Bakgrund: Det har tidigare konstaterats att det existerar ett samband mellan aktiers likviditet och dess avkastning. Bevis för detta har främst gått att finna på utländska aktiemarknader. På den svenska aktiemarknaden har tidigare utförda studier konstaterat att detta samband inte existerar. Vi vill därför göra en studie på den svenska aktiemarknaden, vilken delvis innefattar en ny tidsperiod för att se om någon likviditetspremie existerar. Syfte: Vårt syfte med denna studie var att undersöka om det är möjligt att uppnå en högre avkastning genom att investera i en portfölj med relativt sett illikvida aktier jämfört med en portfölj bestående av likvida aktier på Stockholmsbörsen samt undersöka om faktorerna likviditet, betavärde samt företagsstorlek signifikant påverkar portföljernas eventuella överavkastning jämfört mot ett lämpligt index. Metod: Vi har skapat tre olika portföljer, med tio aktier i varje vilka representerar de minst, mitterst och mest likvida aktierna enligt vårt valda likviditetsmått, aktieomsättningshastighet. Likviditetsmåttet laggar en månad för att kunna användas som investeringsstrategi. Vi har studerat portföljernas värdeutveckling under perioden september 2003 till december 2011 för att se om portföljernas olika likviditet påverkar avkastningen. Genom regressionsanalyser där aktieomsättningshastighet, betavärde samt storleken använts som oberoende variabler har vi försökt förklara portföljernas överavkastning mot AFGX. Resultat: Vi har kommit fram till att det inte existerar någon likviditetspremie på Stockholmsbörsen under vår valda undersökningsperiod. Det samma gäller under uppåt- respektive nedåtgående marknadstrend. Det enda fallet där en mer illikvid portfölj presterar bäst är under januari månad. / Background: Earlier studies have concluded that there is a connection between a stock’s liquidity and its yield. Proof of this connection has mainly been found on foreign stock exchanges. On the Swedish stock market, earlier studies have concluded that this connection may not exist. The authors therefore intend to do a liquidity study on the Swedish stock market on a partly new time period to see whether this liquidity premium exists or not. Aim: The aim with this study is to investigate if there is a possibility to achieve a higher yield by investing in a portfolio consisting of relatively illiquid stocks contrary a portfolio with highly liquid stocks. We also want to investigate if the factors: liquidity, beta value and company size have a significant impact on the portfolios possible excess return in relation to an appropriate index. Completion: In this study, the authors have constructed three different portfolios consisting of ten stocks, each which represent the least, middle, and highest liquid stocks according to our liquidity measure. This measure has a one-month lag to make it possible to use as an active investment strategy. The authors have studied the portfolios growth during the period September 2003 to December 2011 to investigate if the difference in liquidity has any impact on the return. Through regression analysis, where stock turnover ratio, beta value and company size has been used as independent variables, the study tries to explain the portfolios excess return over the AFGX index. Results: The study concludes that there is no significant liquidity premium during our chosen time period. The same conclusion is drawn on the sub-periods with both an up going and down going market trend. The only period during which an illiquid portfolio outperforms a liquid portfolio is during the month of January.

This study focuses on whether the mispricing of investor has relevance for firm¡¦s investment decision. In other words, it tries to test the relation between mispricing of investor and managers¡¦ catering behavior. In addition, this study divides Taiwan¡¦s companies into three cases: Listed and following listed companies, OTC companies and companies under the counter. The period of this study from 1986 to 2009, it excludes firms with negative book value of assets, and only uses the positive capital expenditure data. This paper divides the sample into various subsamples discussed separately. For example, it uses the R&D ratio as the proxy for information transparency and explores that information transparency may affect manager¡¦s catering behavior in the different subsamples. Besides, this study also separates the companies from different stock turnover rate to discuss whether the impact of mispricing to the rate of investment will be different. The results showed that indeed mispricing change the rate of investment of companies. After that, this paper controls the independent variables which may affect the company¡¦s profitability to figure out the abnormal rate of investment. Finally, this study finds that abnormal rate of investment result in a poor return of companies. That is to say, when a manager caters the mispricing of investor in stock market, afterwards, may lead to a poor return of companies. In the view of investors, when the market¡¦s sentiment that is too warm, many companies begin to invest in plant. At this time, investors shall examine whether the investment of companies is efficient.

Finansų rinkų programos Verslo nuosavybės ekonomikos specializacijos magistro baigiamojo darbo tema yra aktuali, nes atsargų valdymas, efektyvus atsargų valdymo proceso organizavimas yra aktualus kiekvienai įmonei, užsiimančiai gamybine ar prekybine veikla. Atsargos – vienas iš įmonės veiksnių jos pelningai veiklai palaikyti. Atsargų valdymas yra jų optimalaus kiekio paieška bei tinkamiausio santykio tarp naudos ir išlaidų išlaikymas. Tyrimo objektas – atsargų valdymas. Pagrindinis šio darbo tikslas – nustatyti, kokia įtaką įmonės pelningumui daro efektyvus atsargų valdymas. Tikslui pasiekti buvo iškelti šie uždaviniai: 1. susipažinti su atsargų rūšimis; 2. atsargų poreikio nustatymas; 3. apibrėžti pagrindinius atsargų įkainojimo metodus; 4. atlikti atsargų panaudojimo efektyvumo analizę. Tyrimo metodika. Darbe naudota mokslinės, ekonominės literatūros analizė apie atsargų valdymą ir su juo susijusias problemas, turto panaudojimo efektyvumo koeficientų analizė. Šiuo darbu norime pagrįsti hipotezę, kad efektyvus atsargų valdymas padidintų įmonės pinigų srautus, kas leistų juos panaudoti verslo plėtrai ar veiklos procesų efektyvumui gerinti. Pirmoje darbo dalyje išanalizavime, kas tai yra atsargos, išnagrinėjome atsargų rūšis ir jų klasifikavimą. Atsargos – trumpalaikis turtas (žaliavos ir komplektavimo gaminiai, nebaigta gamyba, pagamint produkcija bei pirktos prekės, skirtos perparduoti), kurį įmonė sunaudoja pajamoms uždirbti per vienus metus arba per vieną įmonės... [toliau žr. visą tekstą] / Master‘s work in business property economics is actual, because the inventory management, the effective inventory organizing is actual for each producing and trade company. Inventory is one from the most important factors for profitable activity of company. Inventory management is the most suitable relation between the profit and expenses. The object is inventory management. The aim of this article is to research the effective inventory management influence for company’s profitableness. To reach this goal we resolved such tasks as: 1. Become acquainted with qualities of inventory; 2. To define the basic estimation methods; 3. To carry out the analyze of the effective inventory employment. In this article we want to ground the hypothesis that effective inventory management increase profit of company. In the first part we have analyzed the inventory qualities and classification. Inventory is the short-term assets (raw materials and consumables, work in progress, finished products and goods for resale), which company used for receipts earn during one year. Raw materials and consumables, work in progress and finished products are the inventory of producing company. And the goods for resale are the inventory of trade company. In the second part we analyzed the basic estimation methods. The choosing of the estimation methods is one from the most important factors for profitable activity of company, which could influence the sale cost price. For the calculating of used in production... [to full text]

本研究以1997至2001年國內高研發密度之上市上櫃公司為研究對象，探討高研發密度公司揭露非盈餘以及智慧資本相關資訊之行為。首先探討企業揭露資訊之偏好及趨勢，再分析影響企業揭露非盈餘及智慧資本資訊頻率之因素，並探討企業股價與帳面價值間之差異及股票週轉率與企業揭露智慧資本相關資訊之關聯性。 實證結果發現，公司主動揭露與盈餘有關資訊之頻率有逐年下滑的現象，而揭露非盈餘及智慧資本相關資訊的頻率則有逐漸升高的趨勢。以分組檢定結果而言，未預期盈餘為正且幅度較大的公司在揭露智慧資本資訊方面顯著較未預期盈餘為負且幅度較大的公司積極。就影響企業揭露非盈餘以及智慧資本相關資訊之因素而言，未預期盈餘、員工每人營業利益、研發密集度，以及每人配備率與揭露非盈餘及智慧資本相關資訊之次數均呈顯著正向關係，而董監事持股比率以及用人費用率則與兩項資訊之揭露次數呈顯著負相關。 此外，屬於資訊電子業以及規模較大的公司，揭露非盈餘及智慧資本相關資訊之意願較強。就企業股價與帳面價值之差異以及股票流動性而言，資訊電子業之股價淨值比及股票週轉率均較非資訊電子業為高，策略聯盟（流程資本）資訊揭露次數與股價淨值比呈顯著正（負）向關係，新產品及策略聯盟（人力資本）資訊揭露次數則與股票週轉率呈顯著正（負）相關。 關鍵字：自願性揭露、智慧資本、市價淨值比 / Based on a sample of firm listed on TSE, this thesis investigates the voluntary disclosure behavior ofR&D intensive companies in Taiwan over the period of 1997 to 2001. With an emphasis on non-earnings and intellectual capital-related disclosure policies, we first explore the disclosure behavior in terms of frequency and type of information revealed by management. We then examine whether price-to-book (P/B) ratio and stock turnover ratio reflect the disclosure of non-earnings and intellectual capital-related information. The empirical results suggest a declining trend in disclosing earnings information, with an opposite tendency in non-earnings information over the period examined. In addition, unexpected earnings and variables proxy for intellectual capital determine the disclosure behavior of non-earnings and intellectual capital-related information. Firms with operating performance far beyond market's expectation tend to disclose more intellectual capital-related information than firms with operating performances far worse than market has expected. Variables such as operating income per employee and cost of human resource (proxies for human capital), R&D intensity (proxy for innovation capital), equipment per employee (proxy for process capital) as well as the ratio of directors' shareholding are found to be significantly related to the disclosure frequency of non-earnings and intellectual capital-related information. The findings also indicate that electronics and software industries are more likely to disclose more non-earnings and intellectual capital-related information and have higher price-to-book and stock turnover ratios as compared to other industries in the sample. Firms disclose more (less) strategic alliance (process capital) information is found to have higher price-to-book ratios. Firms disclose more (less) strategic alliance and new product (human capital) information is found to have higher stock turnover ratio. It appears that more disclosure on intellectual capital-related information does not necessarily and monotonously explain the variation in both price-to-book and stock turnover ratios. Key words: voluntary disclosure, intellectual capital, price-to-book ratio, stock turnover ratio

I allmänhet anges merparten av aktielistor i alfabetisk ordning. Tidigare studier har visat att investerare tenderar att handla aktier som hamnar tidigt i aktielistan mer frekvent än aktie som förekommer sent i aktielistan. Forskning inom psykologi föreslår att individer som möter ett stort antal alternativ försöker hitta genvägar för att underlätta beslutsfattandet. Det leder till irrationellt beteende hos investeraren där den letar efter första acceptabla alternativet istället för att bearbeta all tillgänglig information som berör aktier i aktielistan. Därför när investeraren söker igenom aktielistan i alfabetisk ordning uppifrån och ner har tidigt placerade aktier större chans att bli valda. Vi kommer i denna uppsats undersöka om det finns ”alfabetiskt bias” på Stockholmsbörsen. Studien undersöker om det finns ett samband mellan aktiens placering i aktielistan och aktieomsättningshastighet eller Tobins Q. Vi undersöker också om det finns skillnad i marknadsvärde och namnflyt mellan aktier som förekommer tidigt på aktielistan och aktier som står sent på listan. Resultatet från studien har visat att aktier som kommer tidigt i aktielistan handlas mer frekvent (aktieomsättningshastighet) och erhåller högre Tobins Q än aktier som förekommer senare i aktielistan. Vidare visade vår undersökning att det inte finns skillnad i marknadsvärde eller namnflyt mellan tidigt och sent placerade aktier. Det innebär att det finns belägg för att aktielistor i alfabetisk ordning bidrar till irrationellt beteende hos investerare på Stockholmsbörsen. / In general, stock information is presented in alphabetical order by company name or ticker symbol. Previous studies have shown that investors tend to trade stocks that fall early in the stock list more frequently than stocks that are late in the stock list. Research in psychology suggests that individuals encountering a large number of options try to find shortcuts to facilitate decision making. This leads to irrational behavior, where investor is looking for the first acceptable alternative instead of processing all available information relative to shares in the stock list. Therefore, when the investor searches through stock list from top to bottom, early stocks have a greater chance of being selected. This study will investigate whether there is "alphabetical bias" on the Stockholm Stock Exchange. The study investigates whether there is a correlation between the stock's placement in the stock list and the stock turnover rate or Tobins Q. We also investigate whether there is a difference in market value and name fluency between shares that are listed early on the stock list and stocks that are presented late on the list. The result of the study has shown that stocks placed early in the stock list are traded more frequently (share turnover rate) and receive higher Tobins Q than shares that appear later in the stock list. Furthermore, our survey shows that there is no difference in market value or name fluency between early and late stocks. This means there is evidence that stock lists in alphabetical order contribute to irrational behavior among investors on the Stockholm Stock Exchange.

Sales of pharmaceuticals in today's consumer society is very widespread. Pharmacies must be able to satisfy all types of customers, and must manage that they are always well stocked and ready for any demand. In the last two years is operation of pharmacies significantly affected by the introduction of regulatory fees. Actual enactment of the fees would certainly not attracted so much attention. The main problem is the payment of regulatory fees by regional pharmacies, which are subsidized by region. Private pharmacies can not compete that conduct and they are facing a difficult competitive position. In the theoretical part I was dealing with explanations of accounting terms definition relating to pharmacy accounting, as well as accounting itself. I described standard accounting practices. I mentioned a ways to calculate the Company's liquidity and stock turnover, and what these indicators reflect. Then I tried to describe the issue of regulatory fees. In the practical part I have analyzed the complex pharmacy accounting. I described the various ways and methods of accounting for fixed assets, stocks, short-term investments, clearing relationships, and use the account of an individual entrepreneur. My main goal was to capture the specifics which appear in the pharmacy accounting. These specifics related to particular stocks. As a partial target I've done calculations showing the liquidity of the pharmacy and stock turnover. These indicators I subsequently evaluated in the tables and I tried to analyze other factors that affect liquidity and stock turnover. In the next target I analyzed the financial impact of the regulatory fees payment on other private pharmacies. I tried to retrace the events that occurred in the Czech judiciary which were related to the disputes of private pharmacies and regions in the issue of these fees.

Bakgrund och problemdiskussion: Lagerstyrning är olika aktiviteter som rör hur ett lager hanteras och styrs. Styrningen av ett lager har en stor påverkan på ett företags lönsamhet då det hanterar de aktiviteter som berör lager och därmed också det bundna kapitalet. Lagerstyrning är dock inget som görs i en handvändning, utan det är många delar som ska stämma överens. Lagerstyrningen blir än mer komplex när företag handlar med volatila råvaror. När det kommer till lagerstyrning av produkter med volatila inköpspriser är det viktigt att ta hänsyn till dessa förändringar, för att på så sätt kunna hitta den mest optimala lagerstyrningen. Syfte: Syftet med denna studie är att undersöka vilka konsekvenser som uppstår av att Alutrade inte tar hänsyn till volatila inköpspriser i sin nuvarande lagerstyrning, samt att identifiera vilka lagerstyrningsmetoder, och därmed lagerstyrningspolicy som är lämplig att tillämpa när inköpspriser är volatila för att optimera och uppnå en kostnadseffektiv lageromsättningshastighet. Metod: Uppsatsen behandlas utifrån ett positivistiskt synsätt och ett deduktivt angreppssätt. Uppsatsen har en kvalitativ forskningsmetod men innehåller både kvalitativ och kvantitativ data. Datan har samlats in genom ostrukturerade och semistrukturerade intervjuer, samt mailintervjuer. Resultat: Eftersom Alutrade i dagsläget inte tar så stor hänsyn till de prisförändringar som råder på aluminium marknaden uppstår en del konsekvenser, vilket gör att företagets lagerstyrning påverkas negativt. För att undvika dessa konsekvenser har en lagerstyrningspolicy, som tar hänsyn till volatila inköpspriser, tagits fram. Denna policy utgår från en ABC-klassificering och innehåller lagerstyrningsmetoder såsom modifierad EOQ, beställningspunktsystem vid volatila inköpspriser, säkerhetslager som ett uppskattat antal dagars medelefterfrågan och säkerhetslager beräknat från önskad servicenivå. Med hjälp av den framtagna lagerstyrningspolicyn kan Alutrade undvika konsekvenserna och uppnå de kostnadsbesparingarna som påvisas. / Background: Inventory control is different activities related to how a warehouse is managed. The management of inventory has a big impact on a company's profitability as it manages the activities that concern the inventory and thus has an affect on the tied up capital. However, inventory control is nothing that can be rushed through, since many activities must match. The inventory control becomes even more complex when companies deals with volatile raw materials. When it comes to inventory control of these types of products, it is important to take these changes into account, in order to find the most optimal inventory control. Purpose: The purpose of this thesis is to investigate which consequences that occurs when Alutrade does not take volatile purchase prices into account, furthermore to identify which inventory control methods, and thus inventory control policy, that is suitable to apply when purchase prices are volatile to optimize and achieve a cost-effective inventory turnover. Method: The thesis is based on a positivistic and deductive approach. The study has a qualitative research method but contains both qualitative and quantitative data. The data has been collected through unstructured and semi-structured interviews, as well as mail interviews. Results: As Alutrade currently does not take the price volatility on the aluminum market into much account a number of consequences arise, which means that the company's inventory control is negatively affected. In order to avoid these consequences a inventory control policy, which takes the price volatility into account, has been developed. This policy is based on an ABC classification and contains inventory control methods such as modified EOQ, reorder point system for volatile purchase prices, safety stock as an estimated number of demand days and safety stock calculated from a desired service level. Using the developed inventory control policy, Alutrade can avoid the consequences and achieve the cost savings that are shown.

Made available in DSpace on 2010-04-20T21:00:41Z (GMT). No. of bitstreams: 3 cassiohannavaldujoturma2004.pdf.jpg: 20231 bytes, checksum: 62e51410ac906f6e00f1e12da5316a49 (MD5) cassiohannavaldujoturma2004.pdf: 413423 bytes, checksum: 8213eb03aca7db7895e101c61e2a7f51 (MD5) cassiohannavaldujoturma2004.pdf.txt: 79476 bytes, checksum: 55d018233791503e2867b643e0a8d988 (MD5) Previous issue date: 2007-01-04T00:00:00Z / We examine whether non-return-based measures of stock market uncertainty, like the volatility from equity indexes and detrended stock turnover can be linked to timevariation in the correlation between daily stock and bonds returns. We find a positive relation between the uncertainty measures and the future correlation of stock and bond returns. Furthermore, we find that bond returns tend to be high (low), relative to stock returns, during days when volatility varies substantially (a little) and during days when stock turnover is unexpectedly high (low). Our findings suggest that stock market uncertainty has important fixed income pricing influences, implying a crossmarket approach in the asset allocation process. / Estudamos a possibilidade de que medidas de incerteza no mercado acionário estejam relacionadas com a variação temporal da correlação entre os retornos dos mercados de renda fixa e renda variável. Encontramos evidências de uma relação direta entre as medidas de volatilidade e a correlação futura dos retornos dos mercados estudados. Além disso, percebemos que o retorno do mercado de renda fixa tende a ser maior (menor) em comparação ao do mercado de renda variável quando a volatilidade deste apresenta variações maiores (menores) e em dias em que o volume de operações é inexplicavelmente alto (baixo). Nossos resultados sugerem que incertezas do mercado acionário têm influência no apreçamento do mercado de renda fixa, trazendo implicações de efeitos de cross-market pricing na gestão de recursos.

This diploma work assess the financial health of the company in the years 2002–2006 on the basis of selected methods of the financial analysis. It includes proposals of possible solutions of identified problems which should result in the improvement of financial situation of the firm in the following years.