Historisk avkastning på valutaobligasjoner

Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2008Denne oppgaven omhandler strukturerte produkter, og herunder valutaobligasjoner utstedt av Nordea med forfall i 2007 eller senere. Jeg starter med å fortelle grunnleggende om de strukturerte produktene og deres posisjon i de norske verdipapirmarkedet. Videre går jeg inn på oppbygging av produktene, og fortsetter deretter på den grunnleggende teorien om obligasjoner og opsjoner. Jeg tar også for meg verdsettelse av opsjoner, og forteller litt om Black-Scholes modellen, som er den er den viktigste modellen for opsjonsprising. Jeg tar også for meg avkastningsfaktoren, som er den som avgjør størrelsen på den endelige avkastningen produktet gir. Videre tar jeg for meg valutamarkedet, om hvilke faktorer som påvirker valutakursen. Jeg forteller også litt om arbitrasjemuligheter i valutamarkedet, og om udekket og dekket renteparitet, samt kjøpekraftsparitet. I tillegg trekker jeg frem carry trades, som er en strategi som blir stadig mer brukt innenfor valutaspekulasjon. Denne strategien går ut på at man kjøper valutaer med tilhørende høye renter mot valutaer med lave renter, da det har vist seg at valutaer med høye renter tiltrekker seg investorer. Jeg tar også for meg litt om korrelasjon og volatilitet i valutamarkedet, samt litt om pesoproblemet, som er en kilde til usikkerhet i valutamarkedet. I analysen viser jeg til hvordan avkastningen har vært for forfalte produkter både før og etter tegningsomkostninger. Jeg viser også til hvordan disse tallene er sammenlignet med den risikofrie alternativavkastningen man kunne oppnådd ved å investere de samme midlene i norske statsobligasjoner. Jeg gjør også det samme for løpende produkter, og her tar jeg med både foreløpig årlig avkastning i det underliggende, som antas å årlig avkastning til produktet forutsatt stabil utvikling, samt den avkastningen man oppnår ved å selge produktet i annenhåndsmarkedet. Jeg finner at avkastningen har vært relativt bra sammenlignet med risikofri alternativavkastning for de forfalte produktene, og at den foreløpig ikke ligger an til å bli like bra for de løpende produktene. Jeg ser også på om differanser mellom produkter med hensyn på antall valutakryss eller levetid. Her viser det seg at ingen av disse faktorene utpeker seg som noen særlig kilde til god eller dårlig avkastning. Derimot har ulike valutakryss gitt ulik avkastning, og enkelte Masteroppgave Universitetet i Agder, våren 2008 iii strategier har vært mer vellykkede enn andre, noe man også bør kunne forvente i denne sammenhengen

REVIEW OF DEER KED (LIPOPTENA CERVI) ON MOOSE IN SCANDINAVIA WITH IMPLICATIONS FOR NORTH AMERICA

The deer ked (Lipoptena cervi) is an Old World dipteran ectoparasite of moose (Alces alces) and other Cervidae. It has undergone significant expansion in distribution on moose of Scandinavia in recent decades. This has been accompanied by much published research dealing with the range expansion and possible factors involved, problems for moose, exposure of northern populations of reindeer (Rangifer rangifer tarandus), and public health issues. Apparently, Lipoptena cervi was introduced into northeastern United States in the late 1800s, presumably on an unknown species of European deer, and it soon spread to white-tailed deer (Odocoileus virginianus). We review the current situation in Scandinavia and North America and document the first record of L. cervi on moose in northeastern United States

The use of light, restrictive feeding, fibrous feed and stocking density and the consequences for animal welfare for poultry species kept in Norway - Scientific Opinion of the Panel on Animal Health and Welfare of the Norwegian Scientific Committee for Food and Environment

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The use of light, restrictive feeding, fibrous feed and stocking density and the consequences for animal welfare for poultry species kept in Norway - Scientific Opinion of the Panel on Animal Health and Welfare of the Norwegian Scientific Committee for Food and Environment

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Factors affecting deer ked (Lipoptena cervi) prevalence and infestation intensity in moose (Alces alces) in Norway

Background: The deer ked (Lipoptena cervi), a hematophagous ectoparasite of Cervids, is currently spreading in Scandinavia. In Norway, keds are now invading the south-eastern part of the country and the abundant and widely distributed moose (Alces alces) is the definitive host. However, key factors for ked abundance are poorly elucidated. The objectives of our study were to (i) determine deer ked infestation prevalence and intensity on moose and (ii) evaluate if habitat characteristics and moose population density are determinants of deer ked abundance on moose. Methods: In order to identify key factors for deer ked abundance, a total of 350 skin samples from the neck of hunted moose were examined and deer keds counted. Infestation intensity was analyzed in relation to moose age and sex, moose population density and landscape characteristics surrounding the killing site. Results: Deer ked infestation prevalence was 100%, but infestation intensity varied from 0.001 to 1.405 keds/cm2. Ked intensity was highest in male yearlings (~1.5 years) and positively associated with longitude and Scots pine (Pinus sylvestris) dominated habitat and negatively associated with bogs and latitude. Moose population density during autumn showed a tendency to be positively associated, while altitude tended to be negatively associated with ked intensity. Conclusions: Deer keds exploit the whole moose population within our study area, but are most prevalent in areas dominated by Scots pine. This is probably a reflection of Scots pine being the preferred winter browse for moose in areas with highest moose densities in winter. Ked intensity decreases towards the northwest and partly with increasing altitude, probably explained by the direction of dispersal and reduced temperature, respectively. Abundant deer ked harm humans and domestic animals. Moose management authorities should therefore be aware of the close relationship between moose, deer ked and habitat, using the knowledge as a management tool for locally regulating the ked burden

Hair cortisol concentration and body mass in moose (Alces alces) infested with deer keds (Lipoptena cervi)

The deer ked (Lipoptena cervi), a hematophagous ectoparasite of cervids, is currently spreading in Scandinavia, and the moose (Alces alces) is its main host. However, little is known about the impact of deer keds on moose. We analyzed the hair cortisol concentration (HCC) from 262 moose harvested in the fall in relation to age class, sex, body mass (BM), and deer ked infestation intensity, and BM in relation to age class, sex, and infestation intensity. We found that HCC decreased with increasing deer ked intensity at low ked intensities, but for the higher levels of ked intensities, there was a positive relationship between HCC and ked intensity. The HCC was higher in males than in females and lower in yearlings than in calves and adults. Our failure to find any association between BM and deer ked intensity suggested a negligible impact of deer ked infestation on moose foraging and metabolism at the level of infestation observed early in the infestation, but did not exclude an effect later in winter. Our findings suggested that moose generally tolerated moderate parasitism by keds. However, the increase in HCC at higher ked intensities suggested that the tolerance strategy could be disrupted with further increases in intensities and consequently may negatively affect animal health and welfare

Heterogeneity of pathological prion protein accumulation in the brain of moose (<i>Alces alces</i>) from Norway, Sweden and Finland with chronic wasting disease

Prion diseases are a group of neurodegenerative, transmissible, and fatal disorders that affect several animal species. They are characterized by the conformational conversion of the cellular prion protein (PrPC) into the pathological prion protein (PrPSc). In 2016, chronic wasting disease (CWD) gained great importance at European level due to the first disease detection in a wild reindeer (Rangifer tarandus) in Norway. The subsequent intensive CWD surveillance launched in cervids resulted in the detection of CWD in moose (Alces alces), with 11 cases in Norway, 3 in Finland and 4 in Sweden. These moose cases differ considerably from CWD cases in North American and reindeer in Norway, as PrPSc was detectable in the brain but not in lymphoid tissues. These facts suggest the occurrence of a new type of CWD. Here, we show some immunohistochemical features that are clearly different from CWD cases in North American and Norwegian reindeer. Further, the different types of PrPSc deposits found among moose demonstrate strong variations between the cases, supporting the postulation that these cases could carry multiple strains of CWD

Prevalence and subtypes of Influenza A Viruses in Wild Waterfowl in Norway 2006-2007

The prevalence of influenza A virus infection, and the distribution of different subtypes of the virus, were studied in 1529 ducks and 1213 gulls shot during ordinary hunting from August to December in two consecutive years, 2006 and 2007, in Norway. The study was based on molecular screening of cloacal and tracheal swabs, using a pan-influenza A RT-PCR. Samples found to be positive for influenza A virus were screened for the H5 subtype, using a H5 specific RT-PCR, and, if negative, further subtyped by a RT-PCR for the 3'-part of the hemagglutinin (HA) gene, encompassing almost the entire HA2, and the full-length of the neuraminidase (NA) gene, followed by sequencing and characterization. The highest prevalence (12.8%) of infection was found in dabbling ducks (Eurasian Wigeon, Common Teal and Mallard). Diving ducks (Common Goldeneye, Common Merganser, Red-breasted Merganser, Common Scoter, Common Eider and Tufted Duck) showed a lower prevalence (4.1%). In gulls (Common Gull, Herring Gull, Black-headed Gull, Lesser Black-headed Gull, Great Black-backed Gull and Kittiwake) the prevalence of influenza A virus was 6.1%. The infection prevalence peaked during October for ducks, and October/November for gulls. From the 16 hemagglutinin subtypes known to infect wild birds, 13 were detected in this study. Low pathogenic H5 was found in 17 dabbling ducks and one gull

Tissue distribution of angiotensin-converting enzyme 2 (ACE2) receptor in wild animals with a focus on artiodactyls, mustelids and phocids

Natural cases of zooanthroponotic transmission of SARS-CoV-2 to animals have been reported during the COVID-19 pandemic, including to free-ranging white-tailed deer (Odocoileus virginianus) in North America and farmed American mink (Neovison vison) on multiple continents. To understand the potential for angiotensin-converting enzyme 2 (ACE2)-mediated viral tropism we characterised the distribution of ACE2 receptors in the respiratory and intestinal tissues of a selection of wild and semi-domesticated mammals including artiodactyls (cervids, bovids, camelids, suids and hippopotamus), mustelid and phocid species using immunohistochemistry. Expression of the ACE2 receptor was detected in the bronchial or bronchiolar epithelium of several European and Asiatic deer species, Bactrian camel (Camelus bactrianus), European badger (Meles meles), stoat (Mustela erminea), hippopotamus (Hippopotamus amphibious), harbor seal (Phoca vitulina), and hooded seal (Cystophora cristata). Further receptor mapping in the nasal turbinates and trachea revealed sparse ACE2 receptor expression in the mucosal epithelial cells and occasional occurrence in the submucosal glandular epithelium of Western roe deer (Capreolus capreolus), moose (Alces alces alces), and alpaca (Vicunga pacos). Only the European badger and stoat expressed high levels of ACE2 receptor in the nasal mucosal epithelium, which could suggest high susceptibility to ACE2-mediated respiratory infection. Expression of ACE2 receptor in the intestinal cells was ubiquitous across multiple taxa examined. Our results demonstrate the potential for ACE2-mediated viral infection in a selection of wild mammals and highlight the intra-taxon variability of ACE2 receptor expression, which might influence host susceptibility and infection