abstract: Principles of climate mitigation in environmental ethics often draw on either considerations of fairness and forward-looking concerns, or on justice and backward-looking concerns. That is, according to some theorists, considerations of the current distribution of climate benefits and burdens are foremost, while others take repairing historic wrongs as paramount. Some theorists integrate considerations of fairness and justice to formulate hybrid climate principles. Such an integrative approach is promising particularly in the context of environmental harm to indigenous subsistence peoples, who are among those suffering the most from climate change. I argue that existing integrative climate principles tend not to sufficiently emphasize considerations of backward-looking justice. This is a problem for indigenous peoples seeking reparations for environmental harm and violations of their human rights. Specifically, indigenous people in the Arctic suffer a cultural harm from climate change as they lose their land, and their way of life, to erosion, cementing their status as climate refugees. I argue that the current climate situation facing Native Arctic people is unfair according to Rawls' second principle of justice. In addition, the situation is unjust as indigenous people suffer from emissions by others and few attempts are made for reparations. Thus, Rawlsian fairness combined with reparative justice provide a befitting theoretical framework. I conclude that an acceptable climate principle will adequately integrate considerations of both fairness and justice, both forward-looking and backward-looking considerations. / Dissertation/Thesis / M.A. Philosophy 2014

Titel: Finansiella målsättningar inom årsredovisningar – En kvantitativ studie av svenska börsbolag Nivå: C-uppsats i ämnet företagsekonomi Författare: Andreas Hamrén och Nils Ryngmark Handledare: Arne Fagerström Datum: 2016 – januari Syfte: Syftet med denna studie är att beskriva och jämföra skillnader angående finansiella målsättningar i årsredovisningar samt hur förutbestämda faktorer påverkar dessa skillnader.   Metod: Studien har en kvantitativ metod som utgår från en deduktiv ansats. Insamlingen av data har skett från årsredovisningar, som sedan ställts mot tidigare forskning och teorier. Dokumenten har granskats med en innehållsanalys för att sedan undersökas genom korrelationsanalyser som presenteras tillsammans med resultatet. De oberoende variablerna som studien utgått ifrån är bransch, storlek, antal styrelseledamöter, lönsamhet och skuldsättningsgrad. Resultat och slutsats: Studiens resultat tydliggör flertalet skillnader och likheter gällande finansiella målsättningar. De slutsatser som dras utifrån de statistiska testerna är att storlek och skuldsättningsgrad hade signifikanta samband med antalet finansiella målsättningar. Styrelseledamöter visade ett svagare samband, medan lönsamhet inte hade någon korrelation. Den deskriptiva variabeln bransch åskådliggjorde stora skillnader mellan segmenten och gav en bild av tillhörighetens betydelse för differensen. Uppsatsen bidrag: Det praktiska bidraget ger en bild över förekomsten av finansiella målsättningar på Stockholmsbörsen samt vilka typer av mål som är vanligast förekommande. Bidraget kan ge ett förslag till nynoterade bolag i uppbyggnadsfasen angående i vilken utsträckning marknaden presenterar målsättningar. Det teoretiska bidraget kan stärka intressent- och signaleringsteorins betydelse gällande frekvensen av målsättningar. Förslag till fortsatt forskning: Förslag till vidare forskning är att komplimentera studien med intervjuer, detta för att få en uppfattning av de bakomliggande faktorerna till utformandet av målsättningarna. Ett ytterligare förslag är att inkludera exempelvis den danska börsen som är liknande den svenska för att finna avvikelser mellan företagskulturerna. Nyckelord: Finansiella målsättningar, frivillig information, framåtblickande information, årsredovisningar, asymmetrisk information, intressentteorin, signaleringsteorin / Title: Financial targets in annual reports – a quantitative study of swedish listed companies Level: Final assignment for Bachelor Degree in Business Administration Author: Andreas Hamrén and Nils Ryngmark Supervisor: Arne Fagerström Date: 2016 - January Aim: The purpose of this study is to describe and compare differences regarding the financial objectives in the annual reports and how predetermined factors influence the differences. Method: This study has a quantitative method based on a deductive approach. Data have been collected from annual reports, which are then set against previous research and theories. The documents were reviewed by a content analysis then examined by correlation analysis and presented along with the results. The independent variables of the study were industry, company size, number of board members, profitability and debt ratio. Result and conclusion: The result of the study make clear majority of the differences and similarities regarding financial objectives. The conclusions drawn on the basis of the statistical tests are that the size and debt ratio have a significant correlation with the number of financial objectives. Board members showed a weaker correlation, while profitability had no correlation at all. The descriptive variable industry illustrated the large differences between the segments and gave a picture of the importance of industry affiliation. Contribution of the thesis: The practical contribution illustrates the occurrence of financial targets on the Stockholm Stock Exchange and the types of goals that are most common. The contribution may give proposals to new listed companies in the construction phase regarding the extent to which the market presents the objectives. The theoretical contribution can give strength to the importance of stakeholder and signaling theory regarding the frequency of objectives. Suggestions for future research: Suggestions for further research is to implement studies with interviews, in order to gain an understanding of the underlying incentives of the financial objectives. A further proposal is to include, for example, the Danish stock exchange that is similar to the Swedish in order to find similarities and differences between corporate cultures. Key words: Financial objectives, goals, voluntary information, forward-looking information, annual reports, asymmetric information, stakeholder theory, signaling theory

Made available in DSpace on 2010-04-20T20:54:43Z (GMT). No. of bitstreams: 0 Previous issue date: 2002-03-15T00:00:00Z / The purpose of this dissertation is to analyze the case of monetary policy rules in models in which the a:gent's expectations are rational based in forward looking view for Inflation target regimes. The commitment and discretionary optimum solutions are derivedand applied to a rnacroeconomlc model for the Brazilian economy and the results are also compared to those obtained frorn the use of a Taylor rule. The behavior of the model, under the different rules,is analyzed using a Output-Inílatlon Trade-Off frontier and through the dynarnic analysis for different shocks, including shocks of different persistence. / O objetivo desta dissertação é analisar as regras de condução da política monetária em modelos em que os agentes formam suas expectativas de forma racional (forward looking models), no contexto do regime de metas de inflação. As soluções ótimas de pré - comprometimento e discricionária são derivadas e aplicadas a um modelo macroeconômico para a economia brasileira e os resultados são também comparados com os obtidos pela adoção da regra de Taylor. A análise do comportamento do modelo sob diferentes regras é feita através da construção da fronteira do trede-oit da variância do hiato do produto e da inflação e da análise dinâmica frente a ocorrência de choques. A discussão referente à análise dinâmica do modelo é estendida para o caso onde a persistência dos choques é variada.

Forward-looking financial disclosure (FLFD) is potentially uninformative if it does not change from the previous year, especially after a significant change in firm performance. This study uses a sample of UK narrative statements of the annual reports over the period from 2005 to 2011. It employed the automated content analysis technique to measure change in FLFD over years to answer three research questions. First, to what extent does change in firms’ earnings performance drive managers to change FLFD over years? Second, what are the other drivers of the change of FLFD from year to year? Third, do investors use information revealed by the change in FLFD? The study finds a positive association between change in FLFD and change in firm earnings performance. However, it finds weak evidence that firms with larger changes in their earnings performance are likely to change their FLFD more than those with smaller performance changes. In addition, when we distinguish between well-performing and poorly performing firms, it finds that the change in FLFD is more positively associated with poorly performing firms compared to well-performing firms. Furthermore, it finds that change in FLFD is positively (negatively) associated with firm size, (competitive environment), (litigious environment), and (percentage of managerial ownership). In addition, the role of the auditor in overseeing narrative reporting is not appearing for all sample firms or for well-performing firms, however, it is observable only in poorly performing firms. Finally, the study uses firm value three months after the release of the annual report to examine investors’ responses to the changes in FLFD. It finds that the value of a firm decreases as long as it changes its FLFD from the previous year. However, when we distinguish between well and poorly performing firms, it finds that the change in FLFD has no effect on the value of well-performing firms, while, it negatively affects poorly performing firms. The results suggest that FLFD in UK narratives includes some content about firm performance. However, it neither affects the value of well-performing firms nor enhances investors’ valuation of poorly performing firms.

Cette thèse propose des apports méthodologiques, techniques et macroéconomiques sur la transition énergétique pour atténuer les changements climatiques. La première partie apporte un éclairage théorique sur modèles empiriques du système énergie-économie-environnement. Ces modèles présentent des incertitudes autour des valeurs de paramètres, des mécanismes structurels et de la pertinence des échelles du modèle. L'étude du rôle de l'analyse prospective et de ses outils montre un traitement insuffisant de l'incertitude structurelle contenue dans les modèles. Par conséquent, nous étudions en profondeur les outils appliqués d'analyse prospective pour révéler la vision prospective qu'ils incarnent à travers trois axes: les interdépendances qu'ils incorporent, les mécanismes de transformation et la représentation de la transition. Tout d'abord, les interdépendances qu'ils comprennent se manifestent en termes de schémas comptables, boucle de rétroaction entre énergie et croissance économique, et la représentation de la valeur ajoutée et des niveaux d'activité par rapport aux technologies. Puis, les forces de transformation sont discutées: le moteur de la croissance économique ainsi que la source de l'évolution des tendances de la demande et le progrès technique. Enfin, nous commentons la manière habituelle dont la transition est représentée, c'est-à-dire comme une trajectoire à l'équilibre pour la dynamique technologique, les choix économiques ainsi que la représentation des marchés. Nous concluons que cette spécification de la transition est inhérente à la fonction de production traditionnelle pour représenter les choix à la fois techniques et économiques. Cela entraîne une discussion sur le statut de l'équilibre macro-économique dans l'outil Imaclim, qui est un modèle walrasien d'équilibre général avec une transition en déséquilibre. Suite à cette analyse méthodologique, nous donnons des exemples de travaux empiriques menés avec le modèle Imaclim-R. Premièrement, nous examinons à l'échelle mondiale l'inclusion de technologies dans le modèle Imaclim-R Monde pour évaluer le potentiel, les limites et l'impact sur le calendrier de l'action des options pour la bioénergie et des politiques d'efficacité énergétique. Nous expliquons techniquement comment les technologies de la bioénergie sont inclus dans le modèle pour faire la lumière sur la complémentarité entre bioénergie et CCS et évaluer les impacts macroéconomiques temporels de l'atténuation du changement climatique. En outre, nous analysons la représentation de l'efficacité énergétique avec une analyse détaillée des mécanismes par lesquels elle influe sur la croissance et interagit avec le calendrier de l'atténuation climatique. Nous présentons ensuite le rôle du modèle Imaclim-R France pour impliquer les parties prenantes autour de la création de scénarios participatifs. Ensuite, nous discutons des impacts technologiques et macroéconomiques de ces scénarios. En particulier, nous examinons les conséquences pour les besoins d'investissement et de montrer que la taxe carbone peut être réduite avec un signal politique fort / This dissertation discusses methodological, technical and macroeconomic insights on the energy transition for climate mitigation. The first part deals with the theoretical analysis of empirical models of the energy-economy-environment system. Model present uncertainties in terms of parameter values, structural mechanisms and the pertinence of the model scales. The study of the role of forward-looking analysis and its tools show an insufficient treatment of the structural uncertainty contained within the models. Therefore, we study in depth the applied tools of forward-looking analysis to elicit the forward-looking vision they embody through three axes. the interdependences they include, the transformation mechanisms and the transition representation. First, the interdependences they include manifest in terms of accounting schemes, feedback loop between energy and economic growth, value added, and the representation of activity levels in relation to technologies. Then, the transformation drivers are discussed: the economic growth engine as well as the source of the evolution of demand patterns and technical progress. Finally, we comment on the widely spread way of the representation the transition as a pathway in equilibrium for the technology dynamics, the economic choices as well as the markets representation. We conclude that this specification of the transition is inherent to traditional production function to represent both technical and economic choices. This brings about a discussion on the status of the macroeconomic equilibrium in the Imaclim tool, which is Walrasian CGE model with a transition in disequilibrium. The second part regroups empirical studies of the macroeconomic impacts of climate change mitigation. First, we examine at the global level the inclusion of technologies in the Imaclim-R World model to assess the potential, limitations and the impact on the timing of action of bioenergy options and energy efficiency policies. We explain technically how bioenergy technologies are included within the model to shed light on the complementarity of bioenergy and CCS and assess their impact of the temporal macroeconomic impacts of climate mitigation. Also, we present the representation of energy efficiency with a detailed analysis of the mechanisms through which it impacts growth and assess the interplay with the timing of climate mitigation. Second, we present a study to design energy transition scenarios at the French level with stakeholder involvement and discuss the macroeconomic impacts, in particular on investment. We present the role of the Imaclim-R France model to involve stakeholders around participative scenario creation. Then, we discuss the technological and macroeconomic impacts of these scenarios. In particular, we examine the consequences for investment needs and show that the carbon tax can be reduced with a strong political signal

The moral justification of punishment is the fundamental concern of this thesis. It is argued that a moral response to crime has to be a civilised response; therefore, the notion of "civility" is defined and discussed. Punishment is then defended in such a way that it accords with being a civilised response to crime. It is argued that in order to be such a response, and thereby qualify as a moral response, punishment must have a certain structure, i.e. it must fulfil seven necessary conditions, which, it is argued, together constitute the sufficient condition for morally justified punishment. In arguing for each of the necessary conditions, different onedimensional theories of punishment are dealt with (retributivism, utilitarianism, deterrence theory, rehabilitationism, a paternalistic theory of punishment, and restitutionalism}, indicating that each fulfils some of the criteria for morally justified punishment. None of the onedimensional theories fulfils all the necessary conditions, however, and hence none on its own fulfils the sufficient condition for morally justified punishment. This is not to argue that a straightforward theory could never on its own fulfil the conditions for morally justified punishment, but I have not been able to conceive how this could be done. The theory I here present is therefore a hybrid approach, incorporating elements of all the above-mentioned theories into a unitary theory. In doing so, it fulfils all the necessary conditions for being a civilised response to crime, thereby fulfilling the sufficient condition too, and hence providing a morally defensible account of punishment. Finally, the question of how this theory can be put into practice is addressed. Because the objective of punishment ought to be a civilised response, thereby benefiting both society as a whole and those being punished and rehabilitated, the thesis may be seen as a progressive synthesis of the various approaches examined. / Philosophy, Practical & Systematic Theology / D. Litt. et Phil. (Philosophy)

Diese Dissertation besteht aus drei unabhängigen Kapiteln in den Bereichen Matching Market Design, Industrieökonomie und Wettbewerbspolitik. Kapitel 1 behandelt den Matching-Markt für juristische Referendariatsstellen in Deutschland. Wegen übermäßiger Nachfrage müssen Anwälte oft warten, bevor sie zugewiesen werden. Der aktuell verwendete Algorithmus berücksichtigt nicht die Zeitpräferenzen der Anwälte. Daher werden viele wünschenswerte Eigenschaften nicht erfüllt. Basierend auf dem matching with contracts Modell schlage ich dann einen neuen Mechanismus vor, der die Wartezeit als Vertragsterm verwendet, so dass die Mängel des gegenwärtigen Mechanismus überwunden werden können. In Kapitel 2 analysiere ich den Wettbewerb von zweiseitigen Online-Plattformen, wie sozialen Netzwerken oder Suchmaschinen. Werbetreibende zahlen Geld, um ihre Anzeigen zu platzieren, während Nutzer mit ihren privaten Daten "bezahlen", um Zugang zu der Plattform zu erhalten. Ich zeige, dass das Gleichgewichtsniveau der Datenerhebung verzerrt ist, abhängig von der Intensität des Wettbewerbs und den Targeting-Vorteilen. Weniger Wettbewerb auf jeder Marktseite führt zu mehr Datensammeln. Wenn jedoch Plattformen Geldzahlungen auf beiden Marktseiten verwenden, wird die effiziente Menge an Daten gesammelt. Kapitel 3 untersucht die dynamische Preissetzung auf Märkten für Flug- oder Reisebuchungen, auf denen Wettbewerb während einer endlichen Verkaufszeit mit einer Frist stattfindet. Unter Berücksichtigung der intertemporalen Probleme von Firmen und vorausschauenden Konsumenten hängen die Gleichgewichtspreispfade von der Anzahl der nicht verkauften Kapazitäten und der verbleibenden Verkaufszeit ab. Ich ermittle, dass mehr Voraussicht der Konsumenten die Konsumentenrente erhöht, aber die Effizienz reduziert. Ferner ist Wettbewerbspolitik besonders wertvoll, wenn die Marktkapazitäten zu hoch sind. Des Weiteren kann die ex-ante Produktion von Kapazitäten ineffizient niedrig sein. / This thesis consists of three independent chapters in the fields of matching market design, industrial organization and competition policy. Chapter 1 covers the matching market for lawyer trainee-ship positions in Germany. Because of excess demand lawyers often must wait before being allocated. The currently used algorithm does not take lawyers’ time-preferences into account. Hence, many desirable properties are not satisfied. Then, based on the matching with contacts model, I propose a new mechanism using waiting time as the contractual term, so that the shortcomings of the current mechanism can be overcome. In Chapter 2 I analyze competition of two-sided online platforms, such as social networks or search engines. Advertisers pay money to place their ads, while users “pay” with their private data to gain access to the platform. I show that the equilibrium level of data collection is distorted, depending on the competition intensity and targeting benefits. Less competition on either market side leads to more data collection. However, if platforms use monetary payments on both market sides, data collection would be efficient. Chapter 3 studies dynamic pricing as in markets for airline or travel bookings, where competition takes place throughout a finite selling time with a deadline. Considering the inter-temporal problems of firms and forward-looking consumers, the equilibrium price paths depend on the number of unsold capacities and remaining selling time. I find that more consumer foresight increases consumer surplus yet reduces efficiency. Further, competition policy is especially valuable when market capacities are excessive. Moreover, ex-ante capacity production can be inefficiently low.

L’aléa moral est une source de distorsion économique. La prédiction classique dans un cadre simple est qu’une meilleure couverture conduit à un effort moindre. Cette thèse étudie dans quelle mesure cette prédiction est ou non vérifiée empiriquement dans des cadres plus complexes. Le premier chapitre s’intéresse aux absences pour raison de santé. La politique étudiée est le jour de carence pour arrêt maladie dans la fonction publique de l’Etat en France. Cette politique de remboursement moins généreuse a notamment pour but de réduire l’absentéisme. Elle conduit à une baisse de la prévalence des absences de courte durée. Mais elle conduit aussi à une hausse de la prévalence des absences de longue durée. En conséquence, la prévalence de l’ensemble des absences pour raison de santé reste inchangée. Les deux chapitres suivants s’intéressent aux systèmes de bonus-malus d’un assureur automobile irlandais. Le deuxième chapitre s’intéresse à l’introduction d’un état très protecteur : la protection à vie du bonus. Cette protection est octroyée automatiquement et gratuitement aux assurés sous des conditions restrictives d’historique de sinistre et d’ancienneté. Comparé à la situation dans laquelle cet état protecteur n’existe pas, le taux de sinistre des assurés protégés augmente, tandis que le taux de sinistre des agents non protégés diminue, dans l’espoir d’être récompensés par la protection. L’existence de la protection est à l’origine d’un transfert intertemporel. Les assurés renoncent à de l’utilité présente en exerçant un effort supérieur, afin d’être récompensés par la protection et de profiter d’une utilité future plus élevée due à un effort moindre. Le troisième chapitre étudie la réaction juste après que l’assuré est récompensé par la protection à vie du bonus. Le taux de sinistre augmente immédiatement, mais seulement quand la protection existe depuis quelque temps. Cela suggère que l'effet d'un changement incitatif dépend de sa nature, mais aussi de son contexte. / Moral hazard is a source of economic distortion. The classical prediction in a simple framework is that a better coverage leads to a lower effort. This thesis studies the extent to which this prediction is empirically verified in more complex settings. The first chapter focuses on health-related absences. The policy under study is the one-day waiting period for sick leave in the French central civil service. This less generous reimbursement policy notably aims at reducing absenteeism. It leads to a decrease in the prevalence of short-term absences. But it also leads to an increase in the prevalence of long-term absences. As a result, the prevalence of all health-related absences stay unchanged. The two following chapters focus on bonus-malus systems used by an Irish car insurer. The second chapter focuses of the introduction on a highly protecting state: the lifetime bonus protection. This protection is granted automatically and freely to insurees under restrictive conditions on past claims and seniority. Compared to the situation in which this protecting state does not exist, the claims rate of protected insurees increases, but the claims rate of unprotected insurees decreases, in the hope of being rewarded with the protection. The existence of the protection induces an intertemporal transfer. Insurees waive present utility by exerting more effort, so as to be rewarded with the protection and to enjoy more future utility due to lower future effort. The third chapter studies the reaction just after the insuree is rewarded with the lifetime bonus protection. The claims rate increases immediately, but only when the protection exists for some time. This suggests that the effect of an incentive change depends on its nature, but also on its context.

<p>The market risk premium is one of the most important parameters in finance. Its value and the ways to calculate a risk premium for the market is a widely debated subject. This thesis examines numerous ways of calculating a risk premium for the Swedish market with regard to how good an estimation they make of a real risk premium. Estimations based on historical periods ranging from 20 to 85 years is calculated as well as a premium based on forward-looking estimates. The real risk premium is solved out for a selection of companies and an index with the help of CAPM. An examination of these estimates leads to the conclusion that historical estimates of a risk premium may be outdated. The implication of this is that more effort should be put into examining a risk premium based on forward-looking estimates. In this context a thorough analysis of fundamentals should be added into the calculation.</p>

The market risk premium is one of the most important parameters in finance. Its value and the ways to calculate a risk premium for the market is a widely debated subject. This thesis examines numerous ways of calculating a risk premium for the Swedish market with regard to how good an estimation they make of a real risk premium. Estimations based on historical periods ranging from 20 to 85 years is calculated as well as a premium based on forward-looking estimates. The real risk premium is solved out for a selection of companies and an index with the help of CAPM. An examination of these estimates leads to the conclusion that historical estimates of a risk premium may be outdated. The implication of this is that more effort should be put into examining a risk premium based on forward-looking estimates. In this context a thorough analysis of fundamentals should be added into the calculation.