Finance Project Reports, Thesis, Financial Management Papers
This report evaluates the ex-dividend stock price behavior in the London Stock Exchange to find out if the share prices really drop by the same amount as the dividend on the ex-dividend day. The test data covers Eighty FTSE100 corporations of the London stock exchange for the period 2001 to 2006. Research question: Do returns …
The Real Option Approach (ROA) has been put forth as the answer to the problem of valuing manager flexibility and project risk within the framework of capital budgeting. Within this dissertation the ROA is used on one of the riskiest of corporate ventures particularly foreign direct investment. The 1st two problems presented by the author …
Trading upon not released, insider, information is an illegal activity. Trading in shares that can be assumed to perform in a similar way based on the same information is legal, and potentially profitable. The goal of this thesis is to investigate if substitutes to listed shares exist on the Stockholm Stock Exchange, and whether they provide a similar return when affected by releases of insider information.
The purpose of this thesis would be to examine the legal situation regarding the IFRS-transition in Sweden. Sweden includes a close linkage between accounting and taxation, meaning accounting rules have a material effect on taxation. IFRS currently applies only on group level, and the group isn’t susceptible to tax. However, you will find already indirect …
This thesis investigates the tendency to herd by 124 Swedish equity mutual funds over the period of 2000 to 2007. By employing the measure developed by Lakonishok et al. (1992) we find strong evidence of herding in the overall sample. The level of herding by the Swedish mutual funds seem to be higher than for …
This thesis will focus on the relation between funds performance and the fund managers. Since there is reason to assume that the manager personally brings an effect to performance, there should also be reason to suspect that a replacement of this manager ought to change the performance of the fund. The purpose of this thesis …
This paper sets out to examine whether shareholder activism can be an effective governance mechanism, i.e. if it can increase firm performance to the benefit of shareholders. We have based our study on examining and interpreting the results from previous research of the subject. Initially, we describe the theoretical constraints facing shareholder activism. Agency problems …
The life insurance business is currently going through a lot of changes. The turmoil in stock markets during the last years has made regulators realize that there is a greater need for risk management and solvency supervision in the business. Denmark was one of the first countries in Europe to react to this and in …
There are many rationales for firms to use leasing as a financing alternative. Today, leasing is a widely used means for asset acquisition and constitutes a considerable part of firms’ total capital investments. In Japan, leasing constitutes around 9 percent of total capital investments. In Sweden, the ratio is somewhat higher. According to many previous …
This paper studies the importance of liquidity in determining security returns. The study is conducted on the Stockholm Stock Exchange, 1901-1919, a market which at the time suffered from low market turnover. We find out-of-sample effects that liquidity levels are significant determinants of returns. Securities with lower liquidity levels earn, on average, higher returns than …