Mergers and acquisitions (M&As) offer a framework to shed a new light on whether corporate social responsibility (CSR) performance enhances corporate financial performance (CFP). Using ASSET4 data as a measurement of CSR performance in a sample of worldwide deals for the period 2004-2017, I find evidence that the environmental performance of target firms enhances acquirers’ shareholder wealth. No influence is found for different value implications in different institutional contexts. Additionally, shareholders reward (disvalue) acquirers even stronger if the target is outperforming (underperforming) the acquirer in environmental performance. These findings suggest that shareholders reward the acquirer for making environmental investments and support the stakeholder view, which indicates that fulfilling stakeholder interests can be combined with shareholder wealth creation.

由於科技進步、國與國之間的監管制度放寬，使得產業邁向全球化，進而帶動金融業的跨國併購浪潮，並開啟了併購領域之實證研究。過去學者對於銀行併購動機與併購績效之研究，所探討的因子層面有所不同，因此，本研究欲探討影響銀行進行跨國併購動機的國家特性差異，對主併銀行的併購績效有何影響。 由SDC併購資料庫選取2002年至2014年，已開發和新興市場國家之商業銀行跨國併購案件作為研究樣本，以事件研究法探討主併國與被併國之國家特性因子，如：經濟規模、經濟成長率、金融產業發展程度，以及兩國間心理距離等，對主併銀行宣告效果之影響。 結果發現僅目標國之金融產業發展程度與主併銀行宣告效果呈顯著負相關，即併購金融發展程度較低的國家銀行，能為主併銀行獲得更多成長機會，故市場對於主併銀行短期的績效反應較為正面，主併銀行擁有正的異常報酬。 此實證結果符合「獲利機會理論 (Focarelli and Pozzolo, 2001b) 」故當銀行選擇併購策略時，建議可考慮往金融產業發展程度較低的新興市場國家，以獲取更多的成長機會與獲利空間。 / With the advancement of technology and deregulation between countries, industries around the world have entered into a globalized era. Therefore, waves of cross-border merger and acquisition (M&A) among financial institutions have opened new area in M&A empirical research. Different factors were used in previous literatures on M&A motives and performance. As a result, this study examines whether country characteristic factors, which influence acquirer’s M&A motives, have impact on acquirer’s announcement effect. We use event study methodology with 105 final samples, which made of listed commercial banks in developed and emerging market countries (EMC) between 2002 and 2014, to analyze the effects of country characteristic factors (like GDP, GDP growth, financial development, and psychic distance) on the acquirer’s short-term performance. According to our results, we find that: First, on average, the acquirer’s announcement effect of EMC is higher than developed countries, but it is not statistically significant. Second, only the degree of financial development in target countries has significant impact on acquirer’s announcement effect, which is consistent with profit opportunity theory. Therefore, we suggest that acquirers can target commercial banks in financially underdeveloped countries to obtain more growth and profit opportunity.

The objective of this thesis " Medial icon of casualty animals' central rescue stations "is to find out the medial icon of central rescue stations engaged in protection of free-living animals and medical icon of the others ecologic enterprises in regional journal Deník. The intention of this thesis will be assignment by the contentual analysis of articles issued in regional journal how media in Czech republic presented acivities of the central rescue stations engaged in protection of free-living animals as compared with the presentation of others ecologic enterprises. The articles will be lied under the quantitative and qualitative contentual analysis, when first the articles will be chosen and filtered. In qualitative part the articles will be analysed according to selected criterions, that contribute to formation of medial presentation of researched organisation and their medial icon conception. Availabe objective of the thesis I have selected 3 hypotesis, that will be affirmed or controverted by folow-up research.

Investors are constantly searching for new ways to obtain a higher return on the market. This study examines if the stock prices for the companies within the market index OMXS30 changes more than expected when an earnings announcement is published and if it is possible to benefit from it in order to obtain a higher return. The study investigates how well the traditional theories, such as the efficient market hypothesis and random walk, can explain the market today by performing two event studies that represent different investment strategies. Event study 1 examine how the stock price changes before earnings announcement. Event study 2 examine how the stock price changes if you own the stock when the earnings announcement is published and sells it afterwards. The results from the event studies show that the null hypothesis are rejected at a 5 percent significance level, where event study 1 had an abnormal return of 0.84 percent and event study 2 had an abnormal return of 5.46 percent. Based on the results of the study the conclusion is that it is possible to obtain an abnormal return using the two investment strategies. / Investerare letar ständigt efter nya sätt att erhålla en överavkastning. Denna studie kommer att undersöka om aktiepriset för bolagen inom indexet OMXS30 förändras mer än förväntat i samband med att kvartalsrapporten publiceras och om det går att dra nytta av detta för att erhålla en överavkastning. Studien testar hur väl de traditionella finansiella teorierna såsom den effektiva marknadshypotesen och random walk förklarar marknaden idag genom att genomföra två eventstudier som representerar två alternativa investeringsstrategier. Eventstudie 1 undersöker hur aktiepriset förändras inför en kvartalsrapport. Eventstudie 2 undersöker hur aktiepriset förändras när en aktie ägs vid publiceringen av kvartalsrapporten och säljs efteråt. Resultatet från eventstudierna visade att båda nollhypoteserna kan förkastas på 5 procents signifikansnivå, där eventstudie 1 visade en abnormal avkastning på 0,84 procent och eventstudie 2 visade en abnormal avkastning på 5,46 procent. Utifrån studiens resultat dras slutsatsen att det går att erhålla en abnormal avkastning vid de båda alternativa investeringsstrategierna.

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As the era of digitalization dawns, the need to integrate separate silos into a synchronized connected system is becoming of ever greater significance. This thesis focuses on the Canvas Learning Management System (LMS) and the Digitala vetenskapliga arkive (DiVA) as examples of separate silos. The thesis presents several methods of automating document handling associated with a degree project. It exploits the fact that students will submit their thesis to their examiner via Canvas. Canvas is the LMS platform used by students to submit all their coursework. When the examiner approves the thesis, it will be archived in DiVA and optionally published on DiVA. DiVA is an institutional repository used for research publications and student theses. When manually archiving and publishing student theses on DiVA several fields need to be filled in. These fields provide meta data for the thesis itself. The content of these fields (author, title, keywords, abstract, …) can be used when searching via the DiVA portal. It might not seem like a massive task to enter this meta data for an individual thesis; however, given the number of theses that are submitted every year, this process takes a large amount of time and effort. Moreover, it is important to enter this data correctly, which is difficult when manually doing this task. Therefore, this thesis project seeks to automate this process for future theses. The proposed solution parses PDF documents and uses information from the LMS in order to automatically generate a cover for the thesis and fill in the required DiVA meta data. Additionally, information for inserting an announcement of the student's oral thesis presentation into a calendar system will be provided. Moreover, the data in each case will be checked for correctness and consistency. Manually filling in DiVA fields in order to publish theses has been a quite demanding and time-consuming process. Thus, there is often a delay before a thesis is published on DiVA. Therefore, this thesis project’s goal is to provide KTH with an automated means to handle thesis archiving and publication on DiVA, while doing so more efficiently, and with fewer errors. The correctness of the extracted meta data will be evaluated by comparing the results to the previously entered meta data for theses that have previously been achieved in DiVA. The automated process has been calculated to take roughly 50 seconds to prepare the information needed to publish a thesis to DiVA with ~71% accuracy, compared with 1 hour and 34% accuracy in the previous manual method. / När digitaliseringens tid uppstår, så blir behovet av att integrera separata silor i ett synkroniserat anslutet system större. Denna avhandling fokuserar på Canvas Learning Management System (LMS) och Digitala vetenskapliga arkivet (DiVA) som är exempel på separata silor. Avhandlingen presenterar flera metoder för automatisering av dokumenthantering för examensarbeten. Projektet utnyttjar det faktum att eleverna kommer att skicka sin avhandling till sin examinator via Canvas. Canvas är den LMS-plattform som används av eleverna för att lämna in sitt kursarbete. När examinatorn godkänner avhandlingen kommer den att arkiveras i DiVA och eventuellt publiceras på DiVA. DiVA är ett institutionellt arkiv som används för forskningspublikationer och studentavhandlingar. När man manuellt arkiverar och publicerar studentuppsatser på DiVA måste flera fält fyllas i. Dessa fält ger metadata för själva avhandlingen. Innehållet i dessa fält (författare, titel, nyckelord, abstrakt, ...) kan användas vid sökning via DiVA-portalen. Även om det inte är en stor uppgift att skriva in denna metadata för en individuell uppsats så blir det en mycket tidskrävande process för många examensarbeten. Dessutom är det viktigt att ange dessa uppgifter korrekt, vilket är svårt när man manuellt utför den här uppgiften. Därför syftar detta avhandlingsprojekt till att automatisera denna process för framtida avhandlingar. Lösningen som presenteras i denna avhandling kommer att analysera PDF-dokument och använda annan information från LMS för att automatiskt skapa en fram- och baksida för avhandlingen och fylla i de nödvändiga DiVA-metadata. Grunden för införandet av denna data i ett kalendersystem för att ge ett meddelande om studentens presentation kommer också att ges. Dessutom kontrolleras uppgifterna för korrekthet. Manuell fyllning av DiVA-fält för att publicera avhandlingar har varit en ganska arbetsam och tidskrävande process. Således är det ofta en fördröjning innan en avhandling publiceras på DiVA. Därför ska detta projektet ge KTH ett automatiserat system att hantera avhandlingar och publicering på DiVA, samtidigt som det gör det mer effektivt och med färre fel. Korrektheten hos de extraherade metadatan kommer att utvärderas genom att jämföra resultaten med de tidigare inmatade metadatan för examensarbeten som redan ligger uppe på DiVA.  Den automatiska processen tar ungefär 50 sekunder att förbereda information för att publicera en avhandling till DiVA med ~ 71% noggrannhet jämfört med 1 timme och 34% noggrannhet i tidigare manuell metod.

Post Earnings Announcement Drift (PEAD) is a market anomaly that challenge the “Efficient Market Hypothesis” (EMH). It was first discovered in 1968 by Ball and Brown. When firms on the stock market have their earnings announcement the stock price will be affected and tend to drift up or down in price for days, weeks or months. Based on the limited research studies available there is acceptance that PEAD exists in the Stockholm stock exchange but depending on how measured the effect can strongly differ. In this master thesis we will study PEAD anomaly in the Swedish stock market and how pronounced it is on the stock’s sector, beta and trading volume. This study is an event and quantitative study which analyses firms on the Stockholm exchange market during the period between January 2007 to December 2022. A price measurement methodology has been used where the benchmark for abnormal (or excess) returns is the index of the list. Evidence shows that PEAD is present in the Stockholm Stock Exchange but that the effect is limited. The fact that the event abnormal returns are significant regarding of the returns up to after 60 trading days (although on a very small effect) provides insight and understanding of the effect. This study has also provided insight that beta and sector is a relevant PEAD parameter, maybe as important as the abnormal returns in the event itself. Trading volume have not provided any insight on PEAD in this study.

There is a recent trend of extending epistemic logic (EL) with dynamic operators that allow to express the evolution of knowledge and belief induced by knowledge-changing actions. The most basic such extension is public announcement logic (PAL), which is obtained from EL by adding an operator for truthful publix announcements. In this paper, we consider the computational complexity of PAL and show that it coincides with that of EL. This holds in the single- and multi-agent case, and also in the presence of common knowledge operators. We also prove that there are properties that can be expressed exponentially more succint in PAL than in EL. This shows that, despite the known fact that PAL and EL have the same expressive power, ther eis a benefit in adding the public announcement operator to EL: it exponentially increases the succinctness of formulas without having negative effects on computational complexity.

Denna studie undersöker sambandet mellan penningpolitiska uttalanden från Sveriges centralbank och börsutvecklingen, med särskilt fokus på annonsering av styrränta och avkastningen för bolag underliggande Stockholmsbörsens storbolagsindex, OMXS30. Syftet med studien är att undersöka om det föreligger abnormala avkastningar i samband med Riksbankens räntebesked, där två forskningsfrågor har formulerats som adresserar den övergripande marknadsreaktionen samt branschspecifika effekter. För att analysera dessa samband har ett antal hypoteser utformats och testats med hjälp av en eventstudie-metod. Denna metod innebar genomförande av statistiska tester baserade på insamlade sekundärdata i form av historiska aktiekurser under två perioder, 2015-2016 respektive 2022-2023. Vidare har studien granskat den effektiva marknadshypotesen, där resultaten indikerade en generell avsaknad av statistiskt signifikanta samband mellan räntebesked och abnormala avkastningar vilket stödjer teorin om en effektiv marknad. Samtidigt identifierades ett antal sektorsspecifika mönster, där industrisektorn visade viss känslighet för räntesänkningar medan finanssektorn uppvisade ett antal observationer med abnormala avkastningar i samband med räntehöjningar. Sammanfattningsvis finner studien begränsad evidens för ett direkt samband mellan Riksbankens räntebesked och aktieavkastningar inom OMXS30, vilket antyder att marknaden effektivt inkorporerar denna information i aktiekurserna. Slutligen föreslås några rekommendationer för framtida forskning för att vidare undersöka dessa dynamiker och deras konsekvenser för investerare. Dessa innefattar bland annat användningen av ett bredare urval av branscher och företag, samt inkludera en multivariatanalys samt en sentimentanalys. / This study examines the relationship between monetary policy statements from the Swedish central bank and stock market performance, with a particular focus on the policy rate announcements and the returns of companies comprising the OMXS30 index. The purpose of the study is to investigate if abnormal returns occur around Riksbank's interest rate decisions, where two research questions were formulated addressing the overall market reaction and industry-specific effects. To analyze these relationships, a number of hypotheses have been developed and tested using an event study method. This method involved conducting statistical tests based on collected secondary data in the form of historical stock prices over two periods, 2015-2016 and 2022-2023. Furthermore, the study examined the Efficient Market Hypothesis, where the results indicated a general lack of statistically significant relationships between interest rate announcements and abnormal returns, supporting the theory of an efficient market. However, sector-specific patterns were identified, with the industrial sector showing some sensitivity to interest rate cuts while the financial sector showed a number of observations with abnormal returns associated with interest rate hikes. In summary, the study finds limited evidence for a direct relationship between the Riksbank's interest rate announcements and stock returns within OMXS30, suggesting that the market effectively incorporates this information into stock prices. To conclude, some recommendations for future research are proposed to further explore these dynamics and their implications for investors. These include using a broader selection of industries and companies, as well as incorporating multivariate analysis and sentiment analysis.

L’annonce d’un diagnostic de cancer devrait être considérée par les professionnels de la santé, comme un processus constitué de plusieurs étapes que doit traverser la personne atteinte, plutôt que comme un évènement en soi (Tobin & Begley, 2008). Lors de la période entourant l’annonce du diagnostic, la personne peut être confrontée à des difficultés reliées à la navigation dans un système de santé complexe, en plus des sentiments négatifs engendrés par la crainte de la maladie. Pour soutenir les personnes atteintes de cancer, le programme québécois de lutte contre le cancer (PQLCC), a instauré le rôle de l’infirmière pivot en oncologie (IPO) en 2000. À l’heure actuelle, peu d’études, à notre connaissance, se sont attardées au soutien de l’IPO dans cette période. La présente étude avait pour but, d’explorer les perceptions de personnes atteintes de cancer quant au soutien offert par l’IPO, dans la période entourant l’annonce du diagnostic. L’étudiante-chercheuse s’est inspirée du Cadre de soins de soutien de Fitch (1994) pour entreprendre cette étude qualitative descriptive. Des entrevues individuelles auprès de sept personnes atteintes de différents cancers ont été réalisées. L’analyse de données a été effectuée à l’aide de la méthode de Miles et Huberman (2003), par la transcription intégrale des entrevues. Elle a permis d’identifier trois thèmes soit : le soutien formel requis pour faire face au chaos, le soutien informationnel et émotionnel à parfaire et le soutien disponible apportant sécurité et assurance. Les résultats ont mis en évidence les perceptions de personnes atteintes de cancer quant au soutien offert par l’IPO soit la nécessité de rendre accessible les soins et services de l’IPO plus tôt dans la période entourant l’annonce du diagnostic. Les personnes atteintes de cancer ont besoin d’être aidées à faire face aux difficultés rencontrées lors de cette période, notamment à l’incertitude reliée aux résultats d’examens diagnostics, à l’incompréhension des informations reçues et aux sentiments négatifs engendrés par la menace de la maladie. Les résultats évoquent le souhait des participants, à l’effet que, l’offre de soutien de l’IPO, soit axée sur leurs besoins essentiellement dans les domaines informationnel et émotionnel. Ils auraient souhaité pouvoir, partager leur expérience avec l’IPO, mieux comprendre le diagnostic de cancer et savoir davantage à quoi s’attendre lors du début des traitements. Par ailleurs, savoir que le soutien de l’IPO est disponible apporte aux personnes atteintes de cancer une assurance et une confiance en leur capacité à faire face aux traitements et leur apporte un sentiment de sécurité. / The announcement of a diagnosis of cancer should be considered by health professionals, a composed process of several steps that must pass through the person, rather than as an event in itself (Tobin & Begley, 2008). During the period surrounding the announcement of the diagnosis, the person may be faced with difficulties related to navigation in a complex health system, in addition to the negative feelings engendered by the fear of disease. To support people with cancer, the PQLC (French acronym of the Quebec Cancer Control Program) has established the oncology nurse navigator (ONN) role in 2000. At the present time, few studies, to our knowlecdge, are both in support of the ONN in this period. This study was designed, to explore the perceptions of people with cancer as regards the support offered by the ONN, in the period surrounding the announcement of the diagnosis. The student-researcher is inspired by the framework of Fitch supportive care (1994) to undertake this descriptive qualitative study. Individual interviews with seven people with different types of cancer were performed. Data analysis was performed using the method of Miles and Huberman (2003), by the full transcripts of the interviews. It has identified three themes is: formal support required to deal with the chaos, the informational and emotional to perfect and available support bringing security and insurance. The results highlighted the perceptions of people with cancer as regards the support offered by ONN or the need for accessible health care and services of the ONN earlier in the period surrounding the announcement of the diagnosis. People with cancer need to be helped to cope with the difficulties encountered during this period, including uncertainty about the results of diagnostic tests, to the bemusement of the information received and the negative feelings engendered by the threat of the disease. The results suggest the wish of the participants, to the effect that, the offer of support from the ONN, focuses on their needs mainly in both informational and emotional. They would have liked to be able to share their experience with the IPO, better understand the diagnosis of cancer and know more what to expect at the beginning of treatment. On the other hand, know that the support of the ONN is available brings to people with cancer insurance and a confidence in their ability to cope with treatment and brings them a sense of security.