Listed property companies trading at a discount or premium to their Net Asset Value (NAV) is a widely recognized phenomenon. Previous research within this field has primarily applied OLS-regressions and is mainly focused on U.K. and U.S. markets. This study is the first to empirically assess discounts and premiums in Swedish-listed property companies. By applying a fixed effect model controlling for panel data, this study also expands previous work and contributes to more knowledge about company-specific effects. The study covers 14 Swedish-listed property companies between the years of 2008 to 2015. Two OLS regression models and one fixed effect model were applied on cross-sectional data. Overall, the results show that the size, reputation, portfolio concentration and debt to asset ratio of a firm are negatively correlated with discount to NAV. The overall market sentiment and stock volatility are positively correlated with discount to NAV. Moreover, the overall market sentiment in tandem with firm-specific factors is believed to significantly impact discounts and premiums. Board size, insider ownership, administration costs and cross-border investments were found to not have a significant impact on discounts and premiums. Last it was also found that discounts and premiums are not determined by within variations in the subject companies, rather it is determined by across variations in the firm-specific variables. / Noterade fastighetsbolag som handlas till rabatt eller premium av sitt substansvärde är ett känt fenomen. Tidigare studier har huvudsakligen fokuserat på data från Storbritannien och USA. De studier som gjorts har primärt varit regressionsmodeller av typen OLS. Den här studien är den första som kvantitativt undersöker substansrabatt och substanspremier i svenska fastighetsbolag. Vi applicerar också en regressionsmodell av typen fixed effect, där vi kontrollerar för paneldata. Därför kan denna studie ses som en utökning gentemot tidigare studier. Denna studie omfattas av 14 noterade fastighetsbolag. Datan som används sträcker sig mellan perioden 2008 till 2015. Generellt kan sägas att storlek, rykte, portföljfokus och skulder i förhållande till totala tillgångar hos ett företag är negativt korrelerade med substansrabatt. Vidare så visar resultaten tydligt på att aktuellt marknadsförhållande tillsammans med bolagsspecifika faktorer, spelar en stor roll för skillnaden mellan aktiekurs och substansvärde. Volatilititen i en aktie och det aktuella marknadsförhållandet är båda positivt korrelerade med substansrabatt. Styrelsens storlek, insiderägande, kostnad för administration och internationella investeringar har däremot inte någon statistiskt signifikant påverkan på rabatter och premier i svenska noterade fastighetsbolag. Slutligen kan sägas att nästan inga företagsspecifika effekter hittades. De faktorer vi konstaterar ha en påverkan på substansrabatter och substanspremier varierar över hela datasetet.

In this essay we have been studying the development of investment companies that is traded at Mid Cap and Large Cap at the Stockholm stock market. We took out five investment companies at random from the mentioned markets above. We used these companies as benchmarking for the study. To measure the development we looked at the change in the stock price and the total yield over the given time period, we then compared these to three random portfolios of 8 stocks each and the index called Six-Return index. All the companies in the random portfolios have another type of owner structure and lack Investment Company as a big owner. Those companies have a more divided ownership. In the essay we also look at the yield with consideration to the risk that is taken in the given investment in forms of Sharpe ratio and standard deviation for each portfolio. To get some extra insight we have interviewed Investor AB and Investment AB Latour. Both companies are leading investment companies in Sweden. The time period for the essay is 10 years and is stretching from 2004-01-01 until 2014-01-01. The results from the paper are that investment companies in general had a higher yield then the index and portfolios that was used as comparison. The results for the investment companies are better in terms of change in stock price and in yield but also with the consideration of the risk. The explanation of the results lies in several variables where the active ownership of the investment companies is the major part of the explanation and net asset discount together with the high dividend is another part. With these result investment companies is supposedly a very good investment for t hose that can’t beat the market, which would mean a great deal of all investors. / I denna uppsats studeras utvecklingen hos investmentbolag som handlas via Stockholmsbörsen på Mid Cap och Large Cap. Fem investmentbolag slumpades fram ifrån dessa listor och har sedan använts som jämförelsebolag. För att mäta deras utveckling har vi studerat kursförändringen samt totalavkastningen och jämfört dessa med slumpmässiga portföljer samt SIX Return index. De slumpmässiga portföljerna består av bolag utan något investmentbolag som större huvudägare. Detta resulterar i att de flesta bolagen i slumpportföljerna har ett mer splittrat ägande. I uppsatsen undersöker vi även avkastningen med hänsyn till risk i form av Sharpekvoter och standardavvikelse för varje portfölj. För att få en extra insyn i investmentbolagen har vi intervjuat Investor AB samt Investment AB Latour som är två ledande investmentbolag i Sverige. Studien tittar på en tidsperiod om 10 år mellan 2004-01-01 och 2014- 01-01. Det resultat som framkommit under studien är att investmentbolagen generellt sett har avkastat bättre än sina finansiella jämförelseobjekt. Detta med avseende på kursförändring och totalavkastning men även med hänsyn till risk. Förklaringen till detta ligger i ett antal variabler där investmentbolagens aktiva ägande är den största orsaken och substansrabatten i kombination med hög utdelning är ytterligare en orsak. Detta innebär att en portfölj med investmentbolag är en väldigt bra sparform överlag men framförallt för den som vill spara i aktier men saknar förkunskaper.

The difference in valuation between private and public firms have been studied several times on the U.S. and European markets. However, we believe that the lack of studies made on the Swedish market opened a possibility for an exciting opportunity. The general conclusion drawn from the earlier studies is that there in fact does exist a discount on private companies compared to similar publicly traded ones and this study is going to examine whether this also applies on the Swedish market. After collecting data from acquisitions of private and public firms, each private firm is paired up with its closest public counterpart and the multiples are being compared. This resulted in a mean discount for private companies of 48%, 32% and 32% when comparing the EV/EBITDA, EV/Sales, and EV/Earnings multiples respectively confirming the existence of a Private Company Discount on the Swedish market.

El presente trabajo de investigación tiene como finalidad desarrollar el Plan de Negocio de una plataforma electrónica de información y elección de ofertantes de factoring para las MIPYME interesadas en financiamiento de ventas mediante oferta de facturas negociables. Esta propuesta se dirige a empresarios de diferentes rubros y cuyos niveles de facturación caracterizan a sus empresas como micro, pequeñas y medianas, especialmente para aquellos que valoran mucho contar con la liquidez de fondos necesarios para financiar sus operaciones al menor costo posible. Para ello se realizó un sondeo el cuál permitió validar nuestra propuesta explicada en este documento, destacando que el 67,3% manifiesta estar muy dispuesto a usar la plataforma “Elige – Factoring”. Para implementar este modelo de negocio se requerirá de una inversión de S/ 105 000 distribuidos en desarrollo de plataforma web, adquisición de bienes de cómputo, campañas de difusión y otros gastos pre-operativos, así como capital de trabajo requerido para financiar las actividades del primer año de operación. Se usará redes sociales y se generará contenido de calidad para desarrollar una estrecha y contínua relación con los clientes. La estrategia del presente plan se basará en la diferenciación y la focalización. Esta solución será la finetch referente de provisión de información de Factoring y de negociación de tasas de descuento de Facturas Negociables en el Perú. A partir del análisis financiero realizado, concluimos que el proyecto tendrá un VAN de de S/133 321,46 y una TIR de 36,7%, luego de 5 años de operaciones, haciéndolo atractivo para invertir. / The purpose of this research work is to develop the Business Plan of an electronic platform of information and choice of factoring bidders for MSME interested in financing sales by offering their negotiable invoices. This proposal is aimed at businessman of different sectors and whose billing levels characterize their companies as micro, small and medium-sized, especially for those who highly value having the liquidity of funds necessary to finance their operations at the lowest possible cost. For this, a poll was carried out which allowed us to validate our proposal explained in this document, highlighting that 67.3% state that they are very willing to use the platform "Elige - Factoring". To implement this business model, its will need an investment of S/ 105 000 distributed in web platform development, acquisition of computer assets, dissemination campaigns and other pre-operational expenses, as well as the working capital required to finance the activities of the first year of operation. Social networks will be used and quality content will be generated to develop a close and continuous relationship with customers. The strategy of this plan will be based on differentiation and targeting. This solution will be the benchmark finetch for the provision of Factoring information and the negotiation of discount rates of Negotiable Invoices in Peru. From the financial analysis carried out, we conclude that the project will have a NPV of S / 133 321,46 and an IRR of 36,7%, after 5 years of operations, making it attractive to invest. / Trabajo de investigación

This ethnography is a study of the cultural scene at one store of a chain of twenty-eight retail "discount department stores"--the Bi Mart Company, a subsidiary of the Pay 'n Save Corporation. It is an exercise of an ethnographic method developed by James Spradley that is used to uncover and describe the cultural grammar of acquired knowledge which Bi Mart employees use to define and interpret their situation and to generate and understand their work. The method is based on the assumption that culture is best learned and best described (as much as possible) from the "native" point of view.

The aim of the thesis is describe how discounts are formulated in construction work. Different types of discounts are discussed from the point of view of the constructor. Mechanisms of providing discounts and calculations of total discounts are studied. Contract and signing over the construction work are analysed, because of their importance to prevent disagreement between customer and constructor.

The subject of the thesis is the financial and economic analysis of the investment project. In the theoretical part, I focus on the life cycle of a project, feasibility study, project financing and economic analysis of private investment projects, as well as methods applicable for evaluation of economic efficiency. The benefits of the practical part will specifically identify funding options for the draft in question, to assess the economic efficiency and to offer specific investment recommendation.

Denna uppsats handlar om hur följare på olika sätt uppmuntras av influencers att köpa modeprodukter på Instagram, utifrån ett informatikperspektiv i den digitala kontexten. Syftet är att öka förståelsen för hur en följare på olika sätt uppmuntras att köpa modeprodukter som marknadsförs av en influencer på Instagram, vilket även kan ge förståelse för hur modeföretag strategiskt kan arbeta med influencer marketing. För att undersöka detta har vi haft 11 intervjuer via personliga möten eller online över Zoom med kvinnor i åldrarna 20-35 år. De har fått svara på frågor relaterade till hur de upplever att relationen till en influencer och exponeringen av deras innehåll inspirerar dem till att handla de modeprodukter som de marknadsför. Intervjuerna transkriberades och analyserades sedan utifrån en tematisk analys. De olika teman som uppkom utifrån den tematiska analysen var inspiration skapar nya behov, tilltalande innehåll, spara pengar genom rabattkoder och trovärdiga samarbeten. Studiens slutresultat visar att de parasociala relationerna spelar roll för att en respondent ska handla de modeprodukter som marknadsförs av influencers. Resultatet visar även att rabattkoder, rörligt material, igenkänning, tillgänglighet och inspirerade outfits är bidragande faktorer för att respondenterna ska genomföra ett köp av en influencers. / This essay is based on how followers are encouraged by influencers in various ways to purchase fashion-related products on Instagram, from an informatics perspective in a digital context. The purpose is to increase understanding of how a follower is encouraged in various ways to buy fashion-related products that are marketed by an influencer on Instagram, which also can provide an understanding of how fashion companies strategically can work with influencer marketing. To investigate this, we conducted 11 interviews through personal meetings or online through the program Zoom with women in the ages of 20-35 years old. They were asked questions related to how they perceive their relationship with an influencer and the exposure to their content inspires them to purchase the fashion products they promote. The interviews were transcribed and analyzed using thematic analysis. The different themes that emerged from the thematic analysis were inspiration creates new needs, appealing content, save money with discount codes and credible collaborations. The study's final results show that parasocial relationships play a role in a respondent's decision to purchase fashion products marketed by influencers. The results also show that discount codes, video content, recognition, accessibility, and inspired outfits are contributing factors for respondents to make a purchase from an influencer.

Influencer marketing is a new marketing strategy that has risen in popularity to be used by businesses during the last decade. Even though studies have been previously made on influencer marketing, little research has been made specifically on influencer marketing in combination with their discount codes being offered. The main purpose of this research paper is to examine the connection between the discount codes and the effect it might have on consumers' purchase intention, behavior and impulsive buying. Furthermore, the satisfactory levels after a purchase due to influencer marketing has been examined as it has not been seen in previous studies. The findings revealed that consumers are directly affected by influencer discount codes, causing impulsive buying to a certain level and affects the purchase intentions and decision-making in a faster manner. Furthermore, consumers who had purchased products due to influencer marketing obtained a high satisfactory level post-purchase. The same result could be seen both with and without discount codes. These results contribute to a positive insight of influencer marketing for businesses as the majority of the consumers were satisfied with their purchases. The research paper is written in english.

В работе рассмотрены теоретические и методологические аспекты оценки инновационных инвестиционных проектов. Выполнен анализ состояния мировой и российской магниевой отрасли, дана оценка основным экономическим показателям отрасли таким как себестоимость, цена, объем продаж, объем импорта магния. Предложен метод расчета величины рисковой премии, учитывающие как отраслевые, так и инновационные риски. Проанализированы возможные направления развития магниевой отрасли, предложена к внедрению инновационная технология производства магния на Соликамском магниевом заводе в качестве механизма повышения показателей эффективности существующего производства. Выполнена технико-экономическая оценка эффективности предлагаемой инновационной технологии производства магния. / The theoretical and methodological aspects of the evaluation of innovative investment projects are considered in the work. The analysis of the state of the world and Russian magnesium industry was carried out, the assessment of the main economic indicators of the industry, such as cost, price, sales, magnesium imports, was made. A method for calculating the magnitude of risk premium, taking into account both industry and innovation risks, is proposed. Analyzed the possible directions of development of the magnesium industry, proposed for the introduction of innovative technology for the production of magnesium at the Solikamsk magnesium plant as a mechanism to improve the performance indicators of existing production. The technical and economic assessment of the effectiveness of the proposed innovative magnesium production technology was carried out.