Har teknisk analyse en investeringsverdi? En studie av daglige anbefalinger fra selskapet Investtech

Det meste av forskning viser at markedet er effisient i svak form, men til tross for dette eksisterer det et marked for teknisk analyse. I denne oppgaven forsøker jeg å avdekke en investeringsverdi for investorer som benytter seg av tekniske analyser, da gjennom anbefalinger fra selskapet Investtech. Jeg har valgt å se på to mulige opphav til verdi; både om det skjer en reaksjon i markedet umiddelbart etter anbefalingene publiseres, samt om en investor som baserer sin strategi på anbefalingene vil oppnå en meravkastning på mellomlang sikt, definert som 1-6 måneder.Dataene er fra perioden 2000-2020, bestående av 4794 individuelle anbefalinger fra 401 ulike selskap. Det dreier seg hovedsakelig om kjøpsanbefalinger, men det er også gitt hold- eller salgsanbefalinger der det enten har vært få positive kjøpssignaler eller sterke salgssignaler. Alle anbefalingene er utelukkende basert på teknisk analyse. Datasettene er av typen paneldata, og flere metoder for analyse er vurdert. Tilfeldig effekt modeller viste seg mest hensiktsmessig for å analysere datasettene, og jeg har rapportert med HC/HAC standardfeil da det var problemer med heteroskedastisitet/heteroskedastisitet og autokorrelasjon i datasettene. Alle beregninger og analyser er gjennomført i R-studio, og tabeller er utarbeidet i word.Analysen finner indikasjoner på at det skjer en reaksjon i markedet intradag når anbefalingene publiseres, både for kjøp- og salgsanbefalinger. Den indikerer også at en investor som baserer sin strategi på Investtech sine anbefalinger etter en måned vil ha oppnådd en meravkastning, justert for risiko, risikofri rente og kurtasje, på hele 3.39%. Etter tre måneder er meravkastningen sunket til 2.67%, og etter seks måneder er det ikke lenger snakk om noe signifikant meravkastning ved bruk av en slik strategi. Det ser altså ut til at Investtech sine anbefalinger har en investeringsverdi i det norske markedet, men det undersøkes ikke hvor denne verdien kommer fra.I diskusjonen settes resultatene fra studien i sammenheng med tidligere studier gjort på markedseffisiens og tekniske analyser. Mulig opphav for verdi diskuteres, og det reflekteres rundt denne studiens betydning for markedseffisiens i det norske markedet i perioden 2000-2020. Oppgaven konkluderes med at en muligens ikke bør være så bastant i påstanden om at teknisk analyse er verdiløst, uavhengig av om markedet er effisient eller ei.Nøkkelord; teknisk analyse, markedseffisiens, finans, meravkastning, Oslo bør

Genoprettende ret i det danske ungdomskriminalitetsnævn?

AbstractThe Danish Youth Crime Boards were launched January 1, 2019. They were part of a new legislation to fight and prevent youth offending. The target group consists of offenders aged 10 to 17, of which those 10 to 14 are legally considered below the age of criminal responsibility. In the legislative framework it is recommended that the verdicts of the boards should have a ‘restorative character to the extent possible’. A new category of verdicts – instant reactions – is introduced in this context. It is noted in several places that these verdicts should be in line with the principles of restorative justice. In the current article, I examine this restorative aspect of the legislative framework of the boards, as well as how it is put into practice by the boards and perceived by board members. Not only does the legislative framework appear unclear on this aspect, it also does not seem to align with recognized international definitions of restorative justice, the principles of which the verdicts of the boards should be in line with. As of October 31, 2021, instant reactions had only been applied in 1.5% of the cases handled by the boards. A key reason for thisis that the municipal recommendations – on the basis of which the boards issue their verdicts – do not include instant reactions in the vast majority of cases. Furthermore, the author’s survey among board members displays a notable uncertainty regarding appropriate instant reactions as well as rather varied connotations of how restorative character should be understood in this context. The Danish political level displays dissatisfaction with the limited usage of instant reactions to date. Initiatives are on the way to  address this point, including a catalogue of ideas for possible instant reactions. The author questions whether this approach will actually take the practice of the boards in a more restorative direction. Instead, the author suggests looking towards Norway for inspiration on this matter

Association of self-reported mother-infant relationship with child and adolescent mental health

cknowledgments The DNBC was established with a significant grant from the Danish National Research Foundation. Additional support was obtained from the Danish Regional Committees, the Pharmacy Foundation, the Egmont Foundation, the March of Dimes Birth Defects Foundation, the Health Foundation and other minor grants. The DNBC Biobank has been supported by the Novo Nordisk Foundation and the Lundbeck Foundation. Follow-up of mothers and children have been supported by the Danish Medical Research Council (SSVF 0646, 271-08-0839/06-066023, O602-01042B, 0602-02738B), the Lundbeck Foundation (195/04, R100-A9193), The Innovation Fund Denmark 0603-00294B (09-067124), the Nordea Foundation (02-2013-2014), Aarhus Ideas (AU R9-A959-13-S804), University of Copenhagen Strategic Grant (IFSV 2012), and the Danish Council for Independent Research (DFF – 4183-00594 and DFF – 4183-00152). Funding This work was supported by TRYGfonden (grant number 125227).Peer reviewedPublisher PD

A critical examination of Danish norms for the Strengths and Difficulties Questionnaire (SDQ)

Funding This work was supported by TRYGfonden [grant number 125227]. Acknowledgements The Danish National Birth Cohort was established with a significant grant from the Danish National Research Foundation. Additional support was obtained from the Danish Regional Committees, the Pharmacy Foundation, the Egmont Foundation, the March of Dimes Birth Defects Foundation, the Health Foundation and other minor grants. The DNBC Biobank has been supported by the Novo Nordisk Foundation and the Lundbeck Foundation. Follow-up of mothers and children have been supported by the Danish Medical Research Council (SSVF 0646, 271-08-0839/06-066023, O602-01042B, 0602-02738B), the Lundbeck Foundation (195/04, R100-A9193), The Innovation Fund Denmark 0603-00294B (09-067124), the Nordea Foundation (02-2013-2014), Aarhus Ideas (AU R9-A959-13-S804), University of Copenhagen Strategic Grant (IFSV 2012), and the Danish Council for Independent Research (DFF – 4183-00594 and DFF - 4183-00152).Peer reviewedPublisher PD

Data on plasma levels of apolipoprotein E, correlations with lipids and lipoproteins stratified by <i>APOE</i> genotype, and risk of ischemic heart disease

Data on correlations of plasma apoE with levels of lipids and lipoproteins stratified by APOE genotypes as well as data exploring the association between plasma levels of apoE and risk of ischemic heart disease (IHD) are wanted.The present data on 91,695 individuals from the general population provides correlations between plasma levels of apoE and lipids and lipoproteins for the three APOE genotypes ε33, ε44 and ε22, representing each of the three apoE isoforms. Further, data on extreme groups of plasma apoE (highest 5%) versus lower levels of apoE at enrollment explores risk of IHD and myocardial infarction (MI) and is given as hazard ratios. In addition, IHD and MI as a function of apoE/high-density lipoprotein (HDL) cholesterol ratio, as well as data on lipids, lipoproteins and apolipoproteins are given as hazard ratios. Data is stratified by gender and presented for the Copenhagen General Population Study and the Copenhagen City Heart Study combined