Bakgrund: För att skapa mer transparens i redovisningen bildades IASB (tidigare IASC) och EU beslutade att alla EU-länder skulle tillämpa IASB:s internationella standarder. Detta medförde att de svenska börsnoterade bolagen från och med 2005 blev tvungna att tillämpa IFRS 2, som innebar att aktierelaterade ersättningar skulle börja kostnadsföras, vilket tidigare inte krävts. Syfte: Syftet med denna undersökning är att kartlägga huruvida företagens användning av aktierelaterade ersättningar till styrelse, VD och övriga anställda, har förändrats från 2001 till 2013, vilket utgör en tid innan, till en tid efter införandet av IFRS 2005. Metod: En longitudinell studie har genomförts av de 60 bolag som var noterade i Large Cap per den 31 december 2013. Studien är en totalundersökning av dessa bolag under åren 2001 till 2013 och datainsamlingen genomfördes genom dessa bolags årsredovisningar under dessa år. Det som granskats är huruvida bolagen använt sig av aktierelaterade ersättningar under perioden. Om en förändring har skett och i så fall hur den sett ut, vilka sorters aktierelaterade ersättningar de använt sig av, samt i vilken omfattning. Dessutom studerades hur stora tilldelningar som skett, förekomsten av nystartade incitamentsprogram, samt om användningen skiljer sig åt mellan företag inom olika branscher. Analysen utgår från de diagram och tabeller som kunnat tas fram genom den insamlade datan. Slutsatser: Användningen av aktierelaterade ersättningar har ej minskat under perioden 2001 till 2013. Tilldelningen minskade kraftigt från 2001 till IFRS införande år 2005, för att sedan öka från 2005 till 2013. Överlag använde cirka hälften av bolagen aktierelaterade ersättningar vardera år. Inom branschen Tillverkning & Industri tilldelades flest optioner och aktier i genomsnitt per företag under perioden. Den bransch som tilldelade minst antal optioner och aktier i genomsnitt per företag under perioden var Fastighetsverksamhet. Det gick att urskilja en stark minskning av användningen av personaloptionsprogram, samtidigt som en markant och stabil ökning av användningen av olika typer av aktieprogram kunde urskiljas. / Background: To create more transparency in reporting, the IASB (previously IASC) was formed and the EU determined that all the countries, which are members of the EU, are to apply the international standards of the IASB. This lead to the requirement that all the Swedish listed companies had to comply with IFRS 2 as of 2005, which meant that share-based payments were to be expensed, which had not previously been required. Purpose: The purpose of the study is to identify whether corporate use of share-based payments of directors, CEO and other employees, has changed from 2001 to 2013, which represents a time before, to a time after the introduction of IFRS in 2005. Method: A longitudinal study was conducted on the 60 companies listed in Large Cap on December 31, 2013. The study includes the total population during the years 2001 to 2013. The data collection was carried out through these companies’ annual reports for these years. What has been reviewed in the study is whether the companies have been using share-based payments during this period of time. If a change has occurred and, if so, how it appeared, which forms of share-based payments they have been using, and to what extent. Furthermore, the size of allocations, the presence of start-up incentive programs and if the use of share-based payments differ between companies in different industries were studied. The analysis is based on the graphs and tables that could be produced by the collected data. Conclusions: The use of share-based payments has not decreased over the period 2001 to 2013. The allocation decreased significantly from 2001 to the introduction of IFRS in 2005, to later on increase from 2005 to 2013. Overall, approximately half of the companies used share-based payments each year. Within the line of business Manufacturing & Industry, the highest number of options and shares were allocated on average per company over the period. The line of business that allocated the least number of options and shares on average per company over the period was Real estate activity. It was possible to distinguish a strong reduction in the use of employee stock option programs. At the same time a significant and steady increase in the use of different types of share programs could be distinguished.

In the last decade, the changes in living styles of people and shopping activities brought a new concept, &ldquo / shopping center&rdquo / . By the time the numbers of shopping centers increased and this big consumption market created a great competition among the investors. The investors had the necessity of examining their market share within the market and other social and spatial factors for the feasibility of their shopping centers. In this thesis considering the need of such a study, a market share analysis is carried out to determine the market share of shopping centers within the competition, analyze the important facts of the market share, estimate the market capacity and potential market regions. Ankara is chosen as the study area since it has an increasing trend for the development of shopping centers. Tthe study is carried out for Armada, Bilkent and 5M Migros shopping centers since they serve for the whole city and have different functions such as recreation, restaurants, cultural activities together with shopping activities. For the analysis a gravity model developed by Lakshmanan and Hansen is used. The model estimates the market share of the centers among regions considering the factors, as accessibility in terms of cost and time, economic conditions of regions, attractiveness of shopping centers and competitors of the market. For the application process Geographic Information Systems ESRI Arc GIS 8.1 and ESRI ArcView 3.2 are used as software to store and manipulate data, build regulations on road network structure, calculate distances and costs, and present maps and results.

I traditionella analyser av exportmarknadsandelsutvecklingen antas den vara bestämd av det exporterande landets kostnadsutveckling eller av den strukturella sammansättningen i det exporterande landets export. Utredningar baserade på dessa typer av analyser lyckades inte på ett tillfredsställande sätt förklara de svenska exportmarknadsandelarnas utveckling under andra hälften av 1970-talet och under 1980-talet. I denna avhandling diskuteras uppläggningen och resultaten av de ovanstående slagen av analyser och lanseras ett tidigare oprövat angreppssätt för att förklara exportmarknadsandelarnas utveckling. Detta angreppssätt är baserat på industriell omvandlingsteori, vilket för analyser av exportmarknadsandelarnas utveckling innebär att denna antas vara bestämd av det enskilda landets industriella omvandling. Utifrån detta angreppssätt genomförs ett antal analyser. Syftet med dessa är att undersöka samband mellan å ena sidan av industriell omvandlingsteori bestämda faktorer och å andra sidan exportmarknadsandelarnas utveckling. Avhandlingen avslutas med en diskussion om hur exportmarknadsandelarnas utveckling kan studeras med en ansats som både tar hänsyn till strukturella förhållanden – arbetskraftskostnader och exportens strukturella sammansättning – och den industriella omvandlingen. / Diss. Stockholm : Handelshögsk.

Säg "företag" och man tänker på någon som tillverkar och säljer varor eller tjänster.Den här boken befattar sig inte med det. Avhandlingen tar istället sikte på företaget som investeringsobjekt. Den undersöker hur investerare och aktieanalytiker tillsammans skapar objektet. Och den visar hur synen på företaget som just ett investeringsobjekt griper allt vidare omkring sig. Hur bär sig placerarna och analytikerna åt när de konstruerar "sitt" investeringsobjekt?Det är precis vad studien söker blottlägga. Ett ramverk konstrueras som hjälper oss att se och förstå hur aktörerna bygger sin analys. Vi ser att den bygger på förutsägelser, information, och kommunikation mellan placerare och analytiker. Vi ser vad som krävs för att investeringsobjektet ska bli verklighet. Företaget som investeringsobjekt tar sin teoretiska utgångspunkt i gränslandet mellan organisationspsykologi, vetenskapssociologi och företagsekonomi. / Diss. Stockholm : Handelshögsk., 2001

The purpose of this thesis is to test the extended industry shock hypothesis, which accounts for a macro-economic capital liquidity element, in determining the drivers of merger waves. Various theories have been extended by the literature and these are broadly classified under the neo-classical theory of merger waves and the behavioural theory of merger waves. Behavioural theories have explained merger waves by taking into account the psychology of stock markets and the occurrence of merger waves during a stock market boom. The industry shock hypothesis (a neo-classical theory) however, argues that merger waves are due to the clustering of industry shocks that affect an industry’s operating environment. Along with this shock, the mis-valuation caused by a stock market boom increases asset values, thereby lowering transaction costs and hence increasing capital liquidity in the economy. This capital liquidity factor causes merger waves to cluster even if industry shocks do not. The findings in this study show that industry level merger waves exist in Australia and they occur when there is sufficient capital liquidity in the economy. The industry shock variables are found to be insignificant; however they do improve the explanatory power of the explanatory variables used in predicting the start of a merger wave. The mis-valuation variables used in this study: market-to-book ratio, 3-year return and standard deviation of the 3-year return, are insignificant and do not have any explanatory powers in predicting the start of a merger wave. Merger and acquisition announcements made to acquire Australian firms listed on the Australian Stock Exchange (ASX), are collected and analysed for the period from 1996 to 2007. The methodology used in this study is adopted from Harford (2005), which uses legit models to predict the start of merger waves. The explanatory variables are also adopted from Harford’s (2005) study and include proxies for mis-valuation, industry shock and capital liquidity. Overall, the results obtained for the Australian merger and acquisition data are inconclusive as to whether industry shocks because industry merger waves as Harford (2005) documented for the US merger and acquisition data. However, industry level merger waves do exist, as there is clustering in time of firm-level mergers within industries. Moreover, sufficient capital liquidity must be present to accommodate the necessary transactions.

Zugl.: Tübingen, Univ., Diss., 2006

Mini study project (MBA)--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: This mini study project aims to investigate the prediction value ofpricelearnings (pIE) ratios. The ability of investors to predict earnings growth is tested by examining the relationship between PIE ratios and excess earnings growth. The study further also investigates the relationship between PIE ratios and two other variables: share returns and dividend yields. The study design was based on that of two other studies: Fuller, Huberts and Levinson (1993) and Hamman, Jordaan and Smit (1995). These studies specifically tested the random walk theory of earnings. In this study all the companies were allocated to one of four PIE portfolios according to the magnitude of their PIE ratio. The relationship between PIE ratios and the dependent variables (earnings growth, share returns and dividend yields) was then analysed by comparing the medians of the dependent variables of the different quartiles (pIE portfolios). The investigation into the relation between PIE ratios and excess earnings growth indicated that companies with high PIE ratios tend to have higher excess earnings growth. The relationship, however, seemed to be more pronounced in the one year results than in the two and four year results. The share returns seemed to be randomly distributed and it was more difficult to identify the correlation with PIE ratios. For a two and four year period however, the lowest PIE quartile delivered the highest returns and the highest PIE quartile performed very poorly. Lastly it was found that companies with high PIE ratios had lower dividend yields and companies with lower PIE ratios had higher dividend yields. Even though some departures from randomness were observed when comparing the PIE quartiles, the variability of the dependant variables at individual stock level was high and indicated random distribution. / AFRIKAANSE OPSOMMING: Hierdie ministudieprojek het ten doelom die voorspellingvermoë van prys/verdienste (PN) verhoudings te ondersoek. Die vermoë van beleggers om winsgroei te voorspel word getoets deur die verwantskap tussen PN-verhoudings en surplus winsgroei te ondersoek. Verder ondersoek die studie ook die verwantskap tussen PN-verhoudings en twee verdere veranderlikes: aandeelopbrengste en dividendopbrengste. Die ontwerp van die studie is gebaseer op dié van twee ander studies: Fuller, Huberts en Levinson (1993) en Hamman, Jordaan en Smit (1995). Die twee studies het spesifiek die ewekansige verspreiding van winste ondersoek. Alle maatskappye in hierdie studie is geallokeer aan een van vier PN-protefeuljes volgens die vlak van hulle PNverhouding. Die verwantskap tussen PN-verhoudings en die afhanklike veranderlikes (winsgroei, aandeelopbrengste en dividendopbrengste) is dan ondersoek deur die mediane van die afhanklike veranderlikes van die verskillende PN-kwartiele (portefeuljes) te vergelyk. Die analise van die surplus winsgroei het aangedui dat maatskappye met hoë PNverhoudings geneig is om beter surplus winsgroei te toon. Die verwantskap blyk egter om duideliker te wees vir 'n eenjaar-periode as vir 'n tydperk van twee of vier jaar. Die aandeelopbrengste het 'n ewekansige verspreiding getoon en dit was moeilik om 'n verwantskap met die PN-verhoudings te identifiseer. Vir 'n twee en vier jaar periode het die laagste PN-kwartiel die hoogste aandeelopbrengs gelewer en die hoogste PNkwartiel het baie sleg presteer. Laastens is daar gevind dat maatskappye met hoë PN-verhoudings laer dividendopbrengste gelewer het en maatskappye met lae PN-verhoudings hoë dividendopbrengste. Alhoewel afwykings van ewekansigheid geïdentifiseer is met die vergelyking tussen kwartiele, was die variansie van die afhanklike veranderlikes op individuele aandelevlak hoog en het gedui op 'n ewekansige verspreiding.

Many countries have reduced the generosity of disability benefits while making them more activating - yet few studies have examined how employment rates have subsequently changed. We present estimates of how the employment rates of older workers with poor health in 13 high-income countries changed between 2004-7 and 2012-15 using HRS/SHARE/ELSA data. We find that those in poor health in the USA have experienced a unique deterioration: they have not only seen a widening gap to the employment rates of those with good health, but their employment rates fell per se. We find only for Sweden (and possibly England) signs that the health employment gap shrank. We then examine possible explanations for the development in the USA: we find no evidence it links to labour market trends, but possible links to the USA's lack of disability benefit reform - which should be considered alongside the wider challenges of our findings for policymakers. / Series: Department of Economics Working Paper Series

The aim of this diploma thesis is to do a fundamental analysis of selected stock title. The main part of thesis is the implementation of the theoretical experience in global, sectoral and corporate analysis. It will be determined intrinsic value of shares of company Philip Morris CR, Inc. In first will be calculated three input that are needed for further calculations. The second step is the calculation of the intrinsic value of the shares of several models. The chosen methods are single-step dividend discount model, Free Cash Flow to Equity and two historical models. Finally, it will be proposed investment recommendations based on the comparison of the actual values based on market prices.

p. 1-91 / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2013-03-20T18:23:55Z No. of bitstreams: 1 111.pdf: 1636418 bytes, checksum: b6be1d15462d3e7b249b699e9e9b0401 (MD5) / Approved for entry into archive by Tatiana Lima(tatianasl@ufba.br) on 2013-04-03T19:00:22Z (GMT) No. of bitstreams: 1 111.pdf: 1636418 bytes, checksum: b6be1d15462d3e7b249b699e9e9b0401 (MD5) / Made available in DSpace on 2013-04-03T19:00:23Z (GMT). No. of bitstreams: 1 111.pdf: 1636418 bytes, checksum: b6be1d15462d3e7b249b699e9e9b0401 (MD5) Previous issue date: 2004 / Este trabalho tem por objeto de estudo a experiência de gestão empresarial da Sociedade Sobral – SIBRASA – sediada em Recife (PE) e com 30 anos de atividades – desde que aderiu à Economia de Comunhão, em 1991. Refletindo sobre o significado dessa experiência, esta pesquisa discute o tema da Economia de Comunhão (EdC). O tratamento dessa temática no presente estudo será desenvolvido com base numa abordagem nas ciências econômicas e sociais mais geral, além, evidentemente, do próprio assunto na gestão. O motivo do interesse pela SIBRASA é por ser ela expressão de um estilo econômico que, como em outras organizações voltadas para a produção, manifesta-se no desejo de conjugar o respeito às regras e aos valores da empresa a outros valores, motivações e objetivos, sintetizados como cultura da comunhão na liberdade. Do ponto de vista metodológico, optou-se pelo enfoque mais qualitativo na pesquisa, usando fontes primárias como as entrevistas. O objetivo principal foi de investigar se a prática administrativa da SIBRASA contempla a liberdade e as práticas da Economia de Comunhão (EdC), analisando a congruência entre o discurso e a prática. / Salvador