Financing energy transformation:The role of renewable energy equity indices

The support of financial markets for the transformation of the energy system to a low carbon society seems critical for its success. But will they support this transformation on the basis of market incentives alone? This study analyses how equity indices that try to capture renewable energy investments perform compared to conventional benchmark indices. Especially financial market investors – such as pension funds, insurance companies, and mutual funds – use these to assess and guide their renewable energy investments. As such, we take the perspective of financial market participants, which mainly only indirectly invest in renewable energy. We also analyze whether renewable energy indices are to be regarded as an example of market environmentalism. We find that the renewable energy indices’ risk-adjusted return is very poor and suggests renewables is not a financially attractive portfolio investment yet. We also argue that renewable energy equity indices can be regarded as an example of market environmentalism, especially with respect to commodification and frame-shifting

Zur Struktur des deutschen Schriftsystems

Die vorliegende Arbeit will ein differenziertes und konsistentes Strukturmodell des deutschen Schriftsystems entwickeln. Noch immer fußt die Schriftlinguistik auf unsoliden theoretischen Grundlagen: So sind für das Graphem zwei verschiedene, einander widersprechende Definitionen in Gebrauch, die oft sogar miteinander vermischt werden. Zudem erschöpft sich die Graphematik, reduziert auf die Rolle einer Hilfswissenschaft der Orthographie, traditionell in der Betrachtung von Graphem-Phonem-Korrespondenzen und ignoriert in der Folge alle schriftlichen Erscheinungen, die nicht mit diesem Instrumentarium zu erfassen sind – etwa Zeichen wie oder oder , die unerlässlicher und selbstverständlicher Teil des täglichen Schriftgebrauchs sind. Und die vielfältigen Formen von Allographie werden allenfalls als Randerscheinung erwähnt, anstatt sie als Phänomen zu begreifen, das nach Systematisierung verlangt. Eine so betriebene Graphematik wird ihrer Aufgabe, das Schriftsystem des Deutschen vollständig zu erfassen, nicht gerecht. Ursache und zugleich Ausdruck dieses Missstandes ist das unzulängliche, gleichwohl etablierte Modell, das nur zwei Arten hierarchisierter Einheiten kennt: Grapheme und Graphen. Zur Revision und Fortentwicklung dieses Modells formuliert die vorliegende Arbeit einen Graphembegriff, der zwischen kleinsten schriftlichen Einheiten und phonemabbildenden Einheiten unterscheidet und auch Nichtbuchstaben ins System inkorporiert. Zehn verschiedene Erscheinungsformen von Allographie werden klassifiziert und insbesondere jene aufschlussreichen Fälle betrachtet, in denen die Wahl einer Verschriftungsvariante nicht orthographisch festgelegt, sondern von Einflüssen anderer linguistischer Ebenen gelenkt ist – etwa vom grammatischen Umfeld, lexikalischen Bezügen oder medialen Bedingungen. Besonderes Gewicht wird auf die Graphetik gelegt: Die äußere Form von Schriftzeichen wird in der Linguistik oft völlig ausgeblendet – dabei ist es ja gerade die Physis, die Schrift ausmacht. Diese Arbeit versucht indes, auch typographische Aspekte in die Linguistik einzubringen, denn in einigen Belangen erweist sich auch die Gestalt von Schriftzeichen als systematisch relevant. Als Ergebnis all dieser Erörterungen wird das etablierte Strukturmodell auf vier hierarchisierte Beschreibungsebenen erweitert, deren Einheiten tentativ als Phonemabbilder, Grapheme, Grundformen und Graphen bezeichnet werden

Evidence for a subtractive component in motion adaptation

Adaptation to a moving stimulus changes the perception of a stationary grating and also reduces contrast sensitivity to the adaptor. We determined whether the first effect could be predicted from the second. The contrast discrimination (T vs C) function for a drifting 7.5 Hz grating test stimulus was determined when observers were adapted to a low contrast (0.075) grating of the same spatial and temporal frequency, moving in either the same or the opposite direction as the test. The effect of an adaptor moving in the same direction was to move the T vs C function upwards and to the right, in a manner consistent with an increase in divisive inhibition. We also measured the effect of adaptation on the motion-null point for a counterphasing grating containing two components, one moving in the same direction as the adaptor and the other in the opposite direction. Adaptation increased the amount of contrast of the adapted component required to achieve the motion-null point. However, this shift could not be predicted from the effects of adaptation on contrast sensitivity. In particular, the balance point was shifted in gratings of high contrast where there was no effect of adaptation on contrast discrimination. We suggest that adaptation has a subtractive (recalibration) effect in addition to its effects on the contrast transduction function, and that this subtractive effect may explain the movement after-effect seen with stationary tests

PERFIL EPIDEMIOLÓGICO DA MORTALIDADE DE PACIENTES POR CÂNCER COLORRETAL NO ESTADO DO PARANÁ ENTRE 2017 E 2022

ThThis article will describe the epidemiological profile of deaths caused by colorectal cancer in the State of Paraná between the years 2017 and 2022 in the state of Paraná. This research aims to compare data collected from DATASUS in which it will be exposed by sex, age group and race that is most affected by death, after the diagnosis of colorectal cancer. The article will be based on data from DATASUS, initially collecting the number of colonoscopy performed in the years 2017 and 2022.Neste artigo será descrito o perfil epidemiológico das mortes causadas por câncer colorretal no Estado do Paraná entre os anos de 2017 e 2022 no estado do Paraná. Está pesquisa tem o intuito de comparar dados coletados do DATASUS em que será exposto por sexo, faixa etária e raça que mais é acometido pela morte, após o diagnóstico de câncer colorretal. O artigo será baseado em dados do DATASUS, coletando inicialmente a quantidade de colonoscopia feita nos anos de 2017 e 2022. &nbsp

Opposing effects of attention and consciousness on afterimages

The brain's ability to handle sensory information is influenced by both selective attention and consciousness. There is no consensus on the exact relationship between these two processes and whether they are distinct. So far, no experiment has simultaneously manipulated both. We carried out a full factorial 2 × 2 study of the simultaneous influences of attention and consciousness (as assayed by visibility) on perception, correcting for possible concurrent changes in attention and consciousness. We investigated the duration of afterimages for all four combinations of high versus low attention and visible versus invisible. We show that selective attention and visual consciousness have opposite effects: paying attention to the grating decreases the duration of its afterimage, whereas consciously seeing the grating increases the afterimage duration. These findings provide clear evidence for distinctive influences of selective attention and consciousness on visual perception

Functional visual fields: relationship of visual field areas to self-reported function

Purpose: The aim of this study is to relate areas of the visual field to functional difficulties to inform the development of a binocular visual field assessment that can reflect the functional consequences of visual field loss. Methods: Fifty-two participants with peripheral visual field loss undertook binocular assessment of visual fields using the 30-2 and 60-4 SITA Fast programs on the Humphrey Field Analyser, and mean thresholds were derived. Binocular visual acuity, contrast sensitivity and near reading performance were also determined. Self-reported overall and mobility function were assessed using the Dutch ICF Activity Inventory. Results: Greater visual field loss (0–60°) was associated with worse self-reported function both overall (R2 = 0.50; p < 0.0001), and for mobility (R2 = 0.64; p < 0.0001). Central (0–30°) and peripheral (30–60°) visual field areas were similarly related to mobility function (R2 = 0.61, p < 0.0001 and R2 = 0.63, p < 0.0001 respectively), although the peripheral (30–60°) visual field was the best predictor of mobility self-reported function in multiple regression analyses. Superior and inferior visual field areas related similarly to mobility function (R2 = 0.56, p < 0.0001 and R2 = 0.67, p < 0.0001 respectively). The inferior field was found to be the best predictor of mobility function in multiple regression analysis. Conclusion: Mean threshold of the binocular visual field to 60° eccentricity is a good predictor of self-reported function overall, and particularly of mobility function. Both the central (0–30°) and peripheral (30–60°) mean threshold are good predictors of self-reported function, but the peripheral (30–0°) field is a slightly better predictor of mobility function, and should not be ignored when considering functional consequences of field loss. The inferior visual field is a slightly stronger predictor of perceived overall and mobility function than the superior field

The what and why of perceptual asymmetries in the visual domain

Perceptual asymmetry is one of the most important characteristics of our visual functioning. We carefully reviewed the scientific literature in order to examine such asymmetries, separating them into two major categories: within-visual field asymmetries and between-visual field asymmetries. We explain these asymmetries in terms of perceptual aspects or tasks, the what of the asymmetries; and in terms of underlying mechanisms, the why of the asymmetries. Tthe within-visual field asymmetries are fundamental to orientation, motion direction, and spatial frequency processing. between-visual field asymmetries have been reported for a wide range of perceptual phenomena. foveal dominance over the periphery, in particular, has been prominent for visual acuity, contrast sensitivity, and colour discrimination. Tthis also holds true for object or face recognition and reading performance. upper-lower visual field asymmetries in favour of the lower have been demonstrated for temporal and contrast sensitivities, visual acuity, spatial resolution, orientation, hue and motion processing. Iin contrast, the upper field advantages have been seen in visual search, apparent size, and object recognition tasks. left-right visual field asymmetries include the left field dominance in spatial (e.g., orientation) processing and the right field dominance in non-spatial (e.g., temporal) processing. left field is also better at low spatial frequency or global and coordinate spatial processing, whereas the right field is better at high spatial frequency or local and categorical spatial processing. All these asymmetries have inborn neural/physiological origins, the primary why, but can be also susceptible to visual experience, the critical why (promotes or blocks the asymmetries by altering neural functions)

Alternative approaches in ESG investing : four essays on investment performance & risk

ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is "...forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk" (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal