An empirical analysis of financial key parameters for the largest companies in the Eurozone

Spesialisering økonomistyringSom følge av fallende inflasjon og gjeldsoppbygging i Europa implementerte Den Europeiske Sentralbanken kvantitative lettelser i mellomrommet 2015 til 2018. Bakgrunnen for dette ukonvensjonelle tiltaket var å gi økt likviditet i kredittmarkedet og styrke økonomien i Eurosonen, i en situasjon hvor det Den Europeiske Sentralbanken allerede hadde brukt opp sitt vanligste virkemiddel gjennom justering av styringsrenten til under null. Kvantitative lettelser ble utført gjennom kjøp av aktiva i markedet, da primært av statsobligasjoner, og bidro til å tvinge markedsrenten enda lavere enn en videre justering av styringsrenten hadde medført. Derpå ble både yield/avkastningskrav ved obligasjoner og rentekostnader redusert for selskaper og husholdninger. I oppgaven er det utført en empirisk analyse med bruk av finansielle data fra selskaper med tilhørighet til børsindeksen Euro STOXX 50 og en kontrollgruppe med selskaper utenfor Eurosonen for å besvare forskningsspørsmålene. Euro STOXX 50 består av de største børsnoterte selskapene i Eurosonen, og representerer derfor også en stor del av økonomien i Eurosonen. I regresjonsanalysen har vi målt finansielle nøkkeltall gjennom én regnskapsbasert indikator ved Return On Assets (ROA) og én markedsbasert indikator ved Price to Book (P/B). Disse to avhengige variablene presenterer både et perspektiv av historiske nøkkeltall (ROA) og et perspektiv av fremtidig nøkkeltall (P/B). Resultatene fra analysen indikerte at: (1) Det ikke finnes grunnlag for at økte kvantitative lettelser gir bedre historiske regnskapstall (ROA) for selskaper i Eurosonen. I kontrast fant vi derimot at ved økte kvantitative lettelser, ble verdien av ROA svekket. (2) Det var en positiv korrelasjon mellom økte kvantitative lettelser og fremtidige markedsbaserte nøkkeltall (P/B). (3) Ved økt verdi av kvantitative lettelser, økte både historiske regnskapstall og de fremtidige markedstallene for selskaper utenfor Eurosonen (kontrollgruppen). Dette til tross for at kontrollgruppen ikke er tilknyttet Den Europeiske Sentralbanken.Abstract Due to declining inflation and buildup of debt in the Eurozone, the European Central Bank implemented quantitative easing in the time period from 2015 to 2018. The intention for the unconventional measure was to provide increased liquidity in the credit market and strengthen the economy of the Eurozone, in a situation where the European Central Bank had already conducted its most common measure through altering the fund rate to below zero. The quantitative easing program was executed through purchase of assets in the market, primarily through government bonds, and helped pushing the interest rate further below. Accordingly, both bond yields and interest costs were reduced for companies and households. In order to answer the research questions, an empirical analysis of financial data belonging to companies in the Euro STOXX 50 and a control group with companies outside the Eurozone was conducted. The Euro STOXX 50 consists of the largest listed companies in the Eurozone, and therefore represents a large part of the economy in the Eurozone. In the regression analysis, we measured financial key figures through one accounting-based indicator by Return On Assets (ROA) and one market-based indicator by Price to Book (P/B). These two dependent variables present both a perspective of historical key figures (ROA) and a perspective of future key figures (P/B). The results of the analysis indicated that: (1) There is no evidence to support that increased quantitative easing will provide better historical accounting figures (ROAs) for companies in the Eurozone. In contrast, we found that by increasing quantitative easing, the value of ROA was weakened. (2) There was a positive correlation between increased quantitative easing and future key figures (P/B). (3) With increased value of quantitative easing, both historical accounting figures and future market figures for companies outside the Eurozone (control group) increased. This despite that the control group is not affiliated with the European Central Ban

A Feeding Induced Switch from a Variable to a Homogenous State of the Earthworm Gut Microbiota within a Host Population

BACKGROUND: The distribution pattern of the earthworm gut microbiota at the host population level is of fundamental importance to understand host-microbiota interactions. Our current understanding of these interactions is very limited. Since feeding represents a main perturbation of the gut microbiota, we determined the effect of a single dose of feed on the microbiota associated with an earthworm population in a simulated microenvironment. METHODOLOGY: Earthworms were sampled 0, 1 and 7 days after feeding. We determined the overall composition of the earthworm-associated microbiota by 16S rRNA gene cloning and sequencing. Based on the 16S rRNA gene data we constructed quantitative PCR's (Q-PCR) for the seven most dominating bacterial groups. PRINCIPAL FINDINGS: Q-PCR revealed low density and highly variable microbiota among the earthworms before feeding, while a high-density homologous microbiota resulted from feeding. We found that the microbiota 1 day after feeding was more equal to the microbiota after 7 days than before feeding. Furthermore, we found that the gut microbiota was very distinct from that of the bedding and the feed. SIGNIFICANCE: The homogenous population response represents fundamental new knowledge about earthworm gut associated bacteria

Agricultural terraces in the Mediterranean:Medieval intensification revealed by OSL profiling and dating

The history of agricultural terraces remains poorly understood due to problems in dating their construction and use. This has hampered broader research on their significance, limiting knowledge of past agricultural practices and the long-term investment choices of rural communities. The authors apply OSL profiling and dating to the sediments associated with agricultural terraces across the Mediterranean region to date their construction and use. Results from five widely dispersed case studies reveal that although many terraces were used in the first millennium AD, the most intensive episodes of terrace-building occurred during the later Middle Ages (c. AD 1100–1600). This innovative approach provides the first large-scale evidence for both the longevity and medieval intensification of Mediterranean terraces

Antikke samfunn i krig og fred

Festskrift til Johan Henrik SchreinerDenne boken er er festskrift ril professor Johan Henrik Schreiner i forbindelse med hans 70-årsdag. Den består av en samling artikler 0111 krig, konflikt og fredsslurninger i antikken. Krigen er alle tings mor, kunne det hete da, og mens verdenslitteraturen ofte fører sin stamtavle tilbake ril Homer og hans beskrivelse av Trojanerkrigen, fører hisroriefaget sin tilbake til Herodots og Thukydides' verker om perserkrigene og Peloponneserkrigen. Fascinasjonen for greske bystaters borger- og krigerkollekriv og store generaler som Alexander og Caesar har dessuten holdt seg godt i to tusen år. Denne boken vil forhåpentligvis bidra til videre interesse. Her vil man finne belyst mange sider ved antikke samfunns forhold til krig - både svært omdiskuterte og nye, lite omtalte. Bidragene strekker seg fra Assyrerriker ved jernalderens begynnelse til det seinantikke Romerriket. Artiklene er ført i pennen av antikkhistorikere, arkeologer og klassiskfilologer ved norske og danske universitet. De er skrevet også med tanke på et alminnelig inreressert publikum og bør kunne interessere både leg og lærd

State formation and urbanization at Tegea

The poleis on the plain around present-day Tripolis, and particularly Mantineia and Tegea, loom in the ancient sources on Arcadia, and with good reason. Both were important actors in politics and warfare in Greece in the 5th -4 th century BC. There are several reasons for this. Both poleis were located on the easternmost and largest highland plain of Arcadia, which is vital for all communication on the Peloponnese, whether north-south or east-west. But the highland plain was also fertile and could support a large population and this is perhaps the most important factor behind the importance of both Mantineia and Tegea in the historical record.1 This article will focus on Tegea in the southern part of the plain, particularly some key elements concerning the natural environment of great importance for the archaeological record, a reappraisal of the archaeological documentation, and a reevaluation of the longdebated question of when and how state formation and urbanization occurred. © 2018 Unipress Verlag GmbH Gra

The Topography of Ancient Tegea: New Discoveries and Old Problems

The city of Tegea was one of the most important cities on the Peloponnese in antiquity, but it has until now remained strangely unknown in archaeological research. The Norwegian Arcadia Survey (1998 - 2001) focused its fieldwork mainly on the area of the ancient city and we are now beginning to understand some important aspects of the topography of the city. The sanctuary of Athena Alea was located outside the main area of urban settlement, although it evidently predates the urbanization of the area, which seems to have occurred in the second half of the 6th century B.C