自1991年Stern Stewart &Co提出以EVA作為衡量公司創造股東財富與管理者努力的指標，EVA一時間成為顯學。 由於目前國內大部分投資機構或分析師在從事公司評價或是證券分析時，所依賴的分析工具不是缺乏預測能力並且忽略基本面的技術分析，便是使用由財務報表所衍生出的各項比率分析或財務指標，但是仍然忽略股東或投資人所在意的：即使稅後盈餘增加，若不能滿足資金成本，便不滿足創造股東財富的目標；此外，傳統的會計報表中許多科目並不滿足經濟價值的定義，因此採用EVA作為證券分析的指標不僅可以解決忽略股東權益資金成本的盲點，避免會計科目的扭曲，更重要的是以EVA評價法透過證券市場的監督機制，促使台灣公司管理者正視股東的權益。 由本研究的實證結果可發現，台灣的上市公司，EVA對MVA的解釋能力並不如預期的高；而使用相對指標來看的話，EVA/Cap對MVA/Cap卻有相當高的解釋能力。此外從時間序列的角度來看，EVA與MVA之間並不存在相互領先或落後的關係。而進行選股績效的分析時，投資人確實可以透過EVA選股指標，獲取擊敗大盤的超額報酬，且持有期間較長的投資策略下，超額報酬越高。

<p>In the process of Chinese central companies’ restructuring, the strategic merger is becoming the popular trend nowadays. The thesis chooses a specific case of Shanghai International Port Group (hereafter referred to SIPG) stock swap absorption merging Shanghai Port Container Company (hereafter referred to SPCC) which is the listed subsidiary company of SIPG for initial public offering in the whole happened in 2006. From the two aspects of financial indicators and market reaction, the thesis uses the method of financial analysis and event study analysis to do the value-added research about the case. One purpose of the research is to measure the current and follow-up value-added at and after the merger. Another purpose of the research is to find whether the value-added measured is abnormal or reflects the true intrinsic value.</p><p>In this paper, the Economic Value-added (hereafter referred to EVA), the Market Value-added (hereafter referred to MVA) and the Future Growth Value (hereafter referred to FGV) are used to measure the current and follow-up value added at and after the stock swap absorption merger between SIPG and SPCC. Through the research on the pivotal time point, the horizontal comparison of the EVA, MVA and FGV in the same time point and the vertical comparison of the value-added among different time points are taken respectively, which puts the emphasis on the research of the value-added before and after the merger in 2006 (2005, 2006) and the follow-up two years value-added after merger (2007, 2008).The analysis finds that both the economic value-added and the market value-added after the merger are above zero. The research shows that the market value-added is far more than the economic value-added and the future growth value has high proportion in the market value, which indicates the market value-added is more caused by the market anticipation than the incremental true intrinsic value and the economic value.</p><p>In this paper, event research method is used to do the research about the market response / reaction on the stock swap absorption merger between SIPG and SPCC. The event study which is based on the historical data of stock transactions chooses the appropriate event window, observes the change of stock price, calculates the abnormal return (hereafter referred to AR) and cumulative abnormal return (hereafter referred to CAR), and then detects whether the market value-added of listed company is abnormal or not. The study concludes that the market has the positive reaction about share swap absorption merger between SIPG and SPCC. The event of share swap merger can assuredly bring short-term abnormal value-added.</p><p>Finally, through combining the research findings and focusing on the value-added of companies before and after the merger, the thesis proposes some suggestions to the value manager of companies from financial management, corporate strategy, market tactics and information asymmetry problem which can help value managers to realize the companies’ goal of maximizing the value.</p>

In the process of Chinese central companies’ restructuring, the strategic merger is becoming the popular trend nowadays. The thesis chooses a specific case of Shanghai International Port Group (hereafter referred to SIPG) stock swap absorption merging Shanghai Port Container Company (hereafter referred to SPCC) which is the listed subsidiary company of SIPG for initial public offering in the whole happened in 2006. From the two aspects of financial indicators and market reaction, the thesis uses the method of financial analysis and event study analysis to do the value-added research about the case. One purpose of the research is to measure the current and follow-up value-added at and after the merger. Another purpose of the research is to find whether the value-added measured is abnormal or reflects the true intrinsic value. In this paper, the Economic Value-added (hereafter referred to EVA), the Market Value-added (hereafter referred to MVA) and the Future Growth Value (hereafter referred to FGV) are used to measure the current and follow-up value added at and after the stock swap absorption merger between SIPG and SPCC. Through the research on the pivotal time point, the horizontal comparison of the EVA, MVA and FGV in the same time point and the vertical comparison of the value-added among different time points are taken respectively, which puts the emphasis on the research of the value-added before and after the merger in 2006 (2005, 2006) and the follow-up two years value-added after merger (2007, 2008).The analysis finds that both the economic value-added and the market value-added after the merger are above zero. The research shows that the market value-added is far more than the economic value-added and the future growth value has high proportion in the market value, which indicates the market value-added is more caused by the market anticipation than the incremental true intrinsic value and the economic value. In this paper, event research method is used to do the research about the market response / reaction on the stock swap absorption merger between SIPG and SPCC. The event study which is based on the historical data of stock transactions chooses the appropriate event window, observes the change of stock price, calculates the abnormal return (hereafter referred to AR) and cumulative abnormal return (hereafter referred to CAR), and then detects whether the market value-added of listed company is abnormal or not. The study concludes that the market has the positive reaction about share swap absorption merger between SIPG and SPCC. The event of share swap merger can assuredly bring short-term abnormal value-added. Finally, through combining the research findings and focusing on the value-added of companies before and after the merger, the thesis proposes some suggestions to the value manager of companies from financial management, corporate strategy, market tactics and information asymmetry problem which can help value managers to realize the companies’ goal of maximizing the value.

Bakgrund: Bonussystem är något som började växa fram på 1980-talet och har sedan dess varit ett omdiskuterat ämne, både här hemma i Sverige och internationellt. Många forskare, politiker och invånare har uppmärksammat de höga ersättningarna som delas ut inom företagen i både bra och dåliga dagar. Det som drog mest uppmärksamhet var att företag trots en finanskris fortsatta med sina utdelningar och t.o.m. ökade sina rörliga ersättningar. Detta fick människor att undra vad företagen egentligen baserar sina ersättningar på. Å andra sidan försvarar företag sig med att dessa ersättningar ger motivation och ökad effektivitet hos de anställda som i sin tur presterar bättre, vilket utvecklar och driver företagen framåt.   Problemformulering: Väljer företagen att basera sina ersättningar på prestationsbaserade eller/och storleksbaserade variabler? Syfte: Syftet med denna studie är att kartlägga vilken av de teoretiska traditionerna som bonussystem baseras på genom att undersöka hur sambandet ser ut mellan utvalda bonusmått och verkställande direktörers och ledande befattningshavarnas totala ersättning under en femårsperiod. Metod: Uppsatsen bygger på en kvantitativ metod där datainsamlingen har skett genom sekundärdata i form av företagens årsredovisningar. Vi har även valt att anta den deduktiva ansatsen som innebär att våra valda teorier ska appliceras på det reslutat som undersökningen visar. Reslutat: Utifrån de tester som gjordes i SPSS programmet visade resultatet att det framgick ett signifikant samband mellan total ersättning och företagets prestation samt företagets storlek. Slutsats: Studien visar att både prestationsbaserade och storleksbaserade variabler visar samband med den totala ersättningen, en övergripande variabel som utformar bolagens ersättningssystem kunde inte konstateras i vår undersökning. Utformningen av ersättningssystem påverkas av inre och yttre faktorer, bl.a. som landets välfärdssystem, företagskultur, konjunkturförändringar.

Bonus till VD har de senaste åren varit ett hett debatterat ämne inom både media och av forskare. En hel del bonusskandaler har uppmärksammats på senare tid. Exempelvis har vissa bolag valt att öka sin rörliga ersättning till VD trots sjunkande resultat. Denna studie syftar till att mäta om samband finns mellan ersättningen till VD och företagets prestation respektive storlek. För att svara på uppsatta frågeställningar, har författarna valt en kvantitativ forskningsmetod med en deduktiv ansats där de valda teorierna appliceras på studiens resultat. Data granskas och analyseras med hjälp av hypotesprövningar, regressionsanalyser och korrelationsprövningar. Populationen som valts att behandla är de företag på Stockholmsbörsen som listades under Large Cap våren 2012. Urvalet består av 41 av totalt 58 företag. Studiens resultat har visat att det föreligger ett svagt positivt samband mellan total ersättning till VD och företagets storlek. Däremot kan det inte styrkas att företagets prestation påverkar ersättningens storlek.

<p>Orthopoxviruses encode many genes that are not essential for viral replication, which often account for differences in pathogenesis among otherwise closely related orthopoxviruses. Although dendritic cells (DCs) are essential to the generation of an effective anti-viral immune response, the effects of different orthopoxviruses on DC function is poorly understood. The objective of these studies was to determine the effect of different orthopoxviruses on DCs. Cowpox virus (CPXV) is ideally suited to this purpose because it encodes the largest and most representative set of accessory genes among orthopoxviruses, it is endemic in mouse populations, and can infect humans. </p><p>We hypothesized that CPXV would have novel mechanisms of evading the immune response that other orthopoxviruses lack, which may exert maximal effect in the context of antigen presenting cells such as DCs, allowing for discovery of novel viral strategies of immune evasion. To test this, CPXV was used to infected mouse bone marrow-derived DCs (BMDCs), and the effect of the virus on DC survival, expression of T-cell costimulatory molecules and cytokine production was determined. The effects of vaccinia virus strain Western Reserve (VV), the prototype of the species, and modified vaccinia virus strain Ankara (MVA), a promising vaccine vector, on mouse BMDCs were also determined. Confirming the hypothesis that CPXV would have different effects on mouse BMDCs from other orthopoxviruses, BMDCs infected with CPXV survived longer in culture than those infected with MVA or VV. In addition, CPXV specifically downregulated MHC I, MHC II, CD40, and CD86, and induced production of significant levels of IL-6 and IL-10.</p><p>Because IL-10 has many suppressive effects on the immune system, inducing IL-10 may provide a selective advantage to CPXV in vivo. To examine the role of IL-10 in a CPXV infection, wild type and IL-10 deficient mice were infected intranasally with CPXV. The effect of CPXV infection on disease morbidity, viral loads, inflammation and the protective immune response was determined. As expected, IL-10 was important in controlling inflammation during CPXV infection, but there was no effect on viral replication or clearance. Surprisingly, IL-10 was important in generation of a protective memory response to CPXV, which may reflect a novel role for IL-10 in the immune response.</p> / Dissertation

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Multi-domain Vertical Alignment Flexible Liquid Crystal Display based on photolithography and replica-Molding method has been demonstrated. In order to maintain a uniform cell gap between flexible substrate,the microstructures were fabricated with polydimethylsiloxane (PDMS) material by replica-molding method. The microstructures master were designed and fabricated using a photosensitive resin (SU-8) by photolithography. The microstructures of pixel-encapsulated walls enhance the mechanical strength to prevent the liquid crystal molecules flow in the bend state deformations. Besides, the elastomeric material, PDMS, provide weak surface energy and induce vertical alignment for liquid crystal spontanelusly without any surface treatment. The microstructure protrusions made by PDMS can provide multi-domain vertical alignment (MVA) effect with wide viewing angle and high contrast ratio. Therefore, this method could be implemented for achieving multi-domain vertical alignment on a flexible LCD applications. The flexible LCD have great stability reproducibility, durability and good electro-optical performances.

The aim of this diploma paper is to evaluate the applicability and usability of modern evaluation methods for the financial situation in the company, focused on indicators EVA, MVA, and the cost of capital. Firstly, there are some basic terms defined in the theoretical part. The methodological part describes single the steps of calculations that were done in order to find out the answers for these hypothetical assumptions: 1.Evaluate whether it is possible to substitute difficult to detect characteristics of modern EVA and MVA indicators by different, easier indicator which will have at least the same explanatory power. 2.EVA indicator is able to predict the future development of a business as well as traditional predication models. These hypotheses were tested on a sample of 100 Czech firms in the construction industry. The data source was the database Albertina, which was purchased through a grant GAJU 053/2016/S. In the practical part are introduced results and its interpretations. The thesis conclusion is focused on the evaluation of particular hypotheses. The analysis proved: irreplaceability of indicators EVA and MVA in the success evaluation of company in certain year and inability of indicators EVA, MVA and predicting models as well to predict the future evolution

This PhD thesis focuses on improving the limit of detection (LOD) of Raman biosensors by using surface enhanced Raman scattering (SERS) and/or hollow core photonic crystal fibers (HC-PCF), in conjunction with statistical methods. Raman spectroscopy is a multivariate phenomenon that requires statistical analysis to identify the relationship between recorded spectra and the property of interest. The objective of this research is to improve the performance of Raman biosensors using SERS techniques and/or HC-PCF, by applying partial least squares (PLS) regression and principal component analysis (PCA). I began my research using Raman spectroscopy, PLS analysis and two different validation methods to monitor heparin, an important blood anti-coagulant, in serum at clinical levels. I achieved lower LOD of heparin in serum using the Test Set Validation (TSV) method. The PLS analysis allowed me to distinguish between weak Raman signals of heparin in serum and background noise. I then focused on using SERS to further improve the LOD of analytes, and accomplished simultaneous detection of GLU-GABA in serum at clinical levels using the SERS and PLS models. This work demonstrated the applicability of using SERS in conjunction with PLS to measure properties of samples in blood serum. I also used SERS with HC-PCF configuration to detect leukemia cells, one of the most recurrent types of pediatric cancers. This was achieved by applying PLS regression and PCA techniques. Improving LOD was the next objective, and I was able to achieve this by improving the PLS model to decrease errors and remove outliers or unnecessary variables. The results of the final optimized models were evaluated by comparing them with the results of previous models of Heparin and Leukemia cell detection in previous sections. Finally, as a clinical application of Raman biosensors, I applied the enhanced Raman technique to detect polycystic ovary syndrome (PCOS) disease, and to determine the role of chemerin in this disease. I used SERS in conjunction with PCA to differentiate between PCOS and non-PCOS patients. I also confirmed the role of chemerin in PCOS disease, measured the level of chemerin, a chemoattractant protein, in PCOS and non-PCOS patients using PLS, and further improved LOD with the PLS regression model, as proposed in previous section.