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Stock splits are supposed to be financial cosmetics. However, this study shows that such corporate events have impact on ownership structure. This study exploits unique data from Swedish Central Security Registration regarding ownership and analyzes the ownership structures in stock splitting firms. Our data consists of exclu-sive semi-annually reported ownership structures of companies listed on Stockholm Stock Exchange. We categorize stock owners as domestic institutional investors, foreign investors and domestic individual investors. The information on ultimate ownership composition in listed companies is rare and more or less exquisite for Sweden.Our results confirm positive abnormal returns surrounding the announcement of stock splits and stock dividends. Moreover, we find evidence on changes in owner-ship structure as well as number of shareholders. The results show evidence on decreasing ownership concentration due to the stock split, which implies a more dispersed ownership structure.

Who would not like a profit of more then 95 % in a day? Investors in Sweden had thatopportunity, if they had bought a certain stock on the primary market and sold it on the firsttradable day at the Stock Exchange. Most of that profit fell into the hands of institutionalinvestors. The reason for this extraordinary profit was the underpricing of that specific stockduring its initial public offering (IPO).Our report aims to analyze the relationship between offer price, underpricing and theownership structure of stocks. Our investigation is based on all IPO’s on the Stockholm stockexchange during the years between 2000 and 2005. Through our analysis we have found factssaying that companies can determine their ownership structure by setting their introductionprice high or low. A high offer price will have more institutional investors than if the price islow. On the other hand the high offer price will also create a greater underpricing which leadsto a higher initial return and greater transformation of wealth between old and new shareholders.

Today’s society is called the experience society where customers’ experiences and dreams are in focus. Companies are finding ways to differentiate themselves in the market and customers are demanding more than just good service. A new marketing strategy has emerged called storytelling. Storytelling is about telling a story about the organization to create an interest in, for example, the history of a hotel. It is important to find a way to get the guests to talk about your hotel and an effect of storytelling could be word-of-mouth.

The purpose of this study is to describe and analyze the word storytelling, how it is used in the hospitality industry as well as how it affects the hotels. The method used is qualitative and semi-structured interviews were conducted. The respondents chosen are three gotlandic hotels, a storyteller and the marketing manager at Gotland’s Tourist association.

The conclusion of the study, through the interviews combined with used theories, shows that storytelling is an effective strategy to use when hotels want to strengthen their brand. When profile, image and identity of a business are harmonized, the brand will be strong if the story is true. Positive aspects mentioned by the respondent hotels when using storytelling as a marketing tool was the curiosity it creates in the brand, word-of-mouth and customer flow. It is also important that the story is true and credible and that everyone working for the hotel has the knowledge of the story and shares the same values.

The voluntary sector is growing in importance; in fundraising turnover, number of players and marketing professionalism. This study explores the process by which the fundraising organisations define and develop their propositions to the market. Starting with an observation that organisations with very different history and tradition present themselves to the market in similar ways, it investigates how three leading Swedish organisations create the basis for their propositions to the market of donors, which in fundraising practice jargon is called the Case for Support. Drawing upon research in philanthropic giving and organisational identity, the author suggests a theoretical framework for such a fundraising Case for Support. It recognises two main sources of influence, an external market source driven by donors, consumer image and behavioural trends and an internal mission driven source, defined by organisational history, values and programme track record. In the playing field between Market and Mission an organisation can reflect, develop and communicate their Case for Support – and their own "selves".

Kultur och kulturarvsplatser har blivit en viktig resurs för turistnäringen och alltfler områden utnyttjar möjligheterna till att stärka turismen genom att skapa upplevelser, sysselsättning och intäkter med kulturarvet som grund. Kulturturism är en växande marknad inom turistnäringen, detta innebär att fler turister väljer att resa till världsarvstäder för att besöka kulturella platser och historiska attraktioner. Sedan 1995 är Visby en världsarvstad och på Gotland finns ett bestånd av välbevarade medeltida kyrkor som utgör en orörd kulturskatt sedan medeltiden. Gotland är den kyrktätaste kommun i Sverige med 92 medeltida kyrkor som fortfarande är i bruk. Själva kyrkobyggnaderna, de medeltida valven, konsten och kyrkogårdarna ger möjligheter till kulturupplevelser och erbjuder både stilla stunder och starka upplevelser året runt.

I uppsatsen görs en studie av Svenska kyrkan och hur de medeltida kyrkobyggnaderna som fysiska kulturarvsprodukter används i ett turistiskt perspektiv. I uppsatsen undersöks också om det finns ett intresse för kyrkan som organisation att se kyrkobyggnaden som ett turistiskt besöksmål. Uppsatsen har ett förståelseinriktat syfte, i vilken det tydliggörs vad kyrkan (församlingarna) på Gotland har för inställning till kyrkobyggnaden som en turistattraktion. Ett ytterligare syfte är att beskriva hur kyrkobyggnaden brukas i turismsyften. Forskningsfrågorna i denna uppsats lyder: Hur ställer sig kyrkan (församlingen) till att betrakta kyrkobyggnaderna som en turistprodukt- och attraktion? Och hur används de medeltida kyrkobyggnaderna som en kulturarvsplats i turismsammanhang?

För att öka förståelsen för det som studeras används kvalitativa metodologiska tekniker, där intervjuer har genomförts med fyra församlingar (Havdhem, Östergarn, Dalhem och Fårö) som har sammanställts i form av deskriptiva studier som beskriver hur respektive församling använder sina kyrkobyggnader och hur de brukas av turister. För att komplettera intervjuerna användes enkäter som skickades till alla församlingar på Gotland. Detta gjordes för att få en helhetsbild över vad kyrkorna (församlingarna) på Gotland anser om kyrkobyggnaden som en turistisk produkt och attraktion.

Undersökningen har visat att kyrkan i första hand uppfattar kyrkobyggnaderna som en levande gudstjänstlokal, där kyrkorummet är andligt och gudomligt som alla kan ha tillgång till för att använda det som ett stilla rum. I andra hand betraktar kyrkan kyrkobyggnaderna som en viktig kulturbyggnad för turism. Kyrkan vill helst inte betrakta kyrkobyggnaden som en produkt och de menar att kyrkorna inte är någon handelsvara. Däremot anser kyrkan att kyrkobyggnaden kan uppfylla ett mänskligt behov vilket gör kyrkobyggnaden till en produkt som kan konsumeras eller användas för egen nytta. Undersökningen visar också att det inte går att tjäna något ekonomiskt på kyrkobyggnaderna. Församlingarna marknadsför inte sina kyrkor som turistprodukter och församlingarna tjänar inte pengar på sina kyrkobyggnader, utan det är genom verksamheten som bedrivs i församlingen. Några av församlingarna på Gotland bedriver en turistverksamhet idag, där man till exempel arrangerar speciella aktiviteter, som temagudstjänster för turister eller guidningar i kyrkorna. Turism som innefattar kyrkor uppfattas som något nödvändigt och positivt för kyrkan, i form av att kyrkorna uppmärksammas mer och turismen bidrar också till det allmänna intresset för att ta tillvara på kyrkorna. Samtidigt handlar det för kyrkan om att värna om sina kyrkobyggnader så att kyrkorna inte enbart används som föremål för turistbesök.

This study examines the frequency of extreme trading days and investment behaviour in Sweden. We show that the frequency, as well as the magnitude of extreme trading days has increased over time. We also show that the frequency of extreme trading days in a year is positively correlated to the frequency the preceding year. Furthermore, we show that aggregate cash flows into equity and bond funds are unrelated to risk measured by standard deviation of return. Our findings show that investors, individuals as well as corporations, use simple passive investment strategies and hence, do not believe in market timing or wish to risk capital on capturing far tail or black swan type returns.

This study raises the question how the implementation of the balanced scorecard in the municipality of Gotland has been influenced by the way of communication. A case study is made in the administration of Social-and care management on Gotland. We have been focusing on two different ways of communication. The first one is Shannon and Weavers model where communication is explained as a transmission of a message through a channel to a receiver. The other one is sensemaking where it is focal to give the information meaning. There is also a theory about media richness, problems and factors of success are described. The study showed that the implemen-tation has been a success in the politics and among leaders on different levels. Among the workers on branchlevel the implementation has not been well spread, they showed a lack of understanding. The study also shows that sensemaking and face-to-face communication have been used to implement and update the tool in the organization. That indicates that the workers have been given information and a good change to understand what the tool is about, so why do they not feel involved? One theory is that they are not interested because they are hardworking and feel that it doesn´t involve them.

This paper documents how Swedish firms implemented and executed open-market sharerepurchases over the period 2000 to 2007 by using a unique hand-collected data set withdetailed information of each repurchase transaction. I find that my sample firms have a higherrepurchase fraction in the first half of the repurchase year. Analysis of liquidity of stocksoffers mixed results as the first proxy, turnover, improves in the second half of the program,whereas the Amihud measure of illiquidity indicates lower liquidity. Positive abnormalreturns following approval of the repurchase program is documented and large repurchaseprograms are associated with higher abnormal returns. My multivariate analysis indicates apositive correlation between abnormal return and repurchase size. Finally, I also find thatmanagers in repurchasing firms exhibit market timing skill, a skill which is more pronouncedfor firms with multiple programs.

Share repurchases have become an increasingly popular method for companies to distribute cash to its shareholders as many countries have removed restrictions related to this activity. By using a new and unique data set with complete information of each repurchase program, the long-run share price performance following actual share repurchases and whether managers trade strategically are examined for a sample of Swedish firms. I find that the announcement effect surrounding the first repurchase date is small but that repurchasing firms on average outperform several benchmarks during the first three years and thereby exhibit superior information of the stock price. Evidence of strategic trading is documented in small market cap firms. Finally, I document that Swedish firms repurchase more in the first half compared to the second half of the program and also that a higher completion rate is associated with high abnormal return.

This essay discusses organizational culture and focus on corporate creativity and innovation. The aim is to see which organizational factors that foster creativity and innovation in organizations. The essay will provide answer on how organizational culture can encourage creativity and innovation and how organizations can promote the rise of a creative work environment. The research design of this essay is a qualitative case study with interviews at Gotland Energi AB (GEAB). The interviews provided insight in factors that can foster creativity and innovation in organizations. The five factors recognised are; the organizations desire of creativity represented in the firm, encouragement, independence and freedom, quick testing of new ideas and economic assets. These factors are seen as part of the organizational culture as they contribute shared values and guidelines to the members of the organization. Creativity and innovation are seen as essential in the success of organizations therefore the result of this essay can help firms identify factors that foster creativity.

The tourism industry is growing and with its growth competition between destinations rises. In competition, cooperation and collaboration between tourism operators seem beneficial when creating an attractive and dynamic tourist destination.

The purpose of this study is to describe and discuss the significance and influence of tourist related networks at a tourist destination, and therefore this study aims to examine the question: What significance do the tourist related networks have at a tourist destination?

This study focuses on seven networks on Gotland that are tourism related, and the representatives of the networks were interviewed in order to get their view on the network and its significance to the destination. The study shows that networks have an important role in creating a unified tourist product of the destination, and in reaching out to the potential visitors through joint destination marketing. The study also shows that the tourism related networks helps to improve the reception of the tourist at a destination and to secure the quality of the tourist destination and its tourist products.

When a country faces a decline in business activity, companies have to struggle to gain external capital. It is even more important for small enterprises to get capital, as they normally do not have enough collateral to receive traditional bank loans. In Bangladesh, Grameen Bank started with micro credit programs in the early 90’s, that included small capital loans and leasing of machines. Nowadays these micro credit programs have developed to function even in industrialized countries. In Sweden ALMI företagspartner, wich is a public utility, has started to give small loans (up to 250 000 SEK) to companies that does not qualify for traditional bank loan terms.  With reference to the above presented issues, we will in this paper discus show the Swedish view on microloans have developed over the years and what terms and conditions companies need to fulfill to receive this type of loan. Furthermore the paper will display other sources of funding for small enterprises that are in need of capital. The study showed that there are several elements that affect a company's credit rating when applying for external capital. However there are many different sources of funding, with advantages and disadvantages that a small enterprise can turn to. The result of this paper is firstly that a recession affects small enterprises in many ways, especially when it comes to bank loans. Secondly it shows that the number of loan applications to ALMI företagspartner has increased drastically. To sum up; Small enterprises always struggle to obtain external capital when they faces economic problems or just wants to expand its operations.

Lately, more and more music festivals have emerged in Sweden. People’s desire and need to visit these events only seems to increase. Cultural tourism and music tourism has developed into a significant and important part of the experience industry and it employs more and more people within the tourism industry. The purpose of this paper is to investigate which effects this can have on the local community. Focus is held on the touristic and economic impact on the nearby municipality and region.

The paper is based on a case study on Sweden Rock Festival, which is one of Swedens largest music festivals with a heavy-metal direction. Sweden Rock Festival is located in the south of Sweden in a small municipality called Sölvesborg. Sölvesborg has about 17 000 inhabitants and each year some 33 200 festival visitors decend on the area to attend the festival. To investigate the touristic and economic impact that Sweden Rock Festival has on Sölvesborg, interviews have been conducted. These interviews have been done by either telephone or by e-mail with people from the municipality, the Sweden Rock Festival organization and people with connections to the local business life. Also, two experienced festival attenders have been interviewed to investigate the visitors use of the area’s supply of tourism attractions besides Sweden Rock Festival.

The study has shown that Sweden Rock Festival has contributed to putting Sölvesborg on the touristic map and increased the awareness and knowledge about the area. New camping sites and restaurants have opened and many companies benefits on the vistitors that Sweden Rock Festival attracts. The tourism- and travel industry on the destination has increased its sales and more job opportunities have been created. As a conclusion, the study shows that it can be viewed as a good idea to use music festivals as a means to increase a destinations touristic and economic value.

The process that consumers go through while buying something is called consumer buying process and has been studied for a long time. Three stages of the Five-Stage Model (Kotler, 2006) provide a starting point for analysis in this paper and the reason of using this model is to make collected data more structured and easier for understanding. The purpose of this paper is to describe and analyze costumer buying process online.The method for data collection applied in this study is called “think-aloud” that means participants are verbalizing their screen activity and thoughts during the process of observation. The results of this research show that consumer buying process online is a complex process that is influenced by the amount and intensity of information received during the process as well as consumer knowledge and experience on the area of problem. The sequence of the stages proposed by the research model can vary depending on the preferences of consumer and readiness to make a decision.

This paper will from a managerial perspective investigate the function of CSR (Corporate Social Responsibility) as a strategic tool for companies operating in Indonesia.Another aspect this paper will discuss is different views on CSR and what positive aswell as negative aspects CSR brings. The country was first in the world to state a lawregarding CSR performance in 2007, which makes CSR mandatory for all companiesusing natural resources in some way. This issue complicates CSR matters in Indonesiasince the law is vague regarding what is considered as a natural resource. Furthermore,this paper will display how companies using CSR relate themselves totheir stakeholders and in what way they operate in order to fulfil and satisfy differentstakeholders’ needs and demands. It will also discuss which stakeholder is consideredto be the most important and influential regarding a company’s CSR activities.Findings in this thesis show that CSR among companies is used as a strategy in orderto gain legitimacy from the society to be able to do business and operate in theseareas. Further, using CSR will create competitive advantages towards non-users anda company will increase its reputation as well as image.

The shareholder is supposed to be indifferent if one share costs 100 SEK, or 10 shares cost 10 SEK each. In an efficient market, shares should be valued directly to new expectations as a result of the announcement of the reverse split. We investigate whether abnormal returns incur surrounding reverse split and if owner structure change.

One reason for the reverse share split is that most companies have plans to imple-ment other company’s specific events in order to survive rather than to change the price range to a more attractive level. We found a negative return in the ex-day at 8,1 per cent. When the ex-day is pure enough from other price driving information should the outcome be a reaction to how the market perceives changes in future divi-dends after the reverse split. In consideration of stock ownership of votes accounted for a reduction of individual owners, and increasing institutional owners, more in companies with low Market to Book. This may suggest that the institutional share-holders have increased their share of votes to increase their power in the companies.

In the discussions today about Africa’s way out of poverty the main focus has been on SME’s, and there potential to increase the economy. In my thesis I research a network of small scale producers in Zanzibar called UWAZI. The thesis compares the theory of Robertson and Lussier, with UWAZI’s situation in Zanzibar. The two most important factors for success are identified as networks and financing which this thesis is focusing on. The conclusion is that UWAZI needs a better financing programme in order to be successful in the future and if this is implemented there is no reason for them to fail. They have a strong network and cooperation and a good mentor programme linked to the business. This thesis proves that it is possible for a women network to reach a successful enterprise in Africa.

The purpose of this thesis is to study if there are any relations between the perceptions of a fear appeal message in relation to the individual experiences of the area. Furthermore to give a general view over research made on fear appeals. The research is made in a qualitative approach were the case study is used. Interviews were used to get relevant information from the chosen respondents. The results if the thesis indicates that there is a relation depending on individual experiences during the perception of a fear appeal message. Those who had considerable experiences from their past, expressed a reaction on the message bud did not act after the recommendation in the message. Those respondents who hadn’t any emotional experiences to relate too were mainly focused on the information in the message.

Tourism has been an expanding market since the first travel agency started in the middle of the 18’Th century, and today it is a global industry, with intensified competition and high demands from the customers. Product development is therefore one of the most important aspects for successful companies, and scientists also agree that the first stages in product development are the most critical. This essay is focusing on those stages, regarding product development on travel agencies, and the research question is as follows: How are new tourism destinations developed and what is the difference in working process between small and big travel agencies? The empirical research consists of qualitative semi-structured interviews with two big and two small travel agencies. The results show that none of the travel agencies are working in a strategic way with product development, even though the theoretical research recommends a structured and planned process. The major differences between big and small travel agencies are within the areas target groups, research, product concept and decision making.

The purpose with this study is to enlighten and discuss the information and communication which is spreading through social media, about the tourist operators and also to examine the operators view on social media. Social media can be described as a tool to use word of mouth on the Internet. To make this possible, five actors involved in tourism were picked on Gotland and interviewed for a content analysis. The results showed that the use of social media as an information channel before the consumer buys a trip, has increased. The study also shows that the selected actors have a lot of work to do, before they understand how to use the social media in their best interest for further developing their companies. But as an overall result we can conclude that “word of mouth” is the most desired information for both producers and consumers, especially the positive “word of mouth”, from the producer’s prospect of view. Social media contributes for the possibility to make the information available for more people in a faster way.

In this thesis we will discuss the importance of human resource development in smaller companies and if it will change from when the Swedish economy was in an economic boom and later on came to be in a recession. We choose to use a more qualitative approach for this research in order to conduct a more in-depth study of five smaller sized companies located on Gotland, Sweden. In order to limit our research we had as an ambition to answer these following questions:

• What obstacles are there when it comes to human resource development and knowledge transference within smaller sized companies?

• What can simplify or enable human resource development and knowledge transference within smaller sized companies?

• Does the teaching process change to a more tacit human resource development between co-workers when there is less room for conventional human resource development?

The result of the research came to show that the biggest barrier, when it comes to competence development within smaller companies, is time. However, our research also showed that a majority of the companies has changed from a more external educational plan to a more internal educational plan which focuses on keeping the human resource development within the company. This in turn makes it easier for the companies to manage time and integrate the learning process into a usual workday for employees.