Gränsöverskridande fastighetsinvesteringar har blivit allt vanligare sedan andra hälften av 1900-talet. Idag står gränsöverskridande aktörer för en relativt stor del av den årliga transaktionsvolymen i Sverige. Samtidigt har kronan under en längre tid varit svag och fluktuerat kraftigt, inte minst under senare år. Valutarisk är en vanligt förekommande risk bland multinationella företag då de ofta har intäkter och utgifter i flera olika valutor. Tillgångsvärden och löpande intäkter kan stiga lokalt men är valutakursen ofördelaktig så kan företag istället göra en förlust på sin affär, mätt i den valutan man redovisar i. Syftet med denna studie har varit att analysera sambandet mellan den svenska kronan och utländska fastighetsinvesterares beslutsprocess när de överväger investeringar i Sverige. Studien syftade till att undersöka hur valutarisk uppfattas och hanteras i transaktionsprocesser som involverar köpare, säljare, rådgivare och finansiärer. Dessutom genomfördes försök att kvalitativt undersöka de mest utbredda valutasäkringsverktygen och strategierna som används av utländska investerare för att mildra rörelser i den svenska kronan. Studien syftade också till att utvärdera effektiviteten av befintliga valutasäkringsinstrument i fastighetsinvesteringssammanhang. Studien avslöjade att den främsta oron bland gränsöverskridande investerare är marknadens likviditet. Den svenska fastighetsmarknaden har dock uppvisat en betydande likviditet de senaste åren, vilket rönt stort intresse från utländska investerare. Den svenska kronans volatilitet och oförutsägbarhet är dock fortfarande relevanta frågor i dagens globala landskap. Baserat på studiens resultat varierade synpunkterna på effekterna av en volatil krona, och att kvantifiera dessa effekter visade sig vara utmanande. Studien visade dock att den svenska kronan har viss inverkan på utländska investerares intresse för Sverige, om än i begränsad omfattning. Även om växelkurser inte rankas bland de mest kritiska faktorerna som påverkar investeringsbeslut, visar studien att det är viktigt att inte underskatta betydelsen av att överväga växelkursens dynamik, eftersom det kan påverka avkastningen på en investering avsevärt. Särskilt för investerare som följer lågrisk-strategier så kan den svenska kronans volatilitet utgöra en betydande utmaning. Studien identifierade ett fåtal fall där utländska fastighetsinvesterare valt bort Sverige på grund av kronans volatilitet. För att minska valutarisken finns olika instrument och strategier tillgängliga. Studien fann att finansiering i lokal valuta framstod som den mest använda strategin bland utländska investerare, eftersom den naturligt säkrar sig mot växelkursfluktuationer. Andra vanliga strategier inkluderar valutaswappar och utnyttjande av terminskontrakt. Studien visade dock att dessa strategier inte är optimalt utformade för fastighetsinvesteringar, eftersom de kan vara kostsamma och ofta har korta löptider. Icke desto mindre visade resultaten att dessa instrument inte är så illa lämpade för fastighetsmarknaden som man tidigare trott, eftersom det blev tydligt tidigt i studien att de flesta investerare inte hade reflekterat över deras begränsningar. / Cross-border real estate investments have become increasingly common since the secondhalf of the 20th century. Today, cross-border actors account for a relatively large share of the annual transaction volume in Sweden. At the same time, the Swedish krona has been weak for a long time and has fluctuated considerably, not least in recent years. Currency risk is a common risk among multinational companies as they often have income and expenses in several different currencies. Asset values and current income can increase locally, but if the exchange rate is unfavorable, companies can instead make a loss on their business, measured in the currency they report in. The purpose of this study has been to analyze the relationship between the Swedish krona and the decision-making process of foreign real estate investors when considering investments in Sweden. The study aimed to investigate how currency risk is perceived and managed in transaction processes involving buyers, sellers, advisors, and financiers. In addition, attempts were made to qualitatively examine the most widespread currency hedging tools and strategies used by foreign investors to mitigate movements in the Swedish krona. The study also aimed to evaluate the effectiveness of existing currency hedging instruments in the real estate investment context. The study revealed that the main concern among cross-border investors is market liquidity. However, the Swedish real estate market has shown considerable liquidity in recent years, which has attracted considerable interest from foreign investors. However, the volatility and unpredictability of the Swedish krona remain relevant issues in today's global landscape. Based on the results of the study, views on the effects of a volatile Swedish krona varied, and quantifying these effects proved challenging. However, the study showed that the Swedish krona has some impact on foreign investors' interest in Sweden, albeit to a limited extent. Although exchange rates do not rank among the most critical factors affecting investment decisions, the study shows that it is important not to underestimate the importance of considering the dynamics of the exchange rate, as it can significantly affect the return on an investment. Especially for investors following low-risk strategies, the volatility of the Swedish krona can pose a significant challenge. The study identified a few cases where foreign real estate investors opted out of Sweden due to the volatility of the Swedish krona. To mitigate currency risk, various instruments and strategies are available. The study found that local currency financing emerged as the most widely used strategy among foreign investors, as it naturally hedges against exchange rate fluctuations. Other common strategies include currency swaps and the use of forward contracts. However, the study found that these strategies are not optimally designed for real estate investments, as they can be costly and often have short maturities. Nevertheless, the results showed that these instruments are not as poorly suited to the real estate market as previously thought, as it became clear early in the study that most investors had not reflected on their limitations.

Uppsatsens språk är svenska. Idag är det svenska samhället nästintill kontantlöst och utvecklingen hit har gått fort. Med anledning av digitaliseringen och statens potentiellt förändrade ställning på betalningsmarknaden har Riksbanken undersökt möjligheter samt påbörjat utvecklingen av en egen centralbanksutgiven digital valuta kallad e-krona. Syftet med studien är att undersöka om och hur ett införande av e-krona som betalmedel främjar hållbar finansiell utveckling baserat på vilka möjligheter samt risker som kan uppstå utifrån ett banksektorperspektiv. Studien är kvalitativ och består av finansiell teori tillsammans med nio semistrukturerade intervjuer som genomförts för att nå syftet. Dessa har gjorts med utvalda experter som är eller har varit verksamma inom affärsbanker, Riksbanken, Finansinspektionen och Fintech-bolag. Studien finner att e-kronan kan stärka den finansiella stabiliteten och bibehålla värdeförhållandet mellan pengar. Dessutom identifieras risker med e-kronan där höga kostnader ses som en väsentlig del tillsammans med spekulation och informationsasymmetri. Studien har också visat på resultat att e-kronan kan bidra med innovation och teknikutveckling vilket ses som betydande möjligheter. En central slutats är att e-kronan kan främja hållbar utveckling om utformningen tillåter den att beakta de fyra grundpelarna till hållbar finansiell utveckling, men att det beror på ur den kan komma att utformas. / This study is written in Swedish. Today, the Swedish society is nearly cashless and the progression towards this has been rapid. Due to digitization and the state's potentially changed position on the payment market, the Riksbanken has investigated possibilities and initiated the development of its own central bank-issued digital currency called e-krona. The aim of the study is to investigate whether and how the introduction of the e-krona as a means of payment, promotes sustainable financial development based on the opportunities and risks that may arise from the perspective of the banking sector. The study is qualitative and consists of financial theory together with nine semi-structured interviews that have been conducted to achieve its purpose. The interviewees consist of selected experts who are or have been active in commercial banks, the Riksbanken, the Finansinspektionen and Fintech organizations. The study finds that the e-krona can strengthen financial stability and maintain the value ratio between money. In addition, risks are identified with the e-krona where large costs are seen as an essential part together with speculation and information asymmetry. The study has also resulted in the e-krona being able to contribute with innovation and technology development, which are seen as significant opportunities. A central conclusion is that the e-krona can promote sustainable development if the design allows it to take into account the four pillars of sustainable financial development, but that this depends on how it will be designed.

Recently Whole Genome Sequencing (WGS) has become the new high-resolution tool used to trace the source of foodborne outbreaks. There are often only a few genetic differences that can distinguish closely related bacterial isolates, and variability in data quality between different laboratories may influence the results. In this project, a data set from ten laboratories where the same bacterial samples were sequenced using different library preparation kits and sequencing methods in an interlaboratory study, has been used. Factors that could be responsible for the different performance in terms of how well the raw WGS data from the different labs assembles were investigated. The raw data from the different labs assembled very differently. One lab showed adapter sequences in their reads and filtering them improved the assembly substantially. All labs utilizing the transposase-based library preparation kit Nextera, had base composition bias in the beginning of the reads. For many labs, as the coverage was increased, the number of contigs first increased and then decreased. This was due to low number of contaminating reads from other species. However, these contaminations were barely visible in the plots generated by Kraken/Krona. Filtering out contigs with very low coverage removed this problem. Two labs performed much worse than the others. Some of their reads showed quality drop towards the ends, whereas their data also had the longest read length. However, quality trimming the read ends did not improve the assembly. These two labs had higher GC content in their reads compared to the other labs, the reason for this needs further investigation.

This is a study on crowns, wreaths and diadems as role symbols in Peter Paul Rubens’s 24 paintings for Marie de’Medici in Paris, 1622 – 1625. In these paintings, historic facts are shown with the addition of mythological gods and their symbols giving allegorical scenes, where sometimes also Christian symbols or subjects can be traced. A reader of these painted motifs therefore can choose to see the symbols as regal, Christian or mythological. The crown and the wreaths rarely present a challenge in modern interpretations, but the magnificent diadem does. Rubens chooses this diadem for higher goddesses, and for the queen a couple of times too. For some reason, this symbol is mostly misread in analyses. At this point in history, the crowns and the wreaths have been collected from divine spheres and turned into physical objects on earth used by the high and mighty. The large diadem has not; it is still only a symbol on a goddess. If and when put on a human in a portrait, the symbol gives the lady the abilities and characters of a goddess. Rubens uses his own design when turning this symbol into a physical picture;it is a high, pointed diadem with pearls and coloured gems set in gold. He has used it on goddesses both before and after the Medici commission. Today, we have seen numerous spectacular headpieces like this from late 18th century an onwards, wherefore it is an easy mistake to believe that Rubens copied what he saw instead of, as he actually did, foreboding a coming fashion. In addition to confirming this, I also suggest that it is the highest goddess Juno queen Marie is personifying. Juno is mostly known today as a goddess for women and childbirth. But she had far more masculine tasks in earlier days: she was seen as the saviour of the country and a special counsellor of the state. These two important roles are exactly what Marie de’ Medici took on when acting as regent for her young son, Louis XIII,after the murder of her husband, the late Henry IV. By putting Juno’s diadem on Marie’s head, when sitting on a throne, the divine abilities are manifested according to how a historic period could be transferred to the allegorical language in a painting at the time.

For the past decades, the Swedish public’s payment habits have changed, where the majority of the public has abandoned the old way of making payments, using cash, and instead opted for more modern payment solutions, digital money. The difference between cash and digital money is that cash is physical and only issued by the Riksbank, whereas digital money is created by and stored on accounts at commercial banks. The question of what role the state should have on the payment market is an important point of discussion. But it is not categorically a new question; the Swedish government is tackling essentially the same problem today as it has been doing many times before. Today’s problem is to some extent however manifested in a different way. During the 20th century, discussions were held whether or not the Riksbank should have the exclusive right to issue banknotes. It was considered unnecessary, inappropriate and dangerous. The idea that the Riksbank could cover the entire economy’s need for banknotes was, according to the commercial banks, unreasonable. Nonetheless, in 1904 the exclusive right became fait accompli; the government intervened and gave the Riksbank the banknote monopoly. We are now finding ourselves facing a similar situation, where there is a difference of opinion regarding the Riksbank’s role on the payment market. It is therefore nothing new, but rather an expected task for the government, and thus the central bank, to analyze major changes and draw conclusions from them. The problem is essentially about cash being phased out by digital means of payment. In order to therefore solve the problem, the Riksbank has started a project to investigate whether or not the Riksbank should issue digital cash to the Swedish public, what the Riksbank calls an e-krona. To introduce an e-krona would be a major step, but for the public to not have access to a government alternative, seeing as cash usage is declining, is also a major step. No decision has been made yet regarding whether the e-krona will be introduced on the market or not. A decision that however has been made, is that the Riksbank is now working on building an e-krona to develop and assess the technique. Nonetheless, an introduction would undoubtedly have consequences for both the Riksbank and the commercial banks, which ultimately means it would have effects on the economy as a whole. What about regulatory aspects; is the Riksbank even allowed to issue an e-krona under current legislation? The answer is affirmative, to a certain extent. There are furthermore many other uncertainties regarding how an e-krona would affect the economy; the Riksbank does not fully answer many of the system issues in its project reports. The question of whether or not it even is up to the Riksbank to make a decision on the matter of an introduction is also questioned by the author in the thesis.