Quality Investing in the Nordics : An empirical analysis of the QMJ factor in the Nordic countries, excluding Iceland

This master thesis provides empirical evidence that quality investing in the Nordics, excluding Iceland, produces abnormal returns. Even though investors are willing to pay a premium for quality, the QMJ factor introduced by Asness, Frazzini, and Pedersen (2013) generates abnormal returns for Nordic countries. As we examine the QMJ factor by the individual country and the Nordics as a region, we find that the QMJ generates positive returns across all countries when having a sufficiently large investment universe. Our results suggest that high-quality firms generate higher returns than low-quality firms while being less risky, confirming the existence of the quality puzzle in the Nordics.nhhma

Reducing the manual length setting error of a passive Gough-Stewart platform for surgical template fabrication using a digital measurement system

As recently demonstrated, a passive Gough-Stewart platform (a.k.a. hexapod) can be used to create a personalized surgical template to achieve minimally invasive access to the cochlea. The legs of the hexapod are manually adjusted to the desired length, which must be read off an analog scale. Previous experiments have shown that manual length setting of the hexapod's legs is error-prone because of the imprecise readability of the analog scale. The objective of this study is to determine if integration of a linear encoder and digitally displaying the measured length help reduce the length setting error. Two experiments were conducted where users set the leg length manually. In both experiments, the users were asked to set the leg length to 20 nominal values using the whole setting range from 0 mm to 10 mm. In the first experiment, users had to rely only on the analog scale; in the second experiment, the electronic display additionally showed the user the actual leg length. Results show that the mean length setting error without using the digital display and only relying on the analog scale was (0.036 ± 0.020) mm (max: 0.107 mm) in contrast to (0.001 ± 0.000) mm (max: 0.002 mm) for the experiment with the integrated digital measurement system. The results support integration of digital length measurement systems as a promising tool to increase the accuracy of surgical template fabrication and thereby patients' safety. Future studies must be conducted to evaluate if integration of a linear encoder in each of the six legs is feasible

Die minimal-invasive Cochlea-Implantat-Chirurgie : Der lange Weg von der Forschung in die klinische Routine

Der Einsatz eines Cochlea- Implantats bei tauben oder schwerhörigen Patienten ist bis heute nur durch eine Operation möglich, bei der eine 2 bis 3 cm tiefe Öffnung in den Schädel-knochen gefräst werden muss. Seit langer Zeit bemühen sich Wissenschaftlerinnen und Wissenschaftler Technologien zu entwickeln, um diesen Vorgang minimal-invasiv vornehmen zu können. Dr.-Ing. Thomas Rau von der Medizinischen Hochschule Hannover und Prof. Dr. Tobias Ortmaier vom Institut für Mechatronische Systeme beschreiben die gemeinsamen, interdisziplinären Forschungs-ansätze an beiden Einrichtungen

Force measurement at the insertion process of cochlear implant electrodes

Several research groups have reported studies on the insertion force measurement at different cochlear implant electrodes. So far, all experimental setups to measure the forces applied to the electrode outside the cochlea (inner ear), ie have measured externally. Our aim was to integrate the sensors into an automatically operating instrument insertion, so that the forces can be measured, which act directly on the electrode, ie an internal force measurement

On the HU Aquarii planetary system hypothesis

In this work, we investigate the eclipse timing of the polar binary HU Aquarii that has been observed for almost two decades. Recently, Qian et al. attributed large (O-C) deviations between the eclipse ephemeris and observations to a compact system of two massive jovian companions. We improve the Keplerian, kinematic model of the Light Travel Time (LTT) effect and re-analyse the whole currently available data set. We add almost 60 new, yet unpublished, mostly precision light curves obtained using the time high-resolution photo-polarimeter OPTIMA, as well as photometric observations performed at the MONET/N, PIRATE and TCS telescopes. We determine new mid--egress times with a mean uncertainty at the level of 1 second or better. We claim that because the observations that currently exist in the literature are non-homogeneous with respect to spectral windows (ultraviolet, X-ray, visual, polarimetric mode) and the reported mid--egress measurements errors, they may introduce systematics that affect orbital fits. Indeed, we find that the published data, when taken literally, cannot be explained by any unique solution. Many qualitatively different and best-fit 2-planet configurations, including self-consistent, Newtonian N-body solutions may be able to explain the data. However, using high resolution, precision OPTIMA light curves, we find that the (O-C) deviations are best explained by the presence of a single circumbinary companion orbiting at a distance of ~4.5 AU with a small eccentricity and having ~7 Jupiter-masses. This object could be the next circumbinary planet detected from the ground, similar to the announced companions around close binaries HW Vir, NN Ser, UZ For, DP Leo or SZ Her, and planets of this type around Kepler-16, Kepler-34 and Kepler-35.Comment: 20 pages, 18 figures, accepted to Monthly Notices of the Royal Astronomical Society (MNRAS

Phenotypic and Genotypic Characteristics of Members of the Genus Streptobacillus

The genus Streptobacillus (S.) remained monotypic for almost 90 years until two new species were recently described. The type species, S. moniliformis, is one of the two etiological agents of rat bite fever, an under-diagnosed, worldwide occurring zoonosis. In a polyphasic approach field isolates and reference strains of S. moniliformis, S. hongkongensis, S. felis as well as divergent isolates were characterized by comparison of molecular data (n = 29) and from the majority also by their physiological as well as proteomic properties (n = 22). Based on growth-independent physiological profiling using VITEK2-compact, API ZYM and the Micronaut system fastidious growth-related difficulties could be overcome and streptobacilli could definitively be typed despite generally few differences. While differing in their isolation sites and dates, S. moniliformis isolates were found to possess almost identical spectra in matrix-assisted laser desorption ionization-time of flight mass spectrometry and Fourier transform infrared spectroscopy. Spectroscopic methods facilitated differentiation of S. moniliformis, S. hongkongensis and S. felis as well as one divergent isolate. Sequencing of 16S rRNA gene as well as functional genes groEL, recA and gyrB revealed only little intraspecific variability, but generally proved suitable for interspecies discrimination between all three taxa and two groups of divergent isolates.Hessian Ministry for the Environment, Climate Change, Agriculture and Consumer Protection (HMUKLV)Hessian Ministry for the Environment, Climate Change, Agriculture and Consumer Protection (HMUKLV