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  • 101.
    Björsund, Gustav
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Jonsson, Simon
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Diskonterad kassaflödesanalys med fritt kassaflöde: Företagsvärdering på den svenska aktiemarknaden2021Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper analyses the discounted free cash flow model to the firm (FCFF) on 50 different companies in the swedish stock market. There are few studies that examine the models relevance when it comes to predicting enterprise value for publicly listed companies, therefore this study aims to fill the gap between the models theoretical framework with its practical use. The aim of this study is to examine if the model’s estimates are closely related to the share price of each company and if the model can be used as an investment tool efficiently for a layman as well as for a professional practitioner. By analysing historical data between 2013-2019 forecasts regarding the free cash flows can be made using the theoretical assumptions from the FCFF-model. The result reveals an imprecise predictability with an absolute prediction error of 75.22%. This study draws the conclusion that the model is better suited for professional practitioners rather than laymen due to its complexity and subjective nature.

  • 102.
    Blidberg, Andreas
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Olsson, Jakob
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Main Drivers of Gold Price and Backtesting for the OptimalGold/US Equity Portfolio2021Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Due to its unique physical properties, gold has been used as money for thousands of years.Since the collapse of the Bretton Wood system in 1971 however, gold has no official link tothe monetary system. What drives gold prices today and what role the metal should serve inan investment portfolio are highly debated questions. The aim of this report is to bring factsand clarity to this debate. To examine the drivers of gold prices an OLS-regression has beenconducted on the period 1971-2021. From the regression and with the support of graphs and previous literature we concluded that gold is positively correlated with money supply and negatively correlated with real interest rates. In order to study what place gold has in amodern investment portfolio, we have used sharpe ratio as a measure of a portfolio’sefficiency. The ratio was optimized in Excel, and we found that the gold/US equity portfoliowhich had achieved the highest sharpe ratio during our testing period consisted of 5.68% goldand 94.32% S&P 500 TR. We also studied gold’s performance in times of economic crisis and found that gold has worked as a protection against downturns in the stock market. 

  • 103.
    Blomqvist, Karl
    et al.
    University West, School of Business, Economics and IT.
    Björklund, Simon
    University West, School of Business, Economics and IT.
    Hur skiljer sig slutpriset på småhus av energieffektivisering?: En jämförande studie mellan Göteborg och Luleå2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In the last few years, Sweden has felt rising energy prices leading to more harsh living for single houses. In the years 2021–2022, both Europe and Sweden witnessed record-high electricity prices and experts predicted an increase in the coming years. As a result of this, homeowners began to improve their energy efficiency in their homes. Therefore, this study will aim to answer the question “How does the final price of detached houses differentiate between Gothenburg and Luleå due to their energy efficiency?”. The hypothesis for the work is that a positive relationship between sales price and energy efficiency occurs. That Gothenburg will have a larger effect than Luleå. To answer the question a quantitative method is applied using the hedonic pricing model with two multiple regressions, one for each cross-section. The time series is from 2020–2023. The variables used are sale price as a dependent variable and a series of eight independent variables. The regression results show a positive relationship between energy efficiency measures and final price in both cross sections. Furthermore, the results are significant for Luleå and insignificant for Gothenburg. Regarding Luleå energy efficient ventilation and heating has a statistical significance on sale price. Meanwhile, house size and plots of land are significant for Gothenburg. These results are both in line with previous research but also contradict them. The thesis is unique because the analysis is made between two different energy pricing areas in Sweden.

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  • 104.
    Bohne, Eberhard
    et al.
    German Research Institute for Public Administration, Speyer.
    Karlsson, CharlieUniversity West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Repositioning Europe and America for Growth. The Role of Governments and Pri­vate Actors in Key Policy Areas2010Collection (editor) (Refereed)
  • 105.
    Boksjan, Alex
    et al.
    University West, School of Business, Economics and IT.
    Enarson, Felix
    University West, School of Business, Economics and IT.
    Economic determinants of the consumption of alcoholic beverages in Sweden: A panel data analysis2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The aim of this paper is to investigate how economic determinants affect the consumption of different alcoholic beverages in all 21 counties of Sweden. Our goal is to help policymakers understand whether certain economic determinants are statistically significant in explaining the alcohol consumption patterns of different beverages in our nation. We will specifically be using panel data analysis and regression to analyze the relationship between the economic determinants (unemployment, education and income) and the consumption of different types of alcoholic beverages (beer, wine and spirits) in Swedish counties between 2006-2021. The results show that individuals with an education of three years or longer tend to consume less spirits and more wine, that a higher income tends to lead to an increase in spirits consumption and that an increase in unemployment tends to lead to a decrease in beer consumption.

  • 106.
    Borneklint, Niklas
    University West, School of Business, Economics and IT.
    CAPM versus APT model and the Swedish stock market2022Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this research paper, we have tested two models’ performance according to the positive portfolio theory, namely the CAPM and APT model. Our regression results showed OMXPI had superior explanatory power over the excess return on large-, mid-and small cap in the Swedish market. We constructed an APT-four-factor model where we implemented market risk premium and added macro-economic factors (IPI, CPI, and Repo rate). The macro-economic factors we have used have shown to have a relationship with stock returns. Where the stock returns were exposed to systematic economic news and that they are priced in accordance with their sensitivities with macro-economic variables (Chen et al, 1986). We couldn’t reject the null hypothesis for the models’ performance. Thus, we can conclude that APT was not better at explaining excess return for Swedish companies in comparison to the CAPM. 

  • 107.
    Borneklint, Niklas
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Forecasting prices of Bitcoin and Google stock with ARIMA vs Facebook Prophet2021Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this thesis we have presented econometrics and forecasts of Bitcoin and Google (GOOG) prices. We have implemented two models, one traditional, “ARIMA” and a relatively new one, “Prophet model” by using Facebook Prophet (ML). Machine learning is still new in the economic field, it has been rewarding to learn its capability. We have evaluated the model’s performance by using root mean square error (RMSE) and compared the result which model performed better. We wanted to compare to different assets, volatile Bitcoin to considerable stable Google (GOOG), thus investigate our models performance and if they differ or not. Regarding our result, we found that the ARIMA models have the best forecasting ability. We also investigate the impact of rational expectation and its impact on an asset price. We found that announcements on Bitcoin cause a significantly change in price and had an impact on the model’s performance. 

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  • 108.
    Brihs, Åsa
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Hedlund, Lovisa
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Värdepåverkande faktorer på slutpriset avbostadsrätter i centrala Göteborg: Vilka faktorer har den största respektive minsta inverkan på bostadspriserna i centrala Göteborg?2020Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    It has been known for a long time that buying a real-estate property may be the biggest financial purchase an individual will ever make in their lifetime. With the help of 6873 empirical observations on sales that has occurred in downtown Gothenburg we have in this case study investigated whether different traits connected to the residence affected the final price and to what point that effect occurred. We decided to examine the conveyance of apartment real estates from the year 2010 up until 2019. The use of the hedonic model has been essential in the making of this study. A multiple linear regression and a logarithmic regression model has been applied to the hedonic model. Beyond the traits in the apartment real estates, we inspected the mortgage interest rates for the appropriate time of each sale. We also studied whether or not the year of the sale had an effect on the final price. The results demonstrated that the number of square meters had the most effect on final price in downtown Gothenburg. The years of 2018 and 2019 affected the price the most. This was not a surprise considering the price development that downtown Gothenburg has had in the last 15 years. The tenant-owner association fee was the variable in our regression analysis that had the most negative effect on the final price.

  • 109.
    Budak, Teberia-Rinata
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Bremer Andersson, Amanda
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Befolkningsmängd och dess samband med bostadsrättspriserna i Stockholm2020Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper analysis if changes in population influence the condominium prices for Stockholm for the period 2000 to 2018. It uses Dickey-Fuller test, Engle-Granger test, multiple linear regression and market theory. The results show that changes in population and the condominium prices in Stockholm are not related. According to numbers from "Statistiska Centralbyrån" (SCB, 2020), prices on condominiums have increased in the last couple of decades. There are different factors that cause the prices on condominiums but in this study the focus is on population in particular. Another three control variables that are also included are median net income, number of completed condominiums and mortgage rate. All variables are based on quarterly data from the beginning of 2000 to the end of 2018. The regression results in this study show that the prices on condominium prices and population in Stockholm have no relation. However, the regressions show that change in median net income and change in condominium prices are positively correlated. The other variables, completed condominiums and mortgage rate, did not seem to have an effect on condominium prices in Stockholm. The conclusion of this study is that change in population and change in condominium prices in Stockholm are not related.

  • 110.
    Bååth, Lovisa
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Novenius, Jennifer
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Svensk immigration: På vinst eller förlust?2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Immigration has for a long time been a central issue in politics and in society but today it is more topical than ever. Media has always played a large part in the forming of individuals opinions, but these opinions tends to become shrewd, especially in social media and especially when talking about the cost of immigration for a country. In a world where media has a major impact, it may be difficult either to be critical to the content but also to be completely neutral, when the issue is very complex and involves many people.

    How does the immigration really affect the economic growth of Sweden? Does it come at a profit or a loss?

    In order to arrive at a conclusion on this much mentioned issue, the Solow-Swan model is used as a theoretical base to allow for the capturing of labor, capital and technological advances. A multiple regression is used as an empirical model to obtain any statistical correlation between real GDP per capita in working age (dependent variable) and the independent variables; immigration, employment rate and repo interest rate. Year 2001 to 2014 make out the time period being investigated, and the data is based on each quarter.

    From this study we can deduce a positive impact of immigration after already a quarter. The more time the study examines, the more positive impact on real GDP per capita in working age.

  • 111.
    Börjesson, Daniela
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Trillkott, Emma
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Påverkande faktorer på bostadspriser i Sverige2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper uses cointegration techniques and Error correction methodology to investigate the determinants of the Swedish real house prices, for the period 1986-2016. Previous studies have shown that real disposable income, dwelling completed (that is the supply of completed buildings on the market) and real interest rate are factors that affects housing prices. These factors will therefore be used as the basic parameters in this report. A survey will also be carried out with additional parameters such as population and unemployment, selected with the support of Claussens (2013) model.Time series data with the parameters mentioned above as explanatory variables, and house price as a dependent variable, are examined for unit roots and co-integration tests to be estimated in a regression analysis with an Error correction model. This is done to investigate a short and long run relation. The results show that the real interest rate after taxes and real disposable income has key-roles when it comes to explaining the long run relationship with the Swedish house prices. The results also show that ATMR (real interest rate after tax) and real disposable income have an impact on the house prices in the short run but that the housing market is not in a residential bubble. A conclusion can be drawn that when income increases, it will increase the household consumption, which will reflect on house prices. Low interest rate will cause more people to lend money on a market, that already has a very low supply of housing.

  • 112.
    Carlström, Eric
    et al.
    Institute of Health and Care Sciences, The Sahlgrenska Academy, University of Gothenburg, Gothenburg, Sweden;School of Business, Campus Vestfold, University of South-Eastern Norway, Kongsberg, Norway.
    Jansson, Magnus
    School of Business, Economics and Law, Gothenburg Research Institute, University of Gothenburg, Gothenburg, Sweden.
    Karlsson, David
    School of Public Administration, University of Gothenburg, Gothenburg, Sweden.
    Berlin, Johan
    Department of Social and Behavioural Studies, University West, Trollhattan, Sweden.
    Quasi-backsourcing in the Public Sector: The Challenge of Withdrawing from an Intertwined and Long-standing Relationship2021In: International Journal of Public Administration, ISSN 0190-0692, E-ISSN 1532-4265, Vol. 46, no 4, p. 302-311Article in journal (Refereed)
    Abstract [en]

    The aim of this study is to map the process involved in terminating a long-standing business relationship in a public context. It employed an exploratory study to interview 35 politicians, senior- and middle managers, ambulance- and dispatch centre staff and representatives of a regional alliance of patients. Growing criticism from a county council towards a contractor ended in a decision to bring services back in-house. However, terminating the contract failed and instead a state of quasi-backsourcing emerged. Only parts of the services were taken back in-house, with few reported benefits. The study suggests that caution is needed in relation to backsourcing services from a closely intertwined contractor.

  • 113.
    Chabanole, Olivia
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Pålsson, Paula
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    En empirisk granskning av korrelationen mellan aktiefonders avkastning och avgifter på den svenska marknaden.: Bidrar högre fondavgift till högre avkastning?2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of the study is to analyze if a relationship between equity fund fees and the average return or risk-adjusted return exists. The fund management and placement targeting is also taken into account. The study is based on monthly data for Swedish equity funds during the period 2008 to 2018. Both correlation and regression analysis were conducted to study the connection. The theoretical basis consists of portfolio selection theory. The result indicates a positive correlation, that a higher fee contributes to a higher average return, risk adjusted international excess return (Jensen's alpha) and risk adjusted performance (Sharpe Ratio), which supports to some of the previous research. The result also implies that a higher annual fee is associated with a lower Swedish risk adjusted excess return. Since desired significance was not fulfilled the conclusion is that the annual fee or fund management does not seem to affect the return. Funds with only Swedish investments shows a determined positive relation to higher returns.

  • 114.
    Chishimba, Joseph
    University West, School of Business, Economics and IT.
    Foreign Portfolio Investments: A Study of Determinants on Selected Sub Sahara African Countries2021Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Developing countries face an annual financing gap of US$2.5trillion in order to achieve the United Nations 2030 Sustainable Development Agenda. Private investments are seen as indispensable in efforts to close this gap and foreign portfolio investments fall under this financing bracket. However, foreign portfolio investments flowing to Sub-Sahara Africa are relatively low and inconsistent. This paper uses international finance theory and behavioralfinance to examine the determinants of foreign portfolio investments on a sample of seventeen Sub Saharan countries using panel data from 2000 to 2019. Using the Pooled Ordinary Least Squares method, the study establishes that negative economic and institutional factors of high inflation, weak exchange rates and low political stability are significant determinants of the flow of foreign portfolio investments in Sub Sahara Africa. In view of the findings, recommendation is made for Sub Saharan governments to pursue policies that stabilize the macroeconomic and political environment. Further, a recommendation is advanced for international investment fund managers to adopt top-down approach where the analysis begins at country level and prioritize investment destinations with stable indicators.

  • 115. Coulter, John E.
    et al.
    Lei, Shi
    Tsinghua University, Beijing, Department of Environmental Science and Engineering.
    Jenkins, Samantha
    University West, Department of Technology, Mathematics and Computer Science, Division for Computer Science.
    Environment as the stage for economic actors2007In: Chinese Journal of Population, Resources and Environment, ISSN 1004-2857, Vol. 5, no 1, p. 3-8Article in journal (Other academic)
    Abstract [en]

    The relative importance of economics and environment in debate may soon be reversed due to the influence of three factors. Firstly, in the global economy it is hard to hide the unwanted products of economic processes. Secondly, huge advances in science will reduce the imperfect knowledge of markets, making some monitoring and analyzing tools show the design of sensible and equitable livelihood in communities, which is more important than the motivation of maximising profits for some individuals or firms. Thirdly, China, as the last major player on the planet to take on economic growth, comes from traditions fundamentally different from those economies that have experienced the Industrial Revolution previously. Its challenges with sustainability and environmental conservation predate Western economics by millennia, and it is implementing policies domestically and starting to work on the world stage that acknowledges that the surroundings are the host for any economic and socio-political system.

  • 116.
    Dabija, Stefan
    et al.
    University West, School of Business, Economics and IT.
    Rivas Salvadó, Ahinoa
    University West, School of Business, Economics and IT.
    How big is the Shadow Economy within the PIGS countries?: Using a monetary approach to estimate the size of the Shadow Economy in the PIGS.2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The shadow economy is a topic that has been around for many years now. The increasing regulations on cash and the endeavours public authorities made to enlarge the tax base show a clear intention from the public sector to pursue any activity that is carried out outside the borders of what is taxable. This paper uses the Currency Demand Approach (CDA) to estimate the monetary base M0 for Portugal, Italy, Greece, and Spain and for each year from 2002 to 2021 and, subsequently, calculate the size of the shadow economy as a percentage of GDP. To estimate the CDA equation, we employed fixed effects panel data regression. The results show an average shadow economy value of 9,33% for Greece; 13,43% for Italy; 10,78% for Portugal; and 11,11% for Spain. The results have also been compared with those of previous studies that have estimated the shadow economy of other countries using the MIMIC approach, showing that the CDA tends to give lower estimates. Additionally, a common trend was found for the studied countries since after the financial crisis of 2008 and 2014, all of them reached peak values in their shadow economies.

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  • 117.
    Dahlberg, Henric
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The role of investor sentiment in small-cap stock valuations: In the OMX30 Stockholm2017Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    This study seeks to answer whether the ex post investor sentiment proxy of Baker and Wugler (2006, 2007) has a similar effect on the Swedish stock market, and if there is a varying sectoral dependency of this proxy. The paper considers firm-level data from 38 small-cap firms listed on the OMXS30, in a comparison to 137 small-cap firms listed on the NYSE to draw conclusions on whether the dependency structures are similar on the firm-level. To investigate the sectoral level, 27 market-wide sector indices are considered. The result points towards there being national differences in the firm-level adoption of the proxy between Sweden and the U.S. but also that there are sectoral differences as to whether the sentiment proxy is more or less useful. The conclusions drawn are based upon the proxy’s effect on segmented regressions.

  • 118.
    Dahlberg, Henric
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Ravanbakhsh, Desirée
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The Underlying factors of Consumer Sentiment: How much is Sweden affected by the US sentiment?2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Financial stress is often defined as the issues of trust towards financial institutions. According to the established doctrine, financial stress is able to cause a decline in economic activity and is proven to have a Granger causal relationship with consumption. This study is aiming to examine whether the sentiment indexes of a larger nation is a dependent factor to a change in the sentiment indexes of a smaller nation, and thus Granger-causing a change in consumption in the smaller nation. In finding a regressive pattern between the sentiment indexes, we are going to assume the consumer confidence index of Sweden as a dependent variable of the consumer sentiment index of the US along with other determinant factors. This can give us enough information to measure the proportion of Sweden's consumer stress caused by the US consumer stress. Our results have proven that the US sentiment has some explanatory power over the Swedish sentiment, even though other factors such as the variations of stock market prices are of greater importance. Other underlying factors such as the consumer price index may be useful for other countries if it has a high volatility. However, it was found not to be significant for Sweden.

  • 119.
    Dalin, Jonas
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Samuelsson, Fredrik
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Hur har reporäntan påverkat prisutvecklingen på fastigheter?2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to examine the effect the repo rate has had on real estate price index in Sweden. During the past years, the repo rate has been lowered to record low rates, now even negative rates. During the period 1994-2017 the real estate prices on average increased by 440%, compare this with the consumer price index which increased by 130% during the same period. The definitive reason behind this massive increase in real estate prices is not quite clear. Previous research does not show the exact same results. Some consider the repo rate being the greatest factor in real estate price index while some consider other factors plays a greater part in describing the price increase. To find out how much the real estate price index has been affected by the record low repo rates a regression analysis have been used. In the regression analysis the mortgage rate has been used instead of the repo rate. This has been considered okay because of the high correlation (98%) between the repo rate and the mortgage rate. The results of the regression analysis show that an increase by one percent in the mortgage rate, would on average tend to decrease the value of real estate prices in Sweden by 0,12928%.

  • 120.
    Dang, Thi Thuy
    et al.
    University West, School of Business, Economics and IT.
    Kamila, Kamila
    University West, School of Business, Economics and IT.
    The Role of ESG performance on stock return during the times of market turmoil: A study case of Russia-Ukraine war in Nordic market2023Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This thesis aims to examine the relationship between ESG (Environmental, Social and Governance) ratings and the performance of Nordic stocks during the war crisis. The sample used includes ESG rating and stocks return data from Refinitiv for the years 2022 when the war occurred in the Nordic market (Denmark, Norway, Sweden, Finland). A least square is used as the econometric framework, where performance evaluation models are the market model, a most popular model applied in event study. The results obtained from this study show a negative relationship between ESG score and stock return both raw return and abnormal return during the war but in a very short time period. We argue for this negative relationship with no pay-off for ESG during the war and a flight to the familiarity of market sentiment. To the best of our knowledge, we hope that our analysis has benefited the academic world and served as a valuable resource for further research.

     

  • 121.
    Danhard-Rundquist, Robert
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Aminzadeh, Pouya
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Statsskuldens inverkan på den ekonomiska tillväxten i Sverige2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper examine the relationship between government debt and economic growth using quarterly Swedish data for the period 2000 Q2 to 2014 Q2. We use OLS regression and the model developed by Splitio & Vamoukas (2014) to test if there is a negative relation between the growth of GDP and the government debt in Sweden. The result show that government debt in Sweden is not the major factor that affects the GDP, instead it’s the interest rate and savings.

  • 122.
    Darabi, Amanda
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Sundic, Katarina
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Genererar ett EU-medlemskap ekonomisk tillväxt?: En tillväxtstudie baserad på Europeiska unionen.2021Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to examine whether an EU-membership can increase countries economic growth. The main focus will be to analyze the European union and their trade benefits such as open trade. Previous studies and research on the subject show evidence that the assumption of open trade has a positive impact on economic growth. In order to investigate the subject, we apply a method named ordinary least squares that examines 90 countries from 1990 to 2019, including the 28 member states of the European Union. The dependent variable in the method is GDP per capita. The independent variables are trade, tariff rate, population growth, labor force, exchange rate and a dummy variable that indicates whether a country has an EU-membership or not. The data used in the study is collected yearly from the World Development Indicators. The result mainly shows that the EU-membership itself cannot be proven having an effect on economic growth. In fact, it is the trade opportunities the union implies which can increase the growth.

  • 123.
    Dolk, Anton
    University West, School of Business, Economics and IT.
    Momentum Investment Strategy: An evaluation of the momentum strategy on the Swedish stock market2022Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This thesis examines the profitability of the momentum strategy on the Swedish stock market during the years 2001-2021. The strategy buys the best performing stocks and sells the worst performing stocks based on the past 3-12-months. They are then held in portfolios for a period of 3-12-months.

    The methodology follows previous studies on this topic and is analyzed with economic models such as CAPM. The results showed that the portfolio with the highest average monthly return is the 6-month/12-month. The portfolio selects stocks based on the previous 12-months and holds them for the next 6-months.

    Another important finding was that the winner portfolios contribute notably more than the losers to the total momentum portfolio return. According to CAPM, 6 out of 9 portfolios yields positive significant alpha compared to the market. The evidence collected in this thesis show excess return compared to the market index using historical price data, which puts parts of the Efficient Market Hypothesis into question. 

  • 124.
    Edström, Elin
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Johansson, Tove
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Val av avkastningsmodell under en finansiell kris: En studie på den svenska aktiemarknaden före och under Covid-19 krisen2020Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper analyzes stock returns in Sweden during the time periods January 2010 to December 2018 and January to March 2020. The method we use is OLS regressions. The regressions are performed on two different indexes. The purpose of the thesis is to find out which return model of CAPM, Fama-French Three Factor Model and Fama-French Five Factor Model that is the most optimal application in a crisis market for large and small companies respectively. The topicality comes from the crisis of the COVID-19 pandemic, that influenced the Swedish Stock market during the first quarter of 2020. The results of the regressions indicate that regardless of the market conditions, the five-factor model should be applied to both small and large companies at the Swedish stock market. This is despite the fact that the five-factor model variables do not consistently show significance.

  • 125.
    Edvardsson, Annelie
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Martinez, Paulina
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The performance of European green funds under different market conditions2021Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The focus of investing responsible and using the ESG-criteria’s (environmental, social, and governance) has increased over the past years. Also, rapid climate change has worked as a stimulant for the development of more green investing alternatives. Previous research has shown that socially responsible investing options, in many cases, have managed better during crisis or market downturns, meaning that they have outperformed conventional funds.Research has been done on global funds, US funds, and other countries like France, Germany,and Japan. The purpose of this thesis is to study the performance of European green funds under different market conditions. We have examined the period from 1/1/2008 to 30/6/2020. The period was analyzed as a full period for the whole sample and then divided into five subsamples. The first sub-sample was the financial crisis in 2008. The second is a non-crisis period from the crisis of 2008 until the debt crisis in the Eurozone 2011. The third was the period of the debt crisis in the Eurozone 2011. The fourth was another non-crisis period. This non-crisis period was from the end of the debt crisis in the Eurozone 2011 to the covid-19 crisis in 2020. The last (fifth) sub-sample was the period of the Covid-19 crisis in 2020. It was studied if the green funds performed better than the conventional funds during crisis and non-crisis periods by measuring the portfolios abnormal returns. The data came from 386 conventional funds and 112 green funds that were active during the whole analyzed period and had a geographical focus on Europe. To estimate the excess return of the portfolios, the alpha from CAPM, Jensen’s Alpha, and the 3-factor model was used. Since we experienced problems with non-normality and heteroscedasticity, we used Huber White’s robust standard errors when conducting the regressions. All tests were conducted in excel. The results show that green funds do perform better than conventional funds during crisis and non-crisis periods.

  • 126.
    Ejermo, Olof
    et al.
    Lunds universitet.
    Gråsjö, Urban
    University West, School of Business, Economics and IT, Division of Law, Politics and Economics. University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Invention, Innovation and Regional Growth in Swedish Regions2009In: Uddevalla Symposium 2009. The Geography of Innovation and Entrepreneurship: Revised papers presented at the 12th Uddevalla Symposium, 11-13 June 2009, Bari, Italy / [ed] Iréne Bernhard, Trollhättan: Högskolan Väst , 2009, p. 449-467Conference paper (Refereed)
    Abstract [en]

    We explore the link between invention and innovation on the one hand and the level of economic activity and economic growth in Sweden by using patents granted and the quality of patens as our indicators of invention and innovation respectively. Our results indicate that both types of measures are able to explain the level and the changing levelof economic activity equally well. However, an important difference is that the economic activity is affected differently by the two measures. We find that inventions have the strongest marginal effect in regions where economic activity is the highest. Instead, innovations have similar marginal effects across regions with different economic activity. Our interpretation is that quality-adjusted patents sort out "bad" from "good" patents in a manner which reflect economic importance.

  • 127. Ejermo, Olof
    et al.
    Gråsjö, Urban
    University West, School of Business, Economics and IT, Division of Law, Politics and Economics. University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Invention, Innovation and Regional Growth in Swedish Regions2011In: Innovation, Technology and Knowledge: Their Role in Economic Development / [ed] Johansson, B., Karlsson, C. and Stough, R, London: Routledge, 2011, p. 187-208Chapter in book (Other academic)
  • 128.
    Ek, Markus
    University West, School of Business, Economics and IT.
    An Event study of the Inflation reduction act’s effect on the stock market2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This study aims to investigate the inflation reduction act which was signed into law by President Joe Biden the 16th of August 2022 and its effect on the US stock market. The inflation reduction act is said to be the largest and first green investment issued by the government of United States and contributes 369 billion dollars to “Energy security and climate change”. The study conducts two approaches to analyse the event first through an event study and from the results and variables created several regression models are made to describe the process of the event. In the study 30 stocks are used to investigate the effect on the stock market where 15 stocks are considered ESG integrated. The study proceeds to investigate the effect in two different sections, one being the so-called ESG integrated stocks and one being all stocks. The study aims to investigate the following variables effect on abnormal return; Expected return, Trade Volume, Market Cap, Price / Earnings and Earnings Per Share. The empirical results show that on the date of the event abnormal return was present for the stocks considered green but not the 15 regular stocks. The findings also show that Trade volume has a positive relationship with abnormal return in all cases whilst expected return varies and does not have power to explain the abnormal return on the event day. 

  • 129.
    Ekdahl, Patrik
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Bodin, Oskar
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    21 Svenska fondförvaltares prestation mot index OMX302015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to examine the performance of 21 Swedish funds in relation to the OMXS30. We use two measures of performance: the CAPM model and Jensen's ALPHA. Our results suggest that, on average, only 14 equity funds produces higher gross monthly rate of return than OMXS30. After subtracting the expense ratio, the results suggest that all Swedish mutual funds included in our data underperforms their bench- marks, net of costs, with an exception of two mutual funds. The conclusion of the study is then that some of the funds are shows positive results but cannot pay for their own costs.

  • 130.
    Ekman, Madeleine
    et al.
    University West, School of Business, Economics and IT.
    Valjus, Jennifer
    University West, School of Business, Economics and IT.
    Finanskrisens påverkan på Sveriges export av byggvaror till Tyskland2022Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to investigate the impact of the financial crisis on Sweden’s exports of construction products to Germany for the period 2006-01 to 2019-12. The financial crisis came to affect the world in 2008. A small country like Sweden, who is dependent of its import and exports of goods, will be hugely impacted of a financial crisis like the one in 2008. The export had a 20% decrease in value and 22% decrease in volume in the first part of the crisis,compared with the previous years. The goods mostly affected by the crisis were iron and steel. To test the chosen variables, this thesis will use a simple equation of Ordinary Least Squares regression. Our regression contains the dependent variable export in wood, iron and steel in volume from Sweden to Germany and the independent variables export prices, the exchange rate SEK to EURO and the bank´s lending to non-financial companies. Furthermore, a dummy variable will be used to examine the financial crisis. 

  • 131.
    El Zeeni, Yesser
    et al.
    University West, School of Business, Economics and IT.
    Stevanovska, Roberta
    University West, School of Business, Economics and IT.
    How does the real housing prices in Stockholm respond to monetary policy factors?2022Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this thesis is to analyze the long term impact of monetary policy on the real housing prices in Stockholm between 1994 and 2022. Furthermore, to examine the research question, a model constructed by Sutton et al (2017) was used. The dependent variable is the real housing price index of Stockholm and the independent variables are unemployment rate, real GDP and 3-months interest rate. In order to examine how the real housing prices in Stockholm respond to monetary factors the econometric model used will be multiple linear  regression. Thus we have attempted to forecast how the dependent variable, the real housin gprices, react to interest rate, unemployment and real GDP. After implementing our econometric model with the aid of the model used by Sutton et al (2017), we soon realize that short-term interest rates play a pretty crucial role in determining house prices. This comes to show the significance of the monetary policy channel of bank lending in house price alteration. We also found significant inertia in house prices and revealed that changes in interest rates as well as other indicators influence house prices progressively rather than immediately. This implies that modest policy rate cuts are unlikely to boost rapid increases inhouse prices in Stockholm. In order to examine cointegration the Engle Granger test will be the econometric method used. The cointegration analysis comes to show the long-run impact of monetary policy on the real housing prices in Stockholm is present. Meaning that the results show that there is indeed a relationship between monetary policy factors that are mentioned above and real housing prices of Stockholm.

  • 132.
    Emami, Sam
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Nyberg, Lisa
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Immigrationens påverkan: Hur påverkar flyktinginvandringen i Sverige landets ekonomiska tillväxt mätt i BNP per capita?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this paper is to study how the immigration in Sweden affects the economic growth between 1990-2016. The study will answer how immigrants affect Sweden's GDP per capita in the long run. We have chosen to limit this study to immigrants, which is asylum seekers and how they affect the GDP per capita. In order to make our conclusions we have used the researchers Muysken and Ziesemers model and theory based on the Solow-Swan model. With a multiple regression our results confirm the impact on GDP per capita, with our explanatory variables: immigrants, employment rates, education and interest rates. The conclusion is that over time immigrants contribute to a positive development of GDP per capita, when immigrants are integrated into Sweden.

  • 133.
    Enblom, Pontus
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Lindfors, Mattias
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Har fotbollsklubbars lönekostnader, storlek och antal anställda ett samband med fotbollsklubbars framgång?2020Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Previous research in other countries has highlighted the importance of football clubs' wages, size of the organization, and number of employees' effect on success. However, no study has investigated the combination of these variables in Swedish football. Thus, the purpose of this paper was to investigate whether the football clubs' wages, size and number of employees were related to success. The analysis was conducted with the help of a paneldata-analysis in which 13 football clubs from Sweden participated. The criterion for participating in the analysis was to not have played in a lower division than the second division (Superettan) in Sweden during the period 2009-2019. The results showed that there was a significant positive correlation between football clubs' success and their wage, size, and number of employees. Furthermore, the results showed that size was the only one of these variables that had a predictive effect on the success of football clubs between 2009-2019. Thus, this result adds new knowledge to the subject and opens up for further research.

  • 134.
    Engberg, Lisa
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Spajic, Monika
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Hushållens sparande: Vilka faktorer påverkar hushållens sparande och på vilket sätt?2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Savings can be defined as the portion of income that is not consumed and can be explained in different ways: the need to build a buffer with assets to finance future consumption, future uncertainty, save for next generation, and perhaps the most important example: saving to be able to consume during the retirement years. The purpose of this study is to highlight what factors affect Swedish households savings and how. This study deals with selected variables, and the purpose is to find out the impact of variables on Swedish households' savings. The chosen variables are based on the Sebastian Edward model of the researcher, presented in 1995. One factor that gives increased interest in studying household savings is the introduced amortization requirement from 2016, and the recently tightened amortization requirement from March 2018. To investigate this, methods such as cointegration analysis as well as a error correction model were used. Theories chosen to support this study's analysis are life cycle theory, the income and substitution method and the ricardian equivalence. Previous studies in private savings have shown that per capita GDP, inflation and economic growth are two explanatory variables that have a positive impact on household savings. The study's results show that the current account and inflation have the greatest impact on household savings. The results indicate that increases in income through a positive current account balance are what largely explain saving. Variables that generate higher income for households will have a positive impact on the saving of Swedish households. The study also reveals that amortization behavior is becoming increasingly positive and will have a positive effect on the savings.

  • 135.
    Engström, Gabriella
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Wessberg, Linnea
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Rörligheten på bostadsmarknaden: Amorteringskravets påverkan på bostadsmarknaden2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Gothenburg is a city under constant development. The city is an attractive point in western Sweden for both companies and students. In order to continue to develop and attract new residents, a functioning housing market is required, where the chains operate as they should in theory. Daily news is that there is housing shortage, it is built too slowly or that we are a residential bubble.

    The essay will describe how mobility is influenced by various laws, rules and requirements that the government and various institutions set up in one way or another to try and regulate the housing market. In some cases it should be cooled down to counteract a rise in prices on housing and in other cases accelerate the construction of new housing.

    A regression will be made if the amortization requirement has had a signaling effect, as the increase in mobility should be increased by the press release until it became operational. The essay will also investigate whether there is any effect of the amortization requirement today. We will let supply and demand show how mobility is changing with increased demand through the 4Q model, which will also interconnect the various submarkets in a housing market.

    There will also be drawn parallels to other studies, reports, debates and scientific articles in order to draw a conclusion about the amortization requirement had an impact on the number of sales and thus affect the mobility of the housing market.

  • 136.
    Enlund, Pernilla
    et al.
    University West, Department of Studies of Work, Economics and Health.
    Johansson, IréneUniversity West, Department of Studies of Work, Economics and Health.
    Uddevalla Symposium 2000: entrepreneurship, firm growth and regional development in the new economic geography : papers presented at the Uddevalla Symposium 2000, 15-17 June, Trollhättan, Sweden2001Conference proceedings (editor) (Other academic)
  • 137.
    Enlund, Pernilla
    et al.
    University West, Department of Studies of Work, Economics and Health.
    Johansson, IréneUniversity West, Department of Studies of Work, Economics and Health.
    Uddevalla Symposium 2001: regional economies in transition : papers presented at the Uddevalla Symposium 2001, 14-16 June, Vänersborg, Sweden2002Conference proceedings (editor) (Other academic)
  • 138.
    Eriksson, Andreas
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Hülphers, Charlotta
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Vad påverkar storbankernas listutlåningsräntor på bolån?: En empirisk studie om hur storbankernas listutlåningsräntor för bolån påverkas av deras finansieringskostnader2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Previous studies have indicated that following the financial crisis 2007-2009 the repo rate has had a lower affect on banks' pricing of mortgage rates. The purpose of this study is to see what other factors in place of the repo rate that are affecting the mortgage rates from the four largest banks' in Sweden. Further the study will test if an empirical model tested by Enzo Cassino can be applied in Sweden. Based on the previous study done by Enzo Cassino, data from Sweden is collected for three explanatory variables for banks' funding costs; deposit rate, treasury bill rate and credit default swap rate. Time series data from November 2008 to March 2017 have been analysed and tested for unit roots and cointegration to be able to continue with further tests of a regression analysis in the form of an error correction model. Through the error correction model, long-term and short-term relationships can be estimated. The study's results show that, using the error correction model, it can be confirmed that the same factors affecting the mortgage rates in Enzo Cassinos study also have the same affect on mortgage rates in Sweden. It's clear that the banks' funding costs can explain the average mortgage rates in the short and long term.

  • 139.
    Eriksson, Hanna
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Berntsson, Daniel
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    E-handelns inverkan på inflationen i USA: En tidsserieanalys2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    We are moving towards a time when digitalization is now, companies are forced to push prices against extremely price-conscious consumers. This essay, the impact of e-commerce on inflation, aims to find out how increased e-commerce affects inflation. The statement is based on Yiping Huang, Xun Wang and Xiuping Huas (2010) article that explores what determines China's inflation, then this essay will focus on the United States and taking into account the new variable, e-commerce. Using economic models to analyze selected variables is the method of this quantitative study. Through the quarterly data from January 2000 to December 2016, the change in the consumer price index, CPI, will measure inflation as a dependent variable. The independent variables are output gap, export growth, liquidity, change in national house price index, stock price index, base lending rate, change of real effective exchange rate index and e-commerce. Through the inflation, consumer-, producer- and marketlevel we have chosen to explain effects of e-commerce. In these three levels we deal with theories linked to competition, which in turn show how inflation may be affected by increased e-commerce. The theories for the paper are thus, increased competition and inflation, consumer and search-costs, company level and reduced profit margins, market-level influence, perfect competition with perfect information and then e-commerce effects in a macro perspective.The variables that have a positive impact on inflation, which can be read in the ECM model, are the constant, house price index, exports, stock price index and interest rate. The variables that show a negative impact on inflation are the error correction term, e-commerce, output gap, liquidity and exchange rate. The result for R2, the degree of explanation, is high. The explanation rate indicates that 73.1 % of the variation in the CPI can be explained by the variation in our independent variables.

  • 140.
    Eriksson, Julia
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Jansson, Emma
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Fondförvaltning: En analys av skillnaden i avkastning mellan aktivt förvaltade fonder och indexfonder2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper will examine and compare the return in actively managed funds and index funds. Many of the earlier studies has been done on American funds and we want to see what similarities and differences there are to the Swedish market. The study is based on monthly listing of 22 Swedish funds, 17 of them are actively managed and five of them are index funds. The benchmark used is OMXS30. The time period is 2011-2015 and only those funds which has existed the whole period has been included. To be able to evaluate the funds we have used Jensens alpha and the Sharpe ratio. The result is comparable with many of the earlier studies which tells us actively managed funds do not generate higher return than index funds. The fees are therefore not justified.

  • 141.
    Eriksson, Lisa
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Jakobsson, Johanna
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Amorteringskravet: Hur har det påverkat priset på småhus i Göteborgs kommun?2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this study, the purpose is to analyze whether the price of single-family houses was affected by the amortization requirement introduced in June 1, 2016. The data collected is expressed quarterly and extends between 2001Q1 and 2017Q4. It will be presented with a National Economics Model, developed by Xu and Tang (2014), which can be applied to the housing market and may assist in answering the issue regarding the effect of the amortization requirement. In order to get results, a number of tests have been conducted, where we look for unit root through a Dickey-Fuller test and cointegration through an Engel-Granger test. In addition, an Error Correction Model has been used to study the short-term behavior between the variables, as well as how repo rate, income and population influenced the prices of singlefamily houses. The result shows that the amortization requirement had a positive effect on house prices, while repo rate, population and income had a negative effect on prices in Gothenburg. However, we can not ensure the results for the population and the amortization requirement as they do not show significance.

  • 142.
    Evegård, Julia
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Lundin, Emma
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Bostadsbrist och byggande: en nutidsanalys av bostadsinvesteringar i Sverige2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Most of Swedish municipalities suffer from a shortage in housing. The last few years the population growth has increased more than expected and is not expected to decrease during the next couple of years. More residentials must be built. In this study we highlight the problem with housing shortage and the factors that mainly affect the level of housing construction. A statistic analysis is performed based on an empirical model. The model contains two equations – one for price of housing and another for residential investment.

    The results in this study show that house prices and population growth have the biggest positive impact on residential investments. The study confirms the long shown market pattern; that high house prices and high residential investments are strongly related.

  • 143.
    Fahl, Jonathan
    et al.
    University West, School of Business, Economics and IT.
    Rensberg Jansson, Daniel
    University West, School of Business, Economics and IT.
    ESG in passive investment strategies – synergy or trade-off?: Analysis of ESG ETFs strategies and performance.2022Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    With a constantly increasing awareness of environmental, social and governance (ESG) challenges in the society, the concept of sustainable investing has been more and more popular among active investors and lately also appeared in passive investments such as ESG EFTs. While there is a lot of discussion on debt instruments that are in line with ESG philosophy -e.g. “green bonds”, little is known about equity portfolios managed in the same spirit. The value that will be added with this research is to give a better understanding of how selected ESG ETFs perform compared to the overall market. The time aspect for ESG ETFs following the S&P 500 index is between October 2020 and April 2022 which is about 1.5 years and equals 81 observations. The ESG ETFs following the MSCI Europe index has a time frame between July 2019 and April 2022 which is 147 observations. The authors attempt to answer this question by using financial models like: Sharpe ratio, Information ratio and Tracking Error as well as an OLS regression on CAPM model. The conclusion is that ESG rated ETFs are unable to consistently beat the specified Index which in this case is both S&P 500 and MSCI Europe.

  • 144.
    Faraj, Kristian
    et al.
    University West, School of Business, Economics and IT.
    Gashi, Behram
    University West, School of Business, Economics and IT.
    Vilka faktorer påverkar bostadspriserna i Sverige?2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    1 000 000 homes have been built in Sweden since the year 1990 which is an increase by 25 percent, but what are the major factors that make the price change of these homes? This research paper studies which factors that effects the house prices in Sweden the most for the time series between 2002 and 2022. The dependent variable is the real estate price index (PH), the policy interest rate (S), consumer price index (KPI), unemployment (AL), disposable income (DI), mortgage interest rate (B), gross domestic product (BNP) and the population (POP) as our independent variables. The variables will be percentage change and quarterly. The paper will use a OLS regression followed by a Dickey-Fuller test and then finally see if the dependent variable has any cointegration with any of the independent variables or the model. This study shows that the consumer price index (KPI) has the most negative effect on the house prices of all the variables, but the study also show that GDP have has the most positive effect of all the variables on the dependent variable (house prices). 

  • 145.
    Ferraz-Nunes, José
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Burden of stroke in a large county in Sweden Sickness cost and potential development2013In: Cerebrovascular Diseases, ISSN 1015-9770, E-ISSN 1421-9786, Vol. 35, no Supplement: 3, p. 469-469Article in journal (Refereed)
  • 146.
    Ferraz-Nunes, José
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The importance of health capital in an ageing population: a QALY approach2012In: International journal of behavioural and healthcare research, ISSN 1755-3539, Vol. 3, no 2, p. 106-134Article in journal (Refereed)
    Abstract [en]

    The importance of health capital, especially in relation to an aged population, is discussed. The value of health as a stock is important because it may contribute to the well-being and individual independence that influences the expectations and desires of humans for activities. Expected depreciation of health capital between two points in time may imply a demand for investments in health, which corresponds to flows of health services and activities performed by individuals. An efficient allocation of resources in this area demands measurement of health that is connected with analysis of activities that promote health in different age groups and activities. This paper presents the use of QALY in several empirical studies that have dealt with different ways to increase health capital. All of the cases illustrate the importance of new technologies to improve cost efficiency in services used by aged people.

  • 147.
    Fjugstad, Nadine
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Cerić, Amina
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Påverkande faktorer på svensk varuexport: En empirisk analys på makronivå med tillämpning av gravitationsmodellen2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this paper the gravity model is used to examine the determinants of the Swedish exports of goods to Sweden's five largest trade partners; Germany, Norway, Denmark, Finland and the United States for the period 2000-2014. Exports are an important foundation for economic growth in Sweden. The purpose was to gain knowledge about what affects the Swedish export of goods. The export of goods has in this study been explained with the help of GDP, population, distance, free trade agreements, common language, common land border and the financial crisis. This study did not succeed to account for which variables that impact the trade of goods in the Swedish economy by using the configuration of the gravity model. This study has therefore not contributed to an increased understanding of which factors that had led to increased trading conditions within the Swedish exports.

  • 148.
    Flodén, David
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Mörck, Emil
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    The 2016 United Kingdom EU Membership Referendum: Impact on Western Stock Indices2020Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In 1973, the United Kingdom became a full member of the EEC. A controversial move at the time. Leaders of the political parties has over the decades been pressured to renegotiate the membership several times. Finally, the UK prime minister at the time promised to hold a referendum regarding its status as a member of the union in 2016. The stock market performance over the referendum is analysed in this paper. The analysed stock markets in this paper are the UK, French, German and Norwegian markets. The market model is used to find the proper alpha and beta for the various indices compared to the global index. The model includes data from November 2015 to May 2016. Some of the event windows over the event shows abnormal returns, that are concentrated around the event day, but fades away short after and becomes insignificant. This is over all in line with earlier studies in the topic.

  • 149.
    Forsman, Denize
    et al.
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Krause, Amanda
    University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Skillnader i prisutvecklingen på den svenska fastighetsmarknaden: En empirisk utvärdering av bestämningsfaktorernas påverkan på olika delmarknader2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper examines the determinants of Swedish housing prices between 1996Q1 and 2017Q4. We use three different housing price indices namely, prices for one- or twodwelling buildings, vacation home prices, and rental house prices- along with an error correction model and an Autoregressive Distributed Lag model (ADL). The results show that the price increase for one - and two dwelling buildings and rental apartment buildings were due to lower interest rates, while the higher price of holiday houses mainly depended on rises in income.

  • 150.
    Franzén, Josefine
    et al.
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Bränfeldt, Veronica
    University West, Department of Economics and IT, Divison of Law, Economics, Statistics and Politics.
    Har Sveriges handel gynnats av valutaunionen trotsatt Sverige står utanför?2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Sweden is part of the internal market within European Union (EU), but remains outside the Economic and Monetary Union (EMU). Sweden is a highly export-dependent country and exported goods and services with a value of 44.6 % of GDP, where three-quarters of exports go to countries within Europe. We have in our study had the intention to examine how exports and import developed for Sweden since the euro was introduced in 1999. Have the Swedish trade benefit from the currency union, despite the exclusion? We have been using an expanded gravity model and constructed a time series analysis using dummy variables including export flows between countries within the EU and EMU to see how the monetary union could have affected trade. A positive export developments have occurred over the years for Sweden, based on our results, we cannot see that the introduction of the European currency have contributed to the development of trade for Sweden.

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