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Investor Rationality in Index Funds : An Analysis of the Swedish Investor Rationality when Investing in Index FundsSandberg, Adele, Ottosson, Frida January 2019 (has links)
iiABSTRACTBehavioral finance has been a popular research subject for a while and therefore the understanding of human behavior when it comes to private financial investments has increased. When comparing human behavior to the financial theories one can conclude thatthe assumption of perfect and efficient markets with fully informed and rational investors is not realistic. This study has therefore looked at the investor rationality when choosing which index fund to invest in. Index funds are to a large degree used asa savings tool for either pensions or other specific purposes. It was therefore interesting to look at the behavior of Swedish investors buyingthe Swedishindex funds available in Sweden with a quantitative analysis of the relationship between flow and other features of index funds. The dependent variable reflecting rationality was the fund flow and the independent variables were return, tracking error, size, fee and risk. No previous studies have been made on the investor rationality regarding index funds in the Swedish market, although similar studies havebeen done on the American S&P 500 investors. 17 index funds were included in this study, which is the whole population of index funds following Swedish indices available in Sweden at the point of time when this study was conducted. From this population funds that had been available for more than 3 years was chosen since we wanted to look at the behavior based on a longer time span than one year. In the end, 17index funds with 51observations was included in the study.Five hypotheses were created and tested of whichtwowereaccepted. From the regression model we found that return and standard deviation (SD) weresignificant andhadpositiverelationshipswith the fund flow. This implies that Swedish investors are rational to some degree but not fully rational since they are not taking any of the other variables into account which a rational investor ought to consider. It is therefore useful information for both investors and fund companies to see which factors weight in the most and how rational the behavior is. Conclusions from this study is that Swedish investors are subject to the index fund rationality paradox to some degree and the rational choice theory applies to some extent. One has to fully consider the outcomes of an action and base the decisionon utility maximization that the outcome will give one. To act fully rational is hard even for the most aware investor and even harder for an ordinary investor with gaps in knowledge and limited resources to information.
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Comparing Reef Bioindicators on Benthic Environments off Southeast FloridaWilliams, Ryann A 16 November 2009 (has links)
A goal of the U.S. Environmental Protection Agency is to develop protocols applicable to coral reefs to distinguish between the effects of local water quality and those associated with regional to global environmental change. One test case is the current-dominated southeast coast of Florida where the Delray Outfall delivers 30 million gallons per day (114,000 cubic meters per day) of secondary-treated sewage into the ocean. Five study sites were established at depths between 15 and 18 m, and at distances between 1 and 18 km distance from the outfall, where the Stony Coral Rapid Bioassessment Protocol (RBP) was conducted to determine coral cover and selected other parameters. During sampling, 29 surface sediment samples were collected that I analyzed with respect to sediment texture, foraminiferal assemblages, and sediment constituents.
Most samples were characterized by fine sands with <2% mud. A total of 77 genera of foraminifers were identified, averaging 28 genera per sample. Abundances of foraminiferal shells varied among samples by more than an order of magnitude (83 to 1010 shells per g sediment). The Foraminifera in Reef Assessment and Monitoring (FORAM) Index was calculated from the foraminiferal data, yielding values of 3 or more for all sites, with 26 of the 29 test sites yielding values >4, indicating that water quality should support coral growth.
Sediment constituent analyses revealed that the sediments were overwhelmingly dominated by unidentifiable fragments (60%), with molluscan debris second (20%), and calcareous algae third (4.5%); larger foraminiferal shells and coral fragments together made up < 5.5%. The resulting sediment constituent (SEDCON) Index was consistently <2, indicating that erosional processes dominate over sediment production along the sampled shelf area.
Results provided by the FORAM and SEDCON indices are consistent with results for stony coral based on the RBP. Stony coral cover was low at all sites, <2%, indicating that coral occurs in the area but neither dominates the benthos nor builds reefs. No relationship was observed between any parameter and distance from the Delray Outfall. However, both the RBP and FORAM Index indicated poorest conditions at the Horseshoe site, suggesting unidentified stressors in that vicinity.
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Developing a NSW rural property investment performance indexEves, Alfred Christopher, University of Western Sydney, College of Law and Business, School of Construction, Property and Planning January 2003 (has links)
This thesis is based on the analysis of all rural property sales transactions that occurred in NSW over the period 1990-2000 and is the first complete state wide analysis of a rural property market in Australia. Previous studies on rural land performance have been restricted in both limited time periods and limited location areas. The importance of rural property, as an investment asset has been recognised in the US and UK with both countries having a rural property performance index. These indices are similar in construction, quality and reliability as the commercial property, residential property and share market indices that are also available in these countries to analyse the performance of these investment assets. Until the development of the rural property capital and total return indices in this thesis, there has never been a comprehensive and complete set of rural property investment indices available to assess the risk/return performance and investment portfolio benefits of rural property in Australia. The actual construction of the indices in this thesis have been based on the current indices produced by the Property Council of Australia for office, retail, industrial and hotel property in Australia. Based on the work in this thesis, rural property investment performance can now be compared to all major investment assets available in Australia. This research will be ongoing to ensure that the performance of rural property will be available on a semi-annual basis for use by all institutions, companies and individuals with an interest in the investment potential of rural property in Australia / Doctor of Philosophy (PhD)
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Automatisk bedömning av reglerkretsarsprestanda / Automatic Evaluation of Control Loop PerformanceHolmqvist, Peter January 2005 (has links)
<p>In this thesis, a computer program that in a simple way can calculate the performance of control loops at the refinery Preemraff Lysekil has been created. The computer program has been adapted to the environment at Preemraff Lysekil. Theories for evaluation has been studied in aspect of reliability and of automatic implementation. The evaluation has been carried out from data collected directly from control loops at the refinery and from simulated control loops with implemented errors. </p><p>Among the studied methods are Harris index and Stattin´s oscillation index. According to the literature the Harris index is the most used for measure of control performance, but the results show that it does not work as a single measure at Preemraff Lysekil. However Stattin´s oscillation index works well and can be used for detection of oscillations. Statistic measures like variance, IAE, ISE and a method based on histogram are also studied. All the statistical measures are simple to implement and are rather accurate. Several tests on control loops has been carried out and it has been shown that it ís enough to use the method based on histograms and Stattins oscillation index to get a good picture of the performace of the control loops at Preemraff Lysekil. </p><p>The work has resulted in a MATLAB tool that evaluates the control loops and can be run at any time. The tool first calculates Stattin´s oscillation index. The loops that are oscillating are marked. In the next step, the method based on histograms is used and a list with the worst performing loops at the top is created.</p>
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Översättning och validering av pVHI : för barn 6 till 10 årBylund, Hanna, Eriksson, Sofie January 2010 (has links)
<p>Studies indicate that between 6-9% of all children has some type of voice problems. Voice problems in children may have different etiology and can affect all ages. In Sweden, there is a lack of a standardized questionnaire addressed to children with voice problems and their legal guardians. The purpose of this study was to translate and validate the Pediatric Voice Handicap Index (pVHI) in Swedish children aged 6 to 10 years. The study was carried out through an internet-based assessment form for children referred to speech and language pathologist/ phoniatrican due to voice disorders in Sweden and a matched control group of children without voice problems. The experimental group consisted of 13 children with voice problems and the control group of 29 children. The questionnaire was filled out by the guardian in cooperation with the child. It contained 23 claims separated into three domains: functional, physical and emotional. The results of each child’s assessment were the total pVHI, with a maximum of 92 points. A comparison between results presented in the original pVHI showed great similarities regarding mean values within the three domains the total pVHI and the experimental group’s estimation of over- all voice problems on a VAS- scale. The internal validity of the translation was high with a Cronbach´s alpha at .95- .96 within the different domains. Significant differences were found between the experimental group and the control group in each domain. There was also a significant difference between the experimental group and the control group regarding total pVHI. The results indicate that the translation of pVHI is easy to fill out and close to the original. Also, it discriminates between children with and without voice disorders indicating good sensitivity and specificity, which is central in a broader use.</p> / <p>Studier visar att mellan 6- 9 % av alla barn har någon form av röstproblem. Röstproblem hos barn kan ha olika etiologi och kan drabba alla åldrar. I Sverige har ett standardiserat skattningsformulär riktat till barn med röstproblem och dess målsmän saknats. Syftet med föreliggande studie var att översätta och validera pediatric Voice Handicap Index (pVHI) för svenska barn mellan 6 till 10 år. Studien utfördes genom ett internetbaserat skattningsformulär till barn med målsmän som sökt hjälp för röstbesvär hos logoped/foniater i Sverige samt en matchad kontrollgrupp utan uttalade röstproblem. Experimentgruppen bestod av 13 barn med röstproblem och kontrollgruppen av 29 barn. Skattningsformuläret fylldes i av målsmän i samråd med barnet. Det innehöll 23 påståenden fördelade inom tre domäner; funktionell, kroppslig och emotionell. Sammantagna resultatet av varje barns skattning utgjorde ett total pVHI där 92 var maxpoäng. Vid jämförelser mellan resultaten i den ursprungliga pVHI och föreliggande studie återfanns stora likheter på medelvärden inom de tre domänerna, för total pVHI och för experimentgruppens skattning av omfattning av deras röstproblem på en VAS-skala. Den interna validiteten av den översatta svenska versionen var hög med ett Cronbach's alfa på .95 till .96 inom de olika domänerna. Signifikant skillnad återfanns mellan experimentgrupp och kontrollgrupp inom varje domän. Det var även signifikant skillnad mellan experimentgruppen och kontrollgruppens total- pVHI. Resultaten i föreliggande studie tyder på att översättningen av pVHI var nära den ursprungliga versionen. Dessutom diskriminerar översättningen mellan barn med och utan röstproblem vilket indikerar på god sensitivitet och specificitet, något som är centralt för en bredare användning.</p>
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Prédisposition maternelle à la prééclampsieEmonts, Patrick 03 March 2008 (has links)
Objectif: élaborer un index prédictif de la prééclampsie basé sur les données les plus significatives de lanamnèse, de la clinique, de la biologie et des tests fonctionnels afin didentifier les patientes qui présentent un risque élevé de développer une prééclampsie (PE).
Méthodes: Etude cas-contrôle comparant, en dehors de toute grossesse, des patientes ayant présenté, lors dune grossesse antérieure, une prééclampsie (n=101) avec des patientes dont la grossesse a eut un décours strictement normal, à parier pour la gestité, la parité, lâge, lassuétude au tabac et le délai depuis cette grossesse (n=50).
Les paramètres analysés sont lanamnèse, lexamen clinique, la biologie sanguine (coagulopathie, trombophilie, hyperhomocystéinémie, vitamines B, marqueurs rénaux et vasculaires); et approches morphologie et fonctionnelle (système cardiovasculaire et rénal). Etude statistique de régressions logistiques a été appliquée à lensemble des données afin de nen dégager que les plus représentatives dans chacune des directions suivies par létude (anamnèse, biologie, épreuve fonctionnelle).
Résultats: Lidentification des patientes à haut risque de prééclampsie peut être faite efficacement (88 % de sensibilité et 88 % de spécificité en se basant sur les trois index de risques construits respectivement sur les données anamnestiques et cliniques, sur les données de la biologie et sur les épreuves fonctionnelles.
Conclusion: Il ny a actuellement aucun dépistage possible des patientes à risque de prééclampsie en dehors de la grossesse. Cette étude permet lélaboration dun index prédictif de la prééclampsie en préconceptionnel et par la même ouvre les portes à une prévention primaire.
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Elliptic operators in subspaces and the eta invariantSchulze, Bert-Wolfgang, Savin, Anton, Sternin, Boris January 1999 (has links)
The paper deals with the calculation of the fractional part of the η-invariant for elliptic self-adjoint operators in topological terms. The method used to obtain the corresponding formula is based on the index theorem for elliptic operators in subspaces obtained in [1], [2]. It also utilizes K-theory with coefficients Zsub(n). In particular, it is shown that the group K(T*M,Zsub(n)) is realized by elliptic operators (symbols) acting in appropriate subspaces.
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Surgery and the relative index in elliptic theoryNazaikinskii, Vladimir E., Sternin, Boris Yu. January 1999 (has links)
We prove a general theorem on the local property of the relative index for a wide class of Fredholm operators, including relative index theorems for elliptic operators due to Gromov-Lawson, Anghel, Teleman, Booß-Bavnbek-Wojciechowski, et al. as special cases. In conjunction with additional conditions (like symmetry conditions) this theorem permits one to compute the analytical index of a given operator. In particular, we obtain new index formulas for elliptic pseudodifferential operators and quantized canonical transformations on manifolds with conical singularities as well as for elliptic boundary value problems with a symmetry condition for the conormal symbol.
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On surgery in elliptic theoryNazaikinskii, Vladimir, Sternin, Boris January 2000 (has links)
We prove a general theorem on the behavior of the relative index under surgery for a wide class of Fredholm operators, including relative index theorems for elliptic operators due to Gromov-Lawson, Anghel, Teleman, Booß-Bavnbek-Wojciechowski, et al. as special cases. In conjunction with additional conditions (like symmetry conditions), this theorem permits one to compute the analytical index of a given operator. In particular, we obtain new index formulas for elliptic pseudodifferential operators and quantized canonical transformations on manifolds with conical singularities.
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Localization problem in index theory of elliptic operatorsNazaikinskii, Vladimir, Schulze, Bert-Wolfgang, Sternin, Boris January 2001 (has links)
This is a survey of recent results concerning the general index locality principle, associated surgery, and their applications to elliptic operators on smooth manifolds and manifolds with singularities as well as boundary value problems. The full version of the paper is submitted for publication in Russian Mathematical Surveys.
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