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Mean-Risk portfolio optimization method proposes an efficient frontier that consists of portfolios not dominated by any portfolio. Consequently, this method reduces the choice set by excluding inefficient portfolios. Different risk measures offer different efficient frontiers, which can be interpreted as different optimal choice sets. The question is whether these different risk measures lead to s

In the light of the current financial crisis, risk management and prediction of market losses seem to play a crucial role in finance. This thesis compares one day out-of-sample predictive performance of standard methods and conditional autoregressive VaR (CAViaR) by Engle & Manganelli (2004) for VaR (Value-at-risk) prediction of market losses. Comparison is made on US, Hong Kong, and Russian i

This paper investigates the profitability of the zero-cost strategies (Winner-Loser) on the Eurozone market for the time period 1999-2009. We find that the Winner portfolio outperforms the Loser portfolio by, on average, 0,8% per month when we combine formation and holding periods of 3, 6, 9 and 12 months. As the sum of these two periods gets closer to 24 months, the excess returns tend to dissipa

The purpose of this thesis is to test the implications of the permanent income – life cycle hypothesis. According to Hall (1978), if the permanent income-life cycle hypothesis is valid, consumption should follow a random walk and no variable other than once-lagged consumption should help explaining current consumption. Two different tests are conducted. Firstly, consumption is regressed upon its o

In recent years the concept of social capital has become particularly popular in epidemiologic literature for its hypothesized effects on health inequalities observable at national levels. This project evolves around the theory of social capital, particularly the interaction of its bonding, bridging and vertical forms and dimensions for health outcomes. It also incorporates a competing viewpoint a

Studien undersöker sambandet mellan ekonomisk tillväxt och utländska direktinvesteringar (FDI) i utvecklingsländer, samt om bättre inhemska finansiella marknader och/eller en högre nivå på humankapitalet påverkar utfallet. Detta studeras genom; (1) En justerad tillväxtmodell där FDI:s påverkan på kapitalackumulationen och teknologiöverföringen inkluderas. (2) En paneldatastudie som baseras på ett

Leveraged buyout transaction is the most familiar PE investment technique in financial market. It is controversial for high debt financing since some companies go to bankruptcy for it, and some companies achieve another boom. Debt financing is cheaper than equity financing, and tax shield would also be attractive for choice of high debt capital structure. Potential LBO companies should be mature,

Financial services sector is fundamental to economic growth and development in all advanced economies. Financial services such as banking, savings and investment, insurance, and debt and equity financing constitute a nation’s economic engine by fulfilling three core functions in the economy. Firstly, these services provide financial intermediation functions between savers/investors that are lookin

Japan is ageing and the proportion of people aged 65 or older is expected to reach 29.9%. Given that the system is not changed, forecast of health spending in 2025 is done taken demographic change into consideration. 8.38% of GDP will be needed for health care (acute care) and 2.62% for long-term care. Considering the fact that Japan has spent 5% less than OECD average for health and that the curr

Syfte: Att med hjälp av optimal arbetslöshetsförsäkringsteori samt empirisk analys – genom en jämförelse mellan länder – undersöka om, och hur, utformandet av de olika fragmenten i en arbetslöshetsförsäkring förklarar arbetslöshetsgraden. Metod: Problemet kommer att angripas med såväl optimal ekonomisk teori som med ekonometri. En multipel regressionsanalys med tvärsnittsdata är den modell som kom

We present a quantized model of a harmonically confined dot atom with inherent damping in the presence of a transverse magnetic field. The model leads to a non-Hermitian Hamiltonian in coordinate space. We have analytically studied the effects of damping on Rabi type oscillations of the system. The model explains the decoherence of Rabi oscillations in a Josephson Junction.

In this work, we discuss the possibility of a new approach to measuring oxygen isotope ratios in fossil meteorite samples, specifically one based on nuclear reaction analysis (NRA). Variations of oxygen ratios within meteoritic chromite grains can help to determine the type of meteorite to which the grains originally belonged. In this work, we have evaluated the possibility to use the reaction O-1

Popular Abstract in Swedish Stora resurser används i processindustrin, och i många andra industribranscher, på att rapportera incidenter för att utnyttja erfarenheterna från dessa för att förebygga framtida incidenter – alltifrån mindre störningar till olyckor med stora konsekvenser. Det finns emellertid en hel del som tyder på att man ofta utnyttjar bara en del av hela den potential för lärande sLearning from incidents (from minor disturbances to major accidents) is considered one of the most important ways in the process industry to learn from experiences for improving safety performance. Most companies have a formal incident learning system and considerable resources are used for reporting incidents and for utilising these experiences to prevent future incidents. However, there are many

Background: It is well established that drinking alcohol raises the risk of liver cancer (hepatocellular carcinoma). However, it has not been sufficiently established as to whether or not drinking cessation subsequently reduces the risk of liver cancer and if it does reduce the risk how long it takes for this heightened risk to fall to that of never drinkers. This question is important for effecti

A monograph of the genus Placomaronea is presented; all species described earlier are revised, a total of six species is recognized, and an identification key is presented. In addition to the three previously known species, P. candelarioides, P. lambii and P. mendozae, three new species are described: Placomaronea kaernefeltii is a large rosette-like species known from one locality in northernmost

Objectives: Several studies have suggested that genotoxic risks might still be present in the contemporary rubber manufacturing industry. Previously, we observed elevated levels of urinary mutagenicity and bladder DNA adducts in rubber workers. Presently, we investigated whether DNA adducts in peripheral blood mononuclear cells (PBMC) and/or urothelial cells may be caused by polycyclic aromatic hy

To better understand and characterize chromosomal structural variation during breast cancer progression, we enumerated chromosomal rearrangements for 11 patients by performing low-coverage whole-genome sequencing of 11 primary breast tumors and their 13 matched distant metastases. The tumor genomes harbored a median of 85 (range 18-404) rearrangements per tumor, with a median of 82 (26-310) in pri