No description available.

The effectiveness of the PEG ratio as a valuation tool has been a topical debate between market commentators ever since being popularised by Lynch (1989). This study examines the appropriateness of the fair value criteria of 1.0 (PEGL) in comparison with a time-series based share specific benchmarking model (PEGT). Furthermore, influencing factors of analyst forecasting accuracy, namely: the number of analyst contributions, forecast dispersion and forecast horizon, were tested and compared using sub-set portfolios for each category with the objective of identifying a possible optimal PEG trading rule strategy. The outcome showed a consistent outperformance of PEGT portfolios compared to PEGL portfolios and the market benchmark. Unexpected results were obtained for the impact of analyst forecasts on the performance of the PEG ratio with additional literature review providing possible reasons that analyst optimism may have a more influencing impact on the PEG ratio than forecasting accuracy. Finally, an optimised PEG trading rule strategy delivered annual abnormal returns of 5.4% (CAGR: 19.7%) for a PEGL portfolio, versus that of 13.7% (CAGR: 28.5%) for a PEGT portfolio. The ensuing methodology appeared to single out small cap firms with above market growth prospects. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Directors of listed companies earn abnormal returns by trading in a contrarian manner. This research report investigated whether outside investors can earn abnormal returns by following director contrarian trades. The returns to directors and outsiders, following a director trade were analysed using the event study methodology. The event study methodology utilised director trading information from SENS announcements on the JSE Securities Exchange, daily share prices, betas and price to book values for the selected companies, and daily all share index prices. The focus of the analysis was the post trade Cumulative Average Abnormal Returns (CAAR), in the 20 days following the director trade. The overall CAAR for all transactions was a statistically significant but economically insignificant 0.43%. When viewed from a transaction type perspective, the CAAR was 0.72% and 0.44% for purchases and sales transactions respectively. This study shows that while directors of listed South African companies do earn abnormal returns, they do not do so while consistently trading in a contrarian manner. In fact, transactions not deemed contrarian generated higher abnormal returns for directors. In addition, the study shows that outside investors do not earn abnormal returns by mimicking directors, and actually, their following of director trades generates the abnormal returns for directors. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

In this paper we examine abnormal returns during active repurchasing programs and if the intensity of repurchasing programs impacts the returns. Through the Jensen’s Alpha approach our findings show us that positive abnormal returns are experienced by repurchasing firms under our study period that ranges from 2010 to 2019. The results show us that during active repurchasing programs companies have showed positive average annual abnormal returns ranging from 1,8% to 6%. We also find that the intensity of share repurchases does not have a statistically significant effect on the given abnormal returns. However, our results indicate that the abnormal returns are higher when the repurchases occurred, rather than when they are authorized.

Sociala medier har blivit snabbt växande plattformar där människor kan diskutera, dela och inte minst erhålla information om aktuella ämnen. Framgången för sociala medier är ett tydligt tecken på människors växande intresse för åsiktsutbyte. Sociala medier har däremot sina brister, däribland menas att influencers kan orsaka överreaktioner samt leda till en ökad volatilitet på marknaden. Den stora mängdinformation som sprids på sociala medier och internet har lett till ett informationsöverskott. Vilket för privatpersoner innebär att det är svårt att hitta, filtrera och analysera all tillgänglig information om aktiebolag på marknaden för att ta välgrundade beslut som är både tids- och erfarenhetskrävande. Ett steg vidare i denna utvecklingen är sociala handelsplattformar som kan beskrivas som en nischad social media där enbart aktiehandel diskuteras och annat brus inte uppstår. Till en social handelsplattform kopplar användarna sitt aktiekonto så att deras köp och sälj av aktier blir offentliga. Huvudsyftet med denna studien är att undersöka huruvida det finns signifikanta tecken på att influencers aktiva på den sociala handelsplattformen Shareville kan påverka aktiepriser och handelsvolym på den svenska aktiemarknaden. Studien är vidare avgränsad till den svenska aktiemarknaden och undersöker endast svenska influencers på Shareville med över 10 000 följare och svensknoterade bolag av varierande storlek. Inga utländska influencers eller bolag återfinns därmed i denna studie. Studien är av kvantitativ karaktär och baseras därmed på sekundärdata från databasen Refinitiv Eikon men även primärdata från Shareville för att hjälpa oss att veta vilka influencers som har flest följare på handelsplattformen. Studiens resultat indikerar att influencers på Shareville kan påverka svenska aktiers avkastning och handelsvolym. Speciellt i bolag noterade på mindre marknadsplatser där vi ser en högre volatilitet än i till exempel Mid Cap och Large Cap noterade bolag. Utifrån studiens resultat kan vi dra slutsatsen att alla marknadsplatser utifrån den effektiva marknadshypotesen inte är effektiv i stark form utan snarare halv-stark form. / The growth of social media is a clear sign of people's interest in exchanging information. Social media, on the other hand, has its shortcomings, influencers can cause overreactions and lead to increased volatility in the stock market. A step further in the social media expansion is social trading platforms that can be described as a social media where only stock trading is discussed, and other noise does not arise. The main purpose of this study is to investigate whether there are significant signs that influencers active on the social trading platform Shareville can influence stockprices and trading volume in the Swedish stock market. The study is a quantitative study and is based on secondary data from the database Refinitiv Eikon but also primary data from Shareville. The results of the study indicate that influencers on Shareville can affect the return and trading volume of Swedish shares. Especially in companies listed on smaller markets where we see higher volatility than in, for example, Mid Cap and Large Cap companies. Based on what our results show, we can conclude that all marketplaces assumed from the effective market hypothesis are not effective in strong form, but rather semi-strong form. / <p>Betyg: Väl Godkänt (Högsta betyg)</p><p>Grade: Pass with special distinction (highest grade)</p>

Fertilization and cleavage of bovine embryos depend not only on maternal involvement, but also on the paternal contributions that involve more than just providing the haploid male genome. Therefore, the overall objective of this project was to determine the impact of morphologically abnormal spermatozoa on fertilization, subsequent embryonic development, and embryo quality at the cellular level. Four experiments used morphologically abnormal semen samples collected and cryopreserved from four Holstein bulls before (Pre) and after a scrotal insulation (PI) period of 48 h. Zygotes were cultured for 8 d when a developmental score was assigned to each embryo; subpopulations were subjected to either the TUNEL or caspase assays to determine apoptosis. In the final experiment pronuclear decondensation for presumptive zygotes was evaluated by differential interference contrast microscopy at 3 h time intervals from 6 to 18 h post in vitro insemination (hpi). Morphological evaluation of semen samples revealed a decrease (P < 0.01) in the percentages of normal spermatozoa in the PI samples in comparison with the Pre samples for Bulls I and Bull III (74 to 22.3% and 67.7 to 0.5 %, respectively) and the scrotal insulation effects persisted from the time of cleavage through blastocyst formation for Bulls I and III and corresponded with a similar decrease in blastocyst development for PI samples in experiment 1 regardless of which semen separation method was used. Likewise, the overall pronuclear decondensation rate for the PI zygotes of Bull I and III showed no increase over time and remained predominantly at PN1 stage (1.5 ± 0.17; 1.8 ± 0.22, respectively). In contrast, the development for Bull II and Bull IV were unaffected. The embryo quality assessment revealed that the caspase intensity increased significantly for both Bull I (217 ± 147) and Bull III (229 ± 98) for the PI embryo groups compared to those of Bull II (98 ± 115) and Bull IV (90 ± 111). In conclusion, the tested separation methods used seemed inadequate in their ability to provide potentially competent sperm for IVF. The decrease in embryonic development appears to be multifaceted and related to the changes in head shape morphology and we suggest the failure in normal pronuclear formation is associated with an absence of normal decondensation of the penetrating spermatozoon. The inability to consistently measure apoptosis in early stage embryos complicates the assessment of differences in embryo quality. These observations support the hypothesis of uncompensable seminal traits in IVF with abnormal spermatozoa and provide compelling evidence that the effect of morphologically abnormal spermatozoa occurred prior to cleavage, thus is manifested during the early stages of fertilization. / Ph. D.

No description available.

<p>Huvudsyftet med uppsatsen är att se hur ett företags annonsering om återköp av aktier påverkar dess börskurs i Sverige. Som delsyfte kommer även en undersökning göras om huruvida reaktionen skiljer sig mellan olika branscher samt om Sveriges reaktion skiljer sig från den tidigare forskningen i USA och i Storbritannien.<strong><em> </em></strong></p><p>Undersökningen har genomförts med hjälp av en eventstudie där den abnormala avkastningen beräknas. En intervju utförs för att bekräfta resultatet.</p><p>Resultatet gav en sammanlagd kumulativ avkastning på 0,57 %. Det visade även att det finns en skillnad mellan olika branschers reaktion på en annonsering av ett återköp. Sveriges reaktion jämförs bäst med Storbritanniens som har en abnormal avkastning på 1,14 % än med USA som har en abnormal avkastning på 3,5 %.<strong><em></em></strong></p> / <p>The purpose with this study is to examine how a company’s announcement of a repurchase of stocks affect the stock price in Sweden. There will also be an investigation about how the reaction differ between branches and if the reaction found here in Sweden is different than the ones that has been found in USA and the United Kingdom.</p><p>The examination has been carried out with an event study where the abnormal return has been calculated. An interview has been performed to confirm the result.</p><p>The result showed a cumulative abnormal return with 0,57 %. It also showed that there is a difference in reaction between branches. Sweden is more comparable with the United Kingdom who has an abnormal return with 1,14 % than it is with USA which has an abnormal return with 3,5 %.</p>

Dynamic abnormal grain growth (DAGG) is a phenomenon by which single crystals up to centimeters in length are produced at elevated temperature during the application of strain. DAGG was previously demonstrated in commercial-purity molybdenum (Mo) materials. This is the first investigation to confirm DAGG in another material, tantalum (Ta). Previous experiments initiated and propagated DAGG using constant true-strain rate tensile tests, but this study demonstrates that DAGG can also occur under constant true-stress tensile conditions. A Mo material was tested under constant true stress, and two Ta materials were tested under constant true-strain rate. The effects of temperature, stress, strain rate, initial microstructure and texture on tensile test data and the resulting microstructures are examined. The microstructures of the Ta materials are analyzed using electron backscatter diffraction (EBSD) data to quantify the orientation, deformation, grain boundary character, and slip properties of the DAGG grains and unconsumed microstructure. The DAGG grains were found to be relatively undeformed compared to the unconsumed microstructure following DAGG and to not be oriented favorably, or unfavorably, for slip. The grain boundaries between DAGG grains in one Ta material were found to commonly have [sigma]3 character. This was likely due to a strong initial <111>-fiber texture. Previous investigations of DAGG in Mo indicated that DAGG grains commonly grow along the surface of the specimen, but this was not observed with significant frequency in Ta. Results suggest that the distance the DAGG grain boundary travels is proportional to the accumulated strain during DAGG, and the velocity of the DAGG grain boundary is proportional to the applied strain rate but is not related to the orientation of the DAGG grain or its slip properties. / text

People with insight are known as insiders and they often have access to information which have not yet been publiched. Previous research show that insiders can use their information leverage to assimilate abnormal returns. The purpose of this study is to examine whether insiders in a company can generate abnormal returns by trading shares in their own company. A quantitative methodology has ben practiced in order to achieve the desired result. Data has been collected through Finansinspektionen about the insider trades on the Swedish stock market. We have further used an event study to calculate both the expected and also the abnormal return in order to answer our research issue. The results given from this study show significant abnormal returns when insiders trade with shares in their own company. / Aktier medför ett placeringsalternativ med en viss risk och ger investerare möjligheten att generera en avkastning på sin portfölj. Personer som anses ha tillgång till förtrolig samt kurspåverkande information inom ett företag betecknas som insynspersoner. Tidigare forskning visar att insynspersoner kan utnyttja detta informationsövertag i sin egen vinning för att tillgodogöra sig överavkastning. Syftet med denna studie är att granska huruvida insynspersoner kan generera en viss överavkastning gentemot andra aktörer på marknaden. I denna forskning har en kvantitativ metod tillämpats med en deduktiv ansats. Via Finansinspektionens insynslista kan vi detektera transaktioner genomförda av insiders för att sedan, med användandet av en eventstudie, besvara forskningsfrågan, om insynspersoner kan generera en överavkastning. Hypotesprövningar ligger sedan till grund för att bedöma huruvida resultatet påvisar signifikans. Utifrån denna studie kan vi dra slutsatsen om att nollhypotesen bör förkastas, således menar vi att det förekommer en signifikant överavkastning i samband med att insynspersoner bedriver handel på värdepappersmarknaden.