ABSTRACT Purpose: The purpose of the study was threefold. Firstly, to investigate if a four week program in pain rehabilitation had any effect on how much individuals with persistent pain worked and their degree of kinesiophobia. Secondly, to study if there was a correlation between how much these individuals worked and their degree of kinesiophobia. Thirdly, to study if there was a correlation between the change in these variables. Method: 112 patients who had participated in a four week rehabilitation program took part in the study. The study had a retrospective design, which was based on a review on medical records and consisted of three minor parts. The first part had a quasi-experimental comparative design and the other two parts had non-experimental cross-sectional correlative designs. Kinesiophobia was analyzed with the Swedish version of the Tampa Scale of Kinesiophobia (TSK-SV). How much a patient was working was measured in percent. Results: Both work status and kinesiophobia had improved significant in every measurement. The highest improvement in the variable of kinesiophobia was discovered by the end of the program in pain rehabilitation and by the twelve month follow-up in the variable about how much patients was working. Analysis with Spearman’s rang correlation coefficient showed a weak statistical significant correlation between how much individuals work and their degree of kinesiophobia in the twelve months follow-up. There was however no statistical significant correlation between the change of how much individuals worked and the change of their degree of kinesiophobia, neither in the two nor in the twelve months follow-up. Conclusions: This is one of the first studies that have been done who investigate the correlation between kinesiophobia and how much individuals with persistent pain are working and it shows that there is a need to continue to investigate the correlation between them, both for the individual as well as for the society in general and if possible also study what importance self-efficacy has in this context.

In this paper, the popular fundamental analysis model Economic Value Added is tested for any ability to generate returns above that explained by book-to-market effects on American large cap stocks. A zero net-investment hedge portfolio-test was undertaken where the Economic Value Added® fundamental analysis was applied on a sample of large cap stocks, sorted into quintiles after book to market valuation. The portfolio investing in the extreme quintiles gained positive returns between the years 1999 – 2010 equal to an average yearly total return of 7,32 %. During the test-period, the benchmark portfolio constituent of stocks sorted in the same way but without the Economic Value Added® analysis only managed to score returns equaling 2,3 %, adding evidence in favor of the Economic Value Added® analysis. The Economic Value Added also showed a better risk-profile than the benchmark portfolio, measured as the Modigliani Risk-Adjusted Performance over the entire period, further acknowledging the abnormal returns. However, the Economic Value Added® sample portfolios where unevenly distributed regarding number of stocks, foremost in the short-sold part for some years, mitigating the test as strong evidence in favor of the Economic Value Added® analysis. An independent samples t-test also did not reject the null hypothesis. Despite the mixed results of the test, the strength in the specification of sample and choice of method leads us to conclude that that the Economic Value Added® seems like a moderately effective tool for identifying mispriced stocks.

Huvudsyftet med uppsatsen är att se hur ett företags annonsering om återköp av aktier påverkar dess börskurs i Sverige. Som delsyfte kommer även en undersökning göras om huruvida reaktionen skiljer sig mellan olika branscher samt om Sveriges reaktion skiljer sig från den tidigare forskningen i USA och i Storbritannien. Undersökningen har genomförts med hjälp av en eventstudie där den abnormala avkastningen beräknas. En intervju utförs för att bekräfta resultatet. Resultatet gav en sammanlagd kumulativ avkastning på 0,57 %. Det visade även att det finns en skillnad mellan olika branschers reaktion på en annonsering av ett återköp. Sveriges reaktion jämförs bäst med Storbritanniens som har en abnormal avkastning på 1,14 % än med USA som har en abnormal avkastning på 3,5 %. / The purpose with this study is to examine how a company’s announcement of a repurchase of stocks affect the stock price in Sweden. There will also be an investigation about how the reaction differ between branches and if the reaction found here in Sweden is different than the ones that has been found in USA and the United Kingdom. The examination has been carried out with an event study where the abnormal return has been calculated. An interview has been performed to confirm the result. The result showed a cumulative abnormal return with 0,57 %. It also showed that there is a difference in reaction between branches. Sweden is more comparable with the United Kingdom who has an abnormal return with 1,14 % than it is with USA which has an abnormal return with 3,5 %.

本論文以濾嘴法則應用在台灣股票市場，試圖揭露報酬率與成交量之間的關係。雖然在短期內可藉由過度反應獲取報酬，然而，報酬率與成交量的關係仍舊模糊不清，本篇引用的文獻並不足以解釋此研究的結果。另外，我們發現在近十年中，因流動性進行的交易，而非因資訊進行的交易，主導了台灣股票市場。 / This thesis uses filter rule on Taiwan stock market to uncover the relationship between return and volume change. Although the profits for overreaction in a short time horizon exist, the pattern of the combination of return and volume change is unclear. No theory mentioned in the literature seems to be able to fully explain the results in this study. Yet, we find that the liquidity trading, rather than information trading, dominates Taiwan stock market in recent decade.

Įmonių vadovams ypatingai aktuali galimybė rasti pelno ir pelningumo rodiklių gerinimo sprendimą grupuojant paslaugas bei taikant jų klientams atitinkamas sąlygas. Įvertinant pelningumą būtina analizę atlikti per jos teikiamų paslaugų ir klientų prizmę ypač tuomet, kai jų veikla priklauso nuo keletos paslaugų grupių. Lizingo bendrovės pelningumo ir jį indikuojančių rodiklių pagal jų paslaugas struktūros analizė padeda įmonei rasti pajamingiausias bei pelningiausias paslaugas, nustatyti vis didėjančių ar galimų sąnaudų priežastis, remiantis atliktos analizės rezultatais galima numatyti ateities planus dėl paslaugų asortimento ar jų sąlygų tobulinimo. Remiantis Lietuvos ir užsienio autorių siūlomais metodais (modelių taikymas siekiant įvertinti paslaugų pajamingumą ir pelningumą, ekonominių statistinių rodiklių analizė, paslaugų rodiklius įtakojančių veiksnių koreliacinė regresinė analizė), magistro darbe atlikta teikiamų paslaugų pelningumo dinamikos analizė, pajamų, išlaidų, pelno ir pelningumo rodiklių tarpusavio priklausomybės įvertinimo analizė. Vertinant paslaugų pelningumą pritaikytas situacinis pasirinkų sąlygų modelis, atlikta paslaugų pajamų priklausomybės nuo pasirinktų išorinių ir vidinių veiksnių regresinė koreliacinė analizė bei atliktas pelno, pajamų ir pelningumo rodiklių prognozavimas. Atskleidus lizingo bendrovės išperkamosios nuomos paslaugos gaunamų pajamų priklausomybę nuo didėjančio sutarčių skaičiaus, bei gaunamų komisinių pajamų dalies reikšmingumo... [toliau žr. visą tekstą] / For the company manager it‘s very important to find an opportunity of enlarging companies profit and profitability by grouping services and especially in case when its financial state depends on revenue and profit of several services or products. By adjusting the structural analyze of leasing‘s companies services profitability and the rates influencing it‘s value, helps to find the most largest revenues and profit giving services, helps to find the problems and shows the probability to prevent the situation of bigger or possible, but unexpected costs, it‘s more easily by it‘s result to make prognostication and the solution of companies services assortment in future. Keeping processing by the recommendations of Lithuanian and author‘s of foreign countries, by evaluating the profitability of leasing company’s services it was taken the dynamic analyze of services profitability, evaluated the correlation of rates dynamics such as revenue, costs, profit and profitability. The model of chosen possible situation was adjusted to find the most profitable service, evaluated the correlation and regression analyze of factors influencing revenues from services, also prognostication of revenue, profit and profitability rates. It was researched, that the relationship between service revenue and the growth of new clients is direct, also the importance of commission revenues through all analyzed period decreased comparing with all service revenues, so trying to enlarge the profitability of... [to full text]

Magistro baigiamajame darbe teoriniu ir praktiniu aspektu analizuojama pensijų fondų raida, vertinimo metodika, rezultatai ir pagrindiniai rodikliai apibūdinantys pensijų fondų veiklos efektyvumą, prognozuojami duomenys kurie gauti atlikus modeliavimus kompiuterinėmis programomis. Sukurtas ekonominės ir investicinės veiklos scenarijai kiekvienoje pensijų fondų grupėje pagal rizikos laipsnį. Darbe panaudota mokslinė ir publicistinė literatūra, Pensijų fondų metinės finansinės ataskaitos/ prospektai. Gauti atliktų tyrimų duomenys patvirtino iškeltas hipotezes, kad dalyvavimas II pakopos pensijų fonduose suteikia galimybę gauti didesnę pensiją senatvėje, vyresniems nei 50 metų gyventojams dalyvauti II pakopos pensijų fonduose yra neefektyvu, 20–30 metų asmenims naudingiausia sudaryti pensijų kaupimo sutartis su tik į akcijas investuojančius pensijų fondus, o 30–40 metų dirbančiajam-pasirinkti mišrius pensijų fondus. Fondų administravimo mokesčio dydis tiesiogiai įtakoja fondo grynąją grąžą. Sukauptos pensijos dydis senatvėje labiausiai priklausys nuo darbo užmokesčio, dalyvio amžiaus ir fondo valdytojo sugebėjimo efektyviai investuoti turimus aktyvus. / The master paper analyses evolution of pension funds, evaluation methodology, results and key indicators which defines pension funds effectiveness, the portfolios composed from the investment units of all Lithuanian pension funds. Pension system, present pension provision models, analyze working mechanism of the second stage pension funds and estimate achieve and future results. In 3 and a half year period the private pension funds starting operation in Lithuania, the same tame their performances effectiveness have been detected. Absence of traditions of the investments and low level of knowledge in the society involved the process of the investments of pension funds. Research data confirm hypothesis, that participation in 2nd stage pension funds gives possibility to receive more earning in the senility, for older people then 50 years old is not economically useful to prohibit in private pension fund and 20 - 30 years old workers should make pension fund contract with pension fund who invest in stocks, in comparison 30 – 40 years old workers should choose miscellaneous pension funds. Funds administration fees is the key figure influencing actual fund result. Total accumulative amount will depend on participant age, the salary and how pension fund will act on their strategy while investing actives.

For decades UNHCR and refugee hosting governments have been looking for strategies to deal with the problem of mass exodus. Depending on the nature of the problem, various approaches have been exercised to address the problem of the displaced people. Recently, there has been a remarkable alteration of approaches in the way the international political community and refugee-hosting governments deal with forced migrants. Returning refugees to their "homes" has been the most favoured approach. Though voluntary repatriation as an "ideal" solution to the refugee problem has been exercised since the 1970s, it is with the end of the post-cold war era, circa 1991, that it came to be seen as the most desirable and preferred approach towards ending the plight of exilees (Winter, 1994: 159; Rogers, 1992:1112; Toft, n.d:3). For a number of reasons, the 1990s have added more colour towards adopting this approach as the most preferred "durable solution." To give more colour to voluntary repatriation as the best alternative strategy to refugee problems, the United Nations Commissioner for Refugees, Sadako Ogata, has gone so far as to declare the 1992 to be "the first year in a decade of repatriation." Since then, repatriation as a desirable approach and a viable solution to the world refugee problem has gained much prominence in the UN arena, refugee hosting countries and refugee generating countries (Allen, 1996; Chimni, 1999; Barnet, 2001)' This study discusses the issue of organised voluntary repatriation in a newly-born tiny African county, Eritrea. In brief, it examines the overall process of socio-economic rehabilitation, repatriation and re-integration of refugee returnees in selected returnee resettlement sites located in the Western lowlands of Eritrea. The study is descriptive-cumanalytic in its nature and has employed a triangulation approach in its data collection (namely, open- and semi-structured interview, focus group discussion and archival documents). The aim of the analysis is to understand refugee repatriation processes by exploring how participative the returnees were in the decision-making process of reintegration that enormously impacts in their lives back at 'home.' Post-repatriation social relationships between repatriates and 'stayees/locals' as well as returnees' economic conditions are also scrupulously examined. By so doing, the study attempts to address the 'research gap' in refugee studies by shedding light regarding the complicated nature of refugee repatriation endeavour as a 'durable solution.' In investigating the socio-economic condition of Eritrean refugee returnees, the study looks at the dynamics of power-relations and variations in interests among various stakeholders (particularly between the returnees, the government of the refugees' origin and UNHCR) within the repatriation process. It asserts how home- and hosting governments as well as UNHCR operate as "technologies of power," that dictate the behaviour of their "clients." Eventually, the thesis calls for 'working with' rather than 'working for' or 'working to' the end-beneficiaries of the repatriation project that have great deal of impact in the livelihood of refugee returnees as end-beneficiaries of repatriation programs. / Thesis (M.A.)-University of KwaZulu-Natal, Durban, 2004.

The buildings sector consumes approximately 40% of energy in the United States, and presents a major opportunity for reducing society's energy consumption and environmental impact. Given the potential downside impacts of climate change and resource depletion, it is imperative that the construction industry deliver buildings that meet owner requirements while using less energy and natural resources. In response to this challenge, the construction industry has adopted voluntary green building programs that provide guidelines for construction projects wishing to reduce their environmental impact. Green building programs also present the opportunity for those pushing beyond the status quo to receive increased recognition and market visibility; however, certification under these programs is not without an added cost. The added cost of certification varies by project, but building owners and builders must be able to justify this added cost through increased market recognition and sales and leasing prices. Given the relatively low recognition of a price premium for green certified residential properties by the real estate appraisal community and financial institutions, a need exists to demonstrate the added market recognition of these homes. Through the development of a hedonic regression pricing model this study isolates the effects of green building certification on housing sales prices, in order to prove the hypothesis that a significant increase in sales price is associated with green certified housing.

In this master’s paper the rate of return on investments into human capital has been calculated. Referring on records from Lithuanian Statistical Department as well as on research’s data, the following indexes: 1) the rate of return of individual university education, studying in a place supporting of state in Lithuania; 2) the rate of return of individual university education, studying in paid place in Lithuania; 3) men’s and women’s rate of return of individual university education; 4) the private rate of return of university education according to economical activities; 5) the rate of return of university education among personnel from companies engaged in metal and metal ware. Calculated indexes the rate of return of education have been analyzed and compared with each other and with indexes of foreign countries. .

<p>My dissertation, consisting of three related essays, aims to understand the role of macroeconomic risks in the stock and bond markets. In the first chapter, I build a financial intermediary sector with a leverage constraint a la Gertler and Kiyotaki (2010) into an endowment economy with an independently and identically distributed consumption growth process and recursive preferences. I use a global method to solve the model, and show that accounting for occasionally binding constraint is important for quantifying the asset pricing implications. Quantitatively, the model generates a procyclical and persistent variation of price-dividend ratio, and a high and countercyclical equity premium. As a distinct prediction from the model, in the credit crunch, high TED spread, due to a liquidity premium, coincides with low stock price and high stock market volatility, a pattern I confirm in the data.</p><p>In the second chapter, which is coauthored with Hengjie Ai and Mariano Croce, we model investment options as intangible capital in a production economy in which younger vintages of assets in place have lower exposure to aggregate productivity risk. In equilibrium, physical capital requires a substantially higher expected return than intangible capital. Quantitatively, our model rationalizes a significant share of the observed difference in the average return of book-to-market-sorted portfolios (value premium). Our economy also produces (1) a high premium of the aggregate stock market over the risk-free interest rate, (2) a low and smooth risk-free interest rate, and (3) key features of the consumption and investment dynamics in the U.S. data.</p><p>In the third chapter, I study the joint determinants of stock and bond returns in Bansal and Yaron (2004) long-run risks model framework with regime shifts in consumption and inflation dynamics -- in particular, the means, volatilities, and the correlation structure between consumption growth and inflation are regime-dependent. This general equilibrium framework can (1) generate time-varying and switching signs of stock and bond correlations, as well as switching signs of bond risk premium; (2) quantitatively reproduce various other salient empirical features in stock and bond markets, including time-varying equity and bond return premia, regime shifts in real and nominal yield curve, the violation of expectations hypothesis of bond returns. The model shows that term structure of interest rates and stock-bond correlation are intimately related to business cycles, while long-run risks play a more important role to account for high equity premium than business cycle risks.</p> / Dissertation