A study of the Norwegian Stock Market, 1961-1989 : characteristics of the Oslo Stock Exchange and an empirical analysis of the price-book anomaly

This thesis analyzes characteristics of the Oslo Stock Exchange (OSE) in the time period 1961-1989. Furthermore, this thesis extends the literature concerning the research on the P/B anomaly in the Norwegian stock market by investigating the relationship between the P/B ratio and future realized stock returns. The anomaly is heavily researched in other markets. Similar studies have also been conducted for the OSE after 1980. We extend the research of the anomaly with additional 19 prior years. The analyses are based on a self-assembled data set, supplemented with existing market values and stock prices. Considering the characteristics of the OSE, both the market value and invested capital grew rapidly throughout the observed period. Key indicators, like the debt ratio, return on equity, price-book and price-earnings, have also been analyzed, and we find that the ratios historically reflect market factors and events. In our analysis, we find a significant link between the contemporary P/B and the future long-term stock return. However, when we control for company size (market value), risk (debt ratio), profitability (ROE) and a 5-year lag of the long-term return, the significance diminishes. Further, we identify that the P/B effect can be explained by differences in firm size (the size effect). The similar relationship is researched through a portfolio analysis, where we compare the future return of a portfolio consisting of low P/B firms and the future return of a portfolio consisting of high P/B firms. Despite the equally-weighted low P/B portfolio providing a significantly higher future return, the superior gain disappears when comparing the future return of the value-weighted portfolios. These results provide further support for the size effect.nhhma

Valg av revisor og effekt på klientselskapets skattebelastning

De største revisjonsselskapene har i dag en sterkere markedsposisjon enn noensinne. Etter en rekke oppkjøp og sammenslåinger står det igjen fire globale giganter; PwC, Deloitte, KPMG og Ernst & Young. Utredningen består av 3 hoveddeler som tar for seg ulike problemstillinger rundt klientselskapers valg av revisor og forskjellen mellom de fire største revisjonsselskapene og deres mindre konkurrenter. Del 1 tar sikte på å finne systematiske fellestrekk mellom klientselskaper som velger en av de fire store som revisor. Det mest signifikante funnet er at sannsynligheten for å velge en av de fire store øker med størrelsen på klientselskapet. Mens de fire store reviderer 25,6 % av alle selskaper med årlig omsetning under 50 millioner kroner, er andelen hele 73,8 % blant selskaper med omsetning over 100 millioner kroner. Videre tenderer enkelte bransjer som petroleum, skipsfart, FoU og finans til å velge de fire store, uavhengig av størrelse på klientselskapet. Del 2 inneholder en presentasjon av internasjonale funn knyttet til manipulasjon av regnskapsdata og en gjennomgang av hva som kjennetegner selskaper som blir utsatt for regnskapsmanipulasjon. Jeg presenterer noen av de mest profilerte norske regnskapsskandalene, og konstaterer at de internasjonale funnene ser ut til å ha overføringsverdi også til norske forhold. Videre finner jeg at det ikke er noen klar sammenheng mellom valg av revisor og forekomst av regnskapsmanipulasjon. Del 3 ser på de fire stores rolle som tilretteleggere for skatteplanlegging. Grunnet deres brede kompetanse innen regnskap, selskapsrett og skatterett er de fire store ettertraktet som rådgiver i forbindelse skatteeffektiviserende tiltak og omorganiseringer. Jeg presenterer noen av metodene som benyttes for å redusere klientenes skattekostnad, og finner at klienter av de fire store gjennomgående har en lavere skattebelastning enn klienter av mindre revisjonsselskaper

Samtykkekravet ved eierskifte i aksjeselskap - En analyse av vilkåret "saklig grunn" i aksjeloven § 4-16 (2): med et innblikk i familiedrevne aksjeselskaper

MasteroppgaveJUS399MAJURMAJUR-

Autonomous Grasping Using Novel Distance Estimator

This paper introduces a novel distance estimator using monocular vision for autonomous underwater grasping. The presented method is also applicable to topside grasping operations. The estimator is developed for robot manipulators with a monocular camera placed near the gripper. The fact that the camera is attached near the gripper makes it possible to design a method for capturing images from different positions, as the relative position change can be measured. The presented system can estimate relative distance to an object of unknown size with good precision. The manipulator applied in the presented work is the SeaArm-2, a fully electric underwater small modular manipulator. The manipulator is unique in its integrated monocular camera in the end-effector module, and its design facilitates the use of different end-effector tools. The camera is used for supervision, object detection, and tracking. The distance estimator was validated in a laboratory setting through autonomous grasping experiments. The manipulator was able to search for and find, estimate the relative distance of, grasp, and retrieve the relevant object in 12 out of 12 trials.publishedVersio

Anterior cruciate ligament—return to sport after injury scale: validation of the Norwegian language version

Purpose Evidence is emerging on the importance of psychological readiness to return to sport after anterior cruciate ligament (ACL) reconstruction. The ACL-Return to Sport after Injury scale (ACL-RSI) is developed to assess this. The aim of the current study was to translate ACL-RSI into Norwegian and examine the measurement properties of the Norwegian version (ACL-RSI-No). Methods ACL-RSI was translated according to international guidelines. A cohort of 197 ACL-reconstructed patients completed ACL-RSI-No and related questionnaires nine months post-surgery. One hundred and forty-six patients completed hop tests and 142 patients completed strength tests. Face and structural validity (confirmative factor analysis and explorative analyses), internal consistency [Cronbach’s alpha (α)], test–retest reliability [Intraclass Correlation Coefficients (ICC)], measurement error [Standard error of measurement (SEM) and smallest detectable change at individual (SDCind) and group level (SDCgroup)] and construct validity (hypotheses testing; independent t tests, Pearson’s r) were examined. Results ACL-RSI-No had good face validity. Factor analyses suggested that the use of a sum score is reasonable. Internal consistency and test–retest reliability were good (α 0.95, ICC 0.94 (95% CI 0.84–0.97) and measurement error low (SEM 5.7). SDCind was 15.8 points and SDCgroup was 2.0. Six of seven hypotheses were confirmed. Conclusions ACL-RSI-No displayed good measurement properties. Factor analyses suggested one underlying explanatory factor for “psychological readiness”—supporting the use of a single sum score. ACL-RSI-No can be used in the evaluation of psychological readiness to return to sport after ACL injury. Level of evidence III.publishedVersio

Autonomous subsea intervention (SEAVENTION)

This paper presents the main results and latest developments in a 4-year project called autonomous subsea intervention (SEAVENTION). In the project we have developed new methods for autonomous inspection, maintenance and repair (IMR) in subsea oil and gas operations with Unmanned Underwater Vehicles (UUVs). The results are also relevant for offshore wind, aquaculture and other industries. We discuss the trends and status for UUV-based IMR in the oil and gas industry and provide an overview of the state of the art in intervention with UUVs. We also present a 3-level taxonomy for UUV autonomy: mission-level, task-level and vehicle-level. To achieve robust 6D underwater pose estimation of objects for UUV intervention, we have developed marker-less approaches with input from 2D and 3D cameras, as well as marker-based approaches with associated uncertainty. We have carried out experiments with varying turbidity to evaluate full 6D pose estimates in challenging conditions. We have also devised a sensor autocalibration method for UUV localization. For intervention, we have developed methods for autonomous underwater grasping and a novel vision-based distance estimator. For high-level task planning, we have evaluated two frameworks for automated planning and acting (AI planning). We have implemented AI planning for subsea inspection scenarios which have been analyzed and formulated in collaboration with the industry partners. One of the frameworks, called T-REX demonstrates a reactive behavior to the dynamic and potentially uncertain nature of subsea operations. We have also presented an architecture for comparing and choosing between mission plans when new mission goals are introduced.publishedVersio

Genetic epidemiology of amyotrophic lateral sclerosis in Norway - a 2-year population based study

Background: Amyotrophic lateral sclerosis (ALS) is a neurodegenerative disease that affects motor neurons. In Europe, disease-causing genetic variants have been identified in 40-70% of familial ALS patients and approximately in 5% of sporadic ALS patients. In Norway, the contribution of genetic variants to ALS has not yet been studied. In light of the potential development of personalized medicine, knowledge of genetic causes of ALS in a population is becoming increasingly important. The present study provides clinical and genetic data on familial and sporadic ALS patients in a Norwegian population-based cohort. Methods: Blood samples and clinical information from ALS patients were obtained at all 17 neurological departments throughout Norway during a 2-year period. Genetic analysis of the samples involved expansion analysis of C9orf72 and exome sequencing targeting 30 known ALS-linked genes. The variants were classified using genotype-phenotype correlations and bioinformatics tools. Results: A total of 279 ALS patients were included in the study. Of these, 11.5% had one or several family members affected with ALS, whereas 88.5% had no known family history of ALS. A genetic cause of ALS was identified in 31 individuals (11.1%), among which 18 (58.1%) were familial and 13 (41.9%) were sporadic. The most common genetic cause was the C9orf72 expansion (6.8%), which was identified in 8 familial and 11 sporadic ALS patients. Pathogenic or likely pathogenic variants of SOD1 and TBK1 were identified in 10 familial and 2 sporadic cases. C9orf72 expansions dominated in patients from the Northern and Central regions, whereas SOD1 variants dominated in patients from the South-Eastern region. Conclusion: In the present study, we identified several pathogenic gene variants in both familial and sporadic ALS patients. Restricting genetic analysis to only familial cases would miss more than 40 percent of those with a disease-causing genetic variant, indicating the need for genetic analysis in sporadic cases as well.publishedVersio

Serotonin under gradvis oppstigning i høyden

A transient reduction in parasympathetic and symptathetic activity has been demonstrated during stepwise exposure to high altitude. There are few studies assessing the effects of altitude on serotonin metabolism. Personal anecdotes suggest that ascent to high altitude can cause mood changes such as depression and apathy. In the present study 12 healthy subjects were examined during stepwise exposure to high altitude. The objective of the study was to test the hypothesis of a temporary reduction in serotonin and its relation to SaO2 during ascent. Serum serotonin, plasma cathecolamines, oxygen saturation (SaO2), pulse and BP were assessed at 2850 m, 3350 m, 4300 m and 4900 m. Data are mean ± SEM. Compared with baseline, serotonin decreased significantly at 2850moh (Baseline: 196,5ng/ml ± 19,6, T1: 151,8ng/ml ± 12,76, p=0,024). It then increased further after exposure to higher altitudes. Serum serotonin correlated with oxygen saturation at 2850 m (r=0,704, p=0,011). Furthermore, the oxygen saturation at 2850 m correlated with the values of serotonin at 4300 m (r= 0,736, p=0,006) and 4900 m (r=0,709, p=0,022). Noradrenaline also decreased significantly from baseline to 2850 m (233,1 pmol L-1 ± 28,8 til 161,73 pmol L-1± 13,4, p=0,011) before it increased to at the higher altitudes. We conclude that there is a transient reduction in serotonin during stepwise exposure to high altitude and that the initial hypoxia is related to the oxygen saturation

Byutvikling i Bodø - En studie av bruk av lokaliseringsteori og medvirkning i utviklingen av en smart bydel i Bodø

Bakgrunnen for denne oppgaven er flyttingen av Bodø lufthavn og frigjøringen av store arealer til byutvikling sentralt i Bodø. Dette arealet er ment å dekke behovet for den enorme befolkningsveksten Bodø kommune forventer de neste 50 årene. Dette innebærer blant annet nye boligområder, arbeidsplasser, skoler, velferdstilbud og næringsliv. Oppgaven svarer på problemstillingen «Hvordan kan man bruke lokaliseringsteori og medvirkning til å utvikle en smart bydel i Bodø?» og tilhørende forskningsspørsmål. Studiet er utført via en enkeltcasestudie av Bodø kommune med fokus på ny bydel på flyplassområdet. Forskningen er gjort via kvalitative intervjuer med informanter ansatt i Bodø kommune og et spørreskjema sendt ut til Bodøs befolkning. I tillegg er det blitt brukt observasjon utført av Bodø kommune høsten 2016. Det er funnet ut at lokaliseringsteori og medvirkning begge er verktøy som har mye å si i utviklingen av en smart bydel i Bodø. Skal man lage noe som er smart forutsetter dette at ikke bare myndighetene, men også befolkningen, syns at løsningene er smarte. For å få til dette må man involvere befolkningen på et tidlig stadie for å skape både interesse og aksept hos befolkningen. Det er funnet ut at ulike analyser innenfor lokaliseringsteori har mye til felles med smarte byer. Det å bruke metoder for lokalisering som er bevist at fungerer i praksis er et smart valg for å kunne skape smarte og gode lokasjoner innenfor den nye bydelen. Denne oppgaven har kun pirket litt i overflaten av temaet og er på mange måter bare starten av å finne sammenhengen mellom lokaliseringsteori og smarte byer. Det gjenstår fortsatt mye forskning før man kan legge frem en fullstendig oversikt over ulike analyser og metoder innenfor lokaliseringsteori som er egnet for å skape en smart bydel