Background: Recent business paper articles observe that stocks soar when there is a change in ownership. The clothing company JC climbed 26% when it was announced Torsten Jansson had increased his holdings. Daydream, a computer game developer, followed this trend increasing its market value by 17% on the news that TA Capital had increased its hold-ings. In these examples, the market learned of the changes in ownership through a press release created by the acquiring entity. These pieces of news, also known as ownership disclosures, is the target of this thesis. Purpose: The purpose of this thesis is to investigate whether ownership disclosures result in abnormal stock price changes. Furthermore, the aim is to find out if there are any differ-ences in returns depending on who announced the ownership disclosure. In order to fulfil this purpose, a quantitative approach was used. Method: A random sample of 160 ownership disclosures is gathered. 77 of these are classified as passive- and 83 as active investors. For each of these pieces of news, 183 days of historical stock price data is retrieved. This data is then parsed through the market model event-study framework. Findings: Graphically analyzing the whole sample indicates that the market is not efficient in its strong form. The same is true when dividing the sample into passive- and active investors. Statistically, an abnormal return is confirmed for the active investors, but not for the whole sample or the passive investors. Conclusion: By looking at the price change effects of ownership disclosures, the Stockholm Stock Exchange O-list is determined to be efficient at the semi-strong level. The anomaly caused by active investors leads to the possibility of making a profit of 2.70% between day -1 and day +1 relative to the day of the ownership disclosure being sent out. It should be noted, though, that transaction costs and taxes are not taken into consideration.

Denna uppsats syftar till att beskriva och analysera styrningen av det offentliga kulturstödet samt hur detta påverkar organiseringen och verksamheten hos fria kulturorganisationer. En teoretisk utgångspunkt tas i de förändringar av den offentliga verksamhetens styrning och kontroll, som pågått sedan 1980-talet och som av forskarvärlden samlas under begreppet New Public Management. Studien är avgränsad till Stockholms stads kulturstöd; verksamhetsstödet, projektstödet och den år 2008 införda så kallade incitamentsstrukturen. Studien, som är en flerfallsstudie, är också avgränsad till fyra fria kulturorganisationer. Med fria kulturorganisationer menar vi organisationer som är sin egen huvudman och vars verksamhet inte syftar till att generera vinst. Organisationerna i studien är Biografteatern Rio/Framtidens Mötesplats AB, Dramalabbet, Musikföreningen Fritz’s Corner samt Orionteatern AB. Empirin bygger främst på intervjuer med representanter för dessa kulturorganisationer samt en intervju med en handläggare på Stockholm stads kulturförvaltning. I studien framkommer bland annat att Stockholms stads fördelning av verksamhets- och projektstöd fortfarande i första hand baseras på kvalitativa bedömningar av de sökande och deras verksamheter även om ansökningshandlingar blivit mer och mer kvantitativt inriktade i sin utformning. Införandet av incitamentsstrukturen har lett till en förändrad instrumentell syn på kulturen och kulturpolitiken, med ett ökat fokus på att företagisera den fria kulturlivet. Studien visar upp en bild av att Stockholms kulturpolitik under den senaste mandatperioden blivit mer polariserad. Där det tidigare rått en generell samsyn kring kulturpolitiska satsningar har det under den senaste mandatperioden, och framför allt kopplat till införandet av incitamentsstrukturen, skapats en tydligare kulturpolitisk skillnad mellan de politiska blocken. I studien framkommer också att kulturorganisationernas finansieringstradition, som bland annat är kopplat till hur det offentliga anslagen ser ut, starkt har påverkat verksamheternas organisering, bland annat syns detta i att organisationerna utvecklat ett managementstyre. Organisationerna i studien skiljer sig i hur starkt deras verksamhet är beroende av offentliga medel. En sak som framkommer är dock att samtliga verksamheter på något sätt skulle behöva ändra sin grundläggande konstnärliga inriktning om stödet skulle försvinna.

Uppsatsens titel: Stockholm – the fashion capital of Scandinavia? En studie i strategiskplanering utifrån detaljhandelns företagsperspektiv, i samverkan med turismsektorn. Kurs: Kandidatuppsats i företagsekonomi, inriktning marknadsföring, 15 hp, StockholmsUniversitet Författare: Linda Holdo, Hanna Jäderholm och Mariah Lindborg Handledare: Doktorand Andrea Lucarelli Nyckelord: Detaljhandeln, turismsektorn, strategisk planering, varumärkesbyggande,destination, detaljhandelsmarknadsföring, Stockholms stad Problemformulering: Handeln vill nyttja den växande turismsektorn för att vinnamarknadsandelar. Problematiken för detaljhandeln är avsaknad av strategisk planering, isamverkan med turismsektorn, som bottnar i bristande kunskap och erfarenhet. Syfte: Syftet är att skapa ett förslag på strategisk planering som detaljhandelsföretagen, i samverkan med turismsektorn, kan använda för att fylla det praktiska gap som i dagsläget existerar. Metod: Studien har genomförts med 12 stycken kvalitativa semistrukturerade intervjuer med relevanta personer inom respektive bransch. Deltagande i två seminarier samt granskning av fyra rapporter utgör primärdata. Sekundärdata är baserad på vetenskapliga artiklar samt litteratur. Tolkning av insamlad data har gjorts utefter en hermeneutisk ansats. Teori: Teoridelen utgörs av litteraturgenomgång följt av teoretisk referensram. Litteraturgenomgången presenterar citymarknadsföring utifrån ett destinationsperspektiv. Teoretiska referensramen behandlar huvudämnet strategisk planering med anledning att skapa en tillförlitlig strategisk modell ur ett företagsperspektiv. Därefter redogörs faktorer som ligger till grund för strategisk planering. Därefter redovisas varumärkesbyggande med fokus på image och- identitetsskapande samt skapande av kundvärde ur ett företagsperspektiv. Ämnet fördjupas sedan i detaljhandelns värdekedja, kunddrivet värdesystem, kundlojalitet ochrelationsmarknadsföring samt upplevelser som en betydande faktor för detaljhandeln. Slutsats: Slutsatsen består av en modell för detaljhandelns strategiska planering. Modellen inleds med definiering av målgruppen. Därefter kartläggs turistgruppens behov samt lösning inom respektive kärnaktivitet i företaget. Nyttjande av strategin resulterar i en tillfredsställd kund, vilket kan generera ekonomiska fördelar, public relations samt marknadsandelar. Det krävs att en aktör tar övergripande ansvar för att verkställa den strategiska planeringen och skapa tydlig kommunikation mellan detaljhandelsbranschen och turismsektorn. / Thesis titled: Stockholm – the fashion capital of Scandinavia? A study in strategic planningbased on retail company perspective, in collaboration with the tourism sector. Course: Bachelor thesis in Business Administration, focus on marketing, 15 credits, Stockholm University School of Business Author: Linda Holdo, Hanna Jäderholm and Mariah Lindborg Supervisor: PhD Andrea Lucarelli Keywords: Retail, tourism sector, strategic planning, brand building, destination, retail marketing, Stockholm city. Problem: The trade want to utilize the growing tourism sector in order to gain market share. The problem for retailers is the lack of strategic planning. Purpose: The aim is to create a proposal on strategic planning that retail companies, in collaboration with the tourism sector, can use to fill a practical gap that currently exists. Method: The study was conducted with 12 pieces of qualitative semi-structured interviews. Participation in two seminars and examining four reports provides the primary data. Secondary data are based on scientific papers and literature. Interpretation of the collected data has been made along a hermeneutical approach. Theory: The theory part consists of a literature review followed by a theoretical framework.The literature review presents city marketing from a destination perspective. Theoretical framework addresses head of strategic planning with the need to create a reliable strategic model from a business perspective. Then outlines factors that form the basis for strategic planning. Brand building is recognized as a factor with focus on image and identity. It then looks at the creation of customer value from a business perspective. The subject deepened with the retail value chain, customer grated value systems, customer loyalty and relationship marketing and experiences as a significant factor for retailers. Conclusion: The conclusion consists of a formed strategic model containing factors that are considered important for retailers future strategic planning. The model starts by mapping the definition of the target audience. Then the tourist group demand is mapped in a needs assessment in each core activity of the company. Along the client's needs a solution. Use of the strategy result in customer satisfaction, which can generate economic benefits, public relations and market share. It requires that an operator takes an overall responsibility for the execution of the strategic planning and creating clear communication between the retail and tourism sectors.

Följande uppsats undersöker hur svensk utbetalningspolitik har utvecklats under åren 1992-2012. Urvalet består av de företag som under våren 2014 var noterade på Stockholmsbörsens “Large”, “Mid” eller “Small Cap” lista. Återköpens andel av den totala utbetalningsandelen visar sig inte vara lika hög som andra internationella studier har visat. Det är istället utdelningarna som utgör merparten av de totala utbetalningarna. Däremot så har andelen företag som enbart delar ut minskat trots att utdelningarna ökat, vilket också styrks av resultat från tidigare studier. Lägre nettoresultat under finanskrisen följs av minskade utbetalningar under 2008-2009. Återköpen minskar under denna period markant till att i stort sätt utebli, vilket bekräftar tidigare studier. / This paper provides evidence on Swedish payout policy during the past 20 years (1992-2012). The sample data consists of companies that were listed on Stockholm Stock Exchange (SSE) “Large”, “Mid” or “Small Cap” list during spring 2014. We show that repurchases of shares still represents a small proportion of the total payout, which contradicts results from other international studies. The dividends therefore still constitute the bulk of the total payments. We document a drop in net income during the financial crisis followed by reduced payments during 2008-2009. Repurchases decrease significantly during this period to virtually absent; confirming previous studies that argue that repurchases are a more flexible payout method than dividends.

South Africa ratified the Stockholm Convention (SC), which became legally binding on 17 May 2004. This Convention targets 12 particularly toxic persistent organic pollutants (POPs) for virtual elimination. The Convention also requires parties to reduce the release of organochlorine pesticides and the intentionally- and unintentionally-produced POPs such as dioxins, furans and polychlorinated biphenyls (PCBs) (referred to as dioxin-like chemicals). Dioxins are a heterogeneous mixture of chlorinated dibenzo-p-dioxins and dibenzofurans (PCDD/Fs) congeners. These substances were never intentionally produced but are produced as by-products of industrial processes (such as metallurgical processes and bleaching of paper pulp). They can also be formed during natural processes such as volcanic eruptions and forest fires. The largest contributor to releases of PCDD/Fs in the environment is incomplete combustion from waste incinerators leading to the unintentional production of these compounds. Polychlorinated biphenyls (PCBs) are used in transformers and capacitors, but can also be formed unintentionally during industrial and thermal processes. Dioxin-like chemicals (PCDD/Fs and/or PCBs) are classified as persistent because of the following characteristics: lipophilicity and hydrophobicity; resistance to photolytic, chemical and biological degradation and they are able to travel long distances. As South Africa is a semiarid region, POPs will be less prone to travel here because these substances favour colder regions with high soil organic matter. Fish, predatory birds, mammals (including humans) absorb high concentrations of POPs through the process of bio-concentration, leading to bio-accumulation of these substances in the fatty tissue. PCDD/Fs occur as unwanted trace contaminants in air, water, land, in residues and products (such as consumer goods e.g. paper and textiles). The distribution of these chemicals into various matrices is problematic since they cause damage to the environment and human health. These chemicals pose a threat to human health when found in high concentrations that may lead to acute hepatoxicity and dermal toxicity (chloracne). Long-term exposure to low concentrations of these substances might lead to chronic effects such as reproductive problems and carcinogenicity. Since ferrous and non-ferrous metal production is a source of dioxin-like chemicals, a platinum mine in the Limpopo Province, South Africa, was selected for this investigation. The aim of the study was to determine if there are dioxin-like chemicals associated with platinum mining and processing, and if the H4IIE reporter gene bio-assay could be used to semi-quantify and assess the potencies of the complex environmental and process samples by determining their Toxic Equivalency Quotients (TEQ). The implications of the sources to the formation of dioxin-like chemicals regarding the SC were investigated and recommendations were made to improve this study. Samples were collected from tailings dams, woodchips, a dumpsite and slag from the smelter at Union Section. Samples were extracted with the Soxhlet apparatus using hexane as solvent. The percentage total organic carbon (%TOC) was determined for each sample to normalise the data. The method used was the Walkley-Black method. In determining the TEQ of each sample, the H4IIE luc cell line was used. The cells of the H4IIE luc line are genetically modified rat hepatoma cells stably transfected with a luciferase firefly gene. The luciferase gene is activated by the presence of dioxin-like compounds and the concentration of the enzyme is measured as relative light units (RLUs). The amount of RLUs is directly proportional to the dioxin load in the extract. This method is rapid, cost and time-effective in determining the TEQ when compared to chemical analysis. The TEQ2o-valuesin the various samples, as determined with the H4IIE luc cell line, ranged from 0.007 ngTEQ/kg to 54.06 ngTEQ/kg. Thermal processes at the smelter, sorption of hydrophobic organic compounds (HOCs) to soil and tailings, and external sources such as anthropogenic activities contributed to high TEQ2o-values. Climatic conditions, wind, precipitation, and solubility of HOCs into surfactants lead to low TEQ20. The smelter at Union Section had a very high TEQ20of 44.62 ngTEQ/kg compared to Impala Platinum mine (5.15 ngTEQ/kg). This implies that workers at Union Section are possibly exposed to low and high concentrations of dioxin-like chemicals. Long-term exposure to these compounds could lead to bio-accumulation in the fatty tissue of the mine workers, leading to chronic effects such as reproductive problems and cancer. The air emission of the furnace at the smelter was 0.03 gTEQ/annum and the release of the PCDD/Fs into the slag was 0.60 gTEQ/annum. By effectively managing the smelter it is possible to reduce the TEQ. The TEQ of each sample increased due to normalising the data. The normalised TEQ20 ranged from 0.94 ng TEQ/kg to 42497.48 ngTEQ/kg. Dioxin-like chemicals are present on a platinum mine, but at varying quantities and the effects of these compounds might be detrimental to the environment and the workers at the platinum mine. Further analyses of the health impacts associated with the platinum mine are needed. The H4IIE reporter gene bio-assay could be used to effectively determine the TEQ of each sample. Although this investigation has identified the formation and presence of dioxin-like chemicals at certain stages of mining and processing, not all of the processes were investigated. Some of these processes have the potential to add, and even destroy, these chemicals, affecting potential human exposure and amounts released to the environment. This, however, requires further investigation. The financial assistance of the National Research Foundation (NRF) towards this research is hereby acknowledged. Opinions expressed and conclusions arrived at, are those of the author and are not necessarily to be attributed to the NRF. / Thesis (M. Environmental Science)--North-West University, Potchefstroom Campus, 2006.

<p>Bilaga: 1 CD.</p>

Redovisningsskandaler runt om i världen har medfört ett ökat intresse från lagstiftare och akademiker för ledares kontroll över finansiell rapportering. För intressenter är det viktigt att den redovisade informationen återspeglar den ekonomiska verkligheten. Tidigare forskning rapporterar att beteendeskillnader existerar mellan kvinnor och män. Studiens syfte är att analysera samband mellan kön och resultatmanipulering, vilket definieras som att en högre (lägre) grad av resultatmanipulering leder till sämre (bättre) grad av överensstämmelse mellan ett bolags resultatredovisning och bolagets ekonomiska verklighet. Tidigare forskning som undersökt detta har producerat inkonsekventa resultat både vad gäller kön hos finansdirektörer och vd:ar och dessas samband med resultatmanipulering. I ett urval om 518 räkenskapsår dragna från Stockholmsbörsens Large Cap mäter vi detta samband med två olikaregressionsmodeller. Modellerna visar inget samband mellan kvinnliga vd:ar ochresultatmanipulering. Enbart en av modellerna visar ett negativt samband mellankvinnliga finansdirektörer och resultatmanipulering. Slutsatsen är att kvinnligafinansdirektörer och vd:ar inte resultatmanipulerar mindre än manliga finansdirektörer och vd:ar på Stockholmsbörsen. / Financial accounting scandals throughout the world have led to an increased interest, among legislators and scholars, for managers’ control over financial reporting. For stakeholders, it is important that the reported financial information reflects the underlying economic reality. Earlier research report differences in behavior between women and men. The purpose of this study is to analyze correlations between gender and earnings management, which we define as: A higher (lower) level of earnings management implies a worse (better) conformity between some firm’s reported earnings and the economic reality of said firm. Earlier research studying this subject have produced inconsistent findings on the impact of CFO and CEO gender on earnings management. We measure this correlation, using two different regression models, in a sample of 518 financial years, drawn from the Large Cap list of the Nasdaq Stockholm stock exchange. These models do not show any correlation between CEO gender and earnings management in this sample. Only one of the models shows a negativecorrelation between female CFOs and earnings management. We conclude that female CFOs and CEOs do not manage earnings any differently than their male counterparts, in firms listed on the Nasdaq Stockholm stock exchange.

The municipality of Stockholm has released a proposition to battle the increase of pollutants and unwanted noise from transportation in the city of Stockholm. The proposition suggests that Stockholm should implement environmental zones within the city’s tolls. The strategy would promote an electrification of the transportation fleet, starting in year 2020. Currently the proposition includes emissions and noise but disregards the effect from an electrification of the vehicles within the zones. This master thesis investigates the effect an electrified car fleet would have on the electric power grid within the suggested environmental zones. By choosing two local areas in Stockholm electric vehicle charging has been added to the existing power load on the grid in order to evaluate the strain from the vehicle charging. The thesis also investigates the added power consumption based on a complete electrification of the cars within the city tolls. The results indicate that both of the local grids have the capacity to bear the extra load but that the marginal between the power peak and maximum capacity could decrease lifetime expectancy on the power equipment. A complete electrification of all vehicles would mean an 7 % increase of the yearly energy consumption within the tolls.

BAKGRUND: Investerare har försökt slå marknaden så länge kapitalmarknader har funnits. En investeringsstrategi som använts är ”Dogs of the Dow”. Investeringsstrategin bygger på att investera i de bolagen med högst utdelningsandel. Vedertagna ekonomiska teorier förespråkar även att investeringar i stabila utdelningsbolag ger möjlighet att generera riskjusterad överavkastning. Det finns idag motstridiga bevis från olika aktiemarknader huruvida det går att skapa riskjusterad överavkastning genom placeringar i högutdelande bolag. SYFTE: Syftet med studien är att undersöka om det går att skapa högre riskjusterad avkastning än SIX Return Index (.SIXRX) genom att placera i de aktierna med högst direktavkastning på Stockholmsbörsen. Vidare syftar studien att undersöka både huruvida ”Dogs of the Dow”- strategin och en investeringsstrategi i stabila utdelningsbolag kan generera riskjusterad överavkastning jämfört med index på Stockholmsbörsen. GENOMFÖRANDE: Det skapas två portföljstrategier där den ena utgår från ”Dogs of the Dow” och den andra utgår från placeringar i stabila utdelningsaktier. Studien är en kvantitativ undersökning där data samlas in från välrenommerade databaser. Portföljerna innehåller tio bolag som rebalanseras varje år för att sedan justeras för risk och transaktionskostnader. SLUTSATS: Studien presenterar inga bevis för att det går att skapa riskjusterad överavkastning med utgångspunkt i ”Dogs of the Dow”-strategin på Stockholmsbörsen. Däremot visar studien att det med hjälp av placeringar i stabila utdelningsbolag går att skapa riskjusterad överavkastning på Stockholmsbörsen men utan statistiskt signifikans. / BACKGROUND: Investors have been trying to beat the market for as long as capital markets have existed. An investment strategy used to outperform the market is “Dogs of the Dow”. The investment strategy is based on investing in the companies with the highest dividend yield. Economic theories argue that investments in companies with stable dividend payouts are able to create risk-adjusted excess returns. There are contradictory evidence from different markets whether it is possible to earn risk-adjusted excess return through high-yield investments. PURPOSE: The purpose of the study is to investigate whether it is possible to earn higher risk- adjusted returns than the SIX Return Index (.SIXRX) through investing in the highest dividend yield companies on the Stockholm Stock Exchange. The study aims to investigate whether the “Dogs of the Dow” strategy and an investment strategy in companies with stable dividend payouts can generate risk-adjusted excess return compared to the SIX Return Index. COMPLETION: There are two portfolio strategies, one of which is based on ”Dogs of the Dow” and the other is based on investments in companies with stable dividend payouts. The quantitative study collects data from reputable databases. The portfolios contain ten companies that are rebalanced each year and the returns are adjusted for risk and transaction costs. CONCLUSION: The study presents no evidence that it is possible to earn risk-adjusted excess return with the “Dogs of the Dow” strategy on the Stockholm Stock Exchange. However, the study shows that investments in companies with stable dividend payouts can earn risk-adjusted excess return on the Stockholm Stock Exchange but without statistical significance.

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.