Trade effects of exchange rate fluctuations: Evidence from Sweden

An overview of the theoretical literature for the last two decades suggests that there is no clear-cut relationship one can pin down between exchange rate volatility and trade flows. Analytical results are based on specific assumptions and only hold in certain cases. Especially, the impact of exchange rate volatility on export and import activity investigated separately leads also to dissimilar conclusions among countries studied. The general presumption is that an increase in exchange rate volatility will have an adverse effect on trade flows and consequently, the overall heath of the world economy. However, neither theoretical models nor empirical studies provide us with a definitive answer, leaving obtained results highly ambiguous and inconsistent (Baum and Caglayan, 2006). We purposed to empirically investigate trade effects of exchange rate fluctuations in Sweden from the perspective of export and import in this research. The data comprises period from January 1993 to December 2006, where export and import volumes are considered from the point of their determinants, including exchange rate volatility, which has been measured through EGARCH model. The results for the case of Sweden show that short run dynamics of volatility negatively associated with both export and import, whereas considered from the case of previous period volatility it exhibits positive relationship. These results are consistent with the most findings of prior studies, where the relationship remained ambiguous.

Student satisfaction in tourism education : The case of Dalarna University, Borlänge, Sweden

The students' expectations must be met to ensure their overall satisfaction. Because of this student satisfaction has become a measurement tool with which the universities can compete against each other in order to attract potential students and also a higher level of internal and external funding. This thesis deals with students' overall satisfaction in tourism education at Dalarna University in Sweden. It is important to understand what it takes for the universities to be able to produce a motivated workforce for the communities and how satisfied students could help in achieving this goal. Sweden was selected because of the recent introduction of tuition fees, in 2010, which has made it even more crucial to understand the factors affecting students' satisfaction. The method chosen for conducting this study was a questionnaire where the students of Dalarna University were asked to rate different aspects of their overall experience on a Likert scale. The research was conducted via Facebook and email questionnaire. The results show different levels of satisfaction based on the tourism programmes and gender for example. The major finding from this research implicate that the social conditions and surrounding city categories are the most influential when it comes to the overall satisfaction of students at Dalarna University. The results give the university and the city of Borlänge an insight on issues that really matter to the students and how to improve them.

Predictive models for chronic renal disease using decision trees, naïve bayes and case-based methods

Data mining can be used in healthcare industry to “mine” clinical data to discover hidden information for intelligent and affective decision making. Discovery of hidden patterns and relationships often goes intact, yet advanced data mining techniques can be helpful as remedy to this scenario. This thesis mainly deals with Intelligent Prediction of Chronic Renal Disease (IPCRD). Data covers blood, urine test, and external symptoms applied to predict chronic renal disease. Data from the database is initially transformed to Weka (3.6) and Chi-Square method is used for features section. After normalizing data, three classifiers were applied and efficiency of output is evaluated. Mainly, three classifiers are analyzed: Decision Tree, Naïve Bayes, K-Nearest Neighbour algorithm. Results show that each technique has its unique strength in realizing the objectives of the defined mining goals. Efficiency of Decision Tree and KNN was almost same but Naïve Bayes proved a comparative edge over others. Further sensitivity and specificity tests are used as statistical measures to examine the performance of a binary classification. Sensitivity (also called recall rate in some fields) measures the proportion of actual positives which are correctly identified while Specificity measures the proportion of negatives which are correctly identified. CRISP-DM methodology is applied to build the mining models. It consists of six major phases: business understanding, data understanding, data preparation, modeling, evaluation, and deployment.

Effect of Earnings Volatility on Cost of Debt: The case of Swedish Limited Companies

The paper empirically tests the relationship between earnings volatility and cost of debt with a sample of more than 77,000 Swedish limited companies over the period 2006 to 2013 observing more than 677,000 firm years. As called upon by many researchers recently that there is very limited evidence of the association between earnings volatility and cost of debt this paper contributes greatly to the existing literature of earnings quality and debt contracts, especially on the consequence of earnings quality in the debt market. Earnings volatility is a proxy used for earnings quality while cost of debt is a component of debt contract. After controlling for firms’ profitability, liquidity, solvency, cashflow volatility, accruals volatility, sales volatility, business risk, financial risk and size this paper studies the effect of earnings volatility measured by standard deviation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on Cost of Debt. Overall finding suggests that lenders in Sweden does take earnings volatility into consideration while determining cost of debt for borrowers. But a deeper analysis of various industries suggest earnings volatility is not consistently used by lenders across all the industries. Lenders in Sweden are rather more sensitive to borrowers’ financial risk across all the industries. It may also be stated that larger borrowers tend to secure loans at a lower interest rate, the results are consistent with majority of the industries. Swedish debt market appears to be well prepared for financial crises as the debt crisis seems to have no or little adverse effect borrowers’ cost of capital. This study is the only empirical evidence to study the association between earnings volatility and cost of debt. Prior indirect research suggests earnings volatility has a negative effect on cost debt (i.e. an increase in earnings volatility will increase firm’s cost of debt). Our direct evidence from the Swedish debt market is consistent for some industries including media, real estate activities, transportation & warehousing, and other consumer services.

Comparison of two HVAC renovation solutions : A case study

Within the aging building stock of Europe, there is great potential of saving energy through renovation and upgrading to modern standards, and to thereby approach the internationally set goals of lower energy use. This paper concerns the planned renovation of the building envelope and HVAC systems in a multi-family house in Ludwigsburg, Germany. Five systemic HVAC solutions were compared, with special focus on two systems: A) Balanced ventilation with HRC + Micro heat pump, and B) Forced exhaust ventilation + Heat pump with exhaust air HRC + Ventilation radiators. Given the predicted heating demand and ventilation rate of the house after renovation, the performance of the two systems was compared, alongside three common systems for reference. Calculations were made using TMF Energi, a tool developed by SP Technical Research Institute of Sweden.    Both systems A and B were found to have the lowest electrical energy use together with the ground source heat pump system for the assumed conditions. For other assumptions, including different climate and degree of insulation, some differences between these three systems were noted. Most significant is the increased electrical use of system B for higher heating loads due to limitations in the power available from the heat source, exhaust air, which is dependent on the ventilation rate.