In the face of dire threats posed by anthropogenic climate change, a growing international Movement for Fossil Fuel Divestment has emerged to challenge the political and economic power of the fossil fuel industry. Building off a history of college and university divestment campaigns, students are spearheading the movement to rid their institutions’ endowments of investments in the top 200 companies with the largest reserves of coal, oil, and natural gas. Highlighting perspectives from within the movement and drawing from literature in social movement theory and Climate Justice, I explore three crucial components of the student Fossil Fuel Divestment Movement: Climate Justice, perceptions of risk, and potential political impacts. I argue that Fossil Fuel Divestment is a powerful component of the broader Climate Movement because it is mobilizing and radicalizing a new generation of activists to fight the climate crisis, challenging the dominant paradigm of individualized climate action, and is significantly influencing the public discourse on climate change. In seeking to further illuminate the power of this movement, I explore the possibilities and limitations of divestment as a tactic for Climate Justice and offer recommendations for moving forward.

Il progetto di ricerca riguarda le decisioni di disinvestimento ed il coinvolgimento del management di livello intermedio nelle iniziative di disinvestimento. L’obiettivo principale è quello di comprendere il processo decisionale sottostante alle decisioni di disinvestimento nelle grandi aziende multinazionali, con particolare attenzione agli asset di business. I manager di livello intermedio sono chiamati spesso a valutare gli asset di business e scegliere quali tenere e quali vendere, nell’ambito del portafoglio di asset detenuti da un’azienda. Utilizzando il framework di dynamic capabilities, ai fini della presente ricerca, abbiamo adottato una metodologia mista, che ci ha permesso di raccogliere le prime evidenze da un case study, tornare alla letteratura di management per una review di quanto scritto in precedenza e costruire la sezione più innovativa di questo lavoro, ossia l’esperimento di policy capturing. Tramite delle interviste fatte a manager di livello intermedio in una multinazionale europea, sono state individuate quattro prospettive teoriche che possono spiegare i determinati che hanno portato alla dismissione di un asset, ossia real option theory, transaction cost economics, resource-based view e new institutionalism. Il gap di ricerca è stato individuato nel fatto che gli studi condotti in precedenza si sono focalizzati principalmente sul disinvestimento di business unit o filiali e hanno basato le analisi prevalentemente su dati secondari. L’esperimento di policy capturing è stato usato per catturare quali fattori realmente influenzano le valutazioni dei manager di livello intermedio nel momento in cui sono chiamati a valutare la dismissione di asset di business. Il nostro obiettivo è quello di sviluppare e testare un framework teorico derivante da un fenomeno osservato, che origina dalla pratica manageriale. L’interesse è stato guidato principalmente da un gap percepito tra la teoria e la pratica in merito alle decisioni di disinvestimento e l’impressione che quanto saggiamente descritto nei libri di management non sia diffusamente utilizzato nella pratica. / This research project addresses divestment decisions and the involvement of middle management in divestiture initiatives. The main goal is to understand the practice of divestment decision-making in multinational multibusiness corporations, with a focus on the divestment of business unit assets. Middle managers are routinely asked to assess business unit assets and choose the ones to keep and the ones to be divested within the firm’s portfolio of assets. Within the dynamic capabilities framework, as for the purpose of this research project, we adopted a mixed methodology that allowed us collect useful insights from a case study, go back to the management literature for a structured review and open up the way to the most innovative section of this work, the policy capturing experiment. Middle managers inside a European multinational corporation were interviewed, providing evidence for four main theoretical lenses that can explain determinants related to asset divestment decisions, namely real option theory, transaction cost economics, resource-based view and new institutionalism. A clear research gap was identified as a consequence of the major focus of prior research on business unit or subsidiary divestments and the predominant use of secondary data. The policy capturing instrument, drawing from the four theoretical lenses, is used to capture which factors influence middle managers assessment of the divestment of business unit assets. Our intent is to develop and test a theoretical framework about an existing phenomenon, originating from the management practice. This interest was mainly driven by a perceived gap between theory and practice about divestment decisions and by the belief that the conventional wisdom of management textbooks is not widely used in practice.

Because of the non-recurring and transitory nature of discontinued operations, accounting standards require that the results of discontinued operations be separately reported on the income statement. Prior accounting literature supports the view that discontinued operations are non-recurring or transitory in nature, and also suggests that income classified as transitory has minimal relevance in firm valuation. Finance and management literature, however, suggest that firms discontinue operations to strategically utilize their scarce resources. Assuming that discontinued operations are a result of managerial motives to strategically concentrate resources into remaining continued operations, this dissertation examines the informativeness of discontinued operations. In doing so, this dissertation empirically tests the financial performance, investment efficiency, valuation, and analyst forecast accuracy effects of discontinued operations. In 2001, Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards (SFAS) 144 (hereafter SFAS 144) replaced Accounting Principles Board's Opinion 30 (hereafter APB 30) and broadened the scope of divestiture transactions to be presented in discontinued operations. Some stakeholders of financial statements argued that discontinued operations were less decision-useful in the SFAS 144 era because too many transactions that do not represent a strategic shift in operations were separately stated as discontinued operations on the income statement. With the possibility that the discontinued operations reported in SFAS 144 era may not reflect a major strategic reallocation of resources, this dissertation examines whether the relationship between discontinued operations, firm performance, investment efficiency, and analyst forecast accuracy are different in the pre-SFAS 144 and SFAS 144 era. Using a sample of firms that discontinued operations between 1990 and 2012, this dissertation study finds limited evidence that firms experience improvement in financial performance following discontinued operations and that such improvement is only observed in pre-SFAS 144 era. The results also suggest that any improvement in financial performance documented is conditional on the profitability of the operations discontinued and provide no support for investment efficiency improvement following discontinued operations. Related to the valuation implications of discontinued operations, this dissertation shows that investors differentially value profitable and loss discontinued operations. However, such valuation differences are not dependent on the performance improvement implications. Finally, results support that analyst forecast accuracy of earnings decreases following the reporting of discontinued operations, but such effect is only observed in the pre-SFAS 144 era. This dissertation makes several contributions to the literature. First, this study extends the literature on corporate divestment by using a large sample of discontinuation decisions and hand-collected data on the profitability of the operations discontinued. Second, this research extends the literature on market studies by analyzing whether market response to a discontinuation decision is dependent upon the profitability of the operation discontinued. Third, based upon a review of the literature, it is believed that this is the first study to examine the possibility that analyst forecast accuracy may change following a discontinuation decision. Finally, this study extends the literature that examines the effects of changes in accounting rules and regulations on the informativeness of financial statement items. These results should be of interest to investors, regulators, and analysts.

Over the past decades, globalisation dynamics have experienced a shift in regard to their driving economic sectors. At the beginning of the 21st century, the global economy will no longer be primarily driven by manufacturing companies but by companies in the service sector. Among them are large retail companies that, with their demand-driven supply chains, organise the global economy to a significant degree. The retail sector represents a particular case within internationalisation dynamics. With its special characteristics and logics it poses special challenges to internationally expanding companies. This is reflected in the facts that the intensive expansion phase of retail trade began relatively late compared to other sectors and that the sector’s level of internationalisation is still comparatively low. This paper focuses on two aspects of retail internationalisation that are underrepre-sented in research. (1) International expansion is by no means the final stage of international economic integration. Coe and Wrigley (2017) speak of a new era of globalised distribution, characterised by, among other things, the concentration of leading retailers on their strong foreign markets and the withdrawal of their operations from other countries. However, our understanding of these dynamics, their drivers, and their effects is inconsistent. This dissertation contributes to closing this gap and brings a new empirical perspective into the research literature by discussing the perspective of the market of inward for-eign direct investment (FDI). This is novel as, until now, research in this area has largely been based on the view of internationalizing companies’ Western home markets. In addition, this dissertation adds a new level of investigation through the exhaustive examination of a market (for the sub-sector of grocery retailing). (2) Beyond the import of financial capital, potential knowledge transfers into the local economy are an important argument for opening up to FDI. The extent to which the knowledge base of an economy is actually improved and upgrading processes of local companies are driven by the entry of a transnational company (TNC), seems to depend strongly on the degree of a TNC’s local embeddedness. This varies according to the sector and the corporate strategy. We know very little about knowledge transfer and up-grading in the context of internationalisation processes in the retail sector, as the discussion on cross-border knowledge transfer through FDI and the discussion on the internationalisation of the retail sector have so far largely been conducted separately. This dissertation contributes to the connection of these research strands. In this respect, it helps to correct the ‘production bias’, the strong orientation of the scientific discourse on knowledge transfer and upgrading towards the manufacturing, technology-intensive industry. The overall goal of the dissertation is to make an empirically derived contribution to research on retail internationalisation and its local effects in emerging markets from the perspective of relational economic geography. The dissertation addresses the dynamics, drivers, decision-making processes, and traces of FDI in the retail sector. In addition, it examines horizontal and vertical knowledge transfers and the upgrading processes of local suppliers of fresh food triggered by FDI. The study is based on the global production network-approach (Henderson et al. 2002), which conceptualises TNCs as networks whose subsidiaries are embedded in a particular context. The global value chain-approach (Gereffi et al. 2005) and the concept of up-grading, which is discussed in its context, are used as a framework for analysis. This approach is helpful to analyse the mobility of actors within a value chain toward a more advantageous position and the role of buyer companies in these developments. The dissertation combines the GVC research with the literature on (local) knowledge transfer. It uses the distinction between explicit and implicit knowledge developed by Polanyi (1958) to analyze the extent to which knowledge is transferred by FDI across national borders. Thus, the dissertation contributes to the link between GVC/GPN research and research on international knowledge transfer/the local acquisition of skills, which has been largely lacking. The dissertation uses the regional example of Turkey. The country stands as an example for the group of emerging countries. Due to dynamic economic development and significant FDI inflows, it represents a suitable and interesting case in the context of this thesis’s research interest. To gain a deeper understanding of the internationalisation dynamics of the retail sector, including their drivers and effects on local economic development, the study follows a qualitative research approach. The analyses are based on data collected in guideline-based, qualitative interviews. A total of 71 semi-structured interviews were conducted in Turkey between summer 2015 and spring 2016. Among the interviewees are 32 managers of transnational and local food retailers, 28 managers of supplier companies of fresh fruit and vegetables, and 10 experts of the retail and agricultural sector in Turkey. The study shows current dynamics and drivers of the retail sector’s internationalisation processes. At the beginning of the new millennium, the investment trend in Turkey reversed and foreign divestments (FD) started to dominate the sector. In the meantime, all transnational food retailers have divested from the market. This development illus-trates the dynamics of the new era of retail distribution to an extent not previously described. The actors in the (former) host market emphasise the defensive character of this FD. They see the operational challenges and the inability or unwillingness of the TNC to adjust to the market as reasons for the failures in the foreign market. This assessment contradicts the statements of the management in the TNC's home markets and partly also the scientific literature, which is mainly based on interviews with these actors. They emphasise the offensive character of FD. By bringing together the perspec-tives of the host- and the home market a holistic picture of the decision-making process behind FD emerges. It shows that the divestment decision is not only the reversal of an expansion decision, but follows its own logic (see Figure 8 on page 72). The dissertation demonstrates that foreign retailers import company-specific re-sources from their corporate networks into the host market and thus influence the development of the local retail sector. Comparing the results of this work on the channels of horizontal knowledge transfer with the results of the literature subject to a produc-tion bias, it becomes clear that demonstration and imitation effects are of particular importance due to the high visibility of retail practices. However, despite the compara-tively low-tech nature of retail, transfer processes go far beyond demonstration and imitation. All transfer channels discussed in the literature on the manufacturing sector are relevant to retail. The transfer of implicit knowledge takes place in particular through joint ventures/acquisitions and the fluctuation of personnel. The study further reveals vertical knowledge transfers from foreign retailers to local suppliers of fresh fruit and vegetables and shows that TNCs proactively shape the de-velopment of their suppliers in the host market. Motivated by an initial lack of adequate suppliers, transnational retailers are proving to be an important driver for the moderni-sation of this supplying industry. The deep (purchasing) network embeddedness of re-tail favours knowledge transfer through backward integration. In order to remain a permanent part of the modernizing supplier network, suppliers must vertically inte-grate functions up and down the value chain, including agricultural production. This is driven forward by retailers through direct involvement and through the targeted selection of suppliers. After TNCs withdraw their capital from the host market, the knowledge of the subsidiaries, in former employees and incorporated in established practices, remains in the host market. The dissertation shows that local companies that take over the TNCs’ subsidiaries use this knowledge in different ways. The successful among them develop hybrid business strategies. They use the TNCs' company-specific knowledge, in particular purchasing practices. But they also bring their local resources into the company which is particularly expressed in a deep sales-side network embeddedness and speed in decision-making processes. The dissertation makes conceptual contributions at various levels. First, it illustrates the broad spectrum from localisation to internationalisation within which the processes summarised under the term globalisation are classified. Localisation processes seem to overlap with internationalisation processes, especially when internationalisation is driven by market seeking motives, which are often central in the service sector. The dis-sertation further expands the research literature by linking the literature on retail internationalisation with the literature on local knowledge transfer in the context of FDI. It thereby contributes to a better understanding of the role of TNCs in the dissemination of knowledge in global networks or chains and the formation of local capabilities. Detached from the transnational and sectoral context, the study establishes causal links between FDI and local effects by providing insights into mechanisms of knowledge transfer that remain hidden in quantitative research. The work moreover contributes to the literature on upgrading in GVCs by refining the upgrading concept for the specific context of the agri-food sector. The results of the dissertation are of applied relevance for both actors from emerging countries receiving FDI and for managers of transnational retail companies. One of the most important findings for actors from FDI-receiving economies is that FDI in the re-tail sector can also be a constructive force. A certain degree of target compatibility can create advantages for all parties involved. Local retailers can acquire knowledge from international retailers operating in the country. The dissertation shows retail managers how they can make use of this possibility. It also shows managers of local suppliers of fresh food how they can take advantage of upgrading opportunities through cooperation with foreign retailers and how they can secure themselves a place in the supply network in the long term. The dissertation further provides orientation for managers of transnational retailers in their entry into foreign markets. It gives insights into how to actively embed in the host country in the context of cross-border expansion and which factors should be taken into account when deciding on a FD.

Iki 2007m. investiciniai fondai buvo labai populiarūs investuotojų tarpe, itin didelio dėmesio sulaukdavo fondai investuojantys į besivystančias rinkas, nes jų istoriniai rezultatai buvo teigiami su nežymiomis korekcijomis. Tačiau, nuo 2007m. vidurio, prasidėjus pasaulio ekonomikos nuosmukiui, įsivyravo investuotojų baimės ir kurį laiką besitęsiantis sąstingis finansų rinkose. Jau 2007m. lyginant su ankstesniaisiais metais kardinaliai pasikeitė tiek pasaulio, tiek Lietuvos bendrosios makroekonominės tendencijos: buvo stebimi ekonomikos lėtėjimo požymiai, juntama infliacija ir didelis išorinių veiksnių poveikis. 2008m. finansų rinkose buvo stebimi dideli pokyčiai bei svyravimai, kurių nebuvo bene nuo pat trisdešimtųjų metų. 2008m. mums parodė, kad išsivysčiusias šalis, tokias kaip JAV, Didžioji Britanija ar kitas šalis Europoje, negalima laikyti visiškai saugiomis ir pasižyminčiomis mažesniais svyravimais nei kitos rinkos. Tai žinoma nereiškia, kad problemos kilusios išsivysčiusiose šalyse nepalies besivystančių šalių. Anksčiau daugelis kalbėdavo, kad besivystančios šalys yra mažai priklausomos tarkim nuo JAV vykstančių peripetijų, tačiau tiesa yra ta, kad prie šiuolaikinių komunikacijos priemonių, pinigų pervedimo ir pasaulinės globalios prekybos, nepriklausomybės buvimas yra faktiškai neįmanomas, nes per paskutinius dešimtmečius stipriai išaugo globalizacijos poveikis. Visos pasaulio akcijų rinkos patyrė ženklų nuosmukį ir 2008m. pabaigoje – 2009m. pradžioje jų nestabilumas... [toliau žr. visą tekstą] / Until the year 2007, the investment funds were rather popular among investors, and the investments by these funds in the developing markets were extremely popular, as performance results were positive with some minor corrections. However, since the middle of the year 2007, when the global economic decline started, the investors’ appetite for risk decreased and stagnation in the financial markets continuing for a certain period was observed. In 2007, compared with the previous year, the general macroeconomic trends in the world and Lithuania radically changed: the signals of economic slowdown, inflation and significant impact of the external factors were obvious. In 2008, large changes and fluctuations in the financial markets that were not observed since the thirties of last century were observed. The year 2008, revealed that developed economies, such as the USA, Great Britain or other European countries may not be deemed totally secure and typical of lower fluctuations compared to other markets. Obviously, it does not mean that problems, which occurred in the developed economies, will not affect developing countries. Some time ago, the opinion prevailed that developing countries do not closely depend on perturbations in the US market, however nobody may deny that independence actually is impossible in the world with the existing modern communication channels, cash transfer methods and global trade, as during the recent decade the impact of globalisation increased. Global... [to full text]

Depuis la réforme du droit des procédures collectives par la loi de sauvegarde des entreprises du 26 juillet 2005, deux régimes de cession aux conséquences juridiques dissemblables restent applicables lors des réalisations d’actifs en liquidation judiciaire. Le fonds de commerce, bien particulier à la définition lacunaire, présente la particularité d’être éligible tant à l’application du régime de la cession d’entreprise des articles L 642-1 et suivants du Code de Commerce, qu’à celle de la cession de biens isolés de l’article L 642-19 du Code de Commerce. Les éléments guidant la répartition des ensembles cédés sous l’un ou l’autre régime restent cependant à ce jour imprécis, compromettant la sécurité juridique des différents acteurs de la procédure. Suite à l’étude des causes théoriques et pratiques de cette confusion, des propositions de réforme de ces régimes peuvent être formulées afin d’offrir aux intervenants à la procédure, qu’ils soient parties à la cession, créanciers, ou salariés, une meilleure lisibilité de leurs droits et obligations / Since the reform of the collective procedures by the July 26, 2005 Companies backup Act, two regimes of sales, of dissimilar legal consequences, can be applied during the divestments of the assets that takes place in the final stages of the judicial liquidation. The goodwill, specific asset of lacunar definition, has the particularity to be eligible both for the application of the system of transfer of companies mentionned at the article L 642-1, to that of isolated assets divestment regime mentionned at the article article L 642-19 of the French Commercial Code. Elements guiding the distribution of sets sold under one or the other regime remain however to this day unclear, compromising the legal security of the different actors in the process. Following the study of the theory and practice of this confusion causes, proposals for reform of these regimes can be formulated to provide to the participants in the proceedings, may they be parties to the sales, creditors or employees, a better readability of their rights and obligations

Most mature oil reservoirs or fields tend to perform below expectations, owing to high level of associated gas production. This creates a sub-optimal performance of the oil production surface facilities; increasing oil production specific operating cost. In many scenarios oil companies flare/vent this gas. In addition to oil production constraints, associated gas flaring and venting consists an environmental disasters and economic waste. Significant steps are now being devised to utilise associated gas using different exploitation techniques. Most of the technologies requires large associated gas throughput. However, small-scale associated gas resources and non-associated natural gas reserves (commonly referred to as stranded gas or marginal field) remains largely unexploited. Thus, the objective of this thesis is to evaluate techno- economic of gas turbine engines for onsite electric power generation called gas- to-wire (GTW) using the small-scaled associated gas resources. The range of stranded flared associated gas and non-associated gas reserves considered is around 10 billion to 1 trillion standard cubic feet undergoing production decline. The gas turbine engines considered for power plant in this study are based on simple cycle or combustion turbines. Simple cycle choice of power-plant is conceived to meet certain flexibility in power plant capacity factor and availability during production decline. In addition, it represents the basic power plant module cable of being developed into other power plant types in future to meet different local energy requirements. This study developed a novel gas-to-wire techno-economic and risk analysis framework, with capability for probabilistic uncertainty analysis using Monte Carlo simulation (MCS) method. It comprises an iterative calculation of the probabilistic recoverable reserves with decline module and power plant thermodynamic performance module enabled by Turbomatch (an in-house code) and Gas Turb® software coupled with economic risk modules with @Risk® commercial software. This algorithm is a useful tool for simulating the interaction between disrupted gas production profiles induced by production decline and its effect on power plant techno-economic performance over associated gas utilization economic life. Furthermore, a divestment and make- up fuel protocol is proposed for management of gas turbine engine units to mitigate economical underperformance of power plant regime experienced due to production decline. The results show that utilization of associated gas for onsite power generation is a promising technology for converting waste to energy. Though, associated gas composition can be significant to gas turbine performance but a typical Nigerian associated gas considered is as good as a regular natural gas. The majority of capital investment risk is associated with production decline both natural and manmade. Finally, the rate of capital investment returns decreases with smaller reserves.

Submitted by Giancarlo Bruno Gentiluomo (giancarlo.bg@gmail.com) on 2015-02-27T14:51:00Z No. of bitstreams: 1 Versão_Protocolo_Final_Giancarlo_Bruno_Gentiluomo.pdf: 761525 bytes, checksum: 89e2731935d029f363b73e796c4e8932 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-02-27T14:53:47Z (GMT) No. of bitstreams: 1 Versão_Protocolo_Final_Giancarlo_Bruno_Gentiluomo.pdf: 761525 bytes, checksum: 89e2731935d029f363b73e796c4e8932 (MD5) / Made available in DSpace on 2015-02-27T15:14:27Z (GMT). No. of bitstreams: 1 Versão_Protocolo_Final_Giancarlo_Bruno_Gentiluomo.pdf: 761525 bytes, checksum: 89e2731935d029f363b73e796c4e8932 (MD5) Previous issue date: 2015-01-27 / This study analyzes how managers select between corporate restructuring implementation alternatives. This paper argues that the diversification strategy results in information asymmetries, which can be mitigated through one of the two most common forms of corporate restructuring: spin-offs and sell-offs. The best way to restructure assets that reside in primary and related business lines is through spin-offs, since external agents have less information on the asset to be restructured than managers. Conversely, assets outside the main business lines tend to be restructured more efficiently by sell-offs, in which case the asymmetry of information would be favorable to outside investors and not to managers. Additionally, this study argues that in Brazil regulatory activity exerts influence on how managers select between the two corporate restructuring alternatives: companies under a stricter regulatory framework tend to restructure their assets via spin-offs in order to increase transparency and raise market value. The hypotheses were tested using logistic regression with four samples of respectively 113, 129, 278 and 312 observations. The results gave support to the third hypothesis regarding the influence of regulatory activity in the choice of corporate restructuring alternatives, but not to the other hypotheses that make up the central thesis of this study. / Este estudo analisa como os administradores de empresas escolhem a forma de reestruturar os ativos das mesmas. Argumenta-se que a estratégia de diversificação das empresas resulta no surgimento de assimetrias de informação, que podem ser mitigadas através de uma das duas formas mais comuns de reestruturação de ativos: cisão (spin-off) ou pela venda de ativos. No caso dos ativos a serem restruturados pertencerem às principais linhas de negócio da empresa, a medida mais eficaz de reestruturação seria via adoção de um spin-off, pois o conhecimento que agentes externos tem sobre o ativo a ser reestruturado é menor do que adquirido pelos administradores com o passar do tempo. Já ativos que ficam fora das principais linhas de negócio tendem a ser reestruturados de forma mais eficiente pela venda dos mesmos, pois neste caso a assimetria de informação seria favorável aos investidores externos e não aos administradores. Adicionalmente, argumenta-se que no Brasil a atividade regulatória exerce influência na escolha entre uma forma ou outra de reestruturação: empresas sob um arcabouço regulatório mais rígido tendem a realizar a reestruturação via spin-offs a fim de aumentar a clareza das informações e elevar o seu valor de mercado. A metodologia utilizada foi uma regressão logística com quatro amostras de respectivamente 113, 129, 278 e 312 observações. Os resultados encontrados deram suporte à terceira hipótese que se refere à influência da atividade regulatória na propensão das empresas a adotar um spin-off, mas não foram suficientes para sustentar as demais hipóteses que compõem a tese central deste estudo.

Bakgrund: Hållbara och ansvarsfulla investeringar har blivit allt viktigare för investerare, utöver avkastning och risk. Universiteten har som fanbärare av god moral ett stort ansvar i att leva upp till en hög nivå av hållbarhet. Donatorer, förmånstagare, studenter, intresseorganisationer och opinionsbildare har alla olika mål och krav på kapitalförvaltningen i universitetsstiftelser. Detta driver en målkonflikt som inte har en uppenbar lösning. Syfte: Huvudsyftet med studien är att ur ett investeringsperspektiv kartlägga och analysera svenska universitetsstiftelsers syn på och hantering av målkonflikter mellan avkastning, riskhantering och interna samt externa krav om hållbara och ansvarsfulla investeringar. Ett delsyfte med studien är att ge perspektiv och förslag till riktlinjer för hur en hållbar stiftelseförvaltning kan utformas i relation till mål om avkastning och risk givet restriktioner kring vad som ur ett hållbarhetsperspektiv är tillåtna investeringar. Genomförande: Vi har genomfört tio kvalitativa intervjuer med stiftelseförvaltare och kapitalförvaltare. Som ramverk för analysen har referensramen byggts upp utifrån evidensbaserad kapitalförvaltning sammanfattad av William F. Sharpe. Det har kompletterats med beprövad erfarenhet och stiftelselagstiftning. Slutsats: Stiftelseförvaltarna uppfattar inte målkonflikten som ett stort problem och anser sig ha löst den. Samtliga tycker att hållbarhet går att förena med god avkastning. Vi har dock upptäckt brister, framförallt i synen på risk. Genom att ha ett mer kontinuerligt angreppssätt och tydligare prioritera målen samt definiera hållbarhet anser vi att en bättre lösning uppnås. / Background: SRI has grown in importance for investors, apart from risk and return. Universities do as moral leaders of society have a responsibility to reach an elevated level of sustainability. Donors, beneficiaries, students, organizations of interest and opinion formers differ in their demands and objectives for asset management in university foundations. This fuel a conflict of objectives that has no immediate solution. Purpose: The purpose of this thesis is to, from an investing perspective, map and analyse Swedish university foundations’ view upon and management of conflicts of objectives between return, risk management and internal as well as external demands for sustainable and responsible investments. A partial purpose is to give perspective and develop suggestions for guidelines for how a sustainable foundation management can be accomplished in relation to objectives for risk and return given restrictions for what is allowed investments from a sustainable perspective. Completion: We have conducted ten qualitative interviews with foundationand asset managers. The framework used to analyse our data have been built up from evidence based asset management summarized by William F. Sharpe. This has been extended with proven knowledge and legislation. Conclusion: The foundation managers do not fully interpret the conflict of objectives as a large problem and claim they have solved it. They believe sustainability and satisfying returns can be combined. We have although found a lack of risk awareness. We conclude that by having a continuous approach, prioritize the objectives and define sustainability a better solution can be reached.

A différentes reprises, l’auteur observe que la maladie, ici l’insuffisance rénale, survient à des moments clés de la vie du sujet. Après un tour d’horizon théorique sur la maladie, le soin, mais aussi les travaux théoriques traitant de la psychosomatique et du féminin, les observations débouchent sur des interrogations liées à la problématique du corps et de la psyché. C’est en rencontrant des patients en centre de dialyse, à partir de leur vécu et de leur discours sur le lieu de soin que la problématique du corps vient rejoindre la question du féminin, quel que soit le sexe (masculin ou féminin) des patients. D’abord, les relations maternelles sont le point de départ de la réflexion. Il s’avère que les patients rencontrés (hommes et femmes) ont été confrontés à des relations précoces, à un féminin primaire, venant particulièrement interroger les notions de rythme et de sensorialité. Ces Notions sont très présentes dans la pathologie de l’insuffisance rénale, ainsi que parfois dans les autres pathologies dont souffrent les patients. Ensuite l’analyse se poursuit plus précisément avec une réflexion sur les vécus contre-transférentiels. D’une part, se pose la question du vide, du désinvestissement chez les patients de sexe masculin, d’autre part, le mode d’être en relation des patientes vient interroger l’emprise. Enfin, l’auteur prolonge sa réflexion en abordant le féminin génital auprès des patientes de sexe féminin. La façon dont elles ont pu s’identifier aux imagos parentales, vivre l’Œdipe, changer d’objet et se séparer de l’objet primaire vient alors interroger la bisexualité mais aussi la violence et la haine. / The author observes at various times that the disease, in this case renal failure, arises at key moments in the life of the subject.After a theoretical overview on the disease, the care, but also the theoretical work dealing with psychosomatic and the feminine, observations lead to questions related to the concerns of the body and the psyche.It is by meeting patients in dialysis centers, from their experience and from their speeches where they are taken care of, that the matter of the body comes to join the question of the feminine, , regardless of gender (male or female) of the patients .At first, the maternal relationships are the starting point for the reflection. It turns out that patients met - both men and women - have faced premature relations and a primary female state, which particularly questions the notions of rythm and sensoriality. These concepts are very present in the pathology of renal failure, sometimes as well as in other pathologies the patients suffer from.Then the analysis continues more precisely with a reflection on counter-transference experiences. The first question that arises is that of the emptiness and the withdrawal of involvement of male patients and then the mode to be in relation for female patients leads to wonder about influence / pressure. Finally the author continues her reflection by considering female genital with female patients. How they were able to identify with parental images, experience the Oedipus complex, change the object, and separate from the primary object then leads to question bisexuality, but also violence and hate.