Investeringar i aktier eller aktiefonder kan få ens pengar att växa genom den kumulativa avkastning som genereras. Genom ränta-på-ränta-effekten kan en liten ökning i avkastning från dessa investeringar få en stor effekt över en lång tidsperiod. På grund av detta etablerar många investerare strategier för att försöka uppnå en högre avkastning än den generella aktiemarknaden. Att slå marknaden har historiskt sett varit svårt vilket går i linje med det rådande paradigmet om att marknader är effektiva. Empirisk forskning har dock visat på återupprepande prismönster, som inneburit att det funnits möjligheter att strategiskt och systematiskt investera för att generera en högre riskjusterad avkastning än marknaden. Dessa prismönster kallas för anomalier och när de är tidsbaserade benämns de vanligtvis som kalendereffekter. Syftet med studien var att undersöka huruvida kalendereffekter även varit förekommande på marknader med mindre utvecklade institutioner och begränsad tidigare forskning. Studien är avgränsad till aktiemarknader i Afrika och har ställts i relation till motsvarande marknader i några av västvärldens mest välutvecklade ekonomier. En jämförelse har gjorts för att undersöka vart och vilka kalendereffekter som funnits samt hur resultatet skiljer sig mellan Afrika och västvärlden. Studien omfattar en tidsperiod från år 2000 fram till 2020. Resultatet visar något vanligare och mer signifikanta kalendereffekter på de afrikanska marknaderna men inte någon annan tydlig övergripande skillnad vid jämförelse med de västerländska marknaderna. Långa positioner vid månadsskiftet och efterföljande dagar alternativt vid slutet av handelsveckan har kunnat ge en högre riskjusterad avkastning än den generella marknaden i flera länder. Under tidsperioden finns det således belägg för att överavkastning kunnat uppnåtts på ett flertal afrikanska aktiemarknader genom systematiskt planerade investeringar. / Investments in equities or equity funds can help to make your money grow through the cumulative returns generated. Through compound interest, a small increase in return on these investments can have a large effect over a long period of time, resulting in many investors establishing strategies to achieve a higher return than the general stock market. Beating the market has historically been difficult which supports the prevailing paradigm that markets are efficient. However, empirical research has shown recurring price patterns, implying that there have been opportunities to strategically and systematically invest to generate a higher risk-adjusted return than the market. These price patterns are called anomalies and when time-based, are usually referred to as calendar effects. The purpose of this study was to examine whether calendar effects were also present in markets with less developed institutions and limited previous research. The study is focused on stock markets in Africa, which have been compared to corresponding markets in some of the most developed economies in the Western world. A comparison has been made to examine where and what calendar effects existed and how the results differ between Africa and the Western world. The study covers a period from 2000 to 2020. The results show slightly more common and significant calendar effects in the African markets, but no other clear overall difference was observed when compared with the Western markets. Long positions at the end of the month and subsequent days, alternatively at the end of the trading week, have been able to produce a higher risk-adjusted return than the general market in several countries. Thus, during this time period, there is evidence that excess returns could have been achieved in a number of African stock markets through systematically planned investments.

Sweden aims to achieve climate neutrality by 2045. The need to immediately reduce greenhouse gas emissions in order to achieve climate targets affects industry directly. The pulp and paper sector is responsible for more than 50% of industrial energy use in Sweden. Increased energy efficiency is expected to contribute significantly to the reduction of primary energy use. The recovery and utilisation of industrial excess heat (IEH) has been identified as an important potential contribution to energy efficiency in industry. Previous research based on top-down studies has estimated the availability of IEH for entire sectors, and bottom-up results for many case studies are available. While top-down studies lack detailed information on the profile of the excess heat available, bottom-up studies have limited coverage. Detailed information about excess heat amounts and temperature levels is required for the assessment of the potential of the various heat recovery technologies that are available.  The aim of this thesis is to present, in a series of steps, methods to systematically analyse an industrial process to obtain a detailed profile of the excess heat available under various process conditions, to aggregate results that can be generalised to whole industrial sectors, and to obtain IEH recovery potentials using different technologies. The assessment of the utilisation options for IEH recovery is complemented with an analysis of system aspects that could affect profitability and global greenhouse gas (GHG) emissions. An energy-targeting procedure combined with optimisation has been applied to six case studies of kraft pulp and paper mills in Sweden. This method obtained IEH profiles that were used in a regression analysis to estimate the IEH availability and electricity generation potentials from low and medium temperature IEH using organic Rankine cycles (ORC). A comparison of profitability and global GHG emissions between ORC electricity generation using IEH and small-scale combined heat and electricity (CHP) production is presented for three energy markets. The results show that there is a potential to increase electricity generation from low and medium temperature IEH by 7–9% in the kraft mills in Sweden, depending on the level of process integration considered. The utilisation of low and medium temperature IEH for electricity generation has the potential to reduce global GHG emissions in all the energy-market scenarios considered, but if biomass is considered a limited resource, district heating (DH) deliveries can achieve higher global GHG reductions. ORC electricity generation from low and medium temperature IEH is economically viable and showed overall better profitability and GHG emissions reductions than small-scale CHP using ORCs. The economic feasibility of ORC electricity generation is less affected by external conditions and uncertainties than direct DH deliveries. / Sverige siktar på att uppnå klimatneutralitet till 2045. Behovet av att omedelbart minska utsläppen av växthusgaser för att nå klimatmålen påverkar industrin direkt. Massa- och papperssektorn står för mer än 50% av den industriella energianvändningen i Sverige. Ökad energieffektivitet förväntas i hög grad bidra till att minska primärenergianvändningen. Återvinning och utnyttjande av industriell överskottsvärme (IÖV) har identifierats som ett betydande potentiellt bidrag till energieffektivitet i industrin. Tidigare forskning baserad på top-down studier har uppskattat tillgängligheten av IÖV för hela sektorer eller regioner, och bottom-up resultat för många fallstudier finns tillgängliga. Medan top-down studier saknar detaljerad information om profilen för tillgänglig överskottsvärme, har bottom-up studier begränsad täckning och precision. Detaljerad information om överskottsvärmemängder och temperaturnivåer krävs för att bedöma potentialen hos flera värmeåtervinningstekniker. Denna avhandling syftar till att i en serie steg presentera metoder för att systematiskt analysera en industriell process för att erhålla en detaljerad profil av tillgänglig överskottsvärme under olika processförhållanden, för att aggregera resultat som kan generaliseras för hela industrisektorer, och att erhålla återvinningspotentialer för industriell överskottsvärme med hjälp av olika teknologier. Bedömningen av olika möjligheter att använda industriell överskottsvärme kompletteras med en analys av systemaspekter som kan påverka lönsamhet och globala växthusgasutsläpp. Ett energimålsförfarande kombinerat med optimering har tillämpats på sex fallstudier av massa- och pappersbruk i Sverige, med produktion baserat på sulfatmassa. Med denna metod erhålls IÖV-profiler som används i en regressionsanalys för att uppskatta tillgängligheten av IÖV och potentialen för elproduktion från låg- och medeltempererad IÖV med organiska Rankine-cykler (ORC). En jämförelse av lönsamhet och globala växthusgasutsläpp mellan elproduktion med ORC, där IÖV utgör grunden, och småskalig kombinerad värme och el (KVV) produktion presenteras för tre energimarknader. Resultaten visar en potential att öka elproduktionen från låg- och medeltempererad IÖV med 7% till 9% i sulfatmassabruken i Sverige, beroende på graden av processintegration som beaktas. Användningen av låg- och medeltempererad IÖV för elproduktion kan potentiellt minska de globala växthusgasutsläppen i alla övervägda energimarknadsscenarier. Om biomassa betraktas som en begränsad resurs, kan emellertid direkta fjärrvärmeleveranser uppnå högre globala minskningar av växthusgaser. ORC-elproduktion från låg- och medeltempererad IÖV är ekonomiskt lönsam och visade överlag bättre lönsamhet och minskade växthusgasutsläpp än småskalig ORC-kraftvärme. Den ekonomiska genomförbarheten av ORC-elproduktion påverkas mindre av yttre förhållanden och osäkerheter än fjärrvärmeleveranser.

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This thesis examines whether the level of Swedish economic policy uncertainty (EPU) can predict excess returns on the Swedish stock market. We run out-of-sample forecasting using an EPU-based predictive model constructed with the official Swedish EPU index developed by Armelius et al. (2017). Forecasting errors for one-, two-, three-, six-, and twelve-month holding periods and four measures of central tendency are analysed and compared against a random walk benchmark. The findings suggest that EPU has limited forecasting ability for excess stock returns in Sweden, and the EPU-based model demonstrates superior forecasting accuracy only in two out of twenty instances, both for the one-month holding period. However, the forecast errors remain relatively large, casting doubt on the model's ability to outperform the market. Furthermore, the EPU-based model consistently underestimates excess returns, questioning its usefulness as a predictor. Notably, the random walk benchmark's forecast error improves with longer holding periods, raising doubts about the predictability of market movements in the long term.

This research paper focuses on the implementation and evaluation of Minervini's momentum analysis techniques in an algorithmic approach. The study aimed to assess the limitations and challenges associated with executing Minervini's strategy in an algorithmic trading system. Several technical restrictions, practical application problems, and the exclusion of fundamental and catalyst aspects contribute to the implementation of a primitive variant of Minervini's strategy. The challenges included the subjective nature of base patterns making bases difficult to identify and limitations in risk and position sizing. However, despite the challenges, the algorithmic approach offers advantages such as the ability to analyze a large number of stocks rapidly. It is suggested to use the algorithm as a tool for stock exclusion rather than fully automating the buying and selling decisions. The research investigates the possibility of generating excess returns in Sweden, Denmark, and Finland using the implemented algorithm over different time periods from 2008 to 2023. Hundreds of stocks were divided up into 18 stock portfolios based on market capitalization size calculations for a given year. These portfolios were traded using both the momentum strategy and an index strategy. The empirical results indicate that small-cap portfolios exhibited consistent excess returns compared to mid-cap and large-cap portfolios, particularly during high volatility periods. However, the research did not account for transaction costs, which are essential to evaluate the strategy's net returns in real-world scenarios. Despite the exclusion of transaction costs in the study, the significant excess returns observed in small-cap portfolios indicate that the implemented momentum strategy performs notably better for small-cap stocks compared to mid-cap and large-cap stocks. This finding contradicts the efficient market hypothesis, assuming equal transaction costs across different market capitalizations. Further research should consider incorporating transaction costs to gain a more comprehensive understanding of the strategy's overall performance and its practical implications for various market segments. Future research should consider incorporating transaction costs and optimizing the stop-loss and profit-taking levels, and exploring a weekly-based approach instead of a daily-based approach. Additionally, volume analysis, data handling improvements, and a more detailed analysis of buy and sell decisions are recommended to optimize the algorithm's performance for future research. To summarize, while the implemented algorithm does not fully mimic Minervini's strategy, it offers valuable insights and potential value, especially in small-cap stocks. Further research and optimization are required to enhance its effectiveness and address the identified limitations.

Since the oil crisis of 1973-74, the problem faced by the typical oil-producing country has been that of developing a production structure with which the excess supplies of financial capital available to it could be transformed into human and physical capital over time. Because the inflows of oil funds were unanticipated, the initial attempt at the utilization of such funds resulted in the haphazard piling up of imports at rates which did not correspond to the absorptive capacity of a non-industrial oil-producing economy, thereby limiting the contribution of these oil revenues to development. This study suggests a framework within which the inflow of oil-funds can be reasonably anticipated and .the rate of oil production in each OPEC member-country geared towards its absorptive capacity. The model is applied within the context of dynamic multi-sectoral planning for Nigeria over the period 1974 to 2001. This study has a distinct two-tier approach to the optimal determination of oil-production and oil-revenue utilization for OPEC as a whole and for Nigeria in particular. First, a dynamic programming model of the world oil market with OPEC as a monopolistic organization trying to maximize the discounted stream of net revenues accruing to its members is developed and solved. Then, the optimal rate of oil extraction determined is allocated to individual OPEC members on the-basis of historical market shares. In the second part of the study, the results of the oil sub-model were integrated with a dynamic multi-sectoral planning model with the anticipated revenues as maximum levels of uncompensated transfers of funds from the oil sector for financing the plan. In this way, Nigeria's capacity to absorb oil revenues can be determined in an optimal way. This procedure was applied to long term planning for Nigeria over nine planning periods from 1974 to 2001 by use of large-scale linear programming techniques. Simulation experiments were also conducted with the planning model in order to determine the effects of changes in the model's basic parameters on the economy's absorptive capacity and the major macroeconomic variables. Our results indicate that Nigeria's capacity to absorb oil revenues far exceeds the revenue-inflows that could derive from current allocations to it by OPEC. Thus, Nigeria can be expected to agitate for increases in the market share allocated to it by OPEC or to seek further increases in oil price while keeping within OPEC production norms. This would be particularly profitable for Nigeria up to 1986 after which it would probably reach the limit ·of its absorption capacity. Our computational experience with the planning model also indicates that Nigeria's future prospects will depend on several goals embodied in the model as contraints, the most important of which are -the rate of growth of imports that is permitted by explicit government policy, the savings rate that is set as a target, and the manner in which the export earnings from the oil sector are made available to the domestic economy. / Thesis / Doctor of Philosophy (PhD)

To achieve greater economic stability, CHP plant operators such as VEAB from Växjö are motivated to search for a new business model that are compatible with their existing facilities while also contribute to increasing the overall revenue of the company. These processes include hydrogen production and biochemical products such as biopolymer and biofuels. However, these processes also produce a substantial amount of heat that needs to be taken care of. Alternatively, the extra heat storage capacity could allow the plant to be more selective of when to produce those heat to maximize profit. Therefore, it is important to investigate different approaches to achieve that, both traditional approach (e,g, convective cooling) and alternative approaches (different large scale underground heat storages). Lake source cooling is also investigated to determine whether it can replace convective cooling as a method of cooling off waste heat from the plant. The technical analysis showed that the alternative approach is certainly promising albeit with more land use (BTES requiring 36 000 m2 against 750 m2 of convectional cooling system) with some limitations that must be addressed when deciding the appropriate approach. In addition, it is found that by increasing the scale of the BTES system, the amount of heat loss per heat capacity reduces while increasing the borehole depth decreases the overall heat loss of the system. The economic analysis showed that when used solely to deal with the waste heat, the alternative approach is costs magnitude more than convective cooling, the alternative costing almost 6 times more than the convective cooling. There are certainly opportunities in the future that can make the BTES system to be a much more feasible choice if additional utilization of the BTES system could be found or potential demand may make the BTES system a more attractive choice to deal with the excess heat that comes with expanding the business of a CHP plant operator.

Under the modern mortality pattern females die at all ages at a lower rate than males. However, this was not always the case. For much of the nineteenth century in the United States and parts of Europe it appears that females died at a higher rate with respect to at least one disease, pulmonary tuberculosis. The purpose of this research is to investigate this question in four towns of the Connecticut River Valley, Massachusetts. First, it is necessary to establish age- and sex-specific mortality rates in the four rural towns in the Connecticut River Valley during the latter half of the 19th century and beginning of the 20th. Secondly, it is necessary to identify those cases in which tuberculosis was the main disease and cause of death. This research seeks to discuss and contribute to the topic of excess female mortality. The four Massachusetts towns of Greenfield, Deerfield, Shelburne, and Montague constitute my research sites. These towns are appropriate for the anthropological pursuit of historical epidemiology due first to the towns’ rural nature at a time when the majority of Americans lived in rural towns, not large urban cities where studies are often focused. Secondly, these towns are of interest because of the extensive data collection that has been conducted previously. Tuberculosis (TB) is an interesting and instructive disease to focus research on. TB has re-emerged in recent decades, and research on the disease may have applied implications and value. TB was the number one killer during the study period, and the nature of the disease is such that it is very sensitive to the social environment. The combination of a rural setting and tuberculosis may give insight into the etiology of a disease that shares a long yet uneven history with humans, and has both biological and cultural significance. Under the traditional mortality pattern females of particular age ranges have greater mortality rates than males. This research discovered that females exceeded males in mortality rates at ages ten to 19 and 30 to 39 and that TB was the root cause of greater female mortality. Interestingly, the sex-specific gap in TB mortality rates was much wider than the gap in overall mortality rates. Thus, while females were dying of one cause, evidence shows that males were dying of another, which may have offset male TB mortality rates.

Objective: To evaluate factors influencing excessive weight gain during pregnancy and changes in eating patterns from the pre-pregnancy period among low-income women (<185% poverty level). Design, Setting, & Participants: Low-income women who were at least 7-months pregnant and gained excess weight (n= 14) or normal weight (n=15) were interviewed. Questions pertained to previous nutritional knowledge, eating patterns, and sources for obtaining nutrition information. Outcome Measures and Analysis: Transcripts were coded independently by two researchers, with any differences reconciled. Common themes were discussed and tallied to determine the most commonly re-occurring topics reported in the interviews. Results: Most of the excess weight gainers (EWG) and recommended weight gainers (RWG) had a heightened awareness of their eating patterns and became more concerned about the impact their diet had on their fetus' health during (vs. before) pregnancy. EWG and RWG received limited nutrition- and weight-related advice from their doctors, and relied on alternate sources of information, such as pregnancy books and online websites. The most noted difference between the groups was that RWG reported more accurate nutrition knowledge than EWG.Conclusions and Implications: Nutrition knowledge indirectly affects the amount of weight women gain during pregnancy. EWG and RWG received minimal nutritional and weight-related advice from doctors during or after pregnancy. This suggests the need for increased counseling efforts by doctors in providing appropriate nutrition and weight-related advice to their patients or providing outside referrals to registered dietitians.

Introduction (and purpose): At every construction project there is a lot of soil moved around and managed. Mass management is an important topic which affect every project. Mass balance is what is tried to achieve. If mass balance is achieved no masses is bought or transferred from the project. If a project has deficit mass, they need to buy soil from outside of the project and move it with trucks. These transports are usually quite long which means it gets cost inefficient. It also has a negative impact on the climate. If there is excess mass within the project soil needs to be removed with trucks. Municipality sees on contaminated soil in different ways depending on where in Sweden it is placed. This can also affect the length on transports of soil.The purpose of the report is to find a solution of how construction company can do mass management together to find mass balance from a bigger perspective instead of the specific project. Method: The study will be of a qualitative character and been executed with semi- structured interviews and literature search to answer the studies questions. The interviews have been implemented with land contractors in Jönköping. Results and analysis: The study shows that there is some lack in the regulation regarding secondary masses. All municipalities have their own regulation which means that there are different problems depending on where you are located. It takes a long process to reuse masses today which not is economically favorable. The study highlight deficiency that exists today and show suggestions for a more effective mass management. Study shows also that there is an interest for a collective platform where you can buy and sell secondary masses. In that way companies and municipalities can cooperate for a mutual mass management by buying and selling masses from each other. Discussion: Through interviews with contractors in the industry the questioning has been confirmed. The result is based on solution and suggestions which can promote a circular mass management. To answer the questions the study is based on different impression, opinions and aspects.