En studie av sammenhenger mellom eierstruktur og avkastning på Oslo Børs

Masteroppgave i bedriftsøkonomi - Universitetet i Nordland, 2012Formålet med denne masteroppgaven har vært å avdekke sammenhenger mellom eierstruktur og avkastning på Oslo Børs. Analysen er basert på 118 observasjoner med en tidsperiode på 10 år bestående av indekser for 10 forskjellige bransjer, samt OSEAX og eierfordelinger som er basert på kategorisering fra børsen. Funn som er presentert i denne oppgaven gir klare indikasjoner på at avkastning ikke er jevnt fordelt. Vi finner avvik som begrunnes i bransjer, for eiergrupper og for år. De største sektorene i perioden er energi, finans, industri og telekom med henholdsvis , og . Dette er de største driverne i perioden, og har samlet en eksponering på over 80 % av verdiene. Ved hjelp av avkastning og eierstruktur har vi påvist at det forekommer til dels store forskjeller både for avkastning og eksponering i perioden. I den grad vi kan konkludere med om eierskap og avkastning har en sammenheng vil ikke dette være av sterke sammenhenger. Ved hjelp av en korrelasjonsanalyse for eierstruktur og indeks finner vi i svært liten grad noen samvariasjon. Det betyr at vi er nødt til å konkludere med at det finnes noen sammenhenger, men at disse ikke kan forklares ved hjelp av variablene som undersøkes. De er nært uavhengige av hverandre, hvilket betyr at en endring i den ene variabelen ikke tilsier endring i den andre variabelen. Vi konkluderer her med at markedet oppfattes som effisient da ingen eiergruppe ser ut til å ha større innflytelse på indeksene. Basert på en trendanalyse får vi et svar som delvis forklarer sammenhenger. Det er kun utlendinger som følger kjøps- og salgsanbefalinger i henhold til det glidende gjennomsnitt gjennom hele perioden. For stat og kommune og verdipapirfond har denne en motsatt effekt, der det kan virke som om de handler mot trenden. Når så stat og kommune er den eiergruppen som har generert høyest avkastning i perioden, og utlendinger har nest lavest kan vi ikke annet enn å konkludere med at trenden ikke har sammenheng med eierstruktur

Whole-Body Vibration Alleviates Symptoms of Morphine Withdrawal

Whole-body vibration at 80 Hz has previously been shown to blunt neuropathological markers and behavioral symptoms of alcohol dependence. Here, we evaluate its ability to ameliorate symptoms of morphine use and withdrawal. Behavioral and neurophysiological symptoms of withdrawal were reduced significantly by whole-body vibration treatment

Safety evaluation of the native and thermolabile forms of the food enzyme mucorpepsin from Rhizomucor miehei strain MMR 164

[EN] The food enzyme mucorpepsin (aspartic endopeptidase, EC 3.4.23.23) is produced with the non-genetically modified microorganism Rhizomucor miehei strain MMR 164 by Takabio. The enzyme is chemically modified to produce a thermolabile form. The food enzyme is free from viable cells of the production organism. It is intended to be used in milk processing for cheese production. The dietary exposure to the food enzyme-total organic solids (TOS) was estimated to be up to 0.98 mg TOS/kg body weight (bw) per day in European populations. Genotoxicity tests did not raise a safety concern. The systemic toxicity was assessed by means of a repeated dose 90-day oral toxicity study in rats. The Panel identified a no observed adverse effect level of 1,320 mg TOS/kg bw per day, the highest dose tested, which when compared with the estimated dietary exposure, resulted in a margin of exposure of at least 1,300. Similarity of the amino acid sequence of the food enzyme to those of known allergens was searched and five matches were found. The Panel considered that, under the intended conditions of use, the risk of allergic sensitisation and elicitation reactions upon dietary exposure to this food enzyme cannot be excluded, but is considered low except for individuals sensitised to mustard proteins, but this risk will not exceed that of mustard consumption. Based on the data provided, the Panel concluded that this food enzyme does not give rise to safety concerns under the intended conditions of use.The Panel wishes to thank the following for the support provided to this scientific output: Ana Gomes, Simone Lunardi, Ivana Nikodinoska.Lambré, C.; Barat Baviera, JM.; Bolognesi, C.; Cocconcelli, PS.; Crebelli, R.; Gott, DM.; Grob, K.... (2022). Safety evaluation of the native and thermolabile forms of the food enzyme mucorpepsin from Rhizomucor miehei strain MMR 164. EFSA Journal. 20(8):1-17. https://doi.org/10.2903/j.efsa.2022.745911720

Safety assessment of the process Société Générale de Recyclage (SGR), based on the VACUNITE (EREMA basic and Polymetrix SSP V-leaN) technology, used to recycle post-consumer PET into food contact materials

[EN] The EFSA Panel on Food Contact Materials, Enzymes and Processing Aids (CEP) assessed the safety of the recycling process Societe Generale de Recyclage (SGR) (EU register number RECYC201), which uses the VACUNITE (EREMA basic and Polymetrix SSP V-leaN) technology. The input material is hot caustic washed and dried poly(ethylene terephthalate) (PET) flakes mainly originating from collected post-consumer PET containers, including no more than 5% PET from non-food consumer applications. The flakes are heated in a continuous reactor under vacuum before being extruded and pelletised. The crystallised pellets are then preheated and submitted to solid-state polycondensation (SSP) in a continuous reactor at high temperature under vacuum and gas flow. Having examined the challenge test provided, the Panel concluded that the continuous reactor (step 3) and the SSP reactor (step 5) are critical in determining the decontamination efficiency of the process. The operating parameters to control the performance are temperature, pressure and residence time for steps 3 and 5 as well as velocity of inert gas for step 5. It was demonstrated that this recycling process is able to ensure that the level of migration of potential unknown contaminants into food is below the conservatively modelled migration of 0.1 mu g/kg food. Therefore, the Panel concluded that the recycled PET obtained from this process is not of safety concern, when used at up to 100% for the manufacture of materials and articles for contact with all types of foodstuffs, including drinking water, for long-term storage at room temperature, with or without hotfill. The final articles made of this recycled PET are not intended to be used in microwave and conventional ovens and such uses are not covered by this evaluation.Lambré, C.; Barat Baviera, JM.; Bolognesi, C.; Chesson, A.; Cocconcelli, PS.; Crebelli, R.; Gott, DM.... (2022). Safety assessment of the process Société Générale de Recyclage (SGR), based on the VACUNITE (EREMA basic and Polymetrix SSP V-leaN) technology, used to recycle post-consumer PET into food contact materials. EFSA Journal. 20(5):1-13. https://doi.org/10.2903/j.efsa.2022.727011320

Safety evaluation of the food enzyme glucan 1,4-alpha-glucosidase from the genetically modified Aspergillus niger strain NZYM-BE

[EN] The food enzyme glucan 1,4-alpha-glucosidase (4-alpha-D-glucan glucohydrolase EC 3.2.1.3) is produced with the genetically modified Aspergillus niger strain NZYM-BE by Novozymes A/S. The genetic modifications do not give rise to safety concerns. The food enzyme was free from viable cells of the production organism and its DNA. The food enzyme is intended to be used in six food manufacturing processes, namely starch processing for the production of glucose syrups and other starch hydrolysates, distilled alcohol production, brewing processes, baking processes, cereal-based processes, and fruit and vegetable processing for juice production. Since residual amounts of total organic solids (TOS) are removed by distillation and by the purification steps applied to produce glucose syrups, dietary exposure was not calculated for these two food processes. For the remaining four processes, dietary exposure to the food enzyme-TOS was estimated to be up to 7.7 mg TOS/kg body weight (bw) per day in European populations. Genotoxicity tests did not raise a safety concern. The systemic toxicity was assessed by means of a repeated dose 90-day oral toxicity study in rats. The Panel identified a no observed adverse effect level of 3,795 mg TOS/kg bw per day, the highest dose tested, which when compared with the estimated dietary exposure, results in a margin of exposure above 490. Similarity of the amino acid sequence of the food enzyme to those of known allergens was searched for and one match found. The Panel considered that, under the intended conditions of use (other than distilled alcohol production) the risk of allergic sensitisation and elicitation reactions by dietary exposure cannot be excluded, but the likelihood for this to occur is considered to be low. Based on the data provided, the Panel concluded that this food enzyme does not give rise to safety concerns under the intended conditions of use.Lambré, C.; Barat Baviera, JM.; Bolognesi, C.; Cocconcelli, PS.; Crebelli, R.; Gott, DM.; Grob, K.... (2022). Safety evaluation of the food enzyme glucan 1,4-alpha-glucosidase from the genetically modified Aspergillus niger strain NZYM-BE. EFSA Journal. 20(6):1-17. https://doi.org/10.2903/j.efsa.2022.737411720

Safety evaluation of the food enzyme alpha-amylase from Cellulosimicrobium funkei strain AE-AMT

[EN] The food enzyme alpha-amylase (4-alpha-d-glucan glucanohydrolase; EC 3.2.1.1) is produced with the non-genetically modified Cellulosimicrobium funkei strain AE-AMT by Amano Enzyme Inc. The food enzyme is free from viable cells of the production organism. It is intended to be used in starch processing for maltotriose production. Since residual amounts of total organic solids (TOS) are removed by purification steps applied during starch processing, the estimation of a dietary exposure is considered unnecessary. Genotoxicity tests did not indicate a safety concern. The systemic toxicity was assessed by means of a repeated dose 90-day oral toxicity study in rats. The Panel identified a no observed adverse effect level at the highest dose of 230 mg TOS/kg body weight (bw) per day. Similarity of the amino acid sequence of the food enzyme to those of known allergens was searched and nine matches were found. The Panel considered that, under the intended conditions of use, the risk of allergic sensitisation and elicitation reactions by dietary exposure cannot be excluded, but the likelihood is considered low. Based on the data provided, the Panel concluded that this food enzyme does not give rise to safety concerns under the intended conditions of use.Lambré, C.; Barat Baviera, JM.; Bolognesi, C.; Cocconcelli, PS.; Crebelli, R.; Gott, DM.; Grob, K.... (2022). Safety evaluation of the food enzyme alpha-amylase from Cellulosimicrobium funkei strain AE-AMT. EFSA Journal. 20(8):1-12. https://doi.org/10.2903/j.efsa.2022.746311220

Safety assessment of bleached cellulose pulp for use in plastic food contact materials

[EN] The EFSA Panel on Food Contact Materials, Enzymes and Processing Aids assessed the safety of the substance bleached cellulose pulp, consisting of cellulose fibres (70-92%) and hemicellulose (8-30%) obtained from pine and spruce wood. The substance is intended to be used in polyethylene and polypropylene food contact materials. The final articles are intended to be used for all food types and for long-term storage at room temperature, with or without a short time at higher temperature, including hot-fill. Low-density polyethylene samples containing of the substance were subjected to a broad set of migration tests with food simulants and extraction tests with dichloromethane. The limits of detection ranged from (when specified). The Panel noted that they do not ensure the detection of genotoxic substances at a concentration leading to a human exposure above the Threshold of Toxicological Concern. Moreover, not all possibly migrating substances were identified or amenable to the analytical methods applied. No toxicological data were provided for the substance itself, as its migration into food is not expected. The safety of the potentially migrating substances of low molecular mass detected was addressed individually and was considered adequate. However, the Panel considered this approach insufficient owing to a substantial fraction of unidentified components. The Panel concluded that the information provided by the applicant does not allow the safety assessment of the substances below 1,000 Da from bleached cellulose pulp from pine and spruce wood used in plastic food contact materials potentially migrating into food. Therefore, the Panel could not conclude on the safety of the use of bleached cellulose pulp from pine and spruce wood as a plastic additive.The Panel wishes to acknowledge all European competent institutions, Member State bodies and other organisations that provided data for this scientific opinion.Lambré, C.; Barat Baviera, JM.; Bolognesi, C.; Chesson, A.; Cocconcelli, PS.; Crebelli, R.; Gott, DM.... (2022). Safety assessment of bleached cellulose pulp for use in plastic food contact materials. EFSA Journal. 20(3):1-9. https://doi.org/10.2903/j.efsa.2022.71711920

Safety assessment of the process Zibo Containers, based on the EREMA Basic technology, used to recycle post-consumer PET into food contact materials

[EN] The EFSA Panel on Food Contact Materials, Enzymes and Processing Aids (CEP) assessed the safety of the recycling process Zibo Containers (EU register number RECYC235), which uses the EREMA Basic technology. The input material is hot caustic washed and dried poly(ethylene terephthalate) (PET) flakes originating from collected post-consumer PET containers, including no more than 5% PET from non-food consumer applications. The flakes are heated in a continuous reactor under vacuum before being extruded. Having examined the challenge test provided, the Panel concluded that the continuous reactor (step 2, for which a challenge test was provided) is critical in determining the decontamination efficiency of the process. The operating parameters to control the performance of this step are temperature, pressure and residence time. It was demonstrated that this recycling process is able to ensure a level of migration of potential unknown contaminants into food below the conservatively modelled migrations of 0.10 and 0.15 mu g/kg food, derived from the exposure scenarios for infants and toddlers when such recycled PET is used at up to 100%. Therefore, the Panel concluded that the recycled PET obtained from this process is not considered to be of safety concern when used at up to 100% for the manufacture of materials and articles for contact with all types of foodstuffs, including drinking water, for long-term storage at room temperature. The final articles made of this recycled PET are not intended to be used in microwave and conventional ovens and such uses are not covered by this evaluation.Lambré, C.; Barat Baviera, JM.; Bolognesi, C.; Chesson, A.; Cocconcelli, PS.; Crebelli, R.; Gott, DM.... (2022). Safety assessment of the process Zibo Containers, based on the EREMA Basic technology, used to recycle post-consumer PET into food contact materials. EFSA Journal. 20(5):1-13. https://doi.org/10.2903/j.efsa.2022.723311320

Safety evaluation of a food enzyme containing chymosin, pepsin and gastricsin from the abomasum of suckling goats

[EN] The food enzyme containing chymosin (EC 3.4.23.4), pepsin (EC 3.4.23.1) and gastricsin (EC 3.4.23.3) is prepared from the abomasum of suckling goats by Consejo Regulador de la Denominacion de Origen Queso Palmero and Consejo Regulador de la Denominacion de Origen Queso Majorero. The food enzyme is intended to be used in milk processing for cheese production. As no concerns arise from the animal source of the food enzyme, from its manufacture, and based on the history of safe use and consumption, the Panel considered that toxicological data were not required and no exposure assessment was necessary. Similarity of the amino acid sequences of the three proteins (chymosin, pepsin and gastricsin) to those of known allergens was searched and one match was found. The Panel considered that, under the intended conditions of use, the risk of allergic sensitisation and elicitation reactions by dietary exposure cannot be excluded, but the likelihood is considered to be low. Based on the data provided, the Panel concludes that this food enzyme does not give rise to safety concerns under the intended conditions of use.The Panel wishes to thank the following for the support provided to this scientific output: Jaime Aguilera, Magdalena Andryskiewicz, Erik Boinowitz, Daniele Cavanna, Ana Gomes, Simone Lunardi, Sandra Rainieri, and Helen ReginaLambré, C.; Barat Baviera, JM.; Bolognesi, C.; Cocconcelli, PS.; Crebelli, R.; Gott, DM.; Grob, K.... (2022). Safety evaluation of a food enzyme containing chymosin, pepsin and gastricsin from the abomasum of suckling goats. EFSA Journal. 20(1):1-11. https://doi.org/10.2903/j.efsa.2022.700511120