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This section introduces the research by outlining the importance of understanding behavioral biases in investment decisions, particularly within the context of retail investors in Pakistan. This research work primarily intends to find out the influence of behavioral biases over investors' investment decisions. The population of this research are individual investors investing in Pakistan Stock Exchange. The research design of this study is quantitative. The sample size of current research was 400 individual investors. The survey assessed several types of biases, including overconfidence, disposition effect, and herding behavior. The result outcome indicated that with an increased number of such biases present, it significantly influences the investment decisions of investors. This study specifically indicates that respondents are often subject to overconfidence, the disposition effect, and herding behavior, and finally the factors that lead to relatively poor investment decisions. These results underline the identification and need for tackling these biases within the financial decision-making domain. Financial professionals, comprising advisors and educators, are better placed with skills on how to design strategies that deter more adverse consequences of these biases. They can enhance investment quality in decision-making by well-directed training programs and advisory services. Therefore, this study underscores the pivotal role that behavioral finance plays in improving investor outcomes and calls for the rectification of behavioral bias to attain more informed and rational investment decisions.

This research replicates the paper “Optimal Versus Naive Diversification: How Inefficient is the 1/N Portfolio Strategy?”, DeMiguel et al. (2009b). Similar to the referring paper, working in the mean–variance context, we compare the out-of-sample performance of the same investment strategies on the basis of standard metrics (Sharpe ratio, certainty equivalent and turnover). We consider proportional transaction costs and estimation rolling windows of limited length. Our study updates the original paper for many interesting aspects. First, to exclude that the empirical evidence of DeMiguel et al. (2009b), whose data stopped in 2004, could depend on very specific market behavior, we use an updated version of the original databases that contains the returns of the last 20 years. Recent data are characterized by a few severe systemic events, the 2008 global financial crisis and the shock related to the pandemic, and a generally higher level of price volatility than the previous periods. In our opinion, this variation in the market's conditions makes the replication very interesting. Second, we introduce the Equally Risk Contribution (ERC) portfolio within the allocation strategies under comparison. This allocation rule is strictly related to the mean–variance approach when the variance is used as the referring risk measure and it constitutes a very interesting alternative investment benchmark. Moreover, using real data, we study whether a variation of the holding period or the length of the estimation window can modify the performance of all the strategies under comparison. Our findings confirm the results of DeMiguel et al. (2009b), i.e. that the equally weighted portfolio still remains a challenging benchmark to beat. Nevertheless, we find a few significant differences: the number of strategies that outperform naive diversification is larger due to the increased market volatility; limiting the impact of transaction costs by investing in a portfolio with a stable alloca

This study explores the impact of investment decisions, profit disposition, equity growth, and operating decisions on growth potential and firm value in the manufacturing sector on the IDX. It is quantitative research with inferential statistics and secondary data analysis according to the conceptual framework using structural equation modeling. The results show that investment decisions and profit disposition have a significant, albeit negative, impact on firm growth potential, but have no significant effect on firm value. On the other hand, internal capital growth and operational decisions have no significant effect on firm value. These findings emphasize the importance of knowledge-based decision-making in managing financial and operational aspects to support sustainable growth and enhance firm value. Firms need to consider the impact of investment decisions and profit disposition on potential growth, as well as other factors that affect firm value in a dynamic market.

[EN] Somatic markers have been evidenced as determinant factors in human behavior. In particular, the concepts of somatic reward and punishment have been related to the decision-making process; both reward and somatic punishment represent bodily states with positive or negative sensations, respectively. In this research work, we have designed a mechanism to generate artificial somatic punishments in an autonomous system. An autonomous system is understood as a system capable of performing autonomous behavior and decision making. We incorporated this mechanism within a decision model oriented to support decision making on stock markets. Our model focuses on using artificial somatic punishments as a tool to guide the decisions of an autonomous system. To validate our proposal, we defined an experimental scenario using official data from Standard & Poor's 500 and the Dow Jones index, in which we evaluated the decisions made by the autonomous system based on artificial somatic punishments in a general investment process using 10,000 independent iterations. In the investment process, the autonomous system applied an active investment strategy combined with an artificial somatic index. The results show that this autonomous system presented a higher level of investment decision effectiveness, understood as the achievement of greater wealth over time, as measured by profitability, utility, and Sharpe Ratio indicators, relative to an industry benchmark.

This section introduces the research by outlining the importance of understanding behavioral biases in investment decisions, particularly within the context of retail investors in Pakistan. This research work primarily intends to find out the influence of behavioral biases over investors' investment decisions. The population of this research are individual investors investing in Pakistan Stock Exchange. The research design of this study is quantitative. The sample size of current research was 400 individual investors. The survey assessed several types of biases, including overconfidence, disposition effect, and herding behavior. The result outcome indicated that with an increased number of such biases present, it significantly influences the investment decisions of investors. This study specifically indicates that respondents are often subject to overconfidence, the disposition effect, and herding behavior, and finally the factors that lead to relatively poor investment decisions. These results underline the identification and need for tackling these biases within the financial decision-making domain. Financial professionals, comprising advisors and educators, are better placed with skills on how to design strategies that deter more adverse consequences of these biases. They can enhance investment quality in decision-making by well-directed training programs and advisory services. Therefore, this study underscores the pivotal role that behavioral finance plays in improving investor outcomes and calls for the rectification of behavioral bias to attain more informed and rational investment decisions.

Bakgrund: Intresset för att engagera sig inom investeringar och aktiemarknaden har sett en betydlig ökning genom den senaste årtionden, särskilt bland allt fler yngre individer. Inom dagens samhälle är det allt vanligare att människor inte enbart kommunicerar ansikte mot ansikte, utan också på den digitala arenan via internet och sociala medier. Detta är något som även kommit att förändra hur aktiemarknaden ser ut idag och hur informationsutbytet genomförs bland investerare på marknaden. Syfte: Analysera och beskriva betydelsen av informationsutbyte för unga aktieinvesterare. Teori: Studien tillämpar sig av teorier såsom beteendemässiga finansteorin, heuristik, inramningseffekten, flockbeteende, överdriven självförtroende, effektiva marknadshypotesen, mun-till-mun metoden och elektronisk mun-till-mun metoden. Metod: Studien använde sig av en kvalitativ metod i form av semistrukturerade intervjuer. Urvalet riktade sig mot unga investerare som var från 18 till 29 år gamla och sammanlagt deltog åtta respondenter. Slutsats: Studiens resultatet kom fram till att informationsutbytet hade en betydelsefull roll för unga aktieinvesterares beslutsfattande och att de hade en större tilltro till information som härstammade från deras närmaste omkrets än från digitala medier. Dessutom framkom det att individer med högre finansiell kunskap och erfarenhet var mindre påverkade av snedvridningar och informationsutbytet. Det gick även att observera att respondenter som påverkades i mindre utsträckning av yttre påverkan, också hade en större nivå av medvetenheten om dessa snedvridningar och heuristik., Background: Interest in investing and the stock market has seen a significant increase over the past decade, especially among an increasing number of younger individuals. In today's society, it is becoming increasingly more common for people to not only communicate face-to-face but also in the digital arena through the internet and social media. This is something that has also come to change how the stock market looks today and how information is exchanged among investors in the market. Purpose: Analyze and describe the importance of information exchange for young equity investors. Theory: The study applies theories such as the behavioral finance theory, heuristics, the framing effect, herd behavior, overconfidence, the efficient market hypothesis, word-of-mouth communication and electronic word-of-mouth communication. Method: The study used a qualitative method in the form of semi-structured interviews. The sample was aimed at young investors who were from 18 to 29 years old and a total of eight respondents participated. Conclusion: The results of the study concluded that the exchange of information played a significant role in the decision-making of young stock investors and that they had greater trust in information that originated from their immediate circle than from digital media. In addition, it emerged that individuals with higher financial knowledge and experience were less affected by biases and the exchange of information. It was also possible to observe that respondents who were influenced to a lesser extent by external influences also had a greater level of awareness of these biases and heuristics.

The question of which stocks to buy remains at the heart of every investment decision. New, non-priced information sources and rationales linking such information to financial theory are constantly investigated. Patent metrics are often relied upon to capture technological change. Prior research detected positive corporate performance implications when relating corporate patent metrics to corporate financial performance indicators like stock prices. However, largely anecdotal evidence from the corporate sector on building investment strategies based on such patent metrics exists. In this multi-case study comprising COVID-19 treatment technologies, we select investment targets from a pool of companies previously identified based on patent analytics via patent portfolio sizes, average patent qualities, and patent portfolio strengths. Casting our thematic investment choice into passively constructed portfolios and benchmarking the portfolios' performance against the sector and three established global benchmarks, we find that relying on patent information in the selection process results in substantial outperformance compared to these global benchmarks. This finding holds true in the short- and mid-term. These findings provide ample opportunities for future research and may guide investment, managerial, and policy decision-makers in crafting promising investment strategies.

Bakgrund: Intresset för att engagera sig inom investeringar och aktiemarknaden har sett en betydlig ökning genom den senaste årtionden, särskilt bland allt fler yngre individer. Inom dagens samhälle är det allt vanligare att människor inte enbart kommunicerar ansikte mot ansikte, utan också på den digitala arenan via internet och sociala medier. Detta är något som även kommit att förändra hur aktiemarknaden ser ut idag och hur informationsutbytet genomförs bland investerare på marknaden. Syfte: Analysera och beskriva betydelsen av informationsutbyte för unga aktieinvesterare. Teori: Studien tillämpar sig av teorier såsom beteendemässiga finansteorin, heuristik, inramningseffekten, flockbeteende, överdriven självförtroende, effektiva marknadshypotesen, mun-till-mun metoden och elektronisk mun-till-mun metoden. Metod: Studien använde sig av en kvalitativ metod i form av semistrukturerade intervjuer. Urvalet riktade sig mot unga investerare som var från 18 till 29 år gamla och sammanlagt deltog åtta respondenter. Slutsats: Studiens resultatet kom fram till att informationsutbytet hade en betydelsefull roll för unga aktieinvesterares beslutsfattande och att de hade en större tilltro till information som härstammade från deras närmaste omkrets än från digitala medier. Dessutom framkom det att individer med högre finansiell kunskap och erfarenhet var mindre påverkade av snedvridningar och informationsutbytet. Det gick även att observera att respondenter som påverkades i mindre utsträckning av yttre påverkan, också hade en större nivå av medvetenheten om dessa snedvridningar och heuristik., Background: Interest in investing and the stock market has seen a significant increase over the past decade, especially among an increasing number of younger individuals. In today's society, it is becoming increasingly more common for people to not only communicate face-to-face but also in the digital arena through the internet and social media. This is something that has also come to change how the stock market looks today and how information is exchanged among investors in the market. Purpose: Analyze and describe the importance of information exchange for young equity investors. Theory: The study applies theories such as the behavioral finance theory, heuristics, the framing effect, herd behavior, overconfidence, the efficient market hypothesis, word-of-mouth communication and electronic word-of-mouth communication. Method: The study used a qualitative method in the form of semi-structured interviews. The sample was aimed at young investors who were from 18 to 29 years old and a total of eight respondents participated. Conclusion: The results of the study concluded that the exchange of information played a significant role in the decision-making of young stock investors and that they had greater trust in information that originated from their immediate circle than from digital media. In addition, it emerged that individuals with higher financial knowledge and experience were less affected by biases and the exchange of information. It was also possible to observe that respondents who were influenced to a lesser extent by external influences also had a greater level of awareness of these biases and heuristics.

This study explores the impact of investment decisions, profit disposition, equity growth, and operating decisions on growth potential and firm value in the manufacturing sector on the IDX. It is quantitative research with inferential statistics and secondary data analysis according to the conceptual framework using structural equation modeling. The results show that investment decisions and profit disposition have a significant, albeit negative, impact on firm growth potential, but have no significant effect on firm value. On the other hand, internal capital growth and operational decisions have no significant effect on firm value. These findings emphasize the importance of knowledge-based decision-making in managing financial and operational aspects to support sustainable growth and enhance firm value. Firms need to consider the impact of investment decisions and profit disposition on potential growth, as well as other factors that affect firm value in a dynamic market.

This study explores the impact of investment decisions, profit disposition, equity growth, and operating decisions on growth potential and firm value in the manufacturing sector on the IDX. It is quantitative research with inferential statistics and secondary data analysis according to the conceptual framework using structural equation modeling. The results show that investment decisions and profit disposition have a significant, albeit negative, impact on firm growth potential, but have no significant effect on firm value. On the other hand, internal capital growth and operational decisions have no significant effect on firm value. These findings emphasize the importance of knowledge-based decision-making in managing financial and operational aspects to support sustainable growth and enhance firm value. Firms need to consider the impact of investment decisions and profit disposition on potential growth, as well as other factors that affect firm value in a dynamic market.

Purpose: The article aims to investigate the relationship between the returns of the NASDAQ Composite stock index and the Bitcoin cryptocurrency. Theoretical framework: According to the literature, it is obvious that cryptocurrencies are very volatile, especially during the economic instability period. There is a belief that when uncertainty is in the economy, investors prefer alternative investment opportunities. There is a need to prove that. Design/Methodology/Approach: The study employs two different models, the ARMAX and the GARCH, to analyze the data from March 2018 to March 2023. The results of the analysis suggest a significant relationship between the returns of the NASDAQ Composite and Bitcoin. These results have important implications for investors and policymakers. Findings: The findings suggest that investors need to be aware of the potential risks and benefits associated with investing in both assets, particularly in times of economic uncertainty. Policymakers may also need to consider the impact of traditional stock markets and the overall economy on cryptocurrencies. Research, Practical & Social implications: The research suggests that investors should be careful with cryptocurrencies. Originality/Value: The results are based on the time series analysis that makes the research original. Because there are few examples of time series and volatility analysis of cryptocurrencies.

Purpose: This study’s goal is to ascertain how profitability, investment choices, funding choices, and dividend policy affect corporate value at F&B manufacturing business indexed at the Indonesia inventory trade (IDX) fot the 2018-2020. Design/Methodology/Approach: Data gathered using the documentation technique. Purposive sampling was used to sample, and 10 firms were found. Data management used multiple regression methods with the help of SPSS version 26. Findings: The results revealed that profitability, investment decision, and dividend policy gave significant impact. Implications/Originality/Value: So it is concluded that profitability, investment decision, and dividend policy gave significant impact. The funding decision have no impact on firm value.

Sustainable investing has seen a significant increase in the past years and is continuing to gain momentum with the constant rise of awareness and concern of the climate crisis. It is necessary for modern mutual fund companies to conduct ESG assessments as it provides a comprehensive understanding of a firm's sustainability performance, and identifies potential risks and opportunities which lay ground for investment decisions. However, there are still issues with fully aligning financial flows with sustainability goals. This study explores current issues regarding ESG assessment in investment decisions by mapping and examining Swedish fund companies. Furthermore, these issues will be explored if they are consistent with previous research. This study contributes to the literature by giving a comprehensive overview of issues regarding ESG assessments that are well-grounded in a real, sustainability-mature market, and will hopefully help investors and other stakeholders to get a deeper understanding of the issues, challenges and limitations associated with ESG assessment. By doing a case study of the Swedish fund market that tests factors derived from international literature, it was found that there are numerous issues in the process of conducting an ESG assessment in investment decisions. Firstly, there were issues regarding the collection of data that the fund companies use in order to conduct an ESG assessment. There is a lack of available, reliable and accessible data for fund companies to use directly and for the ESG rating agencies to use to rate companies. It is somewhat paradoxical as the fund companies feel strongly about developing their own methods for ESG assessment as they expressed hesitancy in using data from ESG rating agencies due to concerns about accuracy and comparability. By having individual methods, the fund companies gain control over the investment objectives and strategies, and hence, may avoid reputational damage. ESG rating agencies were ge, Hållbara investeringar har ökat avsevärt de senaste åren och fortsätter att öka i takt med att medvetenheten och oron i samhället för klimatkrisen växer. Det är nödvändigt för fondbolag att genomföra ESG-bedömningar för att få förståelse för ett bolags hållbarhetsprestanda samt identifiera potentiella risker och möjligheter vid investeringsbeslut. Det finns fortfarande utmaningar med att säkerställa att de finansiella flödena går i linje med hållbarhetsmålen. Denna studie undersöker och utforskar vilka utmaningar som finns med ESG-bedömningar vid investeringsbeslut, genom att kartlägga och granska svenska fondbolag. Dessutom kommer de identifierade utmaningarna att sättas i relation till tidigare forskning. Denna studie ämnar att bidra till litteraturen genom att ge en omfattande översikt över huvudsakliga utmaningar som finns vid genomförandet av ESG-bedömningar, som är väl förankrat i en verklig och mogen fondmarknad. Detta kommer hjälpa investerare och andra intressenter att få en djupare förståelse för utmaningarna, problemen och begränsningarna som finns förenat med ESG-bedömningar. Genom att göra en fallstudie av den svenska fondmarknaden med utgångspunkt i att testa faktorer härledda från internationell litteratur, identifierades ett flertal utmaningar med att utföra en ESG-bedömning vid investeringsbeslut. För det första fanns det svårigheter med inhämtningen av den data som börsbolag publicerar. Det råder brist på tillgänglig och pålitlig rådata som fondbolagen använder i sina egna ESG bedömningar samt för ESG ratinginstitut att använda som underlag vid betygsättning. Det blir något paradoxalt när fondbolag känner att det är väsentligt att utveckla egna metoder och modeller för ESG-bedömningar eftersom de anser att ratinginstituten erhåller tveksam data vilket ger upphov till frågor om tillförlitlighet och jämförbarhet. Vid utvecklandet av egna metoder tar de kontrollen genom att definiera sina egna hållbarhetsmål och strategier därefter, och kan därmed und

Using behavioral factors (mood, overconfidence, underreaction, overreaction, and herding behavior) as proxy variables in the Vietnamese stock market, this article tries to explore the link between investor demographics (gender, age, experience, and educational ability) and their investment decisions. This study compiles information from a structured questionnaire survey of 400 local, international, institutional, and individual investors in Vietnam. It employed partial multiple regression to examine how investors' demographic variables affected their investment choices using behavioral traits as mediator variables. According to the results, investor emotion, overconfidence, over/underreaction, and herd behavior all have a large impact on investing decisions. Additionally, investors' investing selections are significantly and favorably influenced by their age, gender, and degree of education. Although experience does not have a significant effect on financial decisions, investors start to ignore emotional aspects as they become more experienced.

Sustainable investing has seen a significant increase in the past years and is continuing to gain momentum with the constant rise of awareness and concern of the climate crisis. It is necessary for modern mutual fund companies to conduct ESG assessments as it provides a comprehensive understanding of a firm's sustainability performance, and identifies potential risks and opportunities which lay ground for investment decisions. However, there are still issues with fully aligning financial flows with sustainability goals. This study explores current issues regarding ESG assessment in investment decisions by mapping and examining Swedish fund companies. Furthermore, these issues will be explored if they are consistent with previous research. This study contributes to the literature by giving a comprehensive overview of issues regarding ESG assessments that are well-grounded in a real, sustainability-mature market, and will hopefully help investors and other stakeholders to get a deeper understanding of the issues, challenges and limitations associated with ESG assessment. By doing a case study of the Swedish fund market that tests factors derived from international literature, it was found that there are numerous issues in the process of conducting an ESG assessment in investment decisions. Firstly, there were issues regarding the collection of data that the fund companies use in order to conduct an ESG assessment. There is a lack of available, reliable and accessible data for fund companies to use directly and for the ESG rating agencies to use to rate companies. It is somewhat paradoxical as the fund companies feel strongly about developing their own methods for ESG assessment as they expressed hesitancy in using data from ESG rating agencies due to concerns about accuracy and comparability. By having individual methods, the fund companies gain control over the investment objectives and strategies, and hence, may avoid reputational damage. ESG rating agencies were ge, Hållbara investeringar har ökat avsevärt de senaste åren och fortsätter att öka i takt med att medvetenheten och oron i samhället för klimatkrisen växer. Det är nödvändigt för fondbolag att genomföra ESG-bedömningar för att få förståelse för ett bolags hållbarhetsprestanda samt identifiera potentiella risker och möjligheter vid investeringsbeslut. Det finns fortfarande utmaningar med att säkerställa att de finansiella flödena går i linje med hållbarhetsmålen. Denna studie undersöker och utforskar vilka utmaningar som finns med ESG-bedömningar vid investeringsbeslut, genom att kartlägga och granska svenska fondbolag. Dessutom kommer de identifierade utmaningarna att sättas i relation till tidigare forskning. Denna studie ämnar att bidra till litteraturen genom att ge en omfattande översikt över huvudsakliga utmaningar som finns vid genomförandet av ESG-bedömningar, som är väl förankrat i en verklig och mogen fondmarknad. Detta kommer hjälpa investerare och andra intressenter att få en djupare förståelse för utmaningarna, problemen och begränsningarna som finns förenat med ESG-bedömningar. Genom att göra en fallstudie av den svenska fondmarknaden med utgångspunkt i att testa faktorer härledda från internationell litteratur, identifierades ett flertal utmaningar med att utföra en ESG-bedömning vid investeringsbeslut. För det första fanns det svårigheter med inhämtningen av den data som börsbolag publicerar. Det råder brist på tillgänglig och pålitlig rådata som fondbolagen använder i sina egna ESG bedömningar samt för ESG ratinginstitut att använda som underlag vid betygsättning. Det blir något paradoxalt när fondbolag känner att det är väsentligt att utveckla egna metoder och modeller för ESG-bedömningar eftersom de anser att ratinginstituten erhåller tveksam data vilket ger upphov till frågor om tillförlitlighet och jämförbarhet. Vid utvecklandet av egna metoder tar de kontrollen genom att definiera sina egna hållbarhetsmål och strategier därefter, och kan därmed und

The role of emotions in decision-making is gaining importance in entrepreneurial and behavioral finance. Especially its impact on investment decisions in crowdfunding is a new area that seeks exploration. Emotions play a significant role in decision-making processes. Understanding their impact is crucial in crowdfunding, as information asymmetry and uncertainty are prevalent. This master thesis investigates the influence of emotions on investment decisions in crowdfunding, in particular regarding the difference between reward- based and equity-based crowdfunding. An empirical study was conducted to examine the investment behavior of private investors in relation to their emotional response to a certain stimulus. The results demonstrated that integral emotions play a dominant role in decision- making and have predictive value for the investment decision. Furthermore, the research showed stronger influence of emotions in reward-based than in equity-based crowdfunding due to lower risk perception. Therefore, the findings offer valuable insights about the influence of emotions on investment decisions, enhancing a better understanding of the crowdfunding process for investors, capital seekers, and platform providers and also paving the way for further research in this area., Moritz Jonathan Barmann, Masterarbeit Universität Innsbruck 2023

Bakgrund: Investeringar i namnrättigheter för en arena eller idrottsanläggning kan definieras som en transaktion där pengar byter ägare för att säkra rätten att namnge en idrottsanläggning. Denna typ av investering har under de senaste decennierna ökat dramatiskt. Trots den fortsatta ökningen finns det begränsad forskning om vilka motiv som finns bakom investeringarna och vilka effekter företagen upplever av genomförda namnrättsinvesteringar. Syfte: Syftet med denna studie är att undersöka och kartlägga hur svenska företag motiverar och resonerar kring namnrättsinvesteringar samt vilka effekter företag upplever av dessa investeringar. Metod: Uppsatsen har med hjälp av en intervjustudie samlat in det empiriska materialet med personer som varit strategiskt och operativt inblandade i namnrättsinvesteringar och dess investeringsprocess. Tio svenska företag medverkade i studien. Slutsats: Studiens slutsats är att investeringar i namnrättigheter har en rad olika motiv. Bland annat ökad exponering, stärkt varumärkesbyggande, förbättrad kompetensförsörjning och att vara en god kraft i samhället. De upplevda effekterna är bland annat ökad varumärkesmedvetenhet, varumärkesspridning, lägre personalomsättning, stolta medarbetare och lokala effekter. Motiv, uppföljning och upplevda effekter kan kategoriseras utifrån tre olika perspektiv. Dessa är ekonomiska, mänskliga samt samhälleliga. Med hjälp av intressentteorin har denna studie också dragit slutsatsen att det finns olika logiker och att de tre stegen kopplade till motiv, uppföljning och utvärdering samt upplevda effekter drivs av intressenternas krav och behov. Mängden intressenter som berörs av investeringen ses därför också som ett tydligt motiv till investeringen i namnrättigheter., Background: Investments in naming rights for an arena or stadium can be defined as a transaction where currencies change hands to secure the right to name a sports facility. These investments have increased exponentially in the recent decades. Despite the continued investment of naming rights, there is limited research on the motives behind the investments, and what perceived effects are identified from completed naming rights investments. Purpose: The purpose of this study is to investigate and map how naming rights investments are motivated by Swedish companies and what perceived effects can be identified from these investments. Method: This study has with the help of an interview-study collected the empirical data with people which have been strategic and operative involved in naming rights investments and their investment processes. Ten Swedish companies participated in the study. Conclusion: The study's conclusions and results point at various types of motives regarding the naming right investments, such as increased exposure och results, strengthened branding, improved supply of skilled labor force and being a good force in society amongst others. The perceived effects include brand awareness, brand spread, lower staff turnover, proud employees and local effects. All motives can be categorized into three main topics which are Economic, People and society and the local community. With the help of the stakeholder theory, this study has been able to describe that there are different logics and that the three steps linked to motive, follow-up and evaluation as well as perceived effects are driven by stakeholders who have their demands and needs. The number of stakeholders affected by the investment are therefore also a clear motive for investing in naming rights.

This paper analyzes the role of newborn gender inhousehold investment decisions. Parenting a newbaby is associated with a reduction of the share offinancial wealth held as cash and an increase inrisky investments. The reallocation is howevergender‐heterogeneous: the increase in the share ofboth total and financial wealth allocated to riskyassets when parenting girls is reduced for house-holds parenting boys. The effect is driven by the firstchild. Parents of newborn girls hold riskier portfo-lios because they make financial decisions influ-enced by their expectations on the autonomy andfinancial independence of newborns in adulthood

Purpose: To find out the determinants of young investors in investing in the Capital Market. Theoretical framework: Financial Literacy, Motivation, Personal Interests, Environment, and Investment Behavior. This topic was adopted from several theoretical studies and previous research which was put together as a single factor that influences the decisions of young investors in investing in the capital market. Design/methodology/approach: This study used a quantitative approach with an explanatory design using a survey method. The sample in this study is young investors aged 18-25 years who invest in stocks on the Stock Exchange with a total sample of 110 samples. This study uses a 5-point Likert scale to collect research data. Findings: The results show that 1) The independent variables of financial literacy, motivation, personal interest, environment and investment behavior simultaneously have a positive and significant effect on investment decisions with a large influence of 98%, while the remaining 2% are other factors not included in this model ; 2) The variables of financial literacy, motivation, personal interest, environment and investment behavior have a positive and significant partial effect on investment decisions; 3) the motivational variable is the dominant determining factor while the minimum is financial literacy. Research, Practical & Social implications: We recommend a future research agenda related to investment diversification and investor retention as a result of investment decisions to become a unified role model. Originality/value: Most of the previous studies have only partially used variables and none have broken down investors by age. However, a thorough and complete analysis of these factors along with the specifications of investors, especially young investors, is the target of the importance of our research.

Diplomová práce se zabývá problematikou investování a investičního rozhodování. Popisuje jednotlivé fáze investice, proces investování a možnosti financování investice v podniku. Byla vybrána konkrétní investice a provedena studie proveditelnosti v rámci předinvestiční fáze a následně byly popsány i další fáze investování., The diploma thesis deals with the issue of investing and investment decision-making. It describes the individual phases of the investment, the investment process, and the possibilities of financing investment in the company. A specific investment was selected, and feasibility study was carried out as part of the pre-investment phase, and further investment phases were also described., Fakulta ekonomicko-správní, Studentka přednesla téma své DP Investiční rozhodování v podniku Otázky vedoucího DP: 1. Je možné po ukončení provozu třídící linky získat nějaké výnosy z její likvidace? Otázky oponenta DP: Předpokládáte, že spotřeba energií bude činit 70 000 Kč za rok. Jak byla tato hodnota určena? 2. Mezi uváděnými riziky (s. 59) je zálohování PET lahví, přiřazujete tomu vysokou pravděpodobnost a nízký dopad na projekt. Jaký dopad by mělo toto riziko na plánované výnosy? Otázky a připomínky komise: 1. Během 14 let vždy 10% hodnoty stroje je určeno na opravy. Kdy nastává moment koupě nového stroje? Na základě čeho je určena úroveň těchto 10%? 2. V textu je odkazováno na nesprávnou tabulku. 3. Nepředpokládáte zvýšení mezd v průběhu let (po započtení inflace)? Studentka na otázky částečně reagovala., Dokončená práce s úspěšnou obhajobou

Accounting students in Batam City invest with the awareness of wanting to gain prosperity in the future by utilizing the remaining pocket money or residual salary in the hope that the investment made will generate a profit. The right investment decision is needed to achieve this goal. The purpose of this study was to determine the effect of financial literacy, herding and risk perception on investment decisions. Quantitative research methods based on primary data are used in this study. This study collected the necessary data by distributing questionnaires to several universities in Batam City with the main focus being accounting students, totaling 1,502 students. The Likert scale was used to measure the questionnaire using a sample of 316 respondents. The probability sampling technique is used in the sampling process. Statistical tools, namely the SPSS V26 program, are used to test or perform data analyses, namely: descriptive statistics, data quality tests, classical assumption tests, multiple linear regression tests, determinant coefficient tests, and hypothesis testing. The results of the study found that financial literacy, herding and risk perception had a positive and significant effect on the investment decisions of accounting students in Batam City

The role of emotions in decision-making is gaining importance in entrepreneurial and behavioral finance. Especially its impact on investment decisions in crowdfunding is a new area that seeks exploration. Emotions play a significant role in decision-making processes. Understanding their impact is crucial in crowdfunding, as information asymmetry and uncertainty are prevalent. This master thesis investigates the influence of emotions on investment decisions in crowdfunding, in particular regarding the difference between reward- based and equity-based crowdfunding. An empirical study was conducted to examine the investment behavior of private investors in relation to their emotional response to a certain stimulus. The results demonstrated that integral emotions play a dominant role in decision- making and have predictive value for the investment decision. Furthermore, the research showed stronger influence of emotions in reward-based than in equity-based crowdfunding due to lower risk perception. Therefore, the findings offer valuable insights about the influence of emotions on investment decisions, enhancing a better understanding of the crowdfunding process for investors, capital seekers, and platform providers and also paving the way for further research in this area., Moritz Jonathan Barmann, Masterarbeit Universität Innsbruck 2023

Bakgrund: Investeringar i namnrättigheter för en arena eller idrottsanläggning kan definieras som en transaktion där pengar byter ägare för att säkra rätten att namnge en idrottsanläggning. Denna typ av investering har under de senaste decennierna ökat dramatiskt. Trots den fortsatta ökningen finns det begränsad forskning om vilka motiv som finns bakom investeringarna och vilka effekter företagen upplever av genomförda namnrättsinvesteringar. Syfte: Syftet med denna studie är att undersöka och kartlägga hur svenska företag motiverar och resonerar kring namnrättsinvesteringar samt vilka effekter företag upplever av dessa investeringar. Metod: Uppsatsen har med hjälp av en intervjustudie samlat in det empiriska materialet med personer som varit strategiskt och operativt inblandade i namnrättsinvesteringar och dess investeringsprocess. Tio svenska företag medverkade i studien. Slutsats: Studiens slutsats är att investeringar i namnrättigheter har en rad olika motiv. Bland annat ökad exponering, stärkt varumärkesbyggande, förbättrad kompetensförsörjning och att vara en god kraft i samhället. De upplevda effekterna är bland annat ökad varumärkesmedvetenhet, varumärkesspridning, lägre personalomsättning, stolta medarbetare och lokala effekter. Motiv, uppföljning och upplevda effekter kan kategoriseras utifrån tre olika perspektiv. Dessa är ekonomiska, mänskliga samt samhälleliga. Med hjälp av intressentteorin har denna studie också dragit slutsatsen att det finns olika logiker och att de tre stegen kopplade till motiv, uppföljning och utvärdering samt upplevda effekter drivs av intressenternas krav och behov. Mängden intressenter som berörs av investeringen ses därför också som ett tydligt motiv till investeringen i namnrättigheter., Background: Investments in naming rights for an arena or stadium can be defined as a transaction where currencies change hands to secure the right to name a sports facility. These investments have increased exponentially in the recent decades. Despite the continued investment of naming rights, there is limited research on the motives behind the investments, and what perceived effects are identified from completed naming rights investments. Purpose: The purpose of this study is to investigate and map how naming rights investments are motivated by Swedish companies and what perceived effects can be identified from these investments. Method: This study has with the help of an interview-study collected the empirical data with people which have been strategic and operative involved in naming rights investments and their investment processes. Ten Swedish companies participated in the study. Conclusion: The study's conclusions and results point at various types of motives regarding the naming right investments, such as increased exposure och results, strengthened branding, improved supply of skilled labor force and being a good force in society amongst others. The perceived effects include brand awareness, brand spread, lower staff turnover, proud employees and local effects. All motives can be categorized into three main topics which are Economic, People and society and the local community. With the help of the stakeholder theory, this study has been able to describe that there are different logics and that the three steps linked to motive, follow-up and evaluation as well as perceived effects are driven by stakeholders who have their demands and needs. The number of stakeholders affected by the investment are therefore also a clear motive for investing in naming rights.

Purpose: This study’s goal is to ascertain how profitability, investment choices, funding choices, and dividend policy affect corporate value at F&B manufacturing business indexed at the Indonesia inventory trade (IDX) fot the 2018-2020. Design/Methodology/Approach: Data gathered using the documentation technique. Purposive sampling was used to sample, and 10 firms were found. Data management used multiple regression methods with the help of SPSS version 26. Findings: The results revealed that profitability, investment decision, and dividend policy gave significant impact. Implications/Originality/Value: So it is concluded that profitability, investment decision, and dividend policy gave significant impact. The funding decision have no impact on firm value.

Purpose: This study’s goal is to ascertain how profitability, investment choices, funding choices, and dividend policy affect corporate value at F&B manufacturing business indexed at the Indonesia inventory trade (IDX) fot the 2018-2020. Design/Methodology/Approach: Data gathered using the documentation technique. Purposive sampling was used to sample, and 10 firms were found. Data management used multiple regression methods with the help of SPSS version 26. Findings: The results revealed that profitability, investment decision, and dividend policy gave significant impact. Implications/Originality/Value: So it is concluded that profitability, investment decision, and dividend policy gave significant impact. The funding decision have no impact on firm value.

Using behavioral factors (mood, overconfidence, underreaction, overreaction, and herding behavior) as proxy variables in the Vietnamese stock market, this article tries to explore the link between investor demographics (gender, age, experience, and educational ability) and their investment decisions. This study compiles information from a structured questionnaire survey of 400 local, international, institutional, and individual investors in Vietnam. It employed partial multiple regression to examine how investors' demographic variables affected their investment choices using behavioral traits as mediator variables. According to the results, investor emotion, overconfidence, over/underreaction, and herd behavior all have a large impact on investing decisions. Additionally, investors' investing selections are significantly and favorably influenced by their age, gender, and degree of education. Although experience does not have a significant effect on financial decisions, investors start to ignore emotional aspects as they become more experienced.

One of the most dynamic trends in the development of the modern market of financial investments is ESG investing. Investing which is based on the inclusion of Environmental, Social and Governance criteria into consideration. In this case, there is an actual problem of analysis mapping ESG criteria with investment risk management. This article considers specific features of inclusion ESG assessments into investment risk management. For this purpose, the S&P Global system of ESG scores was used. The assessments of market risk for both direct and portfolio investments were considered. The dichotomy between the approaches of diversification and prioritization based on ESG criteria had been identified. The article offers expansion of portfolio risk management within the framework of a three-criteria optimization model (risk, return, and ESG score based criteria). The article justifies the investment decision on the basis of construction of an effective set of pair "risk – ESG score" which provides an analogue of the classical frontier line in modern portfolio theory. The implementation of this approach was carried out to the companies included into stock index baskets of three Central and Eastern European (CEE) stock markets: Poland, Czech Republic and Hungary.

One of the most dynamic trends in the development of the modern market of financial investments is ESG investing. Investing which is based on the inclusion of Environmental, Social and Governance criteria into consideration. In this case, there is an actual problem of analysis mapping ESG criteria with investment risk management. This article considers specific features of inclusion ESG assessments into investment risk management. For this purpose, the S&P Global system of ESG scores was used. The assessments of market risk for both direct and portfolio investments were considered. The dichotomy between the approaches of diversification and prioritization based on ESG criteria had been identified. The article offers expansion of portfolio risk management within the framework of a three-criteria optimization model (risk, return, and ESG score based criteria). The article justifies the investment decision on the basis of construction of an effective set of pair "risk – ESG score" which provides an analogue of the classical frontier line in modern portfolio theory. The implementation of this approach was carried out to the companies included into stock index baskets of three Central and Eastern European (CEE) stock markets: Poland, Czech Republic and Hungary.

One of the most dynamic trends in the development of the modern market of financial investments is ESG investing. Investing which is based on the inclusion of Environmental, Social and Governance criteria into consideration. In this case, there is an actual problem of analysis mapping ESG criteria with investment risk management. This article considers specific features of inclusion ESG assessments into investment risk management. For this purpose, the S&P Global system of ESG scores was used. The assessments of market risk for both direct and portfolio investments were considered. The dichotomy between the approaches of diversification and prioritization based on ESG criteria had been identified. The article offers expansion of portfolio risk management within the framework of a three-criteria optimization model (risk, return, and ESG score based criteria). The article justifies the investment decision on the basis of construction of an effective set of pair "risk – ESG score" which provides an analogue of the classical frontier line in modern portfolio theory. The implementation of this approach was carried out to the companies included into stock index baskets of three Central and Eastern European (CEE) stock markets: Poland, Czech Republic and Hungary.

One of the most dynamic trends in the development of the modern market of financial investments is ESG investing. Investing which is based on the inclusion of Environmental, Social and Governance criteria into consideration. In this case, there is an actual problem of analysis mapping ESG criteria with investment risk management. This article considers specific features of inclusion ESG assessments into investment risk management. For this purpose, the S&P Global system of ESG scores was used. The assessments of market risk for both direct and portfolio investments were considered. The dichotomy between the approaches of diversification and prioritization based on ESG criteria had been identified. The article offers expansion of portfolio risk management within the framework of a three-criteria optimization model (risk, return, and ESG score based criteria). The article justifies the investment decision on the basis of construction of an effective set of pair "risk – ESG score" which provides an analogue of the classical frontier line in modern portfolio theory. The implementation of this approach was carried out to the companies included into stock index baskets of three Central and Eastern European (CEE) stock markets: Poland, Czech Republic and Hungary.

One of the most dynamic trends in the development of the modern market of financial investments is ESG investing. Investing which is based on the inclusion of Environmental, Social and Governance criteria into consideration. In this case, there is an actual problem of analysis mapping ESG criteria with investment risk management. This article considers specific features of inclusion ESG assessments into investment risk management. For this purpose, the S&P Global system of ESG scores was used. The assessments of market risk for both direct and portfolio investments were considered. The dichotomy between the approaches of diversification and prioritization based on ESG criteria had been identified. The article offers expansion of portfolio risk management within the framework of a three-criteria optimization model (risk, return, and ESG score based criteria). The article justifies the investment decision on the basis of construction of an effective set of pair "risk – ESG score" which provides an analogue of the classical frontier line in modern portfolio theory. The implementation of this approach was carried out to the companies included into stock index baskets of three Central and Eastern European (CEE) stock markets: Poland, Czech Republic and Hungary.

Entrepreneurs have certain personality traits that are evaluated by venture capitalists (VCs) when making their investment decision, which have been studied in literature. However, personality traits in ecopreneurs, or sustainable entrepreneurs, that may impact the investment decision of a sustainable venture capitalist (SVC) are not known to have been studied, and therefore warrant research opportunities. New innovations are becoming increasingly important to help solve some of the world’s pressing environmental issues, and therefore, there is a need to better understand how ecopreneurs can financially sustain their new ventures. This study aims to understand how the ecopreneur’s personality traits impact the SVC’s investment decision, by doing a qualitative study through semi-structured interviews of SVCs located in Scandinavia. A personality trait model used for traditional entrepreneurs was used as a framework for this study and applied in the ecopreneurial context and thus, a deductive approach was taken. The personality traits in the model include risk aversion, ability to perform a continuous and intense effort, desire to earn money, honesty and integrity, attention to detail, favorable to suggestions and critics, and long-term vision, and were proposed to be an enabler or disabler in the SVC’s investment decision. Through five interviews with SVCs, it was found that honesty and integrity was the most important trait in the SVCs decision to invest in the ecopreneur. The desire to earn money was found to have both enabling and disabling aspects. Long-term vision emerged from the research as important, specific to ecopreneurs and their vision of making a positive global environmental impact, but should include short-term goals to achieve that long-term vision. Furthermore, the research allowed for new insights to come to light, wherein two personality traits were adjusted to better suit the context of the ecopreneur, and two additional traits were added to the

Alla kommuner har investerat eller är i behov av investeringar, vissa mer än andra. Idag blir immateriella investeringar allt mer väsentliga för alla typer av organisationer, kommuner är inget undantag. För att en investering ska genomföras går kommuner igenom processer som har en stark relation till politiken. Tidigare studier om immateriella investeringar är redan väldigt tunn, kommunala immateriella investeringar är även mer tunn. Syftet med denna studie är att förbättra kunskapen om hur investeringsprocessen i kommunala immateriella investeringar går till, även ge en översiktlig bild på hur hela investeringsprocessen går till vid immateriella investeringar. Det som visats i studien är att det finns faktorer som påverkar kommunerna bland annat vilken syn de har på immateriella investeringarna, vad kommunen är i för situation vad gäller politiken, in- eller utflyttnings takten. Med vår analys hoppas vi att det klargjorts hur den kommunala immateriella investeringsprocessen går till inom kommuner., All municipalities have invested or are in need of investments, some more than others. Today, intangible investments are becoming more important for all types of organizations, municipalities are no exception. In order for an investment to be implemented, municipalities go through processes that have a strong relationship with politics. Previous studies on intangible investments are already very thin, municipal intangible investments are even thinner. The purpose of this study is to improve the knowledge of how investment appraisals regarding municipal intangible investments are carried out, and also to provide an overview of how the entire investment process is carried out with these kinds of investments. What has been shown in the study is that there are factors that affect the municipalities, such as their view of intangible investments, the municipality's situation in terms of politics, the rate of immigration or emigration. With our analysis, we hope that it has been clarified how the municipal intangible investment process takes place with inmunicipalities.

Diese Dissertation beinhaltet vier Beiträge zur analytischen Forschung in der Rechnungslegung und Wirtschaftsprüfung. Der erste Beitrag befasst sich mit der Frage, ob Unternehmen ihre Einschätzung über das Potenzial ihrer Arbeitnehmer offenlegen sollten. In einem spieltheoretischen Modell wird gezeigt, dass die Stärke der internen Kontrollen Einfluss auf diese Entscheidung haben kann. Die Offenlegung der Einschätzung setzt Anreize erfolgreich zu erscheinen. Dies kann durch eine höhere Arbeitsleistung oder durch ein höheres Maß an Manipulation erreicht werden. Wenn die internen Kontrollen schwächer sind, werden Einschätzungen nicht offengelegt, um ein höheres Maß an Manipulation zu verhindern. Der zweite Beitrag analysiert die Auswirkungen des erweiterten Bestätigungsvermerks des Abschlussprüfers und insbesondere der Einführung sog. key audit matters (KAM) auf Investitionsentscheidungen eines Unternehmens. KAM sind besonders wichtige Sachverhalte im Rahmen der Prüfung und sollen den Informationswert des Bestätigungsvermerks erhöhen. Der vorliegende Beitrag zeigt, dass der Bericht von KAM durch sinkende Informationsasymmetrie ineffiziente Investitionsentscheidungen wie Überinvestition erhöhen kann. Durch die verbesserte Informationslage können jedoch auch die negativen Investitionsanreize privater Vorteile eines Managers besser bewertet und so abgeschwächt werden. Der dritte Beitrag analysiert die Auswirkungen von Informationsasymmetrien und des Konzepts der Wesentlichkeit auf Investitionsentscheidungen eines Unternehmens. Bisherige Literatur zeigt, dass gleichzeitige Informationsasymmetrie über die Profitabilität und die Höhe einer Investition, Investitionsentscheidungen tatsächlich verbessern kann, indem sich Über- und Unterinvestitionsanreize ausgleichen. Der vorliegende Beitrag zeigt jedoch, dass beide Arten von Informationsasymmetrie, bei Entscheidungen zwischen sicheren und riskanten Investitionen, auch nur Überinvestitionsanreize setzen können und so das optima

Alla kommuner har investerat eller är i behov av investeringar, vissa mer än andra. Idag blir immateriella investeringar allt mer väsentliga för alla typer av organisationer, kommuner är inget undantag. För att en investering ska genomföras går kommuner igenom processer som har en stark relation till politiken. Tidigare studier om immateriella investeringar är redan väldigt tunn, kommunala immateriella investeringar är även mer tunn. Syftet med denna studie är att förbättra kunskapen om hur investeringsprocessen i kommunala immateriella investeringar går till, även ge en översiktlig bild på hur hela investeringsprocessen går till vid immateriella investeringar. Det som visats i studien är att det finns faktorer som påverkar kommunerna bland annat vilken syn de har på immateriella investeringarna, vad kommunen är i för situation vad gäller politiken, in- eller utflyttnings takten. Med vår analys hoppas vi att det klargjorts hur den kommunala immateriella investeringsprocessen går till inom kommuner., All municipalities have invested or are in need of investments, some more than others. Today, intangible investments are becoming more important for all types of organizations, municipalities are no exception. In order for an investment to be implemented, municipalities go through processes that have a strong relationship with politics. Previous studies on intangible investments are already very thin, municipal intangible investments are even thinner. The purpose of this study is to improve the knowledge of how investment appraisals regarding municipal intangible investments are carried out, and also to provide an overview of how the entire investment process is carried out with these kinds of investments. What has been shown in the study is that there are factors that affect the municipalities, such as their view of intangible investments, the municipality's situation in terms of politics, the rate of immigration or emigration. With our analysis, we hope that it has been clarified how the municipal intangible investment process takes place with inmunicipalities.

Covid-19 pandemic has changed people's behavior, from initially spending a lot of money to being more active in saving. This pandemic has also increased public interest in investing in line with the desire for financial well-being. Based on KSEI data, this increase in the number of investors is six times higher than at the end of 2017. Capital Asset Pricing Model (CAPM) is a model that can be used to see the expected return in a balanced market. The main objective of CAPM is to assist investors in making optimal stock choices while avoiding risk. This study aims to examine CAPM approach in making investment choices in the health sector. This study uses a quantitative descriptive method. The data used in this study is secondary data in the form of financial reports of health sector companies listed on Indonesia Stock Exchange for the period March 2020 to February 2022. Based on the research results, 18 health sector stocks have a positive average return, 17 stocks are included in the category of efficient stock, and 1 stock is included in the category of inefficient stock. When the stock return exceeds the expected rate of return, then the stock is considered efficient., Pandemi Covid-19 membuat perilaku masyarakat berubah, dari yang awalnya mengeluarkan banyak uang menjadi lebih giat menabung. Pandemi ini pun meningkatkan minat masyarakat berinvestasi seiring dengan kemauan untuk kesejahteraan finansial. Berdasarkan data KSEI peningkatan jumlah investor ini enam kali lipat lebih banyak dibandingkan akhir tahun 2017. Capital Asset Pricing Model (CAPM) merupakan model yang dapat digunakan untuk melihat pengembalian yang diharapkan di pasar yang seimbang. Tujuan utama CAPM adalah untuk membantu investor dalam membuat pilihan saham yang optimal juga menghindari risiko. Penelitian ini bertujuan untuk mengkaji pendekatan CAPM dalam membuat pilihan investasi saham sektor kesehatan. Penelitian ini menggunakan metode deskriptif kuantitatif. Data yang digunakan dalam penelitian ini merupakan data sekunder berupa laporan keuangan perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia periode Maret 2020 hingga Februari 2022. Berdasarkan hasil penelitian, 18 saham sektor kesehatan memiliki rata-rata return yang positif, 17 saham termasuk dalam kategori saham efisien, dan 1 saham termasuk dalam kategori saham tidak efisien. Ketika return saham melebihi tingkat pengembalian yang diharapkan, maka saham tersebut dianggap efisien.

Covid-19 pandemic has changed people's behavior, from initially spending a lot of money to being more active in saving. This pandemic has also increased public interest in investing in line with the desire for financial well-being. Based on KSEI data, this increase in the number of investors is six times higher than at the end of 2017. Capital Asset Pricing Model (CAPM) is a model that can be used to see the expected return in a balanced market. The main objective of CAPM is to assist investors in making optimal stock choices while avoiding risk. This study aims to examine CAPM approach in making investment choices in the health sector. This study uses a quantitative descriptive method. The data used in this study is secondary data in the form of financial reports of health sector companies listed on Indonesia Stock Exchange for the period March 2020 to February 2022. Based on the research results, 18 health sector stocks have a positive average return, 17 stocks are included in the category of efficient stock, and 1 stock is included in the category of inefficient stock. When the stock return exceeds the expected rate of return, then the stock is considered efficient., Pandemi Covid-19 membuat perilaku masyarakat berubah, dari yang awalnya mengeluarkan banyak uang menjadi lebih giat menabung. Pandemi ini pun meningkatkan minat masyarakat berinvestasi seiring dengan kemauan untuk kesejahteraan finansial. Berdasarkan data KSEI peningkatan jumlah investor ini enam kali lipat lebih banyak dibandingkan akhir tahun 2017. Capital Asset Pricing Model (CAPM) merupakan model yang dapat digunakan untuk melihat pengembalian yang diharapkan di pasar yang seimbang. Tujuan utama CAPM adalah untuk membantu investor dalam membuat pilihan saham yang optimal juga menghindari risiko. Penelitian ini bertujuan untuk mengkaji pendekatan CAPM dalam membuat pilihan investasi saham sektor kesehatan. Penelitian ini menggunakan metode deskriptif kuantitatif. Data yang digunakan dalam penelitian ini merupakan data sekunder berupa laporan keuangan perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia periode Maret 2020 hingga Februari 2022. Berdasarkan hasil penelitian, 18 saham sektor kesehatan memiliki rata-rata return yang positif, 17 saham termasuk dalam kategori saham efisien, dan 1 saham termasuk dalam kategori saham tidak efisien. Ketika return saham melebihi tingkat pengembalian yang diharapkan, maka saham tersebut dianggap efisien.

Carbon Capture and Utilization (CCU) technologies are crucial to achieving carbon neutrality targets. However, assessing the investment value and timing comprehensively is still challenging for CCU due to uncertainties in technologies and markets from a long-term perspective. In order to assist decision making, this work develops a new real option investment decision model based on the technology learning effect. In particular, the component-based two-factor technology learning curve approach is proposed to predict the future costs for each component. To verify this model, it is used to analyze two CCU processes, including the enhanced oil recovery using CO2 (CO2-EOR) and methanol synthesis from captured CO2 (CO2-MET). Results show that the proposed model can effectively predict the technology cost curve and find the optimal investment decision for the two applications considering various uncertainties. It is also found that the oil price at least needs to be over 80 $/barrel for CO2-EOR and the methanol price needs to be over 580 $/ton for CO2-MET respectively to trigger immediate investment. Comparatively, investing in CO2-MET projects is more economical than in CO2-EOR projects.

Entrepreneurs have certain personality traits that are evaluated by venture capitalists (VCs) when making their investment decision, which have been studied in literature. However, personality traits in ecopreneurs, or sustainable entrepreneurs, that may impact the investment decision of a sustainable venture capitalist (SVC) are not known to have been studied, and therefore warrant research opportunities. New innovations are becoming increasingly important to help solve some of the world’s pressing environmental issues, and therefore, there is a need to better understand how ecopreneurs can financially sustain their new ventures. This study aims to understand how the ecopreneur’s personality traits impact the SVC’s investment decision, by doing a qualitative study through semi-structured interviews of SVCs located in Scandinavia. A personality trait model used for traditional entrepreneurs was used as a framework for this study and applied in the ecopreneurial context and thus, a deductive approach was taken. The personality traits in the model include risk aversion, ability to perform a continuous and intense effort, desire to earn money, honesty and integrity, attention to detail, favorable to suggestions and critics, and long-term vision, and were proposed to be an enabler or disabler in the SVC’s investment decision. Through five interviews with SVCs, it was found that honesty and integrity was the most important trait in the SVCs decision to invest in the ecopreneur. The desire to earn money was found to have both enabling and disabling aspects. Long-term vision emerged from the research as important, specific to ecopreneurs and their vision of making a positive global environmental impact, but should include short-term goals to achieve that long-term vision. Furthermore, the research allowed for new insights to come to light, wherein two personality traits were adjusted to better suit the context of the ecopreneur, and two additional traits were added to the

Purpose - Belonging to the financial technologies (FinTech) companies, equity-based crowdfunding platforms offer investors the opportunity to become shareholders through the purchase of small equity stakes of new innovative ventures. This paper investigates gender-related differences in the behaviour of investors in firms seeking equity financing in Latin America. Design/methodology/approach - Using a unique database, with combined information from different equity crowdfunding platforms in Brazil, Chile, and Mexico, we study the population of 492 projects between 2013-2017. To analyse the relationship between investors’ gender-related differences and equity crowdfunding investment this paper applies Poisson regression. Findings - Results suggest that the probability that an investor finances a firm is based on gender bias. Investors prefer firms led by entrepreneurs that are similar to them in terms of gender. Furthermore, we find evidence that both female and male investors are risk-averse and are more likely to invest in the equity of firms that are older and offer a higher percentage of equity. However, female investors are associated with firms that are on average older and offer 0.02% more equity. Practical implications – These findings have implications for crowdfunding platforms managers when selecting their target companies and policymakers when defining political actions to promote greater use of equity crowdfunding among female entrepreneurs and decrease barriers hindering women’s access to investment. Originality/value - Unique in its proposition and data usage, this study sheds light on the relationship between investors and entrepreneurs in the Latin American equity crowdfunding market.

Renewable energy (RE) auctions were partly introduced to lower the cost of policy support. However, policymakers are increasingly aware that effective policies require a broader set of objectives that include securing actor diversity and social acceptance. While several countries have introduced measures to incentivize citizen participation in RE projects to meet those objectives, little is known about their effect on the risk perceptions of developers in auction settings. Based on insights from 559 experimental choices made by 61 European project developers, this study investigates risk-return preferences for different onshore wind energy auction designs. We show that developers are willing to accept the requirement to submit bid bonds up to a certain threshold, and that a 36-month realisation period is preferred overall. While developers may be open to citizen co-investment, the risk premiums they require increase with the share of capital offered to local residents in auction settings, highlighting an apparent trade-off between promoting actor diversity and low-cost RE deployment. Policymakers unwilling to compensate developers for the price of increasing actor diversity may have to find other ways to promote citizen participation in order to achieve RE objectives, as this factor may have important implications for the acceptance of RE deployment.

Worldwide, the management practices have been marked as having a critical significant contribution to the financial performance of institutions including Small and Medium Enterprises.  This study intends to focus on the evaluation on Financial Management Practices and Financial performance of SMEs in Rwanda.   This study aimed to Analyze whether Financial Management Practices have effects on the Small and Medium Enterprises especially on the six selected SACCOs in Musanze District.  The design of this study was a quantitative descriptive in nature. The target population of the study was 30% of all staff and employees from all Musanze districts SACCOs and a sample size of 60 respondents were selected using universal census approach and data were analyzed using statistical package for social sciences (SPSS) version 20. Findings study therefore confirms that there is strong positive effect of working capital management on performance and that that there is a significant positive effect of investment decision on SACCOs performance. The findings concluded that there is a significant effect from financial management practices to the financial performance.

Worldwide, the management practices have been marked as having a critical significant contribution to the financial performance of institutions including Small and Medium Enterprises.  This study intends to focus on the evaluation on Financial Management Practices and Financial performance of SMEs in Rwanda.   This study aimed to Analyze whether Financial Management Practices have effects on the Small and Medium Enterprises especially on the six selected SACCOs in Musanze District.  The design of this study was a quantitative descriptive in nature. The target population of the study was 30% of all staff and employees from all Musanze districts SACCOs and a sample size of 60 respondents were selected using universal census approach and data were analyzed using statistical package for social sciences (SPSS) version 20. Findings study therefore confirms that there is strong positive effect of working capital management on performance and that that there is a significant positive effect of investment decision on SACCOs performance. The findings concluded that there is a significant effect from financial management practices to the financial performance.

This research aims to analyze the impact of insider trading laws and corporate governance on investment decisions. For this purpose, the data of 400 potential and actual investors employed who provided their feedback on a structured questionnaire. When the data is collected, it was cleaned. The normality of data and reliability of items were also checked and within limits. Simple Regression was applied to test hypotheses. It was concluded that the perception of insider trading laws and corporate governance have a positive impact on investment decisions. The study has wide implications and the government and corporation both can be beneficial from its insight and findings, and exercise good corporate governance practices and follow stringent insider trading laws. The study also paves the way for future research.

This research aims to analyze the impact of insider trading laws and corporate governance on investment decisions. For this purpose, the data of 400 potential and actual investors employed who provided their feedback on a structured questionnaire. When the data is collected, it was cleaned. The normality of data and reliability of items were also checked and within limits. Simple Regression was applied to test hypotheses. It was concluded that the perception of insider trading laws and corporate governance have a positive impact on investment decisions. The study has wide implications and the government and corporation both can be beneficial from its insight and findings, and exercise good corporate governance practices and follow stringent insider trading laws. The study also paves the way for future research.

This master thesis explores commercialization of electric road systems in urban environments, using a combined methods approach, in contrast to previous studies that have focused on long haul transportation. First, through interviews and document gathering, a stakeholder map was constructed, and the incentives of the identified stakeholders were analyzed. The thesis found disagreements between the stakeholders regarding the division of ownership and responsibility. Also, largescale cooperation between stakeholders was found to be crucial for large scale deployment. Second, using data from the interviews and insights from the stakeholder analysis, an interesting case was found. In collaboration with the Stockholm public transport authority, electrifying bus line 4 in Stockholm using Elonroad electric road systems was investigated. The case showed that switching from combustion engines to electric road systems would be financially viable as well as provide environmental benefits. In the case, buses in public transport are shown to be a promising pilot to test the electric road system and show that it can be profitable in practice. The case also illustrates how finding a suitable first user can enable commercializing of systemic innovation. This master thesis was written under the guidance of the Lund University, Faculty of Engineering, Division of Production Management, and the electric road supplier Elonroad.

This research aims to analyze the impact of insider trading laws and corporate governance on investment decisions. For this purpose, the data of 400 potential and actual investors employed who provided their feedback on a structured questionnaire. When the data is collected, it was cleaned. The normality of data and reliability of items were also checked and within limits. Simple Regression was applied to test hypotheses. It was concluded that the perception of insider trading laws and corporate governance have a positive impact on investment decisions. The study has wide implications and the government and corporation both can be beneficial from its insight and findings, and exercise good corporate governance practices and follow stringent insider trading laws. The study also paves the way for future research.

Worldwide, the management practices have been marked as having a critical significant contribution to the financial performance of institutions including Small and Medium Enterprises.  This study intends to focus on the evaluation on Financial Management Practices and Financial performance of SMEs in Rwanda.   This study aimed to Analyze whether Financial Management Practices have effects on the Small and Medium Enterprises especially on the six selected SACCOs in Musanze District.  The design of this study was a quantitative descriptive in nature. The target population of the study was 30% of all staff and employees from all Musanze districts SACCOs and a sample size of 60 respondents were selected using universal census approach and data were analyzed using statistical package for social sciences (SPSS) version 20. Findings study therefore confirms that there is strong positive effect of working capital management on performance and that that there is a significant positive effect of investment decision on SACCOs performance. The findings concluded that there is a significant effect from financial management practices to the financial performance.