Effect of Ownership Types on the Social Performance in Microfinance Institutions

Master thesis Business Administration - University of Agder 2016The purpose of this thesis is to look at the effect of ownership type on the social performance in microfinance institutions (MFIs). First, I look at the theory concerning microfinance institutions, ownership and social performance. Then I will perform three different tests. First a t-test is used, then a probit regression with control variables, and finally a robustness check. I look at how two different ownership types affects six social performance variables. I will focus on nongovernmental organizations (NGOs) and shareholder firms (SHFs). Three of the social performance variables are often used when measuring social performance, and three of them are quite new when measuring social performance. The data contains 478 MFIs from 77 different countries in the period 1996 to 2012. To generate the results, both simple bivariate regression and multivariate regression is applied. The null hypothesis used, states that NGOs are more socially oriented than SHFs. The results from the study show that only the variable percentage of female clients and average loan size is significant in all three tests. This may indicate that NGOs has a higher percentage of female clients and a lower average loan size than SHFs. For the rest of the variables it is not possible to say that there is a significant difference between NGOs and SHFs, this because these variables where not significant in two of three tests. The results show some divergence against paradigms in the industry. However, there are both studies and theory that support these findings

Anomalies in the Norwegian Stock Market: What is so Special About January?

Masteroppgave økonomi og administrasjon- Universitetet i Agder, 2015In this thesis, we first look at the theory concerning efficient markets and anomalies. We then look at two effects in January in the Norwegian stock market, using data from the Oslo Stock Exchange (OSE) from the period 1980 – 2014. We first test for the existence of a January effect at the OSE in both an equally-weighted (EW) and a value-weighted (VW) portfolio. The January effect states that there exist abnormally high average returns in January compared to the average returns in all the other months of the year. In the testing procedure, we use both parametric and non-parametric tests and, find a statistically significant January effect in the EW portfolio, with a mean return that is at least 2.6% higher than the returns in the other months. Further, we test the EW size portfolios, and find a higher and more statistically significant January effect for small size firms, with a mean return that is at least 6.2% higher than the returns in the other months. Then, we test for the January effect for three sub-periods to see how the effect has changed over the years. For the EW portfolio the January effect has disappeared in resent years, whereas for the smallest size portfolio it still exists. Last, we test for the existence of the other January effect at the OSE. This effect states that the January return has the power to predict the market return for the rest of the year. If January returns are positive then the returns for the rest of the year are more likely to be positive and greater than if Januarys are negative. We use statistical tests and find a statistically significant other January effect for EW excess returns in the Norwegian stock market. We also check if the size of the firms has an impact on the other January effect, but we do not find such a connection

Historical changes in macroalgal communities in Hardangerfjord (Norway)

Hardangerfjord is the second largest fjord in Norway and is situated on the southwest coast. During the last century the fjord has been influenced by a variety of anthropogenous activities such as industry, hydro-electrical power plants and since 1980 an increase in fish farming. This study was carried out in order to investigate whether changes in the macroalgal communities of Hardangerfjord have taken place since the 1950s. The macroalgal composition at a number of stations investigated in 2008–2009 was compared to recordings from the same stations during the 1950s. While the distribution and abundance of dominant groups (fucoids, kelps) showed a high resilience when compared to recordings from the 1950s, some changes in the macroalgal communities in the fjord were evident. The present study showed higher species richness and a higher frequency of species with a warm-water affinity. Since the first part of the 1990s an increase in summer sea surface temperatures has taken place in the area, and the observed algal changes suggest a pronounced temperature effect on macroalgal communities. A number of red algal species was observed to protrude further into the fjord in the present study than in the 1950s, probably caused by altered salinity regime due to the electrical power industry.publishedVersio

Correlative evidence for competition between fucus serratus and the introduced chlorophyte codium fragile subsp. fragile on the southwest coast of Norway

The distribution of Codium fragile subsp. fragile and the native canopy-forming alga Fucusserratus was recorded at 51 sites in a 20 km long, sheltered region on the southwest coast of Norway. The purpose of the study was to examine if these species are potentially competing and how their distributions are related to wave-exposure and substrate. Codium fragile subsp. fragile was patchily distributed, a pattern which appears to have been sustained over time since its introduction to this area. It was almost always observed growing below mean low water, in the low intertidal and shallow subtidal. Both substrate type and wave-exposure influenced the vertical distribution of C. fragile subsp. fragile; growth occurred higher on the shore at sheltered sites and deeper in the subtidal on stony substrate. Its vertical range of growth overlapped with that of F. serratus and, when C. fragile subsp. fragile was abundant, F. serratus tended to grow higher on the shore and at lower abundances. This suggests that C. fragile subsp. fragile is affecting F. serratus in this area through competition, but only in the lower portion of the fucoid’s vertical range and only at sites favorable for its own growth with regard to shelter and substrate.publishedVersio

Fauna associated with non-native Sargassum muticum (Fucales, Phaeophyceae) vary with thallus morphology and site type (sounds and bays)

The invasive brown alga Sargassum muticum was first recorded in Norway in 1988 and is presently common in the sublittoral fringe on the sheltered coast in South Norway. Here, results from a study on mesofauna associated with S. muticum in an archipelago on the southwest coast of Norway are presented, with two stations placed in sounds exposed to tidal currents and two in sheltered bays. Sargassum muticum occurred with a patchy distribution and an estimated density of less than 7 individuals m−2 at three of the stations (two in sheltered bays and one in a sound) and 42 individuals m−2 at the fourth station (placed in a sound). A total of 102 distinct faunal taxa were identified, with an average of 31 taxa per sample. Crustacea and Gastropoda constituted around half of the identified taxa. Fauna richness showed no relation to site type but had a curvilinear correlation with habitat size (dry weight of thallus). Total and sessile fauna richness showed a significant negative correlation with branching density. Vagile faunal density showed a curvilinear correlation with weight of epiphytes and was significantly related to site type with higher densities in the bays. The community composition of vagile fauna reflected this and was significantly related to site type, but not to epiphyte weight or branching density. When including sessile taxa in a community analysis the stations became less separated, and the community was significantly influenced by branch density. Thus, both site characteristics and morphology of S. muticum influenced the associated fauna community.publishedVersio

Barnets beste og brukermedvirkning på Statens Barnehus i Tromsø

I tråd med samfunnets økte fokus på barns rett til medvirkning var formålet til denne studien å undersøke hvordan barnets beste og brukermedvirkning ivaretas på Statens Barnehus i Tromsø. Med utgangspunkt i rådene fra Forandringsfabrikkens rapport “Rett og sikkert” (2019) ønsket vi å belyse hvilke hindringer som kan oppstå i implementeringen av rådene, samt mulige løsninger for å imøtekomme rådene. Datainnsamling ble gjennomført ved fokusgruppeintervju med ansatte på Statens Barnehus i Tromsø og ansatte i politiet med arbeidstilknytning til barnehuset. To intervju ble gjennomført med totalt åtte deltakere. Datamaterialet ble analysert ved bruk av Giorgis psykologisk-fenomenologiske analysemetode, i NVivo 12 Pro. Funnene viser at implementeringsarbeid ved Statens Barnehus i Tromsø er en kompleks prosess. Holdninger og tradisjoner, manglende føringer, mangel på samarbeid, samt mangel på tid og ressurser fungerte som hindrende faktorer for implementering av rådene fra Forandringsfabrikkens rapport. Ifølge informantene på barnehuset er barnevennlige tilpasninger gjennom “mellomromsarbeid”, et tettere samarbeid med avklarte roller, samt en endringsvilje gjennom å avvike fra automatiske arbeidsprosesser mulige løsninger for å imøtekomme rådene. Informantene beskriver at vellykket implementering krever topp- og bunnstyrt implementeringsstrategi. Ifølge informantene hadde strafferettslige forhold og voksnes forståelse av barn konsekvenser for hensynet til barnets beste og barnets rett til deltakelse. Funnene fra denne studien kan ha implikasjoner for implementeringsarbeid i tilsvarende institusjoner og gir kunnskap om hensynet til barnets beste, samt viktigheten av et barnefaglig perspektiv på Statens Barnehus i Tromsø

A review of reproduction in the seaweed genus Fucus (Ochrophyta, Fucales): Background for renewed consideration as a model organism

publishedVersio

Verdimåling av ikke-børsnoterte aksjeinvesteringer etter IFRS : Komparativ studie av måling av virkelig verdi

Masteroppgave revisjon og regnskap BE508 - Universitetet i Agder 2017Dette er en komparativ studie i måling av virkelig verdi på ikke-børsnoterte aksjer. Vi har tatt for oss to selskaper som ikke er notert på Oslo Børs og som eies av norske sparebanker, Frende Holding AS og Eika Gruppen AS. Perioden vi ser på er 2008 til 2015, en åtteårsperiode slik at vi har mulighet til å se eventuelle endringer over tid. Sparebankene skal etter regnskapsreglene verdsette aksjene til virkelig verdi. For å finne svar på problemstillingen har vi fire underproblemstillinger. De går ut på om det er variasjon i verdsettelsesprinsipp mellom sparebanker som bruker henholdsvis IFRS og GRS. Videre om sparebankene prøver å estimere en virkelig verdi, eller om de ikke prioriterer regnskapsposten for ikke-børsnoterte aksjer fordi den er ubetydelig for regnskapet totalt sett. Videre ser vi om målingen av de ikke-børsnoterte aksjene er konsistent gjennom hele perioden, og om det eventuelt er noen endringer i regelverket eller andre forhold som gjør at verdsettelsen til sparebankene seg imellom blir mer samstemte i løpet av perioden. Det er gjort lite forskning på dette temaet. En del forskning indikerer at virkelig verdi øker verdirelevansen av regnskapet. Andre undersøkelser viser at man er svært dårlige på å lage estimater, også på virkelig verdi. Vi har fått inntrykk av at sparebankene, uavhengig av om de rapporterer etter IFRS og GRS, ikke har nok kunnskap om eller nedprioriterer hvordan de verdsetter sine ikke-børsnoterte aksjer. De gir ikke tydelig informasjon på hva de har gjort i forhold til verdsettelsen av ikkebørsnoterte aksjer. Verdien og verdsettelsesprinsipper de oppgir stemmer ikke alltid overens. Det er store variasjoner mellom de sparebankene som rapporterer etter GRS, det er noen som prøver å estimere en virkelig verdi og noen som ikke prøver å estimere en virkelig verdi, og kun måler til anskaffelseskost. GRS tillater kun måling til virkelig verdi ved nedskrivning og reversering for anleggsaksjer. Dette gir store verdiforskjeller. Selv om IFRS tillater eller krever større bruk av virkelig verdi, er det noen sparebanker som rapporterer etter IFRS som ikke estimerer en virkelig verdi. Når det gjelder de sparebankene som rapporterer etter IFRS virker det som de har blitt mer samstemte fra 2013, da IFRS 13 ble gjeldende. Denne standarden gir en bedre veiledning på måling av virkelig verdi