När företag väljer att ta in kapital genom en nyemission måste beslut fattas om det ska göras genom en företrädesemission eller riktad emission. Tidigare studier har visat att nyemissioner generellt genererar en negativ avvikelseavkastning. Ny forskning finner dock underlag för att både motiv och typ av emission kan påverka hur offentliggörandet av nyemissionen uppfattas av marknaden. Syftet med studien är att undersöka hur riktade emissioner uppfattas av marknaden och om det kan hänföras till motivet med emissionen. Vi studerar 40 riktade emissioner på Stockholmsbörsen under åren 2020-2021. 7 av dessa riktade emissioner klassificerades som positiva och 33 som negativa. Vi fann en negativ genomsnittlig kumulativ avvikelseavkastning för urvalet i stort samt för de negativt klassificerade emissionerna. De positivt klassificerade riktade emissionerna genererade en signifikant positiv genomsnittlig kumulativ avvikelseavkastning. Resultatet indikerar att motivet har en effekt på hur marknaden uppfattar offentliggörandet av en riktad emission.

In this dissertation, I examine the nature and structure of consciousness. Conscious experience is often said to be phenomenally unified, and subjects of consciousness are often self-conscious. I ask whether these features necessarily accompany conscious experience. Is it necessarily the case, for instance, that all of a conscious subject's experiences at a time are phenomenally unified? And is it necessarily the case that subjects of consciousness are self-conscious whenever they are conscious? I argue that the answer to the former is affirmative and the latter negative. In the first chapter, I set the stage by distinguishing phenomenal unity from other species of conscious unity. A pair of conscious states is phenomenally unified if they are experienced together as part of a single experience that encompasses them both. In this and the next two chapters I defend the thesis that, necessarily, for any subject (of conscious mental states) at any time, all of that subject's conscious mental states (at that time) are part of a single, maximal state of consciousness. I call this thesis the "Unity Thesis." I proceed by considering some preliminary questions that might be raised about the Unity Thesis. For instance, the thesis presupposes that it is coherent to talk about parts of mental states. I consider objections by Tye and Searle and argue that the notion of an experiential part is unproblematic. In the remaining pages of the chapter, I present the source of the biggest challenge to the Unity Thesis: the data gathered from split-brain subjects. The Unity Thesis is formulated using the notion of a maximal state of consciousness. In the second chapter, I attempt to precisify this notion in a way that does not pre-emptively decide the debate over the Unity Thesis. In informal terms, a maximal state of consciousness is a sum of conscious states that are i) simultaneous, ii) have the same subject, and iii) all have a conjoint phenomenology. I call this the Consensus View. I then consider two unorthodox views that the Consensus View does not take off the table: the views that a "collective consciousness" and a "spread consciousness" are possible. A collective subject is one that can enjoy the experiences of an indeterminate number of "lesser" subjects of consciousness by sharing them together with those subjects. A spread subject is one that can enjoy the experiences of an indeterminate number of lesser subjects of consciousness, but it does so, not by sharing those experiences with the lesser subjects, but by absorbing the lesser subjects of experience into itself, thereby erasing the traditional boundaries between the entities we intuitively think of as subjects of experience. I argue that, although the Consensus View does not decide against them, these views stretch the bounds of coherence and should not, therefore, be accepted. Having presented an account of what maximal state of consciousness is, I define a stream of consciousness in terms of a maximal states of consciousness. In the rest of chapter two, I consider and argue against a number of different ways of interpreting the split-brain data that are either inconsistent with the Unity Thesis or attribute more than one subject of consciousness to split-brain subjects. Among the views I consider are Lockwood's partial-unity view and the views, by theorists such as Sperry, Koch, Puccetti, Marks, and Tye, that split-brain subjects have two non-overlapping streams of consciousness. In chapter three, I consider a recent attempt by Bayne to account for the split-brain data in a way that does not attribute two streams of consciousness to them. According to Bayne's Switch Model, the consciousness of split-brain subjects can be likened to that of a ball that is passed back and forth between the two hemispheres of the upper-brain. The hemispheres take turns supporting a single stream of consciousness. I consider the empirical data in some detail and argue that the data is not as compatible with the Switch Model as Bayne claims. I close the chapter by presenting the rough outline of an interpretation of the split-brain data that is consistent with both the Unity Thesis and the split-brain data. In chapter four, I turn from defending the Unity Thesis to examining an attempt to account for conscious unity. Rosenthal has offered a theory of conscious unity as an extension of his higher-order theory of consciousness. I consider his account of conscious unity in light of a well-known objection to his theory: the (Representational) Mismatch Objection. It can be asked what it is like for a subject of experience when a higher-order state misrepresents its target first-order state. If what it is like for the subject corresponds to the content of the higher-order state, then it appears as though higher-order representation is unnecessary for conscious experience, for it would appear as though it is possible for a state to be conscious without being represented by a higher-order state. If what it is like corresponds to the content of the lower-order state, then it would again seem as though representation at the higher-order level is unnecessary for conscious experience, for the higher-order state would not seem to be doing any work in generating the experience. I consider and argue against two recent defences of Rosenthal's higher-order theory from the Mismatch Objection. Then I turn to Rosenthal's account of conscious unity. Rosenthal's account posits two mental mechanisms. I refer to the ways of accounting for conscious unity via these two mechanisms as the "gathering strategy" and the "common-ascription strategy" respectively. Both of these strategies, I argue, appear to locate the basis for certain phenomenal facts in higher-order representational facts. This raises a prima facie question: does Rosenthal's account of conscious unity land him square within the sights of the Mismatch Objection? Although the gathering strategy may ultimately be understood in a way that does not make it subject to the Mismatch Objection, Rosenthal has certain commitments that bar this strategy from serving as a complete account of conscious unity. This is problematic for Rosenthal, I argue, because his common-ascription strategy faces some difficult questions. This strategy makes conscious unity due to an implicit expectation a subject of consciousness has that, whenever he or she engages in introspection, an explicit sense of conscious unity will be generated. I argue that it is very difficult to see how such an implicit sense could both avoid the Mismatch Objection and do the work it needs to do in order to account for conscious unity. In chapter five, the discussion turns from the unity of consciousness to self-consciousness. The question that is considered in this and the last chapter is the question whether conscious experience is necessarily accompanied by self-consciousness. The affirmative answer to this question I call the Ubiquity Thesis. I spend some time distinguishing robust conceptions of self-consciousness from minimal conceptions of self-consciousness. The notion of self-consciousness invoked by the Ubiquity Thesis is a minimal one. In spite of the fact that the Ubiquity Thesis invokes only a minimal or thin conception of self-consciousness, I believe the thesis to be false and argue against it. In this chapter I take up the views of Husserl. Husserl is often regarded as the progenitor of the phenomenological tradition, a tradition in which many philosophers affirm the Ubiquity Thesis. I examine and argue against an interpretation of Husserl's work, one defended by Zahavi, according to which Husserl could be seen to defend the Ubiquity Thesis. One claim that Husserl makes is that, in order for an object to become the intentional target of a conscious state, it must be given to consciousness beforehand. It is possible, during acts of deliberate introspection, for consciousness to take itself as its object. On Husserl's view, this requires consciousness to be given to itself beforehand. This self-givenness of consciousness, argues Zahavi, can be seen as a kind of minimal self-consciousness. Husserl has also offered an account of this self-givenness of consciousness and it appears in his discussion of inner time-consciousness. I attempt to argue, using some of Husserl's other views regarding psychological stances (or standpoints), that consciousness is not given to itself outside of the adoption of a certain psychological standpoint. I also offer an alternative way of accounting for inner time-consciousness, one that does not have, as a built-in feature, that consciousness always has itself as a secondary object. In the sixth and final chapter, I take up a contemporary defence of the Ubiquity Thesis. Kriegel, a higher-order theorist like Rosenthal, has argued that every conscious state is conscious in virtue of the fact that it represents itself. This self-representation is understood as a kind of self-consciousness and, thus, his theory can be seen as affirming the Ubiquity Thesis. In the first part of the chapter, I take issue with the way in which Kriegel lays out the conceptual terrain. In particular, Kriegel countenances a property he calls "intransitive state self-consciousness." I argue that this way of speaking is confused. I then turn to considering Kriegel's account. Kriegel identifies the species of self-consciousness that pervades all of conscious experience with a peripheral awareness of one's own mental states. I argue that such a peripheral inner awareness does not accompany all of our mental states and, thus, that Kriegel's views do not give us reason to accept the Ubiquity Thesis.

<p>In this thesis we prove a strong conceptual completeness result for first-order continuous logic. Strong conceptual completeness was proved in 1987 by Michael Makkai for classical first-order logic, and states that it is possible to recover a first-order theory T by looking at functors originating from the category Mod(T) of its models. </p> <p> We then give a brief account of simple theories in continuous logic, and give a proof that the characterization of simple theories using dividing holds in continuous structures. These results are a specialization of well established results for thick cats which appear in [Ben03b] and in [Ben03a].</p> <p> Finally, we turn to the study of non-archimedean Banach spaces over non-trivially valued fields. We give a natural language and axioms to describe them, and show that they admit quantifier elimination, and are N0-stable. We also show that the theory of non-archimedean Banach spaces has only one N 1-saturated model in any cardinality. </p> / Thesis / Doctor of Philosophy (PhD)

The world is experiencing a large degree of change and that is no different for the banking industry in Sweden. With a higher level of communication happening through digital channels combined with the lowering of bank offices, questions arise about how advisors are communicating, what the advisors' demands and recommendations are for firms applying for credit as well as who their customers are and their demands.  The purpose of this paper is to find out what communication channels advisors are using and how they are used. Based on the demands that they present during this communication, what capital structure theory seems to fit the behavior of both the advisor and the firms. Results from this purpose indicate that advisors use a myriad of different ICTs daily and that the use of them is widespread and growing over time, but there still exist situations where physical meetings and contact occur. Furthermore, the demands and actions of the advisor point them towards communicating in preference for the pecking order theory mainly and the use of internal funds, though exceptions exist of the opposite. The demands observed by firms are more widespread but trade-off theory seems to explain the actions of larger firms better with there being a split in the evidence of support of pecking order theories explanation of firms behavior. Previous work related to this field has previously been done by looking at the firm's behaviors in connection to capital structure theory, but to our knowledge, work related to the observed demands seen from a banking advisor's perspective seems to be lacking. Previous work involved in ICT is also apparent but with the nature of the subject and the rapid advancement of the technologies, new information is always needed. Therefore, how the capital structure theories and ICT explain the behavior and communication of advisors and bank customers are a needed area of research.

Det här är en kvantitativ studie av hur kreditpreferenser hos mikrobolag med en årsomsättning om mindre än 10 miljoner SEK beror av branschtillhörighet och företagsstorlek. Mikrobolag är små bolag med mindre än 10 personer anställda och en årsomsättning på mindre än 2 miljoner euro. Det teoretiska ramverket utgår från asymmetrisk informationsteori och mer specifikt från pecking order theory, POT samt trade off-teorin. Kreditpreferenserna mäts genom två olika parametrar, dels genom mikrobolagens avsättning till periodiseringsfonder vilket kan ses som ett mellanting mellan extern och intern finansiering, dels genom förekomsten av externa lån från kreditinstitut. Branscherna som undersöks är tillverkning samt tjänster vilka anses skilja sig åt vad gäller kreditpreferenser. Tillverkningsbranschen har större anläggningstillgångar vilket anses göra det lättare för dem att få extern kredit enligt trade off-teorin. Tjänstebranschen däremot, med mer immateriella tillgångar skulle då föredra periodiseringsfonder eftersom enligt POT så föredrar mindre företag internt genererat kapital. Ett antal hypoteser ställs upp som sedan testas med chi-två. Resultatet motsäger delvis teorierna. Från studien framgår dock att de undersökta företagen i tjänstebranschen har större preferenser för användning av periodiseringsfond än tillverkningsbranschen. En slutsats från studien är alltså att branschtillhörighet har betydelse för kreditpreferenserna. För företagsstorlek går inte att dra några säkra slutsatser.

I denna studie testas tio hypoteser som relaterar till finansiell teori för att se hur väl teorin kan förklara skuldsättningsgraden i små börsnoterade bolag. De teorier som testas är avvägningsteorin (trade-off theory), hackordningsteorin (pecking order theory) samt teorier relaterade till asymmetrisk information och agentkostnader. Testen genomförs med multipel linjär regressionsanalys och de undersökta bolagen är samtliga bolag med färre än 200 anställda på tre av de mindre börslistorna i Sverige. Resultatet visar stöd för åtta av de tio undersökta hypoteserna och är i flera avseenden tydligare än i tidigare studier som testar onoterade små bolag eller ett bredare urval av bolag. / This study tests ten hypotheses related to financial theory in order to determine how well the theory can explain capital structure in small public SMEs. The tested theories are trade-off theory, pecking order theory and theories related to asymmetric information and agent-principal costs. Multiple linear regression analysis is used to test the theories on SMEs with fewer than 200 employees listed on three of Sweden’s smaller stock-exchange lists. The results show statistical significant support for eight out of ten hypotheses, and these results are in many aspects clearer than in studies that test unlisted SMEs as well as studies with broader samples of listed firms.

Made available in DSpace on 2016-03-15T19:31:12Z (GMT). No. of bitstreams: 1 Marcos Robertoprot.pdf: 3270286 bytes, checksum: 656412122410522073af0f0ac5a7066e (MD5) Previous issue date: 2015-08-03 / Universidade Presbiteriana Mackenzie / The aim of this study is to verify the influence of the sector of activities, economic and market factors and business performance in the definition of capital structure. It uses data from Economática with 415 Brazilian companies that operated in the capital market (BM&FBOVESPA), between 2001 and 2014, to examine the behavior to such dimensions and their adherence to the wider theoretical set today. Inappropriate decisions of capital structure raises the cost of capital, hindering acceptable investments that maximize the wealth of the owners. Many studies regarding the indebtedness of companies were made in recent decades, but so far has no obvious response of relevance or lack thereof. In this sense, one can conclude that we do not have a theory fully accepted on the capital structure. It is difficult to generalize about funding policies because they differ widely from company to company and in the various sectors of activity. The specific variables to business performance continue to be used exhaustively to seek underpin a theoretical framework on the subject. Other studies, on a smaller scale, mainly in Brazil, investigate a possible influence of the sectors of activity and the economics and market conditions / restrictions in the choice of capital structure. In this sense, realizing the gap of capital structure studies in Brazil, that address sectors of activity and economic and market variables, it opens up the opportunity for this research project. As a result it appears that, after robust regression problems correct order autocorrelation of errors and heteroscedasticity, the variables average leverage of sector, investment of sector, Ibovespa, GDP, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations dependent variable, ie, leverage the market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. As a result it appears that, after robust regression correct order autocorrelation problems of errors and heteroscedasticity, the average leverage variables sector, industry investment, Ibovespa, gdp, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations of the dependent variable, ie, leverage at market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. / O objetivo principal deste estudo é verificar a influência do setor de atividades, dos fatores econômicos e de mercado e do desempenho empresarial na definição da estrutura de capital. Utiliza-se de dados da Economática com 415 empresas brasileiras que atuaram no mercado de capitais (BM&FBOVESPA), no período entre 2001 e 2014, buscando examinar o comportamento de tais dimensões e sua aderência ao conjunto teórico mais difundido atualmente. Decisões inadequadas de estrutura de capital eleva o custo de capital, dificultando investimentos aceitáveis que maximize a riqueza dos proprietários. Muitos estudos em relação ao endividamento das empresas foram realizados nas últimas décadas, mas, até agora, não foi encontrada uma resposta de relevância ou falta dela. Neste sentido, pode-se concluir que não temos ainda uma teoria totalmente aceita sobre a estrutura de capital. É difícil generalizar sobre políticas de financiamento, pois elas diferem bastante de empresa para empresa e nos diversos setores de atividades. As variáveis específicas de desempenho empresarial continuam sendo usadas de forma exaustiva para buscar alicerçar um arcabouço teórico a respeito do tema. Outros estudos, em menor escala, principalmente no Brasil, investigam uma possível influência do setor de atividade e das condições/restrições econômicas e de mercado na escolha da estrutura de capital. Neste sentido, percebendo a lacuna de estudos de estrutura de capital no Brasil, que contemplem setor de atividades e variáveis econômicas e de mercado, abre-se a oportunidade para a contribuição deste projeto de pesquisa. Como resultado constata-se que, após regressão robusta visando corrigir problemas de autocorrelação dos erros e heterocedasticidade, que as variáveis alavancagem média do setor, investimentos do setor, Ibovespa, pib, inflação, market-to-book, Q de Tobin, lucratividade, liquidez, crescimento e risco do negócio apresentaram significância estatística, no sentido de explicar as variações da variável dependente, ou seja, a alavancagem a valor de mercado. Outras variáveis, como concentração do setor, taxa de juros, tamanho e tangibilidade, não apresentaram, depois da regressão robusta, significância estatística.

Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.

This paper examines how small high-tech start-ups in Sweden source their funding and aims to understand the underlying factors affecting these firms financing behaviour, contributing to the relatively limited field of research conducted in Europe. To fulfil the purpose of the study, a multiple case study method was implemented as the study’s research design. A literature review generated in a theoretical framework consisting of capital structure and specifically the pecking order theory. Together with our empirics, consisting of data from interviews with six different companies, the theoretical framework composed the basis for our analysis. The data from our sample displays that these firms initially source their funding through internal funds, suggesting that small high-tech start-up firms in Sweden rely heavily on their own saved funds or other personal resources available to them at the start-up face. Our findings suggests that these firms are limited in their financial options but also that independency and control is to be seen as factors to initially be funded through internal funds. Inconsistent with the pecking order theory, evidence in this paper finds that when looking for external funds, equity is the funding source rather than debt. Two conclusions can be drawn from this. First, the high-tech start-up firms seem to value the advisory of equity investor. Second, capital imperfections makes it hard to access debt. Furthermore, we find that majority of the case companies does not implement a capital structure policy since it seems to limited their financial options.

As decisões relacionadas à configuração da estrutura de capital das empresas impulsionam as pesquisas há mais de cinqüenta anos. Muito embora o assunto seja recorrente e atual no meio acadêmico, ele se mantém bastante controverso. Neste trabalho são exploradas diretamente duas bases teóricas distintas: a Static Trade off Theory (STT), a partir do modelo proposto por Frank e Goyal (2003) e a Pecking Order Theory (POT), a partir do modelo proposto por Shyam-Sunder e Myers (1999). Os resultados destes testes são comparados aos modelos propostos por Qiu e Smith (2007) e Bahng e Jeong (2012) para analisar a estrutura de endividamento das empresas a níveis diferentes de alavancagem. A amostra selecionada consiste de empresas brasileiras de capital aberto, não-financeiras e não-regulamentadas, listadas na Bolsa de Valores Mobiliários de São Paulo (BM&FBovespa) no período entre 2002 e 2011. Utilizou-se como metodologia as técnicas Regressão Múltipla por meio do método dos Mínimos Quadrados Ordinários (MQO) comparativamente à Regressão Quantílica. Como resultados destacou-se uma velocidade de ajuste à estrutura de capital alvo entre 6% e 14% ao ano, nos teste da teoria trade off. Quanto aos testes da teoria pecking order, constatou-se que as empresas brasileiras se orientam conforme esta teoria na tomada de decisão sobre estrutura de capital, financiando-se em grande parte com capital de terceiros. / Decisions related to the configuration of the capital structure of companies drive research for over fifty years. Although it is recurrent and current in academia, it remains quite controversial. This paper explored directly two different theoretical bases: the Static Trade off Theory (STT), from the model proposed by Frank and Goyal (2003) and the Pecking Order Theory (POT), from the model proposed by Shyam-Sunder and Myers (1999). The results of these tests are compared to the models proposed by Qiu and Smith (2007) and Bahng and Jeong (2012) to analyze the debt structure of firms at different levels of leverage. The sample consists of Brazilian companies traded, non-financial and non-regulated, listed on the Securities Exchange of São Paulo (BM & FBovespa) between 2002 and 2011. It was used as a methodology techniques Multiple Regression by the method of Ordinary Least Squares (OLS) compared to Quantile Regression. The results pointed to a speed of adjustment to target capital structure between 6% and 14% per year, the trade off theory test. As for testing the pecking order theory, it was found that Brazilian companies are oriented according to this theory in decision making on capital structure, financing itself largely with debt capital.