Active share i norsk fondsforvaltning : en empirisk analyse

I en amerikansk undersøkelse fra 2007 introduserte professorene Cremers og Petajisto et nytt mål på risiko, active share. Active share defineres som den delen av porteføljen som avviker fra referanseporteføljen. Professorene argumenterer for at en todimensjonal fremstilling mellom active share og tracking error kan skille mellom ulike typer aktive strategier. Vi har i vår utredning tatt for oss active share i det norske aksjefondsmarkedet. Vi har undersøkt om active share i kombinasjon med andre faktorer kan forklare forskjeller i prestasjoner, størrelse, kostnader og turnover. Vår utredning inkluderer 55 norske aksjefond i perioden 2003 – 2010. I det norske aksjefondsmarkedet fant vi en sterk sammenheng mellom active share og tracking error. Dette skyldes at Oslo Børs er en liten markedsplass eksponert mot få, men store risikofaktorer. Disse faktorene gjør det vanskelig å diversifisere innenfor sektorer, og dermed blir den todimensjonale fordelingen mindre betydningsfull. De fleste kategorier av fond har gitt alfa, og noen også med signifikans. Dette skyldes at norske aksjefond har prestert bra de siste tre årene i perioden. Våre funn antyder at de mest aktive forvalterne, definert ved active share, har generert en meravkastning, og at denne øker med fondsstørrelse. Kategorien med de største og mest aktive fondene hadde en gjennomsnittlig alfa på 2,99% (t=1,85). Videre finner vi at forskjellen i differanseavkastningen til fond med høy og lav active share ikke er konsistent over tid. De mest aktive forvalterne slår de mindre aktive i oppgangstider, men taper i nedgangstider. Grunnen til dette er i hovedsak at de er mer eksponert mot small cap aksjer. Norske aksjefond er like aktive i 2010 som i 2003. Spredningen blant forvalterne har imidlertid blitt større, noe som gjør at investorene har flere valgmuligheter. Active share varierer i perioden og verdivektet snitt for de aktive fondene er 45%. Sett på tvers av alle de aktive forvalterne er én av tre aktive posisjoner motstridende, som gir en aggregert active share på 29%

Pengaruh Penerapan Media Audio Visual Terhadap Penguasaan Keterampilan Dasar Push Dalam Pembelajaran Hoki di SMA Negeri 26 Bandung

Permasalahan yang diteliti dalam penelitian ini dilatarbelakangi oleh pengamatan penulis mengenai pembelajaran hoki khususnya push karena keterampilan push sering dilakukan dalam permainan hoki dan push harus dikuasai agar permainan hoki dapat dimainkan. Rumusan masalah dalam penelitian ini apakah media audio visual berpengaruh terhadap penguasaan keterampilan dasar push dalam pembelajaran hoki di SMA Negeri 26 Bandung?. Tujuan dalam penelitian ini untuk mengetahui pengaruh penerapan media audio visual terhadap penguasaan keterampilan dasar push. Metode penelitian yang digunakan adalah metode eksperimen, dengan desain penelitian pretest posttest control group design. Populasi dalam penelitian ini adalah semua siswa yang mengikuti kegiatan ekstrakurikuler hoki di SMA Negeri 26 Bandung. Teknik pengambilan sampel menggunakan sampling jenuh. Instrumen penelitian yang digunakan adalah tes keterampilan push FPOK UPI. Hasil dari nilai rata-rata tes awal kelompok eksperimen sebesar 12,50 dan nilai rata-rata tes akhir sebesar 22,00. Sedangkan hasil kelompok kontrol sebesar 12,00 dan tes akhir sebesar 12,30. Berdasarkan Hasil uji hipotesis satu pihak nilai t hitung adalah sebesar 13.510 dengan sig 0.00. Karena sig <0.05 maka dapat disimpulkan bahwa Ho ditolak, artinya media audio visual berpengaruh secara signifikan terhadap penguasaan keterampilan dasar push dalam pembelajaran hoki di SMA Negeri 26 Bandung. --- Problems studied in this research is motivated by the writer's observation about learning hockey particular push because of skill push frequently done in the game hockey and push should be controlled by so that the game hockey can played. The problems of this study whether audio-visual media influence the motion control of the Push in learning hockey at SMA Negeri 26 Bandung?. The goal in the study to find out of the influence of the implementation of the media audio visual against matery push basic skills. The method used is the experimental method, the pretest-posttest control group design. Objects in this study were all students who take hockey extracurricular activities in SMA Negeri 26 Bandung. The sampling technique using saturated sampling. The research instrument used was a test skill push FPOK UPI. The results of the value of the average test the beginning of the group experiments of 12,50 and the value of an average of the end of 22,00. While the results of a control group of 12,00 and the end of 12,30. According to the test hypothesis one the value t is 13,510 with sig 0.00. because sig <0.05 then can be conclude that Ho rejected, it means that significant effect on the motion basic skills push in learning hockey at SMA Negeri 26 Bandung

Educational inequalities in mortality over four decades in Norway: prospective study of middle aged men and women followed for cause specific mortality, 1960-2000

Objectives To determine the extent to which educational inequalities in relation to mortality widened in Norway during 1960-2000 and which causes of death were the main drivers of this disparity

Intergenerational polygenic obesity risk throughout adolescence in a cross-sectional study design: The HUNT study, Norway

Objective - This study examined the relationship between parental obesity polygenic risk and children’s BMI throughout adolescence. Additionally, from a smaller subsample, the objective was to assess whether parental polygenic risk score (PRS) may act as a proxy for offspring PRS in studies lacking offspring genetic data. Methods - A total of 8,561 parent-offspring (age 13-19 years) trios from the Trøndelag Health Study (the HUNT Study) were included, of which, 1,286 adolescents had available genetic data. Weighted parental PRSs from 900 single-nucleotide polymorphisms robustly associated with adult BMI were constructed and applied in linear mixed-effects models. Results - A positive association between parental PRS and offspring sex- and age-adjusted BMI (iso-BMI) throughout adolescence was identified. The estimated marginal effects per standard deviation increase in parental PRS were 0.26 (95% CI: 0.18-0.33), 0.36 (95% CI: 0.29-0.43), and 0.62 kg/m2 (95% CI: 0.51-0.72) for maternal, paternal, and combined parental PRS, respectively. In subsample analyses, the magnitude of association of the parental PRS versus offspring PRS with iso-BMI in adolescents was similar. Conclusions - Parental PRS was consistently associated with offspring iso-BMI throughout adolescence. Results from subsample analyses support the use of parental PRS of obesity as a proxy for adolescent PRS in the absence of offspring genetic data

Iodine Nutrition and Iodine Supplement Initiation in Association with Thyroid Function in Mildly-to-Moderately Iodine-Deficient Pregnant and Postpartum Women

Background Whereas the adverse effects of severe iodine deficiency during pregnancy are well documented, the effects of mild-to-moderate deficiency are not well established. Objectives We aimed to explore whether iodine nutrition and timing of iodine supplement initiation are associated with thyroid function in pregnant and postpartum women. Methods In this cohort study, 137 pregnant women were enrolled and followed up at gestational weeks (GWs) 18 and 36, and 3 and 6 mo postpartum. Thyroid function tests [thyroid-stimulating hormone (TSH), free triiodothyronine (fT3), and free thyroxine (fT4)], urinary iodine and creatinine concentration (UIC:Cr), and iodine intake (including iodine supplement use) were measured at each time point. The associations between thyroid hormone concentrations and UIC:Cr, iodine intakes, and iodine supplement use were estimated using multiple generalized estimating equation models. Results The median UIC at GW18 was 94 μg/L, indicating mild-to-moderate iodine deficiency. UIC:Cr (β; 95% CI) per 100 μg/g was negatively associated with fT3 (−0.191; −0.331, −0.051) and fT4 (−0.756; −1.372, −0.141) concentrations. Iodine intake (β; 95% CI) per 100 μg/d was positively associated with TSH (0.099; 0.022, 0.177), and negatively associated with fT3 (−0.084; −0.0141, −0.027) and fT4 (−0.390; −0.599, −0.182) concentrations. Compared with no use of supplement, those initiating an iodine-containing supplement prepregnancy and continuing through pregnancy had lower TSH (estimated means) (1.35 compared with 1.68 mIU/L, P = 0.021), and higher fT3 (4.48 compared with 4.28 pmol/L, P = 0.035) and fT4 (15.2 compared with 14.4 pmol/L, P = 0.024) concentrations. Conclusions Lower iodine availability during pregnancy and postpartum was associated with lower TSH, and higher fT3 and fT4 concentrations. The use of an iodine-containing supplement that was initiated prepregnancy and continuing through pregnancy was associated with lower TSH, and higher fT3 and fT4 concentrations, which may suggest improved thyroid function. These findings support the notion that optimization of iodine intake should start before pregnancy. This trial was registered at clinicaltrials.gov as NCT02610959.publishedVersio

Infant iodine status and associations with maternal iodine nutrition, breastfeeding status and thyroid function

Adequate iodine nutrition during infancy is required for normal thyroid function and, subsequently, brain development. However, data on infant iodine status in the first year of life are scarce. This study aimed to describe infant iodine status and further explore its associations with maternal iodine nutrition, breast-feeding status and thyroid function. In this cohort study, 113 infants were followed up at ages 3, 6 and 11 months in Norway. Infant and maternal urinary iodine concentration (UIC), maternal iodine intake, breast milk iodine concentration (BMIC), breast-feeding status and infant thyroid function tests were measured. The median infant UIC was 82 µg/l at the age of 3 months and below the WHO cut-off of 100 µg/l. Infant UIC was adequate later in infancy (median 110 µg/l at ages 6 and 11 months). Infant UIC was associated positively with maternal UIC (β = 0·33, 95 % CI (0·12, 0·54)), maternal iodine intake (β = 0·30, 95 % CI (0·18, 0·42)) and BMIC (β = 0·46, 95 % CI (0·13, 0·79)). Breastfed infants had lower median UIC compared with formula-fed infants at ages 3 months (76 v. 190 µg/l) and 6 months (105 v. 315 µg/l). Neither infant UIC nor BMIC were associated with infant thyroid function tests. In conclusion, breastfed infants in Norway are at risk of insufficient iodine intake during the first months of life. Maternal iodine nutrition is important for providing sufficient iodine intake in infants, and awareness of promoting adequate iodine nutrition for lactating women should be prioritised.publishedVersio

Comparison of organic and conventional food and food Production. Part IV: Human health – hygiene and pathogens

publishedVersio