Browsing by Author "Johansson, Joel"
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Item Active fund management or passive index cruising?(2020-08-07) Johansson, Joel; Osbeck, Gustav; University of Gothenburg/Department of Economics; Göteborgs universitet/Institutionen för nationalekonomi med statistikHow should an investor pick funds to invest in? What is the best strategy, picking active or passive funds? It’s hard to navigate the fund landscape when there is ambiguous evidence and advice coming from different directions. Do fund managers outperform the market and passive funds? Do they bring something extra of value to the table in regards to their high management fees? The question seems almost age-old at this point, from dart throwing monkeys outperforming high profile fund managers to famous investors proclaiming that active fund management is dead, it’s hard to know what is really true about active versus passive fund management. Over the last 20 years the popularity of equity funds has exploded, mutual equity fund savings in Sweden has tripled in just 10 years, going from1000 billion SEK to over 3000 billion SEK. 76% Of the Swedish population purposely invest in funds and 70% of this is invested in equity funds. In this interesting and rapidly growing market we want to investigate whether active fund management is superior or if passive cruising in index funds should be your go-to investment strategy. This is intriguing and important since nobody seems to reach a conclusive answer, time periods researched are old and we find few studies that use Swedish market fund data. Hence, we study the performance of passive and active mutual equity funds on the Swedish market from 2010 to 2020. We use some basic methods, like the Capital Asset Pricing Model based Single-Index Model,Sharpe Ratio,Treynor Ratio but also some more complicated models like the Fama French Three-Factor Model and the Carhart Four-Factor Model.Item Finansiell projekthantering inom dataspel- och mjukvarubranschen - En studie om praktisk projekthanteringen och tillämpningen av finansiella prestationsmått(2020-07-01) Johansson, Joel; Hörnelius, Joel; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionenBakgrund och problem: Mjukvarubranschen och spelindustrin är nära besläktade med varandra och grundar sig i stort på samma teknik varvid de möter likartade utmaningar. Båda branscherna har sett en transformation till att i högre grad bestå av större aktörer med snabb teknologisk utveckling och allt mer komplexa investeringsportföljer. Företagen inom de båda industrierna kännetecknas oftast av höga utvecklingskostnader samt olika intäktsmodeller, oftast med hög volatilitet, vilket medför olika utmaningar för finansiell prognostisering och utvärderingen. Syfte: Studiens syfte är att utforska och analysera den praktiska tillämpningen av finansiella prestationsmått förknippat med projekthantering inom dataspel- och mjukvarubranschen och således belysa utmaningar förknippat med projektprognostisering. Avgränsningar: Studien riktar sig till svenska dataspel- och mjukvaruutvecklare med huvudkontor samt huvudsaklig verksamhet i Sverige. Empiriinsamling: Studien inkluderar sex olika intervjuobjekt varav tre kom från mjukvarubolaget Insert Coin, övriga tre respondenterna kom från branschorganisationen Dataspelsbranschen, Högskolan i Skövde och från spelutvecklaren Fatshark. För insamling av sekundärdata användes uteslutande årsredovisningar från bolag noterade på Nasdaq First North i Stockholm. Metod: Studien är uppbyggd efter en kvalitativ forskningsansats och utformas som en fallstudie. Samtliga intervjuer har skett muntligt och fyra av sex intervjuer skedde över telefon medan de andra två utfördes på plats hos företaget. Joel Johansson & Joel Hörnelius Resultat och slutsatser: Dataspelsbranschen möter flertalet utmaningar med projekt- prognostisering men introduktionen av prenumerationsbaserade intäktsmodellen kan komma att underlätta och effektivisera projekthantering. Spelbranschen tenderar närma sig mjukvaru- branschen i tillämpningen av finansiella prestationsmått.Item Models for Credit risk in Static Portfolios(2015-07-02) Johansson, Joel; Engblom, Anton; University of Gothenburg/Department of Economics; Göteborgs universitet/Institutionen för nationalekonomi med statistikIn this thesis we investigate models for credit risk in static portfolios. We study Vasicek's closed form approximation for large portfolios with the mixed binomial model using the beta distribution and a two-factor model inspired by Merton as mixing distributions. For the mixed binomial model we estimate Value-at-Risk using Monte-Carlo simulations and for the one-factor model inspired by Merton we analytically calculate Value-at-Risk, using Vasicek's large portfolio approximation. We find that the mixed binomial beta model and Vasicek's large portfolio approximation yields similar results. Furthermore, we find that Value-at-Risk is lower in the two-factor model than in the one-factor model, but when the loss given default depends on the factors the results are mixed. However, when the factors are positively correlated, Value-at-Risk is higher in the two-factor model than in Vasicek's large portfolio approximation.Item Speglar sportsidan staden? En kvantitativ innehållsanalys av hur fotbollsklubbar gestaltas inom sportjournalistiken(2025-02-27) Armini, Torsten; Johansson, Joel; Olsson, Johan; University of Gothenburg/Department of Journalism, Media and Communication; Göteborgs universitet/Institutionen för journalistik, medier och kommunikation; University of Gothenburg/Department of Journalism, Media and Communication; Göteborgs universitet/Institutionen för journalistik, medier och kommunikationThe aim of this study is to investigate how the five biggest football clubs in Gothenburg are framed in the local newspaper Göteborgs-Posten. Gothenburg has five clubs in the top two tiers of swedish football (IFK Göteborg, Gais, BK Häcken, Örgryte IS och Utsiktens BK), which makes them unique compared to other swedish cities. Many of the clubs also have a long history, being some of the oldest in the country, making supportership of the clubs a big part of the identity of many citizens in Gothenburg. With Göteborgs-Posten being the biggest newspaper in the city and the first choice for many, it’s therefore relevant to investigate how these clubs are framed within their pages and if there’s possible to find which factors play a part in this. The study is based on the theory of framing. A theory that suggests that people are influenced by how and what they see in news. Being influenced by media, people base their opinions and their knowledge on what they read and see. It’s a way of portraying reality, and the way people perceive reality. Being a quantitative study, 379 articles in total were studied. Articles published in the first week of the months of april-november in the years of 2022-2024. All articles that centered around one of the five clubs during this period was studied, based on a number of questions created with the focus being on how the club were framed in each article. To create frames for the study earlier adaptations of different frames were found and adapted for this study. The result was that IFK Göteborg was seen getting a lot more articles compared to the other clubs. It was also found that most articles were framed as game centered, connected to recent results, this making the gameframe the most used. The biggest factors determining how many articles were getting written was success and popularity.Item Unveiling the Cause of NAV-Discounts of Swedish Closed-End Funds(2022-06-30) Harrysson, Eleonor; Johansson, Joel; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate SchoolClosed-end funds (CEF) have long been a crucial intermediary in the Swedish financial market by providing relatively inexpensive investment opportunities through their portfolio of public and non-public securities. Interestingly, although CEFs worldwide have been traded at a value below the cumulative value of their underlying portfolio, i.e., at a net asset value discount, this valuation discrepancy has begun to converge for Swedish CEFs while their investments consequently yielded positive returns. There is an incidence of research on why valuation discrepancies occur, but there is yet no theoretical consensus as to what that is. Consequently, this study further delves into the cause of NAV-discounts in a Swedish setting, by emphasizing how multifaceted information on CEFs is interpreted and subsequently valued by investors in terms of NAV-discounts, or premiums. Specifically, derived from linear regression analysis, with the use of panel-corrected standard errors, the study indicates that portfolio concentration, past performance, and dividend yield all have a negative effect on NAV-discount, while increased ownership concentration contrarily is positively associated with NAV-discount - in line with expectations and previous research. Oppositely, the expected negative effect of the proportion of non-public holdings could, conversely, not be detected as the study contrarily indicated its positive effect on NAV-discount. Thus, although the study provides some clarity to the otherwise discorded and US-centric research landscape, it further accentuates its ambiguity.Item Venture capital and the hazard of exit: The role of corporate funds(2017-07-25) Johansson, Joel; Fardell, Tor; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate SchoolWe study how corporate venture capital investments affect the hazard of exit outcomes in start-up companies. The presence of corporate venture capital in a syndicate of venture capitalists raises the likelihood of exit. However, these exits are most likely to be IPOs. We find that corporate venture capital firms actively contribute to their portfolio companies, rather than simply invest in companies with higher quality or co-invest with other prominent venture capitalists. Our results indicate that con icts of interest might arise in the presence of a strategic overlap between the parent firm of the corporate venture capitalist and the portfolio company. These results highlight the importance of the decisions a start-up has to make when choosing between alternative sources of financing.