The topic of this master thesis is working out of a business plan focused on an establishment of a new company, dealing with arranging of sport camps. Is is emphasized on alternative financial development.

The primary purpose of this dissertation is to develop the arguments for reporting directly on a company's cash flows in its published financial statements. Specifically, the Free Cash Flow (FCF) model of economist Joel Stern is analyzed and critiqued as a basis for a revised reporting scheme.

Idag råder en bostadsbrist på Stockholms bostadsmarknad som det inte finns en snabb hållbar lösning på. Ofta talas det om att det är omöjligt att erhålla ett förstahandskontrakt till en hyreslägenhet, vilket leder till att andrahandsmarknaden och den svarta marknaden växer. Samtidigt råder debatt kring att hyresrätter är att kasta pengar i sjön och att det är bostadsrätter konsumenten ska investera i. Ägarlägenheter nämns sällan som ett alternativ och i vissa artiklar har konsumenter även varnats för att köpa ägarlägenheter då de anses vara för dyra. Det saknas idag konkreta exempel på kalkyler för vad som faktiskt är mest ekonomiskt fördelaktigt, vilket denna uppsats syftar till att redogöra för. Syftet med uppsatsen är att undersöka vilken av upplåtelseformerna hyresrätt, bostadsrätt och ägarlägenhet som är mest ekonomiskt gynnsam att bo i från ett konsumentperspektiv. En litteraturstudie genomfördes med syfte att sammanställa relevant och aktuell information och liknande arbeten studerades. Därutöver genomfördes en kostnadskalkyl för lägenheter, tillhandahållna av byggherren JM, i området Dalénum på Lidingö. Sist genomfördes en enkätundersökning med syfte att redogöra vilken uppfattning som råder hos konsumenter kring vilken upplåtelseform som mest ekonomiskt gynnsam. Resultaten visar att ägarlägenheter är det mest ekonomiskt gynnsamma alternativet bland berörda upplåtelseformer. Ägarlägenheter medför dock större ansvar eftersom konsumenten äger hela lägenheten, vilket också innebär störst frihet. Enkätundersökningen visar att respondenterna har uppfattningen om att bostadsrätter är den mest ekonomiskt gynnsamma ägandeformen. En del av respondenterna som var mest intresserade av bostadsrätter trodde samtidigt att det råder en bostadsbubbla som är på väg att spricka. Slutsatsen som dras i arbetet är framförallt att även om ägarlägenheter är den mest ekonomiska gynnsamma boendeformen för nybyggda flerbostadshus, finns det inte ett tillräckligt utbud på marknaden. Samtidigt visar enkätundersökningen att det råder stor okunskap kring upplåtelseformerna. / A housing shortage is an occurring fact on today's housing market in Stockholm. A common apprehension is that it is close to impossible to obtain a first-hand contract on today’s market, which leads to an increased second hand market and an expansion of the black market. Meanwhile there is an ongoing debate on how renting an apartment is equivalent to throwing money down the drain and that consumers should invest in a co-operative apartment instead. Condominiums are rarely referred to as an alternative and consumers are even warned about high prices in some articles. There is a lack of research when it comes comparing the profitability between forms of tenure, which is what this essay aims to supply.  The aim for this project is to study which form of tenure is the most profitable to live in for a consumer, from an economic point of view. A study of literature was completed to present all relevant and current information within the subject. Previous studies that relate to the subject was evaluated and presented. A cost estimate was performed on the apartments (provided by the constructor JM) within the area of Dalénum at Lidingö. A survey was completed to understand what knowledge consumers have within the subject of tenures and which form of tenure they believe is the most profitable financially. The results show that condominiums are the most beneficial alternative economically. Although condominiums involve a bigger responsibility as the consumer owns the apartment, they also provide a larger operating freedom. The survey shows that the respondents believe that co-operative apartments are the most beneficial tenure economically. Some of the respondents that were interested in consuming a co-operative apartment also believed that a housing bubble is occurring on today’s market and that it is likely to burst. The conclusion in this essay is foremost that even if condominiums are the most beneficial form of tenure economically among apartments, the present supply is not enough. At the same time the survey shows there the respondents lack knowledge about the different tenures.

В работе автором рассмотрены теоретические и методологические положения по вопросу формирования структуры денежного капитала компаний. Проведен анализ основных показателей деятельности АО «Уралэлектромедь», денежных потоков и структуры денежного капитала. На основе выявленных проблем автором предложены рекомендации по оптимизации структуры денежного капитала анализируемой компании. / In the work, the author considers theoretical and methodological provisions on the formation of the structure of the money capital of companies. The analysis of the main performance indicators of JSC “Uralelectromed”, cash flows, and cash capital structure. Based on the identified problems, the author offers recommendations for optimizing the money capital structure of the analyzed company.

<p>This thesis includes three essays on several important topics in empirical finance: Chief Executive Officer (CEO) risk-taking incentives, the cost and syndicate structure of bank loans and corporate investments with internal funds. This thesis contributes to these aspects of finance literature and the three essays are presented in Chapter 2, 3 and 4.</p> <p>The first essay investigates how implicit contractual relationship between creditors and borrowers attenuates the conflict of interest between creditors and shareholders that arises from CEO compensation contracts when a corporation can be considered a nexus of explicit and implicit contractual relationships among stakeholders. We find that bank loans for firms with CEOs who are provided with risk-taking incentives have higher spreads and shorter maturities. A relationship between the lender and its borrower mitigates the influence of incentives for CEO risk-taking on loan spread and loan maturity. Such a relationship is especially beneficial for informationally opaque firms. The results are robust to the endogeneity of relationships and the simultaneous determination of loan spread, loan maturity and collateral requirements. Our results highlight the importance of the interaction between explicit and implicit contractual relationships to a firm’s borrowing cost.</p> <p>The second essay investigates the effects of a borrowing firm’s CEO risk-taking incentives on the structure of the firm’s syndicated loans. The conflict of interest between creditors and shareholders arising from CEO risk-taking incentives is a major concern of borrower moral hazard for syndicate lenders, which require intensive monitoring by lead arrangers in a syndicate. When CEO risk-taking incentives are high, syndicates are structured to facilitate better due diligence and monitoring efforts. These syndicates have a smaller number of total lenders and are more concentrated, and lead arrangers will retain a greater portion of the loan. Moreover, we examine the factors that affect the link between CEO risk-taking incentives and syndicate loan structure. CEO risk-taking incentives have a lesser effect on the syndicate structure when lead arrangers have a good reputation and have a prior lending relationship with a borrowing firm. By contrast, CEO risk-taking incentives have a greater influence on syndicate structure when borrowing firms are informationally opaque, are financially distressed or have low growth prospects.</p> <p>The third essay studies corporate investments with internal funds when firms face real investment friction using a sample of U.S. oil companies from 2003 to 2011 before and after the 2008 financial crisis. We show that firms’ capital expenditures are more sensitive to their lagged cash holdings than to their contemporaneous cash flows. By making investments with realized cash holdings, firms can avoid the investment adjustment costs that are incurred when investing with uncertain cash flows. We also show that cash flow policies are affected by liquidity constraints following the 2008 financial crisis: firms build up more cash reserves from cash flows, cut back payouts and raise more debt to maintain cash holdings.</p> / Doctor of Business Administration (DBA)

Purpose: The purpose of this study is to examine how changes in long and short interest rates as well as in the slope of the yield curve affect the stock returns of the four major Swedish banks; Svenska Handelsbanken, Nordea Bank, Swedbank, and Skandinaviska Enskilda Banken. Further, the aim of the research is to compare these findings to how the banks perceive that such changes affect their stock returns. The objective is thereof to detect differences and similarities between regressions and interviews, in order to contribute with insights to how the banks can handle their exposure to interest rate risk. Theoretical Framework: Previous research show that banks’ stock returns are affected by many factors, including cash flow news, interest rates, size of the business, and the macroeconomy as a whole. However, banks’ interest rate margins are set to market rates so these are more exposed to and affected by changes in interest rates, especially short ones, than are non-financial institutions. Furthermore, the low interest rate levels and forecasting errors that have been seen lately have contributed to greater uncertainty and higher risk exposures, making banks’ sensitivity increase. Methodology: A mixture of a qualitative and a quantitative methodology is used, where the former consists of interviewing the banks and the latter of regressions through secondary data from Thomson Reuters Eikon and the Riksbank. Conclusion: The major Swedish banks’ stock returns are generally affected by changes in short interest rates but not by changes in long interest rates, with the exception of Handelsbanken being impervious to all such changes. Swedbank’s stock returns are most sensitive than the other banks’ stock returns and it is the only bank affected by changes in the yield curve slope. However, the banks seem to perceive no crucial difference in how their stock returns are affected by changes in short interest rates and long interest rates, concluding that their perceptions of long interest rates are not as in line with our results as are their perceptions of short interest rates. However, it tends to be a more diffuse relationship between changes in long interest rates and stock returns than between changes in short interest rates and stock returns.

In the present work we study the securitized products of ?financial markets with focus on collateralized debt obligations and the impact of fi?nancial crisis on the markets in the world. First part the thesis is focused on the methodology of the reasons behind launching these products, the portfolio, tranches and further on mechanisms how these structures are working. In the second part the thesis teoretically describes the valuation methods for which the Markov chains and copula functions are used. Further on follows the practical part with output from the quantitative analysis and at the end the thesis describes the impacts on economics of di?fferent countries and practically introduces the stress testing as the precaution tool.

本研究的目的在探討，盈餘中所包括的由營業而來的運用資金及現金流量相對於盈餘而言，是否具增額資訊內涵？動機來自於我國於民國78年12月28日公布現金流量表取代財務狀況變動表，前者之主要衡量指標為營業活動現金流量，後者則為營業而來之運用資金，而以前者取代後者的理由究竟是因營業活動現金流量較營業而來運用資金更具資訊內涵？抑或是營業而萊的運用資金與盈餘之相關性太高，導致該指標無增額資訊內涵，而須提供與盈餘相關性較低的現金流量資訊？還是財務狀況妥動表相對於損益表及現金流量表而言，已無法提供增額資訊內涵？由於相關研究結果分歧，故本論文試圖做一深入瞭解。 本研究採事件研究法(Event Study)，藉由橫斷面分析，透過四階段進行測試：第一階段比較營業而來的運用資金及營業活動現金流量之相對資訊內涵；第二階段則加入稅後盈餘，測試第一階段之自變數相對於稅後盈餘而言，是否具增額資訊內涵，至於測試方法則採用可能比例測試法(Liklihood Ratio Test)，測試全迴歸模式中，某一特定變數的估計值是否異於零的方式；第三階段則將異積異常報酬(CAR)分成高、中、低三組，重新檢視一、二階段之結果，看是否在三組間能獲得相同的結論。最後則測試重大非營業項目及土地重估增值之增額資訊內涵。 本研究以162家國內上市製造業為樣本，蒐集其民國八十年至八十四年之財務資料進行實證研究，獲致以下結論： 一、營業而來的運用資金及現金流量相對資訊內涵之比較以年度資料及Pooling結果觀之，除民國80年之營業而來運用資金及營業活動現金活動與股票報酬有顯著關聯性外，其餘年度（包括pooling）則否，故無法得出年度之一般化結論。但若將累積異常報酬之pooling結果依大小分為三組，結果發現高報酬組中，營業而來的運用資金與股票報酬關聯性大於營業活動現金流量，此項結果與前者為加計流動性應計項目之資訊有關，而另外兩組無法得出結論。 二、營業而來的運用資金及現金流量增額資訊內涵之比較以年度資料觀之，民國80年的營業而來運用資金有超越盈餘及營業活動現金流量之增額資訊內涵。而從分組結果得知，高報酬組中，盈餘及營業而來的運用資金皆具有增額資訊內涵。 三、重大非營業項目及土地重估增值資訊內涵之比較以分組結果觀之，在高報酬組中，迴歸模式主要解釋能力來自盈餘，而處分投資、固定資產利得及土地重估增值均無增額資訊內涵；但在中、低報酬組及Pooling，處分固定資產利益皆具增額資訊內涵。 / This study aims to examine the incremental information contents of working capitals and cash flows which is mainly motivated by the mandated accounting regulation in relation to statement of cash flows on December 28, 1989. The empirical analysis includes 162 samples covering from 1991 to 1995. The findings can be summarized as follows. 1. In addition to the samples of 1991, no significant association between cash flows from operations (including working capitals from operations) and stock returns can be detected. Among high returns sample group, the working capital from operations significantly associates with stock returns, if all samples are pooled. 2. In 1991, the working capitals from operations has significant incremental information contents. In addition, among high returns samples the working capital from operations has significant incremental information contents, if all samples are pooled. 3. Among high returns samples, the explanatory power of stock returns is mainly derived from earnings. In addition, gain on disposal of fixed asset has significant incremental information contents in medium and low return sample groups.

會計盈餘的產生係根據應計基礎，應計會計程序預期會緩和時間性及配合性的問題，而繼美國財務會計準則公報第九十五號公布二年後，國內於民國七十八年十二月發布財務會計準則公報第十七號『現金流量表』，故本研究探討盈餘與現金流量究竟何者較能解釋股票報酬，應計會計程序所扮演的角色為何？本研究首先分析不同累計期間下盈餘與現金流量和股票報酬的關聯性，以及，在不同運用資金的變異性及營業循環期間下，盈餘與現金流量對股票報酬的解釋力，俾瞭解盈餘與現金流量基本財務資料，在投資人決策制定過程中所扮演的角色，以及何者為解釋股票報酬的良好指標。 　　本研究係由探討國內外相關文獻，並參酌國內環境，加以延伸，蒐集民國七十五年至八十二年的資料，以Pooling方法分析，比較盈餘與現金流量和股票報酬的關聯性，進一步使用Vuong Z-statistic從事測試工作。 　　經由實證結果，本研究獲致如下的結論： 　　1、在短的報導期間下，盈餘和股票報酬的關聯性並未較現金流量強，而淨現金流量對股票報酬的解釋力隨著期間的增加而增加。 　　2、在不同的報導期間下，當公司有重大應計數時，盈餘對股票報酬的解釋力並未較現金流量佳。 　　3、當公司及產業的營業循環期間愈長，非現金流量的運用資金變異性愈大，達顯著水準，惟其並不影響盈餘與現金流量對股票報酬的解釋力。

本研究之主要目的在於探討公司自由現金流量與其過度投資之關聯性，並設法瞭解內外部機制是否有助於減緩公司過度投資之代理問題。此外，本研究亦探究公司自由現金流量與債務控制之關聯性，以及債務控制與公司之其他監督機制間之關聯性。本研究發現，公司自由現金流量愈大時，愈可能有過度投資之現象，且此種現象較集中於自由現金流量為正之公司。此外，相較於高成長公司，低成長公司自由現金流量之代理問題較為嚴重，更傾向於過度投資。而在減緩代理問題之機制上，管理階層及機構投資人之持股並無法有效減緩代理成本，或抑制公司過度投資之現象，但或許可藉由債務控制減緩過度投資之問題。再者，本研究推論過度投資之公司可能會傾向於提前適用資產減損之會計處理，以認列其投資損失。最後，公司代理問題愈嚴重時，並不一定會藉由債務控制方式減緩過度投資。而在降低代理成本的作用上，管理者持股、機構投資人持股與債務控制之間具有明顯的互補關係。 / The main purpose of this study is to examine the association between a firm’s free cash flows and its overinvestment. In addition, I also examine the interrelationships between free cash flow, managerial ownership, institutional investors, and debt .The empirical results suggest that overinvestment is concentrated in firms with higher levels of free cash flows and lower opportunities for growth. Further tests find that a firm’s managerial ownership, institutional investors’ ownership may not effectively mitigate its overinvestment. However, debt appears to control overinvestment. Besides, I infer that firms with overinvestment may choose to adopt the accounting standards for asset impairment earlier to recognize their investment losses. Finally, I find evidence that firms may not be using debt control to mitigate their overinvestment, and a firm’s managerial ownership, institutional investors’ ownership and debt may serve as substitutes in controlling its agency costs.