Valsystem & Korruption

I denna studie undersöks huruvida det finns en koppling mellan variablerna valsystem och korruption. Uppsatsens teoretiska del bygger på Bo Rothsteins teori om institutioner och deras påverkan på aktörers agerande. Teorin arbetades igenom så att den kunde appliceras på det resultat som uppsatsen fick från sin korrelationsanalys. Valet att använda sig av en korrelationsanalys motiverades utifrån uppsatsen syfte som var att analysera om ett samband existerade mellan de två redan nämnda variablerna. Studien sätts även i kontrast med tidigare forskningsbidrag från bland annat Lijphart(1999) och Kunicová och Rose-Ackerman(2005). Resultatet från uppsatsens analys visade på att det inte fanns ett statistiskt signifikant samband mellan valsystem och korruption. Detta resultat diskuteras i uppsatsens slutdiskussion, diskussionen förs framförallt utifrån den valda teorin. Viktigt att poängtera är att uppsatsen inte hade som mål att förklara hur det komplexa samhällsproblemet korruption uppstår. Uppsatsens syfte var istället att undersöka om valsystem antigen påverkade eller bidrog till en stats grad av korruptio

Det stormar i Amerika - Pöbeln som hotar demokratin : En kvalitativ och komparativ studie om tre svenska tidningars gestaltning av två nutida hot mot demokratin

This study examines how the attacks of the Capitol and the Brazilian congress, presidential palace and supreme court are framed in three Swedish newspapers. The newspapers are Dagens Nyheter, Svenska Dagbladet and Aftonbladet. Furthermore the two attacks are compared with each other. The study uses a qualitative and comparative method. Framing theory is used as the theoretical framework. The results show that the two attacks have many similarities such as anti democratic values, a rhetoric which endorses violence, power hungry ex-presidents and two countries divided by polarization. There are however differences where the framing of Capitol focuses on the Republican party, Trump’s decay of support and a trigger in the shape of Trump’s 6th january speech. The framing of the attack in Brasília focuses on the attempts of installing a military rule and Bolsonaro’s silence. There is need for further scientifical research to get a broader understanding of the phenomenon

Det stormar i Amerika - Pöbeln som hotar demokratin : En kvalitativ och komparativ studie om tre svenska tidningars gestaltning av två nutida hot mot demokratin

This study examines how the attacks of the Capitol and the Brazilian congress, presidential palace and supreme court are framed in three Swedish newspapers. The newspapers are Dagens Nyheter, Svenska Dagbladet and Aftonbladet. Furthermore the two attacks are compared with each other. The study uses a qualitative and comparative method. Framing theory is used as the theoretical framework. The results show that the two attacks have many similarities such as anti democratic values, a rhetoric which endorses violence, power hungry ex-presidents and two countries divided by polarization. There are however differences where the framing of Capitol focuses on the Republican party, Trump’s decay of support and a trigger in the shape of Trump’s 6th january speech. The framing of the attack in Brasília focuses on the attempts of installing a military rule and Bolsonaro’s silence. There is need for further scientifical research to get a broader understanding of the phenomenon

A neutral press? : A qualitative and comparative study of two Swedishnewspapers’ view of England, Germany and Russia during World War One1914-1918

Abstract The study examines how the two Swedish newspapers Dagens Nyheter and Svenska Dagbladet wrote about England, Germany and Russia during World War One. The study examines the two newspapers’ changed view of the three countries during the course of the war. Furthermore there is a compararition between what the two newspapers wrote. The study is a qualitative and comparative analysis based on material from Dagens Nyheters and Svenska Dagbladets editorial pages. The method that has been used is a qualitative content analysis and a comparative method. Framing theory is used as the study's theoretical ground. The result of the study shows that Dagens Nyheter had a neutral and positive framing of England, a negative and neutral framing of Germany and a mostly negative framing of Germany. Svenska Dagbladet had a mostly negative framing of England, a positive framing of Germany and a negative framing of Russia

A neutral press? : A qualitative and comparative study of two Swedishnewspapers’ view of England, Germany and Russia during World War One1914-1918

Abstract The study examines how the two Swedish newspapers Dagens Nyheter and Svenska Dagbladet wrote about England, Germany and Russia during World War One. The study examines the two newspapers’ changed view of the three countries during the course of the war. Furthermore there is a compararition between what the two newspapers wrote. The study is a qualitative and comparative analysis based on material from Dagens Nyheters and Svenska Dagbladets editorial pages. The method that has been used is a qualitative content analysis and a comparative method. Framing theory is used as the study's theoretical ground. The result of the study shows that Dagens Nyheter had a neutral and positive framing of England, a negative and neutral framing of Germany and a mostly negative framing of Germany. Svenska Dagbladet had a mostly negative framing of England, a positive framing of Germany and a negative framing of Russia

Does recasted data improve the predictive accuracy of bankruptcy prediction models?

This paper examines conventional bankruptcy prediction models under the thesis that such models perform better when applied to adjusted financial statement data, rather than to reported data. This hypothesis is tested by revisiting already existing bankruptcy models as well as developing two new models for predicting imminent corporate failures. The result of the study reveals that financial adjustments are not necessary for conventional bankruptcy prediction models, whereas such adjustments lead to improved predictive accuracy for our models. So even though the necessity of using recasted financials in other areas of finance is generally accepted, we find that this necessity is not as apparent within the field of bankruptcy prediction

Från motivering till investering

Titel: Från motivering till investering - Nyemissionens effekt på aktiekursutvecklingen Seminariedatum: 2016-06-02 Kurs: Examensarbete i finansiering på kandidatnivå, 15 hp Författare: -Jonathan Engman -Philip Berntsson -Patrik Johannesson -Fredrik Åberg Handledare: Mattias Haraldsson Nyckelord:Nyemission, emissionsmotiv, informationsasymmetri, pecking-order, signalteori, abnormal avkastning, multipel regression Syfte: Syftet med denna studie är att undersöka om och till vilken grad det bakomliggande motivet till en nyemission påverkar det emitterande bolagets aktiekursutveckling. Metod: Studien baseras på en eventstudie där den abnormala avkastningen som uppstår till följd av en emissionsannonsering studeras. I syfte att säkerställa att kursreaktionen är signifikant under de olika tidsperioderna testas den abnormala avkastningen genom ett t-test. Dessutom testas till vilken grad det bakomliggande motivet till nyemissionen förklarar denna abnormala avkastning genom en regressionsanalys Teoretisk referensram: De underliggande teorier som används i denna uppsats utgår från tidigare forskning kring nyemissioners aktiekurspåverkan. Relevanta teorier för studien är informationsasymmetri, pecking-order teorin, trade-off teorin, signalteorin, principal-agent teorin samt den optimistiska förväntanshypotesen. Empiri: Empirin omfattar nyemissioner genomförda på NASDAQ OMX Stockholm under perioden 2007-2014 och som registrerats i Finansinspektionens prospektsregister. Slutsats: Studien finner att annonseringen av en nyemission leder till en statistiskt signifikant abnormal avkastning på kort sikt oavsett motiv. Studien finner även att två av de tre undersökta emissionsmotiven påverkar den abnormala avkastningen på kort sikt.Title: From motive to investment - The effect of equity issues on stock performance Seminar date: 2016-06-02 Course: FEKH89 Degree Project in Finance, Undergraduate level, 15 ECTS-credits Authors: -Philip Berntsson -Jonathan Engman -Patrik Johannesson -Fredrik Åberg Advisor: Mattias Haraldsson Key words: Seasoned equity offering, intended use of proceeds, information asymmetry, pecking order, signal theory, abnormal return, multiple regression Purpose: The purpose of this study is to investigate whether, and to what extent, the underlying motive for a seasoned equity offering affects the stock return for an issuing company. Methodology:An event study in which the abnormal returns incurred as a result of the announcement of a seasoned equity offering is studied. In order to determine whether this event causes significant abnormal stock reactions the abnormal returns during the event window are tested in a t-test. In addition, the underlying motives behind the equity offerings are tested in a regression analysis in order to explain to what extent these motives affect the abnormal returns. Theoretical perspective: The underlying theories used in this paper are based on previous research on the share price impact of equity offerings. Relevant theories for this study are information asymmetry, pecking- order theory, trade-off theory, signal theory, the principal-agent problem and the optimistic expectations hypothesis. Empirical foundation: The empirical data includes seasoned equity offerings registered by Finansinspektionen on the NASDAQ OMX Stockholm Exchange during the years 2007-2014. Conclusions: The study finds that the announcement of a seasoned equity offering generates statistically significant abnormal returns in the short term. The study also concludes that two out of three underlying motives affect the abnormal returns in the short term

Apixaban compared with warfarin in patients with atrial fibrillation and previous stroke or transient ischaemic attack: A subgroup analysis of the ARISTOTLE trial

Background: In the ARISTOTLE trial, the rate of stroke or systemic embolism was reduced by apixaban compared with warfarin in patients with atrial fibrillation (AF). Patients with AF and previous stroke or transient ischaemic attack (TIA) have a high risk of stroke. We therefore aimed to assess the efficacy and safety of apixaban compared with warfarin in prespecified subgroups of patients with and without previous stroke or TIA. Methods: Between Dec 19, 2006, and April 2, 2010, patients were enrolled in the ARISTOTLE trial at 1034 clinical sites in 39 countries. 18 201 patients with AF or atrial flutter were randomly assigned to receive apixaban 5 mg twice daily or warfarin (target international normalised ratio 2·0-3·0). The median duration of follow-up was 1·8 years (IQR 1·4-2·3). The primary efficacy outcome was stroke or systemic embolism, analysed by intention to treat. The primary safety outcome was major bleeding in the on-treatment population. All participants, investigators, and sponsors were masked to treatment assignments. In this subgroup analysis, we estimated event rates and used Cox models to compare outcomes in patients with and without previous stroke or TIA. The ARISTOTLE trial is registered with ClinicalTrials.gov, number NTC00412984. Findings: Of the trial population, 3436 (19%) had a previous stroke or TIA. In the subgroup of patients with previous stroke or TIA, the rate of stroke or systemic embolism was 2·46 per 100 patient-years of follow-up in the apixaban group and 3·24 in the warfarin group (hazard ratio [HR] 0·76, 95% CI 0·56 to 1·03); in the subgroup of patients without previous stroke or TIA, the rate of stroke or systemic embolism was 1·01 per 100 patient-years of follow-up with apixaban and 1·23 with warfarin (HR 0·82, 95% CI 0·65 to 1·03; p for interaction=0·71). The absolute reduction in the rate of stroke and systemic embolism with apixaban versus warfarin was 0·77 per 100 patient-years of follow-up (95% CI -0·08 to 1·63) in patients with and 0·22 (-0·03 to 0·47) in those without previous stroke or TIA. The difference in major bleeding with apixaban compared with warfarin was 1·07 per 100 patient-years (95% CI 0·09-2·04) in patients with and 0·93 (0·54-1·32) in those without previous stroke or TIA. Interpretation: The effects of apixaban versus warfarin were consistent in patients with AF with and without previous stroke or TIA. Owing to the higher risk of these outcomes in patients with previous stroke or TIA, the absolute benefits of apixaban might be greater in this population. Funding: Bristol-Myers Squibb and Pfizer. © 2012 Elsevier Ltd

Apixaban versus warfarin in patients with atrial fibrillation

BACKGROUND: Vitamin K antagonists are highly effective in preventing stroke in patients with atrial fibrillation but have several limitations. Apixaban is a novel oral direct factor Xa inhibitor that has been shown to reduce the risk of stroke in a similar population in comparison with aspirin. METHODS: In this randomized, double-blind trial, we compared apixaban (at a dose of 5 mg twice daily) with warfarin (target international normalized ratio, 2.0 to 3.0) in 18,201 patients with atrial fibrillation and at least one additional risk factor for stroke. The primary outcome was ischemic or hemorrhagic stroke or systemic embolism. The trial was designed to test for noninferiority, with key secondary objectives of testing for superiority with respect to the primary outcome and to the rates of major bleeding and death from any cause. RESULTS: The median duration of follow-up was 1.8 years. The rate of the primary outcome was 1.27% per year in the apixaban group, as compared with 1.60% per year in the warfarin group (hazard ratio with apixaban, 0.79; 95% confidence interval [CI], 0.66 to 0.95; P<0.001 for noninferiority; P = 0.01 for superiority). The rate of major bleeding was 2.13% per year in the apixaban group, as compared with 3.09% per year in the warfarin group (hazard ratio, 0.69; 95% CI, 0.60 to 0.80; P<0.001), and the rates of death from any cause were 3.52% and 3.94%, respectively (hazard ratio, 0.89; 95% CI, 0.80 to 0.99; P = 0.047). The rate of hemorrhagic stroke was 0.24% per year in the apixaban group, as compared with 0.47% per year in the warfarin group (hazard ratio, 0.51; 95% CI, 0.35 to 0.75; P<0.001), and the rate of ischemic or uncertain type of stroke was 0.97% per year in the apixaban group and 1.05% per year in the warfarin group (hazard ratio, 0.92; 95% CI, 0.74 to 1.13; P = 0.42). CONCLUSIONS: In patients with atrial fibrillation, apixaban was superior to warfarin in preventing stroke or systemic embolism, caused less bleeding, and resulted in lower mortality. Copyright © 2011 Massachusetts Medical Society. All rights reserved