Do Borrowers Benefit from Sustainability-Linked Loans? An analysis of explicit ESG information in loan contracts and borrowers’ incentives to enter sustainability-linked loans

This thesis examines the explicit use of ESG information in loan contracts and borrowers' incentives to enter sustainability-linked loans (SLLs). We explore whether shareholders respond to announcements of sustainability-linked loan issuances andwhether companies with sustainability-linked loans experience a higher ESG score and performance on contractual KPis after entering the loan contract. We also investigate if there is a sustainability-linked premium around loan issuance. We perform this analysis by comparing a sample of sustainability-linked loans from 2017 to 2019 to a matched sample of comparable traditional loans from Bloomberg Terminal. We find that shareholders respond positively to announcements of sustainability-linked loan issuances. Borrowers with better disclosure quality contracts receive a more significant response than borrowers with poor disclosure quality contracts, implying that investors value transparency and are vigilant about greenwashing concerns. We conclude that loan spreads are higher for SLLs at issuance; hence, financial discounts are unlikely to drive the observed stock market reaction. There are no significant indications of improved ESG performance between the borrowers of sustainability-linked and traditional loans. Thus, using explicit ESG information in loan contracts does not seem to affect sustainability performance. However, borrowers with good ESG profiles seem to self-select into sustainability-linked loans. Our findings suggest that the borrowers enter sustainability-linked loan contracts to signal ESG commitment, and their shareholders seem to value this choice.nhhma

Sick leave patterns in common musculoskeletal disorders – a study of doctor prescribed sick leave

Comparative data on sick leave within musculoskeletal disorders (MSDs) is limited. Our objective was to give a descriptive overview of sick leave patterns in different MSDs

Det lilla företagets styrkor - En uppsats om konkurrensfördelar för SME mellanhänder i turismbranschen

Titel: Det lilla företagets styrkor - En uppsats om konkurrensfördelar för SME mellanhänder i turismbranschen Universitet: Lunds Universitet, Campus Helsingborg, Institutionen fo¨r Service Management Kurs: SMKK01 Examensarbete för kandidatexamen, 15 hp, VT2012 Fo¨rfattare: Sofia Englund, Emilia Larsson Bergman och Evelina Malmros Handledare: Malin Espersson och Elisabeth Högdahl Nyckelord: SME, konkurrensfördelar, differentiering, kunskap, flexibilitet, innovativitet, nätverk. Problem: Konkurrens finns inom de flesta branscher och företag måste arbeta för att stå upp mot den. Denna kamp är svår för small and medium sized enterprises (SME) eftersom de ofta karaktäriseras av resursbrist. Dock är deras existens viktig eftersom SME utgör en stor del av Sveriges ekonomi. Konkurrensfördelar är ett företags position mot andra företag och grundar sig i företagets resurser. Tidigare forskning kring SME och konkurrensfördelar är dock spretig vilket gör det svårt att få en klar bild av hur företagen faktiskt arbetar och konkurrerar. Området som rör SME mellanhänder i turismbranschen har inte blivit vidare undersökt och det finns därmed ett intresse att undersöka detta. Syftet med denna uppsats är därför att få en ökad förståelse för hur SME mellanhänder i Sveriges turismbransch använder sina medel för att bli starkare gentemot andra aktörer på marknaden. Metod: Uppsatsen har en kvalitativ ansats. Arbetssättet har till stor del varit induktivt men med iterativa tendenser. Den teorietiska inläsningen skedde genom litteraturstudier och den empiriska insamlingen gjordes genom djupintervjuer och dokumentstudier. Sex SME mellanhänder i turismbranschen valdes ut för studien enligt kriterierna att de skulle vara en resebyrå eller researrangör som är verksamma inom Sveriges turismbransch. De skulle även gå under Europeiska kommissionens definition för SME. Teori: Teorier och tidigare forskning om konkurrensfördelar, differentiering, kunskap, flexibilitet, innovativitet och nätverk tas upp i uppsatsen. Resultat: Uppsatsen har funnit att de undersökta SME besitter likartade styrkor men att de används i olika stor utsträckning samt att de har olika stor betydelse för verksamheterna. Konkurrensfördelarna som behandlas i uppsatsen är differentiering, kunskap, innovativitet, flexibilitet och nätverk. Den styrkan som framhävts mest i vårt material, och som däremot inte tydliggjorts på samma sätt i tidigare forskning, är den kunskapen företagen besitter om exempelvis resmål och olika reseformer. Mer precist den erfarenhetsbaserade kunskapen. Uppsatsen har även påvisat att de olika styrkorna bör användas i kombination med varandra eftersom företagen då lättare kan stå starka i förhållande till andra aktörer på marknaden. Det har även framkommit att det inte finns ett ”rätt” sätt för SME att arbeta, att varje företag måste utgå från de resurser de ha och använda dem på lämpligt sätt

The human cathelicidin hCAP-18 in serum of children with haemato-oncological diseases

The human cathelicidin hCAP-18 (pro-LL-37) is the pro-protein of the antimicrobial peptide LL-37. hCAP-18 can be produced by many different cell types; bone marrow neutrophil precursors are the main source of hCAP-18 in the circulation. Neutrophil count is used as a marker for myelopoiesis but does not always reflect neutrophil production in the bone marrow, and thus additional markers are needed. In this study, we established the reference interval of serum hCAP-18 level in healthy children and compared serum hCAP-18 levels between different diagnostic groups of children with haemato-oncological diseases, at diagnosis. We found that children with diseases that impair myelopoiesis, such as acute leukaemia, aplastic anaemia, or myelodysplastic syndrome, presented with low hCAP-18 levels, whereas patients with non-haematological malignancies displayed serum hCAP-18 levels in the same range as healthy children. Children with chronic myeloid leukaemia presented with high circulating levels of hCAP-18, probably reflecting the high number of all differentiation stages of myeloid cells. We suggest that analysis of serum hCAP-18 provides additional information regarding myelopoiesis in children with haemato-oncological diseases, which may have future implications in assessment of myelopoiesis in clinical management.Peer reviewe

MicroRNAs Related to Polycystic Ovary Syndrome (PCOS)

Polycystic ovary syndrome (PCOS) is the most common, though heterogeneous, endocrine aberration in women of reproductive age, with high prevalence and socioeconomic costs. The syndrome is characterized by polycystic ovaries, chronic anovulation and hyperandrogenism, as well as being associated with infertility, insulin resistance, chronic low-grade inflammation and an increased life time risk of type 2 diabetes. MicroRNAs (miRNAs) are small, non-coding RNAs that are able to regulate gene expression at the post-transcriptional level. Altered miRNA levels have been associated with diabetes, insulin resistance, inflammation and various cancers. Studies have shown that circulating miRNAs are present in whole blood, serum, plasma and the follicular fluid of PCOS patients and that they might serve as potential biomarkers and a new approach for the diagnosis of PCOS. In this review, recent work on miRNAs with respect to PCOS will be summarized. Our understanding of miRNAs, particularly in relation to PCOS, is currently at a very early stage, and additional studies will yield important insight into the molecular mechanisms behind this complex and heterogenic syndrome

Global Perspectives on Immunization During Pregnancy and Priorities for Future Research and Development: An International Consensus Statement.

Immunization during pregnancy has been recommended in an increasing number of countries. The aim of this strategy is to protect pregnant women and infants from severe infectious disease, morbidity and mortality and is currently limited to tetanus, inactivated influenza, and pertussis-containing vaccines. There have been recent advancements in the development of vaccines designed primarily for use in pregnant women (respiratory syncytial virus and group B Streptococcus vaccines). Although there is increasing evidence to support vaccination in pregnancy, important gaps in knowledge still exist and need to be addressed by future studies. This collaborative consensus paper provides a review of the current literature on immunization during pregnancy and highlights the gaps in knowledge and a consensus of priorities for future research initiatives, in order to optimize protection for both the mother and the infant

A study protocol to evaluate the relationship between outdoor air pollution and pregnancy outcomes

<p>Abstract</p> <p>Background</p> <p>The present study protocol is designed to assess the relationship between outdoor air pollution and low birth weight and preterm births outcomes performing a semi-ecological analysis. Semi-ecological design studies are widely used to assess effects of air pollution in humans. In this type of analysis, health outcomes and covariates are measured in individuals and exposure assignments are usually based on air quality monitor stations. Therefore, estimating individual exposures are one of the major challenges when investigating these relationships with a semi-ecologic design.</p> <p>Methods/Design</p> <p>Semi-ecologic study consisting of a retrospective cohort study with ecologic assignment of exposure is applied. Health outcomes and covariates are collected at Primary Health Care Center. Data from pregnant registry, clinical record and specific questionnaire administered orally to the mothers of children born in period 2007-2010 in Portuguese Alentejo Litoral region, are collected by the research team. Outdoor air pollution data are collected with a lichen diversity biomonitoring program, and individual pregnancy exposures are assessed with spatial geostatistical simulation, which provides the basis for uncertainty analysis of individual exposures. Awareness of outdoor air pollution uncertainty will improve validity of individual exposures assignments for further statistical analysis with multivariate regression models.</p> <p>Discussion</p> <p>Exposure misclassification is an issue of concern in semi-ecological design. In this study, personal exposures are assigned to each pregnant using geocoded addresses data. A stochastic simulation method is applied to lichen diversity values index measured at biomonitoring survey locations, in order to assess spatial uncertainty of lichen diversity value index at each geocoded address. These methods assume a model for spatial autocorrelation of exposure and provide a distribution of exposures in each study location. We believe that variability of simulated exposure values at geocoded addresses will improve knowledge on variability of exposures, improving therefore validity of individual exposures to input in posterior statistical analysis.</p

Gothia Cup - Internationalisation Strategy

Gothia Cup is the world’s foremost youth football tournament held annually in Gothenburg, Sweden since 1975. The tournament has kept increasing over the years in participants as well as the number of nations represented. There are many theories of what features make an event successful and this thesis has identified eight that can be particularly important to the internationalisation and internationalisation strategy of an event, such as Gothia Cup. The organisation has 7-9 people working all year round with the tournament and its side projects and it is this group that lays the basis for the internationalisation. Therefore qualitative interviews were conducted to identify in what way these features have contributed to the internationalisation of the event. It was found that the one most important feature for the internationalisation of Gothia Cup is the product in itself and particularly the quality of the product. The other dimensions were more or less utilised to develop, improve and secure the product in various ways

Verification of a method for sexual hormone-binding globulin analysis and estimation of free testosterone

Introduction: Sexual hormone-binding globulin (SHBG) is a protein that binds to androgens and oestrogens, especially testosterone. The fraction of testosterone that is not bound to SHBG is the biologically active fraction which makes its determination more relevant than determining the total amount of circulating testosterone. It is difficult to measure the plasma concentration of free testosterone; therefore calculations using the concentrations of testosterone and SHBG are used to estimate the amount of free testosterone. A few calculations include the concentration of albumin because testosterone also binds to albumin. The main aims of this study were to verify a method for the determination of SHBG and to calculate a reference interval for free androgen index (FAI, testosterone/SHBG) in women. Other calculations for determination of the free testosterone fraction were compared. Methods: Testosterone, SHBG and albumin were measured in serum from 20 men and 100 women. Testosterone and SHBG was measured using immunoassays on a Roche Modular E instrument (ECLIA). Albumin was measured with a c8000 Architect instrument. Four calculations, two with only testosterone and SHBG and two with testosterone, SHBG and albumin were compared.  Results/Conclusion: The verification of the SHBG method was successful which means that the method can be taken into routine use. A reference interval for FAI was constructed. It was difficult to show if other estimation of free testosterone would work better than FAI in clinical practice. This is discussed