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  • 201.
    Persson, Jakob
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Lejon, Carl
    Kierkegaard, Kristian
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Practical Application of Modern Portfolio Theory2007Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [en]

    There are several authors Markowitz (1991), Elton and Gruber (1997) that discuss the main issues that an investor faces when investing, for example how to allocate resources among the variety of different securities. These issues have led to the discussion of portfolio theories, especially the Modern Portfolio Theory (MPT), which is developed by Nobel Prize awarded economist Harry Markowitz. This theory is the philosophical opposite of tradi-tional asset picking.

    The purpose of this thesis is to investigate if an investor can apply MPT in order to achieve a higher return than investing in an index portfolio. Combining a strong portfolio that beats the market in the longrun would be the ultimate goal for most investors.

    The theories that are used to analyze the problem and the empirical findings provide the essential concepts such as standard deviation, risk and return of the portfolio. Further, diversification, correlation and covariance are used to achieve the optimal risky portfolio. There will be a walk-through of the MPT, with the efficient frontier as the graphical guide to express the optimal risky portfolio.

    The methodology constitutes as the frame for the thesis. The quantitative method is used since the data input is gathered from historical data. This thesis is based on existing theories, and the deductive approach aims to use these theories in order to accomplish a valid and accurate analysis. The benchmark that is used to compare the results from the portfolio is the Stockholm stock exchange OMX 30. This index mimics and reflects the market as a whole. The portfolio will be reweighed at a preplanned schedule, each quarter to constantly obtain an optimal risky portfolio.

    The finding from this study indicates that the actively managed portfolio outperforms the passive benchmark during the selected timeframe. The outcome someway differs when evaluating the risk adjusted result and becomes less significant. The risk adjusted result does not provide any strong evidence for a greater return than index. Finally, with this finding, the authors can conclude by stating that an actively managed optimal risky portfolio with guidance of the MPT can surpass the OMX 30 within the selected timeframe.

  • 202.
    Persson, Martin
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Carlsson, Henrik
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Eliasson, Sofie
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    The Swedish Hedge Fund Industry: An Evaluation of Strategies, Risks and Returns2008Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to analyze Swedish hedge funds in terms of pursued investment strategies, risks and returns.

    The study deals with a large number of quantitative data and delimitations were used to obtain a sample that better fulfills the purpose of this paper. The time frame chosen for increas-ing validity and reliability was almost four years. Furthermore, the study uses secondary data due to difficulties and costs as-sociated with obtaining primary data though this is not consi-dered as lowering the quality of the study.

    The theory section starts by presenting the differences between hedge funds and mutual funds and then focusing on different hedge fund strategies, risks associated with hedge funds and fi-nally risk and return measurements. This section provides an overview for the empirical findings and analysis.

    In the empirical findings and analysis, statistical calculations of and Analysis the risk measurements standard deviation, Sharpe ratio, track-ing error and correlation are conducted for the sample. The re-sults are related to the hedge funds strategies. Later on the strategies are weighted against each other. Finally, all strategies are compared to OMXS to find the investors‟ most appropriate investment structure.

    After categorizing the different hedge funds with respect to pursued strategies, the result shows how there are clear dispari-ties in risk and returns for the different strategies. We found indications of a significant relationship between high return and high risk as well as between low return and low risk.

     

  • 203.
    Petersson, Eva
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Söderberg, Malin
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Kviberg, Rebecca
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Redovisningens användare och änvändning: Externredovisning ur ett småföretagsperspektiv2007Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [en]

    In most cases within educational fields it is the bigger companies which get most attention, though infact in Sweden there are the small and medium size entities which are of larger number. There are several definitions what a small enterprise stands for and how to define it. Therefore it is hard to say that one definition is better than another, however in this thesis EU’s definition will be used.

    All companies no matter size have some stakeholders who want to take part of the financial state-ments of the company. The smallest companies have most of the time not that many users/shareholders as the bigger companies and for that reason it is likely that they do not need an equally complicated and detailed accounting. These smaller companies have during some time had the same regulatory laws as the large companies, nevertheless BFN (Bokföringsnämnden, the Swedish government’s accounting experts), IASB and legislates have begun to work with facilitation of the accounting regulatory.

    To assure that the new rules really fulfil their purpose it is essential that they accomplish the requirements which the companies and users of the accounting have. Thus it is necessary with further research within this area since there is still moderately little knowledge regarding who the users of the accounting are and how they use the information.

    Our aim with this thesis is to create understanding of whom the small enterprises see as their main user of accounting and how it is used. Further we want to investigate if a small enterprise’s view of a user differs from already existing studies and literature concerning this topic.

    To collect our empirical material we have chosen to conduct telephone interviews. We have interviewed 36 small enterprises within the Jönköping region in Sweden. Half of the selected companies consist of enterprises from the construction sector and the other half from the service sector.

    With our research we are able to conclude that the majority of the smallest companies see the accounting as a complex performance that has to be done although the purpose of it has a tendency to enhance along with the number of employees and owners. This could be the consequence of lack of knowledge among the smaller companies. The small enterprises consider their main use of the accounting to be planning, to follow-up, to measure liquidity, basic data for decision making and to provide employees and management with information.

    On the basis of our study it has emerged that the small enterprises see owner/management/CEO, the bank and the tax authority as the major users. Our result corresponds to some extent with ear-lier research, but there are differences as well. Among our responds we have obtained answers like customers, the accountant, suppliers, competitors and others. It can be discussed why the accountant was mentioned due to none in the literature we have been using brings this up, but also because of that the accountant does not use the accounting in the same way as for example the bank. To conclude we can state that the size does matter when we are able to see differences in the result between the smallest companies and slightly bigger ones.

  • 204.
    Petkova, Aleksandra
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Swedish mutual funds’ performance. Performance measures, performance persistence and mutual funds’ attributes2013Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
  • 205.
    Pettersson, Jens
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Andreasson, Johan
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Public Company Accounting Oversight Board: A forced change to the auditing profession2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    As auditing scandals occurred in the US, a new controlling institute for auditors was formed, Public Company Accounting Oversight Board. It has the purpose to monitor auditors who are working with clients that have to comply with Sarbanes-Oxley Act. The Swedish auditing profession has for long time been self-regulated, but due to PCAOB the profession faces a stricter regulation which could lead to some problems. Hence, there exists a need to investigate how Swedish auditors look upon PCAOB and how it has effected the auditing profession.

    The purpose of this thesis is to examine Swedish auditor’s opinions about PCAOB and if PCAOB has affected the Swedish auditing profession. Furthermore, this thesis aims to explain the reasons behind the Swedish auditor’s beliefs and why the Swedish auditing profession is affected.

    On the basis of the purpose, a qualitative research method was chosen. Data has been collected through semi-structured telephone interviews and personal interview. The selection consists of four anonymous authorized public accountants who all have experience of Sarbanes-Oxley Act.

    Due to PCAOB the auditing profession has become more professionalized but at the same time an increase in formalisation has left little time for actual analytical work and the quality of the audit might in the end be lower which constitute a major threat to the auditing profession.

    Although, the tradition of the auditing profession is and has been self-regulation it appears that PCAOB is welcomed by auditors since a regulative change that aim to improve auditors’ trust is more important than maintaining a self-regulated profession.

  • 206.
    Pia, Jakobsson
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Liselott, Vislander
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Ansvarsredovisning2010Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Begreppet ansvarsredovisning har många olika meningar, och har fått en allt större betydelse för företagens kommunikation. Samhället ställer krav på organisationernas och företagens etik, sociala ansvar och miljöansvar enligt litteraturen. Trots dessa krav är företagens och organisationernas ansvarsredovisning till stor del frivillig. Den lågkonjunktur som råder i Sverige och i övriga världen kan också antas ha påverkat kraven på företagen, att ta ett större samhälligt ansvar. Allmänheten ställer också större krav på att informationen redovisas på ett korrekt sätt, och att informationen är tillförlitlig.

    Syftet med denna uppsats är att utifrån studiens frågor beskriva innebörden av begreppet ansvarsredovisning. Resultatet visar att ansvar har en teknisk innebörd som kräver tekniska färdigheter och kommunikation, men har även en social dimension som blir allt viktigare. Hur kan ansvarsredovisning beskrivas i ett organisatoriskt sammanhang, samt den tekniska dimensionen av ansvarsredovisningen? Vi har studerat organisationen ur ett organisatoriskt perspektiv. Studiens resultat karakteriseras genom två olika former, den sociala och den tekniska.

    Studien är baserad på det induktiva perspektivet. Undersökningsstrategin är deskriptiv och explorativ. Vi använder en multipel teoretisk referensram för att berika analysen av insamlade materialet.

    Tillämpning av multipla teorier resulterade i en i en klar koppling mellan teori och praktik. Företag och organisationer vill framstå i ”god dager” i media som en ansvarsfull enhet.Ansvarsredovisning balanserar förhållandet mellan intressenters krav och företagens och organisationernas ansvar.Ansvarsredovisningens betydelse ökar stadigt, trots att lagkravet för ansvarsredovisning är minimalt. Vi tror att ansvarsredovisningen har kommit för att stanna.

  • 207.
    Picard, Robert
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Media, Management and Transformation Centre (MMTC).
    Bertelsen, Berit
    Jönköping University, Jönköping International Business School, JIBS, Media, Management and Transformation Centre (MMTC). Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Capitalisation of Advertising Expenditure in the Media Industry: Regulatory Differences and their Consequences for International Financial Accounting2008Conference paper (Refereed)
    Abstract [en]

    Even though the IASB and the FASB have placed high emphasis on convergence efforts to reach one consistent set of international standards, the regulations with respect to advertising expenditures still incorporate differences in accounting treatment. Significant debates of how to handle intangible assets and internally generated value continue. In this context, the purpose of this study is to analyse the existing regulations on advertising expenditure and to highlight the consequences of divergent regulations. Additionally, the authors identify issues where the existing regulations either are not comprehensible or not consistent in their approach.

  • 208.
    Rahavard, Farshad
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Abeditary, Monica
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Nilsson, Jana
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    En revisors agerande: Inför tillämpningen av anmälningsplikt och tystnadsplikt2008Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [en]

    During the end of the 1970s many debates were held concerning the bad quality of accounting and the increase of white collar crimes. Due to this fact many debaters also discussed the role and function of the auditor. This resulted in an introduction of an information duty that later developed into a reporting duty that was bound by law the 1st of January 1999. The professional secrecy which had been a part of the auditors’ occupational role since a long time now came in conflict with the new law. The auditors themselves meant that they did not want to act as moral cops. At the same time the auditors and several body considering proposed legislations, such as FAR and SRS thought that the reporting duty would bring a lack of information from the client since they would not be willing to give out enough information due to the fear of being reported, which thus would complicate the work of the auditor. On the other hand the government regarded the auditors to be the premier tool in the fight against white collar crime, since they as the only occupational group have total insight in the activity of companies.

    Simultaneously, the auditors’ role as crime preventer has lately been questioned, since the number of reports from auditors has been low in comparison to the number coming from bankruptcy managers and tax managers. Nevertheless the number of reports from the auditors has increased drastically since 2004. Therefore we have with this study aimed to investigate which factors that are affecting the acts of the auditor in the application of reporting duty and professional secrecy.

    In such an application a conflict of ethical and moral nature often occurs towards the client and the prosecutor. At the same time it is required that the auditor has juridical capabilities to decide whether a crime has been committed or not. This is dependent on the education of the auditor, which according to earlier studies within the field of subject differs between big and small accounting firms. The greater the insecurity the auditor feels in deciding whether a crime has been committed, the higher the rate of proof demanded.

    In order to investigate these factors in relation to the auditors’ actions towards the application of the reporting duty and the professional secrecy we have chosen to perform a quantitative study. This has been done with the help of a questionnaire that has been handed out to five big and five small accounting firms within the city of Jönköping. Apart from closed questions we have included open cases directly taken from The Authority of Economical Crime’s report- “an auditors vi actions when suspecting a crime”. The result from the questionnaire has then been presented in diagrams made in Excel. In order to get background to the data we have collected we need a relevant theoretical framework. The primer source to the auditors’ measures is found in the Law of joint-stock companies (ABL). However, extensive custom and law terms have been developed to facilitate the auditors’ decision in crime suspicion. Furthermore, The Authority of Economical Crime has given guidance and outlines for the rate of proof and more basic definitions of the law terms that concerns reporting duty since the law leaves it to good auditing custody to decide upon. It is also relevant for our study to look upon how ethics and morals affect the auditor in business contexts and also whether or not the auditors have received education regarding the reporting duty.

    Our study shows that almost all participants have received education concerning the reporting duty but that the majority despite this demands higher rate of proof than The Authority of Economical Crime outlines before taking actions when suspecting a crime. At the same time we believe that the auditor takes on a role of duty and puts all ethical responsibility on the accounting firm, since the comments from the cases imply that the auditors would act without considering the ethical aspect of the situation. The auditor’s actions is dependent on the size of the accounting firm, since our study has shown that auditors from small accounting firms have had a greater practical use of the reporting duty, which according to us can be a result of the external education they have received. At the same time our study confirms Anderson and Buskas (2006) research which implies that larger firms have lower tendency to report a crime against a client. Still the results from our cases show that participants mostly act according to the outlines conducted by

    The Authority of Economical Crime and the existing law regulations. Therefore our final conclusions are that the auditor protects the professional secrecy and would rather not violate it but that the reporting duty has lately been considerably more implemented in the auditor occupational role, which is furthermore shown by the increasing number of reports made by auditors’.

  • 209.
    Reda, Nour
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Laryd, Johan
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    BASEL III: En studie om baselregelverkets påverkan på den svenska banksektorn2011Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Title: Basel III – An investigation about the impact of Basel III on the Swedish banking sector

     

    Level: D-level (30 ECTS) Master Degree in Business Administration

     

    Arthur: Nour Reda 891029-xxxx, Johan Laryd 850131-xxxx

     

    Supervisor:

    Per-Olof Bjuggren, Professor in Economics, Department; Economics, Finance and Statistics, International Business School.

    Louise Nordstrom, PhD in economics, Department; Economics, Finance and Statistics, International Business School.

     

    Date: Jonkoping, May 2011

     

    Questions: (i) Is there any needs for the existing set of regulations to be complemented? (ii) How will the new set of regulations effect the cost distribution between the Swedish banks and their clients? (iii) Will the effects of Basel III lead to a more stable financial market?

     

    Purpose: The overall goal of this paper is to describe and examine the impact of Basel III on the Swedish banking sector.

     

    Method: The authors have used a qualitative method with a deductive approach for the thesis. The interview questions are founded on the basis of the three question formulations of the thesis. The respondents who were interviewed are persons responsible or somehow involved in work towards the introduction of Basel III. There has been considerable scope for respondents to bring their own discussions in order to achieve well-defined results.

     

    Result: The result of this study shows that the major Swedish banks have a positive attitude towards the implementation of Basel III, and that they believe the new regulation will contribute to a more stable financial market. The new liquidity ratios and the leverage ratio are given criticism from the banks. A direct effect of the new regulation is increased costs for Swedish Banks. Which will affect their customers negatively through a higher cost of capital.

  • 210.
    Rickardsson, Henrik
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Wennberg, Gustaf Wennberg
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Utsikt för olja: Hur värderas oljeaktier2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Background: Oil is the most dominating source of energy of today, it constitutes for more than 40 per cent of the worlds total energy consumption. This together with the fact that stock in oil companies has soared on the stock exchanges around the world makes oil a very interesting topic to write within. In order to gain knowledge in how to value oil companies, the authors will collect information from theory and through a questionnaire. By applying the information gathered to three companies listed on the Stockholm Stock Exchange the authors will reach an objective picture of valuation of oil companies.

    Purpose: To investigate how shares of stock are valuated in the oil exploring and producing industry, and what specific measures and metrics that are used in the valuation of stocks in Exploring and Producing (E&P) companies.

    Method: By using a qualitative approach for this thesis, the authors will investigate how the valuation of oil companies works and what measures that should be applied. The authors will use a part descriptive and part explorative study. This will fit the thesis as the authors will describe how the measures and metrics work and start from previous research on the topic and go from there to show if that theory and the empirical findings really works.

    Conclusion: The most recommended valuation method is net present value analysis. Hotelling Valuation Principle is a form of present value analysis for oil companies and is less complicated than a regular net present value analysis. Other than present value analysis, relative measures and ratios are used. Specific for the oil industry and exploring and producing companies are EV/DACF, ROACE, R/P, production cost, unit cost, tax rate and reserve replacement rate.

  • 211.
    Ritterfeldt, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Jidéus, Malin
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Franck, Pernilla
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Capital Structure Decision: A case study of SMEs in the road freight industry2007Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesis
    Abstract [en]

    Companies need capital in order to run their business, do necessary investments and grow larger. These actions are combined with high costs where both internal and external financing might be appropriate. Capital structure is the relation between debt and equity.

    In this thesis we have focused on the decision behind the capital structure. We have focused on the road freight industry and we have tried to find out how management reason about their decision. The purpose of this thesis is therefore to describe and analyze SMEs’ decision of capital structure within the road freight sector in the Jönköping region. Emphasise is put on the different aspects that influence the capital structure decision and to what extent this is a strategic issue coloured by personal beliefs.

    To fulfill the purpose mainly a qualitative approach with primary data from structured interviews has been used. The interviews were conducted face-to-face with six owner and/or managers. Further on, secondary data from the firms’ annual reports were used and analyzed.

    The pecking order theory explains that firms, especially SMEs, prefer to finance their businesses with internally generated funds. Focus of the theoretical part are on theories of what factors that affects the capital structure decision, how this can be argued to be a strategic question for SMEs, how risk affects the capital structure decision and how this decision is made in a family business. These theories are presented to shed light on the capital structure decision making process of SMEs.

    From this study it is found that the majority of the companies’ prefer internal financing i.e. reinvested earnings, and as a second alternative to use debt in form of bank loans. The study also shows that the reasons behind this preferred order are the will of being independent, previous experience and managements’ risk-taking propensity. We believe that these factors combined with beliefs about debt and realized need for debt works as a base for how a capital structure strategy is discussed, formed and developed. From this study it can also be concluded that risk indirect affects the capital structure decision and that a restrictive view on debt leads to a restrictive desire to grow since a fast growth in most cases needs to be financed by debt. Last, the study concludes that even though the studied firms prefer to finance with retained earnings they all use debt more or less.

  • 212.
    Rubil, Goran
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Sprycha, Magnus
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Absolute Return Hunters2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Hedge fund investing is a relatively new phenomenon in Sweden. The first Swedish hedge fund was started in 1996. This new financial sector has since showed a steady growth.

    Due to the novelty of hedge fund phenomena, it is right to ask whether the investors are prepared for this kind of investments; how they choose their hedge funds investments and whether they have adequate knowl-edge in the field.

    This thesis provides a mapping of the investors’ behavior regarding hedge fund investments. We have concluded that Swedish hedge fund investors have a limited basis of knowledge required to fully utilize hedge funds in their portfolios.

  • 213.
    Sand, Adam
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Svahn, Emil
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Nilsson Lange, Kim
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Investment Strategies: Can accumulated stock recommendations provide positive abnormal return?2009Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Abstract

     

    Purpose The purpose of this thesis is; “To find out whether a strategy based on accumulated stock recommendations are able to outperform mutual funds and/or index funds with similar holdings over time”.

    Background During the past 30 years the interest for the financial market has been ever increasing. With the increased interest for the financial market, also an increased interest for the different investment alternatives have developed, thus also the amount of various financial products. Further there has been a discussion whether the different investment products actually add value to the investors.

    Method To be able to reach our purpose we have constructed a portfolio containing stocks based on recommendations. We have also come up with a method in order to decide the weights of the individual stocks in our portfolio. Further, we have used existing theories in order to estimate the return and the standard deviation. We have also benchmarked our portfolio against popular funds on the market.

    Conclusion We have seen that our portfolio during the six years running have performed better than the existing funds and also resulted in a lower standard deviation i.e. risk. Thus the results are applicable on our specific data, more research is needed in order to make any statements of statistical significance.

  • 214.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Agenda for a New Financial Market Architecture2009In: DIW Wochenbericht, Vol. 7, p. 41-49Article in journal (Other academic)
  • 215.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Editorial: Will the stress test for banks improve the stability of financial markets?2010In: Intereconomics. Review of European Economic Policy, ISSN 0020-5346, E-ISSN 1613-964X, Vol. 45, no 4, p. 194-195Article in journal (Other academic)
  • 216.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Eine öffentliche europäische Rating-Agentur - wir brauchen sie jetzt2009In: DIW Wochenbericht, Vol. 76, no 38, p. 654-Article in journal (Other academic)
  • 217.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Finanzmärkte im Umbruch – Krise und Neugestaltung2009Collection (editor) (Other academic)
  • 218.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Finanzmärkte im Umbruch – Krise und Neugestaltung2009In: Quarterly Journal of Economic Research (Vierteljahrshefte zur Wirtschaftsforschung), ISSN 0340-1707, Vol. 79, no 1, p. 5-13Article in journal (Refereed)
  • 219.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Konsolidierung des Landesbankensektors ist ein Muss für die zweite Regierung Merkel2010In: Quarterly Journal of Economic Research (Vierteljahrshefte zur Wirtschaftsforschung), ISSN 0340-1707, Vol. 79, no 1, p. 117-129Article in journal (Other academic)
    Abstract [en]

    In 1989 a report has already highlighted the “below-average earnings potential” of the German Landesbanken and called for the merger of these state banks into a single central institution. However, 20 years later the bad bank law of Germany saved the ailing Landesbanken not only from write-downs of toxic assets, but also gives the state banks the option to escape possible consolidation efforts of the federal government by establishing a regional bad bank. Therefore, a reform of the German bad bank law is needed that puts the federal government into a position of being able to actively promote the consolidation of the regional Landesbanken. The reform should require from the Landesbanken to write down toxic securities to their market value and transfer them to a central bad bank run by the SoFFin, the German fund for restructuring ailing banks. The existing shareholders would then be charged with the losses from the bad investments. Thereafter, the remaining state banks could, under the pressure of the federal government be merged and recapitalized by the SoFFin, possibly in conjunction with the German savings banks. A similar procedure has allowed the Swedish banking system a rapid recovery from its crisis at the end of the 80s of the last century. The German government must at last give the restructuring of the public banking sector priority in its financial market policy.

  • 220.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Badunenko, Oleg
    Barasinska, Nataliya
    Genügend Widerstandskraft?: Immobilienfinanzierung und Haushaltsverschuldung in Deutschland, Großbritannien, den Niederlanden und den USA2009In: Vierteljahreshefte zur WirtschaftsforschungArticle in journal (Refereed)
  • 221.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Ketzler, Rolf
    Nordische Bankenkrise der 90er Jahre : gemischte Erfahrungen mit "Bad Banks"2009In: DIW Wochenbericht, Vol. 76, no 5, p. 87-95Article in journal (Other academic)
  • 222.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Muravyev, Alexander
    Talavera, Oleksandr
    Entrepreneurs' Gender and Financial Constraints : Evidence from International Data2009In: Journal of comparative economics (Print), ISSN 0147-5967, E-ISSN 1095-7227, Vol. 37, no 2, p. 270-286Article in journal (Refereed)
  • 223.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Schilder, D
    Smart capital in German start-ups - an empirical analysis2009In: Venture Capital: an International Journal of Entrepreneurial Finance, ISSN 1369-1066, E-ISSN 1464-5343, Vol. 11, no 2, p. 163-183Article in journal (Refereed)
  • 224.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Siliverstovs, Boriss
    German Institute for Economic Research (DIW) Berlin, Germany.
    Terberger, Eva
    Ruprecht-Karls-Universität Heidelberg, Alfred-Weber-Institut, Heidelberg, Germany.
    Banking Competition, Good or Bad?: The Case of Promoting Micro and Small Enterprise Finance in Kazakhstan2010In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 42, no 6, p. 701-716Article in journal (Refereed)
    Abstract [en]

    Competition is claimed to be beneficial in development projects promoting micro and small enterprise finance although there are still doubts as to whether these loans can be developed into a profitable business. Our research sheds new light on the question of how many MSE banking units should optimally be created and supported in a certain region. We employ a unique data set from the European Bank for Reconstruction and Development for Kazakhstan, and investigate which strategy contributes more to the overall success of the programme: a strategy of setting up several competing banks or a strategy of establishing regional monopolies. 'Competition is the most important principle on which our strategy is based. As in any other market, effective competition provides incentives for banks to offer market-based and demand-oriented financial services. Competition encourages the development of better products and services at lower cost.'

  • 225.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Talavera, Oleksandr
    Small Business Survival and Inheritance: Evidence from Germany2009In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 32, no 1, p. 95-109Article in journal (Refereed)
  • 226.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Zimmermann, Klaus
    Bad Banks: Staat soll toxische Papiere zum Null-Wert übernehmen2009In: DIW Wochenbericht, Vol. 76, no 13, p. 198-206Article in journal (Other academic)
  • 227.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Zimmermann, Klaus F
    Finanzmärkte nach dem Flächenbrand2009Book (Other academic)
  • 228.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    Zimmermann, Klaus F.
    German Bad Bank Plan: Government Should Take Over Toxic Assets at Zero Cost2009In: Weekly Report, Vol. 13, p. 87-94Article in journal (Other academic)
  • 229.
    Sebenius, Anna
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Vernersson, Charlotte
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Företagsrekonstruktion: -En fallstudie av processen2010Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Reconstructions of companies are rarely used even though they provide a socio-economic benefit by generating more jobs and saving business activities. Previous studies have criticized the law which governs business reconstructions and also the reconstruction process itself. Our study will not examine why reconstructions does not work, but has chosen to focus on a company that has actually survived a reconstruction. What is included in the reconstruction process, what factors affect the process, how is accounting information used, and if the key ratios can verify a future financial crisis, are problems that the essay will deal with.

    Purpose: The main purpose is to identify and elucidate the key sources of information in a process of reconstruction. A side purpose is to identify each particular factor; juridical information, accounts, and the role of management.

    Method: The purpose has been answered by a case study of a specific company and a triangular collection method has been used. This method consists of an interview with the chief financial officer, juridical materials from the district court of Jönköping and calculations of key ratios.

    Conclusion: The conclusion shows that a reconstruction process consists of an application for reconstruction, election of the administrator, the construction of the rescue plan, implementation, and finally the fulfillment of the reconstruction purposes. These elements include juridical, managerial, and economic processes. Jurisprudence confines while leadership creates opportunities. Accounts conform to valuation and shows economic development. The key ratios which are measuring the profitability show early signs of an illiquid position. While the short-term measures of financial balance gives later indications of economic crisis in the company.

  • 230.
    Sellgren, Jakob
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Karlström, Rickard
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Portfolio Risk: In the eyes of institutional portfolio managers2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Background: Humans have to constantly consider risk- and return tradeoffs. The fact that about 80% of the Swedish population owns some kind of mutual fund creates a great dependency on how an external part, a portfolio manager, views this tradeoff and especially how the concept of portfolio risk is looked upon. It becomes interesting for all investors to understand if and how portfolio risk is utilized and looked upon through the eyes of the mangers in charge over our savings. Do their view of risk and return translate to available theories and is the theoretically popular and much criticized beta measure used at all in practice.

    Purpose: The purpose of this master thesis is to describe and analyze how institutional investors apply the concepts of risk in portfolio management, to illustrate how they work with risk variables in practice and if risk is closely linked to return.

    Methodology: To be able to thoroughly analyze a few selected portfolio managers’ view on portfolio risk, this thesis has its foundation in the qualitative research approach. A random sample of nine mutual funds’ portfolio managers, independent of size and investment strategies, agreed to participate in face-to-face inter-views. The interviewees were allowed to answer freely in order to get the full picture of the different views of portfolio risk.

    Conclusion: The analysis of the empirical findings makes it clear that it is hard to find a unified view nor a unified definition of portfolio risk. The respondents differ a lot in their opinions in most issues except that they doubt beta being a good risk measure. No one is using beta as its main risk variable, instead risk variables such as Value at Risk, tracking error and variance of returns are used.

    The government operated funds have strategies putting risk management on the frontline and sees a strong connection between risk and return. The importance of risk management show a large divergence amongst the private portfolio managers since some respondents actively adjust and monitor the level of risk while other employ strategies that do not incorporate risk thinking at all. The correlation between risk and return is not apparent since some respondents do not believe the relation to be linear or positive at all times.

  • 231.
    Siddiq, Abu Bakar
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Capital Adequacy Behaviour:: A case study of Swedish banking industry2010Independent thesis Basic level (degree of Bachelor), 15 credits / 22,5 HE creditsStudent thesis
  • 232.
    Soeriowardojo, Gino Thomas
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Valuation in High Growth Markets: Capturing Country Risk in the Cost of Equity Capital2010Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper adds to the understanding and transparency of equity pricing in emerging markets. Its novel contribution is that it empirically investigates the pricing of Country Risk in BRIC markets, using a two-factor intertemporal pricing model. Bridging the gap between academics and practitioners, this paper contributes to the debate as to whether or not it is justified to adjust discount rates for emerging market companies – as given by the CAPM – by including an unconditional country risk premium. In choosing between country risk proxies, the sovereign yield spread adjusted for relative equity volatility appears to supersede the classical sovereign yield spread in explaining return variations. Evidence is presented that country risk is priced in India and China indicating some type of market segmentation; in these markets, the addition of a country risk premium to the discount rate is justified. Moreover, the paper complements the market integration literature in that it is shown that the correlation between the change in country risk premium and the equity risk premium might show signs of market segmentation or market integration, rendering the pricing factor for country risk in specific countries significant or insignificant, respectively. © 2010 Soeriowardojo, G.T. All rights reserved.

  • 233.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Barasinska, Nataliya
    DIW Berlin.
    Schäfer, Dorothea
    DIW Berlin.
    Hohe Risikoaversion privater Haushalte bei Geldanlagen2008In: Wochenbericht, Vol. 75, no 45, p. 704-710Article in journal (Other (popular science, discussion, etc.))
    Abstract [de]

    Eine möglichst breite Streuung der Geldanlagengilt als eine wichtige Strategie der Risikominimierungbei Investitionsentscheidungen. Die Mehrzahlder Haushalte in Deutschland streut auch ihrGeldvermögen über mehrere Anlageformen. IhrAnlageverhalten stimmt jedoch nur bedingt mitder von Haushaltsvorständen bekundeten Risikobereitschaftüberein. Dies zeigt eine aktuelle empirischeStudie auf Basis des Sozio-oekonomischenPanels (SOEP). So steigt zwar die Wahrscheinlichkeit,seine Anlagen zu streuen tendenziell mit derRisikoaversion an, allerdings nur solange es sichnicht um einen „vollständig gestreuten Anlagekorb“handelt. Die Neigung, ein Portfolio mit allenAnlageformen zu halten, nimmt mit wachsenderScheu vor dem Risiko ab. Offenbar entscheidenHaushaltsvorstände nach dem bereits von Keynespropagierten Prinzip: Sicherheit und Liquiditätkommen zuerst. Die Bereitschaft in riskantere Anlagenzu investieren, steigt mit der Anzahl bereitsbestehender sicherer Anlagen im Portfolio.

  • 234.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Tsapin, Andriy
    Persistence and Determinants of Firm Profit in Emerging Markets2008In: Applied Economics Quarterly, ISSN 1611-6607, Vol. 54, no 4, p. 231-253Article in journal (Refereed)
    Abstract [en]

    The paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis, dynamic panel GMM estimation, and quantile regression techniques to a panel of approximately 3,000 Ukrainian companies. The empirical results show a moderate level of profit persistence, as well as a relatively low speed of adjustment to the steady-state profit level, thus providing no support for the hypothesis that there is a lower persistence of profits in emerging markets due to more intense competition. Regarding thedeterminants of firm profit in an emerging market economy, the findings from alternative methods reveal that ownership structure and regional location of the firm have a significant impact.

  • 235.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Tsapin, Andriy
    Talavera, Oleksandr
    Main bank power, switching costs, and firm performance2009Conference paper (Other academic)
  • 236.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Tsapin, Andriy
    Talavera, Oleksandr
    Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine2009Report (Other (popular science, discussion, etc.))
    Abstract [en]

    We examine why firms change their main bank and how this affects loans, interest payments and firm performance after switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and riskier companies are more likely to switch their main bank. Importantly, main bank power, measured by equity holdings, appears to be one of the main drivers of firm switching behavior. Furthermore, we find that firms have lower performance after changing their main bank as they have to contend with higher interest payments.

  • 237.
    Sturk, Madeleine
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Valkonen Evertsson, Marina
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Reclassifications of financial intstruments in the Nordic countries: The effects of the reclassification amendments on Nordic banks financial statements of 2008 and 20092010Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Due to the apparent global economic conditions, at the end of 2008, the International Accounting Standards Board (IASB) issued amendments to IAS 39 Financial instruments: recognition and measurement and IFRS 7 Financial instruments: disclosures in October and November, 2008. The amendments allow banks to reclassify their non-derivative financial instruments in rare circumstances. This thesis investigates whether banks in the Nordic countries (Denmark, Finland, Norway, and Sweden) reclassify financial instruments, in their financial statements of 2008 and 2009.

    The result of the study shows that 47% of the sample Nordic banks reclassified financial instruments in 2008 and 12% in 2009. All banks increased their net profit as a result of reclassifying financial instruments in 2008. The return on equity (ROE) increased significantly compared to whether the banks would not had reclassified their financial instruments. Tendencies found among the sample Nordic banks are that larger and less profitable banks used the possibility to reclassify financial instruments to a greater extent. Because none of the banks made losses on their choice to reclassify in 2008, the conclusion is that the opportunity given due to the amendments are mostly used by the banks to enhance the net income and the key ratio ROE. This shows that management decisions are short-term. This also indicates that the amendments may be misused by management to enhance current profit for their own benefit. The thesis also concludes that the departure from fair-value as the valuation method for financial instruments, due to recent massive critic, is unlikely.

  • 238.
    Svensson, Ann
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    An Approach for Trust and IS Engagement in Professional-Orientated Work2010In: Proceedings of 16th Americas Conference on Information Systems: Sustainable IT Collaboration Around the Globe, 2010Conference paper (Refereed)
    Abstract [en]

    This paper addresses profession-orientated work and the professionals’ involvement and engagement in design and use of information systems. Two ethnographical studies have been performed within different types of professional organizations. Information systems will reduce the complexity in the professionals’ work, but only if the professionals could trust the usage of information systems. The analysis reveals the importance of the professionals’ engagement in information systems design and use in order to trust the systems integrated in the work.

  • 239.
    Svensson, Ann
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Experiences from Aircraft Maintenance Professions: Challenges for Knowledge Integration2010In: Proceedings of IRIS 33, Information systems Research seminar In Scandinavia, Rebild, Denmark / [ed] Hanne Westh Nicolajsen, John Persson, Lise Heeager, Gitte Tjørnehøj, Karlheinz Kautz, Peter Axel Nielsen, Rebild, Denmark, 2010Conference paper (Refereed)
    Abstract [en]

    Aircraft maintenance can be described as a complexly interactive and technical system. The ever-increasing complexity of aircraft maintenance place greater demands on the professions responsible for that work The maintenance work is performed within a risky and complex framework. A case study is performed within a military aircraft maintenance organization. The case study is analysed, and the aim is to identify problems in the work situation for aircraft maintenance professionals. The knowledge and practical experience of the different professions, besides coordination and cooperation between them, are of great value for decision making in complex situations. For this context the paper highlights some design challenges for creating information systems for professions, where quick access to common information and professional knowledge is of vital importance. The aim of this paper is to find challenges for information and knowledge management, according to the problems found in the empirical aircraft maintenance case. This paper shows how social dimensions such as collaboration and sharing of common information and professional knowledge are played out within aircraft maintenance.

  • 240.
    Svensson, Ann
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Knowledge Integration in Profession-Orientated Work2010Conference paper (Refereed)
    Abstract [en]

    Different professions often collaborate within profession-orientated organizations in order to accomplish complex and sometimes both time- and life-critical activities. Knowledge is a prerequisiting resource in performing work in such activities. Hence, knowledge is integrated in such work settings, and knowing is a central concept to make sense of the professionals doing and their collaborating actions. We present and analyze two ethnographical case studies. The result of the analysis of the cases shows both differences and similarities within the use of boundary objects, brokers and boundary spanning activities which facilitated the integration of knowledge within the collaboration between different professions. From these results we make some proposals for design of knowledge integration. However, the results of the use of boundary objects, brokers and boundary spanning activities identified in each case have been used to inspire the other case proposing new ways of designing knowledge integration.

  • 241.
    Svensson, Ann
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Professional Knowledge-Sharing in Aircraft Maintenance2010In: IRIS: Selected Papers of the Information Systems Research Seminar in Scandinavia, Trondheim: Tapir Academic Press , 2010, Vol. 1, p. 103-117Conference paper (Refereed)
    Abstract [en]

    Aircraft maintenance can be described as a complexly interactive and technical system. The ever-increasing complexity of aircraft maintenance places greater demands on the professions responsible for that work. The maintenance work is performed within a risky and complex framework. A case study is performed within a military aircraft maintenance organization. The case study is then analysed in the framework of the professions, professional knowledge and knowledge sharing concepts. The knowledge and practical experience of the different professions, besides knowledge sharing and cooperation between them, are of great value for decision making in complex work situations. For this context the paper suggests support of information systems for professions, where quick access to common information and professional knowledge is of vital importance. The aim of this paper is to highlight challenges for knowledge sharing, according to the problems found in the empirical aircraft maintenance case. The overall analysis accounts for a profession-oriented approach. This paper shows how social dimensions such as cooperation in producing professional knowledge as well as knowledge sharing are played out within communities in aircraft maintenance.

  • 242.
    Svensson, Ann
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    The Shareholders’ Perspectives on Annual Reports2010Conference paper (Refereed)
    Abstract [en]

    For a satisfactory development of commercial and industrial life companies must obtain enough venture capital. The behaviour of the shareholders in companies is of vital importance for the financial opportunities. In order to supply venture capital and provide long-term ownership there has to be a satisfactory progress of the share values, and there is also an expectancy of returns on shares. A performance-driven company giving returns on shares will provide confidence for investors. Investors need information about the companies’ economic situation. This paper reports from an empirical qualitative review of different Swedish companies’ annual reports. Shareholders are often more interested in narrative information in the annual reports, than in the numerical information. Therefore the companies should be more interested in the qualitative aspects in their annual reports. It is important to inform about their business concept and their strategy. Information about the long-term economical outline is important in order to judge the company’s ability to make growth for the future. Companies’ governance routines are not described very well in the reviewed annual reports at all. Furthermore, many of the companies are missing information about future profit forecasts.

  • 243.
    Svensson, Ann
    et al.
    University West.
    Pashang, Hossein
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    IAS/IFRS and its Impact on Consolidated Companies’ Annual Reports2009In: European Journal of Management, ISSN 1555-4015, Vol. 9, no 2Article in journal (Refereed)
  • 244.
    Söderberg, Jonas
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    The prognostic value of financial statements: Detecting business failure using financial ratios?2013Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The research for detecting business failure using financial ratios started in the late 60’s and has been researched in various ways since. Previous researchers suggest that big changes in the macroeconomic environment give the need for updated work on this area. With the latest financial crisis in mind and the fact that very few updated studies have been made on Swedish corporations’ gives reason to as to why this thesis is needed.

    This study uses a sample of 25 Swedish firms that went bankrupt 2012 or later and 25 healthy ones. The study then inspects the five years prior to failure of all these 50 companies for identifying what financial ratios can be used for detecting failure. For an interesting perspective, five of the failed firm’s textual presentation of their future for the last year prior to failure was also inspected.

    The findings suggest that financial ratios can be used for detecting failures. Strong indications are found the last year before failure with decreasing indications the more years before failure you look. The findings contribute to society on a practical level supporting stakeholders in their decision making.

  • 245.
    Taheri, Kayvan
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Bergman, Daniel
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Henriksson, Filip
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    The role of sustainability reports in investment analysis2010Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
  • 246.
    Töre, Hedro
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Gustavsson, Anders
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Venture Capital: In need of new valuation tools?2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Venture capital investments have become a major contributor the growth of start-up firms. Investing in start-up firms carries a substantial risk of failure, only a minority of start-ups is high-return investments. This put great responsibility to the valuation methods used by the venture capital firm. It is argued that when uncertainties about future pay-offs are high traditional valuation tools are of little help, they are said to be too static and not to comply with change. A valuation method that is alleged to act in accordance with a changing environment where uncertainty is high is real option which is said to consider these variables, thus giving a more accurate valuation. The structure of venture capital funding can be seen as well suited for real option valuation.

    The authors find it interesting to find out how venture capitalists screen possible investments, if the traditional valuation methods hold in proportion to the challenges they face and if the real option approach could be suitable.

    The purpose is to describe and analyze how Swedish venture capital firms can valuate investments.

    The research was carried out using a qualitative method. We conducted interviews with four venture capital firms that operate in Sweden. The participating firms were: Industrifonden, Itact, FöretagsByggarna and LinkMed.

    The authors found in their research that the most important factors when screening the possible investments are the market and the entrepreneur. The venture capital firms use of valuation methods differ significantly. LinkMed and Industrifonden apply traditional valuation tools in contrast to Itact and FöretagsByggarna that rely on personal experience and expertise. Limitations found in the traditional models were lack of accurate and reliable estimations. The structural outlay of the investment is in line with that of the real option approach and the authors believes that real options exist embedded in the respondent’s investments. This implies that a real option approach is suitable for them.

  • 247.
    Törneling, Charlotta
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Gustafsson, Rickard
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Statutory audit - beyond the yes or no debate2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    There is an extensive debate going on in Sweden about the being or not being of the statutory audit for small limited companies. Sweden is one of the few European countries that still have a statutory audit for all limited companies, and the debate is even more of immediate interest when the Swedish accounting and auditing standards are converging more and more to international standards. A member state in the European Union has the possibility to exempt small limited companies from the statutory audit. But due to the current regulations in Sweden, all limited companies are to follow the same rules, which is questioned in the debate. This debate is a current and important issue due to that approximately 200 000 limited companies would be affected if the statutory audit would be abolished.

    The overall purpose of this thesis is to contribute to the debate about the statutory audit for small limited companies, by moving beyond the “yes and no debate”. We will describe and explain the attitudes towards the statutory audit and the existing accounting regulations among micro companies in two different business sectors.

    In order to fulfil the purpose, we have conducted a qualitative study. We have interviewed the owners of six micro companies from two different business sectors, namely organizational consultants and building contractors.

    The main conclusions from this study are that independent of their respective attitudes towards the statutory audit, none of the respondents would like the statutory audit to be abolished for small limited companies. Further, the respondents within the building contractors business perceive the accounting rules as more complicated than the respondents within the organizational consultants sector do, and a simplification of regulation would not change any of the respondents’ attitudes towards the statutory audit.

  • 248.
    Wahlsten, Joakim
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Hindocha, Anish
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Non-executive directors: a case study of four UK banks from 2005-20092011Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
  • 249.
    Wahlström, Johan
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Karlsson, Christian
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Activist Funds' impact on Blue Chip Companies in Sweden: Analysing the implications on capital structure, valuation and credit rating2007Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Background: The Swedish blue chip companies are performing better than ever, but have been strongly criticised for being too slow in their excess fund allocation. Companies with overcapitalised balance sheets and no investment needs are potential targets for activist funds’ business idea of more aggressive capital structures and financial restructuring. In media, this debate has raised criticism against these so called short-sighted, greedy asset-strippers that destroy company values and increase the companies’ risk of default. In prior cases where activist funds have taken actions, the market has responded positively through increasing the share price. However, sceptics argue that the higher share price is merely a response to a speculative reaction with no fundamental argument supporting the upgrade in market capitalisation.

    Purpose: The purpose of this thesis is to establish a view of the phenomenon of activist funds and their impact on blue chip companies’, listed on the Stockholm Stock Exchange, credit rating, capital structure and valuation.

    Method: To fulfil the purpose of our master thesis, a qualitative approach has been applied based on three cases involving the activities of activist funds. The empirical findings have been retrieved via personal communications with stock- and credit analysts, and the study also relies on articles and news coverage from media, stock market data and annual reports from each of the chosen companies respectively.

    Conclusion: The study has regarded the period of time which has been the investment horizon of the activist funds – explicitly and implicitly. Analysing their active ownership, the conclusion can be drawn that these activist funds have clearly had a positive impact on each of the blue chip companies’ performance and intrinsic value respectively. The financial restructuring has - contrarily to the criticism – strengthened the credit ratings in the cases of Lindex and Volvo. In the Skandia/Old Mutual-case, a marginally higher default risk was detected. Thus, the study has concluded that activist funds indeed add significant shareholder value without jeopardising the companies’ financial statuses.

  • 250.
    Wennerholm, Caroline
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Larsson, Marie
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Ethics in the auditing profession: A comparison between auditors and students2006Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    Introduktion: Revisionsbranschen har under de senaste åren drabbats av en rad skandaler vilka har fått stor uppmärksamhet i media den senaste tiden. De inträffade företagsskandalerna har bidragit till ökade krav på etik inom revisionsbranschen. För att revisorer ska återfå sin trovärdighet bland klienter och intressenter har kraven i allmänhet ökat på revisorer. Syftet med vår studie är att från ett svenskt perspektiv undersöka graden av etiskt tänkande bland revisorer. Detta kommer även att jämföras med det etiska tänkandet bland studenter för att se om det föreligger skillnader och likheter när det gäller etik.

    Metod: För att uppnå vårt syfte med studien har vi valt att genomföra

    både kvantitativ enkätundersökning samt kvalitativa intervjuer.

    Enkäten genomfördes på totalt 100 respondenter varav 50 revisorer och 50 studenter. Resultaten från enkäten följdes upp av tre djupintervjuer med tre revisorer som även deltog i enkäten.

    Teori: Teorin är indelad i tre större avsnitt; etik i allmänhet, etik inom revisionsbranschen samt etiskt tänkande vid beslutsfattande. Den teoretiska referensramen inleds med ett brett perspektiv på etik för att få en bakgrund till vårt huvudproblem som berör etiskt tänkande bland revisorer.

    Empiri: Resultaten från vår enkätundersökning och de tre intervjuerna är sammanställda i en empirisk diskussion.

    Slutsats: Slutsatserna vi kommit fram till är att revisorer har ett högt etiskt tänkande i beslutsfattandet och de har även ett högre etiskt tänkande än studenter vid etiska dilemman. En annan slutsats är att studenter behöver mer etik undervisning för att vara föreberedda på vad som väntas när de kommer att arbeta på revisionsbyråer. Etikundervising är viktigt då etik är grunden för revisionsbranschen.

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