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ABSTRACT In the years following the 2008 Global Financial Crisis, corporations have heightened their efforts to comprehensively manage all aspect of business risk that could jeopardize their operations or potentially lead to business failure. This increase in efforts have motivated firms to adopt additional preventative measures to internally manage their unique portfolios of impeding enterprise risk. Due to legislative efforts by the U.S. Congress, both the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Sarbanes-Oxley Act (SOX) were broadly developed to improve corporate governance while increasing transparency within financial reporting. Specifically, Dodd-Frank mandates that large financial firms with $50 billion in assets establish special committees dedicated to assessing their financial risks. Meanwhile, SOX requires all public firms to establish rigorous internal control systems to ensure the adequacy of financial reporting. However, these laws mainly target financial firms and fall short of requiring nonfinancial firms to establish a separate committee to manage corporate risk even though it would be in these companies own interest to enhance their safeguarding efforts against ambiguous financial uncertainties, reputation downshifts, and other inherent risk. This dissertation seeks to understand whether a separate voluntary risk management committee at the board level is related to the financial stability and creditworthiness of nonfinancial firms. Firstly, we investigated whether the existence of a separate risk management committee is associated with the firm’s leverage, solvency, financial health, and organizational soundness. Secondly, we examined whether the existence of a separate risk management committee is associated with the firm’s short- and long-term credit ratings. Using secondary data from Wharton Research Data Services (WRDS), we analyzed data from a wide range of financial ratios and credit ratings from companies listed on the S&P 1500 index to evaluate if these committees have an association with the firm’s ability to manage its risk effectively. Regression analysis was utilized to explore this relationship. Although the direction of the relationship cannot be determined, the results suggest that the establishment of a separate voluntary risk management committee was minimally related to the financial soundness of the firm and was not related to the firm's leverage, solvency, or overall organizational soundness. Inferences or causality cannot be made. Additionally, we found that firms with better short-term credit ratings were more likely to establish a voluntary risk management committee, while long-term credit ratings did not show a correlation with the presence of a voluntary risk management committee. Interestingly, the study also found that the presence of more men on the board and a larger board size increased the likelihood of firms adopting a risk management committee, but over time, the interest in forming these committees has declined within the timeframe reviewed, particularly in the healthcare, communication, and utilities sectors. The results of this study suggest that relying on traditional financial/accounting ratios might not be the most effective method for assessing a firm's risk. Further, these results underscore the need for a more comprehensive approach that includes both quantitative and qualitative risk assessments and approaches. This dissertation contributes to the benefits of establishing a voluntary risk management committee in nonfinancial firms, which is a topic that has not been extensively researched. The aim is to offer a deeper insight into the benefits of such committees and encourage more firms to improve their risk management practices where positive correlations were identified. / Business Administration/Interdisciplinary

Visselblåsarbegreppet har blivit ett allt mer frekvent förekommande inslag inom den unionsrättsliga lagstiftningen, och vikten av att beskydda arbetstagare som bistår myndigheter med information som kan stoppa överträdelser har på senare år uppmärksammats och betonats världen över. I samband med en modernisering och uppdatering av den finansmarknadsrättsliga lagstiftningen, inte minst till följd av den tekniska utvecklingen inom området, valde EU:s lagstiftande organ att göra en markering mot fysiska och juridiska personer som ägnar sig åt överträdelser som kan vilseleda aktörerna på de finansiella marknaderna. Bland annat infördes, genom ett antal nya rättsakter, enhetliga sanktioner samt minimibestämmelser för kriminalisering av vissa ageranden. Vid framtagandet av lagstiftningen diskuterades även på EU-nivå huruvida ett potentiellt införande av ekonomiska incitament för visselblåsare som bidrar med värdefull information i fråga om marknadsmissbruk borde utgöra en del av det sociala skyddet för nämnda individer. Medlemsstaterna hade redan i samband med tidigare unionsöverskridande lagstiftning ålagts att vidta särskilda åtgärder för att säkerställa att visselblåsare erhåller skydd gentemot arbetsgivare avseende hämndaktioner, men här, tydligt inspirerade av den amerikanska lagstiftningen i motsvarande område, öppnade EU för första gången för att låta unionsmedlemmarna erbjuda monetära utbetalningar till visselblåsare. I förevarande uppsats presenteras den aktuella EU-lagstiftningen samt den inhemska lagstiftning som bestämmelserna genererat i Sverige. Nämnda inslag sätts i relation till den amerikanska visselblåsarlagstiftningen. En redogörelse för lagstiftningens mottagande och effekt – kombinerat med teoretiska såväl som statistiska studier avseende ekonomiska incitament kopplat till visselblåsning – används för att besvara frågan huruvida ett införande av nämnda incitament skulle kunna utgöra ett ändamålsenligt inslag inom den svenska lagstiftningen. Min argumentation, vilken presenteras i analysdelen, utmynnar i ståndpunkten att ekonomiska incitament mycket väl skulle kunna utgöra en funktionell beståndsdel av visselblåsarskyddet, men att lagstiftningens utformning och det praktiska utförandet skulle kunna optimeras jämfört med dess amerikanska motsvarighet. Vidare vill jag i analysavsnittet betona vikten av ett skifte i inställning och attityd inom europeisk rättskultur gentemot visselblåsare.

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Το λεμφαγγειακό σύστημα διαδραματίζει σημαντικό ρόλο στη διατήρηση της ομοιόστασης των ιστών, στην ανοσολογική απόκριση του οργανισμού, στην απορρόφηση των λιπών από τον πεπτικό σωλήνα, και στη διασπορά των καρκινικών κυττάρων. Η πρόσφατη ανακάλυψη ειδικών για τα λεμφαγγειακά ενδοθηλιακά κύτταρα δεικτών και αναπτυξιακών παραγόντων, όπως επίσης και η δημιουργία γενετικών μοντέλων ποντικιών με διαταραγμένη τη λειτουργία του λεμφαγγειακού συστήματος, παρείχαν σημαντικότατες πληροφορίες για τη μοριακή ρύθμιση της εμβρυικής ανάπτυξης του λεμφαγγειακού συστήματος και της φυσιολογίας του. Τα σχετικά πρόσφατα αναγνωρισμένα μοριακά σηματοδοτικά μονοπάτια από τα οποία ρυθμίζεται η λεμφαγγειογένεση επέτρεψαν τη μελέτη της σχετιζόμενης με όγκους λεμφαγγειογένεσης. Οι μελέτες αυτές κατέδειξαν ότι η σχετιζόμενη με τους όγκους λεμφαγγειογένεση αποτελεί σημαντικό στοιχείο της μεταστατικής διαδικασίας, ενώ παράλληλα αναδεικνύουν συνεχώς καινούρια μόρια/σηματοδοτικά μονοπάτια-ρυθμιστές της εν λόγω διαδικασίας. / The lymphatic vascular system plays an important role in the maintenance of fluid homeostasis, in the afferent immune response, in the intestinal lipid uptake and in the metastatic spread of malignant cells. The recent discovery of specific markers and growth factors for lymphatic endothelium and the establishment of genetic mouse models with impairment of lymphatic function have provided novel insights into the molecular control of the lymphatic system in physiology and in embryonic development. Recently, molecular pathways that signal for lymphangiogenesis have been described allowing analyses of tumor lymphangiogenesis to be performed. These studies demonstrate that tumor lymphangiogenesis is a major component of the metastatic process, while at the same time new molecules and transduction pathways are discovered to regulate tumor lymphatics growth.

We employ S&P 1500 firms from 2000 to 2013 to investigate how female directors affect firm value. We explore two possible channels, the monitoring effect and the risk management effect, through which female directors can have material effect on firms. While the prior research shows a negative relation between female directors and firm value, we find that such a relation diminishes in the post-SOX period (2004 to 2007). More importantly, female directors enhance firm value in the crisis period (2008 to 2013). Our findings suggest that the way female directors affect firm value changes depending on the external environment. Female directors benefit firms mainly by monitoring in the post-SOX period but by risk management in the crisis period.

The objective of my thesis is to outline the evolution of accounting regulation. The thesis describes development of accounting, first regulation forms, emergence of double entry and present globally accepted accounting standards. In my work I enlarge the development of two well known accounting standards GAAP and IAS and their regulation. The convergence project between standard setters' bodies is elaborated as part of present development of accounting regulation. One of next titles in my thesis is the accounting harmonization process in EU as part of accounting regulation and the adoption of IAS standards by EU Commission

The purpose of this study is to investigate the effects of COVID-19 initial hit and the associated lockdowns effect on the semiconductor industry. The study emanates from factors of return on investment in the equity market using the CAPM model alongside the theories of EMH and behavioral finance. The semiconductor industry is represented by the SOX index, and the S&P 500 index representing the general markets. The mapping of movements in these indexes are done in a daily time series between 01/01/2018 to 29/11/2021 to find out the behavior of the market during a period of shock. The conclusion is that equity markets is affected by lockdowns, but also has other factors affecting the industry. / Syftet med denna studie är att undersöka effekterna av COVID-19 och karantänregleringar på halvledarindustrin. Studien utgår från faktorer som risk och avkastning på aktiemarknaden genom att använda CAPM-modellen tillsammans med teorierna EMH och beteendeekonomi. Skiftet på aktiemarknaden observeras genom risk och avkastning på SOX-indexet som representerar halvledarindustrin och S&P 500-indexet som representerar de allmänna marknaderna. Kartläggningen av rörelser i dessa index görs i en daglig tidsserie mellan 01/01/2018 och 29/11/2021 för att ta reda på om det är värt att investera i halvledarindustrin under pandemin. Slutsatsen är att aktiemarknaderna kan överreagera på nyheter och att halvledarmarknaden initialt är motståndskraftig mot covid-19. Marknadensmotståndskraft följs dock av längre prissvängningar som resulterar i högre avkastning och lägre risk vilket gör investeringar i halvledarindustrin betydligt bättre än S&P 500.

Introdução: As células-tronco apresentam capacidade de proliferação, autorrenovação, potencial de diferenciação e já foram descritas na hipófise estando envolvidas na renovação celular e regulação homeostática, porém pouco se sabe sobre o seu perfil de expressão nos quadros de hipopituitarismo. Dentre os marcadores de células-tronco descritos previamente na hipófise, destacam-se os genes Sox2, Nanog, Nestina, Cd44 e Oct4. Outro marcador, o gene Nr2e1 (Tlx), encontrado em células-tronco neuronais, apresenta-se elevado durante a embriogênese e na vida adulta no cérebro de camundongos, mas, até o momento, não foi caracterizado na hipófise. Objetivo: Analisar a imunolocalização do SOX2 e o padrão de expressão de marcadores de células-tronco/progenitoras, fatores de transcrição precoce, marcadores de apoptose e proliferação celular na hipófise de três linhagens de camundongos com hipopituitarismo de causa genética por alteração em fatores precoces de diferenciação glandular, as linhagens Ames (Prop1) e Snell (Pou1f1), e por fator tardio de conjugação dos hormônios glicoproteicos, a linhagem alfaGSU, nocaute do gene Cga. Material e Métodos: Foram coletadas hipófises nos tempos P0 (ao nascimento), P7 (final da primeira onda de crescimento glandular), 4 semanas (4S-período da puberdade) e 8 semanas (8S-vida adulta). Nas três linhagens de animais, realizou-se imuno-histoquímica com SOX2 e RT-qPCR com os marcadores de células-tronco/progenitoras Sox2, Nanog, Nestina, Cd44, Oct4 e Nr2e1, fatores de transcrição precoces (Hesx1, Hes1 e Otx2), fator de proliferação celular (Ki67), fatores de diferenciação celular (S100beta e Sox9) e marcadores de apoptose (Caspases 3 e 7). A quantificação relativa dos genes-alvo nos animais mutantes teve como calibrador os seus respectivos selvagens. Resultados: A imunolocalização do SOX2 foi observada na zona que circunda a fenda de Rathke (camada marginal) e em nichos difusos pela glândula nas três linhagens estudadas. Na linhagem alfaGSU, evidenciou-se uma redução de Nanog, Nr2e1, Oct4, e Hesx1 em 4S e de Nestina em 8S. Na linhagem Snell, observou-se aumento na expressão de Sox2, Nanog, Cd44, Nr2e1, Hesx1, Hes1, Otx2, S100beta e Sox9 em 4S e aumento de Sox2, Cd44, Hesx1, Otx2 e Sox9 em 8S, associado à redução de Ki67 em ambos os períodos. Na linhagem Ames, evidenciou-se aumento de Sox2, Nanog, Cd44, Hesx1, Hes1, Otx2, S100beta e Sox9 em 4S e 8S. O gene Nr2e1 esteve hiperexpresso em todos os tempos. Houve redução do Ki67 em 4S. As caspases 3 e 7 não se apresentaram alteradas em nenhuma linhagem e/ou tempo. Discussão e conclusão: O padrão de imunolocalização de SOX2 encontrado nas três linhagens estudadas foi semelhante ao descrito em animais sem hipopituitarismo. A evidência da presença do Nr2e1 o coloca como um novo marcador de células-tronco/progenitoras na hipófise. A expressão elevada dos marcadores de células-tronco/progenitoras nas linhagens Ames e Snell sugere que a ausência dos fatores de transcrição precoces não permitiria que a célula tronco/progenitora iniciasse o processo de diferenciação celular, enquanto o oposto ocorreria na linhagem alfaGSU. Adicionalmente, estes achados justificam a hipoplasia hipofisária observada em animais com defeitos em fatores de transcrição expressos no início da diferenciação hipofisária, nos quais o acúmulo de células-tronco pode ser um indicador da indiferenciação hipofisária / Introduction: The role of stem cells, with their capacity for proliferation, self-renewal, and differentiation, has already been described in the cell turnover and homeostatic regulation of the pituitary gland. However, little is known about the expression profiles of these markers in hypopituitarism. Among the stem cell markers previously described in the pituitary include the genes for Sox2, Nanog, nestin, CD44 and Oct4. Another gene marker, Nr2e1 (Tlx), found in neural stem cells, is highly expressed during embryogenesis and adulthood, but so far has not been characterized in the pituitary. Objective: To analyze the immunohistochemical profile of SOX2, as well as the pattern of expression of various markers of stem/progenitor cells, early transcription factors, apoptosis factors and cell proliferation in three pituitary strains of mice with a genetic cause of hypopituitarism. Strains studied with hypopituitarism due to changes in factors of precocious glandular differentiation, include the Ames (Prop1) and Snell (Pou1f1) lineages; hypopituitarism due to the delayed conjugation of glycoprotein hormones include the alfaGSU strain, which is caused by the knockout of the Cga gene. Material and Methods: We collected pituitaries at four time points including P0 (birth), P7 (considered the end of the first wave of growth glandular), 4 weeks (4S - puberty period) and 8 weeks (8S - adulthood). All three strains were subjected to immunohistochemical analysis of SOX2 and RT-qPCR of markers of stem/progenitor cells Sox2, Nanog, Nestin, Cd44, Oct4 and Nr2e1, early transcription factors (Hesx1, Otx2 and Hes1), cell proliferation (Ki67), cell differentiation factors (S100beta and Sox9) and apoptosis (caspases 3 and 7) markers. Relative quantification of target genes in mutant animals was normalized to their respective wild type littermate. Results: The immunolocalization of SOX2 was observed in the area surrounding the Rathke cleft (marginal layer), as well as in diffuse niches throughout the gland in all three strains studied. The alfaGSU strain showed a reduction of Nanog, Nr2e1, Oct4 and Hesx1 at 4S, and Nestin at 8S. The Snell mice exhibited an increase of expression in Sox2, Nanog, Cd44, Nr2e1, Hesx1, Hes1, Otx2, S100beta and Sox9 in at 4S and increased Sox2, Cd44, Hesx1, Otx2 and Sox9 at 8S, associated with the reduction of Ki67 in both periods. The Ames strain showed an increase of Sox2, Nanog, Cd44, Hesx1, Hes1, Otx2, S100beta and Sox9 at 4S and 8S; the gene Nr2e1 was over expressed at all times; and there was reduction in Ki67 at 4S. Caspases 3 and 7 had not changed in any strain, at any time. Discussion and Conclusion: The pattern of immunolocalization of SOX2 found in the three strains studied was similar to that described in animals without hypopituitarism. The presence of Nr2e1 in our study suggests it as a new marker of stem/progenitor cells in the pituitary. The high expression of markers of stem/progenitor cells in the Ames and Snell strains suggests that the absence of early transcription factors Prop1 and Pou1f1 do not allow the stem/ progenitors cells to start the process of cell differentiation, while the opposite occurs in the alfaGSU lineage. Additionally, these findings explain the pituitary hypoplasia observed in animals with defects in early transcription factors, as indicated by the accumulation of stem cells in the Snell and Ames lineages, preventing the initiation of pituitary differentiation