Den stora användningen av fossil energi i världen är en av orsakerna till de höga utsläppen av koldioxid som förstärker växthuseffekten. För att minska människans klimatpåverkan bör därför mer förnyelsebar energi användas. EU har därför som mål att minska utsläppen av koldioxid med 40 % till år 2030. Industrisektorn står för 32 % av världens totala energianvändning och pappers- och massaindustrin använder 6 % av den energin. I denna studie undersöks Stora Enso Skoghalls Bruk som är ett pappers- och massabruk beläget norr om Vänern. De senaste åren har en rad energieffektiviserande åtgärder utförts där som gjort att det tidvis produceras ett överskott av ånga. I dagsläget friblåses överskottsångan för att hålla trycket på deras ångnät på avsedd nivå. Studiens syfte är att undersöka om elproduktion med hjälp av en kondensturbin är ett lönsamt alternativ för att ta till vara på överskottsångan istället för att friblåsa den. Målet är att ta fram ett beslutsunderlag för dimensionering och bedömning av lönsamhet samt miljöpåverkan för en kondensturbin på Skoghalls Bruk. Studien utfördes genom energitekniska beräkningar i Simulink och en lönsamhetsbedömning genom en nuvärdesanalys. Som grund till beräkningarna ligger driftdata och vetenskaplig litteratur. Scenarier har konstruerats för att avgöra hur både elpriser och koldioxidalstring knuten till den nordiska elmarknaden kan se ut i framtiden. Den samlade bedömningen av studien är att Skoghalls Bruk inte bör investera i en kondensturbin i dagsläget. Låga elpriser i kombination med höga bränslepriser gör att vinsten inte blir tillräckligt hög i förhållande till investeringskostnaden. Vid mer gynnsamma förhållanden, alltså med högre elpriser, lägre bränslekostnader och låg ränta är det mer troligt att investeringen blir lönsam. Investeringen är dock lönsam ur ett miljöperspektiv så länge kondensturbinens elproduktion ersätter någon form av fossil elproduktion i Norden. / The high use of fossil energy in the world is one of the causes of the high emissions of carbon dioxide, which increases the greenhouse effect. In order to reduce the anthropogenic climate impact, more renewable energy should be used. The EU aims to reduce carbon dioxide emissions by 40 % by the year 2030. The industrial sector accounts for 32 % of the total world energy consumption of which the pulp and paper industry uses 6 %. This study examines Stora Enso Skoghall Mill which is a pulp and paper mill located north of Vänern. In recent years, a series of energy efficiency measures has been carried out at Skoghall Mill. At times these measures have resulted in a surplus of steam production. Today this excess steam is released to the atmosphere to maintain the pressure on the steam network at the required level. The purpose of this study is to investigate whether electricity production using a condensing turbine is a profitable alternative for recovery of the excess steam which is currently being released to the atmosphere. The aim is to develop a decision basis for the design and assessment of profitability and environmental impact of a condensing turbine at Skoghall Mill. The study was conducted through energy calculations in Simulink and a profitability assessment by a present value analysis. The basis for the calculations is operational data provided by Skoghall Mill and scientific literature. Scenarios have been designed to determine both how electricity prices and generation of carbon dioxide linked to the Nordic electricity market might look in the future. The overall conclusion of the study is that Skoghall Mill should not invest in a condensing turbine at this time. The profit is not high enough compared to the investment cost due to low electricity prices combined with high fuel costs. In more favourable conditions, i.e. with higher electricity prices, lower fuel costs and lower interest rates, it is more likely that the investment will be profitable. The investment, however, is profitable from an environmental perspective, as long as the electricity from the condensing turbine is replacing fossil power generation in the Nordic region.

The concept and legal consequences of the transgression of the limits of self-defense and necessity The object of this diploma thesis is criminal institute of self-defense and necessity and legal consequences of their transgression. These circumstances excluding the illegality release an act of person, who prevents a directly imminent danger or attack, from illegality as an element of the crime. We find the importance and indispensability of these institutes in possibility of use of self-help in favor of the protected interests, without a threat of penal sanction. This work is mainly focused on situations where legal conditions and limits of self- defense and necessity were transgressed, which caused their criminal liability. Even here it is desirable to apply more benevolent approach towards the offender than to other perpetrators of common crimes, because otherwise self-defense and necessity is considered a positive phenomenon. After a brief introduction, in the first part of this diploma thesis, the author deals with circumstances excluding the illegality in general and with the concept of illegality itself. In the second part, the author deals with the definition of the term and conditions of necessity and mainly focuses on explanation of the unclear and questionable elements of necessity. In...

THE NOTION AND LEGAL CONSEQUENCES OF EXCEEDING THE NEED FOR SELF-DEFENSE AND DESTITUTION The subject of this thesis are the notion and the legal consequences of exceeding the need for self-defense and destitution (excess). Both of those situations exclude illegality in the case of fulfillment of certain conditions assuring the right of an individual defend him-self in case of an attack, in other words in situations where there is a threat to interests protected by the criminal statute. The consequence of the fulfillment of the conditions of destitution and self- defense is the exclusion not only of criminal liability of the defendant but equally the illegality of his act. In these situations, we therefore are not dealing with a criminal act. This characteristic therefore in consequence makes destitute and self-defense into notions of great importance in the area of criminal liability. The aim of this thesis is to focus on both of the notions mentioned above, mainly in regard of situations where we are faced with the exceeding of the allowed limits and therefore to fully elaborate on and detail the parameters of the notion of excess and the legal consequences linked to it. The term excess will be regarded from the point of view of theories, legal treatment and jurisprudence, as their approach and...

The Notion and Legal Consequences of the Transgression of Exceeding the Limits of Self-defense and Distress Diploma thesis called "The Notion and Legal Consequences of the Transgression of Exceeding the Limits of Self-defense and Distress" is based on Criminal Code, Act N. 40/2009 Coll., as applicable to 1 December, 2011. The thesis deals with legitimate self-defense and distress, as two circumstances excluding illegality, which belong to basic human rights, that everyone can by himself avert attack or danger threatening his interest protected by the Criminal Code. Thesis's insight of legitimate self-defense and distress is based on situations when person exceeds allowable bounds of legitimate self-defense and distress, and it's behavior becomes lawless and punishable. First part deals with circumstances excluding illegality as a term including legitimate self-defense and distress. Second part is based on actual characteristic and conditions of legitimate self-defense, together with specification of statutory legal limits of behavior in legitimate self-defense and distress. In following third part concepts of exceeding limits of legitimate self-defense and distress are analyzed in detail. There is a description how acting person can extravagate these limits. Nonobservance of time limits,...

This diploma thesis deals with the concept and legal implications of excessive self-defense (also private defense) and necessity (also distress). The two terms designate two circumstances precluding wrongfulness that the Czech Criminal Code recognizes. They have been intended to allow every person to defend himself and thus protect his rights against an attack or other forms of danger in case the state authority cannot provide for such protection. If the self-protection is executed within some acceptable boundaries that are provided by the Criminal Code, such behavior can be considered beneficial for the society and therefore nobody should be in any way punished for it. Criminal liability is only established when the given boundaries are crossed and even then there is a certain favored approach towards the perpetrator required. The intention of this diploma thesis is to address the connotations and importance of the given juridical institutes and to evaluate whether they function effectively or not, with eventual suggestions as to how to improve the result. After a short introduction the first part of the thesis deals with the concept of wrongfulness as one of the elements of a crime, and circumstances precluding the wrongfulness in general. In the end of the chapter there is a brief reflection on...

The concept and legal consequences of the transgression of the limits of self-defense and necessity The thesis is based on the criminal institutes of necessity and self-defense. The aim of the thesis is to analyse the concept of necessity and self-defence, set limits to those institutes, define cases of transgression of these limits and describe legal consequences of excess. The thesis is drawn as the analysis of current legislation regulating necessity and self- defense. Given that everyone can make use of these institutes, the thesis concentrates on the fact that the legislation in this matter should be comprehensible and expedient for the acting person and contains a thorough analysis of case-law. The comparative method is used to the lesser extent, Czech legislation is compared with legislation of some other European countries. A part of the thesis concentrates on the frequent de lege ferenda suggestions. In author's opinion, the enactment of these suggestions would help to promote legal certainty and extend the possibility to act in necessity and self-defense. The thesis is divided into an introduction, three main parts, which are further divided into chapters and subchapters, and a conclusion. Part one defines the concept of illegality as a requirement of commiting a crime, then the...

Human (h) growth hormone (GH) levels decline rapidly in response to excess caloric intake before there is any evidence of obesity. In this thesis, the mechanism underlying this response was examined by manipulating levels of caloric intake and physical activity at the levels of gene expression and chromosomal structure. Transgenic mice containing the intact hGH locus were used as a model system. Briefly, the findings are: (I) High caloric intake (high fat diet) for three days resulted in hyperinsulinemia and a decrease in both hGH synthesis and secretion. (II) Incorporation of physical activity (swim) muted the effects of excess caloric intake on insulin levels as well as hGH production. (III) Human GH RNA accumulation was shown for the first time to be negatively regulated by insulin in pituitary cultures, and (IV) an enhancer box (E-box) DNA element was implicated in this response. (V) Induction of the E-box associated transcription factor HIF-1α with insulin significantly decreased hGH RNA levels, and was accompanied by recruitment of HIF-1α to the hGH gene (hGH) promoter in situ. (VI) Both a reduction in HIF-1α synthesis and HIF-1 DNA binding blunted the negative effect of insulin on hGH RNA levels. (VII) The hGH response to insulin was associated with a decrease in histone H3/H4 hyperacetylation in the proximal hGH promoter region. The same pattern of chromatin remodelling was observed in pituitary cells in vivo in response to excess caloric intake. (IX) Increased recruitment of nuclear receptor co-repressor and decreased association of RNA polymerase II were also observed. Collectively, these effects are consistent with reduced hGH promoter function. (X) This reduction by excess caloric intake was also consistent with changes in the three dimensional-structure of the hGH locus including detected loss of physical interaction between hGH enhancer and promoter regions. (XI) By contrast, physical activity combined with the high caloric intake preserved the chromosomal structure of the hGH locus. These observations are discussed in relation to a physiological requirement for rapid control of hGH levels in response to energy homeostasis, as well as the molecular basis governing this process. / May 2015

Em linhas gerais o projeto consiste numa abordagem do pensamento do escritor francês Georges Bataille, no viés de sua crítica à razão ocidental, tendo por base a noção de experiência, através da qual o autor desenvolve uma teoria do excesso e do impossível, colocando-se num horizonte de indagação de fenômenos que escapam à normalidade do discurso racional construído sob a égide do logocentrismo. Assim, a tese em questão pretende confrontar-se com fenômenos como o do erotismo, do êxtase, da mística, da poesia e da violência que constituem, propriamente, uma dobra do real pela via do excesso. Interessa analisar o modo pelo qual estes fenômenos de exceção são interpretados pela linguagem e criticados no campo textual. O louvor do excesso a que alude o título da pesquisa diz respeito ao entendimento da noção de transgressão no pensamento e na obra batailleana. Nesse universo a transgressão é vista como um dispositivo acionado pela proibição, que lhe serve de complemento fundamental. A transgressão assim põe em funcionamento as forças heterogêneas da experiência que excedem o pensamento e o discurso. A obra de Bataille não deixa de ser um esforço geral no sentido de trazer à luz da inteligência os fenômenos da experiência, como o erotismo, a violência, a poesia, o riso, o êxtase, já que, via de regra, não são contemplados pela razão ocidental. / In general terms, the project consists in an overview of the work of the French writer Georges Bataille, in regards to his critique of the Western reasoning, having as a base the notion of experience, through which the author develops a theory of the excess and of the impossible, that is, a horizon of questioning phenomena which escape the normality of rational discourse constructed under the aegis of logocentrism. Thus, the thesis in question intends to confront phenomena like eroticism, ecstasy, mysticism, poetry and violence that are, properly, a fold of the real through the way of excess. It seeks to analyze the way in which these phenomena of exception are interpreted through the language and criticized in the textual field. The praise of excess referred to in the title of the research relates to the understanding of the notion of transgression in the batailleanas thought and work. In this universe transgression is seen as a device triggered by prohibition, which serves as its essential complement. Transgression thus sets in motion the heterogeneous forces of experience which exceed the thought and speech. Batailles work does not cease to be a general effort in the sense of bringing to the light of intelligence the phenomena of experience, like eroticism, violence, poetry, laughter, ecstasy, since, as a rule, these are not covered by Western reasoning.

"The information ratio is a very controversial topic in the business world. Some portfolio managers put a lot of weight behind this risk-analysis measurement while others believe that this financial statistic can be easily manipulated and thus shouldn't be trusted. In this paper, an attempt will be made to show both sides of this issue by defining the information ratio, applying this definition to real world situations, explaining some of the negative impacts on the information ratio, comparing this ratio to other statistical measures, and showing some ways to improve a portfolio manager's information ratio. "

abstract: 本文采用2010年1月1日至2017年12月31日在香港主板IPO上市的共574家公司作为研究样本，系统采集包括与发行人、承销商、投资人、发行热度、市场每日交易数据等相关的数据近100项，对超额配售选择权在香港IPO中的实际效用进行实证研究，研究发现：1）超额配售选择的确可以起到提高发行价格，降低IPO抑价率的作用，但是同时也是破发的主要原因。2）由超额配售选择权赋予承销商稳价行为中，市场买入量越大，最大回撤越大，市场下跌风险越大同时超额配售选择权还导致了最大回撤日的推后，增大了稳价结束后的市场风险，而这很有可能是由于承销商追求更高利益造成的。3）没有证据显示，超额配售选择权会降低承销商的佣金比例，但是，超额配售选择权却为承销商带来非常高的额外收益，而这个收益与市场下跌幅度和承销商从市场购买股份的比例直接相关。 其中，本文首次对最大回撤率、最大回撤日与承销商市场买入量之间的关系进行实证研究，揭示了承销商市场买入量与承销商收益正相关，与最大回撤率负相关，与最大回撤日正相关的关系，可能是增加市场下跌风险的因素。这与现有理论中及监管机构的预期中，“超额配售选择权具有向上稳定价格的作用”是有一定偏差的。 根据研究结果，本文首先建议发行人要客观对待超额配售选择权提升发行价格的作用，以免引起破发。其次建议市场投资人要客观认识超额配售选择权的作用，不要由于超额配售选择权的存在给与发行过高的认同价格。再次建议发行人要能够认识到超额配售选择权是承销商零成本获得的一个有固定收益保障的看空期权，是承销商在承销IPO时的收益之一，而股价下跌幅度与承销商的收益正相关。因此要对承销商的稳价行为进行一定管控，同时可以因为超额配售选择权的存在而要求更低的承销佣金比例。最后建议承销商要维护市场公平，爱护自己的声誉，尽可能避免因超额配售选择权的使用对市场造成不应有的干扰。 / Dissertation/Thesis / Doctoral Dissertation Business Administration 2019