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This study examines whether gold and Bitcoin improve mean-variance portfolio performance relative to a traditional stock-bond benchmark, and whether their contributions differ across negative and positive stock-bond correlation regimes. Using monthly U.S. data from December 2014 to December 2025, the analysis applied a rolling estimation framework, mean-variance optimization, Sharpe ratio tests, a
This thesis examines whether host-country geopolitical risk leads foreign subsidiaries of multinational enterprises (MNEs) to hold higher levels of cash. While the precautionary motive predicts that firms accumulate liquid reserves when uncertainty rises, the MNE setting introduces a competing force: parents can reallocate liquidity across affiliates through internal capital markets, and agency co
This project examines whether a Taylor-based risk-factor mapping framework can accurately and efficiently estimate Value at Risk for option-heavy portfolios without the high computational cost of full revaluation. The method maps changes in portfolio value to a selected set of market risk factors, including equity spot returns, foreign exchange rates, interest-rate curves, and principal components
This thesis explores how growing political debates and pushback affect how Diversity, Equity, and Inclusion (DEI) policies are understood and carried out within two Nordic banks, in Sweden and Denmark. Even though the region has a strong international reputation for equality, which often turns into a “myth of completed equality” that creates complacency and “gender fatigue”, DEI initiatives still
Self-leadership is becoming increasingly important in organisations characterized by knowledge intensive work and boundaryless work. The aim with this study was to investigate the following research questions: a.What types of strategies of self-leadership are used by the co-workers? b. What aspects influence co-workers´ adoption of self-leadership strategies? c. How are the self- leadership strate
Studien undersöker hur arbetssökande resonerar kring ansvar för arbetslöshet, ansvarsfördelningen mellan individ och stat samt sina egna möjligheter och hinder på arbetsmarknaden. Studien bygger på semistrukturerade intervjuer med fem personer och analyseras med hjälp av teorier om individualisering, strukturering och stigma. Resultatet visar att respondenterna upplever ett stort individuellt ansv
As global steel demand continues to rise, the steel industry faces increasing pressure to reduce its energy consumption. Conventional cooling is inefficient, and novel technologies have the potential to improve these processes. One promising approach is the use of pulsating flow to enhance heat transfer during cooling of hot steel plates. In this thesis Infrasonik’s infrasound cooling solution is
Energisystemet genomgår en förändring mot fossilfrihet där värme är en stor och viktig aspekt. Fjärrvärmesystemet är grunden för värmeleveranser i Sverige. 60 % av svenska hushåll har fjärrvärme som värmekälla. Fjärrvärmesystemets utveckling präglas av ett mer sammankopplat system där allt fler parter samverkar, inklusive slutkunderna. Denna studie har undersökt kundbaserad värmeflexibilitet som eThe energy system is undergoing a transition toward fossil-free operation, in which heating is a major and important aspect. The district heating system forms the basis for heat supply in Sweden, with 60 % of Swedish households using district heating as their main heat source. The development of the district heating system is characterized by increasing interconnections and collaberations. This cr
Bid--ask spreads in interest rate swap markets reflect a dealer’s compensation for transaction costs, hedging frictions, and residual risk. This thesis develops a utility-based pricing framework for modeling bid--ask spreads of EUR interest rate swap portfolios when hedged using liquid exchange-traded futures. German government bond futures, specifically the short-, medium-, and long-maturity Scha
Volcanic crater lakes are important freshwater systems, but their hydrological functioning is often difficult to understand due to limited monitoring data and uncertainty in groundwater contribution. Río Cuarto Lake, located in the north part of Costa Rica, is a volcanic crater lake where the sources and movement of water are not fully known. This master’s thesis aimed to describe the lake’s morph
Digital communication tools are increasingly the primary medium of internal organizational interaction. Understanding how employees' experiences with these tools are tied with their perceptions of the communication climate has therefore become a central concern in strategic communication research. This study examines the associations between digital communication tool experiences, general tech
Purpose: The purpose of this study is to examine how managers at Cloetta use and adapt performance measurement practices to support decision-making under conditions of prolonged uncertainty, and how this managerial use relates to organizational resilience. Methodology: The study adopts a qualitative single-case study approach. Empirical material was collected through semi-structured interviews wi
This thesis examines whether the institutional monetary policy regime influences corporate risk-taking by comparing publicly listed firms operating under the European Central Bank (ECB) with firms in European countries that retain monetary sovereignty. While previous literature has established that monetary policy affects corporate investment and risk-taking through changes in financing conditions
Purpose: Explore how different ownership logics influence the strategic investment decision-making (SIDM) process in investment companies by comparing institutional investors, private equity firms, and family-owned investment companies. Methodology: Qualitative and comparative research design based on interviews with respondents from eight investment companies. The empirical findings were analyse
Abstract Seminar date: 2026-06-04 Course: BUSN79 – Degree Project in Accounting and Finance Authors: Carl Ardbo and David Gadestam Ferrarro Advisor/Examiner: Reda Moursli & Diem Nguyen Key words: Dual-class shares; bank loan contracts; covenants; collateral; loan spreads Purpose: This thesis examines whether dual-class share structures are associated with differences in bank loan contrac
This thesis examines whether the implementation of the Corporate Sustainability Reporting Directive (CSRD) affects audit fees among listed European firms. Using a firm-year panel dataset from 2017 to 2025 and a difference-in-differences research design, the study compares firms directly subject to CSRD-related reporting requirements with non-mandated firms before and after the directive’s initial
The basic purpose of this study is to observe the association between firm sustainability and board quality, along with examining the moderating effect of the sustainability committee. Agency theory, resource dependence theory, stakeholder theory, legitimacy theory, and upper echelons theory are used as the theoretical bases of this study. Agency theory describes the supervising role of directors,
Purpose: The purpose of this thesis is to examine how local police managers in the Swedish Police Authority navigate the relationship between centrally designed management control and local operational practice. Methodology: The study follows a qualitative, abductive case study design, using the Swedish Police Authority as the empirical setting. Data were collected through semi-structured intervie
