Dynamic Capital Structure: the Case of Hufvudstaden

This paper introduces a new approach of testing capital structure hypothesis on a firm specific level. Johansen’s procedure for cointegration testing is employed to test theories of optimal capital structure. The sample covers a firm with unique properties, Hufvudstaden, during the period 1938 until present. The approach of cointegration allows testing of long-run equilibrium between non-stationary time-series. We find empirical support that capital structure follow a dynamic equilibrium path. However, this equilibrium is more complex as posited by existing theories. The result is found for leverage measured as both book-value- and market-value-of-equity.capital structure; cointegration; dynamic capital structure

A Bayes Inference Approach to Testing Mean Reversion in the Swedish Stock Market

This paper makes use of the Bayesian approach to test for mean reversion in the Swedish stock market via Gibbs sampling. We use a sample of eighty years of monthly Swedish stock market returns including dividends from December 1918 to December 1998. We test for mean reversion in the short-run using two up to twelve months' horizons and in the long-run using yearly horizons up to ten years. Previous evidence of mean reversion via variance ratio is controversial because the test is only valid under the assumption of constant expected return. The return series from financial markets are well known to exhibit time varying volatility. Thus, the findings of mean reversion in the Swedish stock market might be explained by time-variation, or regime switches, in volatility. Hence we assume two regimes: low and high volatility and we let the volatility regimes be described by a two-state Hidden Markov Model, were the states are unobservable parameters. The Bayesian Gibbs sampling framework is advantageous as is allows us to make statistical inference of the parameters of interest without direct estimation of the likelihood function. This is pleasant property as we avoid the problem of estimating sometimes difficult likelihood functions. The result of our analysis offsets previous findings of mean reversion in the Swedish stock market. By simply account for the heteroscedasticty of the data and taking estimation bias into account we can not find any support of mean reversion. On the contrary the Swedish stock market can be characterized by two regimes, a tranquil and a volatile, and within the regimes the stock market is random. This finding is in line with what have been found on the U.S. stock market 1926-1986. Thus, accounting for time-variation in volatility and estimation bias improves the variance ratio test.

Some Time Serial Properties of the Swedish Real Estate Stock Market, 1939-1998

This paper investigates the information in monthly nominal Swedish real estate stock market returns from 1939-1998. Thus we test the weak form efficient market hypothesis. Our results contradict previous findings from the general Swedish stock market as we find very little evidence of seasonal effects and time varying volatility. Further we find no evidence of mean reversion in the real estate stock market. The overall conclusion is that the nominal real estate stock market returns follow a random walk. Our result suggests in context of previous studies that the irregularities found in the Swedish stock market originate from other industries.real estate; real estate stocks; market efficiency; seasonal effects; mean reversion

Are the Nordic Stock Markets Mean Reverting?

In this paper we test for mean reversion in the Nordic stock markets using monthly nominal data 1947-1998. By simply account for the heteroscedasticity of the data with a regime-switching model of normal distributions and taking estimation bias into account via a Bayesian approach we can find no support of mean reversion. This is a contradiction to some previous result from Denmark and Sweden. Our findings suggest that mixtures of two regimes can characterize the each stock market and within the regimes the stock market is random. This finding of randomness is in line with recent evidence in literature.market efficiency; variance ratio; Gibbs sampling; hidden Markov chains; MCMC

The impact of Microcredit on Women’s Empowerment. - A case study of Microcredit in the Tangail district, Bangladesh.

The impact of microcredit on women’s empowerment remains debated. While some studies suggest that microcredit helps women increase their income earning abilities, leading to greater power within the household, others argue that men often take control over the microcredit allocated to women, which leads to a more vulnerable position within the household for women. This paper evaluates the impact of microcredit on women’s empowerment in rural Bangladesh. The data was collected via a questionnaire in a field study in the district of Tangail in Bangladesh. Furthermore, the impact of microcredit on women’s empowerment is examined through a cross-sectional impact methodology, referred to as the control-group method. Microcredit borrowers are compared to soon-to-be microcredit borrowers, and the difference between these groups is ascribed to microcredit. An econometric analysis is then employed on the data gathered via the questionnaire. The results confirm that microcredit has a significant positive impact on women’s empowerment

Fiber-Borne and Water-Borne Chemical Contaminants

The main idea behind this thesis is to work with recycled paper because this is the latest trend due to the environment. Therefore, after checking into an aspect that has little research completed, the idea of the effects of chemical contaminants on sizing of paper, AKD in particular, was developed. To allow for expansion on this thesis topic, another student will be looking at the effect of chemical contaminants on sizing of the recycled paper. The experiment contained water-borne chemical contaminants and fiber-borne chemical contaminants. Four different chemical contaminants were used including retention aid, defoamer, biocide, and wet strength. The water-borne chemical contaminants were added with the sizing and made into handsheets on the Noble and Wood. The fiber-borne chemical contaminants were added to the pulp, and washed and dried. Then the contaminated pulp was redispersed, sizing agent added and made into handsheets. The tests conducted were Hercules size test and contact angle. The results for the water-borne chemical contaminants mostly followed the expected results. The retention aid helped the sizing while the defoamer, biocide, and wet strength hindered the sizing. For the fiber-borne chemical contaminants, the retention aid, defoamer, biocide, and wet strength all increased the sizing above the control level. The contact angle determined that small amounts of AKD give high contact angles, showing full sizing. Plus, the water-borne chemical contaminants had high contact angles for the high HST values, and the fiber-borne chemical contaminants gave high contact angle for the low HST values. The objective behind this thesis was to determine if the chemical contaminants would adhere to the fiber before the AKD was added, and therefore help or hinder the sizing effect

Djurberg & Berg: A Relationship Saga

Djurberg & Berg is one of the most famous artistic duos in today’s contemporary global art market. This thesis will pinpoint crucial relationships and important career milestones that helped them achieve international recognition and success. As this thesis argues, one of the most important relationships is with Moderna Museet. Moderna Museet is a well-renowned top-tier museum that brings legitimacy to the artists it shows. As a government-funded museum, it is responsible for promoting Swedish art, and artists can not go unnoticed. Along with Moderna Museet, the duo has established vital support from major institutions such as the Fondazione Prada and Julia Stoschek Collection, among others. These relationships are thoroughly analyzed in this thesis. Creating and sustaining relationships with influential patrons and institutions in the art world has been crucial for Djurberg & Berg’s careers

Strategival vid standardkrig - En fallstudie på den svenska mobila betalningsmarknaden

Syftet med uppsatsen är att undersöka hur ett företags branschursprung och interna styrkor påverkar dess strategier när de går in i ett standardkrig. Studien tar en abduktiv ansats där en fallstudie genomfördes med hjälp av semistrukturerade intervjuer på den svenska mobila betalningsmarknaden. Inhämtad primär- och sekundärdata analyserades via kodning och kontinuerliga jämförelser.Författarna har genomfört två semistrukturerade intervjuer på två fallföretag som båda nyligen gått in på den svenska mobila betalningsmarknaden. Respondenterna har varit individer som haft en central del i strategival. Summerat kommer författarna fram till att branschbakgrund och interna styrkor påverkar ett företags strategival i ett standardkrig. I synnerhet upplever författarna att synen på kunden genomgående påverkar ett företags strategier

Safety and preliminary efficacy data of a novel Casein Kinase 2 (CK2) peptide inhibitor administered intralesionally at four dose levels in patients with cervical malignancies

<p>Abstract</p> <p>Background</p> <p>Cervical cancer is now considered the second leading cause of death among women worldwide, and its incidence has reached alarming levels, especially in developing countries. Similarly, high grade squamous intraepithelial lesion (HSIL), the precursor stage for cervical cancer, represents a growing health problem among younger women as the HSIL management regimes that have been developed are not fully effective. From the etiological point of view, the presence of Human Papillomavirus (HPV) has been demonstrated to play a crucial role for developing cervical malignancies, and viral DNA has been detected in 99.7% of cervical tumors at the later stages. CIGB-300 is a novel cyclic synthetic peptide that induces apoptosis in malignant cells and elicits antitumor activity in cancer animal models. CIGB-300 impairs the Casein Kinase (CK2) phosphorylation, by targeting the substrate's phosphoaceptor domain. Based on the perspectives of CIGB-300 to treat cancer, this "first-in-human" study investigated its safety and tolerability in patients with cervical malignancies.</p> <p>Methods</p> <p>Thirty-one women with colposcopically and histologically diagnosed microinvasive or pre-invasive cervical cancer were enrolled in a dose escalating study. CIGB-300 was administered sequentially at 14, 70, 245 and 490 mg by intralesional injections during 5 consecutive days to groups of 7 – 10 patients. Toxicity was monitored daily until fifteen days after the end of treatment, when patients underwent conization. Digital colposcopy, histology, and HPV status were also evaluated.</p> <p>Results</p> <p>No maximum-tolerated dose or dose-limiting toxicity was achieved. The most frequent local events were pain, bleeding, hematoma and erythema at the injection site. The systemic adverse events were rash, facial edema, itching, hot flashes, and localized cramps. 75% of the patients experienced a significant lesion reduction at colposcopy and 19% exhibited full histological regression. HPV DNA was negative in 48% of the previously positive patients. Long term follow-up did not reveal recurrences or adverse events.</p> <p>Conclusion</p> <p>CIGB 300 was safe and well tolerated. This is the first clinical trial where a drug has been used to target the CK2 phosphoaceptor domain providing an early proof-of-principle of a possible clinical benefit.</p