Förvärv i botten så når du toppen? - En eventstudie om företagsuppköp i förhållande till konjunkturcykeln

Titel: Förvärv i botten så når du toppen? - En eventstudie om företagsuppköp i förhållande till konjunkturcykeln Seminariedatum: 2015-06-04 Ämne/kurs: FEKH89, Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng Författare: Julia Andersson, Elin Dahlström, Niklas Lindh och Oscar Siöström Handledare: Rikard Larsson Fem nyckelord: M&A, konjunktur, över-/underavkastning, marknadstajming, svenska uppköpsmarknaden Syfte: Det huvudsakliga syftet med studien är att studera i vilken fas i konjunkturcykeln som genererar det bästa resultatet för det uppköpande företaget. Studien avser enbart undersöka organisationella sammanslagningar på den svenska marknaden och endast innehålla inhemska förvärv. Med detta vill författarna bredda den redan befintliga forskningen och tillföra en vinkel på ämnet som beaktar de ekonomiska upp- och nedgångarna. Teoretiska perspektiv: Syftet ämnas uppfyllas med hjälp av relevanta begrepp och teorier kring M&As. Business Cycle Management (BCM), hybrishypotesen, signalteorin samt tidigare forskning används som referensram. Metod: Detta är en kvantitativ studie med en deduktiv ansats. Som prestationsmått kommer CAAR och BHAR att användas för att mäta resultatet på kort och lång sikt. För att säkerställa dessa resultat görs T-test. Empiri: Studien baseras på 115 uppköp genomförda av företag noterade på Nasdaq OMX Stockholm eller Aktietorget under tidsperioden 2000 till 2012. Data har hämtats från databaserna Thomson Reuters DataStream och Zephyr samt från Konjunkturinstitutets statistikdatabas. Resultat: Studien visar på ett resultat där det är bättre att göra uppköp i lågkonjunktur än i högkonjunktur på lång sikt. Utifrån resultatet går det inte att se huruvida det är bättre att genomföra uppköp under någon specifik konjunkturfas.Title: Is it value creating to invest when no one else dares? - An event study about the M&A relation to the economic cycle Seminar date: 2015-06-04 Course: FEKH89, Degree Project in Finance, Undergraduate level, 15 ECTS-credits Authors: Julia Andersson, Elin Dahlström, Niklas Lindh and Oscar Siöström Supervisor: Rikard Larsson Five key words: M&A, economic cycles, abnormal return, market timing, Swedish acquisition market Purpose: The main purpose of this study is to test what part of the economic cycle has the best influence on the performance of corporate acquisitions for the acquirer. The study aims to examine organisational mergers on the Swedish market and it only contains domestic deals. The authors would like to broaden the previous research and add a view on the impact of the economic cycle. Theoretical perspective: The authors will use previous research, concepts and theories, including Business Cycle Management (BCM), hubris hypothesis and the signal theory as their theoretical framework. Methodology: This study undertakes a quantitative approach with deductive reasoning. CAAR and BHAR will be used to measure the performance of the acquisitions. To see if the results are significant a T-test will be performed. Empirical foundation: The study is based on 115 acquisitions made by publicly traded Swedish companies, listed on Nasdaq OMX Stockholm or Aktietorget, during the time period 2000 until 2012. Data have been collected from the databases Zephyr, Thomson Reuters DataStream and the statistical database of the National Institute of Economic Research. Conclusion: The study shows a result that it is better to make acquisitions during a downturn than during an upturn from the long-term perspective. It is not possible to conclude whether it is better to perform the acquisition in a specific phase in the economic cycle

Function and dynamics of woody debris in boreal forest streams

The work in this thesis deals with (1) the effects of woody debris on stream channel morphology and retention of organic material, and (2) the dynamics of woody debris and its relation to riparian forest history and composition. The studied stream reaches are situated in mature, productive forests in the boreal zone of Sweden. Wood variables were important predictors of the frequency of debris dams, pool area, the proportion of pools formed by wood, and variation in the bankfull channel width. Pools formed by woody debris were mainly created by damming and had larger surface areas and residual depths than pools formed by other agents. Stream reaches intersecting old-growth forest (with minor influence of forest management) had coarser and longer woody debris pieces, greater amounts of wood, more debris dams, and wood-formed pools compared to streams surrounded by forests influenced by selective logging. The influence of past forest management on the quality and quantity of woody debris in streams were analyzed by using dendrochrnological methods. Selective loggings and absence of forest fires after 1831 resulted in lower input rates and a gradual replacement of pine by sruce over time. Residence times in stream channels of woody debris (>10 cm in basal diameter) were long and the oldest dated pieces of pine and spruce were over 300 and 100 years, respectively. Dynamics of woody debris were explored by comparing wood volumes and characteristics between stream channels and their riparianforests and between old growth and managed sites. Wood volumes recorded in the stream channels exceeded, but were related to, the volumes found in the riparian forests. Limited input of woody debris by bank cutting and absence of slope processes suggest that recruitment processes of woody debri to stream channels are similar as in riparian forests and slow decay in channels results in greater volumes. The retentiveness of organic material in stream channels was examined by using release and capture experiments in multiple reaces during varying discharges using different sizes of leaf mimics. Sixty eight percent of the variation in retention was explained by a multiple regression model including discharge and leaf mimic siz. Between 44 and 80% of the variation in retention among reaches was explained by channel constraint, gravel coverage, and woody debris variables as the most important. Estimates from a partial least squares (PLS) model suggest an increase in mean transport distances by 22 to 53% in managed forest streams compared to old growth conditions and in a low wood scenario, mean transport distances increased by 38 to 99% with larger increases for higher discharges and larger particle sizes. To regain more pristine conditions of stream channels, management and restoration are needed to increase the amount of woody debris that recreates lost channel structures and increaes the retention of organic material

Capital Structure Decisions : A case study on high growth SMEs listed on NGM Equity in Sweden

Small and medium sized enterprises (SMEs) stand for 99.8 percent of businesses in Europe and are therefore a vital part of every country’s economic growth. The maintenance of an optimal capital structure is considered as an area where decision makers can influence the company as company value and risk depends, at least in part, on its capital structure. Of particular interest when studying capital structures among SMEs are high growth firms which are assumed to be more capital intense due to the need to finance their extraordinary growth. There seems to be a knowledge gap regarding research on the capital structure employed by firms listed in Sweden and there is therefore an opening for a study of this kind.   Theories discussed in this paper are the pecking order theory and trade off theory which have been supplemented with information asymmetry theory and agency theory to build up a solid theoretical framework. These theories are also commonly used when capital structure issues are discussed. Pecking order theory describes how firms raise capital according to a ladder of preferences where internally generated funds are preferred to external funds and where debt is preferred to equity. Looking at the empirics on the pecking order there appear to be contradictions in the literature where some previous research findings suggest a reversion of the pecking order with regard to external funds, i.e. that external equity is preferred to external debt.   Three factors that are extensively mentioned in the seminal work are financial flexibility, ownership control and the tax advantage of debt interest deductibility. These seem to have an influence on capital structure decisions. Therefore we also look at the relative importance of these factors. The research question of this study is thus: “What influences the capital structure and the pecking order among high growth, listed SMEs in Sweden?”. The practical implication of this study is to increase knowledge on what factors companies value with regard to capital structure decisions.   A quantitative case study of the total population of high growth SMEs listed on the NGM Equity in Sweden was conducted. A deductive approach was used. A web based questionnaire was sent out to all 26 companies listed on NGM Equity during April 2010.   The result is presented in an aggregated form using descriptive statistics and shows no evidence for a specific pecking order with regard to external funds. This suggests that the theory therefore needs revision. Equity and debt appear to be close to equally preferred and the overall finding suggests that there is a lack of financial strategy among SMEs listed on NGM Equity. Financial flexibility appears to have the most impact on influencing the financial structure followed by ownership control. The advantage of debt interest deductibility on tax appears to be of less importance.   We believe that this study has contributed to knowledge about capital structure decisions and is good groundwork for future research. Future researchers are suggested to increase the studied population and separate companies according to industry and size and in order to get statistically significant results applicable on other similar groups in other countries

Kvicksilver i insjöfisk i Skåne år 2000

Frysta fiskprover från tio sjöar i norra Skåne har analyserats med avseende på kvicksilver. Materialet ingår i en studie vars syfte är dels att klarlägga kvicksilverhalterna i länets sjöar, dels att utröna om mörten kan användas som indikatororganism där andra fiskar saknas.Regionala inventeringsrapporter import från MDP 2015-05</p

Digitala Tomater : Förstudie - 2020.11.04

QC 20210624</p

Digitala Tomater : Förstudie - 2020.11.04

QC 20210624</p

Implementing a trustworthy C2C-platform for lunch boxes with high usability : A case study of the web application Delish

This report covers a case study performed at Linköping University. The project consists of the development of a web application of type e-commerce, named Delish, which is a service for trading lunch boxes among students. The report treats the compilation of a theoretical framework, the development and its results followed by a discussion. The web application serves as a foundation in order to examine how an application should be designed to ensure high navigability and simplicity while establishing user trust. Information is gathered in order to define a theoretical and methodical framework. The development is accompanied by an evaluation of the products fulfilment of earlier set goals, by conducting market surveys and usability testing. Navigability is achieved through the implementation of different navigational systems and the application is perceived as simple as a result of effective use of colours and typography. Through the implementation of a ranking system and communication of data integrity, the application is perceived as trustworthy.Denna rapport omfattar en fallstudie som genomförs vid Linköpings universitet. Under projektet utvecklas en webbapplikation i form av en e-butik vid namn Delish vilken tillhandahåller en tjänst för köp och försäljning av lunchmatlådor mellan studenter. Rapporten behandlar utvecklingsarbetet, dess teoretiska grund samt associerat resultat och diskussion. Webbapplikation används som bas för att undersöka hur en applikation av denna typ bör utformas för att uppfylla krav på hög navigerbarhet och enkelhet samt skapa ett förtroende hos användaren. Implementering föranleds av upprättandet av en teoretisk och metodisk grund för att säkerställa att frågeställningen uppfylls. Arbetet kompletteras genom undersökningar av applikationens fullföljande av tidigare nämnda målbilder. Detta görs bland annat i form av en enkätundersökning och användartester. Hög navigerbarhet uppnås genom implementering av olika navigationssystem och webbapplikationen upplevs enkel på grund av ett effektivt användande av färger och typografi. Implementeringen av ett betygsättningssystem samt tydlig kommunicering av datahantering gör den förtroendeingivande

Population Pharmacokinetics and Pharmacodynamics of Artemether and Lumefantrine during Combination Treatment in Children with Uncomplicated Falciparum Malaria in Tanzania▿

The combination of artemether (ARM) and lumefantrine is currently the first-line treatment of uncomplicated falciparum malaria in mainland Tanzania. While the exposure to lumefantrine has been associated with the probability of adequate clinical and parasitological cure, increasing exposure to artemether and the active metabolite dihydroartemisinin (DHA) has been shown to decrease the parasite clearance time. The aim of this analysis was to describe the pharmacokinetics and pharmacodynamics of artemether, dihydroartemisinin, and lumefantrine in African children with uncomplicated malaria. In addition to drug concentrations and parasitemias from 50 Tanzanian children with falciparum malaria, peripheral parasite densities from 11 asymptomatic children were included in the model of the parasite dynamics. The population pharmacokinetics and pharmacodynamics of artemether, dihydroartemisinin, and lumefantrine were modeled in NONMEM. The distribution of artemether was described by a two-compartment model with a rapid absorption and elimination through metabolism to dihydroartemisinin. Dihydroartemisinin concentrations were adequately illustrated by a one-compartment model. The pharmacokinetics of artemether was time dependent, with typical oral clearance increasing from 2.6 liters/h/kg on day 1 to 10 liters/h/kg on day 3. The pharmacokinetics of lumefantrine was sufficiently described by a one-compartment model with an absorption lag time. The typical value of oral clearance was estimated to 77 ml/h/kg. The proposed semimechanistic model of parasite dynamics, while a rough approximation of the complex interplay between malaria parasite and the human host, adequately described the early effect of ARM and DHA concentrations on the parasite density in malaria patients. However, the poor precision in some parameters illustrates the need for further data to support and refine this model