E-commerce has increased gradually and continues to increase in both the global and Swedish markets. Shopping online has never been easier, where time savings along with a lower price makes it tempting to order products online. But the ever-increasing orders should not only be delivered to the consumer, in many cases they will also be returned. These returns create both financial difficulties for companies and ecological difficulties for the environment. To reduce this, the consumers who make these returns must be analyzed in depth, which is why the purpose of this study will be to understand the consumer's return behavior in relation to their attitude. To do this, eight qualitative interviews were conducted with consumers of different ages, which had made returns from e-commerce orders. A common way of analyzing consumer behavior is through classical attitude theory where the attitude is divided into three components which are, cognition, affect, and behavior. When the consumers' responses then are analyzed with the attitude theory, their return behavior differs, while the attitude is primarily still negative towards returns. This seems to be based a lot on the various factors that consumers bring from the cognitive component of the attitude. Finally, it leads to suggestions that future research should focus more on change in the actual consumer. / E-handel har ökat successivt och fortsätter att öka på den globala och svenska marknaden. Att handla på nätet har aldrig varit enklare, där bekvämlighet och tidsbesparingar tillsammans med ett lägre pris gör det lockande att beställa hem produkter. Men de ständigt ökade beställningarna ska inte bara levereras till konsumenten, de ska i många fall även tillbaka därifrån. Dessa returer skapar både ekonomiska svårigheter för företag och ekologiska svårigheter för miljön. För att minska detta måste konsumenterna som gör dessa returer analyseras på djupet varför syftet för rapporten är att förstå konsumenternas returbeteende i relation till deras attityder. För att göra detta har åtta intervjuer av kvalitativ sort genomförts med konsumenter i olika åldrar, som har gjort returer från e-handelsbeställningar. Ett vanligt sätt att analysera konsumenters beteende på, är genom klassisk attitydteori där attityden delas in i tre komponenter vilka är, kognition, affekt och beteende. När konsumenternas svar sedan analyseras med attitydteorin går det se att deras returbeteende skiljer sig åt, medan attityden till stor del fortfarande är negativ till returer. Vilket verkar grunda sig mycket i de olika faktorerna som konsumenterna har med sig från den kognitiva komponenten i attityden. Det leder slutligen till förslag på framtida forskning, där fokus borde läggas på förändring hos konsumenten.

Due to the large quantities of waste in the construction industry, a circular return packaging system is evaluated as bearers used for gypsum deliveries. The master thesis is written together with the construction company JM AB with the goal of being able to support future strategies for the development of more sustainable packaging solutions. This has been done by a comparative life cycle analysis of the current linear system of wood chips bearers, which is compared with a theoretical circular system of plastic bearers used with a return system. The two different bearers with respective processes are compared, in order to evaluate the environmental impact and further evaluate the conditions when a return system is preferable. By creating two life cycle analyses of both systems in the SimaPro computer software and comparing them with the functional unit, 50 deliveries of 42 discs of gypsum are the two different ways of delivering gypsum compared. The result shows that two returns per plastic bearer are needed to ensure that the seven selected environmental impact categories are lower than using wood chips bearers. In the sensitivity analysis, different scenarios are tested, where one conclusion of the analysis is that the type of energy used for the manufacture of the bearers is very important for the result. The discussion addresses the problem that plastic is not a renewable material, and today's conditions on construction sites result in return packaging being handled as disposables. / På grund av byggbranschens stora mängder avfall utvärderas ett cirkulärt emballagealternativ för underslag som används vid leveranser av gips. Examensarbetet görs tillsammans med byggföretaget JM AB med målet att kunna stödja framtida strategier för utveckling av mer hållbara emballagelösningar. Har gjorts genom en jämförande livscykelanalys av det nuvarande linjära systemet av träspånsunderslag vilket jämförs med ett teoretiskt cirkulärt system av plastunderslag som går igenom ett retursystem. De två olika underslagen med respektive processer ställs mot varandra för att utvärdera miljöpåverkan för att vidare bedöma under vilka förutsättningar ett retursystem är att föredra. Genom att bygga upp två livscykelanalyser av båda systemen i dataprogrammet SimaPro som jämförs genom den funktionella enheten 50 leveranser av 42 skivor gips de två olika sätten att leverera gips. Resultatet visar att det krävs två returer per plastunderslag för att de sju utvalda miljöpåverkanskategorierna ska vara lägre än för träspånsunderslagen. I känslighetsanalysen testas olika scenarion, där slutsatsen av analysen är att typen av energi som används för tillverkningen av underslagen är mycket betydelsefull för resultatet. Diskussionen tar upp problematiken med att plast inte är ett förnyelsebart material och att dagens förutsättningar på byggarbetsplatser leder till att returemballage hanteras som förbrukningsvara.

Mergers and acquisitions are one of the most researched topics in the financial literature and many research has been done. This thesis aims to analyse the impact of mergers and acquisitions on firms’ performance for the acquired firms and uses the difference-in-differences  (DID) estimation method with variation in treatment timing to achieve the objective. The dataused in this thesis are collected from database of Institute for Mergers, Acquisitions and Alliances (IMAA) for 25 companies that merged between 2005 and 2019 and from the database of Indonesia Stock Exchange for 25 firms that did not undertake the mergers and acquisitions in the same period. The findings of this study indicate that there are statistically not significant effects on Return on Assets (ROA) and Return on Equity (ROE). This suggests that the mergers and acquisitions do not affect the company's financial performance in terms of profitability.

Hedge funds feature special compensation structure compared to traditional investments. Previous studies mainly focus on the provisions and incentive structure of hedge fund contract, such as 2/20, hurdle rates, and high-water mark. The first essay develops an algorithm to empirically estimate the monthly fees, fund flows and gross asset values of individual hedge funds. We find that management fee is a major component in the dollar amount of hedge fund total fees, and fund flow is more important in determining the change in fund size compared to net returns, especially when fund is shrinking in size. We also find that best paid hedge funds concentrate in the largest hedge fund quintile. Large funds tend to perform better, earn more, and rely less on management fee for their managers' compensation. Further, we find that fund flow is an important determinant of hedge fund managerial incentives. Together with the "visible" hands of hedge fund management, i.e. the provisions of hedge fund incentive contracts, the "invisible" hands -- fund flows enable investors to effectively impact hedge fund managerial compensation and incentives. The second essay studies the relation between return smoothing and managerial incentives of hedge funds. We use gross returns to estimate both unconditional and conditional return smoothing models. While unconditional return smoothing is a proxy of illiquidity, conditional return smoothing is related to intentional return smoothing and may be used as a first screen for hedge fund fraud. We find that return smoothing is significantly underestimated using net returns, especially for the graveyard funds. We also find that managerial incentives are positively associated with both types of return smoothing. While managers of more illiquid funds tend to earn more incentive fees, funds featuring conditional return smoothing under-perform other funds and do not earn more incentive fees on average. Finally, we find that failed hedge funds feature more illiquidity and conditional return smoothing. The third essay explores the difference between the gross-of-fee and net-of-fee hedge fund performance, by investigating the difference in distribution, factor exposures and alphas between gross returns and net returns. We find that gross returns are distributed significantly differently from net returns. The gross-of-fee alphas are higher than the net-of-fee alphas by about 4% per year on average. We also find positive relation between hedge fund performance and fund size, fund flows, and managerial incentives, which holds for both gross-of-fee performance and net-of-fee performance. Our findings suggest that it is necessary to examine the gross-of-fee performance of hedge funds separately from the net-of-fee performance, which may give us a clearer picture of the risk structure and performance of hedge fund portfolios.

No description available.

Product return is a necessary part of the exchange process between companies and customers. It accounts for approximately 16% of total sales and a reduction in retailer / manufacturer profits by 3.8% on average. However, industry data also indicates that a significant portion of products are returned for reasons other than product failure – e.g., change of mind, found a lower price elsewhere, or fraudulent and unethical reasons. Consequently, many firms (e.g., REI) have altered their generous return policies to protect their profits. However, it’s been found that the restricted return policy could also reduce customer satisfaction, increase the perceived risk, and thus negatively affect customers’ loyalty towards a particular store or firm. Thus having a restrictive return policy does not help either. Extant literature mainly focuses on return policies. Little attention has been devoted to the product return behavior itself, thus missing the consumer’s perspective. This study, therefore, focuses on understanding consumers’ return behaviors, including different types of return behaviors, and the drivers and consequences of these different return behaviors. Towards this goal, this study first categorizes all possible types of consumers’ return behaviors into two broad categories - legitimate return behaviors and opportunistic return behaviors. Second, both internal (i.e., variety seeking, impulsiveness, perceived uniqueness, materialism, level of morality, and self-monitoring) and external drivers (i.e., product compatibility, returning cost, perceived risk, complexity of procedure, and social group influence) of consumers’ product return behaviors are identified. Third, the relationship between these drivers of return behavior and the type of return behavior are examined. Finally, the influence of these two different types of return behaviors on consumer’s re-patronage intention is examined. This study uses a survey method to collect data in two phases - pilot phase and main study. In the pilot phase, data were collected from students and used to assess the factor structure, reliability and validity. In the main study, data were collected from both students (N=367) and non-students using M-Turk (N=395). The psychometric properties of the scale items were once again assessed using covariance based Confirmatory Factor Analysis procedure. Finally, multivariate regression was used to test the hypothesized relationships between the drivers of return behavior, types of return behavior, and the re-patronage intention. The findings indicate that product compatibility and desire for uniqueness negatively influence legitimate return behavior; whereas impulsiveness, perceived risk and social group have a positive influence. For opportunistic return behavior, social group and immorality positively influence both legitimate and opportunistic return behavior. However, other drivers have no influence on consumers’ return behavior. Finally, legitimate return behavior positively influences consumer’s re-patronage intention, while opportunistic return behavior has a negative influence. This study makes two major contributions. First, it contributes to the theoretical understanding of complex return behavior, including legitimate return and opportunistic return behavior, and thus adds depth to the literature of product returns. Second, by identifying the drivers of product return behaviors such as product compatibility, perceived risk of keeping the product, social group influence, and immorality, this study offers managers knowledge that will help reduce product returns, thus increasing their profits.

Previous research has shown that the asset pricing model of Sharpe, Litner and Black fails to capture the relationship between market β and average return. This previous work showed that the relationship between β and average return was flat. Subsequently it was shown that a strong relationship between book-to-market equity and stock price returns existed. It has also been shown that book to market equity has strong roots in economic fundamentals. Utilities have historically used betas to justify rate increases I developing rate structures that meet the rate of return demands for investors given the risk profiles that the company betas suggest. Realizing that low betas argue against large rate increases l utilities have turned to other avenues to justify higher returns. The suggested relationship of book-to-market equity and average stock returns would provide utilities with a new argument. This thesis will show that the search for a risk proxy in the rate of return relationship for the electric utility is not resolved. The relationship reported between book-to-market equity and stock price returns does not appear to be statistically significant in the electric utility sector and extreme caution is advised in using this empirical model to predict or explain stock price returns. / Master of Arts

Syfte: Syftet med studien är att undersöka hur e-handelsföretags returpolicys, mer specifikt returkomponenterna returtid, returkostnad och returansträngning, kan påverka konsumenters upplevda risk vid köp av kläder online. Studien utgår från tre hypoteser, vilka är: “Längre returtider resulterar i en lägre upplevd risk hos konsumenter vid köp av kläder online”, “Lägre returkostnader leder till lägre upplevd risk hos konsumenter vid köp av kläder online” samt “Lägre returansträngning medför att konsumenter upplever en lägre risk vid köp av kläder online”. Metod: Tvärsnittsstudien omfattades av en enkätundersökning där deltagarnas åsikter och inställningar ställdes i centrum. 109 användbara svar genererades utifrån ett bekvämlighetsurval. Svaren analyserades genom en multipel regressionsanalys för att undersöka respektive returkomponents påverkan på konsumentens upplevda risk vid köp av kläder online. Resultat: Resultatet indikerade på att ökad returtid respektive en minskad returkostnad bidrar till att reducera den upplevda risken för konsumenten vid köp av kläder online. Vad gäller returansträngning fann studien inget stöd för att en lägre ansträngning genererade en lägre upplevd risk för konsumenten vid köp av kläder online. Däremot saknades signifikans för variablerna returtid och returansträngning vilket gör det svårt att utesluta slumpfaktorn i dessa hypoteser. Det gick även att observera att returkomponenten returkostnad påverkade den upplevda risken i störst omfattning. Originalitet/Värde: I en ständigt växande e-handelsmarknad, speciellt inom modebranschen, är konkurrensen ett faktum vilket gör att företagen alltmer konkurrerar i andra områden än de produkter de säljer. Det finns en problematik kring hur returpolicys ska utformas på bästa sätt. Då upplevd risk har en betydande effekt på köp- och returintentionen av kläder köpta av konsumenter online är det ett relevant och viktigt ämne att studera. Studien kan bidra med insikt i vilka returkomponenter som värderas och uppskattas mest av konsumenter i en returpolicy, något som kan påverka konsumenters inställning till köpet. Med grund i studien och dess resultat konstateras att företag som säljer kläder online bör arbeta med att utforma sina returpolicys på ett sätt som minskar konsumenternas upplevda risk i största möjliga utsträckning. Vid situationer där företag behöver strama åt sina returpolicys kan denna studie hjälpa till med att ge stöd för vilken returkomponent som värderas minst av konsumenter. / Purpose: The aim of the study is to investigate how e-commerce companies’ return policies, more specifically the return components return time, return cost and return effort, can affect consumers' perceived risk while purchasing clothes online. The study revolves around three different hypotheses, which are: “Longer return times result in a lower perceived risk for consumers when buying clothes online”, “Lower return costs lead to a lower perceived risk among consumers when buying clothes online” as well as “Lower return efforts lead to consumers experiencing a lower risk when buying clothes online” Methodology: The cross-sectional study consists of a questionnaire survey in which the participants' opinions and attitudes were at the center. 109 useful responses were generated based on a convenience sample. The responses were analyzed through a multiple regression analysis, in order to examine the impact of each return component on the consumers' perceived risk while purchasing clothes online. Findings: The result indicated that an increased return time as well as a reduced return cost contribute to reducing the perceived risk for the consumer when purchasing clothes online. Regarding return effort, the study found no support that a lower return effort generated a lower perceived risk for the consumer when buying clothes online. However, the findings regarding return time and return effort were lacking significance, which means that there is a risk of the findings being coincidental. It was also possible to observe that the return component return cost affected the consumers’ perceived risk to the greatest extent. Originality / Value: In an ever-growing e-commerce market, especially in the fashion industry, competition is a fact which results in companies increasingly cofmpeting in other areas than the products they sell. There is a problem with how return policies should be designed in the best way. As perceived risk has an effect on the consumers’ intention to buy and return clothes purchased online, it is a relevant and important topic to study. The study can provide insight into which return components consumers value and appreciate most in a return policy, something that can affect consumers' attitudes towards the purchase. Based on the study and its results, it is stated that companies that sell clothes online should work on designing their return policies in a way that reduces consumers' perceived risk to the greatest possible extent. In situations where companies have to tighten their return policies, this study can help provide support for which return component is least valued by consumers. This thesis is written in Swedish.

by Chan Tsun Kit. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 64-67). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgments --- p.iii / Table of Contents --- p.iv / List of Tables --- p.vi / List of Figures --- p.vii / List of Appendices --- p.viii / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Background --- p.4 / Chapter 2.1 --- The Importance of Real Estate Sector --- p.4 / Chapter 2.1.1 --- Employment Sector --- p.5 / Chapter 2.1.2 --- Investment Sector --- p.5 / Chapter 2.1.3 --- Banking Sector --- p.6 / Chapter 2.1.4 --- Government Sector --- p.6 / Chapter 2.2 --- Characteristics of the Real Estate Market --- p.7 / Chapter 2.3 --- Price Movement --- p.10 / Chapter 2.4 --- Major Developer --- p.13 / Chapter 2.4.1 --- Sun Hung Kai Properties --- p.15 / Chapter 2.5 --- Contribution of Real Estate Sector on Stock Market --- p.16 / Chapter 2.6 --- Connection between Real Estate and Stock Market --- p.17 / Chapter Chapter 3. --- Literature Review --- p.19 / Chapter Chapter 4. --- Methodology --- p.24 / Chapter 4.1 --- The Model --- p.24 / Chapter 4.2 --- Variables Used --- p.27 / Chapter 4.3 --- Sources of Data --- p.29 / Chapter Chapter 5. --- Empirical Findings --- p.30 / Chapter Chapter 6. --- Implication --- p.33 / Chapter Chapter 7. --- Limitation --- p.35 / Chapter Chapter 8. --- Conclusion --- p.37 / Tables --- p.39 / Figures --- p.48 / Appendices --- p.50 / Bibliography --- p.64

This study contributes to the 'unwritten chapter' in migration studies, namely transnational return migration, with specific reference to Tongan migrants who have voluntarily returned to live in Tonga. Return migration of transnational Tongans is not 'permanent' as their mobility pre and post-return is characterised by circulation or repeated return rather than staying at 'home'. In examining the circulation of transnational Tongans, two new forms of return migration are identified -- 'return for career advancement' and 'ancestral return'. These additions to a new typology of return migration represent better the contemporary mobility system of transnational Tongans and suggest a means for addressing 'brain drain' through strengthening the 'Tongan-ness' of the diaspora while simultaneously stimulating economic development in the Kingdom. Despite these positive dimensions of return, re-integration is a 'bumpy' process, and there needs to be a holistic migration strategy if greater numbers in the Tongan diaspora are to return and make their potential contribution to sustainable development in the Island Kingdom.