This is a study of the ex-dividend day. The study covers six years (2007-2012) and studies the shares included in the OMXS30 on the Stockholm stock exchange. OMXS30 is a share index of the 30 most actively traded stocks on the exchange. The study comprised a total of 145 observations. The purpose of this study is to investigate if the stock price on the ex-dividend day unfolds as the efficient market hypothesis teach or if there exists room for speculation, and thus earn a return higher than the market.The ex-dividend day effect has been studied previously, both on the Swedish market but also abroad. The results of previous researchers are different but they all have one thing in common, namely that there is a certain ex-dividend day effect.When calculating the ex-dividend day effect, the stock prices had to be adjusted for the normal return that occurs during the ex-dividend day. The normal return is not something that is universally known, but must be estimated by the author. In this study, it was estimated using the OMXS30 index movements relative to each company's beta. After that price drop ratio is calculated. The authors found that the share price on average fell by about 90 % of the dividend amount, with the possibility of an excess return of approximately 0.37 %. This was according to statistical tests significantly different from one, indicating that the ex-dividend day effect exists. By studying each year the authors found significant discrepancies between the years that cannot be explained, the authors themselves could conclude that the price drop ratio exists in symbiosis with the current economic situation.

The present research work caters to two important needs of rural India: i) desalination of subsoil/coastal brackish water and ii) basic refrigeration for short term preservations of agro-produce, medicines etc. Fortunately, such places are blessed with abundant solar insolation and/or low grade thermal energy (< 100°C) is available which may be tapped for this purpose instead of relying solely on grid electricity. Both the objectives of desalination and cooling are realized by evaporating brackish water at a low pressure (~1 kPa) and thermally compressing the water vapour to a higher pressure before condensing it. Adsorption route is chosen for compression where silica gel is the adsorbent and water to be desalinated as the refrigerant. The objective of this study is to develop a laboratory prototype of a two-stage adsorption cooling cum desalination system driven by low grade heat source. The entire system is air-cooled which is necessitated by non-availability of heat exchange grade cooling water. Initially various experimental and theoretical studies are carried out for characterizing silica gel + water pair which is fundamental to the system design. RD type silica gel is used in this study due to its high uptake capabilities. The uptakes for this adsorption pair at various pressure and temperature conditions are measured using a specially designed isothermal adsorber cell connected to an evaporator. Subsequently, a modelling study of adsorption kinetics is performed for a monolayer of silica gel in order to estimate the adsorption time scale. This time scale is used as an input for the scaling analysis of columnar packed silica gel bed. The scaling analysis showed that the thermal diffusion time scale limits the adsorption process. It also showed that for a given thermal length scale, the bed has a unique vapour flow length scale beyond which the adsorption phenomenon gets limited due to pressure drop. The scaling results are validated by simulation studies. A shell-and-tube heat exchanger is chosen for the adsorber which closely mimics the columnar silica gel packing studied in scaling analysis. The heat exchanger is designed for radial entry of vapour. A modelling study is performed on ANSYS® Fluent platform for optimising the tube pitch by minimising the overall thermal capacitance of the bed. The shell diameter is determined for this tube pitch based on the vapour flow length criterion established through scaling. To experimentally study the effect of pressure drop on bed performance, the radial entry of vapour is closed for 1 bed/stage (out of the 4 beds/stage) enforcing the vapour to flow along the longer axial dimension. The system is generously instrumented for precise measurements and control over the various experimental parameters. For the functioning of the adsorber system, various vapour valves and water (heat transfer fluid) valves need to be operated in a cyclical and synchronized manner. Individual components are fitted with pressure, temperature and water flow sensors. The entire operation and data acquisition for the adsorption system has been automated using National Instruments® (NI) PXIe controller executing an in-house developed code written on NI Labview® platform. To simulate solar/waste heat input, multiple electrical heaters are used in this study and a constant temperature bath is used to simulate the cooling load at the evaporator. Prior to conducting experiments a 4-bed lumped dynamic model is developed based on the design data of the system to simulate the two-stage system performance for various input conditions. The study helped to optimise the performance of a two-stage system. The study also compares the two-stage and single-stage system performance for various ambient temperatures (25–40°C). The study revealed that for pressure lifts higher than 5 kPa a two-stage system is preferable. A detailed experimental study is conducted on the developed prototype by operating it in various conditions namely 2, 3 and 4–bed modes for single and two-stage operations; with 1.0–1.7 kPa evaporator pressures, half cycle time varying between 1200–3000s and source temperature in the range of 75–85°C. The system is operated indoors during summer conditions wherein the ambient temperature is found to be 36±1°C which is significantly higher than the design point of 25°C. This resulted in lower than expected throughput; however, the system performance variation is qualitatively similar to as predicted by the lumped model. A comparison between the experimental and simulated bed temperature revealed that the thermal wave during the switching of hot/cold water plays a significant role causing a large deviation from the simulation results. A comparative study is carried out between the beds with radial vapour flow to that with axial flow and the results validate the scaling criterion. Experimental results also depict that two-stage operation is favourable when the pressure lift required is larger than 5 kPa. Such large pressure lift is encountered when air-cooling is used in a tropical country like India.

The main aim of this thesis is to analyze the behavior of stock price on ex-dividend day in London Stock Exchange and New York Stock Exchange and draw a conclusion about the market efficiency based. We collect 200 sample companies dividend, ex-dividend day and cum dividend day stock price to compare with NYSE composite index and FTSE 100 for London Stock Exchange.   To answer the research question and specific purpose of our thesis we developed five null hypothesis based on raw price ratio (RPR), market-adjusted price ratio (MAPR), raw price drop ratio (RPD), market-adjusted price drop ratio (MAPD) and market-adjusted abnormal return (MAAR). We used t-statistic to find the mean differences between observed values and standard values. We also show multiple regression analysis to show the relationship between ex-dividend day stock price and dividend, cum-dividend day stock price.   This thesis documented that same amount of stock price drop in 2008 New York Stock Exchange compare with dividend amount. In this case our null hypothesis accepted. On the other hand in London Stock Exchange shows higher drop of stock price than dividend amount in 2008 against the taxation rate rules of prior study. In 2007 both stock market shows the less drop of stock price than dividend amount. Therefore our null hypothesis rejected. We also documented that London Stock Exchange more volatile than New York Stock Exchange to consider the MAAR, tax rate and standard deviation. So we find significant evidence of market abnormal return which create an opportunity of market inefficiency and arbitrage opportunity for investors.   So, our thesis output shows mixed evidence for London Stock Exchange and New York Stock Exchange.

This article outlines the research program of a “criminology of crime avoidance” using the example of the preemptive use of legal opinions by white-collar actors to shift the boundaries of the law in their own favor. For this purpose, the term creative compliance is introduced and explained with regard to the Cum-Ex scandal in Germany. Then, a look is taken at possible criminological explanations for the phenomenon. Finally, the hypothesis is developed that law enforcement personnel is deterred from investigations by the reputational capital of certain legal advisors.

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal. / L'application de système d'aide à la décision à référence spatiale se développe progressivement en aménagement du territoire. Étant destiné à des utilisateurs et à un domaine d'application précis, ce type de système nécessite une approche d'implantation particulière. Par l'étude de cas du SIAD­Environnement de la CUM, nous avons tenté de déterminer si la diversité des besoins, de gestion ou de planification, a un impact sur l'élaboration d'un tel outil. Nous avons d'abord observé la méthode d'implantation choisie par les intervenants afin de vérifier si les différentes étapes d'implantation d'un tel système ont été suivies. Ensuite, nous avons confronté notre modèle sur les visions de la géomatique (celle du planificateur, du gestionnaire et de l'informaticien) au cas du SIAD. Par ce modèle, nous tentions de montrer l'importance d'une concertation entre les intervenants, lors de l'élaboration d'un système, pour l'identification des besoins, des objectifs et des décisions à prendre. Ceci correspond à la principale hypothèse. Enfin, le SIAD-Environnement ne nous semblait pas permettre d'assister la prise de décision, C'est au moyen d'une étude de cas unique et d'un modèle que nous avons tenté de vérifier ces hypothèses. Afin de mieux comprendre le contexte d'élaboration du système à l'étude, nous avons combiné le procédé des entrevues avec la recherche documentaire. Le mémoire se divise en deux parties : la première présente les éléments théoriques et propose un cadre opérationnel ; la seconde présente l'étude de cas et répond aux hypothèses. Notre étude de cas a clairement démontré que le SIAD-Environnement n'est pas un système d'aide à la décision tel que défini par la littérature. En fait, il propose seulement, comme fonctionnalité, la mise à jour d'inventaires et de sensibilités. De plus, les intervenants, en privilégiant l'approche par les données, n'ont pas défini les besoins et les décisions auxquels devaient répondre le système. Cette situation rend impossible la validation de notre modèle sur les visions, qui est basé sur l'émergence des besoins et la confrontation de ceux-ci lors de l'implantation du système. Malgré les limites posées par un cas unique et la validation partielle de la principale hypothèse, l'étude de cas du SIAD-Environnement, à travers l'analyse de la littérature et les propos des intervenants rencontrés, permet en définitive de souligner l'importance, lors de l'élaboration d'un projet de système d'aide à la décision, que tous les intervenants, utilisateurs et concepteurs, s'unissent pour déterminer les besoins et les problèmes auxquels le système devra répondre. De plus, les intervenants devraient confronter le problème afin d'obtenir une approche et une vision globale, sans ambiguïtés et contradictions, du phénomène sur lequel ils tentent d'intervenir. Par ailleurs, il aurait été intéressant de vérifier, par d'autres études de cas, la justesse du modèle sur es visions de la géomatique pour l'aménagement du territoire, afin de voir s'il synthétise bien l'ensemble des enjeux reliés aux besoins en matière de système d'aide à la décision.

This thesis is an analytical study of the place of clairvoyance (avadhijñāna) in Jain epistemology and soteriology. It argues that avadhijñāna occupies an ambivalent position regarding both, since it is not solely attained by means of spiritual progression but may also spontaneously arise regardless of a being’s righteousness (samyaktva). Beginning with a survey of descriptions of avadhijñāna in the canons of each sect, including a translation of Nandisūtra 12-28, it examines how commentaries, philosophy and narrative literature developed and elaborated upon avadhijñāna as part of its epistemological system. Further, it examines the nexus of avadhijñāna and karma theory to understand the role of clairvoyance in the cultivation of the three jewels—correct perception, knowledge, and conduct—that lead to liberation (mokṣa). Finally, several examples of clairvoyants from Jain narratives show how clairvoyance reamined an ambivalent tool for virtuous transformation in popular literature.

A King Dyed Pink is Doomed to Die is a poetry collection concerned with cruelties waged against queer people—how even the most seemingly innocuous habits of cishet society proliferate a vast catalog of ongoing violence, from microaggressions to murder. Disrupting the accompanying complicity of silence (mine and others') involves not only invoking a propulsive "I" lyric (at once playful and elegiac, confessional and enraged, horny and ashamed) but also creating an unabashed mess of formal modes (theater, journalism, surrealism, visuality, 21st century technology) that, unlike heteronormativity, refuses tidy categorization. Death haunts these poems, whether it be a pigeon fatally dyed pink for a gender reveal party or a queer brutally murdered in a small Virginia town months before I moved there. As I metabolize the grief, rage, and despair resulting from past and current injustices, I turn to tender futurity: in this violent world, how can we—queers and accomplices—still cultivate pleasure and love? / Master of Fine Arts / A King Dyed Pink is Doomed to Die is a poetry collection that reckons with violence waged against queer people. How do even the most seemingly innocuous hetero habits perpetuate cruelty, whether it be big or small? At once horny and rageful, silly and elegiac, these poems draw from theater, journalism, surrealism, visuality, modern technology, and other modes to disrupt a culture of binaries and tidy categorizations. The specter of death haunts this book as much the tragedy of two actual ones: a pigeon fatally dyed pink for a gender reveal party and a queer brutally murdered in Blacksburg, Virginia, months before I moved there. Even as I reckon with nasty realities, I invoke tenderness in my hopes for the future: in this violent world, how can we—queers and accomplices—cultivate pleasure and love?

Investors are continuously looking to increase the return on their investments. In an ideal world investors want to increase there return and outperform the market. Theory states that it is impossible to do so without increasing your risk. Arbitrage is a concept where investors are able to generate risk-free returns exceeding the market. Dividend is a common tool for publicly listed firms when rewarding their shareholders. On ex- dividend day, the day after the dividend payout, the stock price should according to theory decrease in order for the valuation of the stock to be held constant. In our research we investigate if there are arbitrage opportunities in connection to the dividend payouts, namely the ex-dividend effect. We want to generalize our results across experimental settings, thus across different stock markets. As a basis for our research we picked the OMXS. We base our research on three theoretical areas: the dividend irrelevancy theory, the efficient market hypothesis and the anchoring theory. The dividend irrelevancy relates to how the stock price ought to behave on ex-dividend day whereas the efficient market hypotheses states that prices on a market fully reflects all available information. Both theories concur that no arbitrage opportunities should be available on the financial market. The anchoring theory highlights the fact that investors formulate an anchor price for financial assets, for example stocks. In our research we aim to formulate a practical method on how to make abnormal returns on the ex dividend effect, based on the anchoring theory. Our census sample consists of dividend-paying firms publicly registered on the OMXS, and consists of 694 observations taken from 2009 to 2012. The sample was picked on the basis of characteristics, for example that the firm has been registered for at least four years and paid dividend one time during the four years of investigation. In order to tests for arbitrage opportunities on ex-dividend day, we used a simple mathematical model measuring the deviation between the price drop cum-dividend day to ex-dividend day, and the dividend amount. We conclude that the price drop differs from the dividend amount, only accounting for a price drop of 0.73 of the dividend amount. Thus, the price drop for each dividend unit is 0.73, in relation to a perfectly efficient market where there should be no difference; hence the price drop would be equal to the dividend amount, 1. Research on the ex-dividend effect is a thoroughly investigated area, where the first research was presented in 1955. Previous research all attempts to explain why there are market anomalies, but none examine how one can capitalize on the findings. In our research we examine if it is possible to make abnormal returns based on a segmenting of stocks, depending on their price volatility. This research is thereby first in examining how to capitalize on found arbitrage opportunities.

The period of crisis is ongoing and still poses challenges for companies. In the aftermath of Covid-19 pandemic, the effects of the Russian war of aggression and inflation increase economic pressures. This might lead to less expenses on Compliance and increase the vulnerability to Compliance-violations. At the same time, legal policy trends are moving toward a stronger commitment to Compliance and transparency (e.g., the German Act on Corporate Due Diligence Obligations in Supply Chains or implementation laws of EU Whistleblower Directive). In this edition, our authors address some of these legislative trends as well as the question of the limits of “Creative Compliance”.

Dans l’industrie du vêtement d’Istanbul, les carrières sont courtes et le taux de renouvellement des ouvriers est élevé. La combinaison entre production flexible et accords de sous-traitance dans un environnement urbain informel amène un nombre croissant d’ouvriers à assumer des fonctions entrepreneuriales équivoques. Ces acteurs sont au cœur de cette thèse de doctorat. Pour maintenir leurs positions ces ouvriers temporaires sont souvent contraints de devenir de petits intermédiaires précaires qui redéfinissent les distinctions entre production et distribution. Basée sur des données empiriques recueillies grâce à un travail de terrain en profondeur à Istanbul, mon travail doctoral questionne sous un angle anthropologique les dynamiques changeantes de l’industrie du vêtement d’Istanbul à différentes échelles et le rôle des petits entrepreneurs dans la formation de ces dynamiques à travers leurs pratiques et leurs innovations. Alors que les petits entrepreneurs sont essentiels, ils sont rarement irremplaçables. Pour explorer ces questions, cette recherche trace les liens entre les différents débouchés de l’industrie du vêtement d’Istanbul et examine comment leurs processus de valuation respectifs sont entremêlés. Durant les dernières décennies, dans l’ombre des exports officiels vers l’Europe occidentale, le « commerce à la valise » vers des pays voisins, ainsi que le marché domestique se sont développés. En « joignant les deux bouts », les petits entrepreneurs de l’industrie du vêtement d’Istanbul sont des courroies de transmission entre ces marchés aux échelles transnationale et locale. Les étudier offre de nouvelles perspectives sur les contextes industriels modernes et le fonctionnement des marchés globaux. / In Istanbul’s garment industry, careers are short and worker turnover is high. The combination of flexible production and subcontracting agreements in an informal urban environment propel an increasing number of workers to assume equivocal entrepreneurial functions. These actors are at the core of this dissertation. In order to maintain their positions, irregular workers are often forced to become precariously positioned small brokers who reshuffle the distinctions between production and distribution. Based on empirical material gathered through in-depth fieldwork in Istanbul, my dissertation questions from an anthropological perspective the shifting dynamics of Istanbul’s clothing industry at different scales and the role of small entrepreneurs in shaping these dynamics through their skillful practices and innovations. While small entrepreneurs are essential, they are rarely irreplaceable. In order to explore these issues, this dissertation traces the connections between the various outlets of Istanbul’s garment industry and scrutinizes how their respective valuation processes are intertwined. Over the last decades, in the shadow of official exports to Western Europe, the so-called suitcase trade to neighboring countries as well as the domestic market have flourished. By “making things fit” and “making ends meet,” Istanbul’s small entrepreneurs are conveyor belts between these markets at both the transnational and local scales. Studying them offers new insights into modern industrial settings and the workings of global markets.