Burial Ritual of a Room in the Residential Area "A" at Caral-SupeInformation obtained from a special closed context, a kind of box or little room, built as part of a final entombment of Room 6 located at an excavated module in residential zone A at Caral is presented. The contents reveal cultural and social expressions during the Late Archaic Period related with subsistence, production as well as the prevailing ideology. This context gives an approximated idea of the economic and social activities of this society and how religion influenced in this level of historic-social development in Peru. / Se incluye la información obtenida de un contexto cerrado especial, una especie de cajón o recinto pequeño, construido como parte del enterramiento final del recinto n° 6 de uno de los módulos excavados en el sector residencial A de Caral. El contenido revela las expresiones culturales de la sociedad de Supe durante el Arcaico Tardío en cuanto a recursos alimentarios, la manufactura de objetos y la ideología predominante en la época. A través de el se puede tener un cuadro bastante aproximado de las actividades económicas y sociales de la población, así como del rol que la religión tuvo en este nivel de formacion histórico-social del Perú.

Réunissant des sources littéraires, épigraphiques, archéologiques, iconographiques et archéozoologiques, cette thèse étudie la question de la symbolique de l’animal dans la relation entre le mortel et la divinité, en s’intéressant particulièrement à Artémis et à Déméter, deux déesses en charge des problèmes des femmes à différents moments de leur vie. Pour répondre à cette interrogation, deux corpus sont mis en place : le premier répertorie 83 sanctuaires de Déméter et Artémis ayant un rapport avec les animaux, et énumère toutes les offrandes qui y ont été retrouvées, ainsi que les mythes et inscriptions associées. Le second corpus se place du côté de l’animal et regroupe les représentations et les textes hors sanctuaires attestant d’un lien entre l’espèce et l’une des deux divinités, mais reprend également les offrandes d’animaux déjà étudiées dans le premier catalogue, en les classant par type iconographique. L’analyse synthétique des données des corpus rassemble les animaux sous trois principales symboliques. Premièrement, la fécondité des femmes est au centre des préoccupations, pour assurer la pérennité de la cité. Ả ce titre, le porc entretient avec Déméter une relation particulière : durant les Thesmophories, il est utilisé pour assurer la fertilité à la fois des semailles et des femmes. Auprès d’Artémis, ce sont les animaux des milieux humides et l’eau qui favorisent la vie. Le bétail d’élevage est également offert aux deux divinités pour assurer la pérennité du troupeau et, par extension, de la cité. Ensuite, la femme avant son mariage est perçue comme un animal sauvage qu’il faut domestiquer. Artémis veille alors sur les jeunes filles et, en tant que déesse des passages, assure cette domestication par le mariage lors de l’arkteia, un rite d’initiation pendant lequel les fillettes font « l’ourse ». Divinité de la nature sauvage, elle a, tout comme la Pόtnia Théron, un pouvoir de vie et de mort sur les animaux mais aussi sur les femmes, qu’elle n’hésite pas à punir pour leur transgression, comme pour Callisto et Atalante. Artémis comme Déméter sont également des divinités kourotrophes qui s’occupent des enfants sans distinction de sexe et reçoivent des offrandes en conséquence. Enfin, si les animaux semblent auprès des deux déesses se rapporter principalement aux femmes, le cheval et le chien évoquent également le statut de citoyen, obtenu après une longue éducation dont Artémis est la garante. Ils sont aussi des animaux chthoniens et, au même titre que le serpent, le cochon et la tortue, permettant le lien entre le monde des vivants et celui des morts. Certaines espèces évoquent avec leur simple présence la divinité : c’est le cas du sanglier de Kalydon, qu’Artémis utilise pour se venger des hommes, et des victimes des sacrifices, qui permettent de communiquer avec les divinités. Malheureusement, certaines occurrences animales restent en marge de ces trois symboliques : elles sont offertes en trop petit nombre ou à d’autres divinités, ne permettant pas de faire un lien précis avec Artémis et Déméter. / This thesis is based on literary, epigraphic, archaeological, iconographic and archaeozoological sources and studies the symbolic of the animals in the relationship between women and divinities. Two goddesses have been chosen for this purpose: Artemis and Demeter. They have in common the fact they take care of women at different moments of their lives. Two main parts compose the survey. First, a catalog lists 83 sanctuaries of Artemis and Demeter who have a link with animals, together with offerings found inside and myths and inscriptions associated with. A second index classifies all the animals connected with Artemis and Demeter: offerings of the sanctuaries from the first corpus, imageries and texts no connected with a shrine but showing a link between an animal species and a goddess.A synthetic analysis of information from the catalogs talks about three main interpretations on the presence of animals beside Artemis and Demeter. At first, fertility of women is very important in ancient Greece because it permits to renewing the civic body. The pig has a special relationship with Demeter about fecundity: during the Thesmophoria, the animal is used to assure the fertility of both women and fields. With Artemis, wetland animals are connected with the water and the life. The cattle are also offered to both goddesses in order to assure the perpetuation of the herd and the city at the same time. Then, the woman before her marriage is like a savage animal and she must be domesticated. Artemis takes care of young girls because she is the goddess of passages and transitions. She allows the domestication of the girls with an initiation called arkteia: during this ritual, the little girls make “the bear”. As divinity of the wild nature, Artemis also is assimilated to the Pόtnia Théron and has the power of life and death on both animals and women. She punishes the girls who transgress the rules: Callisto and Atalante. Artemis and Demeter are kourotrophic goddesses taking care of all gender children. However, if the animals with the divinities are close to the women, there are in connection too with the boys: the dog and the horse evoke the citizenship status of the men and the formation of the young boys, especially with Artemis. Some species are also chthonic characteristics, as the snake, the pig and the tortoise and make a link between the life and the death. Other animals incarnate the divinity: the boar of Kalydon has been send by Artemis because she was angry and a lot of animals are victims of ritual sacrifices and permit a communication with the gods and goddesses. Unfortunately, there are also some species with no real connection with Artemis and Demeter: there are offered in small number in the sanctuaries of both divinities or there contrariwise are given to all the gods.

Abstract This study examines emerging service markets1 and creates a model to capture both the service provider’s activities within market development and the interplay between different market actors. This work aims to identify the key elements behind sustainable market development, specifically examining 1) market activities, 2) the role of innovation and 3) the necessary evolutionary factors, where a market consists of multiple buyers and sellers and comparable market offerings. The empirical part of the study is conducted in the form of a qualitative case study, which is used to analyse the dynamic nature of emerging market development. The study uses a multi-method approach to data collection to capture the market’s evolution and relationships between market actors. The study follows emerging energy saving market development taking the perspective of an Energy Service Company in Dubai. As the main outcome of the study, it is argued that the service provider needs to direct its activities to build those relationships necessary to gain market acceptance and a coherent market offering before it can truly exploit market opportunities. As a characteristic of an emerging market, different interpretations of an innovation increase market dynamics, which slows market acceptance. Therefore, the service provider’s innovation process needs to serve market needs first; later, when the market has evolved, the innovation process is divided into co-innovation and structured innovation. From the evolutionary point of view, many service markets need to be fostered by market actors, as well as needing government-built regulatory and market support mechanisms. This need is especially valid for services that have other societal goals beyond pure financial interests. For a new service provider, an understanding of emerging markets is essential to appropriately set expectations and to accurately plan for the timing and effort needed for market entry. 1 An emerging market in this study represents the market development phase that occurs when a market has been created. Markets are emerging everywhere regardless of country or other geographical area and should not be confused with developing country-related emerging markets. / Tiivistelmä Tämä väitöskirja tutkii uusien markkinoiden kehittymistä erityisesti palveluliiketoiminnan ympärille, ja luo mallin, jolla voidaan tarkastella tällaisia markkinoita ja niiden kehittymistä. Mallissa huomioidaan palvelun tarjoajan aktiviteetit markkinoilla sekä vuorovaikutus muiden toimijoiden kanssa. Tutkimuksessa tunnistetaan keskeiset kehitysvaiheessa olevien markkinoiden elementit: 1) markkina-aktiviteetit, 2) innovaatio ja 3) kehittymisen edistämiseen liittyvät tekijät. Mallin mukaan nämä ovat edellytyksenä sille, että markkinoille muodostuu riittävä määrä sekä myyjiä että ostajia, jotta palvelutarjonnasta muodostuisi vertailukelpoista. Tämän tutkimuksen empiirinen osa on suoritettu laadullisena tapaustutkimuksena, jossa analysoidaan markkinoiden kehittymisen dynamiikkaa. Jotta markkinan kehittymistä ja markkinatoimijoiden välistä vuorovaikutusta voidaan tarkastella samanaikaisesti, on tutkimuksessa kerätty sekä haastattelu- että havainnointiaineistoa. Tutkimuksessa on seurattu kehityksen alkuvaiheessa olevan energiansäästömarkkinan kehittymistä ns. ESCO-palvelun tarjoajan näkökulmasta Dubaissa. Tutkimus osoittaa, että markkinoiden kehittymiseksi palvelun tarjoajan täytyy ensin keskittyä luomaan suhteet muihin markkinatoimijoihin, jotta yhdessä voidaan saavuttaa markkinoiden luottamus ja luoda yhteneväinen tarjonta, ennen kuin kilpaillaan markkinaosuuksista. Eri toimijoiden erilaiset tulkinnat markkinainnovaatiosta lisäävät dynamiikkaa ja vaikeuttaa markkinan yleistä hyväksymistä, jotka yhdessä siten hidastuttavat markkinan kehittymistä. Näistä syistä palveluntarjoajan tulisi kohdistaa innovaatioprosessinsa palvelemaan markkinan kehitystarpeita ensin ja vasta myöhemmin se voi keskittyä hyödyntämään mahdollisuuksia yhteiseen ja sisäiseen innovaatioon. Monet palvelumarkkinat vaativat kehittyäkseen toimijoita joiden tehtävä on pelkästään keskittyä edistämään markkinan kehitystä luomalla yhteisiä sääntely- ja tukimekanismeja. Nämä toimija ovat usein valtiollisia, erityisesti silloin kun markkinalla on myös yhteiskunnallisia tavoitteita, taloudellisten tavoitteiden rinnalla. Kehittyvät markkinat ja niiden mahdollisuuksien hyödyntäminen uudelle palveluntarjoajalle on haasteellinen konteksti ja menestyminen edellyttää sekä odotusten että panostusten asettamista realistisesti, jotta kehittyvillä markkinoilla voidaan ylipäätään toimia.

Bakgrund och problem: Private equity-aktörers värdeskapande är ett fenomen som studerats internationellt sedan 80-talet och intensifierats under det senaste årtiondet. Med en mängd forskning angående prestationen under ägandeskapet är utbudet mindre huruvida prestationen är bestående och hur portföljbolagen presterar efter att de avyttrats. Trots detta råder det ingen konsensus kring tidigare studiers resultat. Mot bakgrund av den motstridighet som föreligger i tidigare forskning och den uppmärksammade debatten om riskkapitalisters värdeskapande söker denna studie att studera och undersöka ämnet närmre för den skandinaviska marknaden. Syfte: Studiens syfte är att undersöka hur skandinaviska portföljbolag presterar efter avyttring genom börsintroduktion. Studien ämnar därmed att utreda, kartlägga och skapa bättre förståelse huruvida det föreligger någon skillnad i tidigare PE-ägda portföljbolags prestation gentemot branschkonkurrenter utifrån utvalda nyckeltal. Metod: Studien applicerar en kvantitativ forskningsmetod, vilket är i linje med tidigare forskning och referensstudier som även använder ett parametriskt och ett icke-parametriskt statistiskt test för att utröna om över- eller underprestation föreligger för tidigare PE-ägda portföljbolag. Därefter har studiens resultat analyserats med bakgrund av tidigare forskning och vedertagna teorier inom ämnet. Slutsats: Studiens resultat konstaterar att tidigare PE-ägda portföljbolag som börsnoterats inte överpresterar sina branschkonkurrenter, utan presterar sämre eller endast i linje med dem. Till skillnad från tidigare forskning kan ingen av- eller tilltagande effekt urskiljas, vilket innebär att ägarbytet vid börsnoteringen inte medför några bestående komparativa konkurrensför- eller nackdelar. / Background and problem: Private equity companies’ long-term performance is a phenomena that has been examined internationally since the 80’s, which has intensified over the last decade. With a lot of research focusing on performance during the ownership, the offer is less extensive whether the performance is long-term and how the divested portfolio companies perform after the private equity companies exit. Nevertheless, there is up today no consensus regarding the result of the previous studies. In the light of the contradiction of the previous research and the debate on risk capitalists’ value creation, this study seeks to investigate the phenomena closer on the Scandinavian market. Purpose: The purpose of this study is to investigate how Scandinavian portfolio companies perform after divestment through an IPO. The study thus aims to investigate, plot and create a better understanding of whether there is any difference in past PE-owned portfolio companies’ performance relative industry competitors bases on selected key ratios. Methodology: The study applies a quantitative research method, which in line with previous research and reference studies, uses a statistical parametric and a non-parametric test to determine whether over- or underperformance exists for previous PE-owned portfolio companies. The result of the study have been analyzed in the light of previous research and conventional theories within the field of subject. Conclusions: This study’s findings show that previous private equity owned portfolio companies do not over perform their industry peers, but perform in line or inferior to them. Unlike previous research, no decreasing or increasing effect can be distinguished which means that the change of ownership through the IPO does not bring any long-term comparative competitive advantages or disadvantages.

When companies go public, the shares they sell tend to be underpriced, and thus exhibit a significant price jump on the first day of trading. As a result, IPO investors materialize significant first-day returns. In the long-run, however, relative to some benchmark, investors appear to lose out by continuing to hold the stocks of firms that have recently gone public. These IPO phenomena are subject of the following study. The thesis addresses two main objectives. First, it systematically surveys relevant empirical evidence and theories that have been proposed to explain IPO underpricing and long-run underperformance. In addition, both anomalies are studied form the viewpoints of two competing finance theories: efficient market hypothesis and behavioral finance. Theories of underpricing are grouped within two broad categories: asymmetric information based models and behavioral theories. While asymmetric information based models assume that one of the IPO transaction parties knows more than others, and that these information frictions give rise to underpricing, behavioral explanations, on the other hand, assume the presence of irrational investors who are the prime cause of underpricing. Theories of poor long-term performance are based on behavioral finance perspective only, where "investor sentiment" plays the main role. On the contrary, proponents of market efficiency strongly argue that the notion of systematic IPOs long-run underperformance is spurious. Secondly, the thesis empirically examines the presence of underpricing and the long-performance of IPOs in European NYSE Euronext markets. In general, the results undoubtedly show that IPOs in the sample are moderately underpriced on average. However, the assessment of IPOs long-run performance provides contentious findings and probably requires further research.

A plan of opening a physical shop (a low-cost expediting point) as an extension of currently runnning electronic shop is the main focus of this thesis. The analysis of demographic population data, market situation (supply/demand), internal and external corporate enviroment is presented. An attempt is made to provide the answer for the question whether proposed enterprise is pursuable or not. The results of analytic part are used for the shop building locality selection. Furthermore, corporate history, financial and business planning, marketing strategy, organizational structure are provided in practical part of this thesis. Final part is providing the evaluation and selection of the shop founding locality.

My thesis deals with analyses of returns of IPO’s in the Czech capital market. The theoretical section of the thesis contains of circumscription of main terms and methodics for preparations and realizations of IPO. In the analytical section these theoretical findings are applied. This thesis should bring realistic view of returns of IPO’s for investors and evaluate present trends on IPO market.

This thesis focuses on the calculation of costs arising from the shallow foundations using different ways of stabilizing the foundation soil. At the same time also assesses the impact of a method based on the total construction cost and compares the differences in the calculated price. On a specific contract, this work tries to show all the pros and cons of both types of foundations. Assigned values and findings are particularly important for potential investors who are dealing with the amount of their future costs to order a return on that investment. The work shows differences in competitive tendering prices, prices calculated using BUILDpowerS, the amount of the grant awarded and consequently the difference in price determined in accordance with the existing legislation, which will have a contract after its completion and the price calculated.

This thesis analyzes and evaluates the relationship between insider trading and the long-term stock performance of Initial Public Offerings (IPO) in Sweden. The study looks at firms that recently conducted an IPO and how the stock performance of the firm is impacted by insiders making transactions in their own stock. An IPO is known to generate high returns on its first day on the public stock market, but to underperform the market in the long term. The characteristics of an IPO are deviant from the rest of the stock market, and with less information available to the public compared to other firms, the IPO market is hard to navigate for investors. Transactions made by insiders in the share of their own company is usually seen as guidance in public companies. An insider purchase is usually followed by a positive stock return, and insiders selling shares have the opposite impact. The aim of this thesis is to investigate if the information provided by insider transactions can be used to create a potential trading strategy for IPOs. Through statistical analysis, a negative relationship is found between the insider trading and IPO long-term stock performance, indicating that insider buying shares are connected to lesser stock performance. This contradicts previous research regarding insider trading in seasoned firms and opens up for discussion. By implementing a theoretical framework, a deeper analysis of the proposed relationship is be made. This study concludes that the negative relationship between insider trading and long-term IPO stock performance is not directly caused by insider trading itself. Instead, it is a result of insiders making poor investment decisions due to outside pressure and behavioral factors.

Under flera år har forskare kunnat hittat stöd för en stark initial avkastning när ett företag noteras på en börslista för första gången. Samtidigt tenderar dessa bolag att underprestera marknaden och liknande noterade bolag på längre sikt. Flera mönster har också identifierats gällande i vilka perioder där noteringsaktiviteten varit som störst. Examensarbetet syftar till att utvärdera om det råder något samband mellan värderingen som föreligger på börsen och antalet bolag som noteras. I examensarbetet ska vi även analysera om det finns en skillnad i avkastning på kort och lång sikt för noteringarna beroende på vilken värdering som varit på börsen när bolaget har noterats. Genom att använda data för de börsnoteringar som har noterats under 2007 till 2021 samt börsens värdering under samma tidsperiod genomförs en regressionsanalys. Vidare delas börsnoteringarna in i två grupper, där gruppen låg värdering innehåller börsnoteringar som noterades när börsen värderades under medelvärdet för undersökningsperioden. Gruppen hög värdering inkluderade börsnoteringarna som noterades då börsen värderades över medelvärdet. Skillnaden i kursutveckling för börsnoteringarna i de två olika grupperna utvärderas sedan med ett T-test. Studien gav stöd för att det finns ett laggat samband med antalet noteringar som sker och värderingen som finns på aktiemarknaden. Studien kunde däremot inte dra några slutsatser om det finns några skillnader i den avkastningen som genererats av noteringarna baserat på värderingen på börsen vid introduktionstillfället. / Researchers have for years documented an initial return for companies listing their stock on a public exchange for the first time. However, there is also a tendency for these firms to underperform compared to the general market and similarly sized firms in the long run. Patterns have also been identified regarding which periods have the strongest activity among IPOs. This thesis tries to evaluate if a relationship exists between the number of IPOs and the valuation of the stock market. Further, the thesis also tests if there is a difference in the performance of the IPOs in both the short run and the long run based on the valuations in the stock market during their market entry. Using data over the IPOs between 2007-2021 and the stock market valuation for the same period, a regression analysis is then run. Further the IPOs are divided into two groups, where the group low valuation includes IPOs that were offered when the stock market valuation was lower than the mean valuation of the time period. The group high valuation included IPOs that were offered when the stock market valuation was higher than the mean valuation. Differences between the groups in the IPOs stock performance are then evaluated with a t-test. The results from the study showed evidence of a strong lagged relationship between the number of IPOs and the stock market valuation. However, the results did not support the existence of differences of performance based on the valuations of the stock market at the time of their entry.