Zambia is a developing nation that seeks economic growth through gross domestic product (GDP) growth, among other economic drivers. Between the years 2011 and 2020, Zambia embarked on an infrastructure development programme, mainly through construction of roads and airports. To do these projects, Zambia borrowed heavily on one hand while promoting the nation as an attractive destination for foreign direct investment (FDI) inflows on the other hand. The study sought to answer the question, can a country that is highly indebted attract meaningful FDI inflows that would spur economic growth? The research looked at a period of ten (10) years from 2010 to 2020 and analysed publicly available data to form the basis for the findings and recommendations. The research findings show that there is negative, however insignificant relationship between government debt and foreign direct investment. In addition, the findings also show that there is a positive relationship between inflation and FDI. This relationship is significant however, in contrast with a prior expectation. Moreover, a significant negative relationship between interest rate and investment was also established whilst a negative, however insignificant relationship was established between exchange rate and FDI. The implications of the recommended policy issues will only yield the desired results when implemented in an integrated manner as opposed to an exclusive approach. The government debt needs to reduce in order to make the country more attractive to foreign direct investors. Policy also needs to be formulated that should target an inflation rate that contributes to the attraction of a positive net foreign direct invest inflows. Interest rate and foreign exchange rate policies that attract investment will also need to be put in place in order to attract investments that will spur development.

This thesis within Industrial Economics and Applied Mathematics investigates the relationship between economic development and subjective well-being. The Easterlin Paradox, originally stated by Richard Easterlin in 1974, is reassessed by utilizing cross-sectional and time series data. A simple regression model is applied, using average happiness within a country as dependent variable, and gross national product per capita as regressor. In addition, an extensive study of previous research is conducted, focusing on reliability of data and earlier methodologies. The Easterlin Paradox is confirmed to still be valid when analyzing the United States over the time period 1972{2016, and 140 of the countries across the world 2012. / Det här kandidatexamensarbetet inom Industriell Ekonomi och Tillämpad Matematik undersöker relationen mellan ekonomisk utveckling och subjektivt välmående. Easterlinparadoxen, ursprungligen fastställd av Richard Easterlin 1974, omprövas med hjälp av tvärsnitts- och tidsseriedata. En enkel linjär regressionsmodell appliceras med genomsnittlig lycka i ett land som beroende variabel och bruttonationalprodukt per capita som oberoende variabel. Dessutom utförs en omfattande studie av tidigare forskning med fokus på tillförlitlighet av data samt tidigare metodologier. Easterlinparadoxen bekräftas fortfarande gälla vid analys av USA over tidsperioden 1972-2016, och 140 av världens länder år 2012.

This degree project aims to provide the Swedish Traffic Administration with information about the pressure distribution generated by vehicles with gross weights above 3.5 tons. The aim is to provide sufficient information regarding the pressure distribution to facilitate a possible change of today's deterministic design model to a probability based method. To realize the aim, BWIM-measurements carried out by the Swedish Traffic Administration in 2015, 2016 and 2017 have been studied. Measured data showed large variations depending on vehicle type, indicating that the data originates from different statistical populations. For the surveyed years, the data of interest are vehicles loaded to at least 80% of their permitted gross weight and a lognormal distribution has been found to be best representative of the pressure from traffic loads. The studied data also showed that the magnitude of the pressure increases with reduced vehicle length and that shorter vehicles whom are more frequently overloaded, subjects the structure with a pressure magnitude as great as twice the design value of today's 20 kPa. While plotting the pressure distribution, a positive skewness was observed. This indicates that the majority of observed vehicles load within the legal boundaries of their permissible gross weight. The vehicles that generate extreme pressures therefore represent a small fraction of all vehicles. Based on the studied vehicles the characteristic value of the 98\% fractile was calculated to 18,5 kPa. For the theoretical case where overloading was non-existent, this value decreases with 5% / Detta examensarbete syftar till att förse Trafikverket med information om tryckfördelningen genererat av fordon med bruttovikter överstigande 3,5 ton. Syftet är att bidra med tillräcklig information för att underlätta en eventuell förändring av dagens deterministiska dimensioneringsmetod till en sannolikhetsbaserad metod.För realiseringen av frågeställningen har BWIM-mätningar utförda av Trafikverket för åren 2015,2016 och 2017 studerats. Mätdatan har visat sig variera kraftigt beroende på fordonstyp och slutsatsen har därmed dragits att mätdatan härstammar från olika statistiska populationer. För undersökta mätår har fordon lastade till minst 80% av sin tillåtna bruttovikt undersökts och en lognormal fördelning har visat sig mest representativ för trafiklasten. Vidare påvisade mätdatan att storleken på trycket ökar med minskad fordonslängd och överlast av kortare fordon kan utsätta vägkroppen för tryck upp till dubbla storleken av dagens dimensioneringsvärde på 20 kPa. Vid plottning av tryckfördelningen märks en tydlig positiv skevhet vilket påvisar att merparten av fordonen lastar inom ramen för sin tillåtna bruttovikt och att extrema tryck endast utgör en liten procentandel av alla fordon. Baserat på de undersökta fordonen har den karakteristiska lasten för de undersökta åren beräknats till 18,5 kPa och att detta värde sänks med 5% om överlast inte varit ett faktum.

Several researchers in happiness studies have called for an increased sociopolitical interest in indicators of societal happiness. However, recent evidence for the proposed paradoxical effects of valuing happiness suggest that an increase in society’s perceived value of happiness may exert a detrimental, inverse influence on well-being. This notion is based on previous research demonstrating that manipulating participants to value happiness causes them to experience less positive emotions, compared to controls, when viewing positive film clips. Following the humanistic notion that the maximization of societal happiness is an advantageous sociopolitical endeavor, the proposed paradoxical effects of valuing happiness present a psychological barrier that researchers must strive to understand and, ideally, overcome. Previous experimental research on the paradoxical effects of valuing happiness has focused on participants’ emotionality as an operational definition of happiness. However, drawing from the Subjective Well-Being construct, emotionality is only one of several components of happiness. Building from this Subjective-Well Being framework, this study expands upon previous research by investigating whether a valuing happiness manipulation influences participants’ emotionality while they contemplate their own happiness. To examine this, nineteen participants were divided into two groups, one which received a valuing happiness manipulation (n=9) and the others served as a control group (n=10), and instructed to contemplate their personal happiness for 45 seconds. To measure participants’ emotions during this task, facial electromyography data were collected from the corrugator supercilii and the zygomaticus major facial muscles, a measure that previous research suggests is sensitive to the emotional value of thought. Results indicated that participants manipulated to value happiness did not experience significant differences in facial electromyography activation compared to controls. However, although non-significant, the correlation between facial electromyography activation and participants’ rating of happiness differed substantially for participants manipulated to value happiness (average r=.41 for corrugator, average r=-.09 for zygomaticus) and controls (average r=.-.29 for corrugator, average r=.14 for zygomaticus). The counterintuitive correlations for participants led to value happiness, despite not experiencing significant difference in the emotional value of the happiness contemplation task, provide preliminary evidence that these participants utilize the information retrieved from the contemplative stage in a qualitatively different way than controls when judging their own happiness. More specifically, the correlations for participants led to value happiness trend in the opposite direction of controls, demonstrating that increases in positive emotion during happiness contemplation actually are associated with lower scores on a self-report of happiness. This study suggests that the paradoxical effects of valuing happiness does not influence the retrieval of information when contemplating ones’ happiness, but may influence (in an apparently detrimental fashion) how this information is utilized when judging one’s happiness. Although the between-condition differences in correlations failed to reach statistical significance (more specifically, p=.09 for corrugator), this study provides preliminary evidence for the existence of a new dynamic of the proposed paradoxical effects of valuing happiness that is novel to the happiness studies discourse. Limitations, implications, and future directions are discussed.

Hedge funds feature special compensation structure compared to traditional investments. Previous studies mainly focus on the provisions and incentive structure of hedge fund contract, such as 2/20, hurdle rates, and high-water mark. The first essay develops an algorithm to empirically estimate the monthly fees, fund flows and gross asset values of individual hedge funds. We find that management fee is a major component in the dollar amount of hedge fund total fees, and fund flow is more important in determining the change in fund size compared to net returns, especially when fund is shrinking in size. We also find that best paid hedge funds concentrate in the largest hedge fund quintile. Large funds tend to perform better, earn more, and rely less on management fee for their managers' compensation. Further, we find that fund flow is an important determinant of hedge fund managerial incentives. Together with the "visible" hands of hedge fund management, i.e. the provisions of hedge fund incentive contracts, the "invisible" hands -- fund flows enable investors to effectively impact hedge fund managerial compensation and incentives. The second essay studies the relation between return smoothing and managerial incentives of hedge funds. We use gross returns to estimate both unconditional and conditional return smoothing models. While unconditional return smoothing is a proxy of illiquidity, conditional return smoothing is related to intentional return smoothing and may be used as a first screen for hedge fund fraud. We find that return smoothing is significantly underestimated using net returns, especially for the graveyard funds. We also find that managerial incentives are positively associated with both types of return smoothing. While managers of more illiquid funds tend to earn more incentive fees, funds featuring conditional return smoothing under-perform other funds and do not earn more incentive fees on average. Finally, we find that failed hedge funds feature more illiquidity and conditional return smoothing. The third essay explores the difference between the gross-of-fee and net-of-fee hedge fund performance, by investigating the difference in distribution, factor exposures and alphas between gross returns and net returns. We find that gross returns are distributed significantly differently from net returns. The gross-of-fee alphas are higher than the net-of-fee alphas by about 4% per year on average. We also find positive relation between hedge fund performance and fund size, fund flows, and managerial incentives, which holds for both gross-of-fee performance and net-of-fee performance. Our findings suggest that it is necessary to examine the gross-of-fee performance of hedge funds separately from the net-of-fee performance, which may give us a clearer picture of the risk structure and performance of hedge fund portfolios.

Gross domestic product (GDP) has become an influential standard measure of national prosperity and well-being, although it does not necessarily indicate long-term prosperity and well-being. Therefore, alternative and complementary measures to GDP have been developed and promoted, both internationally and nationally. The work undertaken in this study has aimed at exploring how complementary measures have been put to use in Sweden, Scotland, Italy and New Zealand and the experiences of their influence on environmental and social impacts through policy. This study draws on an analysis of 18 documents in combination with three interviews.  The study reveals that complementary measures have indeed been put into use in the selected nations, but how they are being used differs greatly. In the Swedish context, the complementary measure follows the development of prosperity by complementing GDP with a further number of indicators. Through the National Performance Framework, the Scottish Government evaluates its policies and monitors developments in Scotland's performance against its set of National Outcomes. Similarly, in Italy, the development of indicators for sustainability and equality is also monitored, but a selection of the indicators has also been included in their budget documents. The New Zealand government has launched a "Wellbeing Budget" with several priorities such as mental health, children's well-being and support for a transition to a sustainable economy. The New Zealand government monitors the impact of its Wellbeing Budget using its Living Standard Framework. Based on statements from Scotland and Sweden, it is not yet evident what significance the complementary measures have had on environmental and social aspects, as the measures do not take priority, but traditional economic measures are still widely used. On the other hand, New Zealand, Italy and Scotland have introduced legislation to support the continued prioritization of complementary measures on the political agenda.  Although the selected nations' complementary measures beyond GDP have demonstrated potential for environmentally and socially minded policymaking, the work needs to accelerate significantly among policymakers to have an impact, particularly in Sweden and Scotland. This study indicates a need for increased support if the complementary measures are to be more integrated into political decisions. / Bruttonationalprodukt (BNP) har blivit ett inflytelserikt standardmått för nationellt välstånd och välbefinnande, även om det nödvändigtvis inte tyder på långsiktigt välstånd och välbefinnande. Därför har alternativa och kompletterande mått till BNP utvecklats och främjats, både internationellt och nationellt. Arbete som har genomförts i denna studie har syftat till att undersöka hur kompletterande mått har kommit till användning i Sverige, Skottland, Italien och Nya Zeeland samt erfarenheter om de kompletterande måtten har haft inflytande på miljömässiga och sociala aspekter genom politik. Denna studie bygger på analys av 18 dokument kombinerat med tre intervjuer.  Studien har visat att kompletterande mått har tagits i bruk i de utvalda nationerna, men hur de används skiljer sig mycket åt. I den svenska kontexten ger det kompletterande måttet en bredare bild av välståndets utveckling genom kompletterande indikatorer till BNP. Skottlands National Performance Framework utvärderar den skotska regeringens politik och följer utvecklingen av Skottlands välmående mot uppsatta mål. På liknande sätt följs också utvecklingen av indikatorer för hållbarhet och jämlikhet i Italien, men ett urval av indikatorer har även inkluderats i deras budgetdokument. Nya Zeelands regering har lanserat en ”Wellbeing Budget” med flera prioriteringar såsom mental hälsa, barns välmående och för en övergång till en hållbar ekonomi. Nya Zeelands regering avser att följa effekterna av sin ”Wellbeing Budget” med hjälp av sitt Living Standard Framework. Baserat på uttalanden från Skottland och Sverige är det ännu inte uppenbart vilken betydelse deras kompletterande mått har haft för miljömässiga och sociala aspekter eftersom de kompletterande måtten i sig inte är styrande, utan traditionella ekonomiska mått används fortfarande i stor utsträckning. Dock har Nya Zeeland, Italien och Skottland infört lagstiftning för att stödja den fortsatta prioriteringen av kompletterande mått på den politiska agendan.  Även om de utvalda ländernas kompletterande mått har visat sig ha potential med hänseende till miljömässig och social inverkan, bör arbetet accelerera avsevärt bland beslutsfattare för att det ska få effekt, särskilt i hänseende till Sverige och Skottland. Denna studie belyser ett behov av ökat stöd kring de kompletterande måtten om de ska kunna integreras mer i politiska beslut.

This study examines the lagged short run and long-term relationships between output growth and related index returns of the industrial and financial sectors of the G-7 economies. This study examines this relationship using quarterly data for a maximum time period of 22 years ranging from 1994(Q4) to 2017(Q4). The relationship between sector specific output growth and related index returns of the G-7 is investigated within this study, in order to determine whether passive investors should incorporate expected growth prospects into their decision making in order to earn superior returns. In order to examine the relationship between sector specific output growth and the related index returns of the G-7, this study uses correlation, cointegration as well as causality testing. This study finds weak non-lagged correlation relationships between output growth and related index returns of the industrial and financial sectors of the G-7 economies, with the correlation relationships becoming stronger in all cases when lags are incorporated within the correlations analysis. This study also finds cointegrating relationships between financial sector output growth and related index returns of Italy and the United Kingdom and that financial index return data of the United Kingdom serves as a leading indicator for financial sector growth within the United Kingdom. The overall Implication of these results is that investors should not incorporate growth prospects into their decision making of which passive funds to invest in, of which these passive funds examined track the performance of industrial and the financial firms within the G-7 economies.

Temperate forests are an important global carbon sink. However, various environmental disturbances can impact carbon sequestration capabilities of these forests. In 2021, a record-breaking defoliation, caused by the spongy moth (Lymantria dispar L., formerly knows as the gypsy moth) occurred in eastern North America. In this study, we assess the impact of this spongy moth defoliation on carbon uptake in a mature oak-dominated temperate forest in the Great Lakes region in Canada, using eddy covariance flux data from 2012 to 2022. The forest is more than 90 years old and known as CA-TPD site in the AmeriFlux and global FLUXNET networks. Study results showed that prior to spongy moth defoliation the forest was a carbon sink with mean annual gross ecosystem productivity (GEP) of 1,367 ± 104, ecosystem respiration (RE) of 1,201 ± 145 and, net ecosystem productivity (NEP) of 197 ± 74 g C m−2 yr−1 over the 2012–2020 period. However, due the defoliation in the early growing season in 2021, GEP declined to 959 g C m-2 yr-1 and RE increased to 1,345 g C m-2 yr-1 causing the forest to became a large source of carbon with annual NEP of -351 g C m-2 yr−1. This large decline in annual NEP was a result of both reduced GEP (30%) and elevated RE (12%). However, in 2022, forest carbon fluxes recovered to pre-infestation levels, with a GEP value of 1,671 g C m-2 yr-1, an RE value of 1,287 g C m-2 yr-1, and an NEP value of 298 g C m-2 yr-1, indicating that the forest was once again a large carbon sink. This research demonstrates that major transient natural disturbances such as the 2021 spongy moth defoliation can have a significant impact on forest carbon dynamics in a future warmer climate. The extent to which North American temperate forests will remain a major carbon sink will depend on the severity and intensity of these disturbance events and rate of recovery of forests following the disturbance. / Thesis / Master of Science (MSc) / Temperate deciduous forests play an important role in carbon sequestration from the atmosphere. However, the impact of climate change, extreme weather, and disturbance events can alter the extent to which these forests sequester carbon, in some cases shifting their role from being a carbon sink to becoming a carbon source to the atmosphere. In 2021, a spongy moth infestation severely defoliated a mature oak-dominated temperate forest north of Lake Erie, Ontario, Canada, turning the forest from a carbon sink to a carbon source. Our analysis indicates that meteorological conditions during the early spring might have influenced the severity of this infestation. Specifically, the prevalence of dry and warm weather conditions enabled the moth to survive and thrive longer. This study shows the significant influence of natural disturbances on forest carbon dynamics as temperatures continue to rise due to climate change. The future role forests play in carbon sequestration will be determined by the severity of disturbance events and the effectiveness of forests to recover in the aftermath of these events.

How should managers choose between improvements in revenue and gross margin rate, when both contribute to overall profitability? Many finance managers face this question when balancing their companies’ targets and goals. Prior studies show that companies’ stock returns respond to both metrics, especially when they are consistent with each other, which I replicate in my sample. I predict that the relative strength of responses to revenue and gross margin percentage depends on industry growth. I find that the market’s response to revenue growth is greater in high revenue growth than low revenue growth industries. I also argue that the market responds more positively to gross margin rate changes in low growth industries, but the differences are statistically insignificant.In a second study, I apply the theory to the generic pharmaceutical industry where revenue growth is slower. I expect a higher focus on gross margins or pricing when barriers to entry are lower. The Department of Justice and State Attorney Generals sued generic pharmaceutical companies for violating the antitrust laws and manipulating drug prices (consolidated as the multi-district litigation case 2724), making the industry less attractive. I study the pricing changes around the lawsuits and how they affected the likelihood of generic drug manufacturers staying vs. leaving the industry. I also analyze the disparate impact of the lawsuit on large vs. small and medium manufacturers, as the lawsuits listed many large manufacturers as defendants. / Business Administration/Accounting

This study examines the Cultural Trauma associated with the Jedwabne pogrom, as portrayed in three Polish newspapers. The essay seeks to answer the following questions: How did the chosen three Polish newspapers with varying ideological and political views depict the discussion about the Jedwabne pogrom in their articles in the years 2016-2018? In what ways do these usages and representations reflect or challenge the dominant narratives of Polish national mythology? How has the discussion on Polish antisemitism in relation to the Jedwabne pogrom changed after the conservative Law and Justice party came to power in 2015? The source material used consists of 45 newspaper pieces from Gazeta Wyborcza, Tygodnik Powszechny, and Polonia Christianapublished between 2016-2018. The theory applied was inspired by Barbara Törnquist-Plewa's studies which originate from the theory of Cultural Trauma and Collective Memory and Geneviève Zubrzycki's theory of National Mythology. The method used to analyze the source material could be best described as a qualitative close reading of the sources, where the theory of cultural trauma with its associated diagnosed coping strategies and the perspective of national mythology is used as an analytical lens to highlight how the Jedwabne pogrom discourse is being portrayed intertextually. The study's results found two camps with different stances on the topic concerning the Jedwabne pogrom and Polish antisemitism, namely, the pro-Gross/identity-transformative camp and the anti-Gross/Gross-skeptical camp. The presented two camps used two different strategies concerning the pogrom debate, namely, the politics of shame and the politics of pride, which suggested a laboriously political state of the discourse in the years 2016-2018. The resulting politicization of these two political strategies was explained by their link to cultural trauma responses used by the camps conforming to Törnquist-Plewa's results. The study found that the national myth of Polish messianism was used in the source material. However, it was predominantly used mindfully by the newspaper's authors in an attempt to combat this national myth, which was tied to a cultural trauma response and political usage. The study found that the debate on Polish antisemitism tied to the Jedwabne pogrom has regressed after the Law and Justice party came to power in 2015, as their political meddling with state institutions sabotaged the Polish scholarly debate and effectively polluted the public debate in various scandals