Denna uppsats undersöker förekomsten av earnings management under coronakrisen i svenska börsnoterade företag samt ämnar att undersöka huruvida förekomsten skiljer sig branscher emellan. För att undersöka detta har den modifierade Jones model för beräkningen av diskretionära periodiseringar tillämpats. De svenska börsnoterade företagens diskretionära periodiseringar och absoluta diskretionära periodiseringar undersöktes för perioden innan pandemin, 2018-2019, samt under pandemins första år, 2020. Statistiska tester upprättades, vilka visade att det förelåg en signifikant skillnad mellan perioden innan pandemin och pandemiåret gällande förekomsten av negativ earnings management. Vidare undersöktes huruvida förekomsten av earnings management minskat under pandemin, men ingen statistisk signifikans kunde fastställas för detta samband. Slutligen kunde ej en signifikant skillnad mellan nivån av earnings management mellan olika branscher fastställas. Varken före eller under pandemin.

The idea for my Thesis project sprung from a trip I made last June around the Northernmost of the great Japanese islands, Hokkaido. Due to unexpectedly rough weather conditions we had to cancel many of the hikes and climbs that we had planned and instead immerse our bodies and senses in the wonderful onsen culture of Japan. These bathing institutions really lured my architectural interest and especially everything surrounding the actual bathing. The connectivity between architecture and nature, the almost profanely directed rituals, and the special relationship between water, space and materiality was just some of the aspects that originated this project. To create a contemporary bathhouse in Stockholm using the teachings around the onsen and traditional Japanese architecture.

Tidigare forskning har visat att bolag har olika incitament för att manipulera sina resultat och att det tenderar att ske mer ofta under finansiella kriser. Studien syftar till att undersöka om det finns ett samband mellan globala kriser och resultatmanipulering i svenska bolag med regressionsanalys. Urvalet i studien baseras på Small-, Mid- och Large-cap bolag listade på Nasdaq OMX Stockholm. Studien utgörs av 220 observationer under åren 2017, 2018, 2019, 2020 och 2021. Resultatmanipulation via totala periodiseringar utgör studiens beroende variabel och beräknas med den Modifierade Jones Modellen. Studiens oberoende variabler utgörs av 1 dividerat med totala tillgångarna för föregående period, förändring i kontanter samt anläggningstillgångar. Regressionsanalysen påvisar inget statistiskt signifikant bevis för att svenska bolag resultatmanipulerar mer eller mindre under kriser.

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Architecture and music share intrinsic meanings generated by a constant stream of metaphors which are forms of poetic transformations. This thesis sought to challenge the present way an architect-musician makes drawings through the exploration of multimedia possibilities at hand. The drawings are composed using Macromedia Flash MX. OPEN HOMEPAGE.EXE To download flash player, click here: <a href="http://www.macromedia.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash"> Download flash Player</a> / Master of Architecture

The book is a series of plates, pictures and writings which are the results of an architectural thesis exploring, line, contour and layers. The plates are scans of original work by the author, made in a combination of media including: pencil, pastel, watercolor, photograph, study models, hand-drafted drawings, and computer aided drawings. A transcript of the presentation of the work at the thesis defense is included. The simple idea is the impression of contour by the expression of layers. The contour is a line tracing the motion and movement of architecture. Resulting from practice in drawing using pastels, pencil and paper the line, through continuity, can twist, pass over, go under and around- joining parts into an organized whole. Following a program of a modern bath, an architectural space is made, built by layers. The thesis is an architectural exploration of layers and the resultant contours. The best representation of this work is available in printed form at the Art and Architecture Library on the Virginia Tech campus in Blacksburg, Virginia. / Master of Architecture

This dissertation examines Elizabeth Robinson Montagu's relationships with three men: her husband, Edward Montagu; George Lyttelton, first baron Lyttelton; and William Pulteney, earl of Bath to show how these relationships were structured and how Elizabeth Montagu negotiated them in order to forward her own intellectual interests. Montagu's relationship with her husband Edward and her friendships with Lord Lyttelton and Lord Bath supplied her with important outlets for intellectual and political expression. Scholarly work on Montagu's friendships with other intellectual women has demonstrated how Montagu drew on the support of female friends in her literary ambitions, but at the same time, it has obscured her equally important male relationships. Without discounting the importance of female friendship to Montagu's intellectual life, this study demonstrates that Montagu's relationships with Bath, Lyttleton, and her husband were at least as important to her as those with women, and that her male friendships and relationships offered her entry into the political sphere. Elizabeth Montagu was greatly interested in the political debates of her day and she contributed to the political process in the various ways open to her as an elite woman and female intellectual. Within the context of these male friendships, Montagu had an opportunity to discuss political philosophy as well as practical politics; as a result, she developed her own political positions. It is clear that contemporary gender conventions limited the boundaries of Montagu's intellectual and political concerns and that she felt the need to position her interests and activities in ways that did not appear transgressive in order to follow her own inclinations. Montagu represented her interest in the political realm as an extension of family duty and expression of female tenderness. In this manner, Montagu was able to forward her own opinions without appearing to cross conventional gender boundaries.

The area which today covers the Doric House, the Roman East Bath and the Byzantine East Church at the Karian sanctuary of Zeus at Labraunda in south-western Turkey, was by Swedish archaeologists called the P-building and the R-bath during the early 1950s. The excavations of this area in 1951 and 1953 were documented in three excavation diaries by archaeologist Inge Dahlén, written in Swedish. These diaries have, however, never been published. This thesis therefore focused to analyse Dahlén’s three excavation diaries in terms of three aspects. The first aspect was to understand the archaeological work and documentation methods at Labraunda during the 1951 and 1953 excavations and consequently, determine how the archaeology functioned in practice at the site in the early 1950s. The second aspect was to present in what ways Dahlén’s diaries could contribute to the current and future excavations at the East Bath at Labraunda. The last aspect was to study Dahlén’s own archaeological interpretations which occured in the diaries. In order to present all the three aspects, the analysis and discussion on the diaries were organised into four headings: archaeological work, archaeological finds, stratigraphy and documentation methods. Studying the diaries based on these headings showed that certain improvements occurred in the diaries from 1951 to 1953. Dahlén’s excavation diaries reveal a large amount of archaeological data regarding the progress of the excavations and the numerous discoveries from the excavated areas. They need, therefore, to be taken into consideration for a better understanding of both the early and the new excavations that are being conducted at the same area.

Diese Dissertation besteht aus drei Essays, welche empirisch den Einfluss von Manager-Optimismus auf verschiedene unternehmenspolitische Entscheidungen untersuchen. Der Ausdruck Manager-Optimismus wird hierbei verwendet um Agenten (Manager) zu beschreiben, die im Interesse der Prinzipale (Aktionäre) zu handeln glauben, aber tatsächlich ins Positive verzerrte Vorstellungen über ihre eigenen Fähigkeiten und somit über die zukünftige Performance ihrer Firmen haben. Das erste Papier untersucht den Einfluss von Manager-Optimismus auf Ausstattungsmerkmale von Fremdkapitalverträgen. Konsistent mit nach oben verzerrten Erwartungen über die zukünftigen Cash Flows ihrer Firmen zeigt sich, dass Firmen mit übermäßig optimistischen Managern häufiger Performance abhängige Verträge nutzen und zugleich eine schlechtere Performance nach Aufnahme des Fremdkapitals aufweisen als solche mit rationalen Managern. Der zweite Artikel untersucht unternehmerisches Risikomanagement. Es stellt sich heraus, dass Firmen mit optimistischen Managern signifikant weniger wahrscheinlich Finanzderivate zur Absicherung ihrer Fremdwährungsrisiken nutzen als solche mit rationalen Managern. Dieses Verhalten ist mit einer Unterschätzung von Insolvenzkosten bzw. Kosten einer finanziellen Notlage konsistent. Der dritte Teil der Arbeit untersucht empirisch das Verhältnis zwischen Manager-Optimismus und der Nutzung von großen Abschreibungen im Rahmen von CEO-Wechseln. Nach dem Abgang von CEOs kann man häufig beobachten, dass deren Nachfolger ein so genanntes big bath accounting durchführen. Hierbei werden durch Abschreibungen Verluste dem Vorgänger zugeschrieben und Verdienste für zukünftige Performanceverbesserungen für sich beansprucht. In Übereinstimmung mit den verzerrten Erwartungen über zukünftige Cash Flows ihrer Firmen zeigt sich, dass Unternehmen, welche einen optimistischen Manager einstellen, weniger wahrscheinlich ein solches earnings bath durchführen, als Firmen, die rationale Manager einstellen. / This thesis consists of three essays that empirically investigate to what extent managerial optimism affects corporate financial policy decisions. The term managerial optimism is used to describe agents (managers), who believe to act in the principals’ (shareholders’) best interest but in fact have upwardly biased views about their own abilities and consequently about the performance of their firms. The first paper investigates the impact of managerial optimism on debt contract design. Consistent with their upwardly biased view on their firm’s future cash flow, we find that firms with overly optimistic managers are more likely to choose performance sensitive debt (PSD) contracts and show worse post issue performance than firms with rational managers. The second paper analyzes corporate risk management. We find that firms with overly optimistic managers are significantly less likely to use financial derivatives to hedge their currency exposures than those with rational managers. This behavior is consistent with an underestimation of bankruptcy or financial distress costs by overly optimistic managers. The third paper empirically tests the relationship between managerial optimism and the use of large write-offs following CEO turnover. Subsequent to CEO turnover, it is often observed that incoming CEOs engage in this so called big bath accounting. Losses incurred during the big bath are attributed to the predecessors and the incoming CEOs take credit for future performance improvements. Consistent with their upwardly biased expectations concerning future firm cash flow, we find that firms hiring optimistic managers are less likely to experience an earnings bath in the year of the turnover than those hiring their rational counterparts.

Die vorliegende Dissertation besteht aus drei empirischen Papieren, die verschiedene Anreize von Manager bezüglich einer Beeinflussung der Rechnungslegung untersuchen. Das erste Papier untersucht die Wechselwirkung von Produktmarktregulierung und Rechnungslegung. Die Ergebnisse zeigen, dass Manager frühzeitig neue Rechnungslegungsregeln anwenden, um regulierte Preise in der Versorgungswirtschaft zu beeinflussen. Der zweite Teil der Dissertation befasst sich mit der Frage, inwieweit sich persönliche Eigenschaften von Managern (Selbstüberschätzung) in der Rechnungslegung widerspiegeln. Ihre Fähigkeiten überschätzende Manager haben zu hohe Erwartungen bezüglich der zukünftigen Zahlungsüberschüsse ihres Unternehmens. Das Papier zeigt, dass diese Manager bei Amtsantritt mit einer geringeren Wahrscheinlichkeit das Periodenergebnis negativ beeinflussen (Earnings bath). Das letzte Papier der Dissertation untersucht die Berichterstattung von Unternehmen, die an europäischen, börsenregulierten Aktienmärkten notiert sind. Insbesondere liegt der Fokus auf der freiwilligen Anwendung der International Financial Reporting Standards (IFRS) und der freiwilligen Veröffentlichung von Quartalsinformationen. Die Ergebnisse zeigen, dass der Verkauf von Aktien an institutionelle Investoren zum Zeitpunkt des Börsengangs positiv mit der freiwilligen Anwendung der IFRS korreliert, jedoch nicht mit der freiwilligen Veröffentlichung von Quartalsinformationen. / This cumulative doctoral thesis consists of three papers. Each part investigates empirically different aspects of the incentive structure of managers to influence the accounting outcome. The first paper examines the interplay of product market regulation and financial reporting. It shows that managers early adopt a new accounting regime if accounting numbers are used by regulators to set prices in utility industries. The second paper argues that reporting decisions of managers are influenced by personal characteristics (overconfidence). Overconfident managers overestimate their abilities and consequently have upwardly biased expectations concerning future firm cash flows. More specifically, the paper shows that overconfident CEOs are less likely to engage in an earnings bath at CEO turnover. The last paper investigates reporting choices of firms in European exchange-regulated markets. In particular, it sheds light on the voluntary adoption of International Financial Reporting Standards (IFRS) and on the decision to voluntarily provide quarterly financial information. The findings indicate that the likelihood of voluntary IFRS adoption increases with the proportion of stocks sold to institutional investors upon IPO while the likelihood to provide quarterly information does not.