<p>This thesis is about publicly funded support of technology-based ventures. These ventures are regarded as solutions to create growth and societal development. They are commonly originated from universities, institutes or other firms and their products or techniques are commonly new or at least different from the ordinary. They are therefore considered as being of higher risk than generic new firms, but if successful they may also give higher returns. Hence, a range of efforts has been undertaken to support them. However, concerning the issue of public support, gaps of research have been exposed.</p><p>This thesis aims to give some answers on the question of what characterizes the public support given to technology-based ventures in Sweden. It elucidates two types of public support, the “configuration-type” and the “process-type” The first is studied by using statistical databases built upon the conditional loans and the innovation subsidies that were offered by Sweden Innovation Centre during the years 1994-2003. The second type concerns incubator support, and investigates how best practise incubators can be evaluated. Among the results, it can be mentioned that different support actors use different selection criteria depending on their goals, however the credibility of the applying venture is crucial for approval. Furthermore, a framework for best practice evaluation is developed.</p> / Report code: LiU-Tek-Lic 2005:72. Pages 49-68 and 87-105 has been removed since the author do not have the copyright for articles one and three when published in a scientific journal.

Diss. Stockholm : Handelshögskolan, 2006

Chapter I - Derivative Market Competition: OTC Markets Versus Organized Derivative Exchanges  Recent regulatory initiatives in the United States have again raised the issue of a ''level regulatory and supervisory playing field'' and the degree of competition globally between over-the-counter (OTC) derivatives and organized derivative exchange (ODE) markets. This chapter models some important aspects of how an ODE market interrelates with the OTC markets. It analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets would actually benefit from a more level playing field. Among other factors, such as different transaction costs, different abilities to mitigate credit risk play a significant role in determining the degree of competition between the two types of markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend clearing services to them. Such services would allow the OTC markets to focus more on providing less competitive contracts/innovations and instead customize their contracts to specific investors’ risk preferences and needs.  Chapter II – Crisis Resolution and Private Sector Adaptation Efforts at crisis resolution that succeed in reducing potential inefficiencies and instability in the international financial system are in the interest of both the private and the public sector. Unlike in the domestic context, in the international context, in the absence of clearly established rules of the game, the approaches adopted toward crisis resolution, and the extent to which they are interpreted by market participants as setting a precedent, can have profound implications for the nature and structure of international capital flows. The key conclusion of this chapter is that recent experiences with payment suspensions and bond restructurings are limited as guides to determining the future success or failures of these initiatives, as the private sector most likely has adapted in order to minimize any unwanted public sector involvement. Chapter III - European Equity Market Integration: Cyclical or Structural? Reviewing the empirical evidence of equity market integration in the European Union, the chapter finds a significant increase in the importance of global sector factors for a number of industries. Unlike most past studies, which only covered developments during the bull market of the late nineties, the results presented in this chapter suggest that the degree of Euroland equity market integration has declined gradually following the bursting of the TMT bubble. This seems to suggest that the findings of previous studies that Euroland equity markets were nearly fully financially integrated is worth revisiting. There are, however, several good reasons to believe that the structural factors driving European equity market integration have yet to play themselves out fully. Institutional investors both outside the Euroland area and within have substantial untapped capacity to take on Euroland exposures and invest additionally in Euroland equities. / Diss. Stockholm : Handelshögskolan, 2004

Bakgrund och problem: Som ett steg i konvergeringsprocessen med FASB startade IASB år2006 ett projekt med syfte att skapa en enhetlig standard för värdering till verkligt värde i helaIFRS. I den inledande fasen av projektet utformades ett discussion paper, där denamerikanska motsvarigheten för värdering till verkligt värde, SFAS 157, användes somutgångspunkt. En av de standarder som i hög grad innefattar värdering till verkligt värde ochsåledes berörs i stor utsträckning av projektet är IAS 39, redovisning och värdering avfinansiella instrument. Värdering av finansiella instrument är ett komplext och vidaomdebatterat område vilket har uppmärksammats speciellt under finanskrisen då mycketkritik har riktats mot SFAS 157. Definitionerna av verkligt värde skiljer sig i dagsläget mellanSFAS 157 och IAS 39 och organisationer runt om i världen har ställt sig kritiska till en direkttillämpning av den amerikanska definitionen eftersom den anses vara för marknadsbaserad. Syfte: Syftet med studien är att beskriva hur den praktiska redovisningen enligt IAS 39 kantänkas påverkas om IASB inför värderingsmetoderna i SFAS 157, samt beskriva vilkauppfattningar sakkunniga har kring dagens sätt att värdera till verkligt värde samt hur dessastämmer överens med definitionen och värderingsmetoderna i IAS 39 och SFAS 157. Metod: En kvalitativ undersökningsmetod har använts där fem intervjuer har utförts för attsamla in studiens empiriska material. Tre av dessa intervjuer genomfördes med verksammapersoner inom banksektorn. Resterande intervjuer genomfördes med sakkunniga personerinom studiens ämnesområde, varav en revisor och en redovisningsexpert. Resultat och slutsats: Resultatet visar att de flesta av värderingsmetoderna i IAS 39 som harundersökts i studien är mer lämpliga än de i SFAS 157. Vidare visar studien att definitionenav verkligt värde i IAS 39 är att föredra framför definitionen i SFAS 157. IAS 39 erbjuder idagsläget en viss flexibilitet som i viss mån ger utrymme för företagsspecifika värderingar.Denna flexibilitet är uppskattad av samtliga respondenter men skulle kunna utvidgas något föratt bättre återspegla bankernas affärsmodell. Definitionen i SFAS 157 skulle dock leda tillmindre företagsspecifika inslag och därmed begränsa möjligheten att redovisa relevantinformation om bankernas ekonomiska ställning. / Background and problem: As a step in the process of harmonisation with FASB, IASBstarted a project in 2006 aiming at establishing a common standard for fair valuemeasurement within all IFRS. In the first phase of the project a discussion paper was issued,where the American counterpart for fair value measurement, SFAS 157, was used as a base.One of the standards which to a great extent includes fair value measurement, and therefore isdeeply affected by the project, is IAS 39, recognition and measurement of financialinstruments. Fair value measurement of financial instruments is a complex and widelydebated area which has been actualised specifically during the financial crisis, when a lot ofcriticism has been directed towards SFAS 157. Today the definition of fair value differsbetween SFAS 157 and IAS 39, and organisations around the world have been critical to adirect use of the American definition, since it is regarded as too market oriented. Aim: The purpose of the study is to describe how the practical accounting according to IAS39 could be affected if IASB introduce the measurement methods of SFAS 157, and todescribe the opinions of experts regarding the present way of measuring fair value and howthese are in accordance with the definition and measurement methods of IAS 39 and SFAS157. Method: A qualitative research method has been used, where five interviews were conductedto collect the empirical material for the study. Three of these interviews were made withpersons active in the banking sector. The rest of the interviews were made with experts withinthe subject area of the study, one auditor and one expert in accounting. Result and conclusion: The result shows that most of the measurement methods of IAS 39,which has been examined in the study, are more adequate than those in SFAS 157. The studyfurther shows that the definition of fair value in IAS 39 is preferable to the definition in SFAS157. IAS 39 allows at present a certain degree of company specific measurements. Thisflexibility is appreciated by all of the respondents, but could be further expanded in order tobetter reflect the business model of the banks. The definition in SFAS 157 would, on the otherhand, lead to less company specific measurements and thus limit the possibilities to showrelevant information regarding the economic situation of the banks.

I detta projektarbete kommer följande att behandlas; Efter en definition och begreppsförklarande inledande del presenteras en teoretisk genomgång av konsumtionsteori med en mer specifik vinkling mot teorier om kapitalvaror. Därefter kommer en empirisk studie där faktorer som behandlats i teoridelen tas upp som beroendevariabler för efterfrågan på kapitalvaran bil. Slutsatserna som dras är att räntenivån påverkar bilinköp mest, troligen för att kreditkostnaderna utgör en allt större del av hushållens disponibla inkomster. Dessutom bekräftas det att inkomsten fluktuerar mer än konsumtionen och detta gäller också för hushållens konsumtion av nya bilar.

Inom kontexten medelstora svenska icke-finansiella företag är syftet med denna uppsats att undersöka hur sambandet mellan företagens skuldsättningsgrad och företagens sannolikheter för konkurs ser ut genom att tillämpa Byströms Distance to Default (DD). Uppsatsen ämnar besvara följande frågeställningar: (1) Hur ser företagens skuldsättningsgrad och sannolikhet för konkurs ut kvantifierade med Byströms DD? (2) Kan företagen öka andelen främmande kapital utan att nämnvärt öka sannolikheten för konkurs kvantifierat med Byströms DD? En empirisk metod utvecklas för att beräkna företagens skuldsättningsgrad, företagens sannolikhet för konkurs och för att öka andelen främmande kapital utan att nämnvärt öka sannolikheten för konkurs. Indelning av företagen sker på sektornivå. Om uppsatsens frågeställningar kan följande slutsatser dras: (1) företagens skuldsättningsgrad är olika beroende på sektortillhörighet och förändringar i marknadsvärdet av företagens tillgångar och förändringar i volatiliteten av marknadsvärdet av företagens tillgångar har en tydlig påverkan på företagens sannolikhet för konkurs (2) två av sektorerna (i.e. Informationsteknik och Sjukvård) kan öka andelen främmande kapital utan att nämnvärt förändra sannolikheten för konkurs. Tre av sektorerna (i.e. Industrivaror och tjänster, Material och Sällanköpsvaror och tjänster) uppvisar högre skuldsättningsgrader och en tänkbar förklaring är att företagen kortsiktigt avviker från företagens långsiktiga skuldsättningsgrad. När företagens skuldsättningsgrad och sannolikhet för konkurs kvantifieras med Byströms DD uppvisar företag med hög skuldsättningsgrad en högre sannolikhet för konkurs – i enlighet med Trade-Off Theory.

Syftet med vår uppsats är att kartlägga betydelsen av revisionspliktens avskaffande för små bolag utifrån tre intressentgruppers perspektiv. Vi vill bidra till en ökad helhetsförståelse för det samspel som råder mellan bankerna, små bolag och revisionsbyråer i en Boråskontext då vi anser att kvalitativ forskning kring detta samspel idag saknas. För att besvara uppsatsens syfte formulerades tre avgränsande forskningsfrågor.Uppsatsen är kvalitativ med en abduktiv ansats och ett hermeneutiskt tolkningsperspektiv. Empirinsamlingen skedde genom semistrukturerade intervjuer med små bolag, banker och revisionsbyråer. Det empiriska materialet har satts i relation till de potentiella konsekvenserna av revisionspliktens avskaffande som regeringen angivit. Med hjälp av den vetenskapliga litteraturen har de skillnader och likheter som kunnat observeras problematiserats. Agentteorin, signalteorin och intressentteorin har använts som förklaringar till det problematiseringen resulterade i.Revisionspliktens avskaffande för små bolag har fått de små bolagen att göra mer medvetna val i deras tillvägagångssätt för att uppnå kvalitet på de finansiella rapporterna. Den frivilliga revisionen har fått de små bolagen att bli mer medvetna om vad revision faktiskt innebär samt börjat utforska olika möjligheter till att modifiera eller ersätta den. Det ändrade förhållandet till revisorn samt de små bolagens förmåga att uppnå kvalitet på deras finansiella rapporter har haft en varierande inverkan på hur bankerna ser på de små bolagens finansiella rapporter. Två av bankerna i uppsatsen har valt att lägga mindre fokus på de finansiella rapporterna medan den tredje banken har infört ett revisionskrav. Det kan konstateras att de små bolagen efter revisionspliktens avskaffande förväntar sig rådgivning i större utsträckning från deras revisorer vilket revisionsbyråerna har anpassat sig efter genom att tillämpa olika strategier. / This essay analyzes the significance of the repeal of mandatory audits from three perspectives. We hope to improve understanding of the relationships among banks, small companies and auditing firms in Borås, Sweden. We believe that there is a lack of research of this issue to address the purpose of the thesis. Three questions were formulated.The thesis was conducted by using a qualitative research method with an abductive approach and a hermeneutic perspective for interpretation. The empirical data collection was made through semi-structured interviews with small companies, banks and auditing firms. The empirical data is compared with the potential consequences of the repeal of the mandatory audit stated by the government. By using scientific literature the differences and similarities were identified and analyzed. Agency theory, signaling theory and the stakeholder theory were used as explanations for the similarities and differences that were revealed.The repeal of the mandatory audit has led to small companies making more conscious decisions regarding achieving financial statements with high quality. The repeal made small companies more aware of what an audit actually means and made them think about its’ actual use. This has also led them to explore options such as doing without audits or changing the auditors work assignment. The changing relationship between the auditors and the small companies as well as the small companies methods of achieving financial statements with high quality has had a varying effect on the banks. Two of the banks in our thesis have chosen to focus on the loan’s purpose as well as the person seeking to borrow money while the third bank has introduced an audit requirement. One of the conclusions in our thesis is that small companies after the repeal of the audit to a greater extent expect counseling from their auditors. The auditing firms presented three different strategies for how they were adapting to this new demand. The language in the thesis is in Swedish

In the growing multiculturalism of Swedish society, we see a significant amount of citizens of various heritages experience difficulty when venturing into the Swedish labor market. These difficulties have been explained earlier by either cultural or structural factors. The cultural factors state that individuals raised outside of the traditional ―Swedish‖ culture have greater difficulty in understanding the subtle idiomatic properties of the Swedish labor market. On the other hand, the structural factors state that it is the deficiency in Swedish language and education that stand as the main obstacles in finding lucrative professions on the labor market. To determine the structural and/or cultural factors, I have performed field research in restaurants of the Norrköping district. The restaurant is a setting in which several aspects are shown to have influence over the informants‘ decision to become a restaurant owner. These aspects include the labor market, food, family relations, and networks between friends and professional associates. Why have these individuals chosen restaurants? Is it out of economic necessity, or is it a family profession they feel compelled to safeguard? In this thesis, several restaurant owners will answer questions regarding their choice of profession, their prospects on the labor market, the influence of their families, the importance of cuisine as a cultural foundation, and the discrepancies behind social and financial networks among ethnic groups in Sweden.

Purpose: Examine the relationship between Corporate Social Responsibility (CSR) and financial performance in Swedish publicly traded companies in the years 2006-2009. Hypothesis: H1: There is a positive linear relationship between a company's CSR performance and its accounting based financial performance (represented by ROA). H2: There is a positive linear relationship between a company's CSR performance and its market based financial evaluation (represented by Tobin's Q) H3: Industry moderates the relationship between CSR and financial performance. H4: Firm size moderates the relationship between CSR and financial performance. Theoretical framework: CSR and previous research. Methodology: Longitudinal study, Secondary analysis.  Conclusion: Hypothesis 1 may be rejected. Hypothesis 2 may be rejected. Hypothesis 3 may be rejected. Hypothesis 4 may be rejected. / Syfte: Undersöka relationen mellan företags sociala ansvar och dess finansiella resultat på Svenska börsnoterade företag under åren 2006-2009. Hypoteser: H1: Det är ett positivt linjärt samband mellan ett företags CSR utförande och dess bokföring baserad på finansiella resultat (representerad av ROA). H2: Det är ett positivt linjärt samband mellan ett företags CSR utförande och dess markandsbaserad finansiella värdering (representerad av Tobin's Q). H3: Industri modererar relationen mellan CSR och finasiellt resultat. H4: Företagsstorlek modererar relationen mellan CSR och finansiellt resultat. Teoretiskt ramverk: CSR och tidigare forskning. Metod: Longitudinell studie, Sekundär analys. Slutsats: Hypotes 1 kan avvisas. Hypotes 2 kan avvisas. Hypotes 3 kan avvisas. Hypotes 4 kan avvisas.

Purpose – The purpose of this paper is to increase the knowledge about technology based services affection of the ability of retail banks to build customer based brand equity among students. Design/methodology/approach – A conceptual model has been developed from theories regarding customer based brand equity, switching barriers and choice criteria. Based on this conceptual model, seven in depth interviews including several brand elicitation techniques were conducted. Findings – The findings show that students perceive the target banks to be rather similar, especially regarding technologies. In addition, the students are satisfied with their bank, however; the technology based services have difficulties in creating true customer based brand equity. Behind this difficulties are the special character of financial service combined with the student role. Together, these results suggest that the banks need to do something besides the actual services in order to build customer based brand equity and keep the customers for a long term relationship. These strategies must be developed and implemented carefully in order to keep the current image of credibility. Research limitations/implications – The paper has not included comprehensive eliciting techniques and this must be taken into account when reflecting about unconscious brand associations.  Practical implications – The findings include good insights and advices that bank managers can use to create meaningful differentiations in the future and attract and keep students as customers for a long time.  Originality/value - The paper combines customer based brand equity with switching barriers, which give valuable insights to both banks and researchers. Moreover, the time period of the study related to the technological innovation provides the brand equity research in the financial sector with updated knowledge.