I examine the market reaction to the announcement of FFO by REITs using abnormal trading volume as a gauge of investors’ reaction. I also address the question of whether FFO provides more useful information to investors than net income. Lastly, I examine whether the quality of private information among traders prior to the announcement of FFO affects the level of abnormal trading volume. Using three different specifications, I find that even though the announcement of FFO leads to abnormal trading, there is no association between the level of abnormal trading volume and the size of the surprise contained in the FFO announcement. I also find, using abnormal returns as a measure of investor response, that FFO explains significantly more variance in abnormal returns than net income suggesting that FFO provides more useful information than net income. Lastly, I use the proportion of institutional holdings as a proxy for the number of informed traders to predict the amount of abnormal trading volume. I find no significant relation between abnormal trading volume and the proportion of institutional holdings. However, when I break down institutional ownership into two broad classifications, I find that the level of abnormal trading volume is significantly positively related to the holdings by mutual funds and investment advisors but negatively related to the holdings of other institutions (pension funds &.endowments, banks and insurance companies). This raises questions of whether the use of an aggregate measure of institutional ownership is appropriate in studies that examine the effect of institutional holdings.

Submitted by Leonardo Alvarenga (leonardobma@gmail.com) on 2017-03-10T16:47:06Z No. of bitstreams: 1 Dissertação Leonardo Alvarenga MFEE Final.pdf: 999808 bytes, checksum: be59f8d000cffaad09017571673c9ed1 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-03-14T17:53:39Z (GMT) No. of bitstreams: 1 Dissertação Leonardo Alvarenga MFEE Final.pdf: 999808 bytes, checksum: be59f8d000cffaad09017571673c9ed1 (MD5) / Made available in DSpace on 2017-03-22T20:11:50Z (GMT). No. of bitstreams: 1 Dissertação Leonardo Alvarenga MFEE Final.pdf: 999808 bytes, checksum: be59f8d000cffaad09017571673c9ed1 (MD5) Previous issue date: 2014-05-19 / Este trabalho examina a reação em mercado secundário dos preços e do volume de transação de Fundos de Investimento Imobiliário (FII) brasileiros após anúncios de resultados. Para isso, utiliza a metodologia de estudo de eventos para estimar o turnover anormal acumulado e o retorno anormal acumulado durante a janela de divulgação. Utiliza também o conceito de Funds From Operations (FFO) para calcular a performance operacional dos FIIs. Os dados das divulgações de resultado foram obtidos através de sistema que realiza a coleta diária em diferentes fontes públicas de informação. Os resultados sugerem que há evidências de violação da hipótese de mercado eficiente na forma semi-forte para os retornos dos fundos da amostra durante o período estudado.

Sweden is home to five recognized national minorities, namely the Jews, the Roma, the Torne Valley Descendants (Tornedalians), the Swedish Finns, and the Sami population which also are an indigenous group. The Government`s Minority Policy aims at protecting and supporting the national minorities and the historical minority languages (Yiddish, Romani chib, Sami, Finnish, Meänkieli). The policy also promotes the right of youth, belonging to national minority groups in order to develop and streng then their cultural identity. This paper seeks to address the lack of involvement of Swedish Finnish youth in the so called Finnish Administrative Areas (Finskt förvaltningsområde, FFO), and how the Norrköping and Haninge municipalities tackle the issue.   In this paper, a reconstruction of the intervention theory is presented with inspiration sought from the ideas of Evert Vedung, in order to see if the intentions of the legislation are implemented. In accordance to the research on how the policy is designed, the democratic theory, the theory of participation, as well as the theory of identity will be linked together to the opinions of officials. This will be done in accordance to the reconstructed intervention theory, which will be used as a tool in order to show how the selected mechanisms relate in order to describe how the policy will receive an expected result. The intervention theory is a method which is meant to be in use during the evaluation of measures done by the public organization. I have conducted audits on how each FFO approaches the problem at hand using municipality documents relating to the Swedish Finnish youth. In addition, I have interviewed municipal officials in the FFO:s of Norrköping and Haninge with the aim to get an impartial over view on how they are perceived by the Swedish Finnish youth within FFO.   The result of my research indicates that local government activities in many cases can be linked to democracy theory, identity theory as well as participation theory. The mechanisms which were chosen used the recently named theories, are used to measure the municipalities offer of activities are language, interventions, activities and also the media. These theories have been used to select the mechanisms considered to be the most important deemed by the Law on the Protection of National Minorities (SFS 2009: 724[1]). [1] Lag (2009:724) om nationella minoriteter och minoritetsspråk

The purpose with our research is to identify which factors that affects the participation during home defence exercises, our hope is that our research will lead to an increased participation. Our hermeneutist stand has meant that we have considered background and context in our research. Through aninductive approach and a qualitative research design have we gone from empiricism to identify which factors that have an impact on participation during home defence exercises. Our conclusions show that the conditions vary within the MR N, in upper Norrland the weak demographics and comprehensive business development has a big impact. The lack of experienced training officers is extensive and will likely increase. By coordinating available resources, the training conditions would improve, and the opportunity for local training increase, which likely would get a higher participation then central education. The dissatisfaction with compensation in the Swedish ore regions will likely decrease with the new compensations level from 2023. In contrast, current compensation for house inspections and security interviews is too low for the current workload. The voluntary organisations (FFO) current limited ability to recruit and train in solders in upper Norrland is problematic and will probably mean an increased workload for the MR-groups. / Syftet med vår forskning är att identifiera vilka faktorer som påverkar deltagandet vid hemvärnsövningar och utbildningar. Vår förhoppning är att forskningen skall leda till ökat deltaganden vid hemvärnsövningar. Vårt hermeneutiska ställningstagande har inneburit att vi har tagit stor hänsyn till bakgrund och sammanhang vid vår forskning. Genom en induktiv ansats och kvalitativ forskningsdesign har vi gått ifrån empiri till att identifiera vilka faktorer som påverkar deltagandet vid hemvärnsövningar. Våra slutsatser visar att förutsättningarna för hemvärnsförbanden inom MR N varierar, i övre Norrland påverkas hemvärnsförbanden i stor omfattning av en svag demografi och omfattande företagsutveckling. Bristen på erfarna utbildningsofficerare är stor och kommer sannolikt att öka de kommande åren. Genom samordning av tillgängliga resurser skulle förutsättningarna förbättras, Lokala utbildningar som är anpassade för hemvärnsförbandens behov skulle sannolikt få ett högre deltagande än centrala utbildningar. Missnöjet avseende ersättningsnivåer vid övningar och utbildningar är störst inom Malmfälten, med höjningen av sjukpenningsgrundande inkomst (SGI) från 2023 bör de ekonomiska konsekvenserna för hemvärnsoldaterna inte bli så stora som de antyder. Däremot är nuvarande befattningspeng inte tillräcklig för de chefer som måste genomföra flertalet bostadsbesiktningar och säkerhetsprövning. Sannolikt har även tidsåtgången en stor betydelse, ersättning för egen bil och utlägg utbetalas men för den ökade tidsåtgången sker ingen ersättning. Frivilliga försvarsorganisationerna (FFO) begränsade förmåga att rekrytera och genomföra befattningsutbildning i övre Norrland är ett problematisk. Troligtvis kommer MR-grupperna behöva genomföra befattningsutbildningar för att omhänderta behovet, något som de i nuläget inte är organiserade för.