Systematic risk and liquidity : an empirical study comparing Norwegian equity certificates before and after the regulation in 2009

Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2014In 2009, the Norwegian savings banks industry was subject to a regulation change, which resulted in a modification of the instrument issued by these banks. Thus, in this empirical study we compare the systematic risk and liquidity of equity certificates issued by Norwegian savings banks before and after the regulation change. We go about estimating systematic risk and liquidity using regression analysis. In order to estimate systematic risk we use the empirical model of the CAPM often referred to as the “Single index model”. We apply the liquidity cost measure developed by Pástor and Stambaugh (2003) to evaluate whether liquidity cost (which is a proxy for liquidity) has changed between the two sample periods. Our findings suggest that the systematic risk of equity certificates has increased, however we are unable to pinpoint whether the source for change is the regulation in 2009 or changed market dynamics due to the largest financial turmoil in modern time. Concerning liquidity, we are unable to draw any definite conclusions related to change. This is due to the weak robustness of our tests, which will make any conclusion drawn unreliable. We are however able to state that primary capital certificates seemed to be characterized by continuations in excess return related to order flow. On the contrary, this does not seem to be the case for the modified instrument

Short-Term Trading around the Ex-Dividend Day: Evidence from the Oslo Stock Exchange

Denne oppgaven utforsker potensialet for å generere kumulativ gjennomsnittlig abnormal avkastning (CAAR) ved å implementere tre kortsiktige handelsstrategier rundt eks-dagen for utbytteaksjer notert på Oslo Børs (OSE) mellom 1992-2022. Analysen er en hendelsesstudie hvor vi beregner CAAR ved å sammenligne faktisk avkastning mot forventet avkastning beregnet ved Kapitalverdimodellen (CAPM). Studien benytter gjennomsnittlig Bid-Ask Spread som transaksjonskostnad for kjøp og salg av aksjer, og deler resultatene på tvers av ulike tidsperioder, bransjesektorer og størrelse på markedsverdi. Vi tester om resultatene våre er statistisk signifikante ved å gjennomføre en tosidig t-test. Studien resulterte i at strategi 1 som ser på avkastning fra 15 til 1 dager før eks-dagen genererte en signifikant CAAR på 0.17%. Strategi 2 som varte fra 15 dager før til 15 dager etter eks-dagen resulterte i en CAAR på 1.05% uten å oppnå statistisk signifikans. Strategi 3 som går fra ex-dagen til 15 dager etter eks-dagen, produserte en signifikant CAAR på -1.07%. Isolert sett var forholdet mellom aksjekursens fall på eks-dagen og utbytte den største driveren til en positiv CAAR for strategi 2, da dette forholdet i gjennomsnitt produserte en signifikant avkastning på 2.03%. Analysen fant signifikante forskjeller på resultatene mellom 1992-2005 og 2006-2022, da førstnevnte periode ga en betydelig høyere CAAR for alle handelsstrategiene, samt et større avvik mellom fall i aksjekursen på eks-dagen og utbytte. Disse forskjellene kan muligens forklares av skattereformene som ble implementert i 1992 og 2006. Når vi delte resultatene opp i bransjesektor og markedsverdi, kom vi frem til at sektorene Software & IT Services, Food & Beverages og Banking & Investments Services presterte best. Energy - Fossil Fuel var den største sektoren i analysen vår, og produserte en relativt svak CAAR. Avslutningsvis avdekket analysen vår at mindre selskaper presterte bedre enn større selskaper, noe som illustrerte tilstedeværelsen av «small-firm effects».This thesis explores the potential for generating significant cumulative average abnormal return (CAAR) through short-term trading strategies around the ex-dividend day on dividend stocks listed on the Oslo Stock Exchange (OSE) between 1992-2022. To conduct the analysis, we employ an event study methodology that compares the actual return of the stocks with the expected return calculated using the Capital Asset Pricing Model (CAPM). Additionally, we incorporate transaction costs based on the average bid-ask spread. Our results are examined across different time periods, industry sectors, and market capitalization categories. To test if our findings are statistically significant, we employ a two-sided t-test. The findings reveal that Strategy 1, implemented from 15 days before to 1 day before the ex-dividend day, generated a significant CAAR of 0.17%. Strategy 2, spanning from 15 days before to 15 days after the ex-dividend day, yielded a CAAR of 1,05% without being statistically significant. Strategy 3, which examined the period from the ex-dividend day to 15 days afterward, produced a significant CAAR of -1.07%. The main reason behind the CAAR generated from strategy 2 was explained by the ex-dividend anomaly, which demonstrated that the price drop was typically lower than the distributed dividend amount. On average, the return from the ex-dividend anomaly was 2.03%. Our thesis found significant differences in the performance between 1992-2005 and 2006-2022. The first period yielded a higher CAAR for all the short-term trading strategies and a more prominent ex-dividend anomaly for the stocks. These disparities could possibly be explained by the tax reforms implemented in 1992 and 2006. When breaking down our results into business sectors and cap-size, it was found that the sectors Software & IT Services, Food & Beverages, and Banking & Investment Services displayed the highest overall CAAR. The biggest sector in our study, Energy - Fossil Fuel, contradicted our expectations with an overall poor performance. Additionally, our analysis reveals that Small-Cap companies consistently outperformed their larger counterparts in almost all strategies and time periods, illustrating the presence of small-firm effects

3D-utskrift av forskjellige typer PLA og sammenligning av materialegenskaper

Denne eksperimentelle bacheloroppgaven omhandler testing av fem forskjellige ulike typer PLA filament. Formålet var å undersøke om det er noen forskjell mellom ulike PLA filamenter som er lansert på markedet. Hovedfokus i denne studien var strekk- og bøyefasthet, med utskrift i både horisontal og vertikal utskriftsretning. Strekk- og bøyeprøvene ble produsert med en 3D-skriver som hadde PrusaSlicer Generic standardinnstillinger. Materialene som er testet er PLA, PLA Tough, PLA Economy, E-PLA og PLA+. Grunnlaget for konklusjonen er basert på resultatene fra aktiviteter som 3D-utskrift, strekktesting og bøyetesting. PLA, som er blant de mest brukte filamentene på markedet, fungerte som referanse for de andre materialene. Konklusjonen etter strekk- og bøyetestene er at vertikal utskriftsretning gir de høyeste strekk- og bøyefasthetene med PrusaSlicer Generic standardinnstillinger. Standard PLA er det sterkeste materialet med parameterne brukt i denne studien. Sammenlignet med PLA var det ikke store forskjell på E-PLA og PLA-Economy. PLA+ viste middels gode resultater i testen. Visuelt kan det konkluderes at PLA Tough ga det beste resultatet. Likevel var det PLA Tough som kom absolutt svakest ut i strekk- og bøyetestene. Forslag til videre arbeid er å være å optimalisere utskriftsparameterne og sammenligne de beste strekk- og bøyetest resultatene for hvert filament.This experimental bachelor thesis investigates the testing of five different types of PLA filament. The aim was to examine whether there are differences among various PLA filaments available on the market. The main focus of this study was on tensile and flexural strength, with printing conducted in both horizontal and vertical orientations. Tensile and flexural tests were conducted using a 3D printer with PrusaSlicer Generic standard settings. The materials tested include PLA, PLA Tough, PLA Economy, E-PLA, and PLA+. The basis for the conclusion is drawn from activities such as 3D printing, tensile testing, and flexural testing. PLA, being among the most commonly used filaments on the market, served as a reference for the other materials. The conclusion from the tensile and flexural tests is that the vertical printing orientation yields the highest tensile and flexural strengths with PrusaSlicer Generic standard settings. Standard PLA is the strongest material with the parameters used in this study. Compared to PLA, there were not significant differences between E-PLA and PLA Economy. PLA+ exhibited moderately good results in the test. Visually, it can be concluded that PLA Tough yielded the best result. However, it was PLA Tough that performed the weakest in both tensile and flexural tests. Suggestions for further work include optimizing printing parameters and comparing the best tensile and flexural test results for each filamen

Perception and choice of action in open-and closed skill. Can the goalkeeper, by being positioned 15 cm off-center, influence the football players ́ choice of action?

Master i kroppsøvings- og idrettsvitenskap - Nord universitet 202

En undersøkelse av sammenhengen mellom en bedrifts interne idrettssatsing og utvikling av prestasjonskultur

Mitt hovedinntrykk er at det er vanskelig å finne direkte sammenheng mellom idrettssatsingen og prestasjonskulturen på organisasjonsnivå. Det jeg derimot så en klar tendens til, er at det på individnivå skjer en utvikling. Denne utviklingen handler om å strekke seg litt ekstra for å sprenge personlige grenser, det handler om å komme i form og kjenne på gleden av å trene. Jeg har også empiri som sier at deltagerne har delt kunnskap om trening og kosthold med hverandre, de har skapt felles historier og blitt bedre kjent med hverandre. For å overføre erfaringer fra individnivå til organisasjonsnivå ligger mye av ansvaret på ledelsen, og fokus bør settes på kunnskapsoverføring. Et interessant funn i undersøkelsen var at selv de som velger å ikke delta i tilrettelagte idrettsaktiviteter i særlig grad, er stolt over å jobbe i en bedrift som tilbyr denne type aktivitet og i stor grad heier fram de som velger å delta. Ut fra det mener jeg å kunne anta at idrettssatsingen i Adecco ikke har ført til en splittelse i organisasjonen

Lokale lønnsforhandlinger for lærere i videregående skole - fra trynetillegg til jakten på gode kriterier? Case Nordland fylkeskommune

Masteroppgave i personalledelse - Universitetet i Nordland, 201

Pediatric hypothermic submersion incident – should we do chest compressions on a beating heart?

Background: Drowning is the third leading cause of unintentional injury death worldwide, with the highest rates of fatality among young children. To decide how to treat these patients prehospitally could be challenging in certain situations when uncertain about the adequacy of the patent’s circulation. Methods/case report: We describe a 2 year old boy surviving a 15 min hypothermic submersion in a cold river. In spite of the presence of some vital signs, we decided to do full cardiopulmonary resuscitation to the hospital. The main reason was that we were uncertain about the adequacy of the spontaneous circulation, and the transport to hospital was fairly long. The patient suffered no obvious harm and the outcome was good. Discussion: What is regarded as adequate circulation when accidentally hypothermic between 24 and 250 C? A weak pulse was felt in the femoral artery with a rate of about 40–50 per minute. There were shallow, but regular respiration, and point of care ultrasound revealed a slightly dilated left ventricle and weak, but organised cardiac contractions. Despite these findings a decision was made to continue ventilations and chest compressions during helicopter transport to the University hospital. Conclusion: In an accidentally hypothermic pediatric submersion incident we decided to do full cardiopulmonary resuscitation to the hospital despite there were signs of circulation. We did no harm to the patient. Future guideline revisions should try to clarify how to handle situations with severly accidentally hypothermic patients like this, so the good outcome that is often seen in these patients could be even betterpublishedVersion© The Author(s). 2020 Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/. The Creative Commons Public Domain Dedication waiver (http://creativecommons.org/publicdomain/zero/1.0/) applies to the data made available in this article, unless otherwise stated in a credit line to the data

Minoritetselevers opplevelse av demokratisk deltakelse i ungdomsskolen. «Egentlig er skole veldig lite demokratisk med tanke på elevene. Det blir på en måte satt et bilde på at du kan gjøre noe med, når det egentlig ikke er slik» (elev, 10.trinn)

Master i grunnskolelærerutdanning 5-10. Samfunnsfag 4 - 202

Clinically Relevant Biomarker Discovery in High-Risk Recurrent Neuroblastoma

Source at https://doi.org/10.1177/1176935119832910.Neuroblastoma is a pediatric cancer of the developing sympathetic nervous system. High-risk neuroblastoma patients typically undergo an initial remission in response to treatment, followed by recurrence of aggressive tumors that have become refractory to further treatment. The need for biomarkers that can select patients not responding well to therapy in an early phase is therefore needed. In this study, we used next generation sequencing technology to determine the expression profiles in high-risk neuroblastoma cell lines established before and after therapy. Using partial least squares-discriminant analysis (PLS-DA) with least absolute shrinkage and selection operator (LASSO) and leave-one-out cross-validation, we identified a panel of 55 messenger RNAs and 17 long non-coding RNAs (lncRNAs) which were significantly altered in the expression between cell lines isolated from primary and recurrent tumors. From a neuroblastoma patient cohort, we found 20 of the 55 protein-coding genes to be differentially expressed in patients with unfavorable compared with favorable outcome. We further found a twofold increase or decrease in hazard ratios in these genes when comparing patients with unfavorable and favorable outcome. Gene set enrichment analysis (GSEA) revealed that these genes were involved in proliferation, differentiation and regulated by Polycomb group (PcG) proteins. Of the 17 lncRNAs, 3 upregulated (NEAT1, SH3BP5-AS1, NORAD) and 3 downregulated lncRNAs (DUBR, MEG3, DHRS4-AS1) were also found to be differentially expressed in favorable compared with unfavorable outcome. Moreover, using expression profiles on both miRNAs and mRNAs in the same cohort of cell lines, we found 13 downregulated and 18 upregulated experimentally observed miRNA target genes targeted by miR-21, -424 and -30e, -29b, -138, -494, -181a, -34a, -29b, respectively. The advantage of analyzing biomarkers in a clinically relevant neuroblastoma model system enables further studies on the effect of individual genes upon gene perturbation. In summary, this study identified several genes, which may aid in the prediction of response to therapy and tumor recurrence

"Karrierekompetanse, er det det vi har fått nå?" Karriereveiledning i gruppe på 10. trinn

Masteroppgaven handler om utvikling av karrierekompetanse gjennom veiledning i gruppe. Veiledningen har fokus på å styrke elevene i prosessen fram mot søknad til videregående opplæring. Empirien er fra en gruppe på seks elever i samme klasse på 10. trinn. Problemstillingen er: «Hvordan kan karriereveiledning i gruppe bidra til å utvikle karrierekompetanse hos elever på 10. trinn?» Aksjonsforskning er brukt som metode for å finne svar på problemstillingen, der SØT-modellen fungerer som en overordnet ramme for gjennomføringen. Jeg hadde et ønske om å utvikle egen praksis sammen med elevene, og det har vært et praktisk fokus på veiledningene. Det har vært gjennomført ulike karrierelæringsaktiviteter som utgangspunkt for samtale og refleksjon. Prosjektet ble avsluttet med et fokusgruppe-intervju, for at elevenes stemme skulle komme godt fram. I lys av karrierelæringsteori har jeg analysert og drøftet innsamlet materiale. Ut fra dette har jeg tre hovedfunn som bidrar til å belyse problemstillingen. Funnene viser at karriereveiledning i gruppe bidrar til kunnskap om muligheter i videregående skole, bedre kjennskap til seg selv og sine medelever, samt at gruppa påvirker elevenes valg. Videre har jeg to hovedfunn som viser at trygg atmosfære og tydelig ledelse er forutsetninger for at veiledning i gruppe skal fungere.My master thesis is about the development of career management skills through guidance in groups. The guidance has focused on empowering the pupils in the process of applying for upper secondary education and training. My empiric data is from a group of six pupils in the same class in the last year of lower secondary school. My problem statement is: “How can career guidance in groups contribute to developing career management skills for pupils in the last year of lower secondary school?” Action research is used as a method to answer the problem statement, and the Norwegian SØT-model has been used as a frame for the process. I wanted to develop my own practice together with the students, and I have kept a practical perspective during our guidance sessions. I have carried out various career learning activities, followed by discussion and reflection in the group. At the end of the project, I conducted a focus group interview, to make sure the pupils’ voices came through. I have used career learning theory to analyze and discuss the collected data. My project has led to three main findings that relates to the problem statement. The findings are that career guidance in groups increases the pupils’ knowledge about the possibilities in upper secondary school. Furthermore, they get more knowledge about themselves and their fellow pupils. The last main finding is that the group itself affects the pupils’ decisions. In addition, I have two findings that show that it is necessary to establish a safe environment and have a clear management of the group for group guidance to be successful