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Syftet med studien är att undersöka den anormala avkastningen hos börsintroduktioner på Stockholmsbörsen, mellan år 2000 och 2011, jämfört med ett relevant branschindex. Författarna undersöker sedan huruvida det finns något signifikant samband mellan ett antal utvalda variabler och erhållen BHAR. Förhoppningen är att studien kan bidra med ny kunskap inom aktuellt område, samt fungera som inspirationskälla för framtida studier. Författarna har använt sig av en kvantitativ metod med en deduktiv ansats för att analysera den sekundärdata som samlats in. Tidigare forskning som ligger till grund för denna studie undersöker huvudsakligen börsintroduktioner, och deras långsiktiga anormala avkastning, på de amerikanska börserna. Urvalet utgörs av 59 börsnoteringar som har matchats ihop med nio olika branschindex. All data är hämtad från Datastream, Nasdaq OMX samt Skatteverket. Studien påvisade att börsintroduktionerna i urvalet presterar signifikant sämre än jämförbart branschindex. Av de förklarande variablerna visade sig två av branscherna ha ett signifikant positivt samband med BHAR, Consumer Goods and services samt Technology.The purpose of the study is to examine the abnormal performance of IPOs, conducted on Nasdaq OMX Stockholm between the years 2000 and 2011, compared to a relevant sector index. The authors examine if there is a significant relationship between a selection of variables and obtained BHAR. Hopefully the study will contribute with new knowledge within this research area, and act as a source of inspiration for future studies. The authors used a quantitative method with a deductive approach to analyze the secondary data that has been collected. Earlier research that has been the foundation for this study has mainly examined IPOs, and their long term performance, on the American stock exchanges. The data sample consists of 59 IPOs that have been matched together with nine different sector indexes. All data is collected from Datastream, Nasdaq OMX and The Swedish Tax Agency. The study showed that the sampled IPOs performed significantly worse than comparable index. Two of the explaining variables were determined to have a significant positive relationship with BHAR, Consumer Goods and Services as well as Technology

Potential links between Baltic Sea submarine terraces and groundwater seeping

Submarine groundwater discharge (SGD) influences ocean chemistry, circulation, and the spreading of nutrients and pollutants; it also shapes sea floor morphology. In the Baltic Sea, SGD was linked to the development of terraces and semicircular depressions mapped in an area of the southern Stockholm archipelago, Sweden, in the 1990s. We mapped additional parts of the Stockholm archipelago, areas in Blekinge, southern Sweden, and southern Finland using high-resolution multibeam sonars and sub-bottom profilers to investigate if the sea floor morphological features discovered in the 1990s are widespread and to further address the hypothesis linking their formation to SGD. Sediment coring and sea floor photography conducted with a remotely operated vehicle (ROV) and divers add additional information to the geophysical mapping results. We find that terraces, with general bathymetric expressions of about 1 m and lateral extents of sometimes > 100 m, are widespread in the surveyed areas of the Baltic Sea and are consistently formed in glacial clay. Semicircular depressions, however, are only found in a limited part of a surveyed area east of the island of Asko, southern Stockholm archipelago. While submarine terraces can be produced by several processes, we interpret our results to be in support of the basic hypothesis of terrace formation initially proposed in the 1990s; i.e. groundwater flows through siltier, more permeable layers in glacial clay to discharge at the sea floor, leading to the formation of a sharp terrace when the clay layers above seepage zones are undermined enough to collapse. By linking the terraces to a specific geologic setting, our study further refines the formation hypothesis and thereby forms the foundation for a future assessment of SGD in the Baltic Sea that may use marine geological mapping as a starting point. We propose that SGD through the submarine sea floor terraces is plausible and could be intermittent and linked to periods of higher groundwater levels, implying that to quantify the contribution of freshwater to the Baltic Sea through this potential mechanism, more complex hydrogeological studies are required.Peer reviewe

Whole-genome sequencing reveals host factors underlying critical COVID-19

Critical COVID-19 is caused by immune-mediated inflammatory lung injury. Host genetic variation influences the development of illness requiring critical care1 or hospitalization2–4 after infection with SARS-CoV-2. The GenOMICC (Genetics of Mortality in Critical Care) study enables the comparison of genomes from individuals who are critically ill with those of population controls to find underlying disease mechanisms. Here we use whole-genome sequencing in 7,491 critically ill individuals compared with 48,400 controls to discover and replicate 23 independent variants that significantly predispose to critical COVID-19. We identify 16 new independent associations, including variants within genes that are involved in interferon signalling (IL10RB and PLSCR1), leucocyte differentiation (BCL11A) and blood-type antigen secretor status (FUT2). Using transcriptome-wide association and colocalization to infer the effect of gene expression on disease severity, we find evidence that implicates multiple genes—including reduced expression of a membrane flippase (ATP11A), and increased expression of a mucin (MUC1)—in critical disease. Mendelian randomization provides evidence in support of causal roles for myeloid cell adhesion molecules (SELE, ICAM5 and CD209) and the coagulation factor F8, all of which are potentially druggable targets. Our results are broadly consistent with a multi-component model of COVID-19 pathophysiology, in which at least two distinct mechanisms can predispose to life-threatening disease: failure to control viral replication; or an enhanced tendency towards pulmonary inflammation and intravascular coagulation. We show that comparison between cases of critical illness and population controls is highly efficient for the detection of therapeutically relevant mechanisms of disease

Whole-genome sequencing reveals host factors underlying critical COVID-19

Critical COVID-19 is caused by immune-mediated inflammatory lung injury. Host genetic variation influences the development of illness requiring critical care1 or hospitalization2,3,4 after infection with SARS-CoV-2. The GenOMICC (Genetics of Mortality in Critical Care) study enables the comparison of genomes from individuals who are critically ill with those of population controls to find underlying disease mechanisms. Here we use whole-genome sequencing in 7,491 critically ill individuals compared with 48,400 controls to discover and replicate 23 independent variants that significantly predispose to critical COVID-19. We identify 16 new independent associations, including variants within genes that are involved in interferon signalling (IL10RB and PLSCR1), leucocyte differentiation (BCL11A) and blood-type antigen secretor status (FUT2). Using transcriptome-wide association and colocalization to infer the effect of gene expression on disease severity, we find evidence that implicates multiple genes—including reduced expression of a membrane flippase (ATP11A), and increased expression of a mucin (MUC1)—in critical disease. Mendelian randomization provides evidence in support of causal roles for myeloid cell adhesion molecules (SELE, ICAM5 and CD209) and the coagulation factor F8, all of which are potentially druggable targets. Our results are broadly consistent with a multi-component model of COVID-19 pathophysiology, in which at least two distinct mechanisms can predispose to life-threatening disease: failure to control viral replication; or an enhanced tendency towards pulmonary inflammation and intravascular coagulation. We show that comparison between cases of critical illness and population controls is highly efficient for the detection of therapeutically relevant mechanisms of disease

Medborgerligt deltagande i stadsplanering - En fallstudie av Bo01

Denna uppsats ämnar undersöka det medborgerliga deltagandet i planprocessen till Bo01, Västra hamnen. Fallstudien är uppbyggd som en least likely crucial case study då uppsatsen utgår från att projektets snabba tillkomst fick negativa implikationer för det medborgerliga deltagandet. Genom att utgå från delar av Kristian Sjöviks demokratiska processvärden, deltagande, ansvar och öppenhet samt två demokratiska utmaningar i form av inflytelseförhållanden och tekniska aspekter önskar uppsatsen genomföra en saklig analys av det medborgerliga deltagandet. Efter att den praktiska tillämpningen av Sjöviks teori och de demokratiska utmaningarna kommer resultatet därefter kort att diskuteras i relation till Medborgardemokrati och Deltagardemokrati. Analysen visar att det medborgerliga deltagandet i planprocessen på vissa områden är begränsat. Slutsatsen av vår analys är att detta framförallt beror på tillkortakommande i kommunens tryckta material, frånvarande av deltagande i utvecklingsprocessen samt komplikationer kring överklaganstiden för detaljplaner

Revisionens betydelse vid kreditprövning : Påverkan ur kreditgivares perspektiv.

Bachelor thesis in business administration with emphasis in accounting and auditing. Spring term 2011, Mälardalens Högskola. Authors: Jim Hansson, Filip Sahl and Pererik Sewerin. Advisor: Lennart Bogg. Key words: Abolition of mandatory auditing, optional audit, auditor, audit. Title: The role of audit in a credit review - impact from the creditor's perspective Background: As of November 1st2010, auditing became optional for micro companies in Sweden. This leads to an opportunity for about 70 % of the joint-stock companies to choose whether or not to keep their auditors. Creditors are affected by this as they may receive a less trustworthy base to make a good credit review if many companies choose to proceed their accountings without the control of an auditor. Creditors have the option to require that companies are to be reviewed by auditors, while authorized accounting consultants may be a possible substitute as a quality control for the accountings. Purpose: The purpose of this thesis is to examine what impact optional audit has had in credit processes so far and look into alternative forms of reviews for businesses. Problem definition: • Does auditing simplify for the creditors in a credit review? • Is there some kind of accounting that could be a substitute for the audit? Method: The study is qualitative in character through six interviews. Five interviews with creditors and one with SRF. Thereafter, the empirical evidence is analyzed together with the frame of reference. Result and conclusions: The creditors have not changed their practices significantly. This is due to the low limits and that the micro companies tend to have relatively low credits. Most people start their businesses on a small scale and expand from there. Many micro companies have chosen not to exploit the possibility of abolishing the auditing. There is no full substitute for the audit as the auditor's legislated independency as well as their reputation for quality, are important factors when the companies are to be reviewed for possible credits. However, there are some advantages to reports from authorized accounting consultants as the audit report only confirms accounts that could be half a year old. Further research: The study is done during an early stage of optional audit. It would be interesting to redo the study it in a later event as it would reveal if more companies have chosen to continue their operations without an auditor. Furthermore, it would be interesting to research how the creditors would react to a possible future raise of the limits and if they then would be forced to change their routines regarding credit reviews.Kandidatuppsats i företagsekonomi med inriktning redovisning och revision vårterminen 2011, Mälardalens högskola. Författare : Jim Hansson, Filip Sahl och Pererik Sewerin. Handledare : Lennart Bogg. Nyckelord : Slopad revisionsplikt, revisionens avskaffande, revisor, revision. Titel : Revisionens betydelse vid kreditprövning – påverkan ur kreditgivares perspektiv. Problembakgrund: Från och med den 1 november 2010 blev det frivilligt med revision för mikrobolag. Detta leder till att ca 70 % av alla aktiebolag kommer att ha möjligheten att välja om de vill ha kvar sin revisor eller inte. Kreditgivarna påverkas av detta då de riskerar att få in ett sämre underlag för att göra en bra kreditbedömning. Kreditgivarna har möjligheten att kräva ett reviderat bokslut av sina kunder samtidigt som auktoriserade redovisningskonsulter ser en möjlighet att bli ett alternativ till revisionen. Syfte: Syftet med uppsatsen är att undersöka hur kreditinstituten hittills har hanterat slopandet av revisionsplikten vid kreditsammanhang samt att se om det finns alternativa granskningsformer för företagen. Problemformulering: Underlättar revisionen för kreditgivare vid en kreditgivningsprocess? Finns det någon form av redovisning som kan ersätta revisionen? Metod: Studien har skett kvalitativt genom sex intervjuer, fem stycken kreditgivare och en med SRF. Därefter har det empiriska materialet analyserats utifrån teori och referensramen. Resultat och slutsatser: Kreditgivarna har inte ändrat på sina rutiner nämnvärt, då gränserna är relativt lågt satta är de företag som omfattas av lagförändringen oftast inte kredittunga. De flesta företagare börjar sin verksamhet i liten skala och växer därifrån. Dessutom är det flera företag som väljer att ha kvar sin revisor trots valmöjligheten. Det finns inget som kan ersätta revisionen fullt ut, då revisorns erfarenhet och reglerade oberoende är viktiga faktorer vid säkrandet av en redovisnings tillförlitlighet. Auktoriserade redovisningskonsulter kan dock i viss mån ersätta revisionen, eftersom deras kompetenskrav ger en tillförlitlighet i det redovisade materialet. Förslag till fortsatt forskning: Studien är gjord under ett tidigt skede efter det blev möjligt att frivilligt välja revision. Det vore därför intressant att göra om den vid en senare tidpunkt och se om fler företag valt bort revisionen. Dessutom vore det intressant att undersöka om bankerna ändrar sina rutiner vid en eventuell höjning av gränsvärdena

Investmentbolagens rabatt på börsen

Huvudsyftet med uppsatsen var att undersöka hur konjunkturläget påverkar substansrabatten givet olika företagsekonomiska egenskaper. Författarna formulerade även två bisyften; hur de utvalda företagsspecifika variablerna påverkar substansrabatten samt hur konjunkturläget påverkar substansrabatten.Signifikans hittades för de två företagsspecifika variablerna historisk överavkastning och diversifiering vilka hade ett negativt respektive positivt samband med substansrabatten. Det fanns även ett statistiskt signifikant negativt samband mellan makro-index (konjunkturläget) och substansrabatten. Interaktionsmodeller med företagsspecifika variabler kombinerade med makro-index genererade två signifikanta samband. Dessa två var diversifiering (negativ koefficient) och storägare (positiv koefficient)

Ett skepp kommer lastat : metallurgisk identifiering av osmundjärn funnet i ett skeppsvrak från 1500-talet i Stockholms skärgård

Vraket av ett drygt 20 meter långt och knappt 8 meter brett klinkbyggt lastfartyg påträffades under 2017 i Stockholms mellersta skärgård. Trots att skrovet har kollapsat i såväl fören som aktern är vraket ovanligt välbevarat

Foundational Belief Change

: This paper is concerned with the construction of a base contraction (revision) operation such that the theory contraction (revision) operation generated by it will be fully AGM-rational. It is shown that the theory contraction operation generated by Fuhrmann's minimal base contraction operation, even under quite strong restrictions, fails to satisfy the "supplementary postulates" of belief contraction. Finally Fuhrmann's construction is appropriately modified so as to yield the desired properties. The new construction may be described as involving a modification of safe (base) contraction so as to make it maxichoice. Descriptors: belief, change, contraction, revision, base, theory. We often change our beliefs. We learn new things, occasionally things that conflict with our current beliefs. On such occasions new beliefs replace the old ones. It is as if this process is completed in two steps: (1) first we identify and throw out the beliefs that conflict with the new information and t..