The Importance of Industry-, Country- and Global Factors for the Return on Technology Stocks

We investigate to what degree return on technology stocks are affected by industry-, country- and global factors. Furthermore, the analysis is extended to look deeper into the industry factors by examining what the exposure of technology stocks to industry-specific shocks is caused by. In previous studies, the aim has been to try to determine whether industry-, country- or global effects are the most prominent for international stock returns; however, the technology industry has not yet been thoroughly investigated. There are 27 countries included in the analysis, from both developed and emerging markets. The years investigated are 1990-2015 and include returns from a technology index and an equity index for each country, a global technology index and a global equity index. The results show that industry-, country- and global effects exist in the technology industry. Moreover, high-technology export is found to have a significantly positive impact on the exposure to industry-specific shocks, whereas the dot-com crisis had a negative impact on the exposure. These results are important for forming an optimally diversified portfolio that includes technology stocks, when diversifying across industries and countries

Spread of Knowledge in Corporation Based on Projects

Background: Society of today is characterised by greater dynamics and a constant demand for innovation and fresh ideas. This development is often named "the new economy" or "the knowledge society". Independent of how one chooses to name this society, most individuals seem to agree upon the fact that knowledge grows more and more important. New competencies, such as new knowledge and new forms of organising, will be demanded for corporations to be successful in the future. In recent years it has become more common with corporations based on projects. In this context it is interesting to discuss the spread of knowledge. Purpose: We aim at create understanding for the spread of knowledge, through focusing on corporate culture, organisational routines, and processes of knowledge transfer in corporation based on projects. Realisation: This paper is based on a study of two IT-companies, Cell Network and Framfab. The empirical material, chiefly collected through interviews, has been analysed with starting-point in the frame of references. Conclusions: We came to the conclusion that corporate culture, organisational routines, and processes of knowledge transfer, studied separately is not enough to explain the spread of knowledge. Instead the three variables co-operate. Corporate culture cerates common values, organisational routines guide behaviour, and the processes of knowledge transfer results in the actual spread of knowledge

Vikingarnas försvarsstrategier

Abstract Titel: ​​Vikingarnas försvarsstrategier Seminariedatum: ​2016.01.14 Kurs: ​​FEKH89, Examensarbete kandidatnivå i Finansiering, 15 ECTS Författare: ​​Atle Alkelin, Helena Grane, Annette Schönbeck, Cecilia Wikholm Handledare: ​Göran Anderson Nyckelord: ​​Fientligt, uppköp, försvarsstrategi, komparativ, Danmark, Sverige Syfte: ​​Studien syftar till att undersöka skillnader mellan fientliga företagsförvärv och deras effekter i Sverige och Danmark. Metod: ​Data, hämtad från Zephyr, har genom en kvantitativ metod behandlats i Excel och sedan testats för samband genom chi-två test i SPSS. Teoretiska perspektiv: ​Den teoretiska grunden utgörs av tidigare forskning inom fientliga företagsförvärv, försvarsstrategier och principal-agent teori samt lagliga förhållanden. Empiri: ​Studien mynnar ut i en undersökning av 68 fientliga företagsförvärv i Sverige samt 21 fientliga företagsförvärv i Danmark under tidsperioden 1997-2005. Skillnader i andel tillbakadragna fientliga uppköpsförsök mellan Danmark och Sverige samt effekten hos de individuella försvarsstrategierna i respektive land chi-två testas. Testerna visar att fientliga företagsförvärv har större sannolikhet att dras tillbaka i Danmark samt att försvarsstrategin Vit riddare är effektiv i Sverige. Försvarsstrategin kritik mot bud används ofta men dess effekt är odefinierbar. Slutsats: ​Den största skillnaden mellan Sverige och Danmark återfinns i ländernas lagstiftning. Ett danskt bolag är på grund av landets lagstiftning bättre skyddat mot fientliga förvärv. Som en följd av skillnader i lagstiftning varierar företags användande av försvarsstrategier mellan de undersökta länderna.Abstract Title: ​​Vikingarnas försvarsstrategier Seminar date: ​01.14.2016 Course: ​​FEKH89, Degree Project Undergraduate level, Business Administration, Undergraduate level, 15 ECTS Authors: ​​Atle Alkelin, Helena Grane, Annette Schönbeck, Cecilia Wikholm Advisor: ​​Göran Anderson Key words: ​​Hostile, takeovers, comparative, Denmark, Sweden Purpose: ​​The purpose of the study is to investigate what differences there are between hostile takeovers and the effect of various defence strategies in Sweden and Denmark. Methodology: ​Data, collected from Zephyr, has through a quantitative method been processed in Excel and later tested by chi square tests in SPSS. Theoretical perspectives: The theoretical foundation is previous research regarding hostile​​takeovers, theories about various defence strategies as well as law​​and the principal-agent theory. Empirical foundation: ​The study results in an investigation of 68 hostile takeover bids in Sweden and 21 hostile takeover bids in Denmark, during the time period 1997-2015. The differences in withdrawn hostile takeover attempts and the effect of the individual defence strategies between the countries are Chi Square tested. The tests show that hostile takeovers are more likely to be withdrawn in Denmark and that the White Knight strategy proved to be effective in Sweden. The defence strategy, Criticising the Bid, is frequently used but its effects are indefinable. Conclusions: ​The biggest difference between Sweden and Denmark are the legal restrictions. A Danish company is better protected against hostile takeovers due to the country’s legal system. Due to the legal differences the use of defence strategies varies between the investigated countries