A high return is a driving factor for most investors. The ways to reach success are many and different investment strategies on how to earn high returns have been discussed for decades. Value stocks (low P/E ratios) and growth stocks (high P/E ratios) are two strategies among the investment area with different and contrary results on which strategy can give the highest possible return. However, studies of the P/E effect have shown different results the last years compared to previous findings of a value premium for low P/E stocks, with trends of a higher return for growth stocks compared to value stocks. This led us to the research question “Does a portfolio of growth stocks present a higher return than a portfolio with value stocks on the Swedish and Norwegian stock markets?”. The problem that the study aims to answer is therefore if a portfolio of growth stocks provides a higher return than a portfolio of value stocks between the years 2001-2021. The long timespan will give us the opportunity to evaluate the stock markets during both booms and busts. Our study is made on historical data on the Swedish and the Norwegian stock markets since we found a lack of previous research in these countries within the research area. To fulfil the purpose of the study and to answer the research question, a quantitative method is used with historical data provided from Eikon (Thomson Reuters DataStream) where firms are sorted on the P/E ratios and after that growth and value portfolios are created. We will present both the actual return as well as a risk adjusted return for the stocks. The risk adjusted returns are conducted by using the financial measurements Sharpe ratio and Jensen’s alpha. The result of the study shows that on a 5 % significance level, growth stocks presented a higher actual return than value stocks for both Sweden and Norway. The same evidence was found for the returns for growth stocks compared to market index. Though, when testing the risk adjusted returns, the null hypothesis could not be rejected, which implies that a statistical difference between the portfolios could not be found.

The purpose of this essay is to study the political horse-trading in 1933 have laid the foundation for political bloc solutions and have become a common occurrence in Swedish politics. Both the political horse-trading in 1933 and the bloc agreement in 1992 where solutions to help the nation out of severe economic crises, reduce unemployment and avoid extra election.  The high unemployment in the 1990s affected a generation who now had something in common with their grandparents who lived through the 1930s.  This essay describes the selected newspapers reporting on both the political horse-trading in 1933 and the bloc agreement in 1992 in Kalmar. This essay also describes the selected parties view of the two agreements in Kalmar.

Thesis (MPhil)--Stellenbosch University, 2010. / This futures studies research report uses the Six Pillars of Transformation by Inayatullah (2004) as the methodology to explore the future perspective corporate governance may take in light of the 2008/9 global economic meltdown. The problem here being to understand the corporate governance failures that led to the global economic crises and the influences these failures may have in the future of corporate governance. This research report was compiled through secondary research material. The focus of this research report is on corporate governance, in relation to business related activities in particular, as opposed to general governance and not necessarily from a South African perspective only. This is because the South African corporate governance framework, from a legal and principles point of view, is very linked to Anglo Saxon countries’ frameworks and also that the South African economy is globalised (Naidoo, 2009). The description of corporate governance, by Sir Adrian Cadbury of the UK Cadbury Report (1992), as “the balance between economic and social goals, and between individual and communal goals . . . the aim is to align as nearly as possible the interests of individuals, corporations and society” comprehensively describes corporate governance for the purposes of this research report. Of particular note to this description is the multiple stakeholder balance approach, which the South African King Reports subscribe to, for sustainability purposes among other reasons. The anticipation of the future of corporate governance, as the second pillar of futures transformation, is discussed by describing the related emerging issue analysis thereof. These issues include corporate governance convergence and diversity. However, there are significant signs in various parts of the world, including South Africa, and as Keasy, Thompson and Wright (2005) mentioned that show corporate governance convergence more than the increase of corporate governance diversity. The history of corporate governance change patterns, as the third pillar of futures transformation, are explored to bring into perspective the likely changes for exploration on establishing the future alternatives corporate governance systems may take in future. This is in light of the latest major event of the 2008/9 global economic crises. These patterns of history date back from the end of the 19th century through the great depression, the World War II period until the recent major corporate failures that happened worldwide. The future and nature of corporate governance is further deepened, as the fourth pillar of futures transformation, by applying the Causal Layered Analysis and the Four-Quadrant Map in the causes of the 2008/9 global economic meltdown by corporate governance failures. The creation of corporate governance future alternatives, as the fifth pillar of futures transformation, are explored by outlining the possible, probable, plausible and preferred futures of corporate governance from information provided by the referenced writers of this research report. The preferred and ideal corporate governance approach would be a balanced corporate governance approach that has optimally converged due to the impact by the 2008/9 global economic meltdown, globalized and market based. In the last pillar of futures transformation, transforming the future of corporate governance, the policy implications of the preferred and desired future of corporate governance, according to this research report will be outlined, notwithstanding the challenges to achieve this desired future. These policy changes are likely to be both from a self-regulatory and regulatory perspective.

The following dissertation contains two unique empirical studies that contribute to the overall literature in the field of Financial Economics in the areas of mutual fund investing and financial intermediation and regulation. The first Chapter, entitled “The Impact of Macroeconomic Stress on the U.S. Financial Sector”, examines the relative impact of macroeconomic stress on financial and non-financial U.S. firms. Empirical results show that macroeconomic shocks appear to have a larger impact on financial firms. Additionally, the sensitivity of financial firms to macroeconomic events can be traced to the influence of non-depository institutions, or “shadow banks”, like finance and investment companies, which are less regulated than depository institutions. The results coincide with several trends in the financial sector including increased competition, complexity and interconnectedness and highlight the need for governance mechanisms that account for the risks associated with these factors. The second chapter, entitled “Partial Adjustment Towards Equilibrium Mutual Fund Allocations: Evidence from U.S.-based Equity Mutual Funds”, examines the relative efficiency of equity mutual funds in terms of speed of portfolio adjustment by applying a partial adjustment model. Empirical results show that mutual fund managers are able and willing to quickly adjust their portfolios when results have been sub-optimal, implying that the cost of persistent poor performance is perceived as being high. Managers can offset about 106 percent of the deviation within one period. Additionally, results show that funds that typically engage in the costly production of specialized information, like emerging market and sector funds have more efficient speeds of portfolio adjustment than more passive funds, like market index funds. The results imply that actively managed funds may have efficiency advantages that have been previously ignored in the empirical literature.

Main subject of my diploma thesis is an actual situation in application of Public Private Partnership in both the Czech Republic and Europe. Firstly, the main characteristics and a general process of creating PPP project are described. Risk management, one of the most important aspects of PPP is a subject for the second chapter. Furthermore, I analyse the approaches to the application of PPP from the view of the crucial European institutions such as European Commission and European Investment Bank, especially I am concerned about their reactions to the Global financial crises. My thesis includes the analyses of the PPP markets in both Great Britain and France. Lastly, the situation of PPP market in the Czech Republic is examined, and a business case about just emerging local PPP project is included.

Orientador: Paulo Roberto Colombo Arnoldi / Banca: Luiz Antonio Soares Hentz / Banca: Alfredo José Machado Neto / Resumo: O presente trabalho é uma análise sobre os impactos da crise econômico-financeira internacional na preservação das microempresas e empresas de pequeno porte. Graças a uma larga evolução, criou-se, no moderno direito falimentar, um ambiente que estimula a salvaguarda de empresas através da institucionalização da tão celebrada nova ideologia de preservação da empresa. A referida ideologia surge em função do significante papel social da empresa, instituição mais importante do mundo hodierno, na economia nacional, com destaque para as microempresas e empresas de pequeno porte, que somadas representam a incontestável maioria das empresas pátrias. A importância de tais empresas é irrefutável, de modo que elas desfrutam de um tratamento diferenciado, que inclui um Plano Especial de recuperação, bem mais simplificado e menos custoso, capaz de atender às suas peculiaridades. Acontece que com a crise econômico-financeira internacional de 2007/08, a cujos efeitos o Brasil não se manteve incólume, tais empresas foram fortemente impactadas, principalmente em razão da retração do crédito. Destarte, mister se faz conferir especial atenção a estas empresas em momento de crise, com destaque para adoção de políticas públicas que minimizem os impactos da crise sobre elas, visando à sua preservação. Outrossim, o trabalho busca examinar o tema sob o prisma da doutrina Direito e Economia, que compreende o Direito como uma fonte de regulamentação de atividades, e, consequentemente de efetivação de políticas públicas, contribuindo para elaboração de ações públicas mais eficientes no que se refere à conservação dos pequenos negócios nos períodos de instabilidade econômica / Abstract: This study is an analysis of the impacts of international economic and financial crisis in the preservation of micro and small companies. Thanks to a long evolution, an environment that encourages the safeguarding of company through the institutionalization of the so celebrated new ideology of the firm's survival was created in the modern bankruptcy law. Such ideology arises due to the social role of the company, the most important institution nowadays, in the national economy, especially micro and small companies, which represent the undisputed most homelands companies. The importance of such companies is irrefutable so that they enjoy a differentiated treatment, which includes a special plan for recovery, much simplified, less expensive and also able to heed its peculiarities. However, with the international economic and financial crisis of 2007/08, whose effects reached Brazil, such companies have been heavily impacted, mainly due to the credit crunch. Thus, it is necessary to confer special attention to these companies in times of crisis, with emphasis on the adoption of public policies that seek to minimize the impacts of the crisis on them, aiming its preservation. Furthermore, this work also seeks to examine the issue under the Law and Economics legal school, which contributes to the development of more effective public policies regarding to the conservation of small business in periods of economy instability once that understands the Law as a source of regulation of private activities, and consequently of effectiveness of public policies / Mestre

Made available in DSpace on 2015-12-03T18:35:21Z (GMT). No. of bitstreams: 1 Arthur_Tornatore_Siessere.pdf: 634051 bytes, checksum: ad42417752f395afef534f42d43549d5 (MD5) Previous issue date: 2012-03-27 / In 2008, there was a period of credit uncertainty and lack of confidence in financial markets, still present today though on a smaller scale. This research aims to verify the impacts of the adoption of corporate governance practices and of the liquidity effect on return of share prices of companies listed in BM&FBOVESPA in the pre and post -2008 crisis. In such context, the returns of stock prices that make up the Bovespa Index (Ibovespa), Brazil Index 50 (IBrX-50) and Index of Corporate Governance (IGC) were analyzed. With regard to the methodology used in this study, descriptive, quantitative and documentary researches are evidenced. These researches were made by using secondary data collection and statistical analysis through the techniques of linear regression, multiple linear regression of the section type and data analysis panel for wich, techniques for fixed and random effects were used. To begin with, a review on economic theory literature was performed, as well as a study on the causes and effects of the crisis, on the importance of corporate governance practices and also on the effects of liquidity on financial markets, through the analysis of scientific researches and articles published in congresses. Next, the values of the share prices from June/2007 to December/2009 of 141 selected companies were investigated. Stock prices provided by BM&FBOVESPA were used as data source and these data were analyzed statistically. Through the analysis of the statistical tests results, it was not possible to verify if there is significant relationship between the adoption of good corporate governance practices and better returns in the period pre and post 2008 financial crisis. In the analysis of the effects of liquidity on stock returns of companies analyzed in the pre-crisis period, it was not possible to verify significant relationship. As for the effects of liquidity on stock returns of companies analyzed in the post-crisis period, a strong statistically significant correlation was found / Em 2008 houve um per??odo de incertezas de cr??ditos e car??ncia de confian??a nos mercados financeiros, que ainda est??o presentes nos dias de hoje, embora em menor escala. Esta pesquisa, relacionada ?? conjuntura em evid??ncia, busca verificar os impactos da ado????o de pr??ticas diferenciadas de governan??a corporativa e do efeito da liquidez no retorno sobre o pre??o das a????es das empresas listadas na BM&FBOVESPA no per??odo pr??- e p??s-crise de 2008. Neste contexto, foram analisados os retornos dos pre??os das a????es que comp??em o ??ndice Bovespa (Ibovespa), ??ndice Brasil 50 (IBRX-50) e ??ndice das A????es com Governan??a Corporativa Diferenciada (IGC). Com rela????o ?? metodologia utilizada neste trabalho, evidenciam-se as pesquisas de natureza descritiva, quantitativa, de car??ter documental, realizadas com coleta de dados secund??rios e an??lise estat??stica, que foi feita pelas t??cnicas de regress??o linear simples, regress??o linear m??ltipla do tipo se????o e an??lise de dados em painel, para a qual foram utilizadas t??cnicas de efeitos fixos e aleat??rios. Primeiramente, foi efetuada uma revis??o da literatura sobre teoria econ??mica, bem como um estudo das causas e efeitos da crise e da import??ncia das pr??ticas de governan??a corporativa e tamb??m dos efeitos da liquidez no mercado financeiro. Para isso, fez-se a an??lise de produ????es cient??ficas, normas nacionais e artigos publicados em congressos. Em seguida, foram analisados os valores dos pre??os das a????es do per??odo de junho de 2007 at?? dezembro de 2009 das 141 empresas selecionadas. Como fonte de dados foram utilizados os pre??os das a????es disponibilizados pela BM&FBOVESPA. Por meio da an??lise dos resultados dos testes estat??sticos, n??o foi poss??vel verificar se existe rela????o significativa entre a ado????o de boas pr??ticas de governan??a corporativa e a ocorr??ncia de melhores retornos durante o per??odo considerado pr?? e p??s-crise financeira de 2008. Ao efetuar-se a an??lise do per??odo pr??- crise tamb??m n??o foi poss??vel verificar uma rela????o significativa entre a liquidez das empresas estudadas e o per??odo pr??-crise. Por sua vez, com rela????o aos efeitos da liquidez sobre o retorno das a????es das empresas analisadas no per??odo p??s-crise, foi poss??vel verificar que houve uma forte correla????o negativa bastante significativa estatisticamente

Made available in DSpace on 2016-04-26T14:54:05Z (GMT). No. of bitstreams: 1 Fernando Antunes Salgado.pdf: 1452490 bytes, checksum: 3b5805f9790f1bd49fd55184137fe116 (MD5) Previous issue date: 2013-05-15 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The purpose of this paper is to analyze how the federal government, under both the Fernando Henrique Cardoso and the Luiz Inácio Lula da Silva administrations, understood the role of the State in the economy, considering their respective policies concerning the BNDES (the Brazilian national development bank). Our aim is to research at a macroeconomic level the correlations between those policies during both administrations, to find out how different or similar they were and to assess the economic impacts thereof in Brazil s modern society. In the first chapter we shall approach the debated between those who defended a more liberal economy and those who appeared under the flag of the National Developmentalism (who favored deeper state intervention), in order to understand how those two currents influenced both parties, Fernando Henrique s PSBD (social democracy) and Lula s PT (labor). We shall analyze both parties platforms, respectively from the 1994 and the 2002 campaigns, as well as the general economic and political landscape during both administrations. In the second chapter, we shall break down the pro-market tenets held by the liberals and examine the privatization of state-owned enterprises during the Fernando Henrique s administration. In the third chapter, we shall focus on the supporters of the National Developmentalism and their reformed policies toward a state-led economy during Lula s second term (2007-2010), and especially during the financial crisis of 2008, considering how those policies were reflected in the role of BNDES. We consider that from such a correlation one may arrive at interesting conclusions as to the continuation or interruption of economic policies during both administrations / Este trabalho tem como objetivo analisar a visão do papel do Estado na economia nos governos dos presidentes Fernando Henrique Cardoso (1995/2000), do PSDB, e Luiz Inácio Lula da Silva (2003/2010), do PT, sob a ótica da utilização do BNDES por esses governos como ferramenta para execução de suas políticas econômicas. A partir daí, buscaremos fazer uma correlação em âmbito mais macroeconômico para verificar se houve uma continuidade ou mudança entre os mandatos dos dois partidos adversários e os possíveis impactos sobre o Brasil contemporâneo. Para isso, no primeiro capítulo estabeleceremos um debate entre os defensores da abertura econômica, de um lado, e do intervencionismo estatal, via Nacional-Desenvolvimentismo, de outro lado, a fim de compreender as duas correntes que polarizaram o debate econômico recente e influenciaram os dois partidos. Ainda no primeiro capítulo, analisaremos os programas econômicos das duas legendas, entre 1994 e 2002, e o cenário político-econômico dos governos tucano e petista. No segundo capítulo, o objetivo é fazer um recorte da corrente pró-abertura econômica e privatizações e analisar o processo de desestatização no Brasil na década de 1990, tendo o BNDES à frente, especialmente no governo Fernando Henrique. No terceiro capítulo, o foco se dará sobre a corrente desenvolvimentista e a retomada do papel pró-ativo do Estado no segundo mandato do presidente Lula, principalmente a partir da crise financeira de 2008, utilizando-se do BNDES para isso. Avaliamos que desta comparação é possível obter reflexões a respeito da manutenção ou inversão de políticas econômicas entre os dois governos

The present licentiate thesis analyses developments in Swedish marine insurance during the interwar period, including both direct marine insurance and marine reinsurance. This is done in order to provide insights on how companies of a highly internationalised and vulnerable line of insurance were affected by and responded to new risks during a period of far-reaching international financial and economic crises. Finally, the consequences of new risks and strategies are assessed. This thesis argues that during the interwar period Swedish maritime trade and Swedish marine insurance greatly depended on each other for marine insurance cover and marine insurance premium incomes. The business results in Swedish marine insurance partly depended on the development of Swedish trade. These business results were also vulnerable to currency risks. Swedish marine insurers faced no similar trade or currency risks during the two decades preceding World War I, and accordingly the returns on Swedish marine insurance were lower during the interwar period than during the last two pre-war decades. These factors probably bore their most severe consequences during the early 1920s when Swedish marine insurance on average induced losses to insurers. The remaining years of the period constituted a long-run recovery, and the Great Depression of the early 1930s caused no difficulties of the same order. This thesis also indicates that interwar Swedish marine insurers responded to new risks by increasing the level of cession to reinsurers. Another response was to increase the level of differentiation among insurance lines. This thesis describes the consequences of new risks and strategies in interwar Swedish marine insurance, focusing on the development of the Swedish marine insurance market structure and on the business results of Swedish marine insurers. Though this market shrunk and grew excessively, the relative importance of stock and mutual insurers showed only minor fluctuations. The importance of specialised marine reinsurance companies, however, fluctuated greatly. Also, cooperation between interwar marine insurers and the formation of insurance groups set new trends of concentration for the future. Finally, even though Swedish marine insurance during some years induced losses the Swedish marine insurers never experienced true losses on their total businesses.

Esta pesquisa investiga os fatores de política doméstica que motivam os Estados a delegar determinados temas a organizações internacionais. Com base na abordagem de principal-agente aplicada à delegação internacional, o estudo de caso sustenta que a dinâmica da política doméstica norte-americana foi um determinante importante da delegação da crise da dívida dos anos 80 para o Fundo Monetário Internacional. A hipótese se baseia no argumento teórico segundo o qual a delegação de um tema para uma organização internacional oferece ao ator que delega (em geral o Poder Executivo) uma oportunidade de aumentar sua influência sobre aquele tema em detrimento dos outros atores políticos domésticos. Nesta visão, a delegação pode aumentar a influência do Poder Executivo ao deslocar o poder de agenda sobre o tema para a organização internacional, reduzir o número de pontos de decisão doméstica, criar assimetrias de informação e prover fontes adicionais de legitimidade para as posições do Executivo. Quanto mais agudo for o conflito doméstico sobre um tema, maior será o incentivo para o Poder Executivo delegá-lo a uma organização internacional. Este estudo sustenta que a crise da dívida dos anos 80 foi essencialmente uma crise bancária, e como tal poderia ter sido tratada exclusivamente no nível doméstico norte-americano. A pesquisa apresenta evidências de que, ao enquadrar a crise como um problema de política internacional e delegá-la ao FMI, o Departamento do Tesouro dos EUA aumentou seu controle sobre o tema e reduziu a influência do Congresso, cujas visões e prioridades eram diferentes das do governo. O Executivo norte-americano, a despeito da desconfiança que inicialmente nutria com relação às instituições financeiras multilaterais, decidiu delegar o gerenciamento da crise para o FMI porque suas preferências estavam mais alinhadas com as preferências do Fundo do que com as preferências do Congresso e, portanto, as perdas de agências eram pequenas em comparação com o ganho obtido por impedir o Congresso de adquirir um papel ativo sobre a questão. / This research examines the domestic factors that contribute to certain political issues being delegated by states to international organizations. Based upon principal-agent theory, the case study argues that American domestic politics played a major role in the delegation of the 1980s debt crisis of developing countries to the International Monetary Fund. The hypothesis is based on the theoretical argument that delegation of an issue to an international organization offers the delegating actor (usually the executive branch) an opportunity to increase its influence on that issue vis-à-vis other domestic political actors. As such, delegating an issue to an international organization can increase the influence of the executive branch by shifting control of the agenda on the issue in favor of the delegating actor, decreasing the number of domestic decision points, creating information asymmetries and providing additional sources of legitimacy for the positions of the executive. The more intense the domestic conflict on an issue, the bigger the incentive for the executive branch to delegate the issue to an international organization. This study contends that the LDC debt crisis of the 1980s was essentially a banking crisis, and that as such could have been handled domestically by the US government. The research provides evidence that, by framing the crisis as an international problem and delegating it to the IMF, the US Department of the Treasury increased its control of the issue and reduced the influence of Congress, whose views and priorities were different from those of the Administration. The US Treasury, despite its initial mistrust of international financial institutions, chose to delegate the management of the crisis to the IMF because US Treasury preferences were more aligned with the preferences of the Fund than with the preferences of Congress, and thus agency losses were small in comparison with what was gained by preventing Congress from having an active role on the issue.