This master thesis considers and evaluates a few different risk models for stock portfolios, including an ordinary sample covariance matrix, factor models and an approach inspired from random matrix theory. The risk models are evaluated by simulating minimum variance portfolios and employing a cross-validation. The Bloomberg+ transaction cost model is investigated and used to optimize portfolios of stocks, with respect to a trade off between the active risk of the portfolio and transaction costs. Further a few different simulations are performed while using the optimizer to rebalance long-only portfolios. The optimization problem is solved using an active-set algorithm. A couple of approaches are shown that may be used to visually try to decide a value for the risk aversion parameter λ in the objective function of the optimization problem. The thesis concludes that there is a practical difference between the different risk models that are evaluated. The ordinary sample covariance matrix is shown to not perform as well as the other models. It also shows that more frequent rebalancing is preferable to less frequent. Further the thesis goes on to show a peculiar behavior of the optimization problem, which is that the optimizer does not rebalance all the way to 0 in simulations, even if enough time is provided, unless it is explicitly required by the constraints.

Uppsatsen syftar till att undersöka huruvida införandet av investeringssparkontot har orsakat lägre transaktionskostnader och således ökat sparande i noterade aktier hos svenska hushåll. För att undersöka införandet av investeringssparkontot i Sverige har en kontrollgrupp skapats med länder som hittills inte infört någon liknande kontoklass. Uppsatsen utgår ifrån kvartalsvisa observationer hos Sverige och kontrollgruppen under perioden 2000–2020. I syfte att studera resultatet har en difference-in-difference metod använts som jämfört Sveriges utveckling mot ett viktat snitt av länder i en kontrollgrupp. Kontrollgruppens utveckling ger en indikation om hur hushållens sparande i Sverige hade utvecklats utan investeringssparkontot. Uppsatsen finner ingen statistisk signifikans att de svenska hushållens sparande i aktier ökat relativt kontrollgruppen efter införandet av ISK. Däremot finns en deskriptiv tendens för ökat sparande vilket kan vara intressant för framtida studier. / The purpose of this thesis is to determine whether adopting “investment savings account” has led to lower transaction costs and thus increased the level of savings in publicly traded stocks in Swedish households. To examine this relationship, a control group consisting of several different countries with no clear counterpart has been created. The data contains quarterly observations from the period 2000 - 2020. A difference-in-difference method has been applied to observe the results from Sweden in contrast to the weighted average of the control group. The development of the control group gives an estimate of Sweden´s savings without the treatment. The study concludes that Swedish households has no significant increase in stock savings relative to the control group, however it shows a descriptive tendency for an increase in savings that could be relevant for future research.

Since the early 1980's there has been a heightened academic interest in the field of commitment, particularly as it relates to business relationships. Knowledge of commitment continues to advance and has begun splintering and applied into specific and narrow fields. The particular field of interest in this study surrounds commitment levels in business relationships within property and casualty insurance distribution networks. The intent of understanding and enhancing commitment levels is to allow stakeholders to explore new ways to improve profitability. This can be achieved by deepening the level of understanding and knowledge of relationship partners with a view to anticipating and fulfilling their needs better than the competition. However, commitment is intangible and involves many factors including human emotion. This increases the difficulty in comprehending the whole phenomenon of commitment. To assist in furthering the knowledge in this area, transaction cost theory is examined and applied to insurance company and broker relationships. In seeking a greater understanding of the underlying drivers of commitment, this thesis investigates the theoretical contribution of transaction cost economics theory in assessing commitment levels. The purpose is to utilize the elements of transaction costs as a means to extend the awareness of how commitment is constructed, and to search for ways to improve and strengthen these relationships. The primary research method consists of three major case studies within the Canadian property and casualty insurance distribution sector. The first case study explores the perspectives of insurance brokers in Ontario. The second study reveals the perceptions of relationship managers employed with ING Canada, the country's largest property and casualty insurance company. Lastly, the research incorporates a series of interviews with ING Canada senior executives to capture their perspectives and validate the research findings from the first two case studies. These investigations into the Canadian insurance industry have provided several outputs, chief among them is the development of a conceptual model referred to as the 'Commitment Wheel'. This model has the advantages of seating affective and calculative commitment at the centre of a moving environment of commitment enablers.

In this paper, we present empirical results from the Swedish equity market when testingdifferent strategies aiming at enhancing the performance of a momentum strategy, over a timeperiod from 2000 to 2021. Similar to research conducted on other markets, we find theexistence of a momentum premium on the Swedish equity market, but with a return that is fattailed and negatively skewed. We show that forming momentum portfolios by ranking stockson the residual return instead of total return increases the Sharpe ratio and reduces the excesskurtosis and skewness. Furthermore, managing volatility by scaling the exposure to the twomomentum styles increases performance of both, but most notably for the traditionalmomentum factor. Assessing the high average returns in relation to the high turnover of theportfolios, we find it likely for the net return after accounting for transaction costs to bestatistically significant based on research on factor strategies and limits to arbitrage. / Denna uppsats undersöker ett antal momentumstrategier på den svenska aktiemarknaden övertidsperioden åren 2000 till 2021. I linje med tidigare forskning visar vi på enmomentumeffekt, där aktier som presterat bättre (sämre) relativt andra under föregående årtenderar att prestera bättre (sämre) även i kommande månader. Vi visar attmomentumportföljer som rankar aktier utifrån dess idiosynkratiska avkastning underföregående tidsperiod förbättrar den riskjusterade avkastningen i jämförelse med dentraditionella momentumfaktorn. Förbättring visas även i en ökad symmetri med en minskadsannolikhet för extrema negativa utfall, ofta benämnt som ”tail risk” i sammanhanget. Vidareundersöks riskstrategier som låter exponeringen mot faktorportföljerna variera baserat påhistorisk volatilitet och resultatet visar på en förbättring, främst för den traditionellamomentumfaktorn. Baserat på portföljernas höga medelavkastning över tidsperioden och denmånatliga omsättningen finner vi det troligt att den positiva avkastningen förblir statistisktsignifikant efter hänsyn tagits till transaktionskostnader.

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Previous studies have found a positive association between the costs of switching providers and market power in the banking sector. We believe a similar association exists in the Swedish home insurance industry, given that Finansinspektionen's (2022) previous findings indicate price walking, a premium paid by loyal customers, is prevalent in the market. We therefore investigate whether there exists a positive association between switching costs and market power in the Swedish home insurance market using a panel data approach between the years of 2012-2022. We employ Shy's (2002) measure to estimate switching costs and the Lerner index to estimate market power. The results reveal a statistically significant association between switching costs and market power, indicating that reducing switching costs could help reduce market power, potentially benefiting consumers. These results are robust between model choices, period, and measure of price and costs. The findings also imply that decreases in switching costs could lower consumer prices by increasing competition and reducing profit margins. To reduce switching costs, we propose investigating the effects of standardizing insurance policies for easier comparison and exploring the potential effects of discouraging cumulative discounts that deter customers from changing providers.

Previous studies have found a positive association between the costs of switchingproviders and market power in the banking sector. We believe a similar associationexists in the Swedish home insurance industry, given that Finansinspektionen’s(2022) previous findings indicate price walking, a premium paid by loyal customers,is prevalent in the market. We therefore investigate whether there exists a positiveassociation between switching costs and market power in the Swedish homeinsurance market using a panel data approach between the years of 2012-2022. Weemploy Shy’s (2002) measure to estimate switching costs and the Lerner index toestimate market power. The results reveal a statistically significant association betweenswitching costs and market power, indicating that reducing switching costscould help reduce market power, potentially benefiting consumers. These resultsare robust between model choices, period, and measure of price and costs. Thefindings also imply that decreases in switching costs could lower consumer pricesby increasing competition and reducing profit margins. To reduce switching costs,we propose investigating the effects of standardizing insurance policies for easiercomparison and exploring the potential effects of discouraging cumulative discountsthat deter customers from changing providers.

Thesis (MAgricAdmin)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Transaction cost economics has travelled a difficult and long path to general acceptance in current economic opinion. The general theory of transaction cost has however developed in various paradigms with little or no empirical backing. It is mostly the difficulty of measurement that caused economists to shy away from empirical testing and rather, to quote Coase (1992), "to write in prose". The last 10 years there has been a renewed thrust for the empirical measurement of transaction cost. This study is an attempt to measure transaction cost by using case study data gathered in the run of the NOLIDEP study in the meat markets of the Northern Communal areas of Namibia. Until recently the method of data analysis that has been used in most empirical studies was variations of the regression technique. Regression as a tool is most useful in economics, giving quick answers and general trends to the researcher. It is however a technique that is linear in nature and therefore some information in the data will always be sacrificed. In general- and multi industry surveys this do not pose a great problem as general trends can usefully be applied in making policy recommendations. In smaller and especially rural industries this is not the case. The dynamic interactions within the industry and its dynamic linkages with the rest of the economy will surely be underrated when using a linear method. Consequently, a non-linear technique was applied in this study - the Non-linear Dynamic Model. This model gave the interactions between all variables enabling one to describe the dynamics of the market. As mentioned elsewhere the first aim of this study was to measure transaction cost so that the second aim could be fulfilled. The second aim of this study was to prove that transaction cost has an important influence on marketing channel decision. The analysis of the data satisfied the above two aims: Firstly it showed that it was possible to measure transaction cost. Secondly that transaction cost has a large and sometimes overriding influence on marketing channel decisions. A third and last point that became apparent was that a non-linear method of data analysis allows for better description of a dynamic market. / AFRIKAANSE OPSOMMING: Dit het 'n lang tyd gevat vir transaksie koste om as konsep in ekonomie aanvaar te word. Die algemene teorie van transaksie koste het egter ontwikkel binne verskeie paradigmas sonder werklike empiriese ondersteuning. Dit is meestal die meting van transaksie koste wat empiriese werk in die rigting belemmer het. Daar is egter in die laaste 10 jaar hernude pogings gewees om transaksie koste empiries te meet. Hierdie studie is 'n poging om transaksie koste te meet deur gebruik te maak van data wat verkry is gedurende die NOLIDEP studie in die noordelike kommunale gebiede van Namibia. Tot onlangs was die metode van data analise vir empiriese studies variasies op die regressie tegniek. As 'n hulpmiddel is regressie baie bruikbaar in ekonomie waar vinnige antwoorde en algemene tendense verwag word. Die tegniek is egter inhirent liniêr en daarom sal daar altyd interpretasies rondom data opgeoffer word. In algemene studies is dit egter nie 'n probleem nie en kan voldoende beleids aanbevelings gedoen word. Dit is egter nie die geval in kleiner en plantelandse industriëe nie. Die dinamiese interaksies binne die industrie en die dinamiese skakels met die res van die ekonomie word dan onderskat met die gebruik van 'n liniêre metode. Daarom is 'n nie-liniêre metode gebruik, die Non-linear Dynamic Model. Die model neem die interaksie tussen veranderlikes in ag wat die beskrywing van dinamika moontlik maak. Soos reeds genoem is die eerste doel van die studie om transaksie koste te meet sodat die tweede doelwit van die studie bereik kan word. Die tweede doel is om te bewys dat transaksie koste bemarkingskanaai besluite bëinvloed. Die data analise het beide bogenoemde doelwitte bevredig. Eerstens dat transaksie koste meetbaar is. Tweedens dat transaksie koste 'n groot en selfs oorweldigende effek het op bemarkingskanaai besluite. 'n Derde punt wat sterk na vore gekom het is dat nie-liniêre metodes 'n beter beskrywing van dinamika toelaat.

本研究定位為探索性(exploratory)研究，所欲探討的問題為「組織中人際信任之形成」。其中包含組織中人際信任如何形成？組織中人際信任在何種系絡(context)下形成？以及組織中人際信任在其所處的系絡中形成之後，呈現出什麼風貌？研究目的在於理解人際信任形成之過程，組織系絡對於形成組織成員之間的信任之影響，以及有助於組織建立適當的人際信任。 本研究從個人與系絡的層次上探討組織中人際信任的形成，理論基礎為社會交換理論與交易成本理論。首先，由人際信任的形成開始探究，討論人際信任形成的過程，而後導出一個人際信任形成的概念架構；其次，將人際信任的形成置於組織成員的人際系絡下探討，藉由理論基礎以發掘出人際信任的型式，並透過探討組織中人際系絡的影響，以說明組織中人際信任所形成的各種型式；最後，於結論中提出本研究的發現：組織中人際信任的形成過程分為預設、預測、及評估三階段，組織中人際信任的形成受到權威系絡與關係系絡的影響，不同的行動值預測導致相異的信任程度，組織中人際信任具有移轉性，且據此提示管理者、一般組織成員、以及人力資源實務工作者，有關組織中人際信任形成所帶來的啟示。 / Designed as an exploratory study, this study attempted exploring the formation of interpersonal trust within organizations, including how and which context is interpersonal trust within organizations formed, and what is it after being formed. The purposes of the study were to realize the process of forming interpersonal trust within organizations, the influence of forming trust within organizational members in organizational contexts, and to wish to be useful to built appropriate interpersonal trust within organizations. The study based on social exchange theory and transaction costs theory explored the formation of interpersonal trust within organizations at individual and contextual level. At first, the study discussed the formation of interpersonal trust , which put emphasis on the process of forming interpersonal trust, and thereby evolve into a conceptual framework of forming interpersonal trust. Moreover, the formation of interpersonal trust were discussed in interpersonal contexts within organizational members, found four types of interpersonal trust through literature review, and then examine types of interpersonal trust within organizations with discussing the influence of interpersonal contexts within organizations. In conclusion, the findings of the study were that (1) presumption , prediction, and evaluation consist of the forming process of interpersonal trust within organizations, (2) guanxi and authority contexts affect the forming process of interpersonal trust within organizations, (3) different action predictions lead to different levels of trust, and (4) interpersonal trust within organizations can be transferred to another specific organizational member. Besides, it had implications for supervisors, usual organizational members, and HR workers.

Which form of exchange governance performs better in a dynamic environment? This remains an unanswered question in the transaction cost analysis (TCA) and relational exchange literatures. Some researchers purport that transactional governance provides superior performance by providing firms the flexibility to change suppliers. Others suggest that relational governance leads to superior performance because of the willingness of both parties to adapt. Reviews of TCA have turned up ambivalent empirical findings with regard to the effects of uncertainty despite a track record of strong empirical support for other predictions. Because most of TCA and relational exchange theories' predictions enjoy strong support, this research builds upon these theories to propose a theoretical modeling framework for a dynamic environment in a supply chain network (SCN) setting. This dissertation extends TCA and relational exchange to a dynamic, network environment. It uses the approach of building a simulation in order to study in detail the relationship between key exchange factors and the selection of transactional and relational exchange governance over time. This research effort extended TCA theory with a complex adaptive model of supply chain network governance evolution that attempts to link environmental, network, production, firm and exchange factors in a continuously evolving loop. The proposed framework expands transaction cost analysis' explanatory power. Results partially support past scholarly proposal that uncertainty functions as an antecedent of asset specificity rather than as an independent construct affecting governance outcome dependent upon which form of uncertainty is being considered. The successful simulation of supply chain networks as complex adaptive systems shift the focus from deterministic, confirmatory models of exchange to an exploratory, positive model. Instead of exchange governance as an outcome, it is the catalyst of the evolutionary process.