This thesis is analysing the housing market situation in Malmö. The reason for the research is the always equally relevant choice between two types of housing- cooperative apartments and rentals. Cost and risk is compared between the two in order to see what accommodation is preferable from cost and risk aspects. A theoretical framework dealing with cost and risk associated to housing is the starting point of the thesis. Theory on different cost associated to the two types of housing is presented as well as risk aspects, such as market risk, credit risk and fluctuations in interest rates. The data used in the research is individual data from 993 households living in Malmö, providing the possibility to map out the cost and risk for the two types of housing and compare it to the housing market situation in Sweden.   At first glance it seems slightly more expensive to live in a rental compared to a cooperative apartment. However, when return on capital, risk premium and value change is included this first statement changes. The risk is slightly higher when living in a cooperative apartment than in a rental, due to higher risk associated to fluctuations in interest rate. However, the current initial economic situation is better for households in cooperative apartments than for households in rentals, implying that these households on average are more capable to handle the higher risk associated to changes in housing cost.

This study examines dynamic hedge policy of a company in a multi-period framework. The company begins to operate a project for a customer and it also has a subcontractor which completes an important part of the project by using an economic commodity. The customer will pay a fixed price to the company at the end of the project. Meanwhile, the company needs to pay the debt to the subcontractor and the amount of the debt depends on the spot price of the commodity at that time. The company is allowed to hedge for the commodity price fluctuations via future and option contracts. Since the company has a limited cash reserve as well as previously planned payments, it may face financial distress when the net cash balance decreases below zero. Consequently, the company maximizes the expected value of itself by minimizing the expected financial distress cost.

人壽保險業為特許行業，各國基於不同監理目的而有不同會計處理規定，導致各國會計差異問題的浮現。台灣自 2011 年 1 月 1 日起正式 適用國際財務報導準則保險合約第一階段規範與國際接軌，其為過渡性準則，乃說明保險合約之定義、合約之認列與衡量及其揭露等，實施後影響不大。但實施後保險業仍存在對資產採公平價值評價，而對負債 (責任準備金) 採成本法評價之不一致現象。因此，為達資產負債 管理的一致性，將實施 IFRS 4 Phase II，對保險負債採公平價值評價並 規定保險負債須以無風險利率評價。本研究將在 IFRS 4 Phase II 對負債公平價值的規範架構下，以壽險 業商品的準備金為例，評估 IFRS 4 Phase II 實施後其準備金價值及公 司財報損益所會產生的差異。此外，探討 IFRS 4 Phase II 實施後對壽 險業的評價影響，諸如服務邊際、現金價值與風險調整，包含此財務揭露改變是否將對壽險業之商品類型造成影響。 / Life insurance corporation should be granted a franchise by the government in every countries. The purpose of supervision based on different countries have different accounting rules, leading to differences in national accounting problems. Taiwan has officially adopted the framework of International Financial Reporting Standards 4 Phase I since January 1, 2011. IFRS 4 Phase I is a transitional guidelines, which includes some definitions of insurance contracts. The principles of IFRS Phase I doesn’t cause serious effects for life insurance corporations. However, the problem of mismatching between the fair value of assets and the book value of liabilities still exists. Therefore, in order to achieve consistency management in asset and liability, the fair value valuation for liabilities is required under the frame work of IFRS 4 Phase II In our research, we would take a policy for example to evaluate the fair value of liabilities under the framework of IFRS 4 Phase II. Besides, we also analyze the the influences for life insurance companies after applying the IFRS 4 Phase II.