Subject background and discussion: In recent decades, issues of human rights, labor and environmental change has been hot topics world wide, which also has influenced the financial market. More and more investors use socially responsible investing (SRI) screens when constructing their portfolios. One form of SRI screen is to choose companies that have satisfied employees. Existing theory says that employee satisfaction is an intangible asset to the firm that will positively affect a firm’s performance in the future. Intangible assets are often unrecognized by the market and thereby not incorporated in the stock price. The efficient market hypothesis has been studied and debated for several decades. Proponents of the EMH argue that all available information is incorporated in the stock price, thus it is not possible to systematically beat the market. However, EMH is controversial, since research has shown different results regarding the possibility to make abnormal return from various investing strategy. Research question: Is it possible to make abnormal returns by investing in a portfolio of worldwide firms with top scores on the SRI screen employee satisfaction? Purpose: The main purpose of this study is to examine investor’s possibility to make abnormal return with controls for multiple risk factors by investing in worldwide firms with top scores in employee satisfaction. One sub-purpose is to examine how the market values intangibles depending on the degree of market efficiency. Another sub-purpose of the study is to test two different portfolio weighting methodologies, equally- and value weighted, and observe the differences between them. Theory: This study deals with the efficient market hypothesis and the concepts of SRI, employee satisfaction, intangible assets and several risk-adjusted measurements. Method: We have chosen to perform a quantitative study with a deductive approach to answer our research question. We used a sample size of 696 firms based on “Great Place to Works”- lists of companies with high employee satisfaction to construct sex portfolios with different holding periods and strategies. These portfolios have been explored and tested significantly with both equally and value weighted methods. Result/Analysis: The study finds significant evidence of an average annual abnormal return of 3,66% and 2,43% for our main portfolio over the market for equally- and value weighted, respectively, using the three-factor model. When adjusting for momentum, thus employing the four-factor model, all the predictive variables still identify strong persistence in the abnormal return, with statistical significance. Conclusion: The results show that it is possible to make abnormal returns, during the observed time period, regardless of the weighing methodology, although the equally weighted received higher abnormal returns. Thus, the market efficiency appears to be in weak form and does not fully value intangibles.

The pictorial elements of the first six books of the Aeneid can be evidenced through an examination of its structural components. With commentaries on such literary devices as parallels and antipodes, interwoven themes, cyclic patterns, and strategic placement of words in the text, three genres of painting are treated individually in Chapter 1 to illustrate the poet's consistency of design and to prove him a craftsman of the visual arts. In the first division, "Cinematic progression," attention is directed to the language which conveys movement and frequentative action, with special emphasis placed on specific passages whose verbal components possess sculptural or third-dimensional traits and contribute to the "spiral" and "circle" motifs, the appropriate visual agents for animation. Depiction of mythological subjects comprises the second division entitled "Cameos and snapshots." Three selections, dubbed monstra, are explicated with such cross references as to illustrate the poet's use of epithets which he distributes passim to elicit verbal echoes of other passages. The final division, "The Vergilian landscape," addresses two major themes, antithetical in nature, the martial and the pastoral. Their sequential juxtaposition in the text renders a marked contrast in mood which is manifested pictorially in the transition from darkness to light. A panoramic chiaroscuro emerges which is the tapestry against which Aeneas makes his sojourn through the Underworld. It is the perfect backdrop to accompany the overriding theme of "things hidden," res latentes, which encompasses a greater part of the epic and becomes the culminant motif of the paintings which comprise the visual presentation. Chapter 2 functions as a catalogue raisonne for art inspired by the Aeneid from early antiquity up to the present day. Such examples of artistic expression provide a continuum with which to appropriate Horace's maxim, ut pictura poesis, in their evaluation. The verbal exegeses in Chapter 1 have been programmed to comport with the thematic content of the visual presentation in Chapter 3, a critique exemplifying the transposition of the verbal to the pictorial. With these canvases I have attempted to render a new perspective of Vergil's epic in the genre of abstract expressionism. / Art / D. Litt. et Phil.