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Gasland: The Rhetoric of Images in the New Media LandscapeThaxton, Christopher T 18 May 2012 (has links)
Abstract
Josh Fox's film Gasland, released in 2010, started the national debate concerning the process of hydraulic fracturing and launched the term "fracking" into the public consciousness. Gasland, nominated for four Emmy Awards, was the winner of the 2010 Environmental Media Award for Best Documentary, the Sundance Film Festival Special Jury Prize, and the Yale Environmental Film Festival Grand Jury Prize. Using the momentum from the film's popular reception, Fox and the Gasland team successfully established a grassroots movement that was responsible for helping create the Frack Act and a moratorium of fracking in the Delaware River Shed.
This thesis intends to determine what made Gasland so influential. Through a rhetorical criticism and media analysis, I will show how Fox's film ignited the debate on domestic natural gas production and has created a multi-public literacy that enables social change.
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Epidemiologia da raiva: caracterização de vírus isolados de animais domésticos e silvestres do semi-árido paraibano da Região de Patos, Nordeste do Brasil / Epidemiology of rabies: characterization of vírus isolated from domestic and wild animals of the semiarid region of Patos, Northeastern BrazilGomes, Albério Antonio de Barros 29 June 2004 (has links)
No semi-árido paraibano há poucos relatos de ocorrência da raiva, há quem afirme que os caprinos, ovinos e asininos são resistentes à doença e a prática de vacinação é incomum. Este trabalho visou estudar a situação da raiva na região semi-árida de Patos-PB, estabelecendo o diagnóstico desta enfermidade em diferentes espécies de animais domésticos e silvestres. Foram capturados 12 exemplares de raposas (Dusicyon vetulus), por meio de armadilha; 192 morcegos insetívoros (Molossus molossus), capturados no Centro de Saúde e Tecnologia Rural - CSTR, Universidade Federal de Campina Grande - UFCG, em Patos, e oito morcegos insetívoros (M. molossus) encaminhados por moradores desta cidade. As raposas capturadas foram submetidas à colheita de sangue e em seguida sacrificadas com uso de Ketamina e T-61. Outras 287 raposas e oito guaxinins (Procyon cancrivorous) atropelados e mortos nas rodovias que servem o município de Patos foram examinados, além de 74 amostras de diferentes espécies de animais domésticos, enviados pelo setor de Patologia do Hospital Veterinário do CSTR-UFCG. Os animais silvestres, uma vez transportados ao Laboratório de Virologia do CSTR-UFCG, foram necrópsiados e os fragmentos do cérebro, submetidos à prova de imunofluorescência direta (IFD) e inoculação intracerebral em camundongos (ICC) para o diagnóstico da raiva. Dos 581 materiais examinados, 50 (8,60%) foram positivos à IFD, dos quais 47 (8,09%) se confirmaram à ICC. Relativamente às espécies, 19/41 amostras de bovinos; 12/299 de raposas; 1/5 de ovinos e 2/6 de caninos apresentaram resultados positivos para ambas as provas. Amostras procedentes de caprinos, eqüinos e morcegos apresentaram resultados discrepantes entre as provas de IFD e ICC, de 2/6 e 1/6; 3/11 e 2/11; e 9/200 e 8/200, respectivamente. As amostras de vírus foram enviadas ao Laboratório de Raiva da Faculdade de Medicina Veterinária e Zootecnia da Universidade de São Paulo, para extração do material nucléico, tipificação antigênica e genética. A tipificação antigênica e genética com base no gene M1 foi realizada no "Canadian Food and Inspection Agency", Fallowfield, Otawa, Canadá, patrocinado pela IICA "Inter-American Institutes for Cooperation on Agriculture". A caracterização genética do gene N e o estudo filogenético foram realizados no laboratório do "National Institute of Infectious Diseases", Toyama, Tóquio, pelos pesquisadores do "College of Bioresources Sciences" da Nihon University, Kanagawa, Japão. O estudo do comportamento biológico das amostras foi realizado em camundongos, pela inoculação por via intracerebral, avaliando-se os períodos de incubação e clínico, no seu primo-isolamento. O comportamento biológico de um isolado de raposa foi estudado em caprinos e ovinos inoculados experimentalmente por via intramuscular. A mesma amostra foi utilizada para o desafio de asininos e eqüinos vacinados com uma vacina comercial de vírus inativado. Estes animais apresentaram níveis mensuráveis de anticorpos anti-rábicos neutralizantes e os resultados do desafio indicaram a eficácia da vacina contra o isolado de raposa. Os resultados da tipificação antigênica e genética permitem concluir que: na região estudada a epidemiologia da raiva é complexa, revelando existir variantes distintas, mantidas em cães domésticos, raposas, morcegos insetívoros e morcegos hematófagos. / In the semiarid of the State of Paraíba there are few reports of rabies occurrence, and it is said that caprines, ovines and asinines are resistant to rabies and the use of vaccines in these species is uncommon. This work aimed to study the situation of rabies in the semiarid of Patos-PB, establishing the diagnosis in domestic and wild animals. For the study, 12 foxes (Dusicyon vetulus) were captured alive; 192 insectivorous bats (Molossus molossus), captured at the "Centro de Saúde e Tecnologia Rural-CSTR", of the "Universidade Federal de Campina Grande-UFCG", Patos-PB; and 8 bats (M. molossus) sent by residents of the city of Patos. Captured foxes were submitted to blood collection and then sacrificed using ketamine and T-61. Other 287 foxes and 8 raccoons (Procyon cancrivorus) road-kills collected from the roads serving the Patos municipality were examined. Other 74 samples from different domestic animals sent by the Pathology section of the Veterinary Hospital of the CSTR-UFCG were also included. The wild animals, once shipped to the Virology Laboratory of the CSTR-UFCG, were necropsied and brain fragments were submitted to the fluorescent antibody test (FAT) and mouse inoculation test (MIT) for rabies diagnosis. Among the 581 materials, 50 (8.60%) were positive by FAT, and 47 (8.09%), confirmed by MIT. Concerned to animal species, 19/41 bovines; 12/299 foxes; 1/5 ovines; and 2/6 canines were positive for both FAT and MIT. Caprine, equine and bat samples presented discrepant results between the FAT and MIT, from 2/6 to 1/6; 3/11 to 2/11; 9/200 to 8/200, respectively. All the isolates were sent to the Rabies Laboratory of the "Departamento de Medicina Veterinária Preventiva e Saúde Animal", "Faculdade de Medicina Veterinária e Zootecnia", "Universidade de São Paulo-FMVZ-USP", for extraction of nucleic materials, to perform the antigenic and genetic typing. Antigenic and genetic typing based on M1 gene was conducted at the Canadian Food and Inspection Agency, Fallowfield, Otawa, Canada, sponsored by the IICA Inter-American Institutes for Cooperation on Agriculture. The genetic characterization of the N gene and the phylogenetic analyses were made at the National Institute of Infectious Diseases, Toyama, Tokyo, by the researchers of the College of Bioresources Sciences, Nihon University, Kanagawa, Japan. The biologic behavior of the isolates was studied in mice through intracerebral inoculation by registering the incubation and the clinical periods at its first passage. The biologic behavior of a fox isolate was assessed in caprines and ovines, by experimental inoculation through intramuscular route. The same isolate was used for the challenge of asinines and equines that had been vaccinated with a commercially available inactivated virus vaccine. The vaccinated animals showed measurable levels of neutralizing antirabies antibodies and the results of challenge indicated the efficacy of this vaccine against the fox isolate. According to the results of antigenic and genetic typing, it can be concluded that in the region, the epidemiology of rabies is complex, revealing the existence of virus variants maintained in populations of domestic dogs, foxes and hematophagous and insectivorous bats.
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The economic, legal and educational status of the Mesquakie (Fox) Indian of IowaJones, Ben 01 July 1931 (has links)
No description available.
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Structure of Songs and Organization of Singing in Fox Sparrows Breeding in Northern Utah and Southern IdahoMartin, Dennis John 01 May 1975 (has links)
Structure of songs and organization of singing in 133 Fox Sparrows Passerella iliaca were studied during 2 breeding seasons in 3 geographically separate populations in northern Utah and southern Idaho. The structure of songs was analyzed with the aid of an audiospectrograph. The organization of the singing of songs in 56 birds was analyzed by applying Markov chain analyses to the sequences of songs uttered.
Songs were composed of sy lla bl e- types , of which 49 were recognized. Syllabl e- types could occur sing ly or be seria lly repeated within songs, but they were never fractured so that onl y a portion of one wo ul d be in evidence. Songs were categorized into 5 major types (A, B, C, D, and E) on the basis of the uniformity amo ng individuals in the sequences of sy llable-types which were used to form so ngs . Most song-types were easily characterized by a particular sequence of syllable- types used in forming the terminal portions of the songs, but song-type D was most easily characterized by a sequence of syllable-types near the beginning of the song. Although the sequences of syllable-types forming songs were sufficiently distinct so that the songs could be assigned to a particular major song-type, there were consistent variations among individuals in the sequences of syllable-types composing their songs. Such variants were termed song-versions. The variation in the syllable-types composing songs tended to be restricted to the first halves of the songs. About one half of all the individuals recorded sang more than one version of some particular song-type, usually B or C.
Individual birds used a mean number of 8.2 syllable-types in the formation of each song. The mean number of syllable-types used in forming song-types A, B, C, D, and E in 1973 and 1974 were 7.5 -7.7, 8.5-7.6, 7.8-7.8, 9.4-9.4, and 9.0-7.5, respective ly. Few variations were evident among individuals in the mean number of syllable-types or song-types that constituted their repertoires. Differences in the mean number of syllable-types composing similar song-types were al so of little magnitude. Significant differences were evident in the number of syllable-types possessed by individuals having repertories of 2, 3, and 4 songs. Those birds which possessed the largest repertoires of songs exhibited the greatest number of syllable-types. Six color-banded individuals did not change the size or structure of their syllable-type or song-type repertoires during the year or between years.
Singing was organized into discrete bouts in which each song of an individual tended to be presented with equal frequency of occurrence. The ordering of songs within singing bouts occurred in particular sequences, with each song being sung once. After a bird had sung all of its songs once, it would begin the sequence over again. The order in which a bird presented its songs did not change with the passage of time, it was not related to the song-types the bird possessed, and it did not appear to be affected by the sequence of songs being sung by neighboring Fox Sparrows. Markov cha in analysis of the ordering of songs described the sequencing as a first-order Markov chain in all but three birds. A higher order Markov chain was most appropriate for those three birds which were not described by a first-order Markov chain.
Intra- and interpopulation variations in most of the parameters of song which were considered demonstrated little variation within any of the 3 populations between years or among populations in either of the 2 years . Cluster analyses of the geographic distribution of syllabletypes and song-types reiterated that the incidence of syllable-types and song-types tended to be uniform within and among the populations. The most distinctive group of individuals, based upon the presence or absence of syllable-types and song-types, was the northernmost population. The southernmost population of birds tended to demonstrate the most variability in their possession of syllable-types and song-types.
Comparison of the structure of song in Fox Sparrows with other species of the Emberizidae showed that Fox Sparrows' song structuring was not directly analogous to that of any other emberizid, although the structures of Fox Sparrow songs and syllable-types were not sufficiently different that they could not be recognized as belonging to a member of the Emberizidae. The structure of Fox Sparrow song is most similar to that of their nearest relatives, Melospiza, especially M. melodia, whereas song structuring in Fox Sparrows is less similar to that in the species of the genera Zonotrichia and Junco.
The variations which were present in the structure of individuals' songs and the geographic distributions of syllable-types and song-types were considered to reflect geographic variation rather than dialects. It is proposed that Fox Sparrows learn their songs early in life, as does Zonotrichia leucophrys, and that song may encode messages which allow others to recognize the singer's sex, location, marital status, motivation, and species and individual identity. It is suspected that Fox Sparrow songs do not have great capability of conveying the population affiliation of the singer. It is proposed that the various songs of individual Fox Sparrows are of equal valence with respect to intraspecific interactions, and that this suspicion associated with other factors concerning the organization of singi ng in Fox Sparrows indicates the order in which a bird presents its songs is learned early in life and it is retained unaltered.
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Strain and structure of a temperate, maritime glacier : Te Moeka o Tuawe / Fox Glacier, South Westland, New Zealand : thesis submitted in fulfilment of the degree of Master of Science in Physical Geography, at Massey University, Palmerston North, New ZealandAppleby, John Richard Unknown Date (has links)
The study of glaciers has an immense significance for understanding and predicting global environmental change. The Earth is a dynamic system, consisting of individual units such as the cryosphere, an understanding of which may provide the basis for predicting future environmental change on a global scale. The dynamics of a glacier, a major indicator of the climatic and environmental situation is often presented as supraglacial structures, which reflect glacier formation, deformation and flow. Although structural attributes such as folds, faults, crevasse traces and foliation are commonly described in glaciers, the origin and significance of many of these structures remains unclear. This research project mapped the surface structures of Fox Glacier, using remote sensing in the form of aerial photographs and field observations, to produce a structural glaciological interpretation of the glacier surface, structural field maps of individual structures, and a schematic structural evolution of Fox Glacier. In addition, cumulative strain, and strain rates were calculated for three different areas of the lower Fox Glacier. The relationship between the observed structures and the measured strain rates has also been considered. Fox Glacier is located in the South Westland region of the South Island of New Zealand. From the Main Divide of the Southern Alps up to 3000m altitude, Fox Glacier flows for 13 km, terminating at an altitude of 270 metres in temperate rainforest, 17 km from the present coastline. The steep gradient allows for relatively rapid ice flow. Despite being a very dynamic glacier, very little research has been carried out on Fox Glacier in recent years with most research in the area being concentrated on its neighbour the Franz Josef, and even more so on the glaciers of the Eastern side of the Main Divide (e.g. the Tasman and Mueller glaciers). There is a high level of spatial variability in structural types observed, and the cumulative strain and strain rates measured on the surface of the Fox Glacier, with the variations being linked to valley topography including long-profile gradient and valley width. Strain rates of 208.78 y-1 and -162.06 y-1 were recorded on Fox Glacier. A relationship can be determined between observed glaciological structural features and measured strain rates, suggesting strain rate has an influence on the type, magnitude, location and frequency of these features, however, the study is only a ‘snap-shot’ of the strain conditions experienced in the most dynamically active time, during the summer ablation season. Developing predictive models of the structural evolution of glaciers may help further understanding of how glaciers respond to a change in climatic input, especially climatic warming. This is particularly important for larger ice sheet outlet glaciers whose structure and flow appear to reflect and control dynamics of the ice sheet behind
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The ecology of the red fox (Vulpes vulpes) in the Central Tableslands of New South WalesBerghout, Mani, n/a January 2000 (has links)
The red fox occurs across a very broad range of habitats, and displays great behavioural flexibility under different environmental conditions. In Australia, mounting concern over the impacts of foxes on livestock and native fauna has highlighted a need for more information on fox ecology under Australian conditions as a fundamental step towards developing more strategic means of managing foxes. This study explores ranging behaviour, dispersal, use of dens, activity rhythms, population dynamics and diet in the absence of management in productive agricultural land in the central tablelands of New South Wales. The study was conducted from June 1994 to June 1997 on private property near Murringo, NSW Australia (34°15� S, 148°30� E). The site was primarily sheep and cattle grazing land and had a history of no fox management. Rainfall was considerably below average for much of the study. A total of 83 foxes were trapped over 3931 trapnights, of which 50 were fitted with radio-collars (23 adult and 6 juvenile females, 12 adult and 9 juvenile males) and 26 released with eartags only (all juveniles: 10 females, 16 males). Thirty-three foxes were radio-tracked using fixed towers between March 1995 and December 1996, with between 11 and 28 foxes tracked at any time. Mean home range size was 446.1 ha ± 69.8 se using 95% Minimum Convex Polygons (MCP), and 276.4 ha ± 36.3 se using 95% kernel utilisation distributions. Male home ranges defined by MCP were significantly larger than female ranges, but no significant difference was found using 95% kernels. Core ranges were estimated to be 133.4 ha ± 23.7 se using 50% MCP and 59.8 ha ± 6.1 se using 95% kernels, with no significant difference between sexes. No significant differences were found between range sizes of adults and juveniles or between years or seasons. While most home ranges were steady for the duration of the study, some foxes were observed to shift range location and 4 foxes displayed nomadic behaviour for at least some of the study. There was a high incidence of overlapping home ranges, most commonly between females or males and females but occasionally between males, but core areas were usually separate. Fully overlapping core areas were observed in 1995 but not in 1996.
Juvenile foxes were significantly more likely to disperse than adults, and usually travelled further (juveniles 61.1 km 31.6 ± se; adults 5.9 km 1.1 ± se). Males and females were equally likely to disperse, and there was no significant difference in the distance travelled. The furthest distances were 285 km and 140 km, but mean distance of dispersal excluding these animals was 12.3 km ± 4.3 se (n = 13). Thorough surveys across a 16.4 km² area located 200 dens, with 68 of these active in 1995 and 96 active in 1996. Density of breeding foxes was estimated to be 0.55 and 0.52 adult foxes/km² in 1995 and 1996 respectively based on natal den counts. Density estimates based on active den counts, which include non-breeding foxes, were 0.91and 1.30 foxes/km² in 1995 and 1996 respectively. These estimates appear lower than other studies in similar habitats but this is likely due to using a half home range boundary strip around the surveyed area in the present study. Application of mark-recapture analysis found very high �recapture� rates of dens and gave a similar estimate of the total number of dens to that observed directly. Natal dens were regularly distributed across the study area, whereas active dens tended to be in clusters. There was a high turnover of which dens were used each year, but the total number of natal dens was similar across years (16 in 1995 and 17 in 1996). Natal dens were more likely to be used on repeat occasions than other dens, but not necessarily by the same vixen. Litter size based on sightings of emergent cubs was 2.8. Foxes were predominantly nocturnal, with a major peak in activity about an hour after sunset. A new method of analysing activity rhythm data using Fourier series to mathematically describe animal movements was developed, that allowed systematic identification of the cyclical components underlying overall movement patterns. General fox behaviour could be clearly described by a 24-hour and a 12-hour cyclical component when corrected for variation in daylength. The rising and setting of the sun appeared to be a major trigger underlying movement patterns. Seasonal and sex differences were observed in patterns of activity. The annual rate of increase of the fox population was found to vary around a mean of zero between June 1994 and June 1997. A major drop in fox numbers as estimated by spotlight counts occurred in the second half of 1995, but numbers recovered by the
end of 1996. Kaplan-Meier analysis of radio-tagged foxes found annual adult survival was generally very high (0.56-0.96) with lowest survival between July and October. Causes of mortality were human-related outside the site and apparently of natural causes within the site. However foxes dying of natural causes outside the site were unlikely to be found. There was no overall movement of foxes into or out of the site. Immigration was detected following the drop in fox numbers in late 1995, but there was no evidence of immigration prior to this period although emigration occurred. A sensitivity analysis was conducted on the effects of a small change in life history parameters on finite rate of increase using published data as well as adult mortality data from the present study. The two most influential life-history parameters were adult and juvenile survival, while changes in fecundity and age at first reproduction had much less impact on finite rate of increase. In terms of management, in which fertility control is being considered as an alternative to lethal control, this implies that a small change in fecundity may cause less change in the rate of increase of foxes than lethal control. Foxes were culled in June 1997 on completion of the study. Estimated density using a Petersen estimate was 2.4-5.3 foxes/km² and index-manipulation-index was 1.4-3.2 foxes/km². The different methods used to cull foxes appeared to target different age groups within the population, and were generally biased in favour of younger foxes. Success at killing animals was low, leading to large standard errors in the population estimates. Stomachs of foxes shot in the Orange district were found to contain predominantly rabbit and carrion, with invertebrates present when abundant. These findings were not strictly representative of the diet of foxes in the study area, where rabbits were scarce. Foxes scavenged heavily on lamb carcasses within the study site. The quantity of fresh lamb carrion removed from a lambing paddock in winter 1996 was estimated to support 13-24 foxes, with available fresh lamb theoretically able to support 240-440 foxes. Density based on removal of fresh carcasses was estimated to be 0.83-1.5 foxes/km².
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Sveriges Television vs : Fox NewsHalvorsen, Stina, Mårtensson, Hanna January 2008 (has links)
<p>Abstract</p><p>Författare: Stina Halvorsen, Hanna Mårtensson</p><p>Handledare: Eva-Lotta Frid</p><p>Titel: Sveriges Television vs. Fox News, en jämförelse av</p><p>nyhetsrapporteringen kring Pakistankonflikten</p><p>Ämne: Medie- och kommunikationsvetenskap</p><p>År: 2007</p><p>Syfte: Syftet med uppsatsen är att blottlägga vilka skillnader och likheter</p><p>som finns i nyhetsrapporterandet mellan kanalerna gällande den specifika</p><p>händelsen i Pakistan.</p><p>Metod: Vi använder ett kritiskt hermeneutiskt förhållningssätt och tillämpar</p><p>sedan kvalitativ metod i form av diskursanalys och bildanalys. Vi använder</p><p>oss även genomgående av nyhetsvärdering och nyhetsförmedling, då vi</p><p>finner dessa begrepp högst relevanta för analysen.</p><p>Slutsatser: Vi har upptäckt att informationen som förmedlas är den samma</p><p>hos båda kanalerna, det är vinklingen på hur informationen förmedlas som</p><p>skiljer sig åt. Tyngdpunkten i Fox News nyhetsinslag ligger på hur vidare</p><p>USA:s nationella säkerhet är hotad av konflikten, medan SVT istället lägger</p><p>fokus på att förmedla hur situationen ser ut i Pakistan och vad konflikten</p><p>betyder för landet. De likheter vi kan urskilja är först och främst val av bilder,</p><p>det vill säga båda kanalerna använder samma bilder vid flera tillfällen, samt</p><p>att President Pervez Musharraf och Benazir Bhutto framställs på liknande sätt</p><p>i båda kanalernas inslag.</p><p>Nyckelord: Komparativ studie, hermeneutik, diskursanalys, bildanalys, Fox</p><p>News, SVT, Pakistan, nyheter online, nyhetsinslag.</p>
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Företags motiv till finansiering med realränteobligationer / Corporate motives for financing through index-linked bondsMagnusson, Anders, Strandberg, Joakim January 2003 (has links)
The long-term external financing of a corporation is satisfied through the bond market where issues of index-linked bonds, which are discussed in this thesis, is one alternative. (Finnerty&Emery 2001) An index- linked bond is a debt instrument where the investor is guaranteed the principal and premium amount in real terms. As the bonds cash flows are indexed to the inflation this implies that the issuer of an index-linked bond assumes an inflation risk. Purpose: The purpose of this thesis is to describe and examine corporate motives for choosing index-linked bonds as way of financing their business. Realization: Primary data was collected through interviews with corporate issuers of non-swapped index-linked bonds. Results: From our research it has been acknowledged that both internal and external factors determine the decision to issue index-linked bonds. The most important internal reason for the issuance was that this type of financing implies matching advantages, which helps lowering the companies’ risks. This is achieved by balancing the size and time of the cash inflows with the cash out- flows. Of the external factors we found that it is primary the financing cost that is of interest. The cost savings are primarily achieved because of the lower liquidity premium demanded when using index-linked bonds as a way of financing the business. We believe that this depends partly on the character of the investors and on market imperfections.
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Sveriges Television vs : Fox NewsHalvorsen, Stina, Mårtensson, Hanna January 2008 (has links)
Abstract Författare: Stina Halvorsen, Hanna Mårtensson Handledare: Eva-Lotta Frid Titel: Sveriges Television vs. Fox News, en jämförelse av nyhetsrapporteringen kring Pakistankonflikten Ämne: Medie- och kommunikationsvetenskap År: 2007 Syfte: Syftet med uppsatsen är att blottlägga vilka skillnader och likheter som finns i nyhetsrapporterandet mellan kanalerna gällande den specifika händelsen i Pakistan. Metod: Vi använder ett kritiskt hermeneutiskt förhållningssätt och tillämpar sedan kvalitativ metod i form av diskursanalys och bildanalys. Vi använder oss även genomgående av nyhetsvärdering och nyhetsförmedling, då vi finner dessa begrepp högst relevanta för analysen. Slutsatser: Vi har upptäckt att informationen som förmedlas är den samma hos båda kanalerna, det är vinklingen på hur informationen förmedlas som skiljer sig åt. Tyngdpunkten i Fox News nyhetsinslag ligger på hur vidare USA:s nationella säkerhet är hotad av konflikten, medan SVT istället lägger fokus på att förmedla hur situationen ser ut i Pakistan och vad konflikten betyder för landet. De likheter vi kan urskilja är först och främst val av bilder, det vill säga båda kanalerna använder samma bilder vid flera tillfällen, samt att President Pervez Musharraf och Benazir Bhutto framställs på liknande sätt i båda kanalernas inslag. Nyckelord: Komparativ studie, hermeneutik, diskursanalys, bildanalys, Fox News, SVT, Pakistan, nyheter online, nyhetsinslag.
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Företags motiv till finansiering med realränteobligationer / Corporate motives for financing through index-linked bondsMagnusson, Anders, Strandberg, Joakim January 2003 (has links)
<p>The long-term external financing of a corporation is satisfied through the bond market where issues of index-linked bonds, which are discussed in this thesis, is one alternative. (Finnerty&Emery 2001) An index- linked bond is a debt instrument where the investor is guaranteed the principal and premium amount in real terms. As the bonds cash flows are indexed to the inflation this implies that the issuer of an index-linked bond assumes an inflation risk. Purpose: The purpose of this thesis is to describe and examine corporate motives for choosing index-linked bonds as way of financing their business. Realization: Primary data was collected through interviews with corporate issuers of non-swapped index-linked bonds. Results: From our research it has been acknowledged that both internal and external factors determine the decision to issue index-linked bonds. The most important internal reason for the issuance was that this type of financing implies matching advantages, which helps lowering the companies’ risks. This is achieved by balancing the size and time of the cash inflows with the cash out- flows. Of the external factors we found that it is primary the financing cost that is of interest. The cost savings are primarily achieved because of the lower liquidity premium demanded when using index-linked bonds as a way of financing the business. We believe that this depends partly on the character of the investors and on market imperfections.</p>
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