Börsintroduktioner på Nasdaq Stockholm – En kvantitativ studie av ett antal företagsspecifika faktorers påverkan på underprissättning av börsintroduktioner på Nasdaq Stockholm

Studiens syfte är att bidra till en djupare förståelse för bakomliggande faktorer till underprissättning på Nasdaq Stockholm, genom att testa ett antal företagsspecifika variablers samband med underprissättning. Studien har en deduktiv ansats och är av kvantitativ karaktär. De variabler som testas i studien är deducerade utifrån tidigare forskning som till övervägande del är genomförd på amerikanska aktiemarknader. De variabler som testas är följande: skuldsättningsgrad, teckningsvärde, teckningskurs, kvarhållande av ägandeskap och verksamhet inom IT-sektorn. Empiriska data består av sekundärdata, vilka främst hämtats från Capital IQ och prospekt utgivna i samband med börsnotering. Variablerna testas tillsammans i en multipel regressionsanalys vilken förmedlar en tydlig bild av en variabels samband med underprissättning, givet att allt annat är lika. Det teoretiska ramverk som till största del ligger till grund för analysen av testresultaten består av teorierna om asymmetrisk information, effektiva marknadshypotesen, winners curse-hypotesen, signaleringshypotesen och beteendeekonomi. I studiens resultat påvisas, med statistisk säkerhet, att underprissättning förekommer på Nasdaq Stockholm. När det kommer till testerna av variablerna kan inga signifikanta samband mellan någon av variablerna och underprissättning urskiljas. Studien når dock resultat som ger stöd åt att teknikföretag underprissätts i större utsträckning än företag i övriga sektorer. Dessa samband är dock inte signifikanta vilket gör det problematiskt att dra slutsatser utifrån dem. I analysen används det teoretiska ramverket för att analysera resultatet och utifrån detta dras slutsatser om marknaden för börsintroduktioner på Nasdaq Stockholm. Utifrån resultaten i denna studie, vilka avviker ifrån dem på amerikanska marknader, kan slutsatser som ger stöd åt att det kan förekomma skillnader i grad av informationsasymmetri och rationellt beteende bland investerare dras

Multi-active façade for Swedish multi-family homes renovation: Evaluating the potentials of passive design measures

In order to meet the Swedish energy efficiency objectives for the built environment until 2050, a particular building stock has to be addressed: the houses of the Million Homes Programme, an ambitious housing programme of the 1960s and 70s that resulted in a large number of standardized multi-family houses all over Sweden. These are in need of upgrading the energy and comfort quality to current standards, which provides an excellent opportunity to investigate the potentials of ‘prefabricated multi-active’ façades for refurbishments on large scale. While ‘prefabrication’ is linked to cost-effectiveness and high replicability, ‘multi-active’ addresses the potential of embedded active and passive measures for improved energy efficiency and energy regulation out of the façade. Integrated building services technologies, solar technologies or moveable components, such as shading systems, are considered active measures. Passive measures include physical and constructive measures, such as e.g. thermal insulation or selective coatings of glazing’s, and provide a “passive” energy flow control to improve the thermal quality of the building envelope. Many of these strategies are well-known, traditional solutions. Although they do not provide an energy-generating or -supplying function, they dynamically interact with environmental changes; preheating of supply air through the air cavity of a façade construction or adaptive thermal buffer zones are just few of many examples. The question is how traditional passive strategies can be used to contribute most effectively to the demanded energy efficiency. The paper presents first results from an assessment dealing with this question: Two traditional ‘passive’ façade strategies, a curtain wall system and closed balconies, have been analysed in regards to their impact on energy balance and their thermal behaviour in a defined renovation scenario. The assessment is aims to support the development of a multi-active facade concept suitable for large-scale refurbishments of the multi-family houses in Sweden, which is part of the initial phase in the pre-study “Multi-active façade”. The pre-study considers architectural, technological and constructive aspects, energy performance and indoor comfort optimization, but also economic feasibility and constraints to get replicable on large scale. So-called added values that concern the upgrade to modern living standards and expectations by inhabitants and the market value of the building are also touched. The paper discusses, based on a technology screening to identify suitable key measures, the energy saving potential and impact on thermal indoor comfort of two passive renovation strategies for facades

Metamorphosis in the Cirripede Crustacean Balanus amphitrite

Stalked and acorn barnacles (Cirripedia Thoracica) have a complex life cycle that includes a free-swimming nauplius larva, a cypris larva and a permanently attached sessile juvenile and adult barnacle. The barnacle cyprid is among the most highly specialized of marine invertebrate larvae and its settlement biology has been intensively studied. By contrast, surprisingly few papers have dealt with the critical series of metamorphic events from cementation of the cyprid to the substratum until the appearance of a suspension feeding juvenile. This metamorphosis is both ontogenetically complex and critical to the survival of the barnacle. Here we use video microscopy to present a timeline and description of morphological events from settled cyprid to juvenile barnacle in the model species Balanus amphitrite, representing an important step towards both a broader understanding of the settlement ecology of this species and a platform for studying the factors that control its metamorphosis. Metamorphosis in B. amphitrite involves a complex sequence of events: cementation, epidermis separation from the cypris cuticle, degeneration of cypris musculature, rotation of the thorax inside the mantle cavity, building of the juvenile musculature, contraction of antennular muscles, raising of the body, shedding of the cypris cuticle, shell plate and basis formation and, possibly, a further moult to become a suspension feeding barnacle. We compare these events with developmental information from other barnacle species and discuss them in the framework of barnacle settlement ecology

Remarkable convergent evolution in specialized parasitic Thecostraca (Crustacea)

<p>Abstract</p> <p>Background</p> <p>The Thecostraca are arguably the most morphologically and biologically variable group within the Crustacea, including both suspension feeders (Cirripedia: Thoracica and Acrothoracica) and parasitic forms (Cirripedia: Rhizocephala, Ascothoracida and Facetotecta). Similarities between the metamorphosis found in the Facetotecta and Rhizocephala suggests a common evolutionary origin, but until now no comprehensive study has looked at the basic evolution of these thecostracan groups.</p> <p>Results</p> <p>To this end, we collected DNA sequences from three nuclear genes [18S rRNA (2,305), 28S rRNA (2,402), Histone H3 (328)] and 41 larval characters in seven facetotectans, five ascothoracidans, three acrothoracicans, 25 rhizocephalans and 39 thoracicans (ingroup) and 12 Malacostraca and 10 Copepoda (outgroup). Maximum parsimony, maximum likelihood and Bayesian analyses showed the Facetotecta, Ascothoracida and Cirripedia each as monophyletic. The better resolved and highly supported DNA maximum likelihood and morphological-DNA Bayesian analysis trees depicted the main phylogenetic relationships within the Thecostraca as (Facetotecta, (Ascothoracida, (Acrothoracica, (Rhizocephala, Thoracica)))).</p> <p>Conclusion</p> <p>Our analyses indicate a convergent evolution of the very similar and highly reduced slug-shaped stages found during metamorphosis of both the Rhizocephala and the Facetotecta. This provides a remarkable case of convergent evolution and implies that the advanced endoparasitic mode of life known from the Rhizocephala and strongly indicated for the Facetotecta had no common origin. Future analyses are needed to determine whether the most recent common ancestor of the Thecostraca was free-living or some primitive form of ectoparasite.</p

HETERONORMATIVITY OF THE AMBISEXUAL. A Queer Reading of the Science Fiction Novel The Left Hand of Darkness

The utopian genre exists predominantly in science fiction and has in the twentieth century been extensively explored in feminist literature. Ursula K. Le Guin is considered one of the leading authors in this genre and has created numerous thought experiments concerned with gender construction and its problematics. The aim for this essay is to examine the probability of queer gender identities and sexuality in the ambisexual society of Gethen in the science fiction novel The Left Hand of Darkness, and the possibility of this world being a gender utopia. From a close reading of selected passages, and by relying on queer theory and Judith Butler’s ideas of gender, this essay will look critically at the ambisexual society and its heteronormativity. Furthermore, a meticulous analysis of the main characters Estraven and Genly Ai, as well as the marginalized so called “abnormals”, will be made to establish queerness within the novel. These discussions enable the significance of other aspects of gender rather than solely being biological

The Design of an Energy Efficient Highly Glazed Office Building

Many modern office buildings have highly glazed facades. Their energy efficiency and indoor climate is, however, being questioned. Therefore, when a modern office building (new construction) with larger glazing areas was planned, an investigation was carried out to determine the possibilities to: - efficiently use the increased access to daylight and thereby reduce the use of electricity for lighting and at the same time improve the visual comfort - ensure good thermal comfort - arrive at a reasonable total energy use, which is at the same level or preferably lower level than a traditional office building. The work was done by a project group that supported the design team with advanced energy, indoor climate and daylight simulations. Detailed performance specifications on energy use and indoor climate were worked out. The results show that the aims can be fulfilled if the following main requirements are fulfilled: - The glazing area should not exceed 45 % of the façade area. - The total solar transmittance of the glazing combined with solar shading must be lower than 0.1. - The U-value of the windows must be lower than 1.1 W/m²K. A double skin façade was chosen. An important conclusion is that coordination and cooperation throughout the building process is absolutely necessary. The building will be finished in 2007

Best practice guidelines for double skin facades

Many modern office buildings have highly glazed facades. Their energy efficiency and indoor climate is, however, being questioned. Therefore more and more of these buildings are being built with double skin facades, which can provide: a thermal buffer zone, energy savings, wind protection with open windows, fire protection, aesthetics, solar preheating of ventilation air, sound protection, pollutant protection with open windows, nocturnal cooling and a site for incorporation of PV cells. However not all double skin facades built during the last years perform well. A project BESTFACADE was therefore funded by the European Commission to actively promote the concept of double skin facades. An important part of this work is the creation of best practice guidelines for double skin facades, which are outlined in this paper