<p>This paper examines whether the phenomena of price drift around quarterly earnings re-leases exist among firms listed on the large cap. list at the Stockholm Stock Exchange for a time period ranging from the first quarter of 2003 to the second quarter of 2006. It fur-thermore examines the ability of the variables forecast error, relative to analyst’s estimates, and firms’ size to explain the variation in price drift among firms.</p><p>A sample of some 30 firms were drawn in the first three quarters of each year between 2003 and 2005, for the year of 2006 only the fist two quarters were included in the study. For each quarter all firms were classified into three different portfolios on the basis of earnings deviations relative to mean analyst’s estimates (forecast error). The returns for each firm in all portfolios were investigated during 20 days post- and pre quarterly earnings release date, resulting in an event window totaling 41 days. In order to clear out effects from general market movements the Capital Asset Pricing Model, CAPM, was used in which betas were estimated for all firms each quarter.</p><p>The findings from this study indicate that price drift, measured by cumulative abnormal re-turn, occur for firms with both negative forecast error as well as positive. For firms with positive error, statistically significant positive price drift was found for both the pre- and post period. As for the firms with earnings below analyst’s mean estimates, negative prean-nouncement drift was statistically supported.</p><p>The ability of firms size and forecast error to explain the variation in price drift on a stock level was very weak, R2 measures of below 5% was reported. However, forecast error was a strongly significant independent variable in the context of the regressions run for both pre- and post-announcement drift. The firms below the lower market cap. quartile in the sample show, on average, lower pre-announcement drift than the firms belonging in the largest quartile.</p><p>Concerning market efficiency among the large cap. firms the price drift found is an indica-tion of market inefficiency both it terms of the semi strong and the strong form. However, care should be taken before generalizing the results from this study but. Possible misspeci-fication of the equilibrium return model will skew the price drift measurement. Moreover, speculation is not explicitly controlled for in this test. Finally, this study is done within a li-mited time span; hence generalization over time is not possible</p>

<p>The aim of this master-thesis is to investigate the emergence of bureaucratic drift in connection with implementation of EU-legislation in Sweden. To narrow it down I have chosen to look at the Swedish implementation of the Working Time Directive, directive 93/104/EG. To be able to fulfil the purpose of this master-thesis I have used two research questions; [1] How did Sweden implement the Working Time Directive into Swedish law? and [2] Why did Sweden omit to correct implement the Working Time Directive? To be able to understand and explain the situation I have used the principal-agent perspective as a theoretical framework. An analysis of motives has been used as analytical method.</p><p>The results from the analysis show that Sweden, in order to keep the contractual model used on the labour market, which is a part of the well known Swedish model, shirked while implementing the directive and implemented as to be able to fulfil its own agenda. This gives a new dimension to implementation research, since Sweden and Scandinavia is considered a ‘black hole’ regarding research on implementation in connection with EU-legislation.</p>

In theory, all relevant information is incorporated in stock prices timely and completely and therefore prices respond related news quickly in efficient financial markets. In today's information age, technological advances provide investors with fast access to a vast number of information resources. One can argue that these advances can help market efficiency due to easy and quick access to relevant information. On the other hand, these technological advances not only facilitate availability of relevant information but also facilitate availability of all types of information--both relevant and irrelevant information signals. In essence, one can argue that there is (over)exposure to information which may come with a cost in the form of distraction and limited attention to relevant information. After considering these previous points, this study sheds more light on investor distraction and its impact on stock prices in two essays. My first essay introduces a new type of investor distraction, which arises from the discrepancy between investors' mood state and the content of the firm news. My second essay shows the importance of culture to explain investors' information processing .Moreover; the findings of my second essay are consistent with an investor distraction effect caused by cultural factors which are assumed as irrelevant factors in investors' information environment. In my first essay titled "Overexposure to Unrelated News and Investor Distraction: Earnings News and Big Sports Games", I use mood-generating events - proxied by big sports games -that contain no information on firm fundamentals but occur concurrently with earnings vi announcements to test the hypothesis that investors' attention shifts away from financial news that is incongruent with investors' mood states, thereby leading to underreaction. I empirically confirm the existence of mood-conflicting distraction. I find stronger post-earnings announcement drift and delayed response ratio, and weaker immediate volume reaction, when the earnings announcing firm's local investors' sports mood is inconsistent with the earnings news' content (good vs. bad). This effect strengthens with firm's proximity to the location of the mood source. In my secon essay titled "Post-Earnings Announcement and Religious Holidays", I show the role of culture, proxied by religion, in financial information processing and the impact of culture on financial outcomes through investor inattention. I examine whether and how the religious holiday calendar affects investors' information processing by investigating price reactions to U.S. firms' earnings announcements that occur during Easter week. I find different patterns for short-term and delayed responses to Easter week earnings surprises. Moreover, there is a stronger immediate (delayed) reaction to good (bad) news, primarily found in less religious, predominantly Protestant areas. The results are consistent with a religion-induced investor distraction effect. The findings also show the role of religious characteristics in firms' information environment and the locality of stock prices.

This dissertation is divided into an introductory chapter and four essays. Chapter one discusses the importance of the study and describes the development and growth of the market as well. The first part (Chapters 2 & 3) examines stock returns behaviour and trading activity around earnings announcements. The second part (Chapters 4 & 5) examines price impact asymmetry and the price effects of block trades in the market microstructure context. Each essay addresses some aspects of market microstructure and stock returns behaviour in order to aid researchers, investors and regulators to understand a market which lacks research coverage. The research provides empirical evidence on issues such as the efficiency of the market, information asymmetry, liquidity and price impact of block trades. In first part of the thesis, event study and regression analysis were used to measure the price reaction around earnings announcements and to examine trading activity, information asymmetry and liquidity. In second part the determinants of the price impact of block trades were examined with regard to trade size, market condition and time of the day effects using transaction data. Liquidity and information asymmetry issues of block trades were also studied in this part.

Bedömningen av företagets fortsatta drift, eller ”going concern” är en av revisorernasuppgifter. För att underlätta denna bedömning har en förhållandevis ny revisionsstandardkommit fram i Sverige, RS 570. Denna standard fungerar som en vägledning för hur enrevisor skall agera när väsentliga osäkerhetsfaktorer kring fortlevnaden är för handen. Dennastandard tar varken hänsyn till de olika förhållanden som karaktäriserar varje bransch ellerföretagens storlek, utan gäller på ett generellt plan. Vår studie syftar till att beskriva ochanalysera revisorernas träffsäkerhet vid bedömningen av ”going concern” för aktiebolag somgått i konkurs i Sverige. Vidare kommer vi att kartlägga och beskriva om det finns någonskillnad i träffsäkerheten och bedömningen av ”going concern” i förhållande till företagensbranschtillhörighet och storlek. Vi har även jämfört dessa mot anmärkning på förbrukat egetkapital och revisionsberättelsens utfall (ren eller oren) då de har en nära koppling till ”goingconcern”. Vi har gjort både en kvantitativ och kvalitativ studie utifrån material från ettforskningsprojekt på Mittuniversitetet i Sundsvall. Den data som vi fick ta del av bestod av801 företag som gick i konkurs under januari och februari 2009. Med hjälp av detta materialhar vi därefter gjort statistiska undersökningar och kommit fram till att den generellaträffsäkerheten ligger på cirka 12 procent. När det gäller företagens branschtillhörighet fannvi ingen skillnad vid ”going concern” bedömningar, anmärkning på förbrukat eget kapitaleller ren/oren revisionsberättelse. Vi fann heller ingen skillnad när det gäller ”going concern”bedömningar i förhållande till företagens storlek. Däremot fann vi en signifikant skillnad vidanmärkningar på förbrukat eget kapital respektive revisionsberättelsens utfall, där små företagär mer benägna att få en anmärkning på förbrukat eget kapital respektive orenrevisionsberättelse än stora företag. Vår slutsats är att träffsäkerheten är oacceptabelt lågvilket gör att vi ställer oss frågande till om revisorerna skall ha till uppgift att bedömaföretagens fortsatta drift. En alternativ lösning är att förändra arbetsprocessen för att höjaträffsäkerheten till en acceptabel nivå. Detta kan ske i form av branschspecialisering, vilkettorde öka den allmänna revisionskvaliteten och även träffsäkerheten i ”going concern”bedömningar. / The assessment of the company's continued operation, or "going concern" is one of theauditors' duties. To facilitate this assessment, a relatively new auditing standard has emergedin Sweden, RS 570. This standard serves as a guide for how an auditor should act whensignificant uncertainties’ surrounding the survival is at hand. This standard does not take thedifferent circumstances that characterize each industry or company size into account, butappears in a general plan. Our study aims to describe and analyze the auditors' accuracy inassessing the "going concern" for companies that went bankrupt in Sweden. Furthermore, wewill identify and describe if there is any difference in accuracy and assessment of "goingconcern" in relation to business size and industry affiliation. We also compared these to thedepleted equity and audit report outcomes (clean or qualified) as they have close links to the"going concern". We have made both a quantitative and qualitative study based on materialfrom a research project at Mid Sweden University in Sundsvall. The data that we receivedconsisted of 801 companies that went bankrupt in January and February 2009. Using thismaterial, we have subsequently done surveys and found that the overall accuracy is around 12percent. We found no difference in "going concern" assessments, observation of depletedequity or clean / qualified audit report between industries. We also found no difference interms of "going concern" assessments in relation to their size. On the other hand, we found asignificant difference in the remarks on the depleted equity and audit report outcomes, wheresmall firms are more likely to get a comment on the depleted equity and qualified opinionthan large companies. We conclude that the accuracy is unacceptably low, which makes uscritical whether the auditors should have the task of assessing companies’ continued operationat all. An alternative solution is to change the work process to increase accuracy to anacceptable level. This change may be done through an industry specialization, which shouldincrease the overall audit quality as well as accuracy in “going concern” judgements.

No description available.

This thesis focuses on three areas of investigation: construction and calibration of gypsum cylinders for the measurement of water flow; quantification of the relationship between flow and macrophyte structure; and the prediction of surficial sediment size structure in the littoral. Near-bottom water flow at 34 littoral sites was quantified using gypsum dissolution. Plant surface area within three weedbeds in Lake Memphremagog (Que. - Vt.) explained 67% of the variance in flow when the effect of water depth was removed. A model relating waterflow within beds to average wind energy and plant surface area was constructed. A multivariate model developed and tested in the littoral of Lake Memphremagog explained 67% of the variance in the proportion of sediment $<$2 um in diameter (clay). The model included the physical variables of fetch, depth, and slope and biological measures of plant presence or absence and sediment organic matter. A second model required plant surface area and sediment organic matter to explain 83% of the variance in the proportion of clay at sites within weedbeds, near the depth of maximum plant biomass.

Learning from data streams is emerging as an important application area. When the environment changes, it is necessary to rely on on-line learning with the capability to adapt to changing conditions a.k.a. concept drifts. Adapting to concept drifts entails forgetting some or all of the old acquired knowledge when the concept changes while accumulating knowledge regarding the supposedly stationary underlying concept. This tradeoff is called the stability-plasticity dilemma. Ensemble methods have been among the most successful approaches. However, the management of the ensemble which ultimately controls how past data is forgotten has not been thoroughly investigated so far. Our work shows the importance of the forgetting strategy by comparing several approaches. The results thus obtained lead us to propose a new ensemble method with an enhanced forgetting strategy to adapt to concept drifts. Experimental comparisons show that our method compares favorably with the well-known state-of-the-art systems. The majority of previous works focused only on means to detect changes and to adapt to them. In our work, we go one step further by introducing a meta-learning mechanism that is able to detect relevant states of the environment, to recognize recurring contexts and to anticipate likely concepts changes. Hence, the method we suggest, deals with both the challenge of optimizing the stability-plasticity dilemma and with the anticipation and recognition of incoming concepts. This is accomplished through an ensemble method that controls a ensemble of incremental learners. The management of the ensemble of learners enables one to naturally adapt to the dynamics of the concept changes with very few parameters to set, while a learning mechanism managing the changes in the ensemble provides means for the anticipation of, and the quick adaptation to, the underlying modification of the context.

<p>Despite high vaccination rates and effective adaptive immune responses from the part of infected individuals, influenza A viruses cause significant morbidity and mortality annually. This is due to influenza's rapid antigenic evolution, whereby continual mutations occurring in epitope regions of the virus's hemagglutinin protein result in the diminishment of long-term antibody recognition, in a process that has been termed `antigenic drift'. Although it is clear that antigenic drift enables previously infected individuals to become reinfected, the mechanism that is responsible for influenza's antigenic drift is still under debate. As recently as 2009, a new hypothesis of antigenic drift was put forward that argues that binding avidity changes in the viral hemagglutinin result in antigenic drift as a side effect. This hypothesis stands in contrast to the traditionally accepted hypothesis that mutations in epitope regions are positively selected for their ability to evade immune recognition. This thesis focuses on the use of epidemiological models and empirical data analysis to explore different hypotheses of antigenic drift. </p><p>In the first chapter, I am asking what effects on antigenic drift rate would be produced under the new hypothesis. I mathematically formulate the hypothesis that antigenic drift is simply a side effect of cellular receptor binding avidity changes that occur as the virus is transmitted between individuals of different immune status levels. I then use this formulation to explore how influenza's rate of antigenic drift depends on different epidemiological factors, including host contact rate, host lifespan, and the duration of infection. Finally, I use the model to assess alternative vaccination strategies by the impact they have on rates of antigenic drift and therewith rates of disease incidence/</p><p>In the second chapter, I critically evaluate the binding avidity hypothesis by comparing predictions of the hypothesis against empirical data. I first use a `phylodynamic' extension of the model presented in the first chapter to determine whether the hypothesis is consistent with the ladderlike phylogeny of influenza's hemagglutinin protein. I then use viral sequence data and metadata to determine whether older aged individuals (with a higher number of previous infections) harbor viruses with higher binding avidity than younger aged individuals (with a lower number of previous infections), a prediction made by the binding avidity hypothesis. Finally, I perform a phylogenetic analysis to determine how rapidly binding avidity changes occur. From these analyses, I conclude that the binding avidity hypothesis is not well supported by empirical data.</p><p>In the third chapter, I develop an integrated viral life cycle model, in which viral replication depends on three viral phenotypes: receptor binding avidity, neuraminidase activity, and antigenicity. This integrated model recognizes that receptor binding avidity changes will influence viral replication, but also allows for antigenic evolution to be brought about directly by epitope changes. I first use this model to show how the evolutionary dynamics of these phenotypes are dependent on one another and how antigenic drift can be interpreted within this framework. I then return to some of the questions addressed in the first chapter to ask how different epidemiological factors impact influenza's rate of antigenic drift.</p><p>Together, these three chapters highlight the importance of viral phenotypes other than antigenicity in contributing to influenza's antigenic evolution, and, more generally, the importance of computational and mathematical research in understanding constraints on viral adaptation.</p> / Dissertation

Soil organic matter (SOM) is a dynamic soil property, sensitive and responsive to many factors. The possibility of increasing soil carbon (C) sequestration by changing land use and management practices has been of great interest recently due to concerns with global changes in the atmospheric carbon dioxide (CO2) balance. Nonetheless, as a result of the complex dynamics of SOM, there is still the need for SOM characterization procedures capable of monitoring SOM stabilization, taking into account all the factors involved. This study characterized SOM stabilization as affected by management practices in three long-term field experiments, considering physical, chemical and biological components. The field experiments are located near Lexington, Kentucky, on a Maury silt loam (fine, mixed, mesic Typic Paleudalfs). The first experiment evaluates tillage and nitrogen (N) rate effects. The second experiment studies manure and N rate effects. The third experiment evaluates the five corn components of three crop rotations [continuous (monoculture) corn, corn-wheat/double crop soybean, and hay-hay-corn-corn-corn]. Soil organic matter content, stability, and composition, for physically separated fractions, were assessed using δ13C natural abundance and diffuse reflectance Fourier transformed infrared (DRIFT) spectroscopy. In addition, management effects on microbial biomass and microbial function as indicated by phenol oxidase enzyme activity were evaluated. The results indicate that management practices affect SOM content, stability, and composition, and these effects differ by the soil aggregate fraction. No-tillage (NT), N fertilization, manure application and increased corn in crop rotations enhanced SOM levels. However, the effect of NT was observed mainly at the soil surface. Soil organic matter storage was determined by the aggregate size distribution. The proportion of recently deposited C was generally positively related to aggregate size, especially for the first and third experiments. Most of the recently deposited C was stabilized in microaggregates within macroaggregates, across the management treatments and field experiments. In addition, this fraction consistently exhibited low to medium SOM reactivity. These results suggest that SOM stabilization, as influenced by management practices, required achieving a specific composition and location within the soil matrix. This implies that soil C forms and aggregate size and stability are closely interrelated.