Americans are not financially prepared for retirement and the World Economic Forum (2019) is forecasting the US retirement savings gap to grow consistently for the next three decades. Addressing this retirement savings gap will almost certainly require individuals to increase their retirement savings rate. Embracing this increased individual accountability for retirement savings is found in this research to lead to a higher retirement savings intention. However, this research also found that perceptions about who is accountable for the retirement savings gap is not uniform, but rather is polarized along political lines. Those who affiliate with the Republican party believe relatively more strongly in individual accountability for retirement saving while those who affiliate with the Democratic party believe more strongly in the accountability of institutions like the government, Wall Street and employers. This research experiments with temporal framing as a novel mechanism for disengaging respondents from these politically affiliated retirement savings accountability beliefs, and by doing so, influencing their retirement saving intentions. Temporal framing was chosen as a mechanism for moderating politically affiliated beliefs about perceived accountability for retirement saving because distal temporal framing has been shown in prior research (Roh, McComas, Rickard & Decker, 2015) to be effective in reducing entrenched resistance. Distal framing in this research was expected to reduce resistance to ‘mismatched’ messages – which are ones that counter existing politically affiliated beliefs ab The results confirm a clear distinction between Republican affiliated respondents, who place high accountability for the retirement saving gap on individuals and low accountability on institutions, and Democrat affiliated respondents, who consider both individuals and institutions as accountable. Furthermore, the research confirms that self-identified political affiliation does not influence the importance that respondents placed on retirement savings. And for both political affiliations, a higher perceived individual accountability for retirement savings is associated with an increased retirement savings priority. However, temporal framing as a mechanism for moderating politically affiliated beliefs about accountability was not effective as applied in this research, possibly because the tested messages were not sufficiently persuasive. The findings from this research can be applied by practitioners to set the tone and content of messages about retirement savings, to target messages to the most receptive audiences, and to advance academic understanding of the influence of proximate and distal message framing. And most importantly, this research makes a small but meaningful contribution towards understanding how to ensure a dignified retirement for all Americans. / Business Administration/Marketing

Global sustainability challenges are becoming increasingly more severe and the deadline for the Sustainable Development Goals (SDGs) set in Agenda 2030 is approaching rapidly. Venture capital investments in sustainable start-up businesses is considered to be a key success factor for a long-term sustainable development across the globe. Evaluating which early-stage companies that can be considered truly sustainable can however be difficult to determine for venture capitalists, especially in early-stage investment rounds. This study has aimed to increase the understanding of sustainability assessment processesutilized by Swedish university holding companies. Data collection was mainly executed through semi-structured interviews with representatives from six university holding companies, an industry association, and a limited partner. The main areas of interest have revolved around three distinct topics: how sustainability is currently assessed by university holding companies, what aspects that influence the assessment capability and how the sustainability assessment process could be improved. These investigation subjects are also closely related to the articulated research questions. Empirical findings indicate that university holding companies mainly rely on intuition and mapping of prospects’ business idea against the Sustainable Development Goals established by the United Nations when assessing sustainability. The characteristics of prospects, the governmental entity responsibility and the organizational structure were all aspects that seemed to have great influence on the assessment capability. A five-stage impact measurement and management process was finally suggested for the university holding companies, consisting of: (1) reviewing the strategic mission; (2) conducting due diligence; (3) integrating metrics; (4) monitoring impact and; (5) evaluating final impact. Future studies are encouraged to adopt quantitative or longitudinal research approaches, while also including a greater number of interviewees from larger governmental institutions and impact-oriented investors, in an attempt to further generalize the findings of this study.

The Internet provided humans a new way to exchange information digitally and has changed how we communicate. Blockchain and cryptocurrencies have given humans a new way to exchange value over the internet. With new technology, new possibilities arise, but not always without issues. One problem that has risen with cryptocurrencies is their high volatility, meaning that the currency has big price swings. It has made these currencies objects for speculation and investment almost exclusively, and therefore they have lost their functionality as a currency. For a currency to be viewed as a good means of payment, it cannot be associated with high volatility. This is not only restricted to cryptocurrencies, as for example the Venezuelan Bolivar is a fiat currency with historically high volatility and has been losing its purchasing power due to hyperinflation in the recent years. In regard to this we propose a new cryptocurrency; the Dynamic Network Token, which aims to reduce the volatility in a cryptocurrency by regulating the supply dynamically with burning and minting. The implementation of this functionality will strive to remove the high volatility in the token for the benefits of a more stable and linear growth, and at the same time encourage users to transact with the Dynamic Network Token between each other. / Internet gav människor möjlighet att utbyta information digitalt och har förändrat hur vi kommunicerar. Blockkedjeteknik och kryptovalutor har gett människan ett nytt sätt att utbyta värde på internet. Med ny teknologi kommer möjligheter, men kan även medföra problem. Ett problem som uppstått med kryptovalutor är deras volatilitet, vilket betyder att valutan upplever stora prissvängningar. Detta har gjort dessa valutor till objekt för spekulation och investering, och därmed gått ifrån sin funktion som valuta. För att en valuta ska anses som ett bra betalmedel, bör den inte ha hög volatilitet. Detta är inte bara begränsat till kryptovalutor, då till exempel Venezuelas nationella valuta Bolivar är en fiatvaluta med historiskt hög volatilitet som förlorat sin köpkraft på grund av hyperinflation under de senaste åren. Med detta i åtanke föreslår vi en ny kryptovaluta; Dynamic Network Token, vars uppgift är att reducera volatiliteten i en kryptovaluta genom att reglera utbudet dynamiskt med hjälp av burning och minting. Denna implementeringsuppgift är att minska hög volatilitet till fördel för en mer stabil och linjär tillväxt och samtidigt uppmana användare att använda Dynamic Network Token mellan varandra i nätverket.

We numerically investigate the effects that Environmental, Social, and Governance (ESG) scores have on portfolio optimization with Modern Portfolio Theory assumptions and how ESG scores correlate with the market returns of a rated company's stock. Additionally, we review and analyze a research paper published in the Journal of Financial Economics regarding ESG investing titled “Responsible investing: The ESG-efficient frontier” by Pedersen, Fitzgibbons, and Lukasz. Our overall goal is provide insight for socially responsible inclined investors, to help them understand what ESG scores tell us and how those scores may effect their overall investment returns."

Over the last decade, awareness of sustainability issues has increased and changed the information needs of investors. This development is also reflected in a transition of corporate reporting – the increase in the importance of sustainability reporting in addition to traditional financial reporting. However, the changed information needs are not yet met by reporting companies. Therefore, this paper-based dissertation comprises four manuscripts dealing with the transition of corporate reporting. Overall, this dissertation contributes toward a more refined understanding of the changed needs to support practitioners and regulators in the transition process of corporate reporting.

大約自1980年代初期開始，效率市場理論漸漸受到許多經由實證發現的市場異象(Anomalies)之挑戰，其中最具代表性的就是規模效應與價值效應(淨值市價比現象)。受到這些實證發現的啟示，如何針對股票市場中不同區隔的股票進行風格投資(Style Investing)早已經成為資產管理中的核心議題。學術界與實務界並開始逐漸針對多重風格(Multi-Style)投資組合進行研究，期望能發掘更多投資機會與策略意涵。 本研究採用1993年10月至2002年間台灣證券交易所非金融類上市普通股為研究對象，參考Ahmed、Lockwood and Nanda(2002)的分類與模擬方式，探討根據規模與價值雙重分類所形成的各種單一風格投資組合與多重風格投資組合之報酬率差異情形，並進行各風格投資組合之投資終值模擬。為了驗證輪動策略的價值，本研究更進一步以不同風格投資組合配對進行完美預見(Perfect Forecasting)輪動模擬。 根據實證結果顯示，台灣股市中價值類投資組合(價值股、大型價值股、小型價值股)報酬率顯著高於成長類投資組合(成長股、大型成長股、小型成長股)，而大型類投資組合與小型類投資組合間沒有產生顯著的報酬差異，但大型類與小型類間的報酬差變動有助於提升輪動策略的績效。 經由不同風格投資組合配對之完美預見(Perfect Forecasting)輪動模擬，顯示出輪動策略確實具有相當的潛在投資價值，且以多重風格投資組合進行輪動策略可以獲得更佳的模擬結果。

Who can survive longer and what factors could prolong the trading life of individual investors in the market? This is the questions we ask in the dissertation. Based on our knowledge, there is not any research about the issue of survival analysis on analyzing individual investors in stock market. The paper classifies three possibilities could affect the trading life of investors: personal characteristics, trading behavior, and market condition. In the dissertation, we use tick-by-tick transaction data from the Taiwan Stock Exchange to profile survivors versus non-survivors, to investigate how the traders’ characteristics (such as, gender), trading behaviors (such as the degree of diversification, trading amount and trading frequency) and market condition affect the trading life of investors. We borrow the proportional hazard models proposed by Cox (1972) who used in bio-statistics to analyze the survival rate. Using the Kaplan-Meier curves for male and female, we find that survival functions and hazard rates of female investors have better survival prognosis than the male investors. Different timing of entering results in distinct patterns of survival curves and hazard rates. Investors entering that market in the bull and bear market have a larger survival rate than those who enter the market in normal time during the trading life from 1 to 7 years. Moreover, as the trading life increases larger 7 year, the three curves of bull, bear and normal market conditions, respectively, appear to get closer, suggesting that if trading life is shorter than 7 years, the investors entering in the bull and bear markets seemly have lower hazard ratio than that in the normal market to leave the market. Finally, the results of Cox’s proportional hazard model show that female investors stay in the market 74 days longer than the male. Trading cycle increasing by one day will prolong the traders in the market by 4.8 days. Average volume per trade measured in ten thousands does not have economic effect on the trading duration, although its estimate is statistically significant. A one percentage increase of portfolio return will reduce about 151 days of the trading life. One more stock in the portfolio will prolong about 133 days in the trading life. The effect on the trading duration of trading performance of those who enter in the bull market is positive. / Who can survive longer and what factors could prolong the trading life of individual investors in the market? This is the questions we ask in the dissertation. Based on our knowledge, there is not any research about the issue of survival analysis on analyzing individual investors in stock market. The paper classifies three possibilities could affect the trading life of investors: personal characteristics, trading behavior, and market condition. In the dissertation, we use tick-by-tick transaction data from the Taiwan Stock Exchange to profile survivors versus non-survivors, to investigate how the traders’ characteristics (such as, gender), trading behaviors (such as the degree of diversification, trading amount and trading frequency) and market condition affect the trading life of investors. We borrow the proportional hazard models proposed by Cox (1972) who used in bio-statistics to analyze the survival rate. Using the Kaplan-Meier curves for male and female, we find that survival functions and hazard rates of female investors have better survival prognosis than the male investors. Different timing of entering results in distinct patterns of survival curves and hazard rates. Investors entering that market in the bull and bear market have a larger survival rate than those who enter the market in normal time during the trading life from 1 to 7 years. Moreover, as the trading life increases larger 7 year, the three curves of bull, bear and normal market conditions, respectively, appear to get closer, suggesting that if trading life is shorter than 7 years, the investors entering in the bull and bear markets seemly have lower hazard ratio than that in the normal market to leave the market. Finally, the results of Cox’s proportional hazard model show that female investors stay in the market 74 days longer than the male. Trading cycle increasing by one day will prolong the traders in the market by 4.8 days. Average volume per trade measured in ten thousands does not have economic effect on the trading duration, although its estimate is statistically significant. A one percentage increase of portfolio return will reduce about 151 days of the trading life. One more stock in the portfolio will prolong about 133 days in the trading life. The effect on the trading duration of trading performance of those who enter in the bull market is positive.

德國投資大師科斯托蘭尼（Kostolany）曾用主人牽狗散步來形容股價跟基本面的運行關係，主人從甲地到乙地的路徑像是公司的基本面，而狗跟隨著主人的步伐忽前忽後、亦步亦趨就像是股價，兩者之間短期間不一定會同步，但最終必將一致。這個現象說明了股市投資的一個不變的真理：長期而言，股價必將反映公司經營的基本面。作為一個投資人如果無法掌握基本面的走向，而只知道一味的追逐股價的走向，則無異於捨本逐末，緣木求魚了。 從基本面來分析公司的價值，最直接正確的方是就是現金流量折現模型，但這個方法對於如何預估公司未來產生的現金流，及如何採用折現率存在著相當大的歧異。再者，一經估算出公司的內在價值後，要在什麼價格買進是另外一個要面對的問題。葛林布雷（Joel Greenblatt）選擇從另外一個角度切入，他藉著資本報酬率（Capital return）來篩選經營績效傑出的公司，加上盈餘報酬率（Earning Yield）來選出便宜的標的，兩者結合在一起過濾出的組合可充分發揮出價值投資者選股的精神。 本研究應用他所提出的方法，選擇MSCI Asia Pacific ex-Japan指數做為樣本，實際驗證用這兩個神奇公式所選出的投資組合在2002-2007年的表現，結果得到年化報酬率超過指數表現高達40%的績效。對於一般非專業的投資人，可以利用這個低成本及有效的方式建構一個價值型的投資組合，避免跟隨市場波動而頻繁地交易，達到投資而非投機的目的了。 / Andre Kostolany, Germany guru investor, explains the relationship between stock price and fundamental by an example of a man walking a dog. The master’s route expresses the company’s operation fundamental while the follow-up path of the dog is the stock price movement. Their paths are not sure synchronizing at short period of time but it will be corresponding in the long run. Admittedly, this phenomenon tells us the truth that the stock price finally should reflects the operating result of the company. Therefore, it’s in vain if an investor cannot manage to understand the business development but only chase technical price information. Basically, the discount cash flow, DCF, is the first and foremost method to evaluate the value of the company. However, how to forecast the future cash flow of the business as well as how much the discounting rate be used are still among debatable. Secondly, when to buy the stock is another dilemma after the intrinsic value is calculated. Joel Greenblatt takes the topic from a different angle. He points out those stocks with high capital yield and earning yield that depicting not only superior capital spending but also relatively inexpensive compare to others. In short, his two magic formulas combine major value investor components indeed. This thesis applies his findings to eqiuty portfolio construction in Asia Pacific markets. From 2002 to 2007, the magic 30 basket, composed of 30 constituents with highest capital and earning yield, outperforms the MSCI Asia Pacific ex- Japan benchmark by astonishing 40% p.a. For non-institutional investors, the model is particularly useful in construction a value-oriented portfolio that refrains from frequent transactions in face of market volatility.

Syfte: Undersöka om det är möjligt att generera en överavkastning på aktier gentemot marknadsindex på OMXS Industrials enligt Net Current Asset Value strategin. Metod: Studien baseras på en kvantitativ metod för att undersöka historiska aktievärden. Datan som används i undersökningen hämtas från Thomson Reuters Datastream och de statistiska värdena bearbetas i Microsoft Office Excel Teoretiska utgångspunkter: Studien har sin förklaring med utgångspunkt från teorierna om den effektiva marknadshypotesen och CAPM modellen, samt ett avsnitt som utreder principerna om hur värderingsstrategier bör följas. Resultat: Beroende på längden av innehavsperioden visar studien att det i de samtliga fall är fullt möjligt att överträffa marknadsindex, och att den riskjusterade avkastningen i de flesta fall är högre än marknadsindex. / Objective: To examine whether it is possible to generate an excess return on stocks in relation to the market index of OMXS Industrials according to the strategy of Net Current Asset Value Method: The study is based on a quantitative method to investigate historical stock values. The data used in the study is retrieved from Thomson Reuters Datastream and the statistical values are processed in Microsoft Office Excel. Theoretical usage: The study is explained on the basis of the theory of the efficient market hypothesis and the CAPM model, and even a section that investigates principles of valuation strategies and how they should be followed. Results: Depending on the length of the holding period, the study shows that in all cases it is quite possible to outperform market indices, and risk-adjusted returns in most cases are higher than the market index.

This bachelor thesis evaluates how high-engagement investors contribute to the development and growth of for-profit social enterprises by providing both funding and non-financial advisory services focused on organisational capacity-building. Case studies on three social enterprises describe the structure of funding deals, what considerations affected these due to the high social character of the ventures, and inquire into the relationship between social enterprise and their investors to evaluate how the investors provide value for their investees beyond capital. The investor types involved include commercial venture capital funds, angel investors, accelerator programs and venture philanthropy funds; a sort of social impact investment fund which combines the high- engagement mentoring of venture capital funds with lower expectations on financial returns in exchange for higher demands on social impact. The findings indicate that high-engagement investors in general provide a wide range of services to the social enterprises studied, where strategic advisory services and networks introductions are identified as key enablers for development. Aligning philosophies on the combination of business and social impact is also identified as critical for a constructive relationship between investor and investee. The perceived value of venture philanthropy funding diverges between the cases; while filling an empty space in the social enterprise capital market, some findings question their capabilities and investment model. Apart from the initial research questions on how high-engagement investors add value to social enterprises, the study raises further questions on social enterprise funding in general and the issues that obstructs these organisations from introducing innovation and growth to underdeveloped markets.