Problem: How can segments on Aktietorget explain how a lemon market can not only survive but grow? Purpose: The purpose is to try to explain how Aktietorget can grow under lemon market conditions by gauging investor groupings investment tendencies. Method: Quantitative archival study regarding returns and price per share depending on investor identity. Conclusion: Finance industry investor yields higher returns, which implicates the possibility of rational investing. This is attributed to either identity inherited capabilities or them being agents in the place of the principal. The private investor on the other hand is full principals and has a tendency towards low price per share. All other capital on Aktietorget conforms to the lottery characteristics of Aktietorget.

ABSTRACT Ibbotson and Ritter (1995) indicate that there are three anomalies in IPO markets: IPO underpricing, IPO long-run underperformance, and hot-issue market. Contrary to most of the previous studies which focus on IPO underpricing or IPO long-run performance, this dissertation examines the existence of hot-issue phenomenon in Taiwan IPO markets. ¡§Hot-Issue anomaly¡¨ means that cycle exists in both the IPO volume and IPO underpricing. Consequently, issuers tend to issue new equity to the public when faced with high average initial returns of IPOs. Ritter (1984) argues that IPOs in hot markets experience higher initial returns. Moreover, young IPOs experience more underpricing in hot markets. A possible explanation for hot-issue phenomenon is the positive feedback hypothesis: market investors positively react to IPO underpricing. When investors earn initial returns from IPOs, they are more likely to subscribe to future IPOs leading to the fact that issuers tend to issue when previous IPOs are more underpriced. Hot-issue is considered as an anomaly because underpricing or initial return is referred as an indirect cost of issuance. Issuers should try to reduce the extent of underpricing to raise IPO proceeds. From the point of view of maximizing proceeds, previous studies fail to explain the hot-issue anomaly in IPO markets. Ibbotson, Sindelar, and Ritter (1994) show that IPO hot-issue phenomenon exists not only in U.S. market but also in Germany, South Korea, and U.K. markets. To make up this gap, this dissertation first tests if there exists hot-issue anomaly in Taiwan and then examines why hot-issue anomaly exists to provide an explanation to the anomaly. I find that IPO initial return leads IPO issuance. However, issuance of IPOs does not reduce the extent of underpricing of the followed up IPOs. I further show that IPO initial return is not related to the initial return of the followed up ones. The issuance of IPOs cannot be attributed to the information of initial returns of preceding IPOs. Rather, the market information between IPO filing date and IPO issuance date is the cause for the lead-lag relation between IPO initial return and IPO issuance. IPO offer price will fully reflect to the negative recent market return but simply partially to the recent positive market return. Most of the IPO initial return can be explained by the information revealed after offer price has been set implying that the offer price is set efficiently. The large amount of IPO volume following high IPO initial return can be attributed to the positive market reaction to the preceding IPOs instead of the filed IPO pricing of preceding IPOs. Our findings explain the hot-issue anomaly. During hot markets, investors¡¦ excess demand on IPOs leads to high initial returns of IPOs. Faced with investors¡¦ excess demand, issuers attempt to issue IPOs to take advantage of investors¡¦ sentiments to maximize IPO proceeds.

The convergence of transport, communication, computing and positioning technologies has enabled a smart car revolution. As a result, pricing of roads based on telematics technologies has gained significant attention. While there are promised benefits, systematic disclosure of precise location has the ability to impinge on privacy of a special kind, known as location privacy. The aim of this thesis is to provide technical designs that enhance the location privacy of motorists without compromising the benefits of accurate pricing. However, this research looks beyond a solely technology-based solution, For example, the ethical implications of the use of GPS data in pricing models have not been fully understood. Likewise. minimal research exists to evaluate the technical vulnerabilities that could be exploited to avoid criminal or financial penalties. To design a privacy-aware system, it is important to understand the needs of the stakeholders, most importantly the motorists. Knowledge about the anticipated privacy preferences of motorists is important in order to make reasonable predictions about their future willingness to adopt these systems. There is limited research so far Otl user perceptions regarding specific payment options in the uptake of privacy-aware systems. This thesis provides a critical privacy assessment of two mobility pricing systems, namely electronic tolls and mobility-priced insurance. As a result of this assessment. policy recommendations arc developed which could support a common approach in facilitating privacy-aware mobility-pricing strategies. This thesis also evaluates the existing and potential inferential threats and vulnerabilities to develop security and privacy recommendations for privacy-aware pricing designs for tolls and insurance. Utilising these policy recommendations and analysing user-perception with regards to the feasibility of sustaining privacy and willingness to pay for privacy, two privacy-aware mobility pricing designs have been presented which bridge the entire array of privacy interests and bring them together into a unified approach capable of sustaining legal protection as well as satisfying privacy requirements of motorists. It is maintained that it is only by social and technical analysis working in tandem that critical privacy issues in relation to location can be addressed.

Software testing is an important process for ensuring the quality of the software. As the complexity of the software increases, traditional means of manual testing becomes increasingly more complex and time consuming. In most embedded systems, designing software with as few errors as possible is often critical. Resource usage is also of concern for proper behavior because of the very nature of embedded systems.  To design reliable and energy-efficient systems, methods are needed to detect hot points of consumption and correct them prior to deployment. To reduce testing effort, Model-based testing can be used which is one testing method that allows for automatic testing of model based systems. Model-based testing has not been investigated extensively for revealing resource usage anomalies in embedded systems. UPPAAL SMC is a statistical model checking tool which can be used to model the system’s resource usage. Currently UPPAAL SMC lacks the support for performing automatic test generation and test selection. In this thesis we provide this support with a framework for automatic test generation and test selection using mutation analysis, a method for minimizing the generated test suite while maximizing the fault coverage and a tool implementing the framework on top of the UPPAAL SMC tool. The thesis also evaluates the framework on a Brake by Wire industrial system. Our results show that we could for a Brake-by-wire system, simulated on a consumer processor with five mutants, in best case find a test case that achieved 100% mutation score within one minute and confidently identify at least one test case that achieved full mutation score within five minutes. The evaluation shows that this framework is applicable and relatively efficient on an industrial system for reducing continues resource usage target testing effort.

Submitted by Kym Marcel Martins Ardison (kymmarcel@gmail.com) on 2015-04-06T19:04:20Z No. of bitstreams: 1 Tail Risk - Original.pdf: 817189 bytes, checksum: 02561a6a7cb94d1480a4f78933486df4 (MD5) / Approved for entry into archive by BRUNA BARROS (bruna.barros@fgv.br) on 2015-04-28T12:21:10Z (GMT) No. of bitstreams: 1 Tail Risk - Original.pdf: 817189 bytes, checksum: 02561a6a7cb94d1480a4f78933486df4 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-05-04T12:33:49Z (GMT) No. of bitstreams: 1 Tail Risk - Original.pdf: 817189 bytes, checksum: 02561a6a7cb94d1480a4f78933486df4 (MD5) / Made available in DSpace on 2015-05-04T12:37:02Z (GMT). No. of bitstreams: 1 Tail Risk - Original.pdf: 817189 bytes, checksum: 02561a6a7cb94d1480a4f78933486df4 (MD5) Previous issue date: 2015-02-12 / This paper proposes a new novel to calculate tail risks incorporating risk-neutral information without dependence on options data. Proceeding via a non parametric approach we derive a stochastic discount factor that correctly price a chosen panel of stocks returns. With the assumption that states probabilities are homogeneous we back out the risk neutral distribution and calculate five primitive tail risk measures, all extracted from this risk neutral probability. The final measure is than set as the first principal component of the preliminary measures. Using six Fama-French size and book to market portfolios to calculate our tail risk, we find that it has significant predictive power when forecasting market returns one month ahead, aggregate U.S. consumption and GDP one quarter ahead and also macroeconomic activity indexes. Conditional Fama-Macbeth two-pass cross-sectional regressions reveal that our factor present a positive risk premium when controlling for traditional factors.

Denna studie undersöker om periodiseringskvalitet är en prissatt riskfaktor för nordiska företag som är noterade på en reglerad marknad under perioden 2010–2019. Tidigare studier menar att periodiseringskvalitet utgör en proxy för informationsrisk, men olika författare framställer olika slutsatser i frågan huruvida periodiserings­kvalitet är en prissatt riskfaktor eller inte. Med den av McNichols (2002) modifierade Dechow & Dichev modellen (2002) mäter vi periodiseringskvalitet som standard­avvikelsen av residualer från regressioner som kopplar periodiseringar till kassaflöden. Vi mäter riskpremien genom att dela in företagen i kvintiler baserad på periodiseringskvalitet och tillämpar en likaviktad portfölj som säljer företagen i de två kvintilerna med högst periodiseringskvalitet och köper företagen i kvintilerna med lägst periodiseringskvalitet. Vi finner en signifikant negativ koefficient i en två-stegs tvärsnittsregressionen som visar att periodiseringskvalitet inte utgör en prissatt riskfaktor för nordiska företag. / This study investigates if accruals quality is a priced risk factor for Nordic countries being traded on a regulated market in the Nordic countries during 2010–2019. Earlier studies argue that accruals quality is a proxy for information risk, but different authors find different results regarding whether accruals quality is a priced risk factor or not. By using the Dechow & Dichev model (2002), modified by McNichols (2002), we measure accruals quality as the standard deviation of regressions that match accruals to cash flow. We measure the risk premium by dividing the entities into quintiles and use an equal-weighted portfolio that sells the stocks in the two quintiles with the highest accruals quality and buys the two quintiles with the lowest accruals quality. We find a significant negative coefficient in a two-stage cross-sectional regression which shows that accruals quality is not a priced risk factor in the Nordic countries.