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Studier visar på att företag väljer att underprissätta sina aktier vid en börsnotering, det vill säga att aktiens pris fastställs till lägre än vad det verkliga värdet är för att locka icke informerade investerare och för att säkerställa full täckningsgrad. Graden av underprissättning varierar beroende på om det är en het eller kall period av börsnoteringar. Tidigare forskning har främst studerat börsnoteringars prestation ur ett långsiktigt perspektiv där börsnoteringar generellt presterar sämre än marknaden. Ett fåtal studier har även undersökt börsnoteringars utveckling på kort sikt, där noteringarna i stället visar på positiv prestation. Med ett ökat allmänt intresse för börsen de senaste åren och även en markant ökning i antalet genomförda börsintroduktioner så fann författarna till studien ett forsknings gap på den svenska marknaden. Syftet med denna studie är att undersöka huruvida antalet börsintroduktioner på marknaden påverkar finansiell prestation på kort sikt, mätt i aktiekursutveckling. Studien undersöker genomförda börsnoteringar på marknadsplatsen Nasdaq Stockholm och handelsplattformen First North under perioden2012–2021. För att undersöka om antalet börsnoteringar har någon påverkan på finansiell prestation så klassificerades perioder av börsnoteringar som antingen heta, normala eller kalla. Studiens syfte utmynnade i två forskningsfrågor och den huvudsakliga forskningsfrågan lyder: Har antalet börsintroduktioner på marknaden någon påverkan på deras kortsiktiga finansiella prestation? Den sekundära forskningsfrågan lyder: Vilken av noteringsperioderna het och kall ger högst avkastning på kort sikt? Studien är kvantitativ och har en deduktiv ansats, således är syftet inte att generera nya teorier utan i stället använda befintliga teorier som är relevanta för ämnesområdet. Studien utgår från tre teorier, vilka är den effektiva marknadshypotesen, Winner’s Curse och signalteorin, där den effektiva marknadshypotesen är den primära teorin för studien som legat till grund för hypotesprövningar. Winner’s Curse och signalteorin har fungerat som komplement och har använts som stöd för de diskussioner som förts i studiens analyskapitel. Resultatet påvisar att det finns skillnader i den genomsnittliga abnormala avkastningen mellan heta och kalla perioder vilket kan tyda på att antalet har en påverkan, men dessa skillnader kunde inte statistiskt säkerställas. Resultatet visade att den genomsnittliga abnormala avkastningen för heta perioder var 4,034 % och för kalla perioder 0,349 %. Detta resultat besvarar forskningsfråga två, där heta perioder genererar högst abnormal avkastning på kort sikt. Eftersom resultaten inte gått att statistiskt säkerställa finner studien inga bevis mot den effektiva marknadshypotesen i sin svaga och semistarka form. I studiens robusthetstest undersöktes också om det fanns skillnader mellan de två inkluderade listorna Nasdaq Stockholms och First Norths genomsnittliga abnormala avkastning. Det uppmättes statistiskt signifikanta skillnader, där signifikansnivån var satt till 5 %, vid det tillfället då robusthetstesterna genomfördes. Det resultatet finner stöd för att avfärda den effektiva marknadshypotesen, även i sina svagare former, där skillnaderna till viss del kan förklaras utifrån signalteorin och Winner’s Curse.

Deer (<i> Odocoileus </i> spp.) are an important cultural and economic resource. They are the most popular game species in the United States and the number one driver of conservation funding. On the other hand, they also cause damage to resources including to the agricultural industry, private property and to humans via deer vehicle collisions. Many areas in eastern North America have experienced a decline in white-tailed deer (<i> Odocoileus virginianus </i>) populations over the past twenty years concurrent with changes in landscape, deer harvest strategies, and increasing and expanding black bear (<i> Ursus americanus </i>) and coyote (<i> Canis latrans </i>) populations. Most studies have addressed this problem at small spatial and temporal scales and in areas where predation was assumed to be limiting population growth. We evaluated white-tailed deer fawn recruitment both directly and indirectly at relatively broader spatial and temporal scales. We studied fawn survival on Marine Corps Base Quantico in Virginia, USA from 2008–2019. We used the Kaplan-Meier estimator, and Cox-proportional hazards models to assess annual survival and factors that influence hazard risk such as sex, weather, landscape composition and configuration and food availability. On Marine Corps Base Quantico, we found an increase in red oak mast abundance increases survival and probability of fawn survival was higher during the first interval of the study (2008–2010; 0.71 [0.52–0.96]; survival probability [CI95%]) than the last three intervals (2011–2013; 0.46 [0.30–0.70]; 2014–2016; 0.48 [0.35–0.66] and 2017–2019; 0.50 [0.39–0.63]). We also found that predation was the leading source of mortality. We assessed recruitment using lactation status from hunter harvest data collected by the Virginia Department of Game and Inland Fisheries during a 22-year period in 30 counties in the Appalachian Mountains of western Virginia. We predicted lactation status as a function of landscape composition and configuration, oak mast abundance, weather, age, and predator detection rates using generalized linear mixed models. We found land cover diversity index positively and black bear detection rate negatively influenced recruitment. Age also predicted lactation status with middle-aged females (3.5–4.5 years old) having a higher lactation probability than mature (≥5.5 years old) age and young (2.5 years old) age class deer. Based on these findings, recruitment is likely to be greater in areas that are heterogeneous. Therefore, if an increase in recruitment is desired silvicultural practices such as fire and timber harvest could be used to permanently change land cover types. These silvicultural practices could also be used to increase the number of oaks on the landscape, and augment production of mature oaks as red oak mast abundance influenced fawn survival. Also reducing predation by manipulating predator densities could improve recruitment. Another potential option which needs further research, would be to reduce predator efficiency by increasing hiding cover for fawns. / Master of Science / Deer (<i> Odocoileus </i> spp.) are an important cultural and economic resource. They are the most popular game species in the United States and the number one driver of conservation funding. Conversely, they also cause damage to resources including to the agricultural industry, private property and to humans via deer vehicle collisions. Some areas in eastern North America have experienced a decline in white-tailed deer (<i> Odocoileus virginianus </i>) populations over the past twenty years concurrent with the colonization of coyotes (<i> Canis latrans </i>) as well as changes in habitat. Therefore, we aimed to determine white-tailed deer fawn survival rates and factors affecting recruitment across a large spatial and temporal scale. Recruitment is when an individual becomes part of the reproductive population. However, for harvestable populations, recruitment is when individuals can be legally harvested for the first time. On Marine Corps Base Quantico from 2008–2019, in Virginia, USA we found that probability of fawn survival was higher during the first interval of the study (2008–2010; 0.71 [0.52–0.96]; survival probability [CI95%]) than the last three intervals (2011–2013; 0.46 [0.30–0.70]; 2014–2016; 0.48 [0.35–0.66] and 2017–2019; 0.50 [0.39–0.63]). We also discovered predation was the leading cause of death and probability of survival increased with increasing red oak mast abundance. Over a large spatial (30 counties) and temporal (22 years) scale we examined fawn recruitment by predicting lactation status of female harvested white-tailed deer in the Appalachians Mountains of western Virginia. We found land cover diversity index positively and black bear (<i> Ursus americanus </i>) detection rate negatively influenced recruitment. Age also predicted lactation status with middle-aged females (3.5–4.5 years old) having a higher lactation probability than mature (≥5.5 years old) age and young (2.5 years old) age class deer. Based on these findings, recruitment is likely to be greater in areas that have a mixture of land cover types. Therefore, if an increase in recruitment is desired silvicultural practices such as fire and timber harvest could be used to permanently change land cover types. These silvicultural practices could also be used to increase the number of oaks on the landscape, and augment production of mature oaks as red oak mast abundance influenced fawn survival. Also reducing predation by manipulating predator densities could improve recruitment. Overall, we found diversity of land cover types, food availability, predators, and age influences population dynamics of white-tailed deer.

This text conducts an analysis of familial bear-human relationships in Sámi, Finno-Ugric, and Russian folklore, supplemented by material culture. It explores the image of the bear as a member of human and non-human communities and his roles in human society. This study draws from oral tradition from Sápmi, Finland, and Russia, focusing on the material and the theoretical framework it is presented in. Critical assessment of the approaches to the subject of bear-human relationships are a major part of this thesis. It attempts to adopt new frameworks more mindful of Indigenous perspectives and employs oral tradition as a primary historical source that, supplemented by archaeological evidence, can provide a clear view of past beliefs and practices. The main goal of this thesis is deconstructing past approaches to Indigenous knowledge and culture, with a special focus on Russian scholarship, and analysing human-bear relationships with Indigenous outlooks in mind. / Denna text genomför en analys av familjära relationer mellan björn och människa i samisk, finsk-ugrisk och rysk folklore, kompletterad med materiell kultur. Den utforskar bilden av björnen som en medlem av mänskliga och icke-mänskliga gemenskaper och hans roller i det mänskliga samhället. Denna studie bygger på muntlig tradition från Sápmi, Finland och Ryssland, med fokus på materialet och den teoretiska ram som den presenteras i. Kritisk bedömning av förhållningssätten till ämnet björn-mänskliga relationer är en viktig del av denna avhandling. Den försöker anta nya ramar mer medvetna om inhemska perspektiv och använder muntlig tradition som en primär historisk källa som, kompletterad med arkeologiska bevis, kan ge en tydlig bild av tidigare föreställningar och praxis. Huvudmålet med denna avhandling är att dekonstruera tidigare förhållningssätt till ursprungsbefolkningens kunskap och kultur, med särskilt fokus på ryskt forskningtradition, och att analysera relationer mellan människa och björn med ursprungsbefolkningens synsätt i åtanke.

With discussion of Indigenous laws on the rise in Canada, this thesis explores the question of law’s power: jurisdiction. In this project, I ask whether Indigenous jurisdiction is active in conflicts between Indigenous and state actors over the environment, in the context of the Heiltsuk Nation on the central coast of British Columbia. This project looks to critical legal theory for an understanding of jurisdiction. It identifies three aspects of jurisdiction that are discussed in critical legal theory and related fields: that it is technical, it is authoritative, and it is spatial. Adopting these qualities as provisional indicators of jurisdiction, it applies thefzm to three case studies of Heiltsuk (or “Haíɫzaqv”) conflicts with the state, which engage colonial law in different ways. The three case studies concern (1) herring harvest and management, which was litigated in R v Gladstone; (2) land use and forestry, which is the subject of the Great Bear Rainforest agreements; and (3) trophy hunting for bears, which is the subject of a grassroots campaign based on Indigenous law. Adopting a qualitative approach adapted from institutional ethnography, this project applies a critical jurisdictional lens to each case study, using documentary review and interviews to explore the technical, authoritative, and spatial aspects of each conflict. Ultimately, I find that expressions of Heiltsuk jurisdiction – as understood from a colonial, critical perspective – are already at play in each conflict, although this is not immediately visible from the point of view of colonial law. In the conclusion, I explore the different manifestations and strategies of Heiltsuk jurisdictional expressions, and the ways that colonial jurisdiction interacts with them. / Graduate / 2021-12-19

TITLE : Historical development Competencies of Managerial Staff in the Edication Sector in the years of 1855 till 1900. AUTHOR : Eva Krupková DEPARTMENT : School Management Center SUPERVISOR : PhDr. Václav Trojan, Ph.D. ABSTRAKT: This Diploma Thesis focused on the Historical development Competencies of Managerial Staff in the Education Sector in the years of 1855 till 1900 . The main focus of this Thesis is base on the analysis and critical evaluation of the determination as well on the outline of the skills of school employees in the given time period . In this Thesis , I will explain school managers' requirements which are imposed for each of individual types of school as well how the responsibilities and competences' of school managers had changed . Objective of this final theses is very difficult . I am going to be focusing on the basic detail analysis of all functions done by the school principle which has to be accomplish . As well the school principle should take in consideration all suggestions by his/her leaders of given school. I will clarify concepts that are used in the old Austrian law for all changes which influenced control of school teachers and all administrative staff which all was in control of the Managerial Staff (School Director) . This Thesis is based on an analysis of information...

This thesis extends the 52-week high momentum literature, which was first published by George and Hwang in 2004, by stressing the parameters of the trading strategy to investigate its robustness. George and Hwang, in their seminal paper, find that the ratio of a stock’s close price to its 52-week high price is a good predictor of future returns. The thesis stresses various parameters of the strategy - such as the percent of total stocks bought and sold each period – and applies the strategy over different time periods – such as bull and bear markets. The study finds that the strategy is more profitable over the later half of the data set due to underperformance in bear markets such as the 1929 market crash and subsequent Great Depression. The results also show a significant difference in profitability between bull and bear market periods. The second half of the thesis looks at a new area in momentum, the absolute 52-week high. The strategy buys stocks whose price has increased over the previous six months, and who also close to their 52-week high price. Stocks are only bought (sold) if their price has increased (decreased) over the past six months and is close to (far from) the 52-week high price. The aim is to cut out stocks that are considered to be underperforming in the 52-week high momentum strategy, leaving only true winner and loser stocks. This strategy was found to increase the strength of the 52-week high momentum strategy, and the results show that there is no longer a significant difference between bull and bear market returns.

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In questa tesi, l’analisi verte su risk-adjusted performance, proprietà statistiche e caratteristiche dei fondi hedge (FH). Nel primo articolo, i risultati relativi al survivorship bias e backfill bias indicano che l’impatto delle distorsioni è diverso a seconda delle strategie. Utilizzando il modello multifattoriale di Fung and Hsieh (2004), l’analisi della performance indica che il 42% dei FH ha ottenuto un rendimento superiore al mercato. Infine, utilizzando dei metodi parametrici e non parametrici, l’analisi della persistenza indica differenti livelli di persistenza a seconda della strategia. Nel secondo articolo, vengono analizzati i fondi di fondi hedge (FOHFs). I risultati sono particolarmente interessanti. In primo luogo, i FOHFs e le sotto strategie hanno generato un excess return positivo; inoltre l’alfa ottenuto attraverso il modello a 7 fattori di Fung and Hsieh (2004) risulta elevato. In secondo luogo, i FOHFs e le sotto strategie hanno un rendimento inferiore a quello dell’indice dei FH. In terzo luogo, le correlazioni tra gli indici dei FOHFs e l’indice azionario sono inferiori rispetto alle correlazioni tra l’indice dei FH e gli indici azionari. Infine, l’indice dei FH e quelli dei FOHFs sono positivamente correlati con l’indice azionario quando il mercato tende al ribasso, ma risultano non correlati con l’indice azionario quando il mercato tende al rialzo. Rispetto all’indice dei FH, gli indici dei FOHFs hanno una correlazione minore con gli indici azionari in entrambe le fasi del mercato, suggerendo che i FOHFs forniscono benefici maggiori in termini di diversificazione rispetto ai fondi hedge puri. / In this thesis, I examine the risk-adjusted performance, statistical properties and fund characteristics of hedge fund investments. In Essay One, results of survivorship bias and backfill bias by investment styles indicate that biases are different across styles. Using a multi-factor model of Fung and Hsieh (2004), the analysis of performance indicates that 42% of the hedge funds significantly outperformed the market. Finally, using parametric and non-parametric methods, the analysis of persistence indicates different degree of persistence depending on the hedge fund strategy. In Essay Two, I analyse fund of hedge funds (FOHFs). I find several interesting results. First, FOHFs and the sub-strategies earn positive excess returns and a high Fung and Hsieh 7-factor alpha. Second, FOHFs and the sub-strategies underperform the hedge fund index (HFI). Third, the correlations between FOHF indices and equity index are lower than correlations between HFI and equity indices. Finally, hedge funds and FOHFs are positively correlated with the equity index in the bear markets but uncorrelated with the equity index in the bull markets. Compared to HFI, FOHF indices have lower correlation with equity index in both bull and bear markets, indicating that FOHFs provide better diversification benefits than individual hedge funds.

This study examines Canadian works of fiction that contain historical trial narratives and that enact an adversarial trial of their own for an implied reader who acts as 'appellate judge.'' Included are four Canadian novels published after 1970 that fictionalize the circumstances leading to notorious criminal trials: Margaret Atwood's Alias Grace (1996), Lynn Crosbie's Paul's Case: The Kingston Letters (1997), and Rudy Wiebe's The Temptations of Big Bear (1973) and The Scorched-Wood People (1977). They represent commentaries on the justice or injustice done to convicted murderer Grace Marks (whose trial took place in 1843), to rebel Cree chief Big Bear and Metis leader Louis Riel (1885), and to serial rapists and killers Karla Homolka and Paul Bernardo (1993, 1995). / Each work reproduces excerpts from the original trial yet also represents a response to the historical trial's unfolding. This adversarial response takes the form of a trial-like narrative (or counternarrative) that engages with the original trial. Consequently each of these works is what I call a 'trial novel' that raises fundamental questions about justice and citizenship. / Chapter One analyzes Atwood's Alias Grace and lays bare the fictional constructs included in a trial narrative. Chapter Two looks at Crosbie's Paul's Case and pits the judicial system's claim to sober neutrality against a more populist version of justice based on affect and revenge. Finally, Chapter Three, which is devoted to Wiebe's novels, studies the conflict of normative universes implicit in trials for treason and posits that rebel nomoi are as coherent as the dominant ones that quash them. / Three communities are implicit in these novels and enter into a debate with one another: at the core of each work is a historical community of persons (the accused, attorneys, the judge, jurors, and members of the Canadian public) mobilized around an actual crime. This original community and its judgment provide the inspiration for the fictional community of the novel, which grapples with its own version of the crime and trial. Finally, an imaginative community of readers deliberates upon the questions raised both by the original trial and by the 'trial novel'.