Bakgrund: Den ökade populariteten av ESG som investeringsgrund har gett upphov till en intressant diskussion kring huruvida ESG-betyg har en effekt på avkastning eller inte. En del forskning tar ståndpunkten att en hållbar profil med fokus på ESG påverkar avkastning positivt. De som associerar sig med denna ståndpunkt belyser att investerare kan influera arbete mot en hållbar framtid utan att det ska ge en negativ effekt i önskade avkastningskrav. Däremot finns en motpol i en del av forskningen som hävdar att ESG berör avkastning negativt. Därtill hävdar vissa studier att det finns en diskrepans mellan sektorer på marknaden gällande eventualiteten av ESG:s effekt på riskfyllda tillgångar. Därav är ämnet av intresse med anledning av den motstridiga forskningen angående effekten ESG-betyget har på avkastning.  Syfte: Uppsatsens syfte är att historiskt analysera ESG-betygets eventuella effekt på avkastningen för bolag noterade på OMX Stockholm Large Cap, för att utreda om ESG-betyg kan vara en drivande faktor. Studien har som delsyfte att undersöka om det råder några skillnader i hur ESG-betyget påverkar avkastning i olika sektorer. Metod: Studien har antagit en deduktiv ansats med en kvantitativ metod för att uppfylla syftet. Med grund i dessa metodval analyseras urvalet genom teoretiskt grundade variabler. Studien använder balanserad paneldata som karaktäriseras som kort panel. Resultat: Observerade resultat av rapporten understryker att ESG-betyg återger en försumbar effekt på avkastningen i samtliga regressioner. Koefficienterna för ESG-betygen är dock statistiskt icke-signifikanta. Således kan inte författarna fastställa ESG-betygets inverkan på avkastning för bolagen i urvalet. Däremot finns det tidigare forskning på området som finner liknande resultat som denna studie. / Background: The rising popularity of ESG investing has provided for an interesting deliberation whether the ratio influences stock returns or not. There are those who assert that emphasizing upon ESG yields higher stock returns for investors. Hence, reiterating that investors can contribute to a sustainable future without interfering with desired capital gains. However, there is research that indicates that the incorporation of ESG impedes potential stock returns. Furthermore, previous studies have indicated that there is a potential disparity between sectors of the market, meaning that ESG might have a varied effect. The topic is henceforth of interest due to the contradicting results regarding the effects of ESG on stock returns.  Aim: This study aims to analyze and clarify whether ESG-score is a determining factor in the return of stocks listed on OMX Stockholm Large Cap during the time period 2011-2019. The report will also investigate if there is a difference in its possible impact acrossvarious industries.  Methodology: The study has utilized a deductive and quantitative approach to effectuate the aim of the report. Furthermore, the report has used a balanced panel data with a short panel. Results: The results of the report emphasize that the ESG-score has a negligible effect on stock returns across all industries. However, the coefficients for the ESG-score are statistically insignificant, which means that no conclusion can be established regarding its effect on the selection of stocks listed on OMX Stockholm Large Cap. Nonetheless, there is previous research that supports the findings of the report.

Indiana University-Purdue University Indianapolis (IUPUI) / The objectives: 1. To compare the flexural strength, flexural modulus, and fracture toughness of specimens fabricated from recently marketed translucent full-contour zirconia, traditional zirconia, and lithium disilicate glass ceramic. 2. To compare the load-to-failure of crowns fabricated from recently marketed translucent full-contour zirconia, traditional zirconia, and lithium disilicate glass ceramic at their recommended tooth-reduction thickness. Methodology: Four groups of translucent zirconia (BruxZir, KDZ Bruxer, CAP FZ, Suntech zirconia), one group of traditional zirconia (CAP QZ) and IPS e.maxCAD) were tested. Twelve bars of each material were made and tested for flexural strength, and fracture toughness. Fracture patterns were imaged under SEM. Forty-eight crowns (8 from each group) were fabricated with CAD/CAM technique following manufacturers’ recommendations for the amount of tooth reduction. All the crowns were cemented to prepared epoxy resin dies with RelyX Unicem and tested for static load to failure in a universal machine. Result: In bar-shape samples, CAP QZ (traditional zirconia) showed the highest flexural strength (788.12 MPa), fracture toughness (6.85 MPa.m1/2), and fracture resistance (2489.8 N). All translucent zirconia groups show lower mechanical properties than QZ. However, there were no differences between translucent and traditional zirconia in the fracture resistance of the crown-shape samples. There was no significant difference in fracture resistance between IPS e.max crowns at recommended thickness and other zirconia crowns at recommended thickness. Conclusion: With less reduction of tooth structure, a high inherent strength and chip resistance make full-zirconia crowns a good alternative to porcelain-fused-to-metal crowns and all other ceramic crowns.

This study examines the impact of risk premium factors on cap rates within Sweden's largest office markets. The research questions address the significance of various micro- and macroeconomic variables on cap rates, as well as the extent of this impact and how it varies across different locations. The study employed a quantitative approach, specifically regression analyses, to examine three different localizations from the years 2003 to 2022. The dataset used included information from JLL and large institutions. The study found that the top three optimized models could explain 80-90% of the fluctuations in office cap rates in the CBD of Stockholm, Gothenburg, and Malmö. To sum up, the 10-year treasury bill and the spread between Baa and Aaa corporate bond yields are the main variables that have the largest impact on cap rates across all locations. The 10-year treasury bill serves as a proxy for the risk-free rate. Nonetheless, the risk-free rate had a relatively lower impact in Malmö compared to Stockholm and Gothenburg's CBD. / Denna studie undersöker effekterna av riskpremiefaktorer på cap rates för Sveriges största kontorsmarknader. Forskningsfrågorna behandlar betydelsen av olika mikro- och makroekonomiska variabler på cap rates, samt omfattningen av påverkan och hur den varierar mellan olika städer. Studien använde ett kvantitativt förhållningssätt, specifikt regressionsanalyser, för att undersöka tre olika områden från åren 2003 till 2022. Datamängden som användes innehöll information från JLL och stora institutioner. Studien fann att de tre mest optimerade modellerna kunde förklara 80-90% av fluktuationerna i cap rate för kontorsmarknaden i Stockholm, Göteborg och Malmö CBD. Sammanfattningsvis är den 10-åriga statsobligationen och spreaden mellan Baa- och Aaa-företagsobligationsräntorna de variablerna som har störst inverkan på cap rates för de tre städerna. Den 10-åriga statsobligationen fungerar som en proxy för den riskfria räntan. Dock har den riskfria räntan en relativt lägre påverkan i Malmö jämfört med Stockholm och Göteborg CBD.

This Thesis deals with the issues of violence in relation to the time of National Socialism of the second and third Generation of the survivors illustrated by the examples of the sinking of the Cap Arcona and the Neuengamme concentration camp. The main source are the Interviews with the families of the Czech survivors from Cap Arcona and Neuengamme Concentration Camp and an interview with the main management of Neuengamme monument. The approaches from the experts to the transgenerational transmission of trauma will be discussed in the theoretical part the and they will be also analyzed and evaluated.

Flying can constitute as much as a third of an academic institution’s total emissions and there’s a growing concern among researchers around their academic travel contributing to global warming. This paper is part of KTH FLIGHT, a research project for decreased CO2-emissions in flight-intensive organizations through creation and testing of practical tools. It is a Research through Design work that provides new knowledge about a previously largely unexplored implementation area of emission trading systems like Cap and Trade. These have previously helped reduce emissions at lower costs than tax based systems in various settings but little research exists in terms of design and important factors for a university to promote more sustainable travel patterns. This paper reveals challenges and opportunities regarding implementation and shows current feasibility in implementing in a Swedish university (KTH), and provides suggestions for choosing suitable users and direction of future research. / Flygresor kan utgöra upp till en tredjedel av en akademisk institutions totala utsläpp och det finns en växande oro bland forskare kring att deras resande bidrar till den globala uppvärmningen. Denna rapport är en del av KTH FLIGHT, ett forskningsprojekt med syfte att minska CO2 -utsläpp i flygintensiva organisationer genom att skapa och testa praktiska verktyg. Detta är ett Research through Design-arbete som bidrar med ny kunskap om ett tidigare till stor del outforskat område för implementeringar av utsläppshandelssystem såsom Cap and Trade. Dessa har i olika sammanhang tidigare bidragit till minskade utsläpp med lägre kostnader än skattebaserade system. Men i dagsläget finns det lite forskning gällande dess design och viktiga faktorer för att främja mer hållbara resvanor på ett universitet. Denna uppsats visar på utmaningar och möjligheter vid en implementering och visar aktuell genomförbarhet i ett svenskt universitet (KTH), samt ger förslag på val av lämpliga användare samt inriktning för framtida forskning.

Since their discovery in 1953, adenoviruses have significantly contributed to the understanding of virus-host cell interactions, including mechanistic details of cellular processes such as cell cycle control and alternative RNA splicing. Among the first characterized adenoviral genes were the virus-associated RNAs (VA RNAI/II), which are produced in massive amount during a lytic infection. The VA RNAs perform multiple functions and are required for a successful adenovirus life cycle. More recently, it was shown that the VA RNAs are processed into small viral miRNAs, so-called mivaRNAs, which interfere with the function of the cellular RNAi/miRNA machinery. In papers I and II, we focused on a structural and functional characterization of the mivaRNAs using two approaches. Firstly, we created a model system where the predicted miRNA-like function of mivaRNAI could be investigated, without interfering with other VA RNA functions. This was accomplished by construction of recombinant adenoviruses, in which the seed sequence of mivaRNAI was altered. The results showed that in cell culture experiments the mivaRNAI seed sequence mutants grew as the wild type virus, suggesting that the mivaRNAs are not required during the lytic phase of an adenovirus infection. Secondly, we showed that the VA RNAs from different human adenoviruses (Ad4, Ad5, Ad11 and Ad37) undergo the same type of Dicer-dependent processing into mivaRNAs, which subsequently are loaded onto the RNA induced silencing complex (RISC), albeit with different efficiencies. In paper III, we demonstrated that the promoter proximal region of the adenovirus major late promoter (MLP) produces a novel non-canonical class of small RNAs, which we termed the MLP-TSS-sRNAs. Surprisingly the MLP-TSS-sRNA maintains the m7G-cap structure while bound to Ago2 containing RISC. These complexes are functional suppressing expression of target mRNAs with complementary binding site. Most importantly, the MLP-TSS-sRNA limits the efficiency of viral DNA replication probably through a targeting of the E2B mRNAs, which are transcribed in the antisense orientation. In conclusion, the MLP-TSS-sRNA represents the first viral small RNA, which has been shown to have a function as a regulator of an adenovirus infection.

Over the years there has been significant research around the misspecification of the Capital Asset Pricing Model (CAPM), which challenges the linear relationship between beta and market returns. One of the biggest challenges relates to the “small-firm effect,” which states there are two classifications of stocks (large and small) and that the companies with small-market capitalizations have higher returns. However, the definition of a small-cap is vague and there has been little focus in academia on the stocks in the middle-market capitalization deciles. Despite this, institutional and retail investors created the “mid-cap” category in the early 1990s and, since then, the risk-adjusted returns have been exceptional, relative to small- and large-cap stocks. This study examined mid-cap stocks from an academic perspective and delves into the “mid-cap myth” by evaluating the category over the past 85 years to answer the question around whether mid-caps are superior to other asset class. The results revealed that the highly touted and advertised mid-cap stock performance premium during the 1980-2013 time period was statistically insignificant. Moreover, mid-caps did have superior risk-adjusted returns over the extended time period studied (1928 to 2014); however, these superior returns relative to small-caps were not driven by the uniqueness of the mid-sized companies, but by the underperformance of small-cap stocks, specifically small-cap growth stocks. When studying the behavior or migration of mid-size companies, they do not appear to exhibit unusual behavior relative to companies with smaller market capitalizations, especially in the area of mergers and acquisitions. Thus, the question becomes why small-cap companies underperform relative to their risk level. The answer lies in the inclusion of the NASDAQ stocks to the CRSP database after 1972. This change not only doubled the number of stocks deemed small-caps, but also added a significant number of unprofitable fast-growing companies to the small-cap growth category, specifically in the technology and healthcare industries. The study benefits practitioners by providing insight into the omnipresent claim of mid-cap outperformance from 1980-2014, while also benefiting academia by providing more insight into small-caps’ underperformance during this period and how investigating small-cap growth companies further could add insight into the viability or magnitude of the size and value premium going forward.

The North Polar Layered Deposits (NPLD) of Mars contain a complex stratigraphy that has been suggested to retain a record of past eccentricity- and obliquity-forced climate changes. The surface accumulation rate in the current climate can be constrained by the crater retention age. We scale NPLD crater diameters to account for icy target strength and compare surface age using a new production function for recent small impacts on Mars to the previously used model of Hartmann (2005). Our results indicate that ice is accumulating in these craters several times faster than previously thought, with a 100m diameter crater being completely infilled within centuries. Craters appear to have a diameter-dependent lifetime, but the data also permit a complete resurfacing of the NPLD at similar to 1.5 ka.

Social, political, and economic trends suggest that the United States may soon join other United Nations Framework Convention on Climate Change (UNFCCC) countries in drafting substantive, national climate change policy. After providing a brief overview of past and present climate action taken both nationally and internationally, this paper explores different economic solutions to address the externalities of fossil fuel emissions. Alternatives include command-and-control regulation, a carbon tax, and a cap-and-trade program. Several factors, including domestic political anti-tax sentiment, suggest that a cap-and-trade framework is the most promising market-based alternative to reduce carbon emissions within the United States’s electricity sector. Case studies focus on the power generation components of four Texas utilities: Austin Energy, CPS Energy of San Antonio, NRG Energy, and Luminant and assess cap-and-trade’s ramifications on electricity prices. Utilities would seek to pass through to customers in the form of higher electricity prices up to 100 percent of expenses incurred from mitigating greenhouse gas (GHG) emissions. Three primary factors will determine how a given carbon dioxide cap-and-trade allowance price will affect the electricity price charged by utilities: the carbon intensity of the generation fuel mix, whether the wholesale electricity market is regulated or competitive, and whether greenhouse gas allowances are auctioned or grandfathered to covered entities. Consumer elasticity would determine resulting demand for the higher priced energy. Relatively inelastic electricity consumption could cause electricity sector customers to incur financial losses approximately eight times larger than producers by the year 2020 under a mature cap-and-trade framework. Furthermore, evidence suggests market-based GHG reduction tools such as a cap-and-trade schema alone are not sufficient to decarbonize the electricity generation sector. Without complementary regulatory policies that mandate transition to clean energy sources, cap-and-trade will only succeed in redistributing the opportunity cost associated with the carbon externality. / text

<p>Degradation of mRNA is a highly regulated step important for proper gene expression. Degradation of eukaryotic mRNA is initiated by shortening of the 3’ end located poly(A) tail. Poly(A)-specific ribonuclease (PARN) is an oligomeric enzyme that degrades the poly(A) tail with high processivity. A unique property of PARN is its ability to interact not only with the poly(A) tail but also with the 5’ end located mRNA cap structure. A regulatory role in protein synthesis has been proposed for PARN based on its ability to bind the cap that is required for efficient initiation of eukaryotic mRNA translation. Here we have investigated how the cap structure influences PARN activity and how PARN binds the cap. We show that the cap activates PARN and enhances the processivity of PARN. Further we show that the cap binding complex (CBC) inhibits PARN activity through a protein-protein interaction. To investigate the cap binding property of PARN, we identified the cap binding site at the molecular level using site-directed mutagenesis and fluorescence spectroscopy. We identified tryptophan 475, located within the RNA recognition motif (RRM) of PARN, as crucial for cap binding. A crystal structure of PARN bound to cap revealed that cap binding is mediated by the nuclease domain and the RRM of PARN. Tryptophan 475 binds the inverted 7-Me-guanosine residue through a stacking interaction. Involvement of the nuclease domain in cap binding suggests that the cap site and the active site overlap. Mutational analysis showed that indeed amino acids involved in cap binding are crucial for hydrolytic activity of PARN. Taken together, we show that PARN is an allosteric enzyme that is activated by the cap structure and that the allosteric cap binding site in one PARN subunit corresponds to the active site in the other PARN subunit.</p>