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Bakgrund: Tidigare forskning har visat att insynspersoner tenderar att överavkasta på investeringar i eget bolag. Det råder dock delade meningar kring varför insynspersoner tenderar att överavkasta. Vid genomgång av tidigare studier påträffades ingen kvalitativ studie, varav vi ansåg det vara av intresse att studera fenomenet genom intervjuer med insynspersoner. Syfte: Uppsatsen syftar till att studera och kartlägga motiven bakom insynspersoners köp- och säljtransaktioner i eget bolag. Med hjälp av tidigare forskning samt en ny infallsvinkel i form av teorier inom behavioural finance analyseras varför insynspersoner tenderar att uppnå överavkastning på investeringar i eget bolag. Genomförande: Studien har genomförts med utgångspunkt i åtta intervjuer med insynspersoner. Resultat från tidigare studier på området låg till grund för vilken information vi med intervjuerna ville uppnå djupare förståelse kring. Den insamlade empirin har analyserats utifrån empirisk forskning och teorier inom behavioural finance. Slutsats: I studien presenteras en ny hypotes vilken förklarar insynspersoners överavkastning som en följd av befintlig lagstiftning. Vi menar att lagstiftningen förhindrar ofördelaktiga handlingar, vilket i sin tur leder till att insynspersoner i större utsträckning än övriga investerare tenderar att undvika psykologiska fallgropar. / Background: Previous researches have shown that insiders tend to achieve excess returns on investments in own companies. However there are still disagreements regarding possible explanations for this phenomenon. In our review of previous research we did not discover any qualitative studies in the area and therefore we found it interesting to study the phenomenon by interviews with insiders. Aim: The purpose of this paper is to study and identify the motives behind insider buy and sell transactions in own companies. By using previous research and also create a new approach through apply theories within behavioural finance we aim to analyze why insiders tend to achieve excess returns on investments in own companies. Completion: This study was conducted based on eight interviews with insiders. Results from previous research formed the basis of what information we wanted to achieve a deeper understanding of through our interviews. The empirical data has been analyzed based on empirical research in the area and theories within behavioural finance. Conclusion: In this paper a new hypothesis is formed which try to explain insiders excess return as an indirect result from the regulations of insider transactions. Thanks to the regulations, impulsive actions are prevented and insiders thereby tend to avoid psychological pitfalls to a greater extent than other investors.

Energianvändningen i världen ökar vilket medför en ökad belastning på miljön. Många industrier har idag ett överskott av värme som vid ett ökat nyttjande skulle kunna reducera andelen primärenergi och således belastningen på miljön samtidigt som ekonomiska besparingar kan erhållas. DIBO Produktionspartner AB är en verkstadsindustri i Katrineholm som bearbetar metall‐ och plastkomponenter i CNC‐maskiner. Maskinparken består av 14 CNC‐maskiner och en kompressor som förser maskinerna med tryckluft. Ventilationssystemet består av två delar, ett till‐ och frånluftssystem kopplat till verkstaden samt ett FTX‐system kopplat till den intilliggande kontorsbyggnaden. Företaget har idag ett värmeöverskott på grund av aktiviteten från de olika CNC‐ maskinerna och tryckluftskompressorn vilket medför höga temperaturer i verkstaden. I dagsläget öppnas en ytterport för att ventilera ut värmeöverskottet så att en lägre temperatur erhålls. Arbetet syftade till att kvantifiera mängden överskottsvärme tillgänglig i verkstaden för att därefter undersöka möjliga externa och interna användningsområden. Värmeöverskottet uppskattades genom att ställa upp en energibalans för verkstaden där tillskott och förluster av värmeenergi jämfördes. Både tillskotten och förlusterna av värmeenergin beräknades genom inventering av verkstadslokalerna, mätningar av el, temperatur och ventilation samt genom simuleringar av verkstadens inomhusklimat. Värmeöverskott i verkstaden förekommer under årets alla månader, även om det är starkt beroende av utomhustemperaturen och aktiviteten i verkstaden, och uppgår årligen till 137 MWh. Beträffande externa användningsområden studerades faktorer som påverkar ett spillvärmesamarbete, den teknik som skulle behövas för att leverera värme externt och möjligheten för DIBO att leverera värme till Katrineholms fjärrvärmenät. Det finns många faktorer som man bör ha i åtanke vid ett samarbete varav några är förtroendet mellan de båda parterna, investeringsuppdelning samt värdering av spillvärmen. För externa värmeleveranser varierar den utrustning som krävs beroende på de aktuella förhållandena, men generellt gäller att anslutningspunkter, en anslutningsledning och i en del fall en cirkulationspump samt en värmepump för uppgradering av värmen behövs. Som ett resultat av att tryckluftskompressorns effekt är förhållandevis låg och värmen luftburen har en värmepump av lämplig storlek ej hittats. Efter kontakt med Tekniska verken i Katrineholm framgick även att energimängden som skulle kunna levereras är för liten för att ett samarbete ska vara av intresse vilket medför att en leverans till fjärrvärmenätet inte är aktuellt i dagsläget. De interna åtgärderna som studerats finns listade i Tabell 1 där även besparingspotential och återbetalningstid framgår. / The Energy use is increasing throughout the world, which causes an increased load on the environment. Today, a lot of industries have unused waste heat, which by extended use would reduce the amount of primary energy sources and thus the environmental load together with economical savings that would apply for the industry. DIBO Produktionspartner AB is a manufacturing industry that processes metal‐ and plastic components in CNC‐machines. The machinery consists of 14 CNC‐machines and one compressor that provide the machines with compressed air. The ventilation system consists of two systems, one supply and exhaust air system for the workshop and one heat exchange system for the adjacent office building. Due to activity from the machines and compressor, the company has excess heat which causes high temperatures in the workshop. Today, a gate is opened in order to vent the excess heat and lower the temperature. This project’s aim was to quantify the amount of excess heat available in the workshop and afterwards investigate possible internal and external uses. The excess heat was estimated by setting up an energy balance for the workshop where heat energy contributions and losses were compared. Both the contributions and losses of heat energy were calculated by a workshop inventory, electricity, temperature and ventilation measurements and through simulations of the workshop’s indoor climate. Results show that excess heat occurs in the workshop every month of the year, largely dependent on the outdoor temperature and activity level in the workshop, and amounts to 137 MWh yearly. Regarding the external uses, factors that affect waste heat cooperation, technology to deliver heat and the possibility for DIBO to deliver heat to the district heating system in Katrineholm, was evaluated. Among all the factors to keep in mind in cooperation, trust between the parties, investment division and valuation of waste heat, are some. The technology needed to deliver heat varies, but common equipment includes connecting points and lines and in some cases a circulation pump as well as a heat pump for upgrading the heat. As a result of an air compressor with relatively low power and airborne heat, a suiting heat pump has not been found. Contact with Tekniska verken in Katrineholm showed that the potential amount of heat energy deliverable to the district heating system is too small to be of interest and therefor a delivery to the district heating network is today not relevant. The internal measures are listed in Table 1 along with their potential savings and payback time.

根據過去文獻公司經常以管理階層之薪酬契約來解決代理問題，激勵經理人做出股東財富極大化之決策。而過去企業衡量經理人績效時，大多使用財務性指標，然而知識時代來臨，傳統財務性指標已不足衡量獎酬制度，尤其當公司策略重視創新及品質導向時，若獎酬只與傳統財務績效指標做連結，可能會導致經理人做出不當的決策，故亦應加入非財務性指標來決定獎酬。本文主要探討專利權對高階經理人超額薪酬之影響，由於專利權對於獲利存在遞延效果，本文推論董事會可能依據外部人無法觀察到的當期非財務性績效指標，給予相對應之超額薪酬。 由於專利權對於高科技業更為重要，因此本研究以高科技產業公司為樣本，進行實證研究，結果顯示公司專利權申請數、核准數及被引證次數愈多，高階經理人超額薪酬愈高。 / Traditionally, firms use financial performance measures to reward managers and thus align managerial incentives with the interest of shareholders. However, recent evidence shows that firms are increasing using non-financial performance measures to evaluate CEO performance, especially when firms emphasize on innovation and quality. The purpose of this study is to examine the relation between patents information and CEO excess compensation for high-tech firms. The empirical results show that CEO excess compensation is positively associated with patent counts and patent citations after controlling for financial performance measures. Overall, the evidence suggests that non-financial performance measures provide incremental information about CEO efforts over financial measures and thus compensation committees adjust CEO compensation for non-financial performance.

Droplet microfluidics is a promising field since it overcomes many of the limitations of single phase microfluidic systems. The improved mixing time scale, the increase of number of samples and the isolation of droplets are some of its virtues. The core of droplet microfluidics is a two-phase flow condition that is subjected to scaling of the confining geometry. With the scaling the complexities of the flow phenomena arise. For that reason both the processes of droplet generation and transport are not fully understood for various flow and fluid conditions. The work in this thesis aims to experimentally examine droplet generation and transport in microchannels for flow and fluid conditions that are experimentally challenging to perform. Examination of droplet generation in a T-junction microchannel design was performed with a quantitative velocity field approach known as micro particle image velocimetry (μPIV). The studies on droplet generation focused on very fast generation regimes, namely transition and dripping that have not been studied for a T-junction design. This achievement was accomplished because of the development of a fast optical detection and triggering system that allowed for acquiring images of different identical droplets at the same position. μPIV results indicate that the quantitative velocity field patterns of different regimes share some similarities. The filling stage in the transition and dripping regimes had some resemblance in their velocity patterns. The velocity patterns for the start of droplet pinch-off were alike for the squeezing and transition regimes. Furthermore, the presence of a surfactant in the droplet phase above the critical micelle concentration (CMC) did not have an effect on the general velocity patterns as long as the capillary number Ca was matched with the no-surfactant condition. The studies of hydrodynamic properties of droplet transport were performed in hard materials to avoid cumulative error sources, such as material pressure compliance and swelling effects. The project had several parts: designing a microchannel network that allowed studying the hydrodynamic properties of small droplets, surface treatments of the channel material for stable droplet generation and examining the hydrodynamics of small liquid droplets with sizes that have not been reported in the literature. The studies examined effects of changing the interfacial tension, viscosity, and flow conditions on the transport of droplets. The experimental results from the hydrodynamic transport studies indicated that for the droplet sizes that were examined the pressure drop of droplets was affected by the capillary number Ca and length of the droplet Ld. Also, the presence of surfactants altered the hydrodynamic properties of droplets. At a high concentration of surfactants the droplets pressure drop was reduced significantly. Moreover, the type of surfactant affected the magnitude of the pressure drop. Experimental results indicate that if the concentration of surfactants was very low (below CMC) it did not have an effect on the droplet excess pressure. These findings are important to consider in designing droplet microfluidic systems with complex channel networks that involve droplet sorting, splitting, and merging for droplets that contain surfactants.

This thesis explores the 'theories of Bataille and Baudrillard' in relation to the problem of extreme violence. The particular events of concern are the death of James Bulger, the Dunblane massacre and the 'serial killers' Frederick and Rosemary West. The thesis argues that dominant traditions in the social sciences are unable to engage with the horror of such events with anything approaching adequate terminology and that alternatives are urgently required. The study is theoretical not empirical and these cases act as crucial reference points throughout the theoretical discussions. Such events seem to disable reason and are frequently referred to as 'inexplicable' or 'evil'. They appear to be 'in excess' of the established explanatory paradigms. The thesis investigates the possibility of 'thinking excess' in new and alternative ways, more commensurate with the intensity of such events. The importance of Bataille notions of the sacred, sacrificial expenditure and non-dialectical negativity in approaching changing forms of extreme violence are emphasised. Bataille specifies a fundamental 'need' for violent expenditure or sacrifice that persists in a contemporary age no longer equipped to recognise these principles. Baudrillard's approach is related but departs from Bataille's thought. Baudrillard's emphasis on symbolic exchange, seduction and the fatal denies the existenceo f fundamental 'needs' yet also emphasisesth e cultural and ritual nature of extreme violence. These themes are developed into a detailed reading of 'deathevents'. They are theorised as distinctively contemporary, occupying a postdialectical cultural space characterised by the elimination of sacred and symbolic principles, which nevertheless endure in fragmentary, displaced and deracinated form. These are conditions in which new forms of 'evil' may emerge. In emphasising the theoretical differences between the readings of violence offered by Bataille, and by Baudrillard, the thesis rey-eals shifts in the nature of radical theory from the middle to the late twentieth century. The notions of utility, limit and excess are central to this shift and to alternative ways of thinking the excessive nature of contemporary violence.

This thesis consists of two parts. In the first part, the properties of excess electrons in water clusters are studied via a hybrid quantum and classical mechanics method. The existence of the solvated electron in water was experimentally demonstrated long ago, and it is among the most interesting charged species. However, a satisfactory characterization of the water clusters has always been a challenge. In our simulation, we treat a region of the cluster nearest to the centroid of the excess electron distribution quantum mechanically, while the rest of the water molecules are treated classically. The binding energies of a localized excess electron are calculated in clusters with sizes ranging from 16 to 300. The density distributions of the excess electrons verify the existence of both surface localization mode and interior localization model. We studied the energetically favored localization modes depending on the sizes of the clusters and the transition point. In the second part, the energy spectra, spin configurations, and entanglement characteristics of a system of four electrons in lateral double quantum dots are investigated using exact diagonalization (EXD), as a function of interdot separation, applied magnetic field, and strength of interelectron repulsion. As a function of the magnetic field, the energy spectra exhibit a low-energy band consisting of a group of six states, with the number six being a consequence of the conservation of the total spin of the four electrons and the ensuing spin degeneracies. These six states appear to cross at a single value of the magnetic field, with the crossing point becoming sharper for larger interdot distances. As the strength of the Coulomb repulsion increases, the six states tend to become degenerate and a well defined energy gap separates them from the higher-in-energy excited states. The appearance of the low-energy band is a consequence of the formation of a Wigner supermolecule. Using the spin-resolved pair-correlation functions, one can map the EXD many-body wave functions onto the spin functions associated with the four localized electrons. The ability to determine associated spin functions enables investigations concerning entanglement properties of the system of four electrons.

A series of new cobalt(II) beta-keto iminato complexes and cobalt(II) salens have been made and the effect of chirality in the northern, southern and peripheral quadrants of these catalysts, with respect to induced enantiomeric excess, during the ring-opening of 1,2-dioxines has been determined. Synthesis of a series of cobalt beta-keto iminato complexes was achieved after modification of literature procedures used for the synthesis of manganese beta-keto iminato complexes and this procedure was applied to generate ligands with ethyl, t-butyl, (-)-bornyl, (+)-menthyl and (-)-menthyl esters and a methyl side chain. Synthesis of the cobalt salens was also achieved using a modified literature procedure, in respect to the more complex aldehydes made. It was ascertained that chirality in the northern quadrant of these catalysts, obtained by the use of optically pure diamines, was of greatest importance in introducing enantiomeric excess into the products of ring-opening of 1,2-dioxines; namely gamma-hydroxy enones, and chirality in the southern and peripheral quadrants was of lesser, although still significant, importance. The reaction conditions were optimised and the conditions under which the highest enantiomeric excess was introduced were determined. The ideal solvent for the ring-opening was found to be THF with a catalyst concentration between 5 and 10 mol% at a temperature of -15oC. These conditions were found to be applicable to all catalysts and 1,2-dioxines tested. Enantiomeric excess as high as 76 % could be introduced when the optimised reaction conditions were used in large scale syntheses of cyclopropane (61). LC-MS studies indicate the presence of a solvent chelated species present in the reaction mixture when the solvent used is THF, however, the use of non-chelating solvents, such as dichloromethane, did not exhibit this same solvent chelated species. Catalyst dimers were also present in the mixture when analysed by LC-MS. The presence of oxygen in the reaction mixture was found to inhibit rearrangement of the dioxine with catalyst oxygen dimers (two molecules of catalyst bound to a single molecule of oxygen) present when analysed by LC-MS, however, the catalyst could be 're-activated' by de-aeration of the solution and was able to introduce the same enantiomeric excess, as prior to the addition of oxygen was unaffected. It was found that not only cobalt(II) tetradentate complexes were useful in the ring-opening of meso 1,2-dioxines. Achiral iron(II) salen and ruthenium(II) salen were also made and shown to be capable of ring-opening the dioxine. A purchased chiral manganese(III) salen was also shown to be capable of ring-opening the 1,2-dioxine, however, the time taken for the rearrangement to occur led to ring closure of the gamma-hydroxy enone and dehydration of the cyclic hemiacetal. The catalysts were also applied to the enantioselective ring-opening of epoxy-1,2-dioxines for the first time with a high level of success with enantiomeric excesses of between 60 and 90 % introduced with most of the catalysts. To show that these catalysts have the potential for use in the synthesis of potentially bioactive cyclopropyl amino acids, amines, acids and alcohols a small number were prepared, including both racemic and optically enriched or optically pure cyclopropanes. / Thesis (Ph.D.)--School of Chemistry and Physics, 2003.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Milk urea nitrogen (MUN) is derived from protein metabolism as well as ammonia formed with the rumen. MUN can be used to estimate Blood Urea Nitrogen (BUN). The ammonia which is formed in the rumen and is not utilized in bacterial metabolism is absorbed by rumen wall and trnsformed into urea in the liver The objective of the present paper evaluate a possible protein excess in the diet of dairy herds through MUN levels. A total of 598 animals from 11 different herds were sampled. Also, feed consumed was sampled for analyses and individual cow production recorded. In milk samples, fat, protein, lactose, total solids, somatic cell count and MUN were measured. MUN was related positively related to total protein consumption and negatively related to total energy, which is demonstrated by the equation NUL=0.87 + 7.2PI 0.31ET and P<0,001. When the herds are blocked by production (Group 1 < 15 L; Group 2 between 15 and 25 L; and Group 3 > 25 L) there is a difference in protein and energy consumption, however, NUL was not different between groups 2 and 3. When production is considered, the correlation yields the equation NUL=3.39 + 5.68PI - 0.62 ET + 0.43 Prod and P<0,0001. Based on the results it is concluded that in RS state, NUL is elevated during winter months, principally in higher producing herds. / O nitrogênio uréico do leite é oriundo principalmente do nitrogênio amoniacal absorvido pela parede ruminal sendo que as concentrações de NUL podem ser utilizadas para estimar as concentrações de nitrogênio uréico no sangue (NUS) ou no plasma (NUP). Quando a concentração de amônia no rúmen excede a capacidade de captura e utilização pela microbiota ruminal, a mesma é absorvida pela parede do rúmen e transportada ao fígado, por meio do sistema porta e, então, transformada em uréia. Assim o objetivo deste trabalho, foi investigar se existe excesso de proteína na dieta de bovinos leiteiros, através análise da dieta e do NUL. Foram coletadas amostras de leite de 598 animais de 11 rebanhos, além da produção, dieta e os alimentos para análise bromatológica. Foi realizado, a determinação das concentrações de gordura, proteína, lactose, sólidos totais, CCS e o NUL. O NUL se relacionou com o aumento da concentração de proteína ingerida, e com a diminuição da energia total e isto é demonstrado pela equação NUL=0.87 + 7.2PI 0.31ET e P<0,0001. Ao analisar a distribuição dos rebanhos por produção (Prod.<15 litros, Grupo 1; Prod entre 15 e 25 litros Grupo 2; e prod > que 25 litros, grupo 3), pode-se observar que estes diferiram estatisticamente quanto a proteína ingerida e a energia ingerida, mas quanto ao NUL, não existiu diferença entre os animais que produzem mais de 15 litros/dia. Ao analisar a produção média do rebanho, com a PI e a ET, para avaliar o NUL, formou-se a equação, NUL= 3.39 + 5.68PI - 0.62 ET + 0.43 Prod e P<0,0001 Com isso, pode-se concluir que no RS em determinados meses o NUL esta aumentado, principalmente em rebanhos que apresentam maiores médias de produção.

This thesis presents the first sustained analysis of the reception of the Aristotelian golden mean in early modern Spanish literature. It argues that the critically-neglected ethical credo of moderation was an important part of the classical inheritance on which Golden-Age authors frequently drew, and that despite its famous origins in moral philosophy rather than literature, it was subject to just the same kind of imitative reworking as has long been acknowledged for literary predecessors. The analysis is divided into two sections. The first takes a synoptic view of the period, assessing the transmission of Aristotle's doctrine to the Renaissance and exploring what it meant to the Golden-Age mind. That includes identifying a particular early modern reformulation of the mean, which I argue was an important factor in the popularity of the Icarus and Phaethon myths, as analogues for Aristotle's moral. The body of the thesis then comprises three case studies of the role of moderation in works which span the period's chronological and generic range: the poetry of Garcilaso; Calderón's 'El médico de su honra'; and Gracián's 'Criticón'. These studies explore three important general trends in the reception of the mean: the association of excess and moderation with particular literary models; the incorporation of the mean into Christian thought; and its parallel existence as non-technical, commonplace wisdom. However, each chapter also constitutes an innovation within its own field, offering a reassessment of Garcilaso's relationship to literary tradition; a re-reading of the characters and plot structure of 'El médico', including the controversial King Pedro; and an analysis of the elusive moral approach behind Gracián's allegorical novel. The mean is thus remarkable for both the breadth and depth of its incorporation into literature, and a focus on its treatment offers substantial new insights into some of the canonical works of the age.