Samtliga företag ska varje år upprätta en årsredovisning. Syftet med årsredovisningen är att tillgodose investerare och till viss del långivare med information. För att attrahera kapital från dessa aktörer åligger det incitament för företag att anpassa sin årsredovisning med syfte att framställa dess finansiella ställning i bättre dager än den i själva verket är. Majoriteten av de metoder företag kan använda för att manipulera dess resultat går under begreppet Earnings Management eller Designad redovisning, där Big Bath Accounting ingår. Big Bath Accounting skildrar de åtgärder ledningen vidtar för att väsentligt minska en periods vinst för att öka nästkommande periods vinst. Tidigare forskning har inte kunnat demonstrera en koppling mellan Big Bath Accounting och förändringar i företagens aktiekurs eller vinst. Trots detta förekommer fall där företag påstås använda sig av redovisning liknande Big Bath Accounting. Det föreligger därmed intresse att undersöka huruvida det går att statistiskt påvisa fenomenets existens.

The subject for this thesis is the design of a theater and amphitheater for chamber music, upon a beautiful site-- a mountain meadow. The site, context and program which serve as a starting point for the new design are based on a real site and context: that of an existing center for chamber music, situated high in the mountains, housed in the buildings of an old estate. In creating the design for the new building, it was attempted to achieve and integrate several goals: • To create spaces (a theater and an amphitheater) which would enhance the experience of (listening to) chamber music-- both visually and acoustically. • To address the functional and practical requirements for a building which is to be used as a center for the performance of music. This includes the resolution of a whole range of architectural concerns, including such issues as: structure; form; program and plan; the use of materials; public and private areas; entrance and circulation; the use of daylighting; the framing of views; an attention to human scale; and the design of a building with the consistency to 'read’ as a whole, rather as than an assemblage of parts. • To take advantage of the beautiful landscape and view from the new building site, and to attempt to integrate the form and character of the new building sensitively and gracefully onto the existing site. / Master of Architecture

Big bath accounting är en strategi där beslutsfattarna i ett företag manipulerar det redovisade resultatet efter ens egna preferenser, ofta för att påverka resultatet negativt genom nedskrivning av immateriella tillgångar. Tidigare forskning har visat att fenomenet uppstår mer frekvent i samband med en nytillsatt VD.Uppsatsen syftar till att undersöka förekomsten av Big bath genom nedskrivning av goodwill bland börsnoterade bolag i Sverige, och ifall en nytillsatt VD kan vara en av förklaringarna till fenomenet. Studien har en deduktiv ansats och studiens frågeställningar har analyserats med hjälp av en kvantitativ dataanalys.Studiens insamlade data har hämtats ifrån företagens årsredovisningar under tidsperioden år 2005-2013. Den insamlade datan ligger till grund för de statistiska testerna som utförts. Resultatet visar att det finns ett samband mellan goodwillnedskrivningar och en nytillsatt VD samt goodwillnedskrivningar och ett negativt resultat. Vidare upptäcks ett positivt samband mellan Big bath och en nytillsatt VD samt Big bath och ett negativt resultat vilket tyder på att strategin existerar på Stockholmsbörsen. / Big bath accounting is a strategy where the decision makers of a company manipulates the stated result according to their own preferences, most often to influence the result negatively by writing down its intangible assets. Earlier studies have shown that this phenomenon occurs more frequently in connection with a newly appointed CEO.This paper aims to investigate the occurrence of Big bath by writing down goodwill among public companies in Sweden, and to investigate if a newly appointed CEO could be one of the explanations to this phenomenon. This study has a deductive approach and the research questions have been analyzed with a quantitative data analysis.The data in this study have been collected from the companies financial statements during the time period between 2005-2013. The collected data have been used for the statistical tests that this paper contains. The result shows a positive connection between writing down goodwill and a newly appointed CEO and also between writing down goodwill and a negative result. Furthermore, a positive connection was found between Big bath and a newly appointed CEO and also between Big bath and a negative result which indicates that this strategy exists on the Stockholm stock exchange.The essay is written in Swedish.

För att uppnå harmonisering och skapa en överenstämmelse av redovisningsstandarder i de europeiska länderna beslutade Europaparlamentet år 2002 att tillämpa IASB standarder. IFRS blev ett obligatoriskt regelverk för börsnoterade företag inom EU från och med januari 2005. Upprättandet av finansiella rapporter enligt ett gemensamt och internationellt accepterat regelverk skulle underlätta för investerare att värdera företag i olika länder. Införandet av IFRS 2005 har inneburit att goodwill och andra immateriella tillgångar inte längre skulle skrivas av utan istället årligen testas för nedskrivningsbehov, enligt IAS 36. Tidigare forskning har visat att det finns svårigheter med implementeringen av IAS 36 sedan IFRS har antagits som regelverk för börsnoterade företag inom EU. Det finns inga särskilda regler för hur företagen bör göra när de prövar goodwill för nedskrivningen, vilket gör att företagsledningen får större möjligheter att påverka nedskrivningen av goodwill. Syftet med denna studie är identifiera faktorer som påverkar goodwillnedskrivningar i svenska börsnoterade bolag inom IT- och telekombranschen. En kvantitativ metod och en deduktiv ansats har använts i denna studie. Datainsamlingen baserades på årsredovisningar från börsnoterade företag inom IT- och telekombranschen på Stockholmsbörsen OMX NASDAQ under perioden 2009–2015. Studiens resultat har visat att det finns ett signifikant positivt samband mellan byte av verkställande direktör och goodwillnedskrivningar. Detta resultat har visat att det finns incitament hos företagsledningen att agera i eget intresse vid redovisningsval, vilket kan ge en felaktig bild av företagets finansiella ställning. / In order to achieve harmonization and create a conformity of accounting standards in the European countries, the European Parliament in 2002 applied IASB standards and IFRS became mandatory regulations for listed companies in the EU from January 2005. Preparation of financial statements in accordance with a common and internationally accepted regulations would facilitate investors to evaluate companies in different countries. The introduction of IFRS in 2005 has meant that goodwill and other intangible assets are no longer amortized, but instead are tested annually for impairment, in line with IAS 36. Previous research has shown that there are difficulties with the implementation of IAS 36 since IFRS has been adopted as regulations for listed companies within the EU. There are no specific rules on how companies should do when they test goodwill for impairment which provides the management greater opportunities to influence the impairment of goodwill. The purpose of this study is to identify the factors affecting goodwill impairment in Swedish listed companies in the IT- and the telecommunications industry. A quantitative method and deductive approach has been used in this study. Data collection was based on the annual reports of listed companies in the IT- and the telecommunications industry on the Stockholm Stock Exchange, NASDAQ OMX during the period 2009–2015. Studies results have shown that there is a significant positive correlation between the change of CEO and goodwill impairment. This result has shown that there is an incentive for management to act in their own interest at the accounting choices and this can give a misleading picture of the company´s financial position.

This thesis describes the development of a fast rate method for the deposition of high quality CdS and CdTe thin films. The technique uses Pulsed DC Magnetron Sputtering (PDCMS). Surprisingly, the technique produces highly stable process conditions. CREST is the first laboratory worldwide to show that pulsed DC power may be used to deposit CdS and CdTe thin films. This is a very promising process technology with potential for eventual industrial deployment. The major advantage is that the process produces high deposition rates suitable for use in solar module manufacturing. These rates are over an order of magnitude faster than those obtained by RF sputtering. In common with other applications it has also been found that the energetics of the pulsed DC process produce excellent thin film properties and the power supply configuration avoids the need for complex matching circuits. Conventional deposition methodologies for CdS, Chemical Bath Deposition (CBD) and CdTe thin films, Electrodeposition (ED), have been chosen as baselines to compare film properties with Pulsed DC Magnetron Sputtering (PDCMS). One of the issues encountered with the deposition of CdS thin films (window layers) was the presence of pinholes. A Plasma cleaning process of FTO-coated glass prior to the deposition of the CdS/CdTe solar cell has been developed. It strongly modifies and activates the TCO surface, and improves the density and compactness of the deposited CdS thin film. This, in turn, improves the optical and morphological properties of the deposited CdS thin films, resulting in a higher refractive index. The pinhole removal and the increased density allows the use of a much thinner CdS layer, and this reduces absorption of blue spectrum photons and thereby increases the photocurrent and the efficiency of the thin film CdTe cell. Replacing the conventional magnetic stirrer with an ultrasonic probe in the chemical bath (sonoCBD) was found to result in CdS films with higher optical density, higher refractive index, pinhole and void-free, more compact and uniform along the surface and through the thickness of the deposited material. PDCMS at 150 kHz, 500 W, 2.5 μs, 2 s, results in a highly stable process with no plasma arcing. It allows close control of film thickness using time only. The CdS films exhibited a high level of texture in the <001> direction. The grain size was typically ~50 nm. Pinholes and voids could be avoided by reducing the working gas pressure using gas flows ii below 20 sccm. The deposition rate was measured to be 1.33 nm/s on a rotating substrate holder. The equivalent deposition rate for a static substrate is 8.66 nm/s, which is high and much faster than can be achieved using a chemical bath deposition or RF magnetron sputtering. The transmission of CdS can be improved by engineering the band gap of the CdS layer. It has been shown that by adding oxygen to the working gas pressure in an RF sputtering deposition process it is possible to deposit an oxygenated CdS (CdS:O) layer with an improved band gap. In this thesis, oxygenated CdS films for CdTe TF-PV applications have been successfully deposited by using pulsed DC magnetron sputtering. The process is highly stable using a pulse frequency of 150 kHz and a 2.5 μs pulse reverse time. No plasma arcing was detected. A range of CdS:O films were deposited by using O2 flows from 1 sccm to 10 sccm during the deposition process. The deposition rates achieved using pulsed DC magnetron sputtering with only 500 W of power to the magnetron target were in the range ~1.49 nm/s ~2.44 nm/s, depending on the oxygen flow rate used. The properties of CdS thin films deposited by pulsed DC magnetron sputtering and chemical bath deposition have been studied and compared. The pulsed DC magnetron sputtering process produced CdS thin films with the preferred hexagonal <001> oriented crystalline structure with a columnar grain growth, while sonoCBD deposited films were polycrystalline with a cubic structure and small grainy crystallites throughout the thickness of the films. Examination of the PDCMS deposited CdS films confirmed the increased grain size, increased density, and higher crystallinity compared to the sonoCBD CdS films. The deposition rate for CdS obtained using pulsed DC magnetron sputtering was 2.86 nm/s using only 500 W power on a six inch circular target compared to the much slower (0.027 nm/s) for the sonoChemical bath deposited layers. CdTe thin films were grown on CdS films prepared by sonoCBD and Pulsed DC magnetron sputtering. The results showed that the deposition technique used for the CdS layer affected the growth and properties of the CdTe film and also determined the deposition rate of CdTe, being 3 times faster on the sputtered CdS. PDCMS CdTe layers were deposited at ambient temperature, 500 W, 2.9 μs, 10 s, 150 kHz, with a thickness of approximately 2 μm on CdS/TEC10 coated glass. The layers appear iii uniform and smooth with a grain size less than 100 nm, highly compact with the morphology dominated by columnar grain growth. Stress analysis was performed on the CdTe layers deposited at room temperature using different gas flows. Magnetron sputtered thin films deposited under low gas pressure are often subject to compressive stress due to the high mobility of the atoms during the deposition process. A possible way to reduce the stress in the film is the post-deposition annealing treatment. As the lattice parameter increased; the stress in the film is relieved. Also, a changing the deposition substrate temperature had an effect on the microstructure of CdTe thin films. Increasing the deposition temperature increased the grain size, up to ~600 nm. CdTe thin films with low stress have been deposited on CdS/TEC10 coated glass by setting the deposition substrate temperature at ~200°C and using high argon flows ~ 70 sccm Ar. Finally, broadband multilayer ARCs using alternate high and low refractive index dielectric thin films have been developed to improve the light transmission into solar cell devices by reducing the reflection of the glass in the extended wavelength range utilised by thin-film CdTe devices. A four-layer multilayer stack has been designed and tested, which operates across the wavelength range used by thin-film CdTe PV devices (400 850 nm). Optical modelling predicts that the MAR coating reduces the WAR (400-850 nm) from the glass surface from 4.22% down to 1.22%. The application of the MAR coating on a thin-film CdTe solar cell increased the efficiency from 10.55% to 10.93% or by 0.38% in absolute terms. This is a useful 3.6% relative increase in efficiency. The increased light transmission leads to improvement of the short-circuit current density produced by the cell by 0.65 mA/cm2. The MAR sputtering process developed in this work is capable of scaling to an industrial level.

År 2005 implementerades IFRS 3 och IAS 36 i Sverige. I och med detta genomför företag nedskrivningsprövningar av goodwill. Dessa kan inbegripa nuvärdesberäkningar av framtida kassaflöden. Forskarna Carlin och Finch utförde år 2009 en studie på australiensiska börsnoterade företag för att undersöka om diskonteringsräntor, vilka används vid en nedskrivningsprövning, sätts opportunistiskt. Studien genomfördes genom att de visade på förekomsten av avvikelser mellan diskonteringsräntan som företagen redovisat och en av forskarna estimerad teoretisk diskonteringsränta beräknad genom the Capital Asset Pricing Model [CAPM]. Carlin och Finch hävdar att användandet av diskonteringsräntor vilka avvek mer än 150 räntepunkter från de teoretiska diskonteringsräntorna inte kan förklaras av estimeringsfel och därmed är i linje med opportunistiskt beteende. Det har presenterats olika former av opportunism som förklaring till dessa avvikande diskonteringsräntor. Dessa inbegriper opportunistiskt beteende genom earnings managagement i form av big bath och income smoothing. Denna studie undersöker om avvikande diskonteringsräntor förekommer och om förklaringarna presenterade av Carlin och Finch har bärighet år 2010 för företag noterade på Nasdaq OMX Stockholm. Detta genom att använda samma metod som Carlin och Finch gällande beräknandet av teoretiska diskonteringsräntor för att sedan relatera detta till resultatutveckling och faktiskt utförd goodwillnedskrivning. Denna studie visar att avvikelser mellan företagens redovisade och en genom CAPM beräknad teoretisk diskonteringsränta tycks vara vanligt förekommande och att avvikelser som kan förklaras av big bath förekommer, detta tycks dock vara ovanligt. Ingen avvikelse mellan redovisad och teoretisk diskonteringsränta kan påvisas som kan förklaras av opportunistiskt beteende genom income smoohting i syfte att dämpa resultat. Vidare framför denna studie kritik av tidigare studiers slutsatser om förekomst av agerande i linje med opportunism då redovisad diskonteringsränta avviker från en genom CAPM beräknad diskonteringsränta. / In 2005 IFRS 3 and IAS 36 were implemented in Sweden. As of this companies perform impairment testing of goodwill. These impairment tests may include discounted cash flow analyses. The researchers Carlin and Finch conducted a study in 2009 of Australian listed companies to investigate if the discount rates used in these impairment tests possibly were used opportunistically. They did this by demonstrating deviations between the discount rates that companies reported and discount rates calculated by the researchers using the Capital Asset Pricing Model [CAPM]. Carlin and Finch argues that reported discount rates that deviated more than 150 basis points from the estimated discount rates cannot be explained by estimation error and is thus consistent with opportunistic behavior. Explanations were presented by Carlin and Finch concerning the occurrence of these deviations. These include earnings management in the form of big bath and income smoothing.   This study examines whether deviating discount rates occur and if the explanations presented by Carlin and Finch can be documented for companies listed on Nasdaq OMX Stockholm in 2010. This is conducted by using the same method as Carlin and Finch regarding the calculation of the discount rates. Further this is related to earnings and actual performed goodwill impairments. This study shows that deviations between reported discount rates and theoretical discount rates, estimated by CAPM, are prevalent and that these deviations may have been motivated by big bath, though this appears to be unusual. No deviations between reported and theoretical discount rates can be shown that can be explained by opportunistic behavior by conducting income smoothing to dampen earnings. Furthermore, in this study criticism is put forth of earlier studies’ conclusions concerning behavior consistent with opportunism explaining deviations between reported and theoretical discount rates calculated using CAPM.

This thesis investigates the formal aspects of the bath-gymnasium complex plan type which was developed in Asia Minor during the Roman era in relation to the development of the the imperial thermae in Rome, the capital city of the Roman Empire. Close resemblances in the architectural configuration of bath-gymnasium complexes and imperial thermae are analyzed in order to provide complementary insight concernin the evolution of Roman bath architecture and bathing tradition. The comparative investigation of the formal aspects of the plan types reveals the contribution of Asia Minor and its role in influencing the architectural developments in the capital. The thesis concentrates on the development of the bath-gymnasium complex plan type in Asia Minor and the imperial thermae in Rome in order to elucidate the outcomes of mutual influence in criss-crossing Greek and Italic features. Crucial to this investigation ,s the understanding of the multiple effects of historical processes such as Hellenization, Romanization and urbanization that were synthesized in the bath architecture of the capital and the provinces. Also, the symbolic, cosmological, and political aspects of Roman bath architecture are highlighted ,n this thesis.

BakgrundVD-yrket sägs ha blivit en allt mer utsatt position. I spåren av denna utveckling kan det te sig rimligt att nytillträdda VD:ar vill ge sig själva en god start på den aktuella tjänsten. Inom akademins värld anses en VD-förändring vara den situation där resultatmanipulering genom Big Bath är främst förekommande. Vi frågar oss dock om detta är en produkt av tidigare forskning selektionsmekanism och om Big Bath påverkas mer av andra faktorer. SyfteStudiens syfte är att undersöka Big Bath från en bredare tidshorisont som inte isolerar enskilda händelser. På så sätt vi vill undersöka om VD-förändringar är den situation som starkast påverkar Big Bath. MetodGenom användning av en longitudinell panelstudie med en deduktiv ansats har studien undersökt hur resultatmanipulering och Big Bath påverkas av olika faktorer däribland VD-byten. Urvalet består av bolag från NASDAQ OMX Stockholm Large Cap under åren 2006-2017. SlutsatsResultatet visar att VD-byten inte har någon signifikant påverkan på varken resultatmanipulering eller Big Bath. I studien fann vi dock indikationer på att negativa resultat påverkar förekomsten av både resultatmanipulering och Big Bath. / BackgroundThe CEO-profession is said to be more precarious than ever before. Given this development one can assume that newly appointed CEO’s are interested in securing a good start at the beginning of their appointment. In the academic world a CEO turnover is considered to be the primary situation were earnings management in the form of Big Bath occurs. We ask ourselves if this is a product of previous selection bias and if Big Bath in true is affected by other factors. PurposeThe purpose of this study is to examine Big Bath from a long-term perspective that does not isolate specific events. Through this approach we want to investigate whether CEO-turnovers is the main contributing factor behind Big Bath. MethodBy using a longitudinal panel study with a deductive approach the study have investigated how earnings management and Big Bath are affected by different factors such as CEO-turnovers. The sample consists of companies from NASDAQ OMX Stockholm Large Cap in between the time period of 2006-2017.ConclusionThe result states that CEO-turnovers have no significant effect on either earnings management or Big Bath. However through the study we find indications that negative results affects both earnings management and Big Bath.

Earnings Management är ett begrepp som syftar till diskretionär redovisning som innebär manipulering av ett företags resultat. Resultatmanipulering kan ske både uppåt och nedåt. När manipulering sker uppåt syftar det till att höja det redovisade resultatet medan manipulering nedåt syftar till att sänka resultatet vilket benämns Big Bath Accounting. Det finns flera forskare som har studerat detta område över tid och som har kommit fram till motstridiga resultat. Vissa forskare menar att Earnings Management och Big Bath Accounting förekommer i stor utsträckning då företag erbjuder bonusprogram som baseras på företagets resultat samt om VD-byte har skett. Andra forskare är av en annan uppfattning. De finner inga statistiska bevis för att Earnings Management och Big Bath Accounting förekommer vid bonusprogram och VD-byten. Vissa av dessa forskare menar även att Earnings Management har avtagit avsevärt eller till och med försvunnit under de senaste åren. Tidigare forskning visar även motstridiga bevis kring användningen av Earnings Management under finanskriser samt bonusprogram. Studiens syfte var således att undersöka faktorer som ligger till grund för Earnings Management och Big Bath Accounting samt incitament som kan påverka ledningen till resultatmanipulering. Resultat från tidigare forskning ligger till grund för studiens teoretiska referensram som mynnade ut i tre hypoteser. Dessa hypoteser testades via multipel regressionsanalys samt en tidsserieanalys. Studiens urval omfattade företag på den svenska marknaden på OMX Stockholmsbörsen Large Cap under åren 2007-2015. Det ursprungliga urvalet omfattades av 747 observationer men då ett visst bortfall ägde rum kvarstod 547 observationer för hypotesprövning ett och två samt 567 observationer för hypotesprövning 3. Resultatet visade på ett statistiskt samband mellan resultatmanipulering och bonusprogram, dock fann vi inget säkerställt samband mellan resultatsänkande periodiseringar och VD-byten. Däremot fann vi stöd för vår tredje alternativhypotes att finanskrisen påverkade Earnings Management under åren 2008-2009. Vår slutsats blev således att de faktorer som ligger till grund för Earnings Management och Big Bath Accounting samt incitament som kan påverka ledningen till resultatmanipulering är bonusprogram och finanskrisen. / Earnings Management is a term aimed at discretionary accounting which involves manipulation of a company's results. Earnings Management can be done either upwards or downwards. When manipulation occurs downwards with the aim of lowering the result, it´s called Big Bath Accounting. There are several researchers who have studied this area over time and have come up with conflicting results. Some researchers believe that Earnings Management and Big Bath Accounting occur to a large extent when companies offer bonus programs based on company performance and whether CEO turnovers has occurred. Other researchers have a different opinion. They do not find any statistical evidence that Earnings Management and Big Bath Accounting occurs when the CEO has changed and companies have bonus programs. Some of these researchers also believe that Earnings Management has diminished significantly or even disappeared in recent years. Previous research also shows conflicting evidence about the use of Earnings Management during financial crises and bonus programs. The purpose of the study was thus to investigate factors that underlie Earnings Management and Big Bath Accounting as well as incentives that may affect the management of a company to apply the theory. Results from previous research form the basis of the theoretical framework of the study, which emerged in three hypotheses. These hypotheses were tested by multiple regression analysis as well as a time series analysis. The study's selection was limited to companies in the Swedish market on the OMX Stockholm Stock Exchange's Large Cap in 20072015. The original sample was comprised of 747 observations, but when a certain loss occurred, 547 observations remained while testing hypothesis one and two and 567 observations remained while testing hypothesis three. The result showed a statistical correlation between performance manipulation and bonus programs, but we found no statistical correlation between profit-decreasing accruals and CEO turnover. On the other hand, we found support for our third alternative hypothesis that the financial crisis affected Earnings Management during 2008-2009. Our conclusion thus became that the factors underlying Earnings Management and Big Bath Accounting as well as incentives that could affect the management of a company to apply the theory are bonus programs and the financial crisis.

Vi har studerat svenska börsnoterade bolag på Stockholmsbörsens largecap-lista som omfattar de största börsnoterade bolagen i Sverige. Syftet med denna studie är att söka samband mellan bolagens nedskrivningar av goodwill och väsentliga händelser. Dessa väsentliga händelser utgörs av byte av revisor och verkställande direktör. Den teoretiska referensramen utgår från tidigare teorier om företagsledningars olika sätt att subjektivt bedöma behovet av nedskrivningar. Det är inte alltid en ledning tar beslut som är för företagets bästa utan kan ha egna incitament för att maximera den egna nyttan. Metoden som vi utgått från i vår studie har varit en kvantitativ metod där vi samlat in data från bolagens årsredovisningar och kvantifierat det för att söka samband genom regressionsanalys. Vårt resultat ger inga indikationer på samband mellan nedskrivningar av goodwill och väsentliga händelser. / We have studied Swedish listed companies on the Stockholm Stock Exchange largecap list, which includes the largest listed companies in Sweden. The purpose of this study is to seek connection between the companies' impairment losses on goodwill and significant events. These significant events consist of a change of accountant and CEO. The theoretical frame of reference is based on previous theories on the different ways of management to subjectively assess the need for write-downs. It is not always a management decision that is for the good of the company but may have its own incentives to maximize its own benefit. The method we used in our study has been a quantitative method where we collected data from the companies´ annual reports and quantified it to seek connection through regression analysis. Our results do not give any indication of the relationship between impairment of goodwill and significant events.