Material ESG and Stock Performance: A Textual Analysis Approach to Investigate the Relationship Between Material ESG Performance and Stock Performance

This thesis investigates the relationship between material environmental, social and governance (ESG) performance and stock performance. We construct a new ESG score based on textual analysis of annual reports of companies listed on the Oslo Stock Exchange. The ESG score is a product of the presence of material ESG-related terms in the company's annual report. We use a custom ESG dictionary to identify material ESG-related words. Furthermore, we construct equal and value-weighted zero-investment portfolios, best-in-class portfolios, and negative screening portfolios to investigate if portfolios consisting of high ESG-scoring firms achieve abnormal stock returns. The ESG portfolio's excess returns are estimated using the Fama-French five-factor model + momentum. We find that the equal-weighted zero-investment portfolio consisting of a long position in the top quintile ESG-scoring firms and a short position in the bottom quintile ESG-scoring firms achieve significant negative abnormal returns in the period 2008-2014. Furthermore, we find that an equal-weighted best-in-class portfolio that is consisting of the top quintile ESG-scoring companies, is also associated with negative abnormal returns in the same period. We do not find significant abnormal returns after 2014. We argue that the market has mispriced the risk associated with ESG companies in 2008-2014, and that a learning effect has led to ESG companies being correctly priced in recent years. We argue that the learning effect is due to an increased supply of material ESG metrics among investors.nhhma

A future-oriented, efficient and overarching distribution system of small-scale local food

Master in Business Administration (MBA) - Nord universitet 201

Skurker eller helgener? Hvordan påvirker en moralsk vs. umoralsk kontekst vårt syn på effektiv ledelse og tillit?

Dagens ledere står overfor en rekke krav og forventninger om å lykkes. Det er forventninger om at ledere skal være gode, omsorgsfulle, autentiske og tillitsfulle. Samtidig forventes det at de oppnår virksomhetens mål på en mest mulig effektiv måte. I litteraturen fremstilles etisk ledelse som en forutsetning for å lykkes som en god og effektiv leder. Det finnes få studier som har analysert sammenhengen mellom etisk ledelse og effektivitet. Det er en antakelse at i en kontekst preget av usikkerhet, så vil en foretrekke umoralske ledere, fordi umoralske ledere vil være villig til å gjøre det som kreves for å oppnå effektivitet og god bunnlinje for en virksomhet, og at en vil ha større tillit til en umoralsk leder i en umoralsk kontekst. Denne studien undersøker hvordan en gruppe respondenter vurderer opplevd ledereffektivitet og tillit, og hvordan de påvirkes av en leders moralske orientering (moralsk vs. umoralsk) og kontekst (moralsk vs. umoralsk). Dette ses i sammenheng med implisitt ledelsesteori og kontingensteori. Respondentenes tendens til moralsk utkobling ble undersøkt som en moderator. Dette ble undersøkt ved bruk av vignettstudie, gjennom et bekvemmelighetsutvalg. Dataene ble samlet inn ved hjelp av elektroniske spørreskjema. Resultatene viser at moralsk ledelse oppleves som mest effektiv og mest tillitsfull uavhengig av kontekst. Tillit og opplevd ledereffektivitet hadde signifikant korrelasjon. Personer med høy grad av moralsk utkobling, foretrakk umoralske ledere uavhengig av kontekst. Studien konkluderer med at good is better than bad, uavhengig av kontekst.Today's leaders are faced with a number of demands and expectations to succeed. There are expectations to be good, caring, authentic and trustworthy. At the same time, they are expected to achieve the company's goals in the most efficient manner possible. In literature, ethical leadership is presented as a prerequisite for success as a good and effective leader. There are few studies that have investigated the connection between ethical management and efficiency. There is an assumption that in a context characterized by uncertainty, one will prefer immoral leaders, because such will be willing to do what is required to achieve efficiency and organizational output. We propose that in a context with uncertainty, the preference for unmoral leader increases. This study examines how a group of respondents rate perceived leader effectiveness and trust, and how they are influenced by a leader's moral orientation (moral vs. immoral) and context (moral vs. immoral). This is considered in the context of implicit leadership theory and contingency theory. The respondents' tendency towards moral disengagement was examined as a moderator. This was investigated using a vignette study, through a convenience sample. The data were collected using electronic questionnaires. The results show that moral leadership is perceived as the most effective and the most trustworthy, regardless of context. Trust and perceived leadership effectiveness had a significant correlation. People with a high degree of moral disengagement preferred immoral leaders regardless of context. The study concludes that good is better than bad, regardless of context.Masteroppgave i arbeids- og organisasjonspsykologiMAPSYK345MAPS-AOPMAPS-PSY

Epidemiology of classic psychedelic substances: results from a Norwegian internet convenience sample

ObjectiveIn recent years, there has been a renewed interest in investigating the use of classic psychedelics such as psilocybin and lysergic acid diethylamide (LSD) in the treatment of mental disorders and substance use disorders. However, knowledge about the epidemiology of classic psychedelics in the Nordic countries is limited.MethodsWe recruited adult, Norwegian participants who have had a memorable experience after taking a classic psychedelic substance. They filled in an anonymous internet survey with 119 items covering matters related to recreational use of psychedelics using a secure, web-based application. Data are presented by using descriptive statistics (frequencies, means, and standard deviations).ResultsWe recruited 841 participants, 770 (72% male; 88% 45 years or younger) of which were included in the data analysis. The intentions behind taking the psychedelic substance were mainly recreational (46.1%) or therapeutic (42.3%). Most participants reported that their most memorable experience was with psilocybin. As in modern era clinical trials, most participants were well-prepared before, did processing during, and did integration work after the experience, whereas only a minority were supported by a therapist. Self-perceived symptoms of various mental disorders and substance use disorders were prevalent in the sample. Most subjects reported improvements in their condition. Although adverse reactions were usually mild and short-lived, 4.2% lasted for 1 year or more. Persisting flashbacks were present for a year or more among 2.9% of the participants.ConclusionIn this cross-sectional sample of Norwegian, self-selecting adults, we shed light on what characterizes the most memorable experience with a classic psychedelic substance, including short- and long-term risks and benefits. For the most part, the psychedelic experience led to improvements in self-perceived symptoms of mental disorders and substance use disorders. However, a small subset experienced persisting adverse reactions

Occupational risk of exposure to methicillin-resistant Staphylococcus aureus (MRSA) and the quality of infection hygiene in nursing homes

Methicillin-resistant Staphylococcus aureus (MRSA) is an increasing health concern across the globe and is often prevalent at long-term care facilities, such as nursing homes. However, we know little of whether nursing home staff is exposed to MRSA via air and surfaces. We investigated whether staff members at nursing homes are colonised with and exposed to culturable MRSA, and assessed staff members' self-reported knowledge of MRSA and compliance with infection hygiene guidelines. Five nursing homes with MRSA positive residents were visited in Copenhagen, Denmark. Personal bioaerosol exposure samples and environmental samples from surfaces, sedimented dust and bioaerosols were examined for MRSA and methicillin-susceptible S. aureus (MSSA) to determine occupational exposure. Swabs were taken from staffs' nose, throat, and hands to determine whether they were colonised with MRSA. An online questionnaire about MRSA and infection control was distributed. No staff members were colonised with MRSA, but MRSA was detected in the rooms of the colonised residents in two out of the five nursing homes. MRSA was observed in air (n =4 out of 42, ranging from 2.9-7.9 CFU/m(3)), sedimented dust (n = 1 out of 58, 1.1 x 10(3) CFU/m(2)/d), and on surfaces (n = 9 out of 113, 0.04-70.8 CFU/m(2)). The questionnaire revealed that half of the staff members worry about spreading MRSA to others. Identified aspects for improvement were improved availability and use of protective equipment, not transferring cleaning supplies (e.g., vacuum cleaners) between residents' rooms and to reduce worry of MRSA, e.g., through education. (c) The Author(s) 2020

A Review on Research and Evaluation Methods for Investigating Self-Transcendence

Self-transcendence has been characterized as a decrease in self-saliency (ego disillusionment) and increased connection, and has been growing in research interest in the past decade. Several measures have been developed and published with some degree of psychometric validity and reliability. However, to date, there has been no review systematically describing, contrasting, and evaluating the different methodological approaches toward measuring self-transcendence including questionnaires, neurological and physiological measures, and qualitative methods. To address this gap, we conducted a review to describe existing methods of measuring self-transcendence, evaluate the strengths and weaknesses of these methods, and discuss research avenues to advance assessment of self-transcendence, including recommendations for suitability of methods given research contexts

An empirical analysis of the effect of key policy rate changes on the unbiasedness hypothesis

Interest rate parity is one of the most important theory in international finance which determines the relationship between the exchange rate and interest rates of two countries. However, there are many empirical findings showing that interest rate parity condition does not hold. A phenomenon called the forward premium puzzle commonly exists in the currency markets. It refers to the situation that the high-interest country’s currency tends to appreciate with respect to the low-interest country’s currency which contradicts the interest rate parity theory. Intrigued by this fascinating puzzle, we want to explore the causes of this puzzle, especially how the central bank announcements might affect the foreign exchange market. This thesis focuses on uncovering whether a country's central bank announcements of changes in the key policy rate would affect how the unbiasedness hypothesis holds. Using daily observations of spot exchange rates and 1-month and 3-month forward exchange rates enables us to remove the days of change from the dataset. This thesis distinguishes itself from the literature by its research question and methodology. Empirical literature usually find evidence against the unbiasedness hypothesis. This thesis on the other hand, finds some evidence supporting that unbiasedness hypothesis holds for the six currency pairs: CAD/USD, EUR/USD, JPY/USD, NOK/USD, CHF/USD and GBP/USD in the period 01/01/2002 to 19/10/2018. In order to solve econometric issues like serial correlation incurred by using daily observations of regression variables, necessary adjustments are made to correct for them. By comparing the regression results of different models, we can see the effect of removing days of key policy rate changes on the unbiasedness hypothesis. The main results from the empirical analysis show that removing the days surrounding changes in the key policy rate does not affect the regression results notably, except in the case of removing seven days for the CHF/USD.nhhma

Inkludering og segregerte tilbud i den ordinære skolen

Master's thesis in Special educationTema for denne oppgaven er inkludering og segregerte tilbud i den ordinære skolen. Det overordnede målet med oppgaven, og med det den utførte studien, er å få et dypere innsyn i hvordan inkluderingsbegrepet forstås av rektorer og avdelingsledere som arbeider på skoler med segregerte tilbud for elever med særskilte behov. I tillegg har den et mål om å belyse og problematisere argumenter for opprettholdelse av segregerte tilbud på norske skoler. Ulike teoretiske forståelser av inkludering brukes som sentrale utgangspunkt. Her kan Ainscow & Miles (2008) fremhevelse av de fem ulike måtene å forstå inkludering på trekkes frem. I tillegg vil inkludering i et rettighetsperspektiv og i et deltaker– og tilhørighetsperspektiv fremheves. Motstridende oppfatninger av inkludering av alle elever vil også belyses. Grunnet studiens aktualitet i det norske opplæringssystemet vil Norges forhold til en inkluderende opplæring gjennomgås, samt også spesialundervisning som en egen undervisningsform. Den utførte studien har en kvalitativ tilnærming med intervju som metodisk redskap for å innhente data. De fem informantene, tre rektorer og to avdelingsledere, er ansatt ved tre ulike skoler. Resultatene fra intervjustudien indikerer at informantene forstår inkludering som deltakelse i et fellesskap og som en rettighet for elevene. I tillegg kan de se ut som om de anser inkludering i et lite miljø som å være like betydningsfull som i et stort. Forståelsen kan også ses på som praktisk rettet. Med tanke på argumentene for opprettholdelse av de segregerte tilbudene kommer det frem at informantene mener at et segregert tilbud skaper fordelaktige opplæringsmuligheter. Et segregert tilbud skaper også i følge dem et spesialpedagogisk miljø. Til slutt blir det påpekt at dersom alle elever skulle blitt inkludert i en ordinær klasse ville det skapt negative konsekvenser. Ensomhet og isolasjon ble spesielt pekt ut som en negativ konsekvens, samt også et redusert læringsutbytte