work and take social responsibility is increasingly regarded as a matter of course, and consequently sustainability issues have not only gained greater importance within companies and its management groups, but also with investors. The purpose of this study is to analyse whether ESG affects the adjusted returns for funds in Sweden and the Nordics. In order to analyse this relationship the study focuses on the sustainability rating of mutual funds that are based on the sustainability parameters environmental, social and corporate governance, together referred to as ESG. In this study, we explore the overall concept of ESG and discuss its impact on fund prices. The method being used includes the financial quotas Sharpe, Sortino, Treynor and Jensen's Alpha, whose values in turn was compared against the selection of funds in the study ranked according to their respective Morningstar sustainability rating. The results of the study lead to the conclusion that there is no clear correlation, neither positive nor negative, between the funds risk-adjusted returns and its sustainability rating.

Over the past decades, investing and saving in mutual funds has become a popular alternativefor generating returns. Interest continues to grow and is widespread among different types ofinvestors, ranging from small-scale savers to professional investors, as well as differentgeographic markets. As interest and investment has grown, so has the range of fundsavailable, and with it the range of focused funds. Among these are real estate funds, fundsconsisting of holdings in the real estate market including different types of real estatecompanies and property-related assets. The ownership of funds is associated with a fee to cover various costs associated withoperating the fund. These fees can vary greatly in size across fund types and managers andaffect the fund’s performance and returns. Fees in relation to return have been researchedwith varying results and with the rise of focused funds, the authors felt that it should befurther investigated. The purpose of this study was thus formulated to investigate whetherthere is a relationship between fund fees and returns for real estate funds. This in turn toanswer whether it is justified for fund managers to charge a higher fee and to examine if theTheory of an Efficient Market holds or not. For this, a total sample of 69 real estate fundsfrom the Swedish, Norwegian and Finnish markets during a 3 year period from 1th of January2020 to the 31th of December 2022 was examined. In summary, based on the conducted regression analyses, it can be inferred that the results,similar to previous research, vary. However, it can be observed that there is a negativerelationship between fund fees and the risk-adjusted returns of real estate funds whenanalysing funds that have been active throughout the examined period. The analyses alsoreveal that the age and size of the funds have an impact on the risk-adjusted returns, whereyounger funds with large assets generate higher returns. This means that young real estatefunds with large assets and lower fees generate higher returns compared to older funds withsmall assets and higher fees. Consequently, it is not justified for managers to charge higherfees, nor for investors to pay them. Investors seeking to maximise their returns are thereforeadvised to choose real estate funds with low fees. Finally, based on this, it can be assumedthat the Theory of Efficient Markets holds for real estate funds in the Swedish, Norwegian,and Finnish markets.

This thesis studies the increasingly prevalent concept of sustainability in a financial context. Specifically, the question as to whether negative screening implies a cost or a benefit from an investor perspective is derived from past research’s inconclusive findings. The method adopted in order to answer the question is the construction of a negatively screened portfolio. The negative screening is done on an industry basis to see if excluding firms that engage in activities related to ESG risks would increase or decrease portfolio performance. Costs or benefits are primarily estimated as the intercept, also referred to as alpha, from Carhart’s (1997) four-factor model but is complemented by both the CAPM and the Fama-French three-factor model. The results of this study indicate no significant findings, as measured in alpha, achieved from the negative screening. However, the findings suggest a lower Sharpe ratio in the screened portfolio, and that negative screening may be associated with a lower systematic risk similar to what previous research has found.

Value investing as a strategy has a well-established history and has undergone extensive testing and studies within financial economics. Through the use of the strategy, studies and investors have demonstrated a positive return, where in many cases it has managed to generate excess returns compared to the market. The problem arises from the fact that the strategy should not be able to consistently generate excess returns compared to the market as it is not supported by the efficient market hypothesis (EMH). The purpose of the study is to investigate whether value investing as a strategy succeeds in generating excess returns on the Stockholm Stock Exchange. The method is based on a screening process, followed by a ranking system inspired by Joel Greenblatt’s value investment strategy "The Magic Formula". The method aims to systematically identify undervalued stocks based on the combination of two key ratios. Based on the applied method, two fictional portfolios were created with 15 stocks in each, based on value investing as a strategy. Historical data between 2013-2023 was collected to create the portfolios, with restructuring taking place each year based on set criteria. During this period, one of the portfolios showed a total return of 284.49%, which was an excess return compared to all benchmark indices in the study. The observed excess return suggests market inefficiency, where there may be opportunities for investors to identify and take advantage of undervalued stocks in the market. However, this excess return was not statistically significant when adjusted for risk, which in turn supports the EMH. Despite the strategy's success in generating excess returns compared to the market, it is therefore difficult to determine the level of efficiency at which the Swedish market has operated during the investigated period.

There has always been competition among hedge funds, mutual funds, and other types of investors to perform better than index, meaning, creating alpha. How can you create alpha? Are there any patterns to follow? Any trends? There are many questions one may ask in order to find patterns that are creating. The purpose of this study is to see how CEO departures affect equity value in the short- medium- and long term and its comparison to indices. This study has collected data from a majority of publicly traded Nordiccompanies with a market capitalisation of over 10 billion Swedish crowns. The collected data has been collected within the last 20 years (2003-2023) with market-adjusted return, market capitalisation, volume, and CEO tenure being the prominent variables analysed.As CEOs have the operative responsibility of a company, they thereby are at the top of the company and effectively guide the company towards its goals. The changes in CEOs could thereby be of interest to investors as there is potential for larger structural changes when a new CEO is appointed. Applying this to its equity value, there is potential formispricing. Using mainly Fama’s and Malkiel’s research on the Efficient Market Hypothesis (EMH) and Random Walk as the theoretical framework there are different ways in which equity price could move. EMH states that all markets are efficient by the equity representing all available information. Random Walk instead states that equity price moves randomly and cannot be predicted in accordance with historical movements. The empirical results showed that there were no statistically significant findings in our employed regression analysis. However, on average, the descriptive statistics show thatthe market-adjusted return for a company with a CEO departure is negative compared to its comparable index. The intraday MAR highly deviate from 1 day until 1 quarter and thereafter the deviation becomes less. The conclusion could be drawn that EMH might be contradicted in the short term but holds long term. It is also difficult to deny the theory of random walks in equities.

Background: In 1999 the Swedish pension system was reformed with an aim to create a stable and high return on pension assets. First, Second, Third and Fourth general pension funds, hereby referred to as AP1-AP4, had an important part in the reform. AP1-AP4, also called the buffer funds, was assigned to secure long-term, big parts of the pension capital. The funds objective is by law, to manage the fund's assets in a manner that provides maximum benefit for the state pension. The funds will also invest pension assets with an overall low level of risk while achieving a sustainable high return. Aim: The purpose of this study is to investigate whether the First-Fourth AP-Funds is meeting its objectives regarding risk and return according to Swedish law. The aim is also to see how AP1-AP4 risk-adjusted returns compare to the four Sweden funds risk-adjusted returns according to modern portfolio theory. Theory: Morningstar Rating, Treynor ratio, Sharpe ratio, Jensen's Alpha, Standard Deviation, Beta. Conclusion: The risk-adjusted performance measures used in this study shows that there are clear differences between the two fund groups, where the AP-funds performed worse than the Sweden funds in every measurement. The study shows that the pension funds do not reach their goals over the five-year period, in four of the five time intervals listed in the study. In summary, the study shows that pension funds have a lower risk-adjusted return than the four bank Sweden funds and that the pension funds have not achieved their goals.

Purpose: The purpose of the study is to investigate whether executives can earn abnormal return by purchasing their own stocks and establish an understanding of possible aspects. Method: In order to observe if abnormal return exists on insider buy-transactions, a method triangulation with deductive approach has been made. An event study has been adopted to measure the transaction events. In addition, CAAR has been calculated with aid of a model. These values go through a significance test in order to support the hypothesis.  Theory: The study is grounded on the efficient market hypothesis, information asymmetry, behavioural finance and signalling. Furthermore, previous research has been adopted to support the study.  Conclusion: The results of the study show that executives for growth companies can profit from abnormal returns. / Syfte: Syftet med studien är att studera om personer i ledande ställning profiterar vid insynsförvärv av aktier samt skapa en djupare förståelse kring möjliga underliggande faktorer. Metod: För att studera om det uppstår abnorm avkastning vid insynsförvärv har en metodtriangulering med deduktiv ansats behandlats. Eventstudie har använts för att mäta transaktions händelserna. Vidare beräknas CAAR med hjälp av en modell. Dessa kommer sedan att signifikanstestas för att stödja hypoteserna.  Teori: Teorier som behandlas i denna studie är den effektiva marknadshypotesen, informationsasymmetrin, beteendebaserad finansiering och signaleringshypotesen. Vidare behandlas tidigare forskningar som ger stöd till studien. Slutsats: Resultaten för studien påvisar att personer i ledande ställning för tillväxtföretag kan profitera på abnorm avkastning.

In recent times, the popularity of hedge funds has undoubtedly increased. There are shared opinions on whether hedge funds generate absolute rates of returns and whether they provide a strong alternative investment to mutual funds. This thesis aims to examine whether hedge funds with different investment strategies create absolute returns and if certain investment strategies outperform others. This thesis compares hedge funds risk-adjusted rate of return towards mutual funds, such as mutual funds, to see if certain investment strategies are more lucrative than the corresponding investments in terms of excess returns to corresponding indices. An econometric approach was applied to search for significant differences in risk-adjusted returns of hedge funds in contrast to mutual funds. Our results show that Swedish hedge funds do not generate as high risk-adjusted returns as Swedish mutual funds. In regard to the best performing hedge fund strategy, the results are inconclusive. Also, we do not find any evidence that hedge funds violate the effective market hypothesis. / Hedgefonder har den senaste tiden ökat i popularitet. Samtidigt finns det delade meningar huruvida hedgefonder genererar absolutavkastning och om de fungerar som bra alternativ till traditionella fonder. Denna uppsats syftar till att undersöka huruvida hedgefonder skapar absolutavkastning samt om det finns investeringsstrategier som presterar bättre än andra. Denna uppsats jämför hedgefonders riskjusterade avkastning med traditionella fonder, för att på sätt se om en viss investeringsstrategi ar mer lukrativ i termer av överavkastning i förhållande till motsvarande index. Vi har använt ekonometriska metoder för att söka efter statistiskt signifikanta skillnader mellan avkastningen för hedgefonder och traditionella fonder. Våra resultat visar att svenska hedgefonder inte genererar högre risk-justerade avkastningar än svenska aktiefonder. Våra resultat visar inga signifikanta skillnader vad gäller avkastning mellan olika strategier. Slutligen finner vi heller inga bevis för att hedgefonder går emot den effektiva marknadshypotesen

Bakgrund: Aktiemarknaden har aldrig haft en lägre ingångströskel där internetbaserade plattformar för investeringar har ökat tillgängligheten för både privata och institutionella investerare. Den höga aktiviteten på marknaden, i samspel med diverse finanskriser de senaste decennierna, har inneburit högre volatilitet på marknaden. Denna volatilitet nådde nya höjder under 2020 som innefattades av ett börsras i samband med Covid-19-pandemin, följt av en stark återhämtning med hjälp av global kapitaltillförsel. Året 2020 är på många sätt ett unikt år, inte minst på aktiemarknaden, och samtidigt har frågor och arbete kring hållbarhet fått en hög prioritet under senare år. Det finns därför ett intresse att vidare undersöka ESG och dess påverkan på de svenska bolagens avkastning. Syfte: Syftet med denna studie är att analysera hur ESG-betyg påverkar noterade svenska bolags aktievärde samt huruvida detta har förändrats till följd av ett turbulent år 2020 i relation till år 2019. Författarna avser även att undersöka huruvida ett relativt högre ESG- betyg är förenligt med högre riskjusterad avkastning och om aktierelaterad prestation avseende branschfördelning är framträdande. Metod: För att uppfylla studiens syfte har en kvantitativ metod med en deduktiv ansats tillämpats. Genomförandet av studien består av en analys av aktiekursutvecklingen för svenska bolag med ett tilldelat ESG-betyg under åren 2019 och 2020. För dessa bolag har det vidare konstruerats portföljer med höga respektive låga ESG-betyg samt avseende branschtillhörighet. En jämförelse utfördes sedan av avkastning, risk samt riskjusterad avkastning. Resultat: Resultatet finner inget signifikant samband mellan ESG-betyg och avkastning för 2019 men ett signifikant svagt negativt samband för 2020. Komparativt mellan portföljerna visade sig bolagen med högt ESG-betyg generera en marginellt högre avkastning och riskjusterad avkastning år 2019. År 2020 hade bolag med lågt ESG-betyg en betydligt högre avkastning och riskjusterad avkastning än bolagen med högt betyg. Diskrepansen på avkastning var stor till fördel för de bolag med låga ESG-betyg, undantaget för branschen Råvaror (Energi) som visade på ett motsatt samband. / Background: The stock market has never had a lower entry threshold where internet-based investment platforms have increased accessibility for both private and institutional investors. The high activity in the stock market, in conjunction with various financial crises in recent decades, have resulted in higher volatility in the market. This volatility reached new heights in 2020, which was accompanied by a stock market crash as a result of the Covid-19 pandemic, followed by a strong recovery with the help of global capital injections. 2020 is in many ways a unique year, with no exception for the stock market, while at the same time, sustainability issues have been given a high priority in recent years. Investigating ESG and its impact on Swedish companies' stock returns is therefore of further interest. Purpose: The purpose of this study is to analyze how ESG ratings affect listed Swedish companies' share value and whether this has changed as a result of a turbulent year 2020 in relation to 2019. The authors also intend to investigate whether a relatively higher ESG rating is compatible with higher risk-adjusted return and whether share-related performance in terms of industry distribution is prominent. Methodology: To fulfill the purpose of the study, a quantitative method with a deductive approach has been applied. The implementation of the study consists of an analysis of the share price development for Swedish companies with an assigned ESG rating during the years of 2019 and 2020. For these companies, portfolios with high and low ESG ratings have been constructed, while also regarding industry affiliation. A comparison of return, risk and risk-adjusted return was then performed. Results: The result finds no significant correlation between ESG rating and stock return for 2019 but a significantly weak negative correlation for 2020. Comparatively between the portfolios, the companies with high ESG ratings were found to generate a marginally higher stock return and risk-adjusted return in 2019. In 2020, companies with low ESG rating generated a significantly higher return and risk-adjusted return than companies with high ratings. The discrepancy in stock returns was large in favor of the low ESG ratings, apart from the Raw material (Energy) industry, which had an opposite relationship.