<p>När en värdering av ett företag skall göras finns det flera olika typer av värderingsmetoder som kan användas. Bakgrunden till den här studien är att uppsatsförfattarna blev kontaktade av ägarna till ett företag som undrade vad deras företag skulle vara värt vid en eventuell försäljning. Det specifika med företaget är att det endast arbetar mot en kund, samt att företaget nästan inte har några materiella tillgångar.</p><p>Syfte: Syftet är att kartlägga de olika värderingsmodeller som används vid värdering av företag, för att därefter klargöra vilken eller vilka metoder som är bäst lämpade för vårt fallföretag. Detta syftar till att resultera i en värdering av vårt fallföretag.</p><p>Metod: Vi har använt oss av en kvalitativ metod i form av en grundlig litteraturstudie, samt en genomgång av tidigare forskning. Vidare har ett antal e-postintervjuer genomförts och slutligen presenteras en modell för värdering av vårt fallföretag.</p><p>Teori: Den teoretiska delen av denna studie består av de värderingsmetoder som beskrivs i den litteratur som finns inom området. Vidare redovisas en del teori i form av tidigare forskning som publicerats i olika vetenskapliga tidskrifter.</p><p>Empiri: Empirin består av två stycken e-postintervjuer med representanter för Nordeas, samt Swedbanks Corporate Finance avdelningar. Vidare har intervjuer genomförts med representanter för fallföretaget. Vi har även tagit del av information från fallföretagets ekonomisystem i form av balans- och resultatrapporter.</p><p>Resultat: Denna studie visar att de lämpligaste värderingsmetoderna att använda vid värdering av ett företag i den specifika situation som vårt fallföretag befinner sig i, är kassaflödesmetoden samt residualvinstmetoden. Vidare visar studien att de vanligast använda värderingsmetoderna är multipelvärdering samt kassaflödesvärdering. Studien visar också att det är väldigt svårt att komma fram till ett exakt värde på ett företag då framtiden är oviss.</p> / <p>When valuing a company there exist various possible valuation methods to use. The reason behind this study is that the authors were contacted by the owners of a company, who where interested to know how much their company would be worth in the case of a possible sale. Specific with this company is that it only has one customer and almost no tangible assets.</p><p>Purpose: The purpose of this study is to make a survey of the different valuation methods that exist and to clarify which one is best suited in this particular case. This will result in a valuation of our case company.</p><p>Method: We have used a qualitative method in the shape of a thorough literary study and an exposition of earlier research in the area of company valuation. Furthermore we have made two interviews by email with representatives from the Corporate Finance departments of Swedbank and Nordea.</p><p>Theory:The theorethical framework of this study involves the different valuation methods that are described in the litterature that exists in the area. We have also shown some theory in the shape of earlier research that has been published in various scientific magazines.</p><p>Empirical foundation: The empirical foundation contains two interviews carried out by email with representatives from the Corporate Finance departments of Swedbank and Nordea. Interviews have also been made with representatives from our case company. The balance sheet and income statement from our case company’s economic system have also been studied.</p><p>Conclusion: This study shows that the most suitable valuation methods for our case company are the Discounted Cash Flow Model and the Residual Income Model. The study also shows that the most commonly used valuation methods are Multiple Valuation and Discounted Cash Flow Valuation. Finally the study shows that it is very difficult to reach one precise value when valuing a company with an uncertain future.</p>

När en värdering av ett företag skall göras finns det flera olika typer av värderingsmetoder som kan användas. Bakgrunden till den här studien är att uppsatsförfattarna blev kontaktade av ägarna till ett företag som undrade vad deras företag skulle vara värt vid en eventuell försäljning. Det specifika med företaget är att det endast arbetar mot en kund, samt att företaget nästan inte har några materiella tillgångar. Syfte: Syftet är att kartlägga de olika värderingsmodeller som används vid värdering av företag, för att därefter klargöra vilken eller vilka metoder som är bäst lämpade för vårt fallföretag. Detta syftar till att resultera i en värdering av vårt fallföretag. Metod: Vi har använt oss av en kvalitativ metod i form av en grundlig litteraturstudie, samt en genomgång av tidigare forskning. Vidare har ett antal e-postintervjuer genomförts och slutligen presenteras en modell för värdering av vårt fallföretag. Teori: Den teoretiska delen av denna studie består av de värderingsmetoder som beskrivs i den litteratur som finns inom området. Vidare redovisas en del teori i form av tidigare forskning som publicerats i olika vetenskapliga tidskrifter. Empiri: Empirin består av två stycken e-postintervjuer med representanter för Nordeas, samt Swedbanks Corporate Finance avdelningar. Vidare har intervjuer genomförts med representanter för fallföretaget. Vi har även tagit del av information från fallföretagets ekonomisystem i form av balans- och resultatrapporter. Resultat: Denna studie visar att de lämpligaste värderingsmetoderna att använda vid värdering av ett företag i den specifika situation som vårt fallföretag befinner sig i, är kassaflödesmetoden samt residualvinstmetoden. Vidare visar studien att de vanligast använda värderingsmetoderna är multipelvärdering samt kassaflödesvärdering. Studien visar också att det är väldigt svårt att komma fram till ett exakt värde på ett företag då framtiden är oviss. / When valuing a company there exist various possible valuation methods to use. The reason behind this study is that the authors were contacted by the owners of a company, who where interested to know how much their company would be worth in the case of a possible sale. Specific with this company is that it only has one customer and almost no tangible assets. Purpose: The purpose of this study is to make a survey of the different valuation methods that exist and to clarify which one is best suited in this particular case. This will result in a valuation of our case company. Method: We have used a qualitative method in the shape of a thorough literary study and an exposition of earlier research in the area of company valuation. Furthermore we have made two interviews by email with representatives from the Corporate Finance departments of Swedbank and Nordea. Theory:The theorethical framework of this study involves the different valuation methods that are described in the litterature that exists in the area. We have also shown some theory in the shape of earlier research that has been published in various scientific magazines. Empirical foundation: The empirical foundation contains two interviews carried out by email with representatives from the Corporate Finance departments of Swedbank and Nordea. Interviews have also been made with representatives from our case company. The balance sheet and income statement from our case company’s economic system have also been studied. Conclusion: This study shows that the most suitable valuation methods for our case company are the Discounted Cash Flow Model and the Residual Income Model. The study also shows that the most commonly used valuation methods are Multiple Valuation and Discounted Cash Flow Valuation. Finally the study shows that it is very difficult to reach one precise value when valuing a company with an uncertain future.

We consider the lower-bounded facility location (LBFL) problem (, also known as load-balanced facility location), which is a generalization of uncapacitated facility location (UFL) problem where each open facility is required to serve a minimum number of clients. More formally, in the LBFL problem, we are given a set of clients Ɗ , a set of facilities Ƒ, a non-negative facility-opening cost f_i for each i ∈ Ƒ, a lower bound M, and a distance metric c(i,j) on the set Ɗ ∪ Ƒ, where c(i,j) denotes the cost of assigning client j to facility i. A feasible solution S specifies the set of open facilities F_S ⊆ Ƒ and the assignment of each client j to an open facility i(j) such that each open facility serves at least M clients. Our goal is to find feasible solution S that minimizes ∑_{i ∈ F_S} f_i + ∑_j c(i,j). The current best approximation ratio for LBFL is 550. We substantially advance the state-of-the-art for LBFL by devising an approximation algorithm for LBFL that achieves a significantly-improved approximation guarantee of 83.

Main focus is to extend the analysis of the ruin related quantities, such as the surplus immediately prior to ruin, the deficit at ruin or the ruin probability, to the delayed renewal risk models. First, the background for the delayed renewal risk model is introduced and two important equations that are used as frameworks are derived. These equations are extended from the ordinary renewal risk model to the delayed renewal risk model. The first equation is obtained by conditioning on the first drop below the initial surplus level, and the second equation by conditioning on the amount and the time of the first claim. Then, we consider the deficit at ruin in particular among many random variables associated with ruin and six main results are derived. We also explore how the Gerber-Shiu expected discounted penalty function can be expressed in closed form when distributional assumptions are given for claim sizes or the time until the first claim. Lastly, we consider a model that has premium rate reduced when the surplus level is above a certain threshold value until it falls below the threshold value. The amount of the reduction in the premium rate can also be viewed as a dividend rate paid out from the original premium rate when the surplus level is above some threshold value. The constant barrier model is considered as a special case where the premium rate is reduced to $0$ when the surplus level reaches a certain threshold value. The dividend amount paid out during the life of the surplus process until ruin, discounted to the beginning of the process, is also considered.

Main focus is to extend the analysis of the ruin related quantities, such as the surplus immediately prior to ruin, the deficit at ruin or the ruin probability, to the delayed renewal risk models. First, the background for the delayed renewal risk model is introduced and two important equations that are used as frameworks are derived. These equations are extended from the ordinary renewal risk model to the delayed renewal risk model. The first equation is obtained by conditioning on the first drop below the initial surplus level, and the second equation by conditioning on the amount and the time of the first claim. Then, we consider the deficit at ruin in particular among many random variables associated with ruin and six main results are derived. We also explore how the Gerber-Shiu expected discounted penalty function can be expressed in closed form when distributional assumptions are given for claim sizes or the time until the first claim. Lastly, we consider a model that has premium rate reduced when the surplus level is above a certain threshold value until it falls below the threshold value. The amount of the reduction in the premium rate can also be viewed as a dividend rate paid out from the original premium rate when the surplus level is above some threshold value. The constant barrier model is considered as a special case where the premium rate is reduced to $0$ when the surplus level reaches a certain threshold value. The dividend amount paid out during the life of the surplus process until ruin, discounted to the beginning of the process, is also considered.

In recent years, online discount coupons provided through deal-of-the-day websites have grownrapidly. Perceived as a positive opportunity for local merchants to promote themselves in themarket, a mutual exchange occurs as consumers are able to simultaneously benefit from promotionsand discounts on services and products. In fact, studies and research (the literature) can unite on the notion that online price promotionshave an immediate positive impact on sales. However, there is less agreement regarding repeatpurchasing effects. Promotion usage effects may exist in which repurchase rates are negativelyaffected by the fact that a promotion was used to make a purchase. In that respect, the problem wehave identified concerns the customers likeliness of returning to the local merchant after redeeminga coupon from the online discount coupon website. With regard to this matter, the purpose of our thesis was to describe and analyze the factors that influence the likelihood of repurchase after a transaction on an online discount website. In orderto fulfill our purpose, we conducted a quantitative study with a deductive approach on thecustomers of Groupon Stockholm. The empirical findings of our study show that price, quality and service are important factors for repurchasing, while the location of a business has an indifferent role. We further conclude that the customers appear to be loyal to the online discount websites and respectively, the benefits gained from these websites rather than the local merchants and businesses. Thus, we round up this thesis by including various managerial implications with respect to the local merchant’s perspective and strategies of improving a relational customer relationship.

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The novelty and originality of the work consists in the fact that in order to obtain asymptotic expansions with optimal values of the remainder terms in the zone of large deviations, along with the cumulant method the classical method of characteristic functions has to be used. In addition, when solving the problems stated in the work, other than the well known results in the problems of limit theorems of the probability theory and mathematical statistics, we have to estimate constants. Technically it is frequently rather a complicated task. The results obtained in the work have good opportunities to be applied in probability theory, mathematical statistics, econometric, etc. That is illustrated in the last section of the work in which theorems of large deviations are proved in the summation of weighted random variables with weights as well as discounted limit theorems.

We consider the lower-bounded facility location (LBFL) problem (, also known as load-balanced facility location), which is a generalization of uncapacitated facility location (UFL) problem where each open facility is required to serve a minimum number of clients. More formally, in the LBFL problem, we are given a set of clients Ɗ , a set of facilities Ƒ, a non-negative facility-opening cost f_i for each i ∈ Ƒ, a lower bound M, and a distance metric c(i,j) on the set Ɗ ∪ Ƒ, where c(i,j) denotes the cost of assigning client j to facility i. A feasible solution S specifies the set of open facilities F_S ⊆ Ƒ and the assignment of each client j to an open facility i(j) such that each open facility serves at least M clients. Our goal is to find feasible solution S that minimizes ∑_{i ∈ F_S} f_i + ∑_j c(i,j). The current best approximation ratio for LBFL is 550. We substantially advance the state-of-the-art for LBFL by devising an approximation algorithm for LBFL that achieves a significantly-improved approximation guarantee of 83.

Darbe gauta Gerber-Shiu diskontuotos baudos funkcijos asimptotika, kai žalos pasiskirsčiusios pagal Pareto dėsnį ir pradinis kapitalas x artėja į begalybę. Pagrindinė išraiška Gerber-Shiu diskontuotos baudos funkcijos išskaidyta į du atvejus, kai palūkanų norma nelygi ir lygi nuliui. Darbe pateikti grafikai rodo diskontuotos baudos funkcijos priklausomybę nuo įvairių Puasono modelio parametrų. / The asymptotic of the Gerber-Shiu discounted penalty function in Poisson model with Pareto distributed claims is obtained. The asymptotic is obtained as initial surplus x tends to infinity. The main term of discounted penalty function has different expression in case when interest rate equal zero and when doesn't equal zero. The graphs of the Gerber-Shiu discounted penalty function in the case of Pareto claims are examined for various parameter choices.