Syftet med studien är att undersöka ifall det finns ett samband mellan företagens aktielikviditet och deras utdelningspolicy samt hur detta eventuella samband förefaller. Det undersöks utifrån forskningsfrågan “Hur påverkar aktielikviditet den eventuella utdelningen hos svenska aktiebolag?”. Aktielikviditet är ett begrepp som beskriver hur likvid en aktie är, det vill säga hur ofta den säljs och köps på börsen (Banerjee et al. 2007). En aktie med hög aktielikviditet är därför lättare att sälja än en aktie med låg aktielikviditet (ibid). Inom tidigare forskning har aktielikviditet undersökts och huruvida detta påverkar företags utdelningspolicy på den amerikanska respektive kinesiska marknaden och påvisat att det finns ett samband mellan dessa (Banerjee et al. 2007; Jiang et al. 2017). Deras samband var däremot tvärtemot varandra (ibid), varför det är intressant att undersöka hur sambandet förefaller på den svenska marknaden.   Hur likvid en aktie är påverkar aktieägarnas likviditetsbehov, då de lättare kan sälja en aktie med hög aktielikviditet och på så sätt skapa sig en “hemmagjord” utdelning (Banerjee et al. 2007). Tvärtom har en aktieägare som innehar mindre likvida aktier svårare att sälja dessa och är därmed i större behov av en generös utdelningspolicy för att tillfredsställa sitt likviditetsbehov (ibid). En generös utdelningspolicy är konsekvent med teorin Shareholder Value Maximization (Bento et al. 2016), vilken är central i denna studie. Teorin handlar om att företag kontinuerligt ska sträva efter att maximera värdet för aktieägarna (ibid).    Forskningsfrågan har undersökts utifrån en kvantitativ ansats med tvärsnittsdata i en multipel regressionsanalys. Inför undersökningen konstruerades antagandet att börsnoterade aktiebolag på den svenska marknaden är mer benägna att betala utdelning när de har låg aktielikviditet jämfört med hög aktielikviditet. Antagandet utformades med utgångspunkt i tidigare forskning. Studiens empiri kunde bekräfta detta antagande, även om sambandet var svagt. Det samband som återfanns kunde kopplas samman med relevanta teorier som signaleringshypotesen och Shareholder Value Maximization och därigenom visa att aktielikviditet har en betydelse för aktieägare och företags utdelningspolicys. / This paper aims to investigate whether there is a relationship between stock liquidity and companies’ dividend policy and if there is, how this relationship appears. Stock liquidity shows how liquid a stock is which means how often it is traded on the Stock market (Banerjee et al. 2007). A stock with high liquidity is easier to sell than a stock with low liquidity because the more liquid a stock is, the higher the demand (ibid). Previous research on the American and Chinese markets has found a connection between stock liquidity and dividend policies (Banerjee et al. 2007; Jiang et al. 2017), though this connection has appeared differently in each research project. This makes the subject interesting to investigate further and on other markets such as the Swedish market.   Stock liquidity has an impact on stockholders’ liquidity needs because owners of more liquid shares can sell their shares to create “homemade” dividends (Banerjee et al. 2007). Therefore, shareholders of less liquid stocks must rely heavily on dividends to satisfy their liquidity needs and has a larger interest in a generous dividend policy (ibid). A generous dividend policy is consistent with the theory Shareholder Value Maximization (Bento et al. 2016), which is a central part of this paper. The theory expresses that a company's main goal should always imply maximizing the value for their shareholders (ibid).   To answer this essay´s research question “How does stock liquidity impact the eventual dividend within companies listed on the Swedish stock market?”, this paper uses a quantitative approach with cross-sectional data in a multiple regression analysis. An assumption on the outcome of the analysis was deduced from earlier research. The assumption was that Swedish companies with low stock liquidity would be less inclined to initiate dividends than companies with high stock liquidity. This paper could confirm the assumption earlier described, but the conjunction was rather weak. The relationship found between stock liquidity and dividend policy could relate to theories such as Shareholder Value Maximization and the Signalling hypothesis. Therefore, this paper could confirm that stock liquidity has an impact on stockholders and companies´ dividend policies.

In this study, based on the basic theory model ¢wGordon-Schaefer model is used to discuss the equilibrium levels for yellowfin tuna in the Western and Central Pacific of open access (OA) and present value maximization (MPV). And then to compare the catches and the stocks on the two model¡¦s equilibrium value, the result shows the management of yellowfin tuna in the Western and Central Pacific tend to MPV model, the regional fisheries organization (RFMO) to detect the implementation of the measures (MCS) is significant; in addition, use sensitivity analysis and then to understand the changes on the stocks and the effort quantities effected by varying different parameters. In OA, if you want to get effectively maintain the sustainability of the stocks, should be considered to reduce the price and the catch coefficient, increase the cost per unit of effort to control; in MPV, we can understand that the catch coefficient and the intrinsic growth rate have a bigger influence in the effort quantities; Finally, by simulating the catches and the stocks, that if it can continue to effectively manage fishery by MCS in the future, the catches and the stocks of yellowfin tuna will tend to balance the value of MPV, and so on, not only resources effective use of maximum profit and maintaining our fleet of ocean-going business interests, but also resources can be sustainable.

The impact on banks' portfolio under BIS amendment to the capital accord of 1996 and reserve requirement.

In this research, using the statistic catch data of northwest pacific saury from the Overseas Fisheries Development Council of The Republic of China between 2004 to 2007 to conduct an resource assessment on pacific saury. First of all, calculate and compare the equilibrium level of open access fishery and the net present value maximization fishery. And then, using the northwest pacific saury statistic catch data from the Food and Agriculture Organization of The United Nations between 2005 to 2007 for the simulation analysis of resource of pacific saury, and the results simulated with the two fishing grounds of the equilibrium value for comparison. The results showed that the problem of depletion of the resource does not exist. The final, assumption that the value of parameters are changing in the range of reasonable in order to understand the impact of the changing in the fishery resource of the stock and effort. Collate and analyze the results, and expect that the results can be a management reference for the management of the northwest pacific saury fisheries.

In this research, using the statistic catch data of northwest pacific Ommastrephes bartrami from the Overseas Fisheries Development council of The Republic of China between 1997 to 2007 and FAO between 1982 to 2007 to conduct and resource assessment on Ommastrephes bartrami. First of all, calculate and compare the equilibrium levels of open access fishery and present value maximization fishery, then evaluate the stock size of Ommastrephes bartrami and compare the equilibrium levels of two models with the statistic readings, the result shows the Ommastrephes bartrami has no sign of depletion. By using sensitivity analysis, we understand the changes on the effort and stock effected by varying different parameters. Finally, by simulating the stock size of open access fishery and present value maximization fishery, we find that unrestricted developing can end up the resources, but Ommastrephes bartrami will receive sustainable development, if it can be effectively managed. And expect that the results can be a management reference for the management of Ommastrephes bartrami fisheries.

The study is based on Gordon-Schaefer model, using statistic data from Western and Central Pacific Fishery Commission to estimate the resource stock of Albacore between 1960 and 2009. Compare the equilibrium levels of open access model and present value maximization model with the real data, and the result shows that the real stock is close to the equilibrium of present value maximization model. The thesis uses sensitivity analysis to understand the impact of the changed parameters on stock and effort, and by using real examples to understand the impact of the changed situation on stock and effort. Finally, by simulating the stock of open access fishery and present value maximization fishery and government management nowadays fishery. The result shows the stock of government management fishery is higher than the stock of the present value maximization fishery, and the stock both are closed. The management is conservative and effective, hence the management will make the profit maximize and the resource continue forever to develop.

This study used the Gordon-Schaefer model to discuss the equilibrium levels for bigeye tuna in the Western and Central Pacific of open access and present value maximization. And then to compare the catches and the stocks on the two model¡¦s equilibrium value, the result shows the management of bigeye tuna in the Western and Central Pacific tend to present value maximization model. Following that, this paper did sensitivity analysis to understand the impact of the changed parameters on stock size and effort. Finally, using simulation analysis on open access model and present value maximization model. In open access model, the result shows that resources will face extinction crisis if the fishery is not controlled well. In the present value maximization model, the bigeye tuna would be sustainable management. This result is valuable for the fishery management authorities to maintain the development of fishery and cherishing ocean resources at the same time.

This study used the Gordon-Schaefer model which was extended to Open Access (OA) model and Present Value Maximization (MPV) model to discuss the equilibrium levels for bigeye tuna in the Western and Central Pacific Ocean by purse seine fishery data. I compared the catches and the biomass with the two model¡¦s equilibrium value, and the result showed that the operating mode of bigeye tuna in the Western and Central Pacific Ocean tended to the MPV model, and the bigeye tuna resources were diminishing. In addition, the sensitivity analysis was used in order to understand the impact of various parameter changes on the two fisheries model¡¦s equilibrium value. In the OA model, the change of the price, the cost per unit effort and the catch coefficient would have greater impact on the equilibrium biomass. In the MPV model, the equilibrium biomass was sensitive to the change of the environmental capacity. Finally, in order to understand whether the management of the Western and Central Pacific Commission (WCPFC) was effective, I used simulation analysis in accordance with the catches restriction and effort restriction management strategies. The result showed that the catches restriction strategy which WCPFC established was still not proper enough. It must cut a large number of catches immediately and continue for some time enough to make the resource recover. The effort restriction strategy could make good effect on the bigeye tuna resource recovery.

Abstract This study used the Gordon-Schaefer model to do resource economic analysis on the South Pacific albacore fishery in 1967-2007 . Evaluated the equilibrium standard of open access model and present value maximization model, and then compared them with the real data. The results indicates that the fishing yield, resource stock, effort and catch-per-unit-effort of south Pacific albacore is close to the equilibrium level of present value maximization model after year 2002, which means the South Pacific albacore fishing is under appropriate development. Following that, this paper did sensitivity analysis to understand the impact of the changed parameters on stock size and effort. Finally, using the simulation analysis on open access model and present value maximization model. In open access model, the result shows that resources will face extinction crisis if the fishery is not controlled well. In present value maximization model, the albacore fishery would sustainable management. This result is valuable for the fishery management authorities to maintain the development of fishery and cherishing ocean resources at the same time.

This research is based on Gordon-Schaefer model, using the statistic data from the FAO between 1983 to 2007 to conduct an assessment on Argentine shortfin squid, Illex argentinus. First of all, calculate and compare the equilibrium levels of open access fishery and present value maximization fishery, then evaluate the stock size of Illex argentinus and compare the equilibrium levels of two models with the statistic readings, the result shows that Illex argentinus has no sign of depletion, but it has not yet reached the best status for development. By using sensitivity analysis,we understand the changes on the effort and stock effected by varying different parameters. Finally, by simulating the stock size of open access fishery and present value maximization fishery, we find that unrestricted developing can end up the resources, but Illex argentinus will receive sustainable development, if it can be effectively managed.