Ett företags kapitalstruktur och i förlängningen dess val av finansiering för strategiska investeringar omgärdas av motstridiga uppfattningar och teorier. Vi har genomfört en fallstudie av Home Properties AB, ett renodlat hotellfastighetsägarbolag noterat på Stockholmsbörsens lista för medelstora bolag. Uppsatsens syfte är att beskriva hur Home Properties agerar och resonerar vid finansiering av strategiska investeringar och jämföra beskrivningen med Åkerbloms hypotes om sär- och samfinansiering, pecking order teorin och static trade-off modellen. I syftet ingår också att ge förslag på vidare forskning. Enligt pecking order teorin prioriterar företag internt kapital framför externt. Vid finansiering av strategiska investeringar väljer Home Properties emellertid inteckningslån först. I Home Properties fall förklaras företagets val av finansieringskällor bättre av static trade-off modellen och Åkerbloms hypotes om sär- och samfinansiering. Anledningen är delvis att Home Properties strävar efter ett soliditetsmål för att åstadkomma en optimal kapitalstruktur vilket inte överensstämmer med pecking order teorin. Home Properties val av finansiering kan inte helt och hållet förklaras av vare sig pecking order teorin, static trade-off modellen eller Åkerbloms hypotes om sär- och samfinansiering. Efter utförd fallstudie kan vi konstatera att Home Properties vid finansiering av strategiska investeringar i regel vänder sig till (1) särfinansiering (2) internt kapital (3) gemensamt låneutrymme och (4) nytt eget kapital/ lån/ hybrid. En viktig förutsättning för denna ordnings giltighet är att soliditetsmålet inte störs långsiktigt.

Vi undersöker huruvida de två teorierna Pecking order och Trade-off gemensamt kan förklara utformning av kapitalstruktur och hur beslut gällande denna ser ut hos svenska börsnoterade företag. Vi menar att den aktuella kapitalstrukturen är en konsekvens av den historiska utvecklingen inom företag, där tidigare års finansiella över-/underskott leder till dagens kapitalstruktur och att asymmetrisk information och transaktionskostnader gör att intern finansiering är att föredra framför extern. Företag ser dock fördelar med viss skuldsättning, vilket bidrar till att företag sätter upp en målkapitalstruktur i början av aktuell period. Företags benägenhet att justera sin kapitalstruktur mot denna målkapitalstruktur varierar beroende på vilken situation företaget befinner sig i och olika anpassningshastigheter uppstår till följd av att vissa situationer föredras framför andra. Vi undersöker sambandet mellan målkapitalstruktur och finansiella över-/underskott och hur detta påverkar företags förändring i kapitalstruktur. Våra resultat visar att företag är som mest benägna att förändra sin kapitalstruktur när de har ett finansiellt underskott med en kapitalstruktur över sin målkapitalstruktur och minst benägna att förändra sin kapitalstruktur när de har ett finansiellt överskott och en kapitalstruktur under sin målkapitalstruktur. Både Pecking order och Trade-off har inflytande vid förklaring av företags kapitalstruktursförändring, dock har den ena teorin större betydelse än den andra beroende på vilken situation företag befinner sig i.

Background: In Sweden, only 652 companies have managed to reach the criterions stated by Dagens Industri in their ranking of the Swedish gazelle compa-nies. Rapidly growing companies are very important for the creation of job opportunities and economic wealth. Growth is associated with significant costs, especially for a manufacturing company, and capital is therefore vital for a company’s prosperity. Capital can be either internally generated or externally provided. Previous research has shown that companies firstly prefer internally generated funds, then debt and last new equity. Purpose: The purpose of this thesis is to describe, analyze and provide examples on how Swedish gazelle companies have financed their growth, what financing options they have and for what purposes they needed finance. The thesis will also examine the importance of external financer’s contribution with financial and human capital for the growth of the gazelles. Method: A qualitative approach has been used to meet the purpose of the thesis. 12 in-depth, unstructured phone interviews have been conducted with some of the fastest growing gazelle companies in Sweden. Conclusions: A company can finance its growth using owner’s equity, retained earnings, leasing, factoring, public subsidies and loans, bank loans, venture capital and business angels. All these sources of finance are represented in the empirical findings except for factoring. Internally generated capital has mainly been used to cover working capital and to some extent smaller in-vestments. The externally provided capital has mainly been invested in larger investments like machines, property and product development. The financial capital has been the main contribution by external financers except for business angels, where the human capital was most important.

This study examines the market reaction to rights offering announcements in Turkey. Even though the topic is extensively studied in the finance literature, there is still research going on for emerging markets. The first part of this study measures market reaction to rights offering announcements for six different information arrival dates. The results are significantly negative except for the case of the announcement of the rights offering period. Additionally, the sample is divided into two sub-periods as before and after the 2001 crisis. The results show that there is a significant difference in market reaction and this difference is attributed to the change in economic policy after the 2001 crisis. The second part of the study examines the determinants of this market reaction and the findings suggest that bonus issues are positively related and there is also evidence that firms time their equity issues. The third part analyzes the long term performance of equity issuing firms in two subgroups as financial and non-financial firms. The results provide evidence of a negative performance and this finding is consistent with the results of previous studies.

<p>Background: In Sweden, only 652 companies have managed to reach the criterions stated by Dagens Industri in their ranking of the Swedish gazelle compa-nies. Rapidly growing companies are very important for the creation of job opportunities and economic wealth. Growth is associated with significant costs, especially for a manufacturing company, and capital is therefore vital for a company’s prosperity. Capital can be either internally generated or externally provided. Previous research has shown that companies firstly prefer internally generated funds, then debt and last new equity.</p><p>Purpose: The purpose of this thesis is to describe, analyze and provide examples on how Swedish gazelle companies have financed their growth, what financing options they have and for what purposes they needed finance. The thesis will also examine the importance of external financer’s contribution with financial and human capital for the growth of the gazelles.</p><p>Method: A qualitative approach has been used to meet the purpose of the thesis. 12 in-depth, unstructured phone interviews have been conducted with some of the fastest growing gazelle companies in Sweden.</p><p>Conclusions: A company can finance its growth using owner’s equity, retained earnings, leasing, factoring, public subsidies and loans, bank loans, venture capital and business angels. All these sources of finance are represented in the empirical findings except for factoring. Internally generated capital has mainly been used to cover working capital and to some extent smaller in-vestments. The externally provided capital has mainly been invested in larger investments like machines, property and product development. The financial capital has been the main contribution by external financers except for business angels, where the human capital was most important.</p>

<p>In Sweden, only 652 companies have managed to reach the criterions stated by Dagens Industri in their ranking of the Swedish gazelle companies. Rapidly growing companies are very important for the creation of job opportunities and economic wealth. Growth is associated with significant costs, especially for a manufacturing company, and capital is therefore vital for a company’s prosperity. Capital can be either internally generated or externally provided. Previous research has shown that companies firstly prefer internally generated funds, then debt and last new equity.</p><p>The purpose of this thesis is to describe, analyze and provide examples on how Swedish gazelle companies have financed their growth, what financing options they have and for what purposes they needed finance. The thesis will also examine the importance of external financer’s contribution with financial and human capital for the growth of the gazelles.</p><p>A qualitative approach has been used to meet the purpose of the thesis. 12 in-depth, unstructured phone interviews have been conducted with some of the fastest growing gazelle companies in Sweden.</p><p>A company can finance its growth using owner’s equity, retained earnings, leasing, factoring, public subsidies and loans, bank loans, venture capital and business angels. All these sources of finance are represented in the empirical findings except for factoring. Internally generated capital has mainly been used to cover working capital and to some extent smaller investments. The externally provided capital has mainly been invested in larger investments like machines, property and product development. The financial capital has been the main contribution by external financers except for business angels, where the human capital was most important.</p>

Pecking order theory is an important theory in explaining companies’ financing policies. Most previous research works focused on individual country. In our research, we compared the degree to which the pecking order theory is followed in countries worldwide and determined the main macro factors that cause the difference. We use the pecking order coefficient, an indicator meaning that how much of one dollar of external fund will be financed by issuing debt, to measure the degree how firms follow the pecking order in each country. The evidence shows that law enforcement and accounting quality are important determining factors. That is, firms in countries with a stricter law enforcement and higher accounting quality can use more equity because the problems of information asymmetry are less evident. Besides, development of stock market also determines firms’ financing decisions. The stock market serves as a source of fund and facilitates the obtaining of information. Thus, firms in a well-development stock market will use more equity and follow the pecking order to a lesser extent.

In recent years, there has been an upsurge in interest in three-dimensional theories of gravity. In particular, two theories of massive gravity in three dimensions hold strong promise in the search for fully consistent theories of quantum gravity, an understanding of which will shed light on the problems of quantum gravity in four dimensions. One of these theories is the “old” third-order theory of topologically massive gravity (TMG) and the other one is a “new” fourth-order theory of massive gravity (NMG). Despite this increase in research activity, the problem of finding and classifying solutions of TMG and NMG remains a wide open area of research. In this thesis, we provide explicit new solutions of massive gravity in three dimensions and suggest future directions of research. These solutions belong to the Kundt class of spacetimes. A systematic analysis of the Kundt solutions with constant scalar polynomial curvature invariants provides a glimpse of the structure of the spaces of solutions of the two theories of massive gravity. We also find explicit solutions of topologically massive gravity whose scalar polynomial curvature invariants are not all constant, and these are the first such solutions. A number of properties of Kundt solutions of TMG and NMG, such as an identification of solutions which lie at the intersection of the full nonlinear and linearized theories, are also derived. / text

Slices are digraphs that can be composed together to form larger digraphs.In this thesis we introduce the foundations of a theory whose aim is to provide ways of defining and manipulating infinite families of combinatorial objects such as graphs, partial orders, logical equations etc. We give special attentionto objects that can be represented as sequences of slices. We have successfully applied our theory to obtain novel results in three fields: concurrency theory,combinatorics and logic. Some notable results are: Concurrency Theory: We prove that inclusion and emptiness of intersection of the causalbehavior of bounded Petri nets are decidable. These problems had been open for almost two decades. We introduce an algorithm to transitively reduce infinite familiesof DAGs. This algorithm allows us to operate with partial order languages defined via distinct formalisms, such as, Mazurkiewicztrace languages and message sequence chart languages. Combinatorics: For each constant z ∈ N, we define the notion of z-topological or-der for digraphs, and use it as a point of connection between the monadic second order logic of graphs and directed width measures, such as directed path-width and cycle-rank. Through this connection we establish the polynomial time solvability of a large numberof natural counting problems on digraphs admitting z-topological orderings. Logic: We introduce an ordered version of equational logic. We show thatthe validity problem for this logic is fixed parameter tractable withrespect to the depth of the proof DAG, and solvable in polynomial time with respect to several notions of width of the equations being proved. In this way we establish the polynomial time provability of equations that can be out of reach of techniques based on completion and heuristic search. / <p>QC 20131120</p>

I samband med lågkonjunkturen 2008 har det skett en ökning av preferensaktieemissioner på den svenska marknaden. Då detta är ett relativt nytt fenomen på den svenska börsen har få studier genomförts om hur bolagets börsvärde påverkas av offentliggörandet av en preferensaktieemission. För att undersöka hur börsvärdet förändras genomför vi en eventstudie där vi testar den svenska marknadens effektivitet vid offentliggörandena. Vi studerar om det uppkommer avvikelseavkastningar i samband med offentliggörandet av bolagens beslut. Dagen för offentliggörandet visar resultatet i vår studie en genomsnittlig negativ signifikant reaktion med 1,25 %. Dagen efter offentliggörandet finner vi positiva signifikanta avvikelseavkastningar vilket indikerar att marknaden är ineffektiv och att bolagets börsvärde efter offentliggörandet påverkas positivt.