Bakgrund: Småbolagseffekten påvisades först av Banz (1981) och Reinganum (1981) som kom fram tillatt småbolag genererade högre avkastning än stora bolag under samma period. Effekten syntes även stabil över tiden vilket ej är förenligt med Capital Asset Pricing Model (CAPM) och den effektiva marknadshypotesen (EMH). Syfte: Syftet med denna uppsats är att undersöka om det finns någon påvisbar småbolagseffekt påNasdaq OMX Stockholm och huruvida den i så fall har varit konstant under studieperioden. Vidare syftar studien till att undersöka huruvida relativvärdering av småbolagsaktier framgångsrikt kan användas för att generera överavkastning. Metod: Studien baseras på en kvantitativ metodansats med ett deduktivt angreppssätt. Behövd datasamlas in och sammanställs för att sedan användas för att skapa portföljer som studeras och analyseras baserat på prestation. Slutsats: Studien  har  ej  kunnat  påvisa  en  småbolagseffekt  under  hela  studieperioden.  Underhögkonjunktur har dock en småbolagseffekt kunnat påvisas. Vidare har studien kunnat visa att relativvärdering av småbolagsaktier genererar både absolut och riskjusterad överavkastning jämfört med studiens småbolagsportfölj och marknadsindex (AFGX). Så kallade värdebolag, det vill säga bolag med låga värden på P/BV-, P/E- och P/S-talen, är de som genererat högstavkastning. / Background: The small firm-effect was first demonstrated by Banz (1981) and Reinganum (1981) who found that small caps generated higher returns than large companies during the same period. The effect also seemed stable over time, which is not compatible with the Capital Asset Pricing Model (CAPM) and the efficient market hypothesis (EMH). Aim: The purpose of this study is to examine whether there is any evidence of a small firm-effect on Nasdaq OMX Stockholm and whether it in such case has been constant over the study period. Furthermore, the study aims to examine whether relative valuation of small caps can be successfully used to generate excess returns. Methodology: The study is based on a quantitative method with a deductive approach. The required data is collected and compiled and then used to create portfolios which are then studied and analyzed based on their respective performance. Results: The study has not been able to detect a small firm-effect throughout the study period. During the boom, however, a small firm-effect could be detected. Furthermore, this study has shown that relative valuation of small caps generates both absolute and risk adjusted excess returns compared to the market index (AFGX). So called value stocks, companies with low values on the P/BV, P/E and P/S multiples, are the ones that generated the highest returns.

En god inblick i den ekonomiska marknaden leder till ett gynnsamt läge från vilket vi kan maximera avkastningen på våra investeringar. Är det möjligt att genomföra en sådan typ av investering sett till endast bolagens storlek? Ett flertal studier har genomförts kring småbolagseffekten som en anomali på kapitalmarknaden. Effekten innebär att småbolag skulle generera en högre procentuell avkastning än storbolag under samma tidsperiod, vilket inte går i linje med vad den effektiva marknadshypotesen påstår kring kapitalmarknaden. Avsikten med denna undersökning är att analysera huruvida detta stämmer eller ej. Syftet med studien är att analysera om det förekommer en mikrobolagseffekt på den svenska aktiemarknaden under åren 2005-2014, det vill säga en anomali med extremare utfall av småbolagseffekten. Vi har använt oss av en kvantitativ statistisk analys för att mäta de genomsnittliga avkastningarna mellan de tre olika portföljer vi skapat bestående av bolag från Large Cap, Small Cap och Aktietorget. Tre hypoteser är testade och resultatet är analyserat med hjälp utav ett statistiskt t-test i programmet SPSS. Studiens resultat är att det inte går att påvisa någon signifikant skillnad i avkastningen mellan storbolag, småbolag och mikrobolag under den givna tidsperioden. Inte heller under delperioder har det kunnat påvisas någon statistisk skillnad. / A good insight in the economic market leads to a favorable position from which we can maximize the profits of our investments. Is it possible to make such investments with regards only to the size of the companies we are considering? Numerous studies have been made on the small firm effect as an anomaly of the capital market. The effect supposedly tells us that, given the same period of time, small companies generates a higher percentage return than large companies. This contradicts the Efficient-market hypothesis, and the purpose of this research is to analyze whether this could be true, or not. The research study is made with regards to micro-size companies in the Swedish capital market during the years 2005-2014, thus, this is an extreme version of the small firm effect. A quantitative statistical analysis is used to measure the average return of three different stock portfolios; Large Cap, Small Cap and Aktietorget. Three different hypothesis are tested and the results analyzed with the help of statistical T-tests in SPSS are used. The results of the study is that there is no solid statistical proof that there is a difference in profit between the three different markets during the time period. Nor could an effect be seen during any smaller time period within the given time frame.

This diploma thesis is focused on developement of the small firm. It includes detailed analyses of the firm and proposals which needs to be implemented in order to improve its position on the market. Implementation of the proposals will also leeds to competitivness increase.

<p>The growth of the Swedish Computing and Communicationsindustry is studied in this thesis. Growth is seen as a dynamicprocess moved by the entry, expansion, contraction and exit offirms.</p><p>The analysis is founded on the theory of the ExperimentallyOrganised Economy, which views the economy as an experimentalprocess. The entire thesis is organised around the problem ofresource allocation and the issue of growth through theintroduction of new combinations into the economic system,using the terminology of Schumpeter (1911). Competence blocsdetermine the efficiency of the economic process, i.e., theextent to which it leads to sustained economic growth ratherthan stagnation. Change is a fundamental feature of theeconomic process, firms have to be flexible to survive and theeconomic system must promote flexibility to grow. Many trials,or experiments, are required to discover and select "winning"firms and technologies. Hence, the turnover (i.e., entry andexit) of firms is supposed to have positive effects on growth.Theory, furthermore, predicts that new and small firms are moreentrepreneurial and innovative and that they, therefore, willgrow faster than old and large firms.</p><p>The empirical results show that firm growth decreases withfirm age, decreases with firm size, increases with firmindependence, decreases with government ownership and thatindustry growth increases with firm turnover. Moreover, thesmallest firms have been the major job contributors during the1993-1998 period investigated empirically. It is also shownthat employment growth is facilitated by a sustained high entryof firms.</p><p>Lastly, many policies, several of which were introduced inthe late 1960s and early 1970s, have selectively supportedlarge firms in mature industries. Hence, they have exercised arelatively negative influence on exactly the types of firmsthat have been shown to contribute to growth. These policieshave also made the Swedish economy less flexible. It is arguedthat this partly explains the slow economic growth in Swedencompared to other OECD countries since the 1970s. Aninteresting question is where Sweden would have been today witha different policy orientation.</p><p><b>Keywords:</b>The Experimentally Organised Economy;Competence Blocs; Industrial dynamics; Industrialtransformation; Firm age, Small-firm growth; Turnover of firms;Computing and Communications industry; IT industry;Institutions.</p>

The question many investors ask is whether or not it is possible to beat the market andearn money by being active on the stock market. In efficient markets this should not be possible, but several researches have come up with strategies that prove the opposite. There are certain market movements that cannot be explained by the arguments of the traditional efficient market hypothesis and such market movements are in the standard finance theory called anomalies. Two well-known anomalies are the P/E effect and the small firm effect. The P/E effect means that portfolios with low P/E stocks attain higher average risk-adjusted returns than portfolios with high P/E stocks. Similarly, the small firm effect means that companies with small market capitalization earn higher return than those with large market capitalization. Even though these anomalies were discovered in the US, they occur on other markets as well. However, most of the studies regarding these have focused on developed markets. Therefore, the focus in this study has been on emerging markets, more specifically the Baltic market. The problem we aimed to answer with this study is whether or not it is possible to attain abnormal returns on the Baltic stock market by using the P/E effect or the small firm effect. Further on, we found it interesting to investigate which one of the two anomalies that is the best investment strategy. By doing this, we have also been able examine if the Baltic market is efficient or not. The study investigates all listed firms (both active and dead) with available data on Nasdaq OMX Baltic between the years 2000-2014. There are two different samples, a P/E sample and a market capitalization sample. The firms in the samples are ranked and grouped into portfolios and then tested to see if there is significant evidence of the existence of the P/E effect and the small firm effect. The results of the tests show that the Baltic market is not completely efficient, since statistical support was found for the small firm effect. This implies that it is possible to attain abnormal returns on the Baltic market by investing in small capitalization stocks. However, the tests showed no significant evidence of the P/E effect. For this reason, with the assumptions made, we recommend the small firm effect as an investment strategy on the Baltic stock market.

The growth of the Swedish Computing and Communicationsindustry is studied in this thesis. Growth is seen as a dynamicprocess moved by the entry, expansion, contraction and exit offirms. The analysis is founded on the theory of the ExperimentallyOrganised Economy, which views the economy as an experimentalprocess. The entire thesis is organised around the problem ofresource allocation and the issue of growth through theintroduction of new combinations into the economic system,using the terminology of Schumpeter (1911). Competence blocsdetermine the efficiency of the economic process, i.e., theextent to which it leads to sustained economic growth ratherthan stagnation. Change is a fundamental feature of theeconomic process, firms have to be flexible to survive and theeconomic system must promote flexibility to grow. Many trials,or experiments, are required to discover and select "winning"firms and technologies. Hence, the turnover (i.e., entry andexit) of firms is supposed to have positive effects on growth.Theory, furthermore, predicts that new and small firms are moreentrepreneurial and innovative and that they, therefore, willgrow faster than old and large firms. The empirical results show that firm growth decreases withfirm age, decreases with firm size, increases with firmindependence, decreases with government ownership and thatindustry growth increases with firm turnover. Moreover, thesmallest firms have been the major job contributors during the1993-1998 period investigated empirically. It is also shownthat employment growth is facilitated by a sustained high entryof firms. Lastly, many policies, several of which were introduced inthe late 1960s and early 1970s, have selectively supportedlarge firms in mature industries. Hence, they have exercised arelatively negative influence on exactly the types of firmsthat have been shown to contribute to growth. These policieshave also made the Swedish economy less flexible. It is arguedthat this partly explains the slow economic growth in Swedencompared to other OECD countries since the 1970s. Aninteresting question is where Sweden would have been today witha different policy orientation. Keywords:The Experimentally Organised Economy;Competence Blocs; Industrial dynamics; Industrialtransformation; Firm age, Small-firm growth; Turnover of firms;Computing and Communications industry; IT industry;Institutions.

My diploma thesis analyses problems, which are related to creation of business plan. It contains firm analysis and suggestion of business plan, whose parts are organizational, marketing and financial plan, that will be aplicated at increasing and activity of this firm.

This Master´s thesis deals with the prerequisites for producing a business project aimed at establishing a new company. It sets business area, customer segment and type of product, the company will be aimed at. It presents a proposal for establishment of the company.

One could argue that the most discussed topic in finance is whether or not it is possible to “beat the market”. Even though many people claim to do this, there is little evidence to support the idea that one can consistently beat the market over a long period of time. There are indeed several examples of investors who have managed to outperform the market consistently for a long time, but the efforts of these individuals or institutions could by many be considered to be pure luck. One of the many strategies that have been evaluated by several researchers and is said to generate a risk adjusted return greater than that of the market, is one based on the P/E-effect. This strategy is based on the financial ratio P/E – price divided by earnings – and used by constructing portfolios consisting of stocks with low P/E ratios. Several studies have confirmed the existence of the P/E-effect on various stock markets around the world and over different time periods. On the Swedish market, however, few studies have generated the same results. Most of these studies can be considered to be insufficient with regards to sample sizes and methods, spawning a need for more extensive studies. We have examined the P/E strategy on the Swedish Stock Exchange (SSE) between 2004 and 2012. The sample included 358 companies (excluding financial companies) with available necessary data. The stocks were divided into five portfolios based on their yearly P/E ratios (low to high), upon which the monthly returns of the individual stocks were calculated using a logarithmic formula. The returns were also risk adjusted using the Capital Asset Pricing Model (CAPM), followed by a regression analysis to see if possible abnormal returns could be considered to be statistically significant for the examined time period. The results of our study indicate that the P/E effect is not present on the Swedish Stock Exchange during the examined time period, and we therefore conclude that it was not possible to utilize a strategy based on the P/E effect between 2004 and 2012 in order to achieve an abnormal return. The results can be used to argue that the Swedish stock market is more efficient than for example the U.S. stock market where the P/E effect has been found to exist.

Bakgrund: En av de vanligaste aspekterna vid investeringar är att åstadkomma hög avkastning samtidigt som risken hålls på en låg nivå. Risker kopplade till bolag beror på flera olika faktorer varaven anses vara bolagsstorleken. För att vidare nå önskad avkastning har flertalet investeringsstrategier presenterats som sägs ska kunna överavkasta marknaden och vilket kontrasterar den effektiva marknadshypotesen. Genom investeringar i bolag med låga börsvärden, samt i kombination medinvesteringsstrategier, är det av intresse att undersöka huruvida överträffande av marknaden kan ske. Syfte: Denna uppsats har som syfte att analysera om det, på Spotlight Stock Market och First North, under åren 2007–2019, har gått att påvisa existensen av en SBE och huruvida det går att generera en riskjusterad överavkastning i småbolag med hjälp av investeringsstrategier. Metod: För att genomföra denna uppsats användes en kvantitativ design i kombination med endeduktiv ansats. Åtta olika portföljer sammanställdes baserat på storleken hos bolagen samt en investeringsstrategi baserad på låga P/BV-multiplar. Urvalen skedde utifrån Spotlight Stock Market, Large Cap och First North. Resultaten som genererades analyserades utifrån avkastning och riskjusterad avkastning samt statistiska tester i from av t-tester genomfördes. Slutsats: Utifrån resultaten kunde en småbolagseffekt inte påvisas. Portföljerna enbart baserade påbolagsstorlek för Spotlight Stock Market och First North presterade avkastningar som alla var lägre änOMXSPI, dock kunde detta inte säkerställas statistiskt. När investeringsstrategin utifrån låga P/BVmultiplar användes kunde portföljen utifrån Spotlight Stock Market påvisa en högre avkastning än OMXSPI, dock kunde denna inte heller statistiskt säkerställas. Gällande den riskjusterade avkastningen kunde enbart en av portföljerna baserade på Spotlight Stock Market och First Northpåvisa en riskjusterad överavkastning. Portföljerna baserade på Large Cap påvisade både högre avkastning än småbolagsportföljerna samt riskjusterad överavkastning. / Background: One of the most common aspects when investing is to achieve high returns while maintaining the risk at low levels. Risks associated with firms vary due to different factors of which oneis the size. In order to reach satisfactory returns many investment strategies have been presented with the goal of outperforming the market and thus contrasts the efficient market hypothesis. Through investments in firms with low market value of equity, and in combination with other investment strategies, it is of interest to investigate whether outperforming the market is possible. Purpose: The purpose of this study is to analyze whether a Small firm effect on the Spotlight Stock Market and First North during the years 2007-2019 could be proven and if it is possible in combination with investment strategies to generate risk-adjusted returns. Methodology: In order to complete the study a quantitative design in combination with a deductive design was used. Eight different portfolios were compiled based on the size of the companies as well as an investment strategy based on low P/BV-multiples. The samples were chosen from Spotlight StockMarket, Large Cap and First North. The results that were generated were analyzed based on return, risk-adjusted return and statistical test in the form of t-tests. Conclusion: The results from this study show that a Small Firm effect could not be established. The portfolios solely based on company size for Spotlight Stock Market and First North all performed a lower return than OMXSPI, though this could not be statistically confirmed. When an investment strategy based on low P/BV-multiples was used the portfolio based on Spotlight Stock Market showed a return higher than OMXSPI, though this could not be statistically confirmed either. Regarding the risk-adjusted excess return only one of the portfolios based on Spotlight Stock Market and First North could prove a risk-adjusted excess return. The portfolios based on Large Cap both proved a higher return than the small firm portfolios as well as risk-adjusted excess return.