This paper analyzes the difference in yield to maturity between two types of ESG-fixed income instruments, and aims to answer the research question "Is there a yield difference between sustainable-linked bonds and green bonds issued in Europe?". The sample consists of a total of 1499 bonds, issued between the time period 2019-2023, where the databases Bloomberg and Refinitive Eikon have been used to collect and filter the data. The null hypothesis is that there is no significant difference between the two bond types, the alternative hypothesis states that one of them has a premium towards the other. For the methodology, the sustainability-linked bonds (SLBs) are matched with green bonds, creating pairs based on similar characteristics. This procedure, which corresponds to previous work by Kölbel & Lambillon (2022), alongside an OLS regression, are used to answer the research question. The results show that there is no significant yield difference between the bond types. This conclusion is drawn from using a Wilcoxon test on the paired bond sample. The result from the regression implies that the yield on green bonds is explained by the defined independent variables to a greater extent than the yield on SLBs. There are amble number of prior studies which have found a present premium on the ESG instruments green bonds (Fatica et al., 2019; Baker et al., 2018; MacAskill et al. 2021; Kapraun, 2021; Löffler et al., 2021; and Zerbib, 2018) and SLBs (Kölbel & Lambillon, 2022; Feldhütter et al., 2023). This essay aspires to use previous research findings as reference for comparing bond types against each other rather than their performance against conventional bonds. Additionally, the SLB instrument is still considered relatively novel and hence this essay aims to contribute to existing knowledge with new inputs and findings.

No / We compare actual and calibrated values for the foreign exchange risk premium based on the definition in [J. Int. Econ. 32 (1992) 305]. Calibrated values are found from within a dynamic stochastic general equilibrium model of a small open economy consisting of risk averse optimizing agents with unconventional preferences. We find that the equilibrium foreign exchange risk premium is a function of exogenous shocks in the model and is sensitive to assumed attitudes towards risk. Furthermore, various forms of policy uncertainty improve the capacity of the model to generate values closer to those found in the data.

Blue bonds are gaining global traction as innovative financial instruments to tackle marine sustainability, yet their yield spreads compared to conventional bonds remain unexplored. Based on the growing interest in sustainable investments and the concept of the greenium, this study introduces and searches for a bluenium, the analogous premium for blue bonds. Hence, the purpose of this research is to investigate whether blue bonds exhibit a lower yield at issuance compared to conventional bonds. This examination is intended to contribute to the literature on impact investment risk and return, particularly in the context of marine sustainability, providing valuable insights for investors, issuers, researchers, and policymakers. The study employs the propensity score matching (PSM) method to ensure robust comparative analysis between blue bonds and comparable conventional bonds. The empirical analysis identifies a yield spread of 47 basis points (bps) favouring higher yields for blue bonds, though these results lack statistical significance. Hence, there is no significant evidence of lower yields for blue bonds compared to conventional bonds. The insignificant results could stem from the relatively small sample size, reflecting the fact that blue bonds are in their early stage, suggesting that they may require further development, similar to what green bonds experienced. Future research should consider larger samples and additional variables to enhance the robustness and applicability of the findings. This study informs stakeholders of the complexities and development potential of the blue bond market.

The thesis investigates if investors on the Swedish Stock Exchange, Nasdaq Stockholm, are compensated with a premium for holding shares in family firms due to family-specific agency costs between 2015 to 2019. The thesis uses a portfolio-based approach where the risk-adjusted returns are calculated with the Fama-French three-factor model and the Carhart’s four-factor model. A portfolio consisting of family firms displays a positive weekly alpha between 0,14 to 0,21 percent, 7,28 to 10,92 percent on a yearly basis, indicating a premium for holding shares in family firms. Additionally, the results show that firms where families control a majority of the votes lead to higher abnormal returns. A portfolio consisting of family firms with over 50 percent voting rights generate abnormal returns of 0,16 to 0,26 percent weekly, and 10,92 to 13,52 percent yearly. Higher abnormal returns when the control is higher further implies that investors are compensated with a premium for family-specific agency costs when buying shares in family-controlled firms.

Title: Service Quality GAP Model - Holmes Place Premium Club Anděl Goal: The aim of this thesis is using service quality GAP model to analyse the causes of the gaps in the process of providing services that Holmes Place Premium Club Anděl offers to its clients. Based on these analyses to make specific recommendations on how to minimize these gaps and improve the quality of services provided. Methods: Service quality GAP model was used as a method for the thesis. The gaps were analysed using a questionnaire survey among the management and employees, personal interviews with the management team and own observations. Results: The results of the analyses are presented by classification crosses, tables and graphs. Based on the analyses there are offered certain suggestions on how to eliminate eventual deficiencies, and thus improve the quality of services provided. The results revealed major shortcomings in the gap 4 (fulfilment of marketing promises marketing communications), and prioritizing the importance of sales at the expense of service quality. Keywords: fitness and wellness, services, sports services, service quality, service quality GAP model, Holmes Place Premium Club Anděl Powered by TCPDF (www.tcpdf.org)

<p> </p><p>The luxury market has steadily grown from the industrial revolution and onwards. Changes in society, trends and the increased living standards has enabled more people to consume luxury goods.</p><p>The world is going through a major economic crisis at the moment. Studies shows that companies that have focused on added value rather than lowering prices has survived past financial crisis. It is also obvious that companies act very different during times of crisis. Adding to the problem is trends that point to a more careful consumption and environmental awareness. Different source suggest different opinions on the situation and future for the luxury market.</p><p>The purpose of the study is to answer what strategies are important for luxury brands during a financial crisis.</p><p>To answer this a qualitative study is performed on Swedish luxury brands to analyse what their strategies are during the current economic crisis and compare that to how ”exclusive” or ”luxurious” they are considered. This to investigate if there is a relationship between a brands exclusiveness and chosen strategy.</p><p> </p>

<p>Hur resonerar potentiella kunder kring inköp av produkten som ens företag tillhandahåller? En av de främsta frågorna hos en marknadsförare, men också en fråga som är aktuell i vår marknadsekonomi i stort. Konsumentbeteende är därför ett givet fält inom företagsekonomin. Men hur går det till när konsumenten är ett företag? Vilka aspekter är viktiga och varför? Vilka marknadsföringsinsatser bör genomföras utifrån denna adderade förståelse? Det är utgångspunkten för denna uppsats. För att kunna svara på dessa frågor har en ny konsumentbeteendemodell utarbetats, vilket skett utifrån befintliga teorier inom konsumentbeteende och då särskilt den så kallade svarta lådan-modellen. Målet med modellen är att kasta ljus över relevanta aspekter och processer som beaktas och gås igenom i samband med inköp inom ett företag.</p><p>Studien avser inköp av kaffemaskiner avgränsat till potentiella kunder för kaffe- och kaffemaskinleverantören Premium Coffee och dess produkt Nespresso, med betoning på större företag i Stockholmsområdet. Informationsinsamlingen har skett med hjälp av enkäter per mail.</p><p>Utifrån vår empiri och analys av denna har vi gjort antagandet att priset är den absolut mest styrande faktorn för gruppen. Det verkar dock som om man kan tänka sig att betala mer om detta ”mer” är konkret och efterfrågat. Hit verkar inte en godare smak och möjligheter till varumärkesbyggande finnas utan snarare värden som miljövänlighet, kvalité och hållbarhet. Vidare kan vi också anta att inköp nästan alltid sker via anbud.</p><p>Utifrån detta kan man dra slutsatser kring vilka insatser som skulle kunna genomföras. Hit hör att berättiga sitt ändå högre pris, men också utforma ett bättre svar på miljöfrågorna och en uppväxling av positioneringsaktiviteterna.</p> / <p>How do potential customers reason concerning the purchase of a product supplied? This is one of the main issues for a marketer, but also an issue that is current in our market economy at large. Consumer behaviour is a given field of business economy. But how does this work when the consumer is a company? What marketing efforts should be implemented based on these new findings? This is the starting point of this essay. To answer these questions, a new consumer model, has therefore, been developed, which is based on existing theories of consumer behaviour and in particular the so-called black box model. The goal of the model is to shed light on the relevant aspects and processes that are reviewed and considered in connection to the purchase of an enterprise.</p><p>The study relates to the purchase of coffee machines to the limited prospects for the coffee and coffee machine supplier Coffee Premium, with an emphasis on large companies in the Stockholm region. Information has been collected using questionnaires by mail.</p><p>Based on our empirical data, we can assume that price is the absolutely most governing factor for the group. They are however willing to pay for more if this "more" is defined and demanded. It does not seem as a better taste and the ability to strengthen the brand are aspects considered as such but rather aspects as quality and durability. Furthermore, we can also assume that the purchase is almost always done through tenders.</p><p>Based on this we are able to draw a number of conclusions about what actions that could be implemented. These include, for example, to review the pricing, combined with the aim to justify the higher prices, but also design a better response to environmental issues and an up shift of positioning activities.</p>

Hur resonerar potentiella kunder kring inköp av produkten som ens företag tillhandahåller? En av de främsta frågorna hos en marknadsförare, men också en fråga som är aktuell i vår marknadsekonomi i stort. Konsumentbeteende är därför ett givet fält inom företagsekonomin. Men hur går det till när konsumenten är ett företag? Vilka aspekter är viktiga och varför? Vilka marknadsföringsinsatser bör genomföras utifrån denna adderade förståelse? Det är utgångspunkten för denna uppsats. För att kunna svara på dessa frågor har en ny konsumentbeteendemodell utarbetats, vilket skett utifrån befintliga teorier inom konsumentbeteende och då särskilt den så kallade svarta lådan-modellen. Målet med modellen är att kasta ljus över relevanta aspekter och processer som beaktas och gås igenom i samband med inköp inom ett företag. Studien avser inköp av kaffemaskiner avgränsat till potentiella kunder för kaffe- och kaffemaskinleverantören Premium Coffee och dess produkt Nespresso, med betoning på större företag i Stockholmsområdet. Informationsinsamlingen har skett med hjälp av enkäter per mail. Utifrån vår empiri och analys av denna har vi gjort antagandet att priset är den absolut mest styrande faktorn för gruppen. Det verkar dock som om man kan tänka sig att betala mer om detta ”mer” är konkret och efterfrågat. Hit verkar inte en godare smak och möjligheter till varumärkesbyggande finnas utan snarare värden som miljövänlighet, kvalité och hållbarhet. Vidare kan vi också anta att inköp nästan alltid sker via anbud. Utifrån detta kan man dra slutsatser kring vilka insatser som skulle kunna genomföras. Hit hör att berättiga sitt ändå högre pris, men också utforma ett bättre svar på miljöfrågorna och en uppväxling av positioneringsaktiviteterna. / How do potential customers reason concerning the purchase of a product supplied? This is one of the main issues for a marketer, but also an issue that is current in our market economy at large. Consumer behaviour is a given field of business economy. But how does this work when the consumer is a company? What marketing efforts should be implemented based on these new findings? This is the starting point of this essay. To answer these questions, a new consumer model, has therefore, been developed, which is based on existing theories of consumer behaviour and in particular the so-called black box model. The goal of the model is to shed light on the relevant aspects and processes that are reviewed and considered in connection to the purchase of an enterprise. The study relates to the purchase of coffee machines to the limited prospects for the coffee and coffee machine supplier Coffee Premium, with an emphasis on large companies in the Stockholm region. Information has been collected using questionnaires by mail. Based on our empirical data, we can assume that price is the absolutely most governing factor for the group. They are however willing to pay for more if this "more" is defined and demanded. It does not seem as a better taste and the ability to strengthen the brand are aspects considered as such but rather aspects as quality and durability. Furthermore, we can also assume that the purchase is almost always done through tenders. Based on this we are able to draw a number of conclusions about what actions that could be implemented. These include, for example, to review the pricing, combined with the aim to justify the higher prices, but also design a better response to environmental issues and an up shift of positioning activities.

We investigate the activity and performance of 64 Swedish registered mutual equity funds available in the Swedish Premium Pension System from October 2002 to December 2011. Fund activity is measured by applying the holdings based analysis Active Share combined with Tracking Error Volatility (TEV). Active Share is a relatively new measure that compares a fund’s holdings with its benchmark index constituents (Cremers &amp; Petajisto, 2009; Petajisto, 2013). This is used as a proxy for the fund’s stock selection strategy. As a complement, TEV is used as a proxy for the factor timing strategy. Performance are measured by using Jensen’s (1968) model, Fama and French’s (1993) model and Carhart’s (1997) model. We document that Swedish funds in the Premium Pension System are relatively passive in term of Active Share compared to US funds. We attribute this finding to the relative number of stocks held by a fund compared to the market. Swedish equity funds hold a relatively larger share of the number of stocks in the Swedish market while US funds hold a relatively smaller share of the stocks in the US market. We run a panel regression analysis to test the relation between Active Share and various variables. We find that funds with higher TER fees and fewer stocks on average have higher Active Share. There are also indications that TEV is positively related to Active Share. However, the overall explanatory power of the variables is low. We attribute this as evidence that Active Share is an independent measure of fund activity. Overall, we find neutral performance for an equally weighted portfolio of all funds in the PPS. To examine the performance differences between different levels of activity, we sort funds into five portfolios based on Active Share and TEV. The results show that, given a medium-to-low TEV, funds with high Active Share significantly outperform funds with low Active Share. Furthermore, it appears that the fee rebate in the Premium Pension System is important especially for the passive funds. Without the rebate, the passive funds underperform significantly. We run a panel regression analysis on the future fund performance to test the predictive abilities of Active Share and TEV. The results indicate that Active Share does not explain future performance differences. Conversely, TEV is negatively related to future performance which can be explained by fund managers being overconfident

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