Bakgrund: En stor andel av de svenska invånarna sparar idag i fonder. De senaste åren har utbudet av fonder ökat allt mer, dels genom antalet fondbolag samt spridningen över olika marknader. Fonder allokerade mot tillväxtmarknader, Emerging Markets samt Frontier Markets, är en av de fondtyper som fått större uppmärksamhet på sistone. På grund av lägre grad av transparens från dessa marknader har investerare inte tillgång till lika mycket finansiell information från tillväxtmarknader, de ses även som mindre effektiva jämfört med de mer utvecklade marknaderna. Tillväxtmarknadsfonder tenderar även att ta ut höga avgifter för förvaltningen. Det för oss vidare till att analysera hur förvaltare av tillväxtmarknadsfonder lyckas med sina investeringar sett till den årliga avgift de tar ut för sin förvaltning. Syfte: Syftet med denna uppsats är att studera hur sambandet ser ut mellan fonders årliga avgifter och den riskjusterade avkastningen hos fonder med full allokering mot tillväxtmarknader kategoriserade inom Emerging Markets samt Frontier Markets. Metod: Genom studien har en deduktiv ansats och en kvantitativ metod tillämpats för att undersöka samband mellan flertalet variabler mot den beroende variabeln, Total Expense Ratio. Vi har hämtat in månadsdata från ett urval av 50 fonder via Thomson Reuters som vi sedan analyserat genom nyckeltal samt regressioner. Slutsats: Studiens resultat tyder på att det finns ett negativt samband mellan fondernas riskjusterade avkastning och dess årliga avgift. Vi ser att fonderna med högre avgift tenderar att resultera i en lägre riskjusterad avkastning. / Background: Today most of the swedes saves in mutual funds. The past few years we have seen an increase in the supply of mutual funds. Funds allocated to Emerging Markets and Frontier Markets has gotten more attention as well. These markets have a lower grade of transparency and has a lack of financial information compared to more developed markets. Studies has shown that they are also less efficient than the developed. Mutual funds in Emerging Markets tends to charge higher fees for their management. These factors make it interesting to analyze how the trustees of the mutual funds succeed in their investments related to the Total Expense Ratio that they charge. Purpose: The purpose of this study is to analyze the relationship between mutual funds’ Total Expense Ratio and their risk adjusted return for funds allocated to Emerging Markets and Frontier Markets. Methodology: The authors have used a deductive approach and a quantitative methodology to fulfill the aim of this study. We have gathered data by observing 50 mutual funds and retrieved the data from Thomson Reuters. We have then analyzed the data by calculating key ratios and by regression analysis. Conclusion: The results of this study show that there is a negative relationship between mutual funds’ total expense ratio and their risk adjusted return. We note that mutual funds with higher expense ratios tends to result in lower risk adjusted return.

Объектом исследования является прибор DIY Vector Network Analyzer UVNA-63. Целью работы является разработка программного обеспечения для DIY Vector Network Analyzer UVNA-63. В данной работе описана разработка программного обеспечения в программе Matlab. Описана работа разработанных функций измерения. Описана работы разработанного графического интерфейса. Доработка методики лабораторных работ. Актуальность работы обоснована отсутствием программного обеспечения для проведения измерений на векторном анализаторе цепей, который имеется в распоряжении кафедры и может быть задействован в учебном процессе. Разработанное ПО позволит проводить измерения, производить калибровку аппарата, сохранять полученные данные в различных форматах, отображать полученные данные на графике и устанавливать маркеры на графике. Область применения является учебная сфера. С помощью разработанного программного обеспечение возможно выполнять лабораторные работы и измерять исследуемые устройства. / The object of research is the device DIY Vector Network Analyzer UVNA-63. The purpose of the work is to develop software for DIY Vector Network Analyzer UVNA-63. This paper describes software development in Matlab. The operation of the developed measurement functions is described. The work of the developed graphical interface is described. Refinement of the laboratory work methodology. The relevance of the work is justified by the lack of software for carrying out measurements on a vector network analyzer, which is at the disposal of the department and can be used in the educational process. The developed software will make it possible to carry out measurements, calibrate the apparatus, save the obtained data in various formats, display the obtained data on a graph and set markers on the graph. The scope is the educational area. With the help of the developed software, it is possible to carry out laboratory work and measure the investigated devices.

本研究以1997至2001年國內高研發密度之上市上櫃公司為研究對象，探討高研發密度公司揭露非盈餘以及智慧資本相關資訊之行為。首先探討企業揭露資訊之偏好及趨勢，再分析影響企業揭露非盈餘及智慧資本資訊頻率之因素，並探討企業股價與帳面價值間之差異及股票週轉率與企業揭露智慧資本相關資訊之關聯性。 實證結果發現，公司主動揭露與盈餘有關資訊之頻率有逐年下滑的現象，而揭露非盈餘及智慧資本相關資訊的頻率則有逐漸升高的趨勢。以分組檢定結果而言，未預期盈餘為正且幅度較大的公司在揭露智慧資本資訊方面顯著較未預期盈餘為負且幅度較大的公司積極。就影響企業揭露非盈餘以及智慧資本相關資訊之因素而言，未預期盈餘、員工每人營業利益、研發密集度，以及每人配備率與揭露非盈餘及智慧資本相關資訊之次數均呈顯著正向關係，而董監事持股比率以及用人費用率則與兩項資訊之揭露次數呈顯著負相關。 此外，屬於資訊電子業以及規模較大的公司，揭露非盈餘及智慧資本相關資訊之意願較強。就企業股價與帳面價值之差異以及股票流動性而言，資訊電子業之股價淨值比及股票週轉率均較非資訊電子業為高，策略聯盟（流程資本）資訊揭露次數與股價淨值比呈顯著正（負）向關係，新產品及策略聯盟（人力資本）資訊揭露次數則與股票週轉率呈顯著正（負）相關。 關鍵字：自願性揭露、智慧資本、市價淨值比 / Based on a sample of firm listed on TSE, this thesis investigates the voluntary disclosure behavior ofR&D intensive companies in Taiwan over the period of 1997 to 2001. With an emphasis on non-earnings and intellectual capital-related disclosure policies, we first explore the disclosure behavior in terms of frequency and type of information revealed by management. We then examine whether price-to-book (P/B) ratio and stock turnover ratio reflect the disclosure of non-earnings and intellectual capital-related information. The empirical results suggest a declining trend in disclosing earnings information, with an opposite tendency in non-earnings information over the period examined. In addition, unexpected earnings and variables proxy for intellectual capital determine the disclosure behavior of non-earnings and intellectual capital-related information. Firms with operating performance far beyond market's expectation tend to disclose more intellectual capital-related information than firms with operating performances far worse than market has expected. Variables such as operating income per employee and cost of human resource (proxies for human capital), R&D intensity (proxy for innovation capital), equipment per employee (proxy for process capital) as well as the ratio of directors' shareholding are found to be significantly related to the disclosure frequency of non-earnings and intellectual capital-related information. The findings also indicate that electronics and software industries are more likely to disclose more non-earnings and intellectual capital-related information and have higher price-to-book and stock turnover ratios as compared to other industries in the sample. Firms disclose more (less) strategic alliance (process capital) information is found to have higher price-to-book ratios. Firms disclose more (less) strategic alliance and new product (human capital) information is found to have higher stock turnover ratio. It appears that more disclosure on intellectual capital-related information does not necessarily and monotonously explain the variation in both price-to-book and stock turnover ratios. Key words: voluntary disclosure, intellectual capital, price-to-book ratio, stock turnover ratio

The main objective of the project was to establish a fracture-mechanics energy-based approach for the design of structural adhesive joints under cyclic loading. This required understanding how an adhesive system behaved near its fatigue threshold, and how the key factors affected this behavior in a fresh undegraded joint. The investigated factors were mode ratio (phase angle), substrate material, surface treatment and surface roughness (both affecting the bond strength), bondline thickness and load ratio. It was first required to understand how the adhesive system behaved under quasi-static loading by examining a fracture mechanics-based design approach for adhesive systems with different substrate materials and geometries. Experiments were initially performed to characterize the strength of aluminum and steel adhesive systems based on the fracture envelope, critical strain energy release rate as a function of the mode ratio. Ultimate failure loads of aluminum and steel adhesive joints, having different overlap end conditions and different geometries were then experimentally measured. These values were compared with the failure loads extracted from the fracture envelope. Considering the toughening behavior of the adhesive in the fracture mechanics analyses, a very good agreement (average of 6%) was achieved between the predictions and experiments for all types of overlap end conditions and geometries. Different fatigue threshold testing approaches, which are commonly used in the literature or suggested by the ASTM standard, were evaluated for the cracked and intact fillet joints. Based on the experimental and analytical studies, the most appropriate technique for fatigue testing and characterization of adhesive systems was suggested. Comparing the mixed-mode near-threshold behavior of different adhesive systems with the fracture behavior and fatigue mode-I and mixed-mode high crack growth rates showed the high sensitivity of the mixed-mode near-threshold fatigue to the subtle changes in the interfacial bond strength. In order to make a baseline for the design of adhesive joints under cyclic loading, similar to the previous fracture tests and following the energy-based approach, fatigue behavior was characterized as a function of the loading mode ratio for aluminum and steel adhesive joints. The effect of substrate material, surface treatment, bondline thickness, surface roughness and fatigue testing load ratio on the near-threshold fatigue behavior of adhesives joints was evaluated experimentally. The experimental observations were then explained using finite element modeling. To generalize the conclusions, the majority of experiments and studies covered a broad range of crack growth rates, as low as fatigue threshold and as high as 10-2 mm/cycle. Having understood the significant testing and design parameters, an adhesive system can be designed based on a safe cyclic load that produces an insignificant (for automotive industry) or reasonably low but known crack growth rate (for aerospace industry).

Syfte: Syftet med denna studie är att studera hur små- och medelstora företags kapitalstruktur påverkas av företagets lönsamhet, ålder, tillväxt, materiella anläggningstillgångar, storlek och bransch. Metod: Studien genomför en kvantitativ undersökning med en deduktiv ansats. Med utgångspunkt i tidigare forskning utformas sex oberoende variabler för att sedan testa dess påverkan på kapitalstrukturen. Data samlas in från företagens årsredovisningar med hjälp av databasen Retriever och behandlas i Microsoft Excel. Data analyseras sedan med hjälp av korrelationsanalyserna Pearson´s r och Spearmans rho samt en multipel regressionsanalys i statistikprogrammet SPSS för att utröna eventuella samband. Resultat & slutsats: Studien erhåller en förklaringsgrad på 7,1 procent samt konstaterar att variablerna lönsamhet och ålder har ett positivt samband med soliditet, och därmed en negativ koppling till belåning. Den oberoende variabeln materiella anläggningstillgångar uppvisar en positiv korrelation med skuldsättningsgraden. Resultaten som studien kommer fram till finner stöd i tidigare forskning med undantag för den oberoende variabeln tillväxt och till viss del bransch. Slutligen fastställer studien att ålder är den oberoende variabel med störst inverkan på kapitalstrukturen. Förslag till vidare forskning: Det skulle vara intressant att undersöka fler faktorer än vad denna studie behandlar, för att se dess påverkan på kapitalstrukturen. Ett ytterligare förslag till fortsatt forskning är att genomföra en mer djupgående analys av branscherna, då dessa genererade varierande samband. Uppsatsens bidrag: Studiens resultat bidrar till ökad förståelse för kapitalstruktur i svenska SME samt verkar som indikator för vilka faktorer som har betydelse för soliditeten. Därmed bidrar arbetet till teoribildningen gällande svensk kapitalstruktur. Uppsatsen kan fungera som en vägledning för befattningshavare vad det gäller företagets finansiella struktur och utgör därför också ett praktiskt bidrag. / Aim: The purpose of this study is to examine how Small and Medium-Sized Enterprise’s capital structure is influenced by the company's profitability, age, growth, tangible assets, size and sector. Method: The study carries out a quantitative survey with a deductive approach. Based on previous research six independent variables is designed with the purpose to test their  impact on capital structure. The data is collected from annual reports using the database Retriever and processed in Microsoft Excel. The data is analyzed by using the two correlation analysis Pearson’s r and Spearman’s rho and a multiple regression analysis in the statistic program SPSS to determine any correlation. Result & Conclusions: The study receive an explanation rate of 7.1 percent and concludes that the variables profitability and age show a negative correlation with debt ratio, and thus a negative connection to borrowing. The independent variable tangible assets show a positive correlation with debt. The results of the study obtain support in previous research, with reservation for the independent variable growth and, to some extent, a few sector categories. Finally, the study shows that age is the independent variable with the greatest impact on capital structure. Suggestions for future research: It would be interesting to examine more factors than this study addresses, to see its impact on capital structure. A further proposal for future research is to conduct a more in-depth analysis of the variable sector, as it generates varying connection. Contribution of the thesis: The study results contribute to greater understanding of the capital structure in the Swedish SME and acts as an indicator of the factors that are important for the equity ratio. Thereby contributing to the theory regarding Swedish capital structure. The paper can serve as a guide for management in terms of its financial structure and is therefore also a practical contribution.

Der Zusammenhang zwischen den Begriffen "Chance" (odd) und "Wahrscheinlichkeit" (probability) und die Anwendung des Chancenverhältnisses (odds ratio) im Bereich der Biometrie und bei der logistischen Regression werden erläutert. Es wird auf mögliche Fehlinterpretationen der Begriffe Chance und Chancenverhältnis hingewiesen.

La biohydrogénation (BH) ruminale des acides gras polyinsaturés (AGPI) est à l'origine de la production d'intermédiaires trans retrouvés dans les productions de ruminants (essentiellement le lait). Il existe deux voies de BH produisant des acides gras (AG) trans qui auraient des propriétés différentes : les isomères t11 auraient des effets bénéfiques pour la santé des consommateurs et les isomères t10 seraient responsables d'une forte diminution du taux butyreux du lait, représentant une contrainte majeure pour les éleveurs. Dans des conditions physiologiques normales, la voie t11 est fortement majoritaire, par contre avec des rations à base d'ensilage de maïs, riches en concentrés et surtout si elles comprennent des suppléments lipidiques riches en AGPI, une déviation de la voie t11 à la voie t10 peut se produire avec une augmentation significative des isomères t10 au détriment des isomères t11. L'objectif de cette thèse est d'expliquer les modalités de cette déviation, afin de mieux la maîtriser en élevage. Nos travaux permettent de conclure que les facteurs alimentaires de maîtrise de la déviation de la voie t11 vers la voie t10, sont la teneur en amidon rapidement fermentescible et la teneur en c9,c12-C18:2. Lorsque la quantité de c9,c12-C18:2 présente dans le rumen est faible, même avec une ration riche en amidon et un pH bas dans le rumen, la déviation n'a pas lieu, la voie t11 suffisant à assurer l'hydrogénation des AGPI puisque dans ces conditions, la ∆9 isomérisation est elle aussi peu efficace à pH bas. En revanche, lorsqu'en plus de l'amidon, du c9,c12-C18:2 est ajouté dans la ration, la voie t11 devient insuffisante et c'est la voie t10 qui prend le relais. Le pyroséquençage 454 couplé à une régression multiple SPLS nous ont permis d'établir des corrélations entre les taxons identifiés et la proportion d'AG (t10 ou t11) dans le rumen. Il s'avère que les genres bactériens corrélés fortement et positivement aux AG t10 sont plus ou moins impliqués dans le métabolisme ruminal du lactate ainsi qu'au faible pH ruminal. Cependant, l'identification des taxons les plus corrélés aux AG t11 était moins précise, elle s'arrête à l'ordre des Clostridiales. Enfin, dans des conditions de déviation de la voie t11 à la voie t10, l'addition de vitamine E dans la ration des vaches n'a pas permis de restaurer un ratio déjà élevé. Ces résultats ont abouti à une meilleure compréhension de cette déviation et orientent vers une meilleure maîtrise en élevage. / Rumen biohydrogenation (BH) of polyunsaturated fatty acids (PUFA) is responsible of the production of trans intermediates found in ruminant products (mainly milk). There are two BH pathways leading to trans fatty acids (FA) with different biological properties: t11 isomers have beneficial effects for consumer's health and t10 isomers result in low milk fat content, representing a major constraint for farmers. In most conditions, t11 FA are the major trans FA, but in some conditions, especially with diets based on corn silage and including lipid supplements rich in PUFA, a shift from t11 to t10 pathway can occur with a significant increase of t10 isomers at the expense t11 isomers. The objective of this work was to explain modalities of this shift to better control it in animal production. Our results demonstrated that dietary factors responsible of the shift from t11 to t10 pathway are starch rapidly fermentable and c9, c12-C18:2 contents. When the amount of c9, c12-C18:2 present in the rumen is low, even though the diet is rich in starch and the pH is low in the rumen, the shift does not occur, t11 pathway being sufficient to ensure the hydrogenation of PUFA since in these conditions, the 9 isomerization is also poorly effective at low pH. However, when c9, c12-C18:2 is supplemented to the diet in addition to starch, t11 pathway becomes insufficient for FA BH, and t10 pathway becomes dominant. 454 pyrosequencing coupled to a multiple sPLS regression allowed us to establish correlations between some identified taxa and FA proportions (t10 or t11) in the rumen. It appears that bacterial genera that are strongly and positively correlated with t10 FA are more or less involved in the metabolism of ruminal lactate and also positively correlated with a low ruminal pH. However, identification of taxa correlated with t11 FA was less accurate, stopping at Clostridiales order. Finally, once the shift occurred, the subsequent addition of vitamin E was not able to counteract this process. These results lead to a better understanding of this shift to better control it in animal livestock.

Le VEGF-A est l'un des facteurs de croissance les plus importants au cours de la néo-angiogénèse tumorale. Ce rôle en a fait une cible de choix pour le développement de thérapies. Ainsi, différents médicaments le ciblant (Bevacizumab, AvastinR) ou ciblant ses voies de signalisation (inhibiteurs des récepteurs VEGFR) sont actuellement utilisés en clinique, notamment dans les adénocarcinomes pulmonaires. Cependant, malgré des résultats initiaux prometteurs, un grand nombre de patients apparaissent d'emblée résistants ou échappent à ces thérapies, voir même développent des tumeurs plus agressives. A ce jour, il n'existe aucun moyen d'identifier les patients susceptibles de répondre à ces thérapies. Récemment, de nouveaux variants d'épissage du VEGF-A issus d'un épissage alternatif différentiel au niveau du dernier exon ont été identifiés, les isoformes VEGFxxxb. A l'inverse des VEGFxxx, ces variants sont anti-angiogéniques. Si les effets paracrines des isoformes du VEGF-A sur les cellules endothéliales ont été bien caractérisés, bien peu d'études se sont penchées sur leurs effets autocrines sur les cellules tumorales qui expriment à leur surface les récepteurs VEGFR1 et VEGFR2. Dans ce contexte, le but principal de notre étude était de déterminer le statut d'expression et les fonctions biologiques de l'isoforme VEGF165b dans les tumeurs primaires et dans des modèles cellulaires dérivés de Carcinomes Pulmonaires Non à Petites Cellules (CBnPCs). Nos résultats identifient des profils d'expression variables du VEGF165b chez les patients atteints de CBnPCs, et montrent que de hauts niveaux intratumoraux de VEGF165b sont associés à un envahissement ganglionnaire. De plus, nos résultats identifient une boucle autocrine au travers de laquelle l'activation des récepteurs VEGFR1/VEGFR2 par le VEGF165b conduit à l'apparition de cellules tumorales présentant un phénotype plus invasif. Finalement, nous montrons que le traitement des cellules tumorales par le Bevacizumab (BVZ) mais aussi par les sels de platine auquel il est associé en clinique augmente l'expression du VEGF165b, la signalisation autocrine qu'il active et conduit à l'apparition de cellules tumorales plus agressives et résistantes à l'apoptose induite par le cisplatine. Ces résultats sont la première démonstration de la capacité du VEGF165b à signaliser sur les cellules tumorales. Dans une seconde étape de notre travail, nous avons étudié le rôle que pourraient jouer les intégrine β1 et β3 dans le maintien de la signalisation induite par le VEGF165b dans les cellules de CBnPCs. Nous montrons que le VEGF165b active l'intégrine β1. Cette activation aboutit à un réarrangement du cytosquelette d'actine en fibres de stress, ce qui pourrait favoriser la migration de ces cellules. De manière intéressante, le BVZ est capable d'induire ce même phénotype par un mécanisme nécessitant l'expression du VEGF165b, de l'intégrine β1, mais aussi de l'intégrine β3. La formation de ces fibres de stress est associée à l'activation de voies de signalisation d'aval mettant en jeu la phosphorylation des protéines FAK et cofiline. De plus, nous mettons en évidence l'existence de complexes entre la neuropiline 2 et l'intégrine β1 dans les cellules de CBnPCs qui seraient susceptibles de participer à l'activation de ces voies. Ainsi, le VEGF165b et le BVZ apparaissent capable de signaliser à travers les intégrines β1 et β3 dans les cellules de CBnPCs, suggérant un rôle de ces intégrines dans la réponse des cellules tumorales aux thérapies anti-angiogéniques. En conclusion, nos résultats identifient un rôle du variant VEGF165b dans la progression des CBnPCs et la réponse aux thérapies anti-angiogéniques et aux chimiothérapies, ce qui suggère que le VEGF165b pourrait être un marqueur réponse au BVZ dans les CBnPCs. / VEGF-A is one of the most important factors during tumor neoangiogenesis. This role has made it a prime target for the development of therapies. Thus, various drugs targeting VEGF-A (Bevacizumab, Avastin®) or its signaling pathways (VEGFR inhibitors) are currently used in clinical practice, especially in lung adenocarcinomas treatment. However, despite promising initial results, many patients are refractory or escape these therapies, and sometimes, even develop more aggressive tumors. To date, there is no means to identify patients who are likely to respond these treatments. Recently, new splicing variants of VEGF-A resulting from an alternative splicing at the last exon, were identified and called VEGFxxxb. Unlike VEGFxxx, these variants are antiangiogenic. If paracrine effects of VEGF-A isoforms on endothelial cells have been well characterized, few studies have examined their autocrine effects on tumor cells expressing VEGFR1 and VEGFR2. In this context, the main aim of our study was to determine the expression status and biological functions of VEGF165b in primary tumors and derived cell models of non small cell lung carcinoma (NSCLC). Our results identify variable expression profiles of VEGF165b in NSCLC patients, and show that high levels of intratumoral VEGF165b are associated with lymph node metastases. Furthermore, our results identify an autocrine loop through which the VEGFR1/VEGFR2 activation by VEGF165b leads to the appearance a more invasive phenotype on tumor cells. Finally, our results show that treatment of tumor cells by Bevacizumab (BVZ) but also platinum salts, with which it is associated clinics, increases VEGF165b expression and autocrine signaling, which leads to appearance of tumor cells that are more aggressive and resistant to cisplatin-induced apoptosis. These results are the first evidence of the VEGF165b ability to signalize on tumor cells. In a second stage of our work, we investigated the potential role of β1 and β3 integrins in maintaining VEGF165b signaling in NSCLC cells. We show that VEGF165b activates beta1 integrin. This activation leads to a rearrangement of the actin cytoskeleton in stress fibers, which may promote tumor cell migration. Interestingly, BVZ is able to induce this same phenotype by a mechanism requiring the expression of VEGF165b , beta1 integrin and beta3 integrin. The formation of these stress fibers is associated with the activation of downstream signaling pathways involving proteins phosphorylation of FAK and cofilin. In addition, we highlight the existence of neuropilin-2/β1 integrin complexes in NSCLC cells, which are likely to participate in these pathways activation. Thus, VEGF165b and especially BVZ appear able to signal through beata1 and beta3 integrins NSCLC cells, suggesting a role of these integrins in tumor cells response to antiangiogenic therapies. In conclusion, our results are the first evidence of a role of VEGF165b in NSCLC progression and response to antiangiogenic therapies and chemotherapies; they suggest that VEGF165b could be a marker of response to BVZ in NSCLC.

The circular economy is promoted by the EU, governments, and businesses all over the world as a concept to reach a sustainable future. The concept is embedded into the UN Sustainable Development Goals for 2030 and aims to decouple economic growth and environmental pressure. Many studies have been conducted on the circular economy in recent years but the research on the actual environmental performance of the concept is limited. To move forward with the concept of the circular economy and reach a sustainable future, the environmental performance must be investigated. In this thesis, the environmental impact of circularity in products is investigated by comparing the environmental impact from one circular and one linear product case. To achieve this, the environmental impact and the degree of circularity is calculated with two different methods. The circularity is calculated with a circularity indicator called the Linear Flow Ratio and the environmental impact is assessed with the environmental evaluation technique Life Cycle Assessment (LCA). In the LCAs, the cases are compared for different environmental impact categories (e.g. global warming). The product that is investigated is an LED lighting fixture from the company 2P1. The circular case is based on a leasing business model and includes remanufacturing, reuse and recycling. The linear case includes production, sales, use, and disposal. The LCA results show that the environmental impact from the circular case is lower for all environmental impact categories. The environmental impact is almost exclusively from the manufacturing phase (including extraction and production of raw materials) and the use phase. The circularity results from the Linear Flow Ratio show contradicting results, presenting that the degree of circularity is higher for the linear case. By comparing the results to calculations from another circularity indicator (Material Circularity Indicator), it is concluded that a unified framework for circularity measurements is required. / Cirkulär ekonomi är introducerat av EU, länder och företag över hela världen som ett koncept för att nå en hållbar framtid. Den cirkulära ekonomin är en del av arbetet mot agenda 2030 för hållbar utveckling och strävar efter att frånkoppla ekonomisk tillväxt från miljöpåverkan. Det har forskats mycket på cirkulär ekonomi under de senaste åren men studier som undersöker det miljömässiga utförandet av konceptet saknas. För att fortsätta att utveckla konceptet och för att nå en hållbar framtid så måste den miljömässiga påverkan från cirkularitet undersökas. I denna studie undersöks miljöpåverkan från cirkularitet hos produkter genom att jämföra miljöpåverkan från ett cirkulärt och ett linjärt fall. Miljöpåverkan och cirkularitetsgraden beräknas med två olika metoder. Cirkulariteten beräknas med cirkularitetsindikatorn Linear Flow Ratio och miljöpåverkan analyseras men livscykelanalys. I livscykelanalyserna värderas miljöpåverkan för de två fallen för olika påverkanskategorier (t.ex. global uppvärmning). Produkten som undersökt är en LED-armatur från företaget 2P1. Det cirkulära fallet basers på uthyrning av armaturerna och innehåller renovering, återanvändning och återvinning. Det linjära fallet innehåller produktion, försäljning, användning och bortskaffande av produkten. Resultaten från livscykelanalyserna visar att det cirkulära fallet medför mindre miljöpåverkan för alla kategorier. Miljöpåverkan kommer nästan enbart från produktion (inklusive material) samt användning. Cirkularitetsresultaten från Linear Flow Ratio visar motsägelsefulla resultat då det linjära fallet har en högre cirkularitetsgrad än det cirkulära fallet. Genom att jämföra resultaten med beräkningar från en annan cirkularitetsindikator (Material Circularity Indicator) kan det fastställas att ett enhetligt ramverk för beräkning av cirkularitet är nödvändigt framöver.

Le vif intérêt de Descartes porté constamment au concept de nature se manifeste dans son usage fréquent du terme avec toute sa complexité sémantique. La nature lui signifie d’abord la physique, à laquelle il travaille particulièrement dans les années 1630. Elle est ensuite l’essence et ce qui rend possible notre disposition essentielle en nous instituant, et cet usage se trouve fréquemment en Meditationes. Mais le concept cartésien de nature n’épuise pas toutes ses apparitions dans les usages du terme explicite, car il apparaît aussi implicitement dans un lien dyadique de la recherche du jeune Descartes. D’une part, celui-ci reconnaît dès le début de sa carrière l’existence intrinsèque des vérités dans notre esprit, dont les semences de vérités et les naturae simplices en tant qu’aboutissement de ce concept. D’autre part, le but principal du jeune philosophe est d’élucider les facultés naturelles de l’ingenium, avec la méthode épistémologique qui peut en être tirée naturellement. Le « naturel (-lement) » ne concerne pas seulement le mécanisme des connaissances, mais aussi la question de ce qui les rend naturelles, à savoir leurs fondements. Le concept de nature renvoie ainsi, pour Descartes jusqu’au Discours de la méthode, moins à l’essence qu’à la structure naturelle de connaître les vérités naturellement existantes dans l’esprit, et sa physique est une science appliquée de ces vérités sur les phénomènes naturels. Cette élucidation de la naturalité épistémique est une condition préalable à sa prochaine recherche sur la naturalité ontologique par la quête de raisons de certitude, à savoir la recherche en nature au sens d’essence qui s’effectuera en Meditationes. / The keen interest of Descartes constantly found in the concept of nature manifests itself in his frequent use of the term with all its semantic complexity. Nature means to him first of all the physics, on which he works particularly in the 1630s. Then, it is the essence and what makes possible our essential disposition by instituting us, and this use is frequently found in Meditationes. But the Cartesian concept of nature does not exhaust all its appearances in the uses of the explicit term, because it also appears implicitly in a dyadic link of the research of the young Descartes. On one hand, he recognizes from the beginning of his career the intrinsic existence of truths in our spirit, among which are found seeds of truths and naturae simplices as a culmination of this concept. On the other hand, the main purpose of the young philosopher is to elucidate natural faculties of ingenium with the epistemological method that can be drawn from it naturally. "Natural(-ly)" concerns not only the mechanism of knowledge, but also the question of what makes it natural, namely its foundations. The concept of nature refers thus, for Descartes until the Discourse on Method, less to the essence than to the natural structure to know the truths naturally existing in mind, and his physics is an applied science of these truths to the natural phenomena. This elucidation of the epistemic naturality is a prerequisite for his next research on the ontological naturality by the search of reasons of certainty, namely the research of nature in the sense of essence which will be carried out in Meditationes.