Large scale screening of milk fatty acid profile: new possibilities for dairy product development

In the Danish dairy industry milk fatty acid (FA) composition has an increasing interest to develop products following new consumers’ trends. Furthermore, FA profiles of the milk have the potential to be used as a management tool to predict eg the energy balance in the cow. The golden standard to measure milk fat composition is based on gas chromatography, however this method is time consuming and costly. Therefore, to be able to provide the Danish dairy industry with routine milk FA composition data, mid-infrared spectroscopy prediction models have been applied since May 2015. [Read more in attached abstract

The interaction between equity and credit risks

Equity and debt are two distinct classes of securities in terms of investing risks and potential return, but their value depends on the same underlying assets of the firm and therefore the risk-return tradeoff of each security should be systematically related. Following a review of the principal theoretical approaches to the measurement of equity and credit risks, this thesis utilizes a sample of matched firm-level equity and corporate bond data to examine three aspects of risk interaction. First, it investigates the importance of idiosyncratic and systematic equity risks in determining the credit spread on corporate bonds. Second, the thesis investigates how equity and credit risks themselves impact upon the correlation between equity and bond returns. Finally, the thesis examines whether the credit sensitive information contained within financial accounting data is fully reflected in equity prices. The empirical approach adopted in this thesis is to relate the credit spread and the conditional correlation between equity and bond returns with both equity and credit risk indicators and financial accounting variables. This methodological approach enables an extension of the existing literature on several dimensions, leading to a number of empirical results which have important theoretical and practical implications for the integrated management of equity and credit risks. Consistent with existing empirical studies, equity and credit risks are found to exert a positive impact upon the credit spread. Surprisingly, equity volatility is found to significantly outperform the distance to default in terms of explanatory power. Further, the impact of equity volatility increases monotonically as the distance to default narrows. The conditional correlation between equity and bond returns is found on average to be positive and to vary over time, peaking during the 2007 financial crisis. Finally, an increase in credit risk has a positive impact upon the correlation while an increase in equity risk is found to strengthen the correlation only if the firm’s credit risk is high

The relationship between debt and profitability of stock companies in Montenegro

Financial structure of the company refers to the structure of financing of business assets and concerns the relationship between their own and borrowed sources of financing. One of the company’s financial goals is to provide optimal financial structure that has the purpose of maximizing business performance in the sense of maximizing profitability and return on equity. The aim of this paper is to determine the degree of correlation between financial structure (debt) and profitability (measured by rates of return on equity). This paper seeks to answer the question of cause and effect in the context of financial structure and profitability of the company: whether a certain financial structure (higher or lower indebtedness) causes more or less profitability. The research used the methodology of simple linear regression between those variables. Empirical research is conducted in the case of joint stock companies in Montenegro, which according to the Law on Accounting and Auditing of Montenegro, have the obligation to draw up quarterly financial statements. It should also be noted that the legal form of companies is one of the factors of their financial structure, and consequently, this research can be the basis for further analysis in the case of other legal forms of enterprises

The relationship between equity and bond returns: An empirical investigation

© 2017 Elsevier B.V. The correlation between equity and corporate debt is ambiguous. News affecting the value of a firm's assets induces a positive correlation, whereas an increase in the volatility of a firm's assets induces a negative correlation. We examine the conditional correlation between these two securities. While the average correlation is positive, the conditional correlation increases with credit risk, and decreases with equity volatility. Our results are consistent with the thesis that the equity bond relation is dependent on the potential wealth transfer between stock and debt holders. Nevertheless, this relation seems to break down during periods of extreme market uncertainty

Continuar, ou o que significa falar da atualidade da teoria crítica

A possibilidade de levar adiante a Teoria Crítica, hoje, enfrenta o desafio de evitar dois opostos igualmente insatisfatórios. Por um lado, a simples repetição de preocupações, problemas e possibilidades de resposta leva à criação de uma ortodoxia que petrifica a teoria e pode, no limite, convertê-la em dogma. Por outro, porém, os intelectuais que elegem o estar up-to-date como seu princípio norteador quase sempre recaem na superficialidade e no oportunismo. O presente artigo discute a forma com a qual a prática da Teoria Crítica pode estar à altura da dialética do presente em relação ao passado em um contexto de internacionalização, e em que medida ela continua sendo uma abordagem frutífera para a investigação dos problemas sociais e culturais contemporâneos

The interaction between equity and credit risks

Equity and debt are two distinct classes of securities in terms of investing risks and potential return, but their value depends on the same underlying assets of the firm and therefore the risk-return tradeoff of each security should be systematically related. Following a review of the principal theoretical approaches to the measurement of equity and credit risks, this thesis utilizes a sample of matched firm-level equity and corporate bond data to examine three aspects of risk interaction. First, it investigates the importance of idiosyncratic and systematic equity risks in determining the credit spread on corporate bonds. Second, the thesis investigates how equity and credit risks themselves impact upon the correlation between equity and bond returns. Finally, the thesis examines whether the credit sensitive information contained within financial accounting data is fully reflected in equity prices. The empirical approach adopted in this thesis is to relate the credit spread and the conditional correlation between equity and bond returns with both equity and credit risk indicators and financial accounting variables. This methodological approach enables an extension of the existing literature on several dimensions, leading to a number of empirical results which have important theoretical and practical implications for the integrated management of equity and credit risks. Consistent with existing empirical studies, equity and credit risks are found to exert a positive impact upon the credit spread. Surprisingly, equity volatility is found to significantly outperform the distance to default in terms of explanatory power. Further, the impact of equity volatility increases monotonically as the distance to default narrows. The conditional correlation between equity and bond returns is found on average to be positive and to vary over time, peaking during the 2007 financial crisis. Finally, an increase in credit risk has a positive impact upon the correlation while an increase in equity risk is found to strengthen the correlation only if the firm’s credit risk is high.EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Finanzdominierte Akkumulation und die Krise in Europa

The present crisis in Europe is just one form of a multiple crisis of the social formationdominated by the capitalist mode of production. More specifically it is a crisis of the financedominatedregime of accumulation which developed as a response to the crisis of Fordismsince the 1980s. In this article, first we analyze the contradictions of the finance-dominatedregime of accumulation and the contradictions of the crisis management of the ruling classes.The present crisis in Europe is just one form of a multiple crisis of the social formationdominated by the capitalist mode of production. More specifically it is a crisis of the financedominatedregime of accumulation which developed as a response to the crisis of Fordismsince the 1980s. In this article, first we analyze the contradictions of the finance-dominatedregime of accumulation and the contradictions of the crisis management of the ruling classes

Social integration and system integration: Reconsidering the classical distinction

Accepted versio

Beregning og numeriske analyser av samvirkebruer.

Bruer konstruert ved bruk av samvirke mellom stål og betong er av de mes brukte brutypene, spesielt for mellomlange spenn. Formålet med denne oppgaven er å undersøke ulike beregningsmetoder for denne typen konstruksjon. I tillegg utarbeides det numeriske modeller for sammenligning. Sentralt ligger også problemstillinger knyttet til bruk av dybler og forskjeller mellom fullstendig og delvis samvirke. Som basis for alle beregninger er det brukt bruskisser fra Loftesnes bru, tegnet av Reinertsen AS. I tillegg er beregningene basert på regler gitt i relevante Eurokoder og Vegdirektoratets Håndbok N400. Fap2d brukes for alle lastanalyser i håndberegninger, og Abaqus brukes for opprettelse og analyse av numeriske modeller. Ved gjennomgang av formelverk fastsatt i Samvirkekonstruksjoner i stål og betong oppdages det feil i formler brukt ved beregning av svinn. Her utbedres formelverket og brukes til videre beregninger. Ved vurdering av spenninger fra svinn og temperatur merkes det at effekten er begrenset ved fullstendig samvirke. Ved delvis samvirke ser en derimot at disse spenningene har en vesentlig større effekt. Egenskaper en gir dybler skaper skillet mellom fullstendig samvirke og delvis samvirke. Det gjøres beregninger med stive og duktile dybler. Modelleringsmetoden brukt for dybler viser seg å gi gode approksimasjoner til tverrsnittspenninger og overført skjærstrøm mellom betong og stål. Sammenligning av modellene viser relativt god korrelasjon mellom resultater fra håndberegninger og numeriske beregninger, men ved numerisk beregning ser det ut til at spenninger i deler av stålprofilet underestimeres. Dette gjelder både for fullstendig og delvis samvirke