ROCE/WACC og meravkastning : anerkjenner og belønner aksjemarkedet verdiskapning riktig?

Formålet med denne masterutredningen har vært å undersøke om markedet priser verdiskapning riktig og dermed om markedet er effisient. Tilnærmingen til verdiskapning er gjort ved å se på ROCE/WACC. Problemstillingen for oppgaven er: ”Gir selskaper med historisk høy ROCE/WACC en bedre avkastning enn selskaper med historisk lav ROCE/WACC?” I følge teorien om markedseffisiens skal det ikke være noe forskjell i avkastning mellom porteføljer bestående av høy og lav ROCE/WACC. Selskaper med høy ROCE/WACC skal være relativt høyere priset. Data som analysen er bygget på er innhentet fra FactSet og gjelder for tidsperioden 1993 til 2012. Datasettet inkluderer aksjer notert på MSCI World, ekskludert finanssektoren og inneholder regnskapsdata fra årsrapporter og aksjepriser på årlig basis. I utredningen ser vi på forskjellen i avkastning porteføljer med høy ROCE/WACC har i forhold til de med lav. Vi ser globalt over hele perioden og i delperioder. I tillegg ser vi nærmere på regioner og sektorer, samt kontrollerer for kjente risikofaktorer for å undersøke hva som kan ligge bak faktoren. Vi finner at selskaper med høy ROCE/WACC har en tendens til å prestere bedre enn selskaper med lav ROCE/WACC når vi justerer for markedsrisiko, men resultatene er ikke signifikante for alle tidsperioder, regioner og sektorer. Dersom tendensen kommer fra en risikopremie burde den gjelde generelt, noe som ikke er tilfelle i tidsperioden vi undersøker. Vi mener derfor det er mulig at markedet ikke er fullstendig effisient, og dermed undervurderer markedsmakten selskaper kan ha og hvor lenge de kan ha den. I de sektorene vi oppdager effekten mest, består vinnerporteføljene av veletablerte store selskaper som kan ha store fordeler bestående av høye inngangsbarrierer, merkevare, stordriftsfordeler, få konkurrenter o.l., samtidig som de viser god evne til verdiskapning

Get ‘em While They’re Young: Complex Digitally-Mediated Tasks for EFL Learners in Primary Schools

We suggest that complex tasks can be introduced to learners as early as primary school level with the help of digital media in the form of different apps. As a theoretical basis, we will first outline the principles of teaching English in (German) primary schools. Secondly, we will look at the framework of Task-Based Language Teaching (TBLT) according to Nunan (2004) and explore how digitally-mediated tasks can be connected to this framework. Then, we will look at complex tasks as outlined by Hallet (2011) and present an example of a complex digital task for young English as a Foreign Language (EFL) learners that we developed and tested in a German primary school classroom. It is suggested that TBLT at the primary level is a motivating alternative to playful teaching techniques traditionally championed at the primary level. Moreover, it may be a way of bridging the problematic gap between the primary and secondary levels as tasks can prepare young learners for the challenges they will face at the secondary level.Nous suggérons que des tâches complexes peuvent être présentées aux apprenants dès l’école primaire à l’aide des médias numériques sous la forme de différentes applications. Comme base théorique, nous exposerons d’abord les principes de l’enseignement de l’anglais dans les écoles primaires (en Allemagne). Ensuite, nous examinerons le cadre de l’enseignement des langues basé sur les tâches de Nunan (2004) et nous étudierons comment les tâches à médiation numérique peuvent être reliées à ce cadre. Ensuite, nous nous pencherons sur les tâches complexes telles que décrites par Hallet (2011) et présenterons un exemple de tâche numérique complexe pour de jeunes apprenants d’anglais langue étrangère que nous avons développée pour et testée dans une classe d’école primaire allemande. Il est suggéré que le TBLT au niveau primaire est une alternative motivante aux techniques d’enseignement ludiques traditionnellement défendues au niveau primaire. De plus, cette méthode peut être un moyen de combler le fossé problématique entre l’école primaire et secondaire, car les tâches peuvent préparer les jeunes apprenants aux défis qu’ils devront relever au niveau secondaire

Morgenstund hat Gold im Mund: Zweisprachigkeit in der Vorschulerziehung in Deutschland. Ein psycholinguistischer Ansatz

Bilingualism or multilingualism is not the aberration supposed by those speaking a \u27big language\u27 but rather the default situation for the majority of speech communities in the world today. Based on this perspective, the psycholinguistic foundations of second language acquisition are explored in the first part of this paper and it is argued that bilingual education in a monolingual society should start as early as preschool. It is suggested that acquiring a second language does not represent any additional burden for young children but that it rather fosters cognitive development and flexibility. In the second part of the paper I take a look at different preschool programmes in Germany with a special focus on enrichment programmes. Two German bilingual preschools (L1 German/L2 English and L1 German/L2 French) are introduced and their structures discussed in some detail. It is argued that even in a situation where the use of the L2 is limited to preschool contexts, the children develop considerable linguistic skills in the new language. These skills are evaluated and discussed with regard to bilingual education in primary school. In conclusion, it is suggested that a second language can be mastered in both comprehension and production by the time it is traditionally introduced, i.e. at age 10, so that a further language (L3) can be introduced in advance.Dvojezičnost ili višejezičnost nije zastranjenje, kako to zamišljaju govornici "velikih jezika", već redovito stanje u većini jezičnih zajednica današnjega svijeta. Stoga se u prvom dijelu rada proučavaju psiholingvistički temelji vještine usvajanja drugoga jezika te se zastupa stajalište da dvojezična izobrazba u jednojezičnom društvu valja započeti već u predškolsko doba. Tvrdi se da usvajanje drugoga jezika ne predstavlja nikakvo dodatno opterećenje za malo dijete, već naprotiv, da unapređuje kognitivni razvoj i fleksibilnost. U drugom dijelu rada autor razmatra različite predškolske programe u Njemačkoj, s posebnim naglaskom na programe obogaćivanja. Predstavljene su dvije njemačke dvojezične predškolske ustanove (L1 njemački / L2 engleski i L1 njemački / L2 francuski) te neke pojedinosti njihova ustrojstva. Autor tvrdi da čak i u situaciji u kojoj se upotreba L2 ograničava na predškolske sadržaje, djeca razvijaju važne lingvističke vještine u novom jeziku. Te se vještine zatim procjenjuju i o njima se raspravlja s obzirom na dvojezičnu izobrazbu u osnovnoj školi. Na kraju, autor drži da se drugim jezikom može ovladati i u razumijevanju i jezičnoj proizvodnji, i to prije uobičajenoga uvođenja jezika u nastavu, na primjer u dobi od 10 godina, tako da se još jedan jezik (L3) može uvesti ranije.Zwei- oder Mehrsprachigkeit ist keine abwegige Erscheinung, wie es sich die Repräsentanten der "großen Sprachen" vorstellen, sondern der reguläre Zustand in den meisten Sprachgemeinschaften der heutigen Welt. Daher untersucht der Verfasser im ersten Teil seiner Arbeit die psycholinguistischen Grundlagen, die den Erwerb einer Zweitsprache ermöglichen, und vertritt die These, dass zweisprachige Erziehung und Bildung in einer einsprachig dominierten Gesellschaft schon im Vorschulalter ansetzen muss. Der Autor stellt die Behauptung auf, dass der Erwerb einer Zweitsprache für ein kleines Kind keinerlei zusätzliche Belastung darstellt, sondern im Gegenteil dessen kognitive Entwicklung und Flexibilität nur fördert. Im zweiten Teil der Arbeit werden verschiedene in Deutschland angewandte Vorschulprogramme untersucht, wobei solchen Programmen, die über den Rahmen des bestehenden Angebots hinausgehen und es bereichern, besondere Aufmerksamkeit entgegengebracht wird. Vorgestellt werden zwei zweisprachige Vorschuleinrichtungen in Deutschland (L1 Deutsch / L2 Englisch und L1 Deutsch / L2 Französisch) sowie bestimmte Strukturmerkmale dieser Institutionen. Selbst da, wo die Zweitsprache auf Vorschulinhalte beschränkt bleibt, entwickeln die Kinder nach Meinung des Verfassers bedeutende linguistische Fähigkeiten in der neuen Sprache. Diese Fähigkeiten werden einer Bewertung unterzogen und hinsichtlich des zweisprachigen Unterrichts an Hauptschulen diskutiert. Der Autor ist der Ansicht, dass die Zweitsprache sowohl passiv als auch aktiv noch vor dem üblichen Zeitpunkt, zu dem in den offiziellen Schulprogrammen die Einführung der Zweitsprache vorgesehen ist (etwa im Alter von 10 Jahren), erworben werden kann. Es könnte also zusätzlich eine dritte Sprache (L3) vor dem üblicherweise vorgesehenen Zeitpunkt in den Schulunterricht eingeführt werden

The bioluminescent Listeria monocytogenes strain Xen32 is defective in flagella expression and highly attenuated in orally infected BALB/cJ mice

Abstract Background In vivo bioluminescence imaging (BLI) is a powerful method for the analysis of host-pathogen interactions in small animal models. The commercially available bioluminescent Listeria monocytogenes strain Xen32 is commonly used to analyse immune functions in knockout mice and pathomechanisms of listeriosis. Findings To analyse and image listerial dissemination after oral infection we have generated a murinised Xen32 strain (Xen32-mur) which expresses a previously described mouse-adapted internalin A. This strain was used alongside the Xen32 wild type strain and the bioluminescent L. monocytogenes strains EGDe-lux and murinised EGDe-mur-lux to characterise bacterial dissemination in orally inoculated BALB/cJ mice. After four days of infection, Xen32 and Xen32-mur infected mice displayed consistently higher rates of bioluminescence compared to EGDe-lux and EGDe-mur-lux infected animals. However, surprisingly both Xen32 strains showed attenuated virulence in orally infected BALB/c mice that correlated with lower bacterial burden in internal organs at day 5 post infection, smaller losses in body weights and increased survival compared to EGDe-lux or EGDe-mur-lux inoculated animals. The Xen32 strain was made bioluminescent by integration of a lux-kan transposon cassette into the listerial flaA locus. We show here that this integration results in Xen32 in a flaA frameshift mutation which makes this strain flagella deficient. Conclusions The bioluminescent L. monocytogenes strain Xen32 is deficient in flagella expression and highly attenuated in orally infected BALB/c mice. As this listerial strain has been used in many BLI studies of murine listeriosis, it is important that the scientific community is aware of its reduced virulence in vivo

A 2D Quantum Walk Simulation of Two-Particle Dynamics

Multi-dimensional quantum walks can exhibit highly non-trivial topological structure, providing a powerful tool for simulating quantum information and transport systems. We present a flexible implementation of a 2D optical quantum walk on a lattice, demonstrating a scalable quantum walk on a non-trivial graph structure. We realized a coherent quantum walk over 12 steps and 169 positions using an optical fiber network. With our broad spectrum of quantum coins we were able to simulate the creation of entanglement in bipartite systems with conditioned interactions. Introducing dynamic control allowed for the investigation of effects such as strong non-linearities or two-particle scattering. Our results illustrate the potential of quantum walks as a route for simulating and understanding complex quantum systems

Modeling and Simulation the Thermal Runaway Behavior of Cylindrical Li-Ion Cells—Computing of Critical Parameter

The thermal behavior of Li-ion cells is an important safety issue and has to be known under varying thermal conditions. The main objectives of this work is to gain a better understanding of the temperature increase within the cell considering different heat sources under specified working conditions. With respect to the governing physical parameters, the major aim is to find out under which thermal conditions a so called Thermal Runaway occurs. Therefore, a mathematical electrochemical-thermal model based on the Newman model has been extended with a simple combustion model from reaction kinetics including various types of heat sources assumed to be based on an Arrhenius law. This model was realized in COMSOL Multiphysics modeling software. First simulations were performed for a cylindrical 1860 cell with a -cathode to calculate the temperature increase under two various simple electric load profiles and to compute critical system parameters. It has been found that the critical cell temperature [Math Processing Error] , above which a thermal runaway may occur is approximately [Math Processing Error] , which is near the starting temperature of the decomposition of the Solid-Electrolyte-Interface in the anode at [Math Processing Error] . Furthermore, it has been found that a thermal runaway can be described in three main stages

Electrochemical-calorimetric studies on different lithium-ion cells

The lithium-ion batteries used in current electric vehicles evidently have reserves. When the capacity in each cell was optimally utilized, more energy could be put in and delivered again. Thus, the driving range of electric vehicles could be significantly increased. In this work, commercial lithium-ion pouch cells were cycled at varying C-rates under isoperibolic and adiabatic conditions in an accelerating rate calorimeter (ARC) with external battery cycler to investigate their performance and their thermal behavior. A thermal camera was also used to investigate the heat effects and the local temperature distribution during cycling in more details. Different factors that have influence on the performance of energy storage such as temperature, charging/discharging current and state of charge (SOC) have been studied. The isoperibolic investigations were performed at specific temperatures in the range from 25 to 60 °C. The results show that the applied environmental temperature did not largely influence the battery thermal behavior. Both isoperibolic and adiabatic tests were performed at different charging/discharging rates in the range from C/4 to 3C. The results show a considerable temperature rise with increasing rate. Additionally, the heat capacities and the calorimeter constant were determined to calculate the total generated heat during cycling