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In the future the Swedish pension system will face major problems. With an increasing aging population combined with a decreasing share of working population the financing of the pension system is becoming a bigger problem than previously predicted. This means the individual himself will have a bigger responsibility to invest money for their future retirement. It has been shown that a large proportion of the people who invests for their future pension have neither the interest nor the time to actively invest their pension capital. To make it easier for those who invest for their retirement, some Swedish banks have created so-called generation funds. These funds adapts to the age of the person who invests. This means that the funds risk decreases with the age of the investor. Therefore, this results in the fact that the individual who has invested in the generation funds does not need to worry about lowering the risk when they are approaching retirement. The purpose of this study is to investigate and compare the different generation funds offered on the Swedish market. Further study is also intended to show whether an application of two more active strategies as investment strategies has had a higher return than investing in the generation funds. In examining the generation funds, evaluation dimensions Treynor and Sharpe ratio have been used to calculate the risk-adjusted returns. Furthermore, an empirical test has been conducted in which a monthly saving of 500 SEK per month has been combined with a buy-and-hold strategy to see which of the banks generation funds have provided the highest returns during the period 2004-2011. This has in turn been compared with applying the moving average as a technical investment strategy to identify buy and sell signals.

Sammanfattning Denna uppsats undersöker möjligheterna att bedöma en akties framtida risk och avkastning med hjälp av nyckeltalen soliditet och marknadstillväxt. För att göra detta undersöks företag noterade på Stockholmsbörsen under perioden 2004-12-31 till 2006-06-30. Analysen görs med hjälp av linjär regression och visar att nyckeltalen inte har något signifikant samband med risk och avkastning med reservation för ett lågt men signifikant samband mellan marknadstillväxt och beta på 5%-nivå., This essay sets out to explore the possibilities of determining the risk and return of a stock by means of a company’s financial structure and growth in market value. The research is done by analysing stocks on the Stockholm Stock Exchange during the period 31-12-2004 to 30-06-2006. The stocks are analysed using linear regression and shows that there is no significant relationship between the growth in market value, financial structure and risk and return save for a small but significant relationship between growth in market value and beta on a 5% significance level.

Syftet med denna uppsats är att med tre GARCH-modeller skatta volatiliteten för fjorton aktier med t- och normalfördelade slumptermer. Dessa volatiliteter implementeras sedan i Black-Scholes modell samt i Monte-Carlo simuleringar och utfallen av dessa två värderingsmetoder jämförs. Författarna har kommit fram till att GARCH-modeller behövs för att skatta volatiliteten för de aktier som ingår i arbetet då modellerna tar hänsyn till den föreliggande heteroskedasticiteten. De skillnader som uppstår mellan Monte-Carlo simuleringar och Black-Scholes modell beror främst på skillnader mellan normal- och t-fördelningen samt att volatiliteten ger större effekt i Monte-Carlo simuleringarna. Författarna kan inte uttala sig om huruvida Monte-Carlo skattningarna ger bättre resultat än den vedertagna Black-Scholes modell, däremot är Monte-Carlo mer teoretiskt korrekt.