The Swedish market has over the past couple of years seen a large increase in companies going public through an IPO. At the same time the capital on the private equity market is increasing for each year which enables companies to stay private longer. Our research focuses on two main areas. First, we investigate if companies that enter the public market at an early stage in the company life cycle have worse aftermarket performance than companies that wait to go public. In our research we will define companies that went public at an early stage as younger than six years at the time of the IPO, based on Brown & Wiles (2015) research, and companies that delayed an IPO as older than six years at the time of the offering. The second area investigates whether the large capital increase on the private equity market have affected the long-run aftermarket performance of IPOs.  Our dataset consists of 746 Swedish IPOs from four different Swedish stock exchanges. We will collect long-run aftermarket performance data from companies that conducted an IPO between the years 2003-2018. The long-run aftermarket performance will be measured over a three-year period. Both buy and hold abnormal returns (BHAR) and monthly abnormal returns are used to analyze the aftermarket performance of the IPO firms. Our main findings are that Swedish IPOs generally underperform the reference market index in the long run. Additionally, we find that the underperformance is generated by companies that conduct an early IPO, which makes us question the IPO readiness of these young companies. We also show that profitability is a key determinant for greater IPO aftermarket performance. Lastly, we do not provide any support that the increase in capital on the private equity markets have any effect on the IPO aftermarket performance. However, the results indicate that companies who went public after the increase of capital perform worse. In our research we contribute with practical variables for retail investors to focus on when investing in IPOs and provide companies with useful information on how to increase the chances of a successful IPO.

This study examines the relationship between firm innovation and Initial Public Offering (IPO) underpricing in the Swedish stock market by examining 287 firms that went public on the Nasdaq OMX Stockholm and Nasdaq First North during the years 2010 – 2020. An OLS regression model is utilized to analyze the relationship between underpricing, measured as the initial returns, and firm innovation, measured as patents and Research and Development (R&D). The average initial returns for the sample were (+8,16 %) showing that IPOs are, on average, underpriced in the Swedish stock market. While the connection between patents and underpricing was negligible, the results indicated that firms that reported R&D expenditures separately, specifying how much of their expenditures were spent on R&D, experienced a small decrease in IPO underpricing. Also, a slightly larger decrease in IPO underpricing was found for the firms that both had patents and reported their IPO expenditures separately. Thus, these results indicate that firms with a higher level of innovation are “leaving less money on the table”.

The sacrificial tree of Frösö: A symbiosis of two cultures? This bachelor thesis deals with the site of what has been interpreted as the remains of a sacrificial tree under the church of Frösö, on the island of Frösö. The found material consists predominantly of animal bones, where a large part has been identified as wild animals such as brown bears, but also a large number of juvenile pigs. Previous research has interpreted the place as an Old Norse place of worship to the Norse god Frey, due to the rich numberof pigs and the islands theophoric name (translated to “The island of Frey”). The unusual wild animals, such as squirrels and red deer have been interpreted as a staging of the ancient world tree Yggdrasil in Norse mythology. The overrepresentation of bones from brown bear however has been debated and is often compared to Sami bear graves. There are some similarities to the bear graves, but the differences that exist needs to be looked at more closely. The aim is to process materials and interpretations in a more holistic way. This is done by discussing various ritual acts, belief system and the choice of place of worship and sacrificial material, then apply this to the findings under the church of Frösö. Since such a large part of the bone material descents from brown bears, the use of bears in various cult practices has also been studied. The aim of this study is to provide new insight and interpretation of which ethnic groups may have used the site, before the church was built.The discussion concludes that a symbiosis is possible in the vicinity of the island, and that it is therefore not unlikely that this also applies to the island of Frösö. The found material under the church of Frösö could be remnants of a bear ceremony, but it could also be remnants from a more economic aspect or simply a mixture of the two. The bear was important financially in the Norse society and a Sami influence, based on their customs and beliefs, is not entirely unlikely given the close contact that existed. This could therefore have been symbolically incorporated into the religious rites.

The prospect of earning extraordinary returns drives the allure of investing in new companies through IPOs. However, this approach may be flawed due to market conditions, information asymmetry, and behavioral biases. Past research supports evidence of the long-term underperformance of IPOs compared to the market index. Despite the substantial research on IPO performance, limited studies have focused on the long-term performance of IPOs in Sweden and among industries, particularly from 2010 to 2019. The study aims to address the existing knowledge gap and provide investors with insights into the long-term performance of Swedish IPOs and their associated industries. By analyzing IPOs, the study enhances the risk-reward understanding, informs retail investment decisions, and promotes stock market transparency in Sweden. The research employed a quantitative method with a deductive approach. Stock prices 12 and 36 months after the IPO date and prospect prices were collected as the data set. The data were analyzed using statistical applications to assess the significance of the research findings, employing a One-Sample T-test and Kruskal-Wallis H-test. The findings indicate that the IPOs in our sample underperformed the selected index, OMXSGI, with an average underperformance of 7.84% for 12 months and 12.32% for 36 months. The results are in line with previous research of similar markets as Sweden. Additionally, performance varied among industries, with the technology sector performing the best and consumer staples performing the worst.

To achieve net zero emissions by 2050, a $275 trillion investment is needed, with the private sector playing a significant role. Green corporate bonds are a popular financing method, having grown to 6% of global corporate bonds in 2021. Despite their potential, green bonds face challenges, such as lack of standardization, high costs, and greenwashing risks. Tokenization through Security Token Offerings (STOs) can increase demand and supply for green bonds by enabling fractional ownership, eliminating intermediaries, and improving transparency with blockchain technology and IoT sensors. This drives demand, increases liquidity, and reduces greenwashing risk. STOs also allow smaller investments and finance access for SMEs.This study employs a multi-criteria decision-making model to select a blockchain platform for STOs in green bonds. The process involves identifying platforms, defining features, evaluating suitability, and selecting the platform that best aligns with green bond STO requirements. / För att uppnå netto nollutsläpp till 2050 krävs en investering på 275 biljoner dollar, där den privata sektorn spelar en betydande roll. Gröna företagsobligationer är en populär finansieringsmetod, som växte till 6% av de globala företagsobligationerna 2021. Trots deras potential står gröna obligationer inför utmaningar, som brist på standardisering, höga kostnader och risker med greenwashing. Tokenisering genom Security Token Offerings (STOs) kan öka efterfrågan och tillgången på gröna obligationer genom att möjliggöra bråkägande, elimineramellanhänder och förbättra transparensen med blockkedjeteknik och IoT-sensorer. Detta driver efterfrågan, ökar likviditeten och minskar risken för greenwashing. STO tillåter också mindre investeringar och finansieringsåtkomst för små och medelstora företag.Denna studie använder en flerkriteriemodell för beslutsfattande för att välja en blockkedjeplattform för STO i gröna obligationer. Processen innefattar identifiering av plattformar, definition av funktioner, utvärdering av lämplighet och val av den plattform som bäst överensstämmer med kraven för gröna obligationers STO.

As technology accelerates the dynamism in the global markets, companies are forced to adapt to the changing landscape. A company’s success in navigating the external environment depends on their dynamic capabilities. One of the most critical moments for many companies’ is when they conduct an IPO. Research into how an IPO affects a firm is necessary since newly listed firms have been shown to underperform compared to private firms. Dynamic capabilities have been observed to be of critical importance for IPO firms and previous research suggests that an IPO changes processes that affects a firm's ability to develop dynamic capabilities. This study explores how the development of dynamic capabilities is affected by changes to microfoundations following an IPO. The study gains insight into the subject by conducting interviews with executives from Swedish firms that underwent the IPO process during 2018-2020. The empirical findings indicate that seven microfoundations are affected by going public. The study contributes to prevailing literature by laying the groundwork for future research on how a firm's ability to develop dynamic capabilities is affected by going public and it has the potential to be a practical tool when making strategic decisions during and after an IPO process.

This thesis examines the initial performance of private equity-backed IPOs in relation to non-private-equity-backed IPOs listed on Nasdaq Stockholm and Nasdaq First North Growth Market during the years 2011-2021. It further measures the effect of independent variables on the return after the first day- and first week of trading as well as if the first day performance impacts the first week performance. Previous research finds that IPOs in general are underpriced, and that private equity-backed IPOs tend to perform poorer than non-private-equity-backed IPOs on the first day of trading. Previous research further finds that underpriced IPOs have poor aftermarket performance since the issues usually decline during the first couple of days of trading, subsequently converging towards a lower price rapidly after listing, making it less profitable to invest in an IPO in the aftermarket. Univariate and multivariate analyses test this and the findings indicate that the first day return impacts the first week performance. It also finds that larger private equity-backed IPOs are underpriced and show poorer first day performance compared with larger non private-equity-backed-IPOs. Yet, this is not found to hold for the total sample covering all offering sizes. However, our findings cannot confirm that private equity-backed IPOs would show poorer performance compared with non-private-equity-backed IPOs after the first week of trading. Among the independent variables, the nominal offer price was found to have a significant impact on the first day return alongside with which stock exchange the company was listed on.

While there are key differences between Jephthah's daughter's story and that of Jesus, not least the difference in gender of the sacrificial victims, this thesis posits that both the similarities and differences between these two accounts can enrich readings of Jesus' death in the gospel of Matthew. A careful comparison of the narrative of Jephthah's daughter with Jesus' Passion narrative in the gospel of Matthew leads to the conclusion that Jesus' death should be interpreted as a human sacrifice. Reading Jesus' death as a human sacrifice and locating it in that socio-religious context makes his death indicative of a transactional, covenantal relationship between him and the Father. These two accounts also share archetypes that come from the Hebrew Bible. Foregrounding Jesus' narrative with Jepthah's daughter's narrative intricately reveals Jesus' connections with the Hebrew Bible, shedding light on the interpretation of his Passion.

We examine 102 share lockup agreements following IPOs on the Swedish stock market and whether any abnormal returns exist in the days surrounding the expiration of lockup agreements. We also test three potential explanatory variables based on previous research, the length of the lockup agreement, the type of pre-IPO ownership for the firm (if it is backed by private equity or not), and if the lockup has multiple expiration dates (staggered lockup) or only one. Our results are unable to prove that there are abnormal returns surrounding the expiration lockups, and our variables fail to provide any explanation for the cumulative abnormal return (CAR). One variable that could prove interesting in future research is the change of free float, which we add in a robustness test and find a significant increase in explanatory power.

Denna undersökning är utförd inom ramen för samhällskunskapsdidaktiken. Dess syfte har varit att sammanställa och analysera vad tidigare forskning synliggör om Sveriges minoritetsfolk i läromedel i ämnet. Den metod som använts är litteraturstudie med innehållsanalys som analysverktyg. Undersökningen omfattar tidigare forskning om läromedel för årskurs 7-9. Som teoretiskt verktyg har det didaktiska meningserbjudandet använts. Resultatet visar att representationen av de olika nationella minoritetsfolken skiljer sig åt där samer är den nationella minoritet som ges mest utrymme medan tornedalingar och sverigefinnar är givna minst. Hur minoritetsfolken beskrivs skiljer sig åt, men sammanfattande, i de fall minoritetsfolket beskrivs mer nyanserat är det framför allt från ett majoritetsperspektiv med stereotypiserande inslag. / This survey is conducted within the subject area social studies educations didactics. Its purpose has been to conclude and analyse what previous research highlight about the Swedish national minorities in social studies textbooks. The method that has been used is literature studies with content analysis as analytical tool. The survey encompasses previous research about textbooks for junior high school. The sentence offering has been used as didactic tool. The result shows that the representation each national minority differs and that Samis are the most represented while Tornedalingar and Swedishfinnishs are the least. How the minorities are described differs, but in summary, in those cases the minorities are described more nuanced it is above all from a majority perspective with stereotyping elements.