Quality Investing in the Nordics : An empirical analysis of the QMJ factor in the Nordic countries, excluding Iceland

This master thesis provides empirical evidence that quality investing in the Nordics, excluding Iceland, produces abnormal returns. Even though investors are willing to pay a premium for quality, the QMJ factor introduced by Asness, Frazzini, and Pedersen (2013) generates abnormal returns for Nordic countries. As we examine the QMJ factor by the individual country and the Nordics as a region, we find that the QMJ generates positive returns across all countries when having a sufficiently large investment universe. Our results suggest that high-quality firms generate higher returns than low-quality firms while being less risky, confirming the existence of the quality puzzle in the Nordics.nhhma

Kapitalstruktur i norsknoterte oljeserviceselskaper : en empirisk studie av påvirkningsfaktorer i perioden 2000-2015

Målet med denne masterutredningen er å gi innsikt i underliggende faktorer for kapitalstruktur i norsknoterte oljeserviceselskaper. Utredningen etterstreber å gi et helhetlig bilde av selskapenes finansieringsatferd ved å inkludere både selskapsspesifikke og makroøkonomiske faktorer i den kvantitative tilnærmingen. I motsetning til andre tradisjonelle næringer i Norge er oljeservicebransjen utelatt i forskning tilknyttet kapitalstruktur. Samtidig er studier som undersøker både selskapsspesifikke og makroøkonomiske forhold underrepresentert i empirien. Med utgangspunkt i 65 oljeserviceselskaper avdekket vi både interessante og oppsiktsvekkende funn. Vi identifiserte fire selskapsspesifikke kjernefaktorer hvor fortegn og signifikansnivå forble konsistente, uavhengig av anvendte regresjonsmodeller. De fire kjernefaktorene og tilhørende påvirkning på gjeldsandel er; Materielle Eiendeler (+), Lønnsomhet (-), Størrelse (+) og Risiko (-). Kjernefaktorene kan sies å være karakteristiske særtrekk ved oljeservicebransjen de siste 15 årene. Det er interessant at resultatene avdekker at disse særtrekkene også har vært bestemmende for kapitalstrukturen til oljeserviceselskapene. Med utgangspunkt i tre anerkjente kapitalstrukturteorier undersøker vi hvordan teoriene egner seg til å forklare observert kapitalstruktur i norsknoterte oljeserviceselskaper. Ingen av teoriene kan sies å være helt i tråd med oppnådde resultater. Trade-Off er imidlertid den teorien som best forklarer avdekket finansieringsatferd i norsknoterte oljeserviceselskaper, og dominerer således Pecking-Order og Market Timing. Det er videre verdt å merke seg at utredningens konklusjoner er upåvirket av valget mellom bokført- og markedsbasert gjeldsandel. Regresjonsmodellene oppnår lite ekstra forklaringskraft ved å inkludere makroøkonomiske variabler. Det avdekkes imidlertid to interessante makroøkonomiske faktorer, som gir indikasjoner på at gjeldsandelen i oljeserviceselskapene er prosyklisk. Makroøkonomiske funn indikerer at gjeldsandelen øker i takt med oljepris og forventningen om fremtidig vekst i norsk økonomi. Det faktum at oljepris og gjeldsandel har en positiv sammenheng er særdeles interessant, med tanke på de sykliske forholdene oljeservicebransjen opererer under. Utredningen som helhet gir en god innsikt i dynamikken rundt kapitalstruktur i ulike selskap og nyttig kunnskap om oljeservicebransjen.nhhma

Coping with external stressors in handball and football elite refereeing: The relationship with referee efficacy

This study investigated the association between referee efficacy and self-reported coping with external stressors among elite handball and football referees. The participants were 224 Norwegian elite referees of handball (n = 111, m age = 35.3 years, 13.5% females) and football (113, m age = 30.8 years, 8% females) who had been referees for an average of 14.4 years (sd = 7.77 years; min: 4, max: 37) and a referee at the present level for 6.8 years (sd = 6.20 years, min: 1, max: 32). Referee self-efficacy was measured using the Norwegian version of the Referee Self-Efficacy Scale. Self-reported coping with external stressors was measured using responses to statements related to the referee’s self-perceived decision-making process in the presence of several sources of external stressors. Referee self-efficacy was positively associated with coping with external stressors (b = .24 (se = .11), p = .021). Football referees reported higher levels of coping with external stressors (b = .28 (se = .08), p = .001) than handball referees, and the number of years of elite refereeing was positively related to coping with external stressors. The findings provide evidence of a positive relationship between referee efficacy and coping with external stressors when making decisions.   Keywords: Referee Self-Efficacy Scale, decision-making, social pressure, team sport referee

Globalisering og integrasjon som teoretisk utfordring – INGOer som empirisk illustrasjon

Hensikten med denne artikkelen er å belyse hvordan globalisering som sosialt fenomen utfordrer og innarbeides i den sosiologiske teoridannelsen. Spesielt rettes fokuset mot hvordan globaliseringsprosesser aktualiserer en refortolkning av sosiologiens grunntema, nemlig ordensproblemet. Hvordan tematiseres og begrepsfestes integrasjon i et samfunn som nå kanskje omfavner hele kloden? Når en har verdenssamfunnet som gjenstandsområde, må det utvikles erkjennelsesmessige kategorier som gjør det mulig å reflektere over ontologiske kjennetegn ved, nettopp, verdenssamfunnet. Imidlertid viser det seg å være utfordrende å gi en overbevisende argumentasjon for hvordan verdenssamfunnet henger sammen ved å benytte tradisjonelle sosiologiske begreper. Gjennom en teoretisk diskusjon vil jeg først forsøke å avdekke grunnen til at store deler av sosiologien ikke evner å forklare hvordan et fremvoksende verdenssamfunn i økende grad fremstår som et fellesskap. Deretter vil jeg foreslå at vi nå ser konturene av et verdensomspennende felleskap, forstått som dannelsen av et system rundt forventninger om kollektiv handling for å løse felles problemer. Som ledd i denne argumentasjonen vil jeg trekke frem INGOer (International Non-Governmental Organizations) som spesielt viktige for å utvikle en gryende form for global integrasjon. ENGELSK ABSTRACT: Leif Martin Haugen: Globalization and Integration as a Theoretical Challenge – INGOs as an Empirical Illustration The purpose of this article is to illustrate how globalization as a social phenomenon challenges and is incorporated in sociological theory. Specifically, I will focus on how globalization processes actualize a reinterpretation of the fundamental theme of sociology – the problem of order. How can integration be conceptualized in a society that now embraces the whole planet? When the object of analysis is world society, concepts must be developed that make it possible to reflect on the ontological characteristics of this society. However, it turns out to be a challenge to provide a convincing description of how world society is integrated by means of traditional sociological insights. I attempt to unfold why sociology is having difficulties explaining how an emerging world society appears as a community. I argue that we can now observe the outline of a worldwide community understood as a system that develops around expectations of collective actions to solve common problems. I illustrate this argument with an analysis of so-called INGOs (International Non-Governmental Organizations) which are particularly important for developing a nascent form of global integration. Key words: Sociology, globalization, integration, INGOs, world society

Downstream logistics optimization at EWOS Norway

The Norwegian company EWOS AS produces fish feed for the salmon farming industry, supplying approximately 300 customers spread along the coast of Norway. The feed is produced at three factory locations and distributed by a fleet of 10 dedicated vessels. The high seasonality of the demand and the large number of customers make the distribution planning a substantial challenge. EWOS handles it by operating a system of mostly fixed routes with decentralized planning at each factory. The distribution can be described as a multi-depot vehicle routing problem with time windows, multiple vehicle usage, inter-depot routes, heterogeneous fleet and a rolling horizon. The paper presents a mathematical model for this problem, which is solved by heuristics and meta heuristics. Based on detailed historical data collected by EWOS during the autumn of 2010, the model has proposed a dynamic set of routes with a significant reduction of travelled distance - close to 30% - and an increase of average vessel fill-rate - from 60% up to 95%. This implies a substantial fuel saving, with a positive environmental impact, and also a potential for downscaling the fleet, with additional considerable cost savings for the company.publishedVersio

An Examination of the Relationship Between Coaches’ Transformational Leadership and Athletes’ Personal and Group Characteristics in Elite Youth Soccer

There is a growing body of the literature highlighting the positive impact of transformational leadership behaviours across contexts, including sport. However, there is a lack of knowledge of this relationship within elite sport settings. Thus, the purpose of the present study was to examine the relationship between elite youth athletes’ perceptions of coaches’ transformational coaching-behaviours and variables that have been linked to transformational leadership in other settings (i.e., group cohesion, motivational climate, self-regulation of learning and athlete satisfaction). Norwegian elite youth soccer players (n = 753) selected into the national talent development program completed questionnaires to measure the variables of interest. Using structural equation modelling, results revealed a positive path from transformational leadership to both task and social cohesion, taskoriented motivational climates, self-regulation of learning and athlete satisfaction. Finally, a negative path from transformational leadership to ego-oriented climates was identified. The findings are in line with previous research in associating transformational leadership behaviours with adaptive outcomes, and further indicating that such relationships may also be valid in elite sport contexts.publishedVersio

Multi-scale dissolution dynamics for carbon sequestration in carbonate rock samples

Carbon dioxide (CO2) sequestration in porous, sedimentary reservoirs is a key technology to mitigate emissions of anthropogenic CO2 and curb irreversible climate change. The abundance of carbonate formations, both as saline aquifers and hydrocarbon reservoirs, makes future CO2 storage in carbonate formations highly likely. The weak carbonic acid that forms when CO2 dissolves in water will, however, interact with highly reactive carbonate. Preferential flow paths may form during dissolution or calcite precipitation may reduce injectivity - both processes significantly impacting reservoir sweep efficiency. Hence, understanding the dynamics of the dissolution processes and their influence on flow properties is necessary to safely store CO2 in carbonate formations. Darcy and sub-Darcy scale dissolution kinetics were here assessed in carbonate core plugs with and without pre-existing highly permeable pathways, during multiphase flow and under relevant storage conditions. Darcy-scale dissolution and precipitation data (injectivity changes, effluent analysis and mass loss) confirmed that CO2 and brine co-injections altered the carbonate rock structure on Darcy scale, but could not determine the cause of change. Multi-modal imaging was applied to independently quantify structural changes with computed tomography (CT) and aqueous flow characteristics with positron emission tomography (PET), thereby determining injectivity dependence on local flow patterns. Formation of high permeability pathways, which was expected due to rock dissolution, was only observed in cores with pre-existing open fractures, where reactive flow was limited to the fracture plane. A good correlation between the two imaging modules was found: areas of higher porosity yielded a low-density CT signal (i.e. high number of voids present) and a high PET signal density (i.e. large volume of traced fluid present). Loss of injectivity suggested local changes in the flow pattern due to blocking of pore throats by moving particles or secondary precipitation or mineralization of dissolved ions. High-resolution PET imaging revealed cementation, that was also visible using micro-CT, hence determining sub-Darcy local flow obstructions that led to decreased Darcy scale injectivity. Multi-modal imaging, where core characteristics, such as large vugs and cementation, can be independently determined by complementary modalities, may therefore be a useful tool to quantify reactive flow and resulting dissolution in rock samples.publishedVersio