The dissertation focuses on the valuation of human assets for the purpose of business valuation. The introduction section contains, among others, search of knowledge about the human capital valuation including an identification of "empty spaces" in the business valuation theory in connection with the valuation of human assets. The main aim of the dissertation is the theoretical and experimental development of selected "empty spaces" which were divided into two levels - direct (separate) valuation of human assets and indirect (implicite) valuation of human assets through enterprise valuation methods DCF and EVA. The theoretical section includes a treatise on the status of human assets (human capital) within the intellectual capital and the absence of human assets in the financial statements which are coming to the conclusion that human assets should be incorporated as a separate item in net operating assets of the enterprise in DCF and EVA valuation methods. The dissertation analyzes various definitions of human capital and subsequently on the basis of specific design requirements derives definition of human assets for the purposes of business valuation. The experimental section provides descriptions and analyzes of available methods/models for human assets (human capital) valuation. Subsequently, the derived modified income approach valuation for the direct valuation of human assets includes proposals for an allocation of revenues attributable to human assets, an incorporation of the quality element of human assets assessment to a forecast of future revenues which are attributable to human assets and the specific discount rate for human assets. In the framework of indirect valuation of human assets (in DCF and EVA methods), the attention is aimed to a design of variant options of financial value of human assets incorporation into the net operating assets (among others, these part also contains a proposal of a theoretical basis for determining of human assets market value) and adjustments of economic reports: net operatig assets (NOA) and net operating profit after tax (NOPAT). The variant incorporation of human assets into the NOA is analysed especially for the purpose of finding out changes in the distribution of the enterprise value between NOA and market value added and changes in the profitability of the invested capital compared to the situation when no financial value of human assets is incorporated into the NOA. The final section is focused to a proposal of recommendations for human assets valuation. The recommendations include a part for the direct valuation of human assets (cost and revenue approach) and the indirect valuation of human assets through DCF and EVA valuation methods.

The goal of this thesis is to demonstrate why it is so difficult to find answer whether monetary policy should include asset prices into monetary rule and therefore increase financial stability. This is because monetary policy is potentially able to prevent the emergence of price bubbles. However, definition of bubbles is problematic itself, as well as identification, even ex-post. It appears that the inclusion of asset prices in monetary policy can reduce the variability of output, at the cost of increasing variability of inflation. The necessary condition is the ability to influence asset prices through monetary policy and early identification of imbalances. Furthermore, on empirical data from the Czech Republic and the USA is shown in the example of the 2008 crisis, that the central banks can use the warning signals from the market assets (eg. real estate market). But current monetary policy is not focused on financial stability. Macroprudential policy, combined with to some extent discretionary monetary policy represent a real and likely trajectory of future economic policy in the form of a new framework of care for financial stability.

Syfte: Denna studie hade för avsikt att undersöka prestationen före- och efter återhämtning vid Special Judo Fitness Test (SJFT), detta genom att använda olika typer av återhämtningsmetoder såsom aktiv- (AR), passiv- (PR) och judospecifik återhämtning (JSR). Vilken återhämtningsmetod resulterar i en liknande prestation före och efter återhämtning vid Special Judo Fitness Test? Finns det skillnader mellan de olika återhämtningsmetoderna med avseende på prestation före och efter återhämtning? Vilken återhämtningsmetod resulterar i snabbast blodlaktats eliminering? Metod: Vid ett judoläger 2014 anmälde sig 32 personer till studien. 26 personer uppfyllde kriterierna som ställdes i studien. Ett urval på 12 personer randomiserades (bortfall 5 personer). Studien varade totalt 4 dagar, där den första dagen bestod av antropometriska mätningar, samt Laktattröskeltest (LT4). Dag två, tre och fyra bestod av SJFT enligt, detta efterföljt av återhämtning i form av passiv återhämtning (stilla sittande), aktiv återhämtning (löpning, 80 % av LT4) och judospecifik återhämtning (uchi- komi, 80-100 % av LT4) samt efterföljande prestation vid Special Judo Fitness Test. Resultat: En signifikant prestationssänkning observerades vid prestation före och efter vid en specifik återhämtningsmetod, detta var signifikant för passiv återhämtning, medan för aktiv- och judospecifik återhämtning fanns det en tendens i signifikant skillnad i prestation.  Vid jämförelse mellan olika återhämtningsmetoder kunde inga signifikanta skillnader observeras för några av de variablerna som analyserades för prestation vid SJFT före och efter återhämtning. Det kunde observeras signifikanta skillnader i blodlaktatseliminering mellan passiv och judospecifik återhämtning, samt aktiv- och judospecifik återhämtning för hela återhämtningsförloppet. Där både passiv och aktiv återhämtning medförde en sabbare blodlaktatseliminering än den judospecifika återhämtningen. Mellan passiv och aktiv återhämtning kunde inga signifikanta skillnader observeras. Slutsats: Samtliga återhämtningsmetoder resulterar i prestations försämringar vid SJFT efter återhämtning, dock kunde inga skillnader i prestation vid SJFT före och efter återhämtning mellan olika återhämtningsmetoder observeras. Vid eliminering av blodlaktat var PR och AR effektivare än JSR, dock verkar inte mängden blodlaktat påverka prestationen i SJFT då inga skillnader i prestation mellan de olika återhämtningsmetoderna kunde observeras. / <p>Idrott III</p>

Föreliggande studie undersökte personalens upplevelse inom äldreomsorgen om möjligheten till påverkan av minskad smittspridning av Covid-19. Deltagarna i studien var fyra personer mellan 47 och 65 år som intervjuades individuellt i en kvalitativ undersökning om upplevelsen kring smittspridning av Covid-19 inom äldreomsorgen.               Resultatet visade att de viktigaste aspekterna när det kom till möjlighet till påverkan av minskad smittspridning var genom engagemang och driv, att aktivt kunna påverka genom kommunikation och samarbete, genom innovativt nytänkande och anpassning till nya utmaningar.               Studien använde sig av en tematisk analys som resulterade i tre teman; Drivkraft, aktiv påverkan samt anpassning till utmaningar.

The study examines the returns for new and existing holdings in Swedish actively managed equity funds. The hypothesis is based on fund managers paying more attention and effort to analyze and finding new investments for the portfolio than they do to update the analyzes for the existing holdings. The managers can therefore be assumed to create information benefits which in turn generate a higher return for new than existing holdings. Calendar-Time Portfolio Approach is used to measure the development of new and existing holdings. Alpha estimates are performed using the Fama and French (1993) three-factor model and the Carhart (1997) four-factor model. When alpha is estimated using the Carhart four-factor model, the study finds that new holdings generate a slightly higher average return per month, 0.95%, compared with the existing holdings, 0.87%. The study finds similar results when alpha is estimated using the Fama and French three-factor model. The difference was not statistically significant for either method and can therefore be assumed to be random. / I studien undersöks avkastningen för nya, respektive befintliga innehav i svenska aktivt förvaltade aktiefonder. Hypotesen baseras på att fondförvaltare lägger mer uppmärksamhet och ansträngning på att analysera och finna nya investeringar till portföljen än vad de gör för att uppdatera analyserna för de befintliga innehaven. Förvaltarna kan därför antas skapa informationsfördelar som i sin tur genererar en högre avkastning för nya än befintliga innehav. För att mäta utvecklingen av nya respektive befintliga innehav används Calendar-Time Portfolio Approach. Skattningar av alfa genomförs med Fama och French (1993) trefaktormodell och Carhart (1997) fyrfaktormodell. När alfa skattas med Carhart fyrfaktormodell finner studien att nya innehav genererar en något högre genomsnittlig avkastning per månad, 0,95 %, jämfört med de befintliga innehaven, 0,87 %. Studien finner liknande resultat när alfa skattas med Fama och French trefaktormodell. Differensen var inte statistiskt signifikant för någon av de två metoderna och kan därmed antas slumpmässig.

I denna studie undersöktes hur ett interaktivt hjälpverktyg i form av ett användarstöd kunde bidra med hjälp vid användningen av en ny digital plattform. Undersökningen fokuserade på skillnaden mellan ett passivt och ett aktivt tillvägagångssätt och mer specifikt vilken effekt ett användarstöd av varje art hade på användaren och dess upplevelse. För att besvara frågeställningen genomfördes ett kontrollerat experiment med två grupper samt en passiv och en aktiv prototyp. Användarstödet och dess innehåll baserades på principer från områden som interaktivitet, konceptuella modeller, message design och feedback, koncept som tidigare forskning anser vara fördelaktiga i digitala instruktionsmiljöer. Den aktiva versionen var annorlunda på så sätt att användaren fick kontinuerlig återkoppling på sin inaktivitet. Datan samlades in med hjälp av indirekt observation och ett kvalitativt frågeformulär. Resultatet visade att användarstödet hjälpte användarna i utförandet av en angiven uppgift, men majoriteten av testpersonerna fann hela upplevelsen förvirrande och svårbegriplig. Den passiva gruppen visade på en ökad förståelse för plattformen, men den aktiva gruppen uttryckte själva att de fått mer kunskap än den passiva. Den aktiva prototypen bidrog till kortvarig irritation för testpersonerna, men det påverkade inte den övergripande upplevelsen avsevärt.

This analysis aims to figure out if active fund management can provide a greater risk-adjusted return compared to an index. The analysis is divided into two periods, 2012-2020 and year 2020. Jensen’s alpha is the performance measure that will be used during the analysis. A t-test will be performed to figure out if active fund management is significantly different from the index. Sharpe ratio and Treynor ratio is also included as a descriptive statistic. The result shows that during the period of 2012-2020, there was only one actively managed fund with a positive alpha that was significantly different from the benchmark index SIXPRX. The Treynor ratio showed that more than half of the actively managed funds outperform index, and less than half of the funds Sharpe ratio outperformed the index. The results for year 2020 show that there are two actively managed funds that have outperformed the index alpha and are significantly different. The amount of funds that outperformed the index Treynor ratio and Sharpe ratio also increased for that period. The conclusion is that there is very little evidence proving that active managed funds provide a greater risk-adjusted return compared to index in either time periods.

We examine the predictability of expected stock returns across horizons using machine learning. We use neural networks, and gradient boosted regression trees on the U.S. and international equity datasets. We find that predictabil- ity of returns using neural networks models decreases with longer forecasting horizon. We also document the profitability of long-short portfolios, which were created using predictions of cumulative returns at various horizons, be- fore and after accounting for transaction costs. There is a trade-off between higher transaction costs connected to frequent rebalancing and greater returns on shorter horizons. However, we show that increasing the forecasting hori- zon while matching the rebalancing period increases risk-adjusted returns after transaction cost for the U.S. We combine predictions of expected returns at multiple horizons using double-sorting and buy/hold spread, a turnover reduc- ing strategy. Using double sorts significantly increases profitability on the U.S. sample. Buy/hold spread portfolios have better risk-adjusted profitability in the U.S. JEL Classification G11, G12, G15, C55 Keywords Machine learning, asset pricing, horizon pre- dictability, anomalies Title Multi-horizon equity returns predictability via machine learning

Methods for reduced energy consumption is a current subject due to ongoing climate changes and therefore a current matter in the global discussion. Policies and propositions are developed on both a global and national level, in order to decrease the overall consumption. The global target which embraces the reduction in use of energy affects industries and buildings to practice a more energy efficient usage, as well as developing efficient systems for heat recovery. This project investigates the potential in energy efficiency in a food manufacturing facility who serves Västerås central hospital. The buildings use of energy is calculated as an active heat balance, including ventilation, transmission and unintended ventilation losses. The active heat balance is used as a reference where the percentual energy reduction followed by application of the energy efficient suggestions is calculated, hence, suggestions for energy efficient actions are presented. Energy efficient and economical sustainable suggestions are developed along with the obtained information from visits on-site as well as through discussions with the operating manager. The suggestions contain operation improvements, renovation and upgrades of technical devices. The main focus of the study addressed the buildings heat consumption in both cooled and heated areas.  The suggestions were presented in terms of life cycle cost analysis to display whether the improvement is economical sustainable. It is shown that if all of the suggested improvements are implemented, the reduced energy use for heating could be decreased by 24.5 %. The economic analysis shows that all suggested actions are more cost efficient than the current building and hence considered as profitable. Discussion regarding the proposed actions and the locally developed claim for energy efficient actions were reviewed. The discussion illustrates advantages and disadvantages regarding different kind of heat exchangers as well as how additional isolation in walls affects the buildings heat balance. In conclusion, the results of the suggested actions are discussed and however they are appropriate for the investigated facility.

The diploma thesis explores assessing financial soundness of insurance companies present on the insurance markets of the European Union and G8. The aim of this thesis is to evaluate financial performance of selected insurance companies in a selected time period 2004 - 2014 by using ratio analysis. The thesis focuses on life insurance companies and development of insurance markets as a consequence of the financial crisis. In connection to the development of insurance markets the thesis examines the financial crisis and its impacts as a regulation of the selected formations, mainly through regulatory framework Solvency II. Development of insurance markets is demonstrated by the indicator of return on assets. At the end of the diploma thesis, a discussion with experts on this issue is included and an overall evaluation of financial soundness is provided as well.