The European power sector is facing significant challenges related to investments in grid infrastructure and generation capacity. The continued deployment of intermittent renewables also puts pressure on current grid conditions. Smart grids is seen as a cost-efficient way to overcome these challenges through a more efficient use of current capacity. Demand response is a corner-stone in smart grid development,  and is implemented to introduce flexibility on the demand side. Most demand response programs have used dynamic pricing to incentivize consumers to shift consumption from peak to off-peak hours. In Stockholm Royal Seaport, where a sustainable energy system is envisioned, it has been proposed that dynamic pricing should be complemented with an indicator depicting carbon intensity of purchased electricity. This indicator is based on average emissions, which is one of two fundamental perspectives on assessing environmental impacts of electricity consumption.  The aim of this study was to evaluate whether the approach used to quantify carbon intensity in Stockholm Royal Seaport is appropriate in the context of demand response. To achieve this, a literature review has been conducted regarding potential benefits of demand response, power system dynamics and carbon dioxide allocation methods. A quantitative analysis has also been conducted, where the signal proposed for Stockholm Royal Seaport has been modeled under different timeframes. The results show that the CO2-signal in Stockholm Royal Seaport is constructed in such a way that it is largely affected by hydro generation, which in turn makes it correlate negatively with price. As a result, the CO2-signal would counteract many of the predicted long-term benefits of demand response. Furthermore it seems unlikely that the signal would result in significant short-term emission reductions, since hydro generally is used to balance supply and demand in the Swedish and Nordic systems.  Based on the literature review, it was concluded that marginal emissions would be a more appropriate environmental indicator than average emissions. However, it remains a difficulty to construct a day-ahead control signal based on this perspective because of system complexity and lack of data. Historical marginal carbon intensity was nevertheless modeled in this study using a linear regression model. The results indicate that price itself might be a sufficient indicator of marginal emissions. Finally, a model for a signal based on prognoses of intermittent renewable generation is proposed, where the rationale is that consumers should decrease consumption during hours of low renewable generation. This signal was modeled using data on renewable generation from Denmark since corresponding data in Sweden is not yet available. Results show that it would be possible to construct a rather accurate control signal in this way. There are also reasons to believe that demand response based on this type of signal would result in long-term environmental benefits. / Den europeiska energisektorn står inför stora utmaningar, bland annat i form av investeringsbehov i nätinfrastruktur och produktionskapacitet för att säkra framtida leveranssäkerhet. Den fortsatta utbyggnaden av intermittent förnybar kraftproduktion ställer också nya krav på nätet och på aktörernas flexibilitet. Smarta nät ses som ett kostnadseffektivt sätt för att övervinna dessa utmaningar genom en mer effektiv användning av nuvarande kapacitet. En viktig del i detta är efterfrågerespons, som syftar till att minska belastningen på nätet under höglasttimmar genom att i högre grad än tidigare involvera konsumenten. De flesta initiativ inom efterfrågerespons har använt dynamisk prissättning för att uppmuntra konsumenter att flytta konsumtion från höglast- till låglasttimmar. I Norra Djurgårdsstaden, där visionen är att bygga ett hållbart och mer flexibelt energisystem, har det föreslagits att dynamisk prissättning bör kompletteras med en indikator som visar den inköpta elens koldioxidintensitet. Denna indikator är baserad på medelel, vilket är ett av två fundamentala sätt att miljövärdera el. Syftet med denna studie var att utvärdera om den metod som används för att kvantifiera koldioxidintensiteten i Norra Djurgårdsstaden är lämplig i samband med efterfrågerespons. För att uppnå detta har en litteraturstudie genomförts gällande potentiella fördelar med efterfrågerespons, hur kraftsystemet fungerar samt olika metoder för att miljövärdera el. En kvantitativ analys har också genomförts, där CO2-signalen i Norra Djurgårdsstaden har modellerats utifrån olika tidsperspektiv. Resultaten visar att CO2-signalen i Norra Djurgårdsstaden är konstruerad på ett sådant sätt att den till stor del påverkas av vattenkraftens produktionsvariationer, vilket i sin tur gör att signalen generellt rör sig i motsatt riktning mot prissignalen. Resultatet av detta är att CO2-signalen motverkar många av de långsiktiga fördelarna med efterfrågestyrning. Dessutom ter det sig osannolikt att signalen skulle leda till signifikanta utsläppsminskningar på kort sikt, eftersom lasten i Sverige främst balanseras av variationer i vattenkraft. Utifrån litteraturstudien kan man dra slutsatsen att marginalelens koldioxidintensitet skulle vara en lämpligare miljöindikator än genomsnittliga utsläpp i samband med efterfrågestyrning. Det är dock svårt att i praktiken konstruera en styrsignal baserat på detta perspektiv på grund av systemets komplexitet och brist på data. Historiska marginella utsläpp modellerades emellertid med hjälp av linjär regression. Resultaten från detta indikerade att priset kan vara en tillräcklig indikator även för variationerna i koldioxidintensitet utifrån ett marginalperspektiv. Slutligen föreslås en modell för en signal baserad på dagenföreprognoser om intermittent förnybar produktion, där budskapet skulle vara att användaren minskar sin konsumtion under timmar med låg förnybar produktion. Denna signal modellerades med hjälp av uppgifter om förnybar produktion från Danmark eftersom motsvarande uppgifter om Svensk produktion inte finns tillgängliga ännu. Resultaten visar att det skulle vara möjligt att konstruera en relativt träffsäker styrsignal på detta sätt. Det finns också skäl att tro att efterfrågerespons baserat på denna typ av signal skulle leda till miljömässiga fördelar på längre sikt.

Investors have been shown to be driven by emotional and psychological factors. This contradicts classical financial theories, for example the Efficient Market hypothesis which states that all investors act rationally. Behavioural Finance is an area of study which describes various psychological factors which may result in irrational investor behaviour. The primary question of the study is: which factors do operating people in the financial sector consider themselves to be influenced by? The purpose of this study is to investigate the factors which affect the process of creating forecasts or making financial decisions. The study examines in addition if there is a correlation between length of investor experience and overconfidence in forecasting accuracy and investment decision making. The study includes both quantitative and qualitative analysis. The study has a basis of survey data which has been supplemented with interviews to obtain further explanation of the results. The result showed that the factors being studied had varying degrees of influence on forecasting accuracy and investment decision making. It was further found through the survey undertaken that there is a moderate correlation between length of investor experience and overconfidence. This correlation was contradicted however by interview data, in which all interview participants proposed that overconfidence decreases the more experienced an investor or analyst is. It was argued by interviewees that increased experience affords an individual more realistic insight into their own abilities. / Investerare har påvisats drivas av emotionella och psykologiska faktorer vilket motsäger klassiska finansiella teorier som den Effektiva Marknadshypotesen vilket menar att alla investerare agerar rationellt. Finansiell Psykologi är således ett område som beskriver olika psykologiska faktorer som resulterar i att investerare agerar irrationellt. Tidigare forskning har visat att olika faktorer har påverkan inom finansbranschen och för att undersöka detta på den svenska marknaden skapades denna problemformulering: Vilka faktorer anser sig verksamma inom finansbranschen påverkas av? Syftet med studien är att undersöka vilka faktorer som bland annat påverkar processen att skapa aktieprognoser eller fatta finansiella beslut. Därtill ska det undersökas om det finns korrelation mellan antal år som verksam och Övertro på egna förmågan att göra korrekta prognoser eller fatta finansiella beslut. Studien innefattar en metodtriangulering vilket innebär att det både skett tillämpning av en kvantitativ och kvalitativ metod. Studien har haft en utgångspunkt i en surveyundersökning som genomfört för att sedan kompletterats med intervjuer för att få vidare förklaring till de resultat som undersökningen gav samt ge ytterligare synvinklar och kommentarer kring ämnet. Resultatet visade att de undersökta faktorerna i olika hög grad har påverkan. Det visade sig även via surveyundersökningen att det fanns ett moderat samband mellan antal år som verksam och Övertro. Samtliga intervjuade personer hade däremot en motsägande åsikt, de ansåg att Övertro minskar med antal år som verksam och hävdade att den erfarenhet man får på vägen får en som individ att bli mer realistiskt kring sin egen förmåga.

Higher education systems are imperative to social and economic upliftment in any society, the ability of the national labour force and income disparity differentials between members of the populous are directly associated to academic achievement and associated pass rates in higher education. The apparent utility of higher education is however overshadowed by poor student retention, academic performance and consequent pass rates and is an issue of concern at both an international and local level. The identification of factors that could potentially improve student academic performance and consequent attainment of a tertiary qualification is becoming an increasingly important field of research. Research into such factors would have wide reaching implications in South Africa, where high unemployment rates and talent migration plague efforts to build a strong national economy. The primary imperatives of this research undertaking were to investigate the relationship between hope, social support, fluid intelligence and academic achievement in the form of grade point average (GPA), as well as determine the extent to which hope and social support moderate the relationship between fluid intelligence and GPA. The research method is comprised of a literature review and empirical study. Data collection was conducted via a cross-sectional survey design, with an availability sample (N = 308) being taken from first year students at a higher educational institution. The Hope Scale (HS), Multidimensional Scale of Perceived Social Support (MSPSS), Abstract Reasoning Test (ART) and biographical questionnaire were administered. Statistical analysis was carried out with the SPSS 20.0 programme. Principle component factor analysis provided confirmation of a four factor structure for the MSPSS, with the resultant factors being labelled Friend Support, Significant Other Support, Family Support and Lecturer Support. In this study the original 3 factor structure of the MSPSS was supplemented by adding the fourth dimension of lecturer support. A two factor structure for the HS was confirmed, with the resultant factors being labelled Agency Hope and Pathways Hope. All utilised scales indicated acceptable levels of reliability, with the resultant Cronbach alpha statistics ranging from 0,75 to 0,89. Pearson correlation coefficient correlations gave indication of a statistically and practically significant correlation of positive medium effect between fluid intelligence and grade point average. Social support from lecturers showed statistically and practically significant correlations of medium effect with social support from friends. Pathways hope was statistically and practically related to agency hope with a positive medium effect. No practically significant relations in this sample could be established between hope and grade point average and social support and grade point average. Statistically significant relations were established between lecturer social support and fluid intelligence and between agency hope and social support from significant other sources. The ability of fluid intelligence to predict grade point average was proven via regression analysis in which fluid intelligence was found to be a statistically significant predictor of grade point average. Proposed moderating effects of hope and social support on the relation between fluid intelligence and grade point average were tested via multiple regression analysis. Results indicated that within the parameters of the research sample in this study, no statistically significant moderating effects could be established for hope or social support. Based on these findings, a hypothesised cause for such relations was established based on the characteristics of the current research sample and research literature. Recommendations for future research were made, as well as organisational recommendations for the participating higher educational facility. / MA, Industrial Psychology, North-West University, Vaal Triangle Campus, 2012

The current study examined the reading strategies of 19 bilingual undergraduate students who varied in reading proficiency (good or average) and language background (Chinese or Spanish). Using the think-aloud method, students’ reading strategies were measured and compared to determine whether strategy use differed as a function of reading proficiency, language background, and/or text level. Semi-structured interviews were also conducted to corroborate the findings obtained from the think-aloud protocols. Results from this study suggest that reading proficiency affects strategy use at the syntactic level, whereas language background affects strategy use at the vocabulary level. These findings have significant implications in education, particularly in the area of English language teaching. Students should be encouraged to use their first language reading skills when reading English text, as it facilitates their comprehension and improves their English literacy development.

The purpose of this study is to investigate how some teachers work with above-average pupils in mathematics. I have issued three questions based on the purpose of this study: How do teachers define an above-average pupil? In what way the teachers stimulate and challenge the above-average pupils? Has the school done something special for the above-average pupils? The method used to conduct this study was a semi-structured qualitative interview with four teachers in primary school. The method consists of interviews and observations. The study shows that the teachers make an effort to give these pupils extra attention and challenging tasks. A major focus is put on problems solving and to develop the pupil's ability to be able to explain how they think and if necessary, they should be able to explain even to their fellow- pupils. We can also learn by teaching others. The results of the survey shows that teachers are aware of the pupils need for extra support, which partly means a dilemma for teachers. The teachers would like to offer even more than they can to the pupils, but due to lack of time, partly through staff meetings and documentation work and other things, the time is not sufficient for the teachers. My research is relevant because it highlights the above-average pupil’s perspectives through the teacher's experiences in the classroom. I have seen teachers’ different views on their educational approach, which has been a major goal of my investigation.

The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period. Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period. Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

Consider a Gaussian stationary stochastic vector process with the property that designated pairs of components are conditionally independent given the rest of the components. Such processes can be represented on a graph where the components are nodes and the lack of a connecting link between two nodes signifies conditional independence. This leads to a sparsity pattern in the inverse of the matrix-valued spectral density. Such graphical models find applications in speech, bioinformatics, image processing, econometrics and many other fields, where the problem to fit an autoregressive (AR) model to such a process has been considered. In this paper we take this problem one step further, namely to fit an autoregressive moving-average (ARMA) model to the same data. We develop a theoretical framework and an optimization procedure which also spreads further light on previous approaches and results. This procedure is then applied to the identification problem of estimating the ARMA parameters as well as the topology of the graph from statistical data. / <p>Updated from "Preprint" to "Article" QC 20130627</p>

The technique of �open throat� is a pedagogical concept transmitted through the oral tradition of singing. This thesis explored the pedagogical perceptions and practices of �open throat� using empirical methodologies to assess technical skill and associated vocal quality. In the first study (Mitchell, Kenny, Ryan, & Davis, 2003), we assessed the degree of consensus amongst singing pedagogues regarding the definition of, and use in the singing studio of the technique called �open throat.� Results indicated that all fifteen pedagogues described �open throat� technique as fundamental to singing training and were positive about the sound quality it achieved, especially in classical singing. It was described as a way of maximising pharyngeal space or abducting the false vocal folds. Hypotheses generated from pedagogical beliefs expressed in this first study were then tested acoustically (Mitchell & Kenny, 2004a, 2004b). Six advanced singing students sang in two conditions: �optimal� (O), using maximal open throat, �sub-optimal� (SO), using reduced open throat and loud sub-optimal (LSO) to control for the effect of loudness. From these recordings, acoustic characteristics of vibrato (Mitchell & Kenny, 2004b) and energy distribution (Mitchell & Kenny, 2004a) were examined. Subsequent investigations of the vibrato parameters of rate, extent and onset, revealed that extent was significantly reduced and onset increased when singers did not use the technique. As inconsistent vibrato is considered indicative of poor singing, it was hypothesized that testing the energy distribution in these singers� voices in each condition would identify the timbral changes associated with open throat. Visual inspection of long term average spectra (LTAS) confirmed differences between O and SO, but conventional measures applied to long term average spectra (LTAS), comparing energy peak height [singing power ratio (SPR)] and peak area [energy ratio (ER)] were not sensitive to the changes identified through visual inspection of the LTAS. These results were not consistent with the vibrato findings and suggest that conventional measures of SPR and ER are not sufficiently sensitive to evaluate LTAS. In the fourth study, fifteen expert listeners consistently and reliably identified the presence of open throat technique with 87% accuracy (Mitchell & Kenny, in press). In the fifth study, LTAS measurements were examined with respect to the perceptual ratings of singers. There was no relationship between perceptual rankings of vocal beauty and acoustic rankings of vocal quality (Kenny & Mitchell, 2004, in press). There is a vast literature of spectral energy definitions of good voice but the studies in this thesis have indicated that current acoustic methods are limited in defining vocal quality. They also suggest that current work in singing has not sufficiently incorporated perceptual ratings and descriptions of sound quality or the relationship between acoustic and perceptual factors with pedagogical practices.

Thesis (M.B.A.)--University of North Carolina Wilmington, 2008. / Title from PDF title page (viewed May 27, 2009) Includes bibliographical references (p. 42-44)